# EDGAR Filing Document

**Accession Number:** 0001724826
**File Stem:** 0001193125-25-195043
**Filing Date:** 2025-9
**Character Count:** 3022880
**Document Hash:** f79f0622b2691f10988adf783573999d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195043.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-195043

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23325
- **FILM NUMBER:** 251290838

**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 International Unconstrained Equity Fund (Series ID: S000061647)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000199639 | Six Circles International Unconstrained Equity Fund | CIUEX           |

### Six Circles Tax Aware Ultra Short Duration Fund (Series ID: S000061648)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000199640 | Six Circles Tax Aware Ultra Short Duration Fund | CUTAX           |

### Six Circles U.S. Unconstrained Equity Fund (Series ID: S000061649)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000199641 | Six Circles U.S. Unconstrained Equity Fund | CUSUX           |

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

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

### Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (Series ID: S000063724)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000206545 | Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | CMEUX           |

### Six Circles Managed Equity Portfolio International Unconstrained Fund (Series ID: S000063725)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000206546 | Six Circles Managed Equity Portfolio International Unconstrained Fund | CMIUX           |

### Six Circles Global Bond Fund (Series ID: S000068181)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000218339 | Six Circles Global Bond Fund |  |

### Six Circles Tax Aware Bond Fund (Series ID: S000068182)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218340 | Six Circles Tax Aware Bond Fund |  |

### Six Circles Credit Opportunities Fund (Series ID: S000068977)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000220641 | Six Circles Credit Opportunities Fund |  |

### Six Circles Multi-Strategy Fund (Series ID: S000086732)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000252360 | Six Circles Multi-Strategy Fund |  |

?xml version='1.0' encoding='ASCII'? SIX CIRCLES TRUST

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-23325

### SIX CIRCLES TRUST

#### On behalf of the following series:

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

### Six Circles International Unconstrained Equity Fund

### Six Circles Tax Aware Ultra Short Duration Fund

### Six Circles Ultra Short Duration Fund

### Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

### Six Circles Managed Equity Portfolio International Unconstrained Fund

### Six Circles Global Bond Fund

### Six Circles Tax Aware Bond Fund

### Six Circles Credit Opportunities Fund

### Six Circles Multi-Strategy Fund

#### (Exact name of registrant as specified in charter)

#### 383 Madison Avenue, New York, NY 10179

#### (Address of principal executive offices) (Zip Code)

#### The Corporation Trust Company

#### 1209 Orange Street

#### Wilmington, DE 19801

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (212) 464-2070

#### Date of fiscal year end: December 31

#### Date of reporting period: June 30, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

Item 1. Report to Stockholders.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
|  Six Circles Ultra Short Duration Fund (CUSDX) | Six Circles Ultra Short Duration Fund (CUSDX) |

---

This semi-annual shareholder report contains important information about the Six Circles Ultra Short Duration Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.** 

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment**\* |
|  Six Circles Ultra Short Duration Fund | $10 | 0.19% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 719924 |
| Total number of portfolio holdings |  | 590 |
| Portfolio turnover rate as of the end of the reporting period |  | 41.66% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 51.1% | &nbsp;&nbsp;&nbsp;&nbsp; Canadian Treasury Bill, (Canada), Zero Coupon, 07/16/2025 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 18.4 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.01%, 03/19/2026 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 17.3 | &nbsp;&nbsp;&nbsp;&nbsp; Japan Treasury Discount Bill, (Japan), Series 1299, Zero Coupon, 07/14/2025 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 7.1 | &nbsp;&nbsp;&nbsp;&nbsp; Japan Treasury Discount Bill, (Japan), Series 1303, Zero Coupon, 08/04/2025 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 3 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 1.63%, 02/15/2026 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., Series E, 3.70%, 08/01/2025 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp; Japan Treasury Discount Bill, (Japan), Series 1279, Zero Coupon, 07/10/2025 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Security | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., 2.25%, 02/15/2026 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., 5.38%, 04/15/2026 | 0.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., 3.13%, 03/15/2027 | 0.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 12.6% |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles Ultra Short Duration Fund (CUSDX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
|  Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) | Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) |

---

This semi-annual shareholder report contains important information about the Six Circles Tax Aware Ultra Short Duration Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.** 

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment\*** |
|  Six Circles Tax Aware Ultra Short Duration Fund | $7 | 0.14% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 954730 |
| Total number of portfolio holdings |  | 450 |
| Portfolio turnover rate as of the end of the reporting period |  | 23.70% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | 66.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission, Series 1, Rev., VRDO, 2.50%, 07/07/2025 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | <br> 12.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> New York City Transitional Finance Authority, Rev., 5.00%, 11/01/2027 | <br> 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | <br> 7.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Health & Educational Facilities Authority of the State of Missouri, Series F, Rev., VRDO, 3.90%, 07/01/2025 | <br> 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | <br> 5.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Louisiana State Citizens Property Insurance Corp., Series A, Rev., 5.00%, 06/01/2026 | <br> 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | <br> 5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Triborough Bridge & Tunnel Authority, Subordinated Bond, Series A, Rev., BAN, 5.00%, 02/01/2028 | <br> 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities | <br> 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> City of Rochester MN, Series A, Rev., VRDO, 1.75%, 07/07/2025 | <br> 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security | <br> 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> State of Ohio, Rev., VRDO, 1.70%, 07/07/2025 | <br> 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | <br> 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Metropolitan Water Reclamation District of Greater Chicago, Series C, GO, 5.00%, 12/01/2027 | <br> 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | <br> 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 1.75%, 07/07/2025 | <br> 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security | <br> 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> New York State Housing Finance Agency, Rev., VRDO, LOC: TD Bank NA, 2.00%, 07/07/2025<br>| <br> 1.2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligation | <br> 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Total % of Portfolio | 17.1% |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles Tax Aware Ultra Short Duration Fund (CUTAX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
|  Six Circles U.S. Unconstrained Equity Fund (CUSUX) | Six Circles U.S. Unconstrained Equity Fund (CUSUX) |

---

This semi-annual shareholder report contains important information about the Six Circles U.S. Unconstrained Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.** 

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment\*** |
|  Six Circles U.S. Unconstrained Equity Fund | $3 | 0.05% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 28045926 |
| Total number of portfolio holdings |  | 374 |
| Portfolio turnover rate as of the end of the reporting period |  | 33.35% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 8.4% |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 6.6 |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 6.5 |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 4.5 |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 4.1 |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 3.0 |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 2.8 |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 2.6 |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 2.1 |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | 2.1 |
| ![LOGO](g902259g00x01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 42.7% |
| ![LOGO](g902259g00x01.jpg) |  |  |
| ![LOGO](g902259g00x01.jpg) |  |  |
| ![LOGO](g902259g00x01.jpg) |  |  |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles U.S. Unconstrained Equity Fund (CUSUX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
|  Six Circles International Unconstrained Equity Fund (CIUEX) | Six Circles International Unconstrained Equity Fund (CIUEX) |

---

This semi-annual shareholder report contains important information about the Six Circles International Unconstrained Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment\*** |
|  Six Circles International Unconstrained Equity Fund | $4 | 0.08% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 17172647 |
| Total number of portfolio holdings |  | 716 |
| Portfolio turnover rate as of the end of the reporting period |  | 16.53% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 5.6% |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 4.7 |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 3.5 |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 3.1 |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 2.2 |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 2.2 |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 2.1 |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc | 1.9 |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 1.9 |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 1.8 |
| ![LOGO](g902259g03z03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 29.0% |
| ![LOGO](g902259g03z03.jpg) |  |  |
| ![LOGO](g902259g03z03.jpg) |  |  |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles International Unconstrained Equity Fund (CIUEX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
|  Six Circles Global Bond Fund (CGLBX) | Six Circles Global Bond Fund (CGLBX) |

---

This semi-annual shareholder report contains important information about the Six Circles Global Bond Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.** 

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment\*** |
|  Six Circles Global Bond Fund | $6 | 0.12% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 14555077 |
| Total number of portfolio holdings |  | 6893 |
| Portfolio turnover rate as of the end of the reporting period |  | 88.19% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities | 62.6% | &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 08/01/2055 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 14.3 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.25%, 07/03/2025 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 13.2 | &nbsp;&nbsp;&nbsp;&nbsp; China Government Bond, (China), 2.67%, 05/25/2033 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 11.0 | &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 2.00%, 07/01/2055 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.25%, 11/15/2034 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.63%, 02/15/2035 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp; China Government Bond, (China), 2.40%, 07/15/2028 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.38%, 05/15/2034 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp; China Government Bond, (China), 2.52%, 08/25/2033 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.88%, 08/15/2034<br>| 0.5  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Option contract | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Positions | -1.6 |  |  |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles Global Bond Fund (CGLBX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
| Six Circles Tax Aware Bond Fund (CBTAX) | Six Circles Tax Aware Bond Fund (CBTAX) |

---

This semi-annual shareholder report contains important information about the Six Circles Tax Aware Bond Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment\*** |
|  Six Circles Tax Aware Bond Fund | $6 | 0.12% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 12822414 |
| Total number of portfolio holdings |  | 4187 |
| Portfolio turnover rate as of the end of the reporting period |  | 8.87% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Municipal Bonds | <br> 97.9%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> New York City Transitional Finance Authority, Subordinated Future Tax, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.87%, 07/07/2025 | <br> 0.3%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments | <br> 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Southeast Energy Authority, A Cooperative District, Series F, Rev., 5.25%, 11/01/2055 | <br> 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> City of Rochester, Mayo Clinic, Rev., VRDO, 1.95%, 07/07/2025 | <br> 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Cobb County Kennestone Hospital Authority, Revenue Anticipation Certificates, Rev., VRDO, LOC: Bank of America NA, 1.95%, 07/07/2025 | <br> 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Central Plains Energy Project, Series A1, Rev., 5.00%, 08/01/2055 | <br> 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> California Community Choice Financing Authority, Sustainable Bonds Clean Energy, Rev., 5.00%, 01/01/2056 | <br> 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Colorado Health Facilities Authority, Rev., 5.00%, 05/15/2054 | <br> 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> County of Franklin, OhioHealth Corp., Series D, Rev., VRDO, 1.95%, 07/07/2025 | <br> 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Southern California Public Power Authority, Rev., 5.00%, 04/01/2055 | <br> 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 | <br> 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 2.7% |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles Tax Aware Bond Fund (CBTAX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
|  Six Circles Credit Opportunities Fund (CRDOX) | Six Circles Credit Opportunities Fund (CRDOX) |

---

This semi-annual shareholder report contains important information about the Six Circles Credit Opportunities Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.** 

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment\*** |
|  Six Circles Credit Opportunities Fund | $12 | 0.24% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 8662204 |
| Total number of portfolio holdings |  | 3065 |
| Portfolio turnover rate as of the end of the reporting period |  | 28.94% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 80.2% | &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities | 8.2 | &nbsp;&nbsp;&nbsp;&nbsp; HUB International Ltd., 7.38%, 01/31/2032 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments | 4.5 | &nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 6.50%, 02/15/2030 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc., 6.88%, 02/01/2031 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., 9.00%, 09/30/2029 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp; HUB International Ltd., 7.25%, 06/15/2030 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., 6.38%, 05/31/2033 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrant | 0.0 |  |  |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles Credit Opportunities Fund (CRDOX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
|  Six Circles Multi-Strategy Fund (CALTX) | Six Circles Multi-Strategy Fund (CALTX) |

---

This semi-annual shareholder report contains important information about the Six Circles Multi-Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.** 

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment\*** |
|  Six Circles Multi-Strategy Fund | $33 | 0.67% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 971964 |
| Total number of portfolio holdings |  | 750 |
| Portfolio turnover rate as of the end of the reporting period |  | 327.87% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 36.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.23%, 08/14/2025 | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 30.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 6.50%, 08/01/2055 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 26.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 08/01/2055 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments | 19.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Equity Market Neutral Fund | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.24%, 08/05/2025 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open End Fund | 4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, Series 2024-100, Class FB, (United States 30 Day Average SOFR + 1.35%), 5.66%, 01/25/2055 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 08/01/2055 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Security | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.07%, 09/25/2025 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.13%, 10/09/2025 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Option contracts | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 08/01/2055 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Positions | -5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 37.3% |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles Multi-Strategy Fund (CALTX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX) | Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX) |

---

This semi-annual shareholder report contains important information about the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.** 

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment\*** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $3 | 0.06% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 22663428 |
| Total number of portfolio holdings |  | 706 |
| Portfolio turnover rate as of the end of the reporting period |  | 12.88% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | |
|:---|:---|:---|
| **Sector Allocation<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 8.2% |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 7.7 |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 5.5 |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 5.5 |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 3.3 |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 2.5 |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2.4 |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 2.1 |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 1.8 |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 1.5 |
| ![LOGO](g902259g00k01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 40.5% |
| ![LOGO](g902259g00k01.jpg) |  |  |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g902259g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Semi-Annual Shareholder Report**<br> June 30, 2025 <br>|
|  Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) | Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) |

---

This semi-annual shareholder report contains important information about the Six Circles Managed Equity Portfolio International Unconstrained Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.** 

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment\*** |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | $5 | 0.09% |

---

*\* This charge is annualized.* 

#### Key Fund Statistics
The following table outlines key fund statistic that you should pay attention to:

---

| | | |
|:---|:---|:---|
| Fund's net assets (in thousands) | $| 9148861 |
| Total number of portfolio holdings |  | 1296 |
| Portfolio turnover rate as of the end of the reporting period |  | 27.24% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total net assets of the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2)</sup>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 4.8% |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 3.8 |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 3.2 |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 2.8 |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 2.7 |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 2.0 |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 1.9 |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8 |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc | 1.6 |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 1.6 |
| ![LOGO](g902259g01p07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 26.2% |
| ![LOGO](g902259g01p07.jpg) |  |  |
| ![LOGO](g902259g01p07.jpg) |  |  |

---

*<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent.* 

*<sup>2)</sup> Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and may include the use of derivative positions.* 

#### Availability of Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit **www.sixcirclesfunds.com/literature.** You can also request this information by contacting us at **1-212-464-2070.**

*The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. This Fund and other Six Circles Funds are not intended to be standalone investments.* 

Semi-Annual Shareholder Report 1 Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX)

------

#### Item 2. Code of Ethics.
Not applicable for the reporting period.

#### Item 3. Audit Committee Financial Expert.
Not applicable for the reporting period.

#### Item 4. Principal Accountant Fees and Services.
Not applicable for the reporting period.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable for the reporting period.

#### Item 6. Investments.
(a) A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included in the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

## Semi-Annual Report

## SIX CIRCLES<sup>®</sup> FUNDS
June 30, 2025

Six Circles Ultra Short Duration Fund

Six Circles Tax Aware Ultra Short Duration Fund

Six Circles U.S. Unconstrained Equity Fund

Six Circles International Unconstrained Equity Fund

Six Circles Global Bond Fund

Six Circles Tax Aware Bond Fund

Six Circles Credit Opportunities Fund

Six Circles Multi-Strategy Fund

![LOGO](g9022776covlogo.jpg)

------

#### CONTENTS

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#toc902277_11)\* | 1 |
| [Financial Statements](#toc902277_12)\* | 306 |
| [Financial Highlights](#toc902277_13)\* | 330 |
| [Notes to Financial Statements](#toc902277_14) | 346 |
| [Board Approval of Investment Advisory Agreements](#toc902277_14a) | 381 |
| [Privacy Policy — Located at the back of this Semi Annual Report](#toc902277_14b) |  |

---

\* The Schedule of Portfolio Investments, Financial Statements and Financial Highlights have been consolidated for the Six Circles Multi-Strategy Fund.

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.** 

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

**For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan representative or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully.** The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. The Six Circles Funds are not intended to be standalone investments.

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 — 17.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit Card ABS — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, 4.80%, 05/15/2030 |  | 900 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 5.24%, 04/15/2031 |  | 1990 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 4.56%, 12/15/2029 |  | 2210 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp; BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, 04/15/2028 |  | 1485 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95%, 10/15/2027 |  | 535 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; CARDS II Trust, (Canada), Series 2023-2A, Class A, (United States SOFR + 0.85%), 5.19%, 07/15/2028 (e) (aa) |  | 1100 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A5, Class A5, (CME Term SOFR 1 Month + 0.72%), 5.04%, 08/07/2027 (aa) |  | 900 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A1, Class A1, 5.23%, 12/08/2027 |  | 1600 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compartment BL Consumer Credit 2024, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.63%), 2.50%, 09/25/2041 (aa) | EUR | 321 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 2.77%, 09/25/2041 (aa) | EUR | 292 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e) |  | 1500 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Credit Card Trust, (Canada), Series 2022-1A, Class A, 1.97%, 01/15/2029 (e) |  | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e) |  | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newday Funding Master Issuer plc - Series, (United Kingdom), Series 2025-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 0.00%, 04/15/2033 (aa) | GBP | 599 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewDay Funding, (United Kingdom), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.18%), 5.40%, 03/15/2032 (aa) | GBP | 534 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/2029 |  | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trillium Credit Card Trust II, (Canada), Series 2023-3A, Class A, (United States SOFR + 0.85%), 5.23%, 08/26/2028 (e) (aa) |  | 1700 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit Card ABS |  |  | 18865 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 11.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto ABS Spanish Loans FT, (Spain), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.85%), 2.78%, 09/28/2038 (aa) | EUR | 722 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoFlorence Srl, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 2.60%, 12/24/2044 (aa) | EUR | 181 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class B, Reg. S, (EURIBOR 1 Month + 0.75%), 2.65%, 12/24/2044 (aa) | EUR | 37 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Class A, Reg. S, (EURIBOR 1 Month + 0.95%), 2.82%, 12/25/2046 (aa) | EUR | 623 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Class B, Reg. S, (EURIBOR 1 Month + 2.35%), 4.22%, 12/25/2046 (aa) | EUR | 62 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonoria Spain 2022 FT, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.84%), 2.73%, 01/25/2040 (aa) | EUR | 369 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SP, Class B, Reg. S, (EURIBOR 1 Month + 2.00%), 3.89%, 01/26/2040 (aa) | EUR | 46 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonoria Spain 2023 FT, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 2.59%, 09/30/2041 (aa) | EUR | 474 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SP, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.04%, 09/30/2041 (aa) | EUR | 68 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e) |  | 1500 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Auto Trust, Series 2023-2A, Class A2, 5.85%, 08/17/2026 (e) |  | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bavarian Sky UK 5 plc, (United Kingdom), Series - UK5, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.62%), 4.84%, 04/20/2031 (aa) | GBP | 267 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Auto Trust, Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (e) |  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, Series 2023-2, Class A3, 5.82%, 06/15/2028 |  | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardiff Auto Receivables Securitisation plc, (United Kingdom), Series 2024-1, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.40%), 5.62%, 08/20/2031 (aa) | GBP | 264 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.28%, 05/15/2028 |  | 976 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.84%, 01/15/2030 |  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2A, 4.59%, 07/17/2028 |  | 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A2A, 6.08%, 12/15/2026 |  | 102 | 102 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 1

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 6.00%, 07/17/2028 |  | 1600 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 5.30%, 03/15/2027 |  | 473 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 4.92%, 10/16/2028 |  | 474 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 5.65%, 05/17/2027 |  | 363 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars Alliance Auto Leases France, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1FRV, Class A, Reg. S, (EURIBOR 1 Month + 0.65%), 2.55%, 10/21/2038 (aa) | EUR | 564 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1FRV, Class B, Reg. S, (EURIBOR 1 Month + 1.30%), 3.20%, 10/21/2038 (aa) | EUR | 400 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P1, Class A4, 5.94%, 01/10/2029 (e) |  | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P5, Class A2, 5.77%, 04/12/2027 (e) |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) |  | 900 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P3, Class A2, 4.61%, 11/10/2027 |  | 449 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 01/10/2030 |  | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizen Irish Auto Receivables Trust 2023 DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A, Reg. S, (EURIBOR 1 Month + 0.77%), 2.74%, 12/15/2032 (aa) | EUR | 212 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class B, Reg. S, (EURIBOR 1 Month + 1.40%), 3.37%, 12/15/2032 (aa) | EUR | 121 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) |  | 1412 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Carat DE, (Luxembourg), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.45%), 2.32%, 11/25/2035 (aa) | EUR | 800 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2023-1, Class A2, 5.51%, 01/22/2029 (e) |  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; FCT Autonoria DE 2023, (France), Series 2023-DE, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.04%, 01/26/2043 (aa) | EUR | 136 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Ireland Auto Receivables No. 2 DAC, (Ireland), Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.68%), 2.57%, 11/14/2034 (aa) | EUR | 929 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e) | CAD | 2000 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 4.70%, 02/15/2027 (aa) |  | 584 | 584 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D, Class A3, 5.27%, 05/17/2027 |  | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, SUB, 4.87%, 08/15/2036 (e) |  | 789 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.32%, 08/15/2027 |  | 1265 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.07%, 07/15/2029 |  | 829 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust / Ford Credit, Series 2025-1, Class A, SUB, 4.86%, 08/15/2037 (e) |  | 960 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A2, (United States 30 Day Average SOFR + 1.25%), 5.55%, 05/15/2028 (e) (aa) |  | 1290 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gm Financial Automobile Leasing Trust, Series 2025-2, Class A2A, 4.55%, 07/20/2027 |  | 800 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A2A, 4.29%, 01/20/2027 |  | 1516 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.54%, 05/20/2027 |  | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 4.47%, 02/16/2028 |  | 305 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A2A, 5.89%, 11/16/2026 |  | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 5.78%, 08/16/2028 |  | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 4.85%, 12/18/2028 |  | 940 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2A, 4.53%, 10/18/2027 |  | 767 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A3, 4.40%, 08/16/2029 |  | 2554 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A1, 5.34%, 06/15/2028 (e) |  | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class A1, 4.73%, 11/15/2029 (e) |  | 945 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Bar Securitisation Srl, (Italy), Series 2023-2, Class B, Reg. S, (EURIBOR 3 Month + 2.90%), 4.94%, 09/22/2043 (aa) | EUR | 259 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 5.65%, 02/16/2027 |  | 259 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2, 4.62%, 08/16/2027 |  | 1037 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.71%, 07/17/2028 |  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e) |  | 1700 | 1709 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 2 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Asset-Backed Securities — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hill FL 2024-1BV, (Netherlands), Series 2024-1FL, Class B, Reg. S, (EURIBOR 1 Month + 1.10%), 3.01%, 02/18/2032 (aa) | EUR | 173 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hill FL 2024-2 BV, (Netherlands), Series 2024-2FL, Class A, Reg. S, (EURIBOR 1 Month + 0.72%), 2.63%, 10/18/2032 (aa) | EUR | 600 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, Series 2024-1, Class A2, 5.36%, 09/15/2026 |  | 455 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.15%, 06/15/2026 (e) |  | 388 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 4.58%, 09/15/2027 (e) |  | 1100 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.58%, 04/15/2027 |  | 260 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 4.99%, 02/15/2029 |  | 3197 | 3226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.84%, 03/15/2029 |  | 1787 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.41%, 05/15/2029 |  | 1921 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koromo Italy Srl, (Italy), Series 1, Class A, Reg. S, (EURIBOR 1 Month + 0.80%), 2.73%, 02/26/2035 (aa) | EUR | 104 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT Autorahoitus V DAC, (Ireland), Series 5, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 2.81%, 05/18/2035 (aa) | EUR | 400 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT Rahoitus 2025-1 DAC, (Ireland), Series 6, Class A, Reg. S, (EURIBOR 1 Month + 0.54%), 2.45%, 07/18/2036 (aa) | EUR | 531 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBarc Credit Canada, Inc., (Canada), Series 2024-AA, Class A2, 5.30%, 10/15/2026 (e) | CAD | 169 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A, 4.57%, 12/15/2026 |  | 563 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 4.51%, 11/15/2027 |  | 503 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A2, 5.92%, 11/16/2026 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro Finance Trust, (Australia), Series 2024-1, Class A, Reg. S, (BBSW ASX Australian 1 Month + 1.25%), 4.97%, 09/17/2030 (aa) | AUD | 375 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.92%, 11/15/2027 |  | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.75%, 11/15/2027 (aa) |  | 1000 | 1001 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust, Series 2022-1A, Class A2, (United States 30 Day Average SOFR + 1.60%), 5.90%, 03/14/2029 (e) (aa) |  | 281 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e) |  | 829 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panorama Auto Trust, (Australia), Series 2025-1, Class A, Reg. S, (BBSW ASX Australian 1 Month + 0.97%), 4.71%, 03/15/2033 (aa) | AUD | 488 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pony SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.52%), 2.41%, 01/14/2033 (aa) | EUR | 704 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.85%), 2.74%, 01/14/2033 (aa) | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Financial Auto Securitization Trust, Series 2024-1A, Class A3, 4.44%, 01/22/2030 (e) |  | 2049 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red & Black Auto Germany UG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8, Class B, Reg. S, (EURIBOR 1 Month + 0.75%), 2.64%, 09/15/2030 (aa) | EUR | 49 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10, Class B, Reg. S, (EURIBOR 1 Month + 1.20%), 3.09%, 09/15/2032 (aa) | EUR | 79 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red & Black Auto Italy Srl, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class A1, Reg. S, (EURIBOR 1 Month + 1.00%), 2.93%, 07/28/2034 (aa) | EUR | 402 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class B, Reg. S, (EURIBOR 1 Month + 1.80%), 3.73%, 07/28/2034 (aa) | EUR | 84 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; RevoCar UG, (Germany), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.56%), 2.44%, 02/21/2037 (aa) | EUR | 439 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 5.56%, 11/22/2027 (e) |  | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.56%, 02/22/2028 (e) |  | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A3, 5.33%, 11/20/2029 (e) |  | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, 4.44%, 12/20/2030 (e) |  | 885 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-A, Class A2A, 5.37%, 06/22/2026 (e) |  | 163 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, 4.65%, 05/25/2038 (e) |  | 1596 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 3.76%, 04/15/2027 |  | 323 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.63%, 09/15/2027 |  | 125 | 126 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 3

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 4.83%, 10/16/2028 |  | 4109 | 4131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust, Series 2025-A, Class A2A, 4.58%, 07/20/2027 (e) |  | 2000 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A2A, 5.72%, 03/22/2027 |  | 357 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A2B, (United States 30 Day Average SOFR + 0.63%), 4.93%, 03/22/2027 (aa) |  | 978 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, Series 2024-B, Class A2A, 5.48%, 09/15/2027 |  | 174 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  |  | 78727 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asimi Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.00%), 5.22%, 09/16/2031 (aa) | GBP | 75 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Battalion CLO 18 Ltd., (Cayman Islands), Series 2020-18A, Class AR, (CME Term SOFR 3 Month + 1.46%), 5.72%, 10/15/2036 (e) (aa) |  | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO VIII Ltd., (Cayman Islands), Series 2015-8A, Class A1AR, (CME Term SOFR 3 Month + 1.36%), 5.63%, 01/20/2031 (e) (aa) |  | 226 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brignole Co., (Italy), Series 2024, Class A, Reg. S, (EURIBOR 1 Month + 0.78%), 2.65%, 02/24/2042 (aa) | EUR | 402 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, 5.90%, 02/16/2027 |  | 51 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 4.77%, 06/15/2029 |  | 479 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.03%, 01/15/2030 |  | 275 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e) |  | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e) |  | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (CME Term SOFR 3 Month + 1.21%), 5.48%, 07/18/2030 (e) (aa) |  | 560 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e) |  | 453 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.61%, 12/15/2027 (e) |  | 296 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3, 4.67%, 06/15/2029 (e) |  | 599 | 607 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 5.55%, 10/15/2032 (e) (aa) |  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, Series 2023-2A, Class A2, (United States 30 Day Average SOFR + 1.50%), 5.80%, 09/15/2036 (e) (aa) |  | 1452 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e) |  | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockford Tower CLO 2017-3 Ltd., (Cayman Islands), Series 2017-3A, Class A, (CME Term SOFR 3 Month + 1.45%), 5.72%, 10/20/2030 (e) (aa) |  | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; SC Germany SA Compartment Consumer, (Germany), Series 2025-1, Class B, Reg. S, (EURIBOR 1 Month + 0.95%), 2.86%, 12/14/2038 (aa) | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (EURIBOR 1 Month + 1.75%), 3.64%, 11/14/2034 (aa) | EUR | 73 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAGUS - Sociedade de Titularizacao de Creditos SA / Viriato Finance No. 1, (Portugal), Series 1, Class B, Reg. S, (EURIBOR 1 Month + 0.95%), 2.88%, 10/28/2040 (aa) | EUR | 167 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCI-Symphony CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class AR2, (CME Term SOFR 3 Month + 1.28%), 5.52%, 10/13/2032 (e) (aa) |  | 157 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e) |  | 483 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1A, 5.00%, 12/20/2028 |  | 1700 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1B, (United States 30 Day Average SOFR + 0.65%), 4.95%, 12/20/2028 (aa) |  | 1578 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 4.97%, 08/20/2030 (aa) |  | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 4.71%, 01/21/2031 |  | 1500 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; VOYA CLO 2017-2, (Cayman Islands), Series 2017-2A, Class A1R, (CME Term SOFR 3 Month + 1.24%), 5.50%, 06/07/2030 (e) (aa) |  | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Youni Italy Srl, (Italy), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.88%), 2.77%, 04/25/2034 (aa) | EUR | 373 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  |  | 17271 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 4 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Asset-Backed Securities — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) | 544 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-AA, Class A2A, 3.91%, 12/15/2045 (e) | 555 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 5.15%, 12/15/2059 (aa) | 117 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 5.33%, 11/15/2068 (e) (aa) | 1011 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-D, Class A2B, (CME Term SOFR 1 Month + 1.16%), 5.48%, 12/15/2059 (e) (aa) | 191 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GA, Class A, 2.40%, 10/15/2068 (e) | 84 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA, Class A1B, (CME Term SOFR 1 Month + 1.11%), 5.43%, 04/15/2069 (e) (aa) | 117 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class A, (Prime Rate + -1.99%), 5.51%, 04/15/2060 (e) (aa) | 256 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Student Loan Trust, Series 2019-BA, Class A2B, (CME Term SOFR 1 Month + 1.09%), 5.41%, 12/15/2059 (e) (aa) | 117 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 5.32%, 06/27/2067 (e) (aa) | 453 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class AFL, (CME Term SOFR 1 Month + 0.85%), 5.17%, 04/20/2062 (e) (aa) | 561 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (CME Term SOFR 1 Month + 1.36%), 5.68%, 07/25/2051 (e) (aa) | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 5.33%, 09/15/2034 (e) (aa) | 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 0.94%), 5.26%, 09/15/2037 (e) (aa) | 288 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) | 236 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A2A1, (CME Term SOFR 1 Month + 0.84%), 5.16%, 01/15/2053 (e) (aa) | 1296 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APL, (CME Term SOFR 1 Month + 0.84%), 5.16%, 01/15/2053 (e) (aa) | 142 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class A1B, (CME Term SOFR 1 Month + 0.71%), 5.03%, 03/17/2053 (e) (aa) | 120 | 119 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.75%, 02/16/2055 (e) (aa) |  | 1132 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 6.15%, 05/16/2050 (e) (aa) |  | 168 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D, Class A1B, (United States 30 Day Average SOFR + 1.80%), 6.10%, 10/15/2058 (e) (aa) |  | 1756 | 1787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e) |  | 129 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 5.13%, 11/20/2061 (e) (aa) |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Student Loan ABS |  |  | 9387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Equity ABS — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (CME Term SOFR 1 Month + 0.91%), 5.23%, 07/25/2035 (aa) |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $122,350) |  |  | 124258 |
|  **Certificates of Deposit — 0.3%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 4.56%, 09/14/2026 (aa) | AUD | 500 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 4.68%, 02/17/2026 (aa) | AUD | 800 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., (Japan), (BBSW ASX Australian 3 Month + 1.10%), 4.93%, 11/07/2025 (aa) | AUD | 2400 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit<br>(Cost $2,409) |  |  | 2442 |
|  **Collateralized Mortgage Obligations — 7.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 5.07%, 09/20/2061 (aa) | GBP | 478 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 5.14%, 12/28/2049 (e) (aa) | GBP | 563 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Braccan Mortgage Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.84%), 5.08%, 02/15/2067 (aa) | GBP | 748 | 1030 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 5

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 5.14%, 08/20/2045 (aa) | GBP | 254 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.02%), 5.24%, 04/28/2060 (aa) | GBP | 815 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Series 2021-RPL4, Class A1, 4.12%, 12/27/2060 (e) (z) |  | 242 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Property Finance BV, (Netherlands), Series 2022-1, Class A, Reg. S, (EURIBOR 3 Month + 0.75%), 2.91%, 10/28/2059 (aa) | EUR | 597 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Master Issuer plc, (United Kingdom), Series 2023-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.56%), 4.78%, 06/25/2074 (aa) | GBP | 213 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; FIRSTMAC MORTGAGE FUNDING TRUST NO. 4, (Australia), Series 2024-4, Class A1, Reg. S, (BBSW ASX Australian 1 Month + 1.08%), 4.80%, 02/18/2056 (aa) | AUD | 390 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 217 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmes Master Issuer plc, (United Kingdom), Series 2023-1X, Class A1, Reg. S, (SONIA Interest Rate Benchmark + 0.58%), 4.90%, 10/15/2072 (aa) | GBP | 666 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 5.75%, 07/25/2061 (e) |  | 939 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 247 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 79 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 214 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 266 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progress Trust, (Australia), Series 2020-1, Class A, (BBSW ASX Australian 1 Month + 1.00%), 4.69%, 01/21/2051 (aa) | AUD | 288 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAPPHIRE XXXII SERIES TRUST, (Australia), Series 2025-1, Class A1L, Reg. S, (BBSW ASX Australian 1 Month + 1.10%), 4.84%, 06/14/2066 (aa) | AUD | 1050 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silverstone Master Issuer plc, (United Kingdom), Series 2023-1, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.50%), 4.80%, 01/21/2070 (aa) | GBP | 635 | 872 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 103 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z) |  | 56 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 146 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding 2024 — Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 5.22%, 07/20/2053 (e) (aa) | GBP | 773 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 5.43%, 05/25/2058 (e) (aa) |  | 152 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.46%, 02/09/2053 (aa) | AUD | 234 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  |  | 11654 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — 5.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 5.25%, 04/15/2049 (aa) |  | 388 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 5.46%, 12/25/2054 (aa) |  | 665 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5493, Class FK, (United States 30 Day Average SOFR + 1.15%), 5.46%, 01/25/2055 (aa) |  | 642 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 5.51%, 02/25/2055 (aa) |  | 355 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 5.31%, 02/25/2055 (aa) |  | 748 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 5.31%, 02/25/2055 (aa) |  | 748 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 5.26%, 03/25/2055 (aa) |  | 1863 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 5.26%, 03/25/2055 (aa) |  | 742 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.18%, 04/25/2055 (aa) |  | 1451 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5532, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.26%, 04/25/2055 (aa) |  | 1527 | 1523 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 6 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5534, Class FM, (United States 30 Day Average SOFR + 0.93%), 5.24%, 05/25/2055 (aa) | 1365 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5546, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.31%, 06/25/2055 (aa) | 1375 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5548, Class AF, (United States 30 Day Average SOFR + 1.00%), 5.31%, 06/25/2055 (aa) | 1490 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5549, Class CF, (United States 30 Day Average SOFR + 1.00%), 5.31%, 10/25/2052 (aa) | 988 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5549, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.56%, 06/25/2055 (aa) | 1389 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.31%, 06/25/2055 (aa) | 600 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.77%, 02/25/2046 (aa) | 684 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-82, Class W, 6.61%, 11/25/2058 (z) | 183 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 5.26%, 05/25/2050 (aa) | 1003 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8, Class D, 2.00%, 08/25/2038 | 922 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.15%, 01/25/2051 (aa) | 764 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 5.41%, 12/25/2054 (aa) | 368 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 5.41%, 06/25/2054 (aa) | 687 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 5.41%, 01/25/2055 (aa) | 770 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 5.46%, 01/25/2055 (aa) | 937 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 5.36%, 01/25/2055 (aa) | 937 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 5.51%, 02/25/2055 (aa) | 360 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.56%, 02/25/2055 (aa) | 451 | 453 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-16, Class FN, (United States 30 Day Average SOFR + 0.95%), 5.26%, 01/25/2055 (aa) | 760 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.26%, 11/25/2053 (aa) | 744 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class FM, (United States 30 Day Average SOFR + 0.90%), 5.21%, 09/25/2054 (aa) | 3786 | 3772 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 5.10%, 12/20/2064 (aa) | 610 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 5.45%, 01/20/2067 (aa) | 643 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.80%, 08/20/2065 (aa) | 176 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.86%, 05/20/2044 (aa) | 234 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.80%, 06/20/2071 (aa) | 1322 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 765 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.65%, 01/20/2072 (aa) | 681 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.20%, 01/20/2073 (aa) | 487 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 5.30%, 05/20/2073 (aa) | 1613 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 4.60%, 09/20/2073 (aa) | 731 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.40%, 11/20/2073 (aa) | 484 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.25%, 01/20/2054 (aa) | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.20%, 01/20/2074 (aa) | 965 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.23%, 01/20/2074 (aa) | 937 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral CMO |  | 39298 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 7

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral PAC CMO — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-121, Class PE, 3.00%, 07/20/2046 | 83 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class PF, (United States 30 Day Average SOFR + 0.95%), 5.25%, 05/20/2055 (aa) | 299 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $51,061) |  | 51333 |
|  **Commercial Mortgage-Backed Securities — 3.0%** | **Commercial Mortgage-Backed Securities — 3.0%** | **Commercial Mortgage-Backed Securities — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Trust, Series 2025-IND3, Class A, (CME Term SOFR 1 Month + 1.50%), 5.81%, 04/15/2042 (e) (aa) | &nbsp;&nbsp;&nbsp;&nbsp;405 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAY Mortgage Trust, Series 2025-LIVN, Class A, (CME Term SOFR 1 Month + 1.80%), 6.11%, 05/15/2035 (e) (aa) | 514 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, 12/15/2057 | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.45%, 08/19/2038 (e) (aa) | 331 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z) | 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMP, Series 2024-MF23, Class A, (CME Term SOFR 1 Month + 1.37%), 5.68%, 06/15/2041 (e) (aa) | 690 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.68%, 09/15/2036 (e) (aa) | 500 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO, Class A, (CME Term SOFR 1 Month + 2.11%), 6.43%, 06/15/2027 (e) (aa) | 800 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class A, (CME Term SOFR 1 Month + 2.88%), 7.19%, 10/15/2041 (e) (aa) | 241 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, (CME Term SOFR 1 Month + 1.44%), 5.75%, 02/15/2039 (e) (aa) | 947 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.75%, 02/15/2039 (e) (aa) | 867 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.70%, 03/15/2041 (e) (aa) | 342 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.75%, 04/15/2041 (e) (aa) | 129 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, (CME Term SOFR 1 Month + 2.09%), 6.40%, 03/15/2041 (e) (aa) | 270 | 270 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, (CME Term SOFR 1 Month + 1.49%), 5.80%, 07/15/2029 (e) (aa) | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 5.30%, 02/15/2039 (e) (aa) | 530 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; CENT Trust, Series 2023-CITY, Class A, (CME Term SOFR 1 Month + 2.62%), 6.93%, 09/15/2038 (e) (aa) | 410 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058 | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (CME Term SOFR 1 Month + 1.29%), 5.61%, 10/15/2036 (e) (aa) | 900 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2024-WCL1, Class A, (CME Term SOFR 1 Month + 1.84%), 6.15%, 06/15/2041 (e) (aa) | 420 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.95%, 08/15/2041 (e) (aa) | 220 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, Series 2021-BHAR, Class A, (CME Term SOFR 1 Month + 1.26%), 5.58%, 11/15/2038 (e) (aa) | 699 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A10, 5.99%, 06/10/2039 (e) (z) | 800 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A15, 5.99%, 06/10/2039 (e) (z) | 800 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (CME Term SOFR 1 Month + 2.25%), 6.56%, 10/15/2039 (e) (aa) | 480 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class A, (CME Term SOFR 1 Month + 1.35%), 5.66%, 03/15/2042 (e) (aa) | 624 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; INV Mortgage Trust, Series 2024-IND, Class A, (CME Term SOFR 1 Month + 1.74%), 6.05%, 11/15/2041 (e) (aa) | 190 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUX, Series 2023-LION, Class A, (CME Term SOFR 1 Month + 2.69%), 7.00%, 08/15/2040 (e) (aa) | 185 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 09/10/2039 (e) | 255 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.38%, 12/15/2034 (e) (aa) | 1130 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 5.43%, 05/15/2036 (e) (aa) | 700 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.72%, 03/15/2039 (e) (aa) | 1100 | 1099 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 8 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PRM5 Trust, Series 2025-PRM5, Class A, 4.62%, 03/10/2033 (e) (z) |  | 504 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCG Commercial Mortgage Trust, Series 2025-DLFN, Class A, (CME Term SOFR 1 Month + 1.20%), 5.51%, 03/15/2035 (e) (aa) |  | 285 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMRT, Series 2022-MINI, Class A, (CME Term SOFR 1 Month + 1.00%), 5.31%, 01/15/2039 (e) (aa) |  | 350 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; SREIT Trust, Series 2021-IND, Class A, (CME Term SOFR 1 Month + 0.81%), 5.13%, 10/15/2038 (e) (aa) |  | 900 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taurus 2025-2 UK DAC, (Ireland), Series 2025-UK2X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.50%), 5.74%, 02/18/2035 (aa) | GBP | 309 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thunder Logistics DAC, (Ireland), Series 2024-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.50%), 3.63%, 11/17/2036 (aa) | EUR | 302 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; UK Logistics DAC, (Ireland), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.65%), 5.89%, 05/17/2034 (aa) | GBP | 202 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vita Scientia DAC, (Ireland), Series 2022-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.30%), 3.35%, 02/27/2033 (aa) | EUR | 1000 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEST Trust, Series 2025-ROSE, Class A, 5.45%, 04/10/2035 (e) (z) |  | 438 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial MBS |  |  | 21386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $21,463) |  |  | 21386 |
|  **Corporate Bonds — 51.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials** — **1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining** — **1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC,<br>1.63%, 09/01/2025 (e) |  | 4700 | 4676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/27/2026 (e) |  | 2900 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/27/2027 (e) |  | 747 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/06/2028 (e) |  | 1935 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  |  | 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 5.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 4.50%, 08/15/2029 (e) |  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital, 4.20%, 03/15/2028 |  | 1285 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/10/2026 |  | 3935 | 4010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp.,<br>3.15%, 03/01/2026 |  | 1402 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2027 |  | 865 | 888 |
|  |  |  | 7562 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 4.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc.,<br>1.70%, 03/25/2026 |  | 1610 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/2027 |  | 3045 | 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/2026 |  | 1410 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp., (South Korea), 4.38%, 01/03/2029 (e) (w) |  | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Finance Corp., (Japan),<br>1.16%, 04/03/2026 (e) |  | 3585 | 3497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/02/2027 (e) |  | 1100 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooredoo International Finance Ltd., (Bermuda), 5.00%, 10/19/2025 (e) |  | 900 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optus Finance Pty Ltd., (Australia), Reg. S, 1.60%, 07/01/2025 | AUD | 1000 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., (Canada), 3.20%, 03/15/2027 |  | 2210 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint LLC, 7.63%, 03/01/2026 |  | 4000 | 4038 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2026 |  | 540 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 |  | 6270 | 6173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2027 |  | 3415 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 3.00%, 03/22/2027 |  | 1370 | 1342 |
|  |  |  | 31201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 39160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025 | GBP | 800 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.80%), 5.17%, 08/13/2026 (e) (aa) |  | 1900 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.78%), 5.19%, 03/19/2027 (e) (aa) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.92%), 5.33%, 03/21/2028 (e) (aa) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC,<br>2.70%, 08/10/2026 |  | 1150 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 |  | 2245 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/2025 |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.95%), 7.34%, 03/06/2026 (aa) |  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.15%), 5.51%, 08/04/2025 (e) (aa) |  | 1100 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.50%), 5.85%, 01/08/2027 (aa) |  | 900 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, 4.88%, 07/31/2026 (e) |  | 1120 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/09/2026 (e) |  | 2080 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.63%), 4.98%, 07/31/2026 (e) (aa) |  | 1400 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e) |  | 900 | 858 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 9

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e) | 600 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., 4.80%, 01/05/2026 | 3265 | 3273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.65%), 5.05%, 09/11/2025 (aa) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, 4.90%, 08/14/2026 (e) | 600 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.83%), 5.24%, 03/20/2026 (e) (aa) | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.93%), 5.33%, 09/12/2025 (e) (aa) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 5.43%, 08/14/2026 (e) (aa) | 480 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/12/2025 (e) | 221 | 221 |
|  |  | 21307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., 5.90%, 06/01/2027 | 650 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 23060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc., 4.88%, 02/04/2028 | 1200 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp.,<br>3.22%, 09/06/2026 | 3525 | 3476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/2027 | 1065 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/2027 | 2750 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT International Finance plc, (United Kingdom), 1.67%, 03/25/2026 (e) | 2700 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom),<br>3.50%, 07/26/2026 (e) | 800 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/30/2028 (e) (w) | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc.,<br>4.38%, 11/01/2027 | 870 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 | 1985 | 2024 |
|  |  | 15035 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., 2.20%, 02/21/2027 | 1640 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc., 5.80%, 12/12/2025 | 300 | 301 |
|  |  | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., 1.20%, 03/01/2026 | 2500 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars, Inc., 4.45%, 03/01/2027 (e) | 2040 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., 1.50%, 03/15/2026 | 1875 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc.,<br>3.13%, 03/15/2027 | 5750 | 5630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 5.26%, 03/01/2028 (aa) | 700 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/2026 | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 | 4030 | 4034 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc., 1.35%, 02/03/2027 | 900 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings, Inc., 2.63%, 05/15/2026 (e) | 1866 | 1841 |
|  |  | 16915 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance II LLC, 4.25%, 12/15/2025 (e) | 2200 | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 40520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., 3.02%, 01/16/2027 | 955 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., (Canada), 3.85%, 06/01/2027 | 1300 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 5.20%, 04/18/2027 | 4855 | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp.,<br>3.90%, 10/01/2027 | 1340 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 | 1325 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027 (e) | 1590 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., 5.00%, 08/01/2027 | 830 | 837 |
|  |  | 12293 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 | 2850 | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., (Canada), 5.25%, 04/05/2027 | 1295 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc.,<br>2.20%, 09/15/2025 | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/01/2026 | 2220 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC,<br>5.00%, 03/15/2027 | 3345 | 3365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2026 | 2915 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., 5.20%, 07/01/2027 | 1990 | 2016 |
|  |  | 15051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 27344 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 20.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.00%), 5.39%, 12/03/2028 (e) (aa) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa) | 1900 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA, (Spain), (United States SOFR + 1.12%), 5.47%, 07/15/2028 (aa) | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.71%, 04/24/2028 (aa) | 1105 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.75%), 4.83%, 07/22/2026 (aa) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) | 1445 | 1461 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 10 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.29%), 5.08%, 01/20/2027 (aa) |  | 3785 | 3796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.34%), 5.93%, 09/15/2027 (aa) |  | 4360 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa) |  | 1290 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 5.27%, 09/10/2027 (aa) |  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Queensland Ltd., (Australia), (BBSW ASX Australian 3 Month + 1.10%), 4.99%, 10/29/2025 (aa) | AUD | &nbsp;&nbsp;&nbsp;&nbsp;700 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, (France), 5.90%, 07/13/2026 (e) |  | 1300 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.30%), 5.30%, 08/09/2026 (aa) |  | 4205 | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 6.28%, 09/13/2027 (aa) |  | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa) |  | 1100 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa) |  | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.35%), 4.95%, 09/29/2025 (aa) | AUD | 600 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.96%), 5.37%, 09/25/2025 (e) (aa) |  | 2140 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada),<br>4.88%, 01/14/2030 (e) |  | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.72%), 5.06%, 01/13/2028 (aa) |  | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA,<br>4.58%, 05/29/2027 |  | 2100 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 08/06/2026 |  | 625 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.06%), 5.45%, 12/04/2026 (aa) |  | 800 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.41%), 3.52%, 10/27/2028 (aa) |  | 1670 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.65%), 3.67%, 07/24/2028 (aa) |  | 1250 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.14%), 4.64%, 05/07/2028 (aa) |  | 3070 | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, (Netherlands), (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa) |  | 2100 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 5.27%, 03/11/2027 (e) (aa) |  | 1400 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 0.87%), 5.27%, 03/11/2027 (aa) |  | 500 | 501 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd., (Singapore), (United States SOFR + 0.60%), 5.00%, 03/21/2028 (e) (aa) |  | 700 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.87%), 2.13%, 11/24/2026 (f) (aa) |  | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 5.59%, 11/16/2027 (aa) |  | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa) |  | 1100 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.85%), 1.13%, 09/16/2026 (e) (aa) |  | 1400 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.95%), 5.90%, 10/09/2026 (e) (aa) |  | 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.75%), 5.12%, 05/21/2027 (aa) |  | 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.78%), 5.28%, 03/18/2027 (aa) |  | 2110 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.75%), 5.41%, 05/21/2027 (aa) |  | 1030 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa) |  | 2525 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 2325 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) |  | 985 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa) |  | 2040 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 4.94%, 04/23/2028 (aa) |  | 4835 | 4872 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.61%), 4.29%, 09/12/2026 (aa) |  | 800 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa) |  | 2990 | 3032 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Bank Australia Ltd., (Australia), (BBSW ASX Australian 3 Month + 0.98%), 4.70%, 12/08/2025 (aa) | AUD | 700 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.10%), 1.40%, 07/01/2026 (e) (aa) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.01%), 5.42%, 04/01/2027 (aa) |  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (Italy), 7.00%, 11/21/2025 (e) |  | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), (SOFR Compounded Index + 1.56%), 5.92%, 08/07/2027 (aa) |  | 800 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) |  | 345 | 350 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 11

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.01%), 5.65%, 04/13/2028 (aa) |  | 2165 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) |  | 1265 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.68%), 4.45%, 10/15/2027 (aa) |  | 1010 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.08%), 4.95%, 01/14/2028 (aa) |  | 4825 | 4863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.93%), 4.97%, 07/14/2028 (aa) |  | 1095 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.69%), 5.03%, 10/15/2027 (aa) |  | 2500 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 5.50%, 05/26/2028 (aa) |  | 1090 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/30/2026 |  | 1465 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd., (Australia), 4.75%, 12/10/2025 |  | 1450 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.90%), 5.31%, 03/25/2027 (aa) |  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.03%), 5.37%, 07/02/2027 (aa) |  | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.90%), 5.27%, 05/17/2027 (e) (aa) |  | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 05/17/2027 (e) |  | 700 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 5.15%, 03/19/2027 (e) (aa) |  | 1200 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Bank NA, (United States SOFR + 0.50%), 4.78%, 01/15/2027 (aa) |  | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.82%), 5.23%, 03/27/2028 (aa) |  | 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.08%), 5.43%, 07/20/2026 (aa) |  | 2000 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., (United States SOFR + 1.23%), 6.12%, 05/31/2027 (aa) |  | 765 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc, (United Kingdom), (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Bank Co. Ltd., (South Korea), Reg. S, (BBSW ASX Australian 3 Month + 1.95%), 5.75%, 11/16/2025 (aa) | AUD | 3000 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), (CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa) |  | 400 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., (Japan), (United States SOFR + 1.30%), 5.64%, 07/13/2026 (aa) |  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.15%), 5.55%, 09/14/2026 (e) (aa) |  | 300 | 302 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.15%), 5.55%, 09/14/2026 (aa) |  | 1300 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.16%, 03/04/2026 (aa) | AUD | 500 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, (Sweden), 6.14%, 09/12/2026 (e) |  | 2400 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Bank, 5.63%, 08/23/2027 |  | 1460 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 0.50%), 4.21%, 02/26/2026 (aa) | AUD | 900 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 4.74%, 07/30/2025 (aa) | AUD | 2100 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG, (Switzerland), (CMT Index 1 Year + 1.60%), 6.33%, 12/22/2027 (e) (aa) |  | 1435 | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd., (Singapore), (SOFR Compounded Index + 0.58%), 4.92%, 04/02/2028 (e) (aa) |  | 900 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.78%), 5.13%, 01/24/2028 (aa) |  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa) |  | 2170 | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (United States SOFR + 0.78%), 4.90%, 01/24/2028 (aa) |  | 3225 | 3248 |
|  |  |  | 125133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd., (Bermuda),<br>4.25%, 06/15/2026 |  | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025 (e) |  | 800 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., (SOFR Compounded Index + 0.97%), 5.33%, 07/28/2027 (aa) |  | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 4.88%, 10/01/2025 (e) |  | 1200 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., (United States SOFR + 0.86%), 1.88%, 11/02/2027 (aa) |  | 2115 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., (Japan), 5.71%, 01/09/2026 |  | 1200 | 1206 |
|  |  |  | 7247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., 4.60%, 12/15/2027 |  | 885 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding, 4.95%, 01/07/2027 (e) |  | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Global Funding, 1.75%, 06/30/2026 (e) |  | 1900 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp; MassMutual Global Funding II, 5.10%, 04/09/2027 (e) |  | 835 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding, 5.45%, 09/18/2026 (e) |  | 3790 | 3846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protective Life Global Funding, 4.34%, 09/13/2027 (e) |  | 1320 | 1320 |
|  |  |  | 10766 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 12 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., 5.38%, 04/15/2026 | 6025 | 6026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 149172 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc, (United Kingdom), 5.00%, 03/26/2027 (e) | 4020 | 4064 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc.,<br>4.40%, 06/15/2028 | 425 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/15/2027 | 1995 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 3.25%, 01/15/2028 | 745 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp.,<br>2.65%, 11/01/2026 | 2000 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/2027 | 1055 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 | 1580 | 1609 |
|  |  | 11848 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sydney Airport Finance Co. Pty Ltd, (Australia), Reg. S, 3.63%, 04/28/2026 | 1700 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., 3.60%, 08/12/2027 | 1475 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dyno Nobel Ltd., (Australia), Reg. S, 4.30%, 03/18/2026 | AUD 700 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., 4.88%, 07/15/2026 (e) | 838 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp., 2.60%, 11/01/2026 | 680 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 2.90%, 06/15/2026 | 1255 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 3.05%, 11/15/2027 | 1180 | 1154 |
|  |  | 3057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 19350 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp.,<br>4.90%, 10/01/2026 | 1600 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 | 1000 | 1009 |
|  |  | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc.,<br>3.15%, 11/15/2025 | 3375 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/2026 | 1740 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 | 1165 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 4.40%, 06/01/2027 | 1060 | 1062 |
|  |  | 7324 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp.,<br>1.65%, 03/25/2026 | 2690 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 | 3490 | 3427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 | 1470 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 | 1100 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., 4.55%, 04/01/2027 | 1300 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware LLC, 1.40%, 08/15/2026 | 1990 | 1925 |
|  |  | 11801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 21741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Electric Co., 4.25%, 05/14/2027 | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp.,<br>0.90%, 09/15/2025 | 4475 | 4439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/2026 | 2489 | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 | 1200 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International,<br>4.13%, 03/15/2028 | 1280 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/15/2025 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., Series B, 3.90%, 07/15/2027 | 2310 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 (e) | 296 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., 4.30%, 01/15/2026 (e) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., 4.75%, 02/07/2028 | 1195 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.,<br>3.55%, 05/01/2027 | 1545 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/04/2028 | 865 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2025 | 4980 | 4987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.,<br>2.95%, 03/01/2026 | 1500 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2026 | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/2025 | 1400 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co.,<br>4.40%, 09/06/2026 | 1195 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/2026 | 800 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20C, 1.20%, 02/01/2026 | 1000 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.70%, 08/01/2025 | 7905 | 7895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), 5.11%, 08/01/2027 | 1105 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 37005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $365,924) |  | 367624 |
|  **Foreign Government Security — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e)<br>(Cost $1,952) | 2000 | 2031 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 13

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 Security — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **UMBS Collateral — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 08/01/2055 (w)<br>(Cost $4,376) | 4400 | 4396 |
|  **U.S. Treasury Obligations — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029 (ii) | 1307 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note, 1.63%, 02/15/2026 | 10000 | 9843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  | 11185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $11,148) |  | 11185 |
|  **Short-Term Investments — 18.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Certificates of Deposit — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Landesbank, (Germany),<br>4.36%, 03/12/2026 (n) | 4500 | 4498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 08/28/2025 (n) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), 4.27%, 03/10/2026 (n) | 3125 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landesbank Hessen-Thueringen Girozentrale, 4.39%, 03/12/2026 (n) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank Ltd., 4.40%, 03/13/2026 (n) | 4000 | 3998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA, (France),<br>4.27%, 03/10/2026 (n) | 4000 | 3996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 01/26/2026 (n) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen-Boerenleen Bank B.A., (Netherlands), 4.63%, 10/20/2025 (n) | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank, 4.66%, 01/15/2026 (n) | 2395 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), 4.54%, 10/07/2025 (n) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit |  | 39510 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbvie, Inc., 4.67%, 07/07/2025 (e) (n) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc., (Canada),<br>4.66%, 07/29/2025 (e) (n) | 800 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 07/30/2025 (e) (n) | 1300 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Finance US LLC,<br>4.69%, 07/15/2025 (e) (n) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 07/16/2025 (e) (n) | 1800 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc.,<br>4.44%, 02/25/2026 (e) (n) | 2000 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/25/2025 (e) (n) | 3000 | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, 4.55%, 02/12/2026 (e) (n) | 2500 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Services, Inc.,<br>4.66%, 07/24/2025 (e) (n) | 900 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/10/2025 (e) (n) | 900 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., 4.98%, 08/14/2025 (e) (n) | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC USA, Inc., 5.48%, 07/25/2025 (e) (n) | 2500 | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.,<br>4.63%, 07/28/2025 (e) (n) | 900 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/29/2025 (e) (n) | 900 | 896 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp., 4.65%, 07/16/2025 (e) (n) |  | 1600 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank, 4.60%, 02/11/2026 (e) (n) |  | 4000 | 3894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Papers |  |  | 24423 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bond — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., (SOFR Compounded Index + 0.95%), 5.34%, 09/04/2025 (n) (aa) |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 5.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 5.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 5.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Treasury Bill, (Canada), 2.69%, 07/16/2025 (n) | CAD | 20000 | 14670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Treasury Discount Bills, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1279, 0.39%, 07/10/2025 (n) | JPY | 1000000 | 6943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1299, 0.41%, 07/14/2025 (n) | JPY | 1500000 | 10415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1303, 0.43%, 08/04/2025 (n) | JPY | 1500000 | 10412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  |  | 42440 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd.,<br>2.61%, 07/01/2025 | AUD | 148 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman, 2.00%, 07/01/2025 | NZD | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA,<br>0.86%, 07/01/2025 | EUR | 449 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 07/01/2025 | GBP | 276 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada,<br>1.55%, 07/02/2025 | CAD | 140 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp.,<br>0.12%, 07/01/2025 | JPY | 77 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 965 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills,<br>4.01%, 03/19/2026 (n) |  | 13000 | 12631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 02/19/2026 (n) |  | 5750 | 5604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 09/04/2025 (n) |  | 5000 | 4962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  |  | 23197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $132,307) |  |  | 132193 |
|  **Total Investments — 99.6%<br>(Cost — $712,990)** |  |  | **716848** |
|  **Other Assets in Excess of Liabilities — 0.4%** | **Other Assets in Excess of Liabilities — 0.4%** | **Other Assets in Excess of Liabilities — 0.4%** | **3076** |
|  **NET ASSETS — 100.0%** |  |  | $**719924** |

---

Percentages indicated are based on net assets.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 14 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | 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** |  |  |  |  |  |
|  Australia 10-Year Bond | 17 | 09/2025 | AUD | 1272 | 10 |
|  Long Gilt | 23 | 09/2025 | GBP | 2886 | 51 |
|  SOFR 3 Month | 64 | 09/2025 | USD | 15309 | (2) |
|  SOFR 3 Month | 239 | 06/2026 | USD | 57557 | 162 |
|  U.S. Treasury 5 Year Note | 1029 | 09/2025 | USD | 110930 | 1231 |
|  |  |  |  |  | 1452 |
|  **Short Contracts** |  |  |  |  |  |
|  Canadian Government 10 Year Bond | (6) | 09/2025 | CAD | (532) | (5) |
|  U.S. Treasury 2 Year Note | (544) | 09/2025 | USD | (112686) | (479) |
|  U.S. Treasury 5 Year Note | (189) | 09/2025 | USD | (20364) | (236) |
|  U.S. Treasury 10 Year Note | (88) | 09/2025 | USD | (9727) | (140) |
|  U.S. Treasury Ultra Bond | (68) | 09/2025 | USD | (7820) | (281) |
|  U.S. Ultra Treasury 10 Year Note | (15) | 09/2025 | USD | (1670) | (44) |
|  |  |  |  |  | (1185) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 267 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  AUD | 1143 | USD | 740 | Bank of America, NA | 07/02/2025 | 12 |
|  CAD | 10 | USD | 7 | Standard Chartered Bank | 07/02/2025 | — (h) |
|  GBP | 2561 | USD | 3485 | Barclays Bank plc | 07/02/2025 | 31 |
|  USD | 10551 | JPY | 1500000 | UBS AG London | 07/14/2025 | 120 |
|  USD | 10582 | JPY | 1498599 | BNP Paribas | 08/04/2025 | 134 |
|  USD | 10 | JPY | 1401 | BNP Paribas | 08/04/2025 | — (h) |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 297 |
|  USD | 10086 | AUD | 15650 | Barclays Bank plc | 07/02/2025 | (214) |
|  USD | 1710 | CAD | 2355 | Bank of America, NA | 07/02/2025 | (20) |
|  USD | 3458 | GBP | 2561 | Barclays Bank plc | 07/02/2025 | (58) |
|  USD | 6927 | JPY | 1000000 | UBS AG London | 07/10/2025 | (24) |
|  USD | 14691 | CAD | 20000 | BNP Paribas | 07/16/2025 | (8) |
|  USD | 3486 | GBP | 2561 | Barclays Bank plc | 08/04/2025 | (31) |
|  USD | 1510 | AUD | 2328 | UBS AG London | 09/17/2025 | (24) |
|  USD | 15690 | EUR | 13442 | BNP Paribas | 09/17/2025 | (226) |
|  USD | 7699 | GBP | 5688 | UBS AG London | 09/17/2025 | (113) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (718) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (421) |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 15

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING RATE** | **MATURITY 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 | 03/19/2030 | GBP | 2050 | (58) | 34 | (24) |
|  United States SOFR | 3.86% annually | Receive | 02/28/2029 | USD | 5200 |  | (74) | (74) |
|  United States SOFR | 3.62% annually | Receive | 11/30/2029 | USD | 75102 | 25 | (790) | (765) |
|  Total | Total | Total | Total | Total |  | (33) | (830) | (863) |

---

(a) Value of floating rate index as of June 30, 2025 was as follows:

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  SONIA Interest Rate Benchmark | 4.22% |
|  United States SOFR | 4.45% |

---

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| 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 June 30, 2025. |
| TBA | — To Be Announced |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (f) | — Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | — Amounts round 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 June 30, 2025. |
| (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 June 30, 2025. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2025. |
| (ii) | — Approximately $206 of these investments are restricted as collateral for foreign currency exchange contracts to Barclays Bank PLC. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| NZD | — New Zealand Dollar |
| USD | — United States Dollar |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 16 SIX CIRCLES TRUST JUNE 30, 2025

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 — 7.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e) | 2000 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Auto Trust, Series 2023-2A, Class A2, 5.85%, 08/17/2026 (e) | 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, 5.35%, 11/15/2028 (e) | 1500 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (e) | 1200 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, Series 2023-2, Class A3, 5.82%, 06/15/2028 | 1100 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.28%, 05/15/2028 | 976 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.84%, 01/15/2030 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2A, 4.59%, 07/17/2028 | 2500 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A2A, 6.08%, 12/15/2026 | 102 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 6.00%, 07/17/2028 | 2400 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 5.30%, 03/15/2027 | 544 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 5.65%, 05/17/2027 | 443 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P1, Class A4, 5.94%, 01/10/2029 (e) | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P3, Class A2, 4.61%, 11/10/2027 | 449 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) | 1561 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2024-4, Class A2, 4.69%, 07/20/2027 (e) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e)<br> CA | D 2,300 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 4.70%, 02/15/2027 (aa) | 584 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.40%, 04/15/2027 | 836 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.32%, 08/15/2027 | 1687 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gm Financial Automobile Leasing Trust, Series 2025-2, Class A2A, 4.55%, 07/20/2027 | 1000 | 1002 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.38%, 11/20/2026 | 1584 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A2A, 4.29%, 01/20/2027 | 1357 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.54%, 05/20/2027 | 2300 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A2A, 5.89%, 11/16/2026 | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 5.78%, 08/16/2028 | 1200 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2A, 4.53%, 10/18/2027 | 767 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34%, 06/15/2028 (e) | 1100 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 5.65%, 02/16/2027 | 259 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2, 4.62%, 08/16/2027 | 1383 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.71%, 07/17/2028 | 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e) | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Series 2025-B, Class A2A, 4.58%, 09/15/2027 (e) | 1400 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48%, 04/17/2028 | 1126 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBarc Credit Canada, Inc., (Canada), Series 2024-AA, Class A2, 5.30%, 10/15/2026 (e)<br> CA | D 271 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A, 4.57%, 12/15/2026 | 620 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3, 4.51%, 11/15/2027 | 603 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.92%, 11/15/2027 | 600 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.75%, 11/15/2027 (aa) | 1200 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XV LLC, (Japan), Series 2023-1A, Class A3, 5.81%, 12/10/2027 (e) | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e) | 829 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 5.56%, 11/22/2027 (e) | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.56%, 02/22/2028 (e) | 900 | 902 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 17

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3, 5.33%, 11/20/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-A, Class A2A, 5.37%, 06/22/2026 (e) | 196 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 3.76%, 04/15/2027 | 404 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.63%, 09/15/2027 | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust, Series 2025-A, Class A2A, 4.58%, 07/20/2027 (e) | 2600 | 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, Series 2023-2, Class A2A, 5.72%, 03/22/2027 | 547 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, Series 2024-B, Class A2A, 5.48%, 09/15/2027 | 208 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  | 51540 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2023-B, Class A2, 5.90%, 02/16/2027 | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e) | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e) | 1200 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e) | 453 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e) | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e) | 580 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1A, 5.00%, 12/20/2028 | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 4.97%, 08/20/2030 (aa) | 1100 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  | 8411 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit Card ABS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CARDS II Trust, (Canada), Series 2023-2A, Class A, (United States SOFR + 0.85%), 5.19%, 07/15/2028 (e) (aa) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A6, Class A6, (CME Term SOFR 1 Month + 0.88%), 5.20%, 05/14/2029 (aa) | 2000 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A5, Class A5, (CME Term SOFR 1 Month + 0.72%), 5.04%, 08/07/2027 (aa) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A1, Class A1, 5.23%, 12/08/2027 | 2300 | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e) | 1600 | 1544 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit Card ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Credit Card Trust, (Canada), Series 2022-1A, Class A, 1.97%, 01/15/2029 (e) |  | 1000 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e) |  | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/2029 |  | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trillium Credit Card Trust II, (Canada), Series 2023-3A, Class A, (United States SOFR + 0.85%), 5.23%, 08/26/2028 (e) (aa) |  | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit Card ABS |  |  | 12949 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) |  | 594 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 5.15%, 12/15/2059 (aa) |  | 195 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 5.33%, 11/15/2068 (e) (aa) |  | 578 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2019-2A, Class A, Reg. S, (United States 30 Day Average SOFR + 1.01%), 5.32%, 06/27/2067 (e) (aa) |  | 514 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) |  | 270 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 6.15%, 05/16/2050 (e) (aa) |  | 224 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e) |  | 129 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 5.13%, 11/20/2061 (e) (aa) |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Student Loan ABS |  |  | 2491 |
|  **Home Equity ABS — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (CME Term SOFR 1 Month + 0.91%), 5.23%, 07/25/2035 (aa) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $75,234) |  |  | 75401 |
|  **Certificates of Deposit — 0.3%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 4.56%, 09/14/2026 (aa) | AUD | 600 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 4.68%, 02/17/2026 (aa) | AU | D 1,700 | 1122 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 18 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Certificates of Deposit — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., (Japan), (BBSW ASX Australian 3 Month + 1.10%), 4.93%, 11/07/2025 (aa) | AUD | 2400 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit<br>(Cost $3,039) |  |  | 3103 |
|  **Collateralized Mortgage Obligations — 5.8%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 5.14%, 12/28/2049 (e) (aa) | GBP | 844 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 5.14%, 08/20/2045 (aa) | GBP | 254 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Series 2021-RPL4, Class A1, 4.12%, 12/27/2060 (e) (z) |  | 242 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 174 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 5.75%, 07/25/2061 (e) |  | 1002 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 289 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 79 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 192 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 283 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progress Trust, (Australia), Series 2020-1, Class A, (BBSW ASX Australian 1 Month + 1.00%), 4.69%, 01/21/2051 (aa) | AUD | 360 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 123 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 165 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding 2024—Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 5.22%, 07/20/2053 (e) (aa) | GBP | 850 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 5.43%, 05/25/2058 (e) (aa) |  | 152 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.46%, 02/09/2053 (aa) | AUD | 281 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  |  | 5723 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 5.25%, 04/15/2049 (aa) | 388 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 5.46%, 12/25/2054 (aa) | 748 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5493, Class FK, (United States 30 Day Average SOFR + 1.15%), 5.46%, 01/25/2055 (aa) | 733 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 5.51%, 02/25/2055 (aa) | 444 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 5.31%, 02/25/2055 (aa) | 842 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 5.31%, 02/25/2055 (aa) | 841 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5516, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.21%, 03/25/2055 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 5.26%, 03/25/2055 (aa) | 2142 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 5.26%, 03/25/2055 (aa) | 834 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.18%, 04/25/2055 (aa) | 1838 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5532, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.26%, 04/25/2055 (aa) | 2004 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5534, Class FM, (United States 30 Day Average SOFR + 0.93%), 5.24%, 05/25/2055 (aa) | 1852 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5546, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.31%, 06/25/2055 (aa) | 1866 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5549, Class CF, (United States 30 Day Average SOFR + 1.00%), 5.31%, 10/25/2052 (aa) | 1383 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5549, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.56%, 06/25/2055 (aa) | 1884 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.31%, 06/25/2055 (aa) | 1000 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-82, Class W, 6.61%, 11/25/2058 (z) | 183 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 5.26%, 05/25/2050 (aa) | 1117 | 1113 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 19

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8, Class D, 2.00%, 08/25/2038 | 973 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.15%, 01/25/2051 (aa) | 764 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 5.41%, 12/25/2054 (aa) | 460 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 5.41%, 06/25/2054 (aa) | 773 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 5.41%, 01/25/2055 (aa) | 866 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 5.46%, 01/25/2055 (aa) | 1031 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 5.36%, 01/25/2055 (aa) | 1031 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 5.51%, 02/25/2055 (aa) | 360 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.56%, 02/25/2055 (aa) | 541 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-16, Class FN, (United States 30 Day Average SOFR + 0.95%), 5.26%, 01/25/2055 (aa) | 950 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.26%, 11/25/2053 (aa) | 837 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class FM, (United States 30 Day Average SOFR + 0.90%), 5.21%, 09/25/2054 (aa) | 6153 | 6129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.31%, 05/25/2055 (aa) | 1545 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35, Class FM, (United States 30 Day Average SOFR + 1.05%), 5.36%, 05/25/2055 (aa) | 297 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 5.10%, 12/20/2064 (aa) | 610 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 5.45%, 01/20/2067 (aa) | 643 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.80%, 08/20/2065 (aa) | 176 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.86%, 05/20/2044 (aa) | 275 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.80%, 06/20/2071 (aa) | 1405 | 1434 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 765 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.65%, 01/20/2072 (aa) | 778 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.20%, 01/20/2073 (aa) | 390 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 5.30%, 05/20/2073 (aa) | 1898 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 4.60%, 09/20/2073 (aa) | 1032 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.40%, 11/20/2073 (aa) | 484 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.25%, 01/20/2054 (aa) | 210 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.20%, 01/20/2074 (aa) | 965 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.23%, 01/20/2074 (aa) | 1125 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral CMO |  | 48948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral PAC CMO — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-121, Class PE, 3.00%, 07/20/2046 | 99 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class PF, (United States 30 Day Average SOFR + 0.95%), 5.25%, 05/20/2055 (aa) | 499 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral PAC CMO |  | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $55,455) |  | 55266 |
|  **Commercial Mortgage-Backed Securities — 0.4%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT Trust, (Cayman Islands), Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 5.55%, 01/20/2037 (e) (aa) | 477 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.45%, 08/19/2038 (e) (aa) | 426 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.68%, 09/15/2036 (e) (aa) | 500 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058 | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (CME Term SOFR 1 Month + 1.29%), 5.61%, 10/15/2036 (e) (aa) | 900 | 895 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 20 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Commercial Mortgage-Backed Securities — continued**  | **Commercial Mortgage-Backed Securities — continued**  | **Commercial Mortgage-Backed Securities — continued**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.38%, 12/15/2034 (e) (aa) |  | 900 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 5.43%, 05/15/2036 (e) (aa) |  | 700 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; SREIT Trust, Series 2021-IND, Class A, (CME Term SOFR 1 Month + 0.81%), 5.13%, 10/15/2038 (e) (aa) |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial MBS |  |  | 3762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $4,060) |  |  | 3762 |
|  **Corporate Bonds — 12.3%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2029 (e) |  | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2027 (e) |  | 500 | 505 |
|  |  |  | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp., (South Korea), 4.38%, 01/03/2029 (e) (w) |  | 1300 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooredoo International Finance Ltd., (Bermuda), 5.00%, 10/19/2025 (e) |  | 1100 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optus Finance Pty Ltd., (Australia), Reg. S, 1.60%, 07/01/2025 | AUD | 1000 | 658 |
|  |  |  | 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025 | GBP | 900 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.80%), 5.17%, 08/13/2026 (e) (aa) |  | 2200 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.78%), 5.19%, 03/19/2027 (e) (aa) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.92%), 5.33%, 03/21/2028 (e) (aa) |  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/2025 |  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.95%), 7.34%, 03/06/2026 (aa) |  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.04%)5.41%, 06/24/2027 (e) (aa) |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.15%), 5.51%, 08/04/2025 (e) (aa) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.50%), 5.85%, 01/08/2027 (aa) |  | 2235 | 2248 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, (United States SOFR + 0.63%), 4.98%, 07/31/2026 (e) (aa) | 1800 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e) | 1000 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e) | 700 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, 4.90%, 08/14/2026 (e) | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.83%), 5.24%, 03/20/2026 (e) (aa) | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.93%), 5.33%, 09/12/2025 (e) (aa) | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 5.43%, 08/14/2026 (e) (aa) | 200 | 201 |
|  |  | 12812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 14037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT International Finance plc, (United Kingdom), 1.67%, 03/25/2026 | 1900 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom), 4.50%, 06/30/2028 (e) (w) | 200 | 200 |
|  |  | 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc., 5.80%, 12/12/2025 | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., 5.88%, 02/15/2026 | 2700 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance II LLC, 4.25%, 12/15/2025 (e) | 2500 | 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 7658 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/2025 | 400 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/2026 | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.00%), 5.39%, 12/03/2028 (e) (aa) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.78%), 6.18%, 09/18/2027 (e) (aa) | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa) | 2200 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA, (Spain), (United States SOFR + 1.12%), 5.47%, 07/15/2028 (aa) | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., (United States SOFR + 1.01%), 1.20%, 10/24/2026 (aa) | 1000 | 990 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 21

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 5.27%, 09/10/2027 (aa) |  | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Queensland Ltd., (Australia), (BBSW ASX Australian 3 Month + 1.10%), 4.99%, 10/29/2025 (aa) | AUD | 1000 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.07%), 5.44%, 02/16/2028 (e) (aa) |  | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/13/2026 (e) |  | 1500 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/2026 |  | 700 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 6.28%, 09/13/2027 (aa) |  | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa) |  | 1157 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa) |  | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.35%), 4.95%, 09/29/2025 (aa) | AUD | 700 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.10%), 5.98%, 01/18/2027 (e) (aa) |  | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada), 4.88%, 01/14/2030 (e) |  | 1100 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.72%), 5.06%, 01/13/2028 (aa) |  | 1600 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, (SOFR Compounded Index + 1.06%), 5.45%, 12/04/2026 (aa) |  | 1200 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa) |  | 2400 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.90%), 5.24%, 10/05/2026 (aa) |  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 5.27%, 03/11/2027 (e) (aa) |  | 1700 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 0.87%), 5.27%, 03/11/2027 (aa) |  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd., (Singapore), (United States SOFR + 0.60%), 5.00%, 03/21/2028 (e) (aa) |  | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.87%), 2.13%, 11/24/2026 (f) (aa) |  | 1736 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 5.59%, 11/16/2027 (aa) |  | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa) |  | 1200 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA, (Norway), (SOFR Compounded Index + 1.95%), 5.90%, 10/09/2026 (e) (aa)  |  | 700 | 703 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, (United States SOFR + 0.75%), 5.12%, 05/21/2027 (aa) |  | 702 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa) |  | 1700 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.79%), 5.18%, 12/09/2026 (aa) |  | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.61%), 4.29%, 09/12/2026 (aa) |  | 900 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa) |  | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 3.03%), 7.34%, 11/03/2026 (aa) |  | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Bank Australia Ltd., (Australia), (BBSW ASX Australian 3 Month + 0.98%), 4.70%, 12/08/2025 (aa) | AU | D 900 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.10%), 1.40%, 07/01/2026 (e) (aa) |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.01%), 5.42%, 04/01/2027 (aa) |  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (Italy), 7.00%, 11/21/2025 (e) |  | 2800 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), (SOFR Compounded Index + 1.56%), 5.92%, 08/07/2027 (aa) |  | 1100 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, (United States SOFR + 0.69%), 5.03%, 10/15/2027 (aa) |  | 2800 | 2801 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.90%), 5.31%, 03/25/2027 (aa) |  | 1300 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.03%), 5.37%, 07/02/2027 (aa) |  | 1100 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets plc, (United Kingdom), (United States SOFR + 0.90%), 5.27%, 05/17/2027 (e) (aa) |  | 1300 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 5.15%, 03/19/2027 (e) (aa) |  | 1200 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd., (Singapore), (BBSW ASX Australian 3 Month + 0.78%), 4.59%, 05/18/2026 (aa) | AUD | 1000 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Bank NA, (United States SOFR + 0.50%), 4.78%, 01/15/2027 (aa) |  | 2300 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.79%), 5.14%, 07/23/2027 (aa) |  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.82%), 5.23%, 03/27/2028 (aa) |  | 2500 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc, (United Kingdom), (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 800 | 807 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 22 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Bank Co. Ltd., (South Korea), Reg. S, (BBSW ASX Australian 3 Month + 1.95%), 5.75%, 11/16/2025 (aa) | AU | D 3,500 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., (Japan), (United States SOFR + 1.30%), 5.64%, 07/13/2026 (aa) |  | 700 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.15%), 5.55%, 09/14/2026 (e) (aa) |  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.15%), 5.55%, 09/14/2026 (aa) |  | 1600 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.16%, 03/04/2026 (aa) | AUD | 600 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, (Sweden), 6.14%, 09/12/2026 (e) |  | 2900 | 2961 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 0.50%), 4.21%, 02/26/2026 (aa) | AUD | 1300 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 4.74%, 07/30/2025 (aa) | AUD | 2200 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd., (Singapore), (SOFR Compounded Index + 0.58%), 4.92%, 04/02/2028 (e) (aa) |  | 1200 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., (United States SOFR + 0.78%), 5.13%, 01/24/2028 (aa) |  | 500 | 500 |
|  |  |  | 64021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 1200 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025 (e) |  | 979 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., (SOFR Compounded Index + 0.97%), 5.33%, 07/28/2027 (aa) |  | 1200 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 4.88%, 10/01/2025 (e) |  | 1400 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/16/2025 |  | 2300 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.25%), 5.59%, 07/02/2027 (aa) |  | 500 | 504 |
|  |  |  | 7578 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.83%), 5.17%, 01/07/2027 (e) (aa) |  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.03%), 5.41%, 08/27/2026 (e) (aa) |  | 985 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SOFR Compounded Index + 1.03%), 5.41%, 08/27/2026 (aa) |  | 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Global Funding, 1.75%, 06/30/2026 (e) |  | 2500 | 2430 |
|  |  |  | 4322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 75921 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce plc, (United Kingdom), 3.63%, 10/14/2025 (e) |  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 3.63%, 04/28/2026 |  | 2100 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dyno Nobel Ltd., (Australia), Reg. S, 4.30%, 03/18/2026 | AU | D 800 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., 4.88%, 07/15/2026 (e) |  | 977 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 4083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp., 6.02%, 06/15/2026 |  | 1200 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026 |  | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International, 4.70%, 08/15/2025 |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA, (France), 3.63%, 10/13/2025 (e) |  | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Kansas Central, Inc., 4.70%, 03/13/2028 |  | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., 4.30%, 01/15/2026 (e) |  | 400 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2026 |  | 1100 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2026 |  | 1350 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/2025 |  | 1600 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/2026 |  | 1100 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20C, 1.20%, 02/01/2026 |  | 1300 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 9598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $117,526) |  |  | 117670 |
|  **Foreign Government Securities — 0.6%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank (The), (South Korea), (United States SOFR + 0.76%), 5.12%, 02/03/2030 (aa) |  | 3000 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e) |  | 2300 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities<br>(Cost $5,255) |  |  | 5347 |
|  **Mortgage-Backed Security — 0.5%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **UMBS Collateral — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 08/01/2055 (w) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,966) |  | 5000 | 4995 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 23

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 — 66.2%** (t) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue, Warrants, Rev., 5.00%, 10/01/2026 | 1250 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alaska — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alaska, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 08/01/2026 | 690 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 08/01/2027 | 750 | 786 |
|  |  | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents, Series A, Rev., VRDO, 2.00%, 07/07/2025 (z) | 11595 | 11595 |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Republic Services, Inc., Rev., AMT, 3.70%, 07/01/2043 (e) (z) | 4000 | 3998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series A, Rev., 5.00%, 07/01/2027 | 8415 | 8713 |
|  |  | 12711 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, Series D, Rev., AMT, 5.25%, 11/15/2027 | 1500 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Intermountain Healthcare, Series D, Rev., VRDO, 3.85%, 07/01/2025 (z) | 8500 | 8500 |
|  |  | 10069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Series B3, Rev., VRDO, 1.92%, 07/07/2025 (z) | 5585 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Yale University, Series A, Rev., VRDO, 3.00%, 07/01/2025 (z) | 6500 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, Series D, Rev., 5.00%, 11/01/2025 | 1250 | 1259 |
|  |  | 13344 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC: Wells Fargo Bank NA, 1.95%, 07/07/2025 (z) | 2325 | 2325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2027 | 5000 | 5244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2025 | 9425 | 9466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2025 | 1665 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2026 | 2805 | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/01/2025 | 1030 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2025 | 1250 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2026 | 1250 | 1280 |
|  |  | 25146 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Series B, Rev., 5.00%, 10/01/2025 | 1250 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville FL, Series A, Rev., 5.00%, 10/01/2025 | 1500 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Senior Bonds, Series A, Rev., AMT, 5.00%, 10/01/2025 | 1500 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., 1.94%, 11/15/2037 (z) | 2800 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System, Rev., VRDO, LIQ: Royal Bank of Canada, 3.85%, 07/01/2025 (z) | 7500 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee County Florida Airport Revenue, Series A, Rev., AMT, 5.00%, 10/01/2025 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Bay Bridge Authority, First Senior Lien, Rev., 5.00%, 10/01/2027 (w) | 3000 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission, Series 1, Rev., VRDO, 2.50%, 07/07/2025 (z) | 25060 | 25060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County School Board, Master Lease Program, COP, 5.00%, 07/01/2026 | 1250 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Lottery Revenue, Series A, Rev., 5.00%, 07/01/2027 | 4895 | 5117 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Lottery Revenue, Lottery, Series A, Rev., 5.00%, 07/01/2025 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The School Board of Miami-Dade County, Series A, COP, 5.00%, 05/01/2026 | 10000 | 10163 |
|  |  | 62316 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, General Resolution Project, Rev., 5.00%, 01/01/2026 | 625 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2025 | 550 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Project One Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2026 | 4000 | 4039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2027 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Emory University, Series B, Rev., 5.00%, 09/01/2025 (p) | 1020 | 1023 |
|  |  | 7275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Guam — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Guam Government Waterworks Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2025 | 350 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2026 | 350 | 355 |
|  |  | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Idaho — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Project, Series C, Rev., LOC: U.S. Bank NA, 3.65%, 03/01/2048 (z) | 4500 | 4500 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 24 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior, Series C, Rev., AMT, 5.00%, 01/01/2026 | 3000 | 3027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien O'Hare International, Rev., AMT, 5.00%, 01/01/2026 | 3500 | 3530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, Series A, Rev., 5.00%, 12/01/2027 | 2250 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Wastewater Transmission Revenue, Second Lien, Series B, Rev., 5.00%, 01/01/2026 | 1300 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Rev., VRDO, LOC: Northern Trust Co., 2.00%, 07/07/2025 (z) | 1770 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 12/01/2027 | 12940 | 13615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 12/01/2027 | 8310 | 8744 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2025 | 2465 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 07/01/2025 | 2600 | 2600 |
|  |  | 39437 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 3.90%, 07/01/2025 (z) | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Stadium Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/01/2027 | 7400 | 7646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/01/2028 | 2350 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Series A, Rev., 5.00%, 06/01/2026 | 1800 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority, Rev., AMT, 5.00%, 01/01/2028 | 6230 | 6489 |
|  |  | 26444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Citizens Property Insurance Corp., Series A, Rev., 5.00%, 06/01/2026 | 16000 | 16305 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana, Series C, GO, 5.00%, 12/01/2026 | 1340 | 1385 |
|  |  | 17690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Baltimore, Consolidated Public Improvement, Series A, GO, 5.00%, 07/01/2027 | 2000 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 1.50%, 07/07/2025 (z) | 5700 | 5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 5.00%, 07/01/2026 | 4000 | 4066 |
|  |  | 9766 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Program, Series II, Rev., 5.00%, 10/15/2025 | 5500 | 5537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Junior Lien, Series B, Rev., AMT, 5.00%, 12/01/2027 | 1810 | 1878 |
|  |  | 7415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Rochester MN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, 1.75%, 07/07/2025 (z) | 14500 | 14500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., VRDO, 1.75%, 07/07/2025 (z) | 3900 | 3900 |
|  |  | 18400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mississippi — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Desoto County Highway Project, Series A, Rev., 5.00%, 01/01/2027 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Kansas City, Series A, GO, 5.00%, 02/01/2026 | 900 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curators of the University of Missouri (The), Rev., 5.00%, 11/01/2026 | 7000 | 7212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Series F, Rev., VRDO, 3.90%, 07/01/2025 (z) | 16600 | 16600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Rev., 5.00%, 01/01/2027 | 1530 | 1579 |
|  |  | 26301 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nebraska — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Power Generation Agency, Whelan Energy Center Unit, Rev., 5.00%, 01/01/2027 | 2000 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, Rev., VRDO, LOC: TD Bank NA, 1.75%, 07/07/2025 (z) | 1575 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casino Reinvestment Development Authority, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2026 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2027 | 1400 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2026 | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2027 | 520 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Rev., 5.00%, 03/01/2026 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Series A, Rev., 5.00%, 08/01/2027 | 2000 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Montclair State University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2025 | 1690 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2026 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior, Series A, Rev., AMT, 5.00%, 12/01/2025 | 575 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New Jersey, GO, 5.00%, 06/01/2027 | 9950 | 10402 |
|  |  | 19835 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 25

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Mexico — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of New Mexico (The), Rev., VRDO, 2.10%, 07/07/2025 (z) | 1835 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York NY, Series B, GO, VRDO, 3.90%, 07/01/2025 (z) | 3500 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018, Series B5, GO, VRDO, 3.90%, 07/01/2025 (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 3.60%, 07/01/2025 (z) | 4325 | 4325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 3.75%, 07/01/2025 (z) | 5225 | 5225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 3.90%, 07/01/2025 (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Rev., 5.00%, 11/01/2027 | 20850 | 21997 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated, Series E1, Rev., 5.00%, 11/01/2025 | 7000 | 7049 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Rev., VRDO, LOC: TD Bank NA, 2.00%, 07/07/2025 (z) | 11620 | 11620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Series 242, Rev., AMT, 5.00%, 12/01/2025 | 5000 | 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Rev., BAN, 5.00%, 03/15/2027 | 10000 | 10371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Subordinated Bond, Series A, Rev., BAN, 5.00%, 02/01/2028 | 14820 | 15694 |
|  |  | 104813 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Raleigh NC, Rev., 5.00%, 10/01/2026 | 7250 | 7465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities and Pollution Control Financing Authority, Project Aero, Rev., AMT, 3.75%, 12/01/2027 (z) | 4000 | 4002 |
|  |  | 11467 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 1.75%, 07/07/2025 (z) | 1400 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, TriHealth, Inc. Obligated Group, Rev., VRDO, 3.90%, 07/01/2025 (z) | 9620 | 9620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 3.60%, 07/01/2025 (z) | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State University (The), Multiyear Debt Issuance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 1.70%, 07/07/2025 (z) | 6000 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 1.75%, 07/07/2025 (z) | 11600 | 11600 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Rev., VRDO, 1.70%, 07/07/2025 (z) | 14000 | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Mental Health Facilities Improvement, Rev., 5.00%, 02/01/2026 | 1500 | 1518 |
|  |  | 48638 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Municipal Power Authority, Power Supply System, Series A, Rev., 5.00%, 01/01/2026 | 3500 | 3535 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2028 | 3750 | 3987 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia, Series C, GO, 5.00%, 08/01/2027 | 3250 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2026 | 2500 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue, Private Activity, Rev., AMT, 5.00%, 07/01/2026 | 9755 | 9936 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, Series B, Rev., 5.00%, 09/01/2026 | 2550 | 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/15/2026 | 2000 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/15/2027 | 10000 | 10483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, St. Luke's University Health Network, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2025 | 5565 | 5575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2026 | 5000 | 5107 |
|  |  | 41714 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston TX Combined Utility System Revenue, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 2.35%, 07/07/2025 (aa) | 6000 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio, Tax Notes, GO, 5.00%, 02/01/2026 | 1035 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., International Leadership of Texas, Rev., PSF-GTD, 5.00%, 02/15/2028 | 1150 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2025 | 1385 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2026 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Hospital District, GO, 5.00%, 02/15/2028 | 1700 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services, Rev., 5.00%, 05/15/2026 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Series B, Rev., AMT, 3.95%, 07/01/2040 (z) | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 5.00%, 01/01/2027 | 1000 | 1036 |
|  |  | 17015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Utah, GO, 5.00%, 07/01/2026 | 5000 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Utah, Green Bonds, Series A, Rev., 5.00%, 08/01/2025 | 925 | 926 |
|  |  | 6044 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 26 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Economic Development Authority, Sentara Healthcare Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, 2.00%, 07/07/2025 (z) | 5800 | 5800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., VRDO, 2.00%, 07/07/2025 (z) | 8135 | 8135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winchester Economic Development Authority, Valley Health System, Series A, Rev., 5.00%, 01/01/2027 | 800 | 825 |
|  |  | 14760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, Green Bonds, Series S1, Rev., 5.00%, 11/01/2025 | 5000 | 5036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 1.75%, 07/07/2025 (z) | 13160 | 13160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle WA, GO, 5.00%, 06/01/2027 | 7300 | 7630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2025 | 1735 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2027 | 7000 | 7234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Private Activity, Rev., AMT, 5.00%, 09/01/2025 | 6885 | 6902 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Series R-2023B, GO, 5.00%, 07/01/2027 | 8000 | 8385 |
|  |  | 50084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2026 | 275 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2027 | 285 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin, Series 2024-2, GO, 5.00%, 05/01/2027 | 5000 | 5218 |
|  |  | 5795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $631,107) |  | 632179 |
|  **U.S. Government Agency Security — 0.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, 4.88%, 09/27/2029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,292) | 2300 | 2299 |
|  **U.S. Treasury Obligation — 0.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Notes, 2.13%, 04/15/2029 (ii) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,412) | 1411 | 1448 |
|  **Short-Term Investments — 5.4%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbvie, Inc., 4.67%, 07/07/2025 (e) (n) | 2800 | 2797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/08/2025 (e) (n) | 1200 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/2025 (e) (n) | 1600 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 07/02/2025 (e) (n) | 1900 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Finance US LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 07/15/2025 (e) (n) | 300 | 299 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — (continued)**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 07/16/2025 (e) (n) |  | 2100 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bacardi-Martini BV, 4.92%, 07/03/2025 (e) (n) |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 07/24/2025 (e) (n) |  | 1600 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/10/2025 (e) (n) |  | 900 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle Finance BV, 4.74%, 07/09/2025 (e) (n) |  | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/28/2025 (e) (n) |  | 1400 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/29/2025 (e) (n) |  | 1400 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Papers |  |  | 15970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bond — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., (SOFR Compounded Index + 0.95%), 5.34%, 09/04/2025 (n) (aa) |  | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds — 1.8%** (t) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp., Sustainable Bond First Mortgage, Rev., 5.00%, 07/15/2025 |  | 1050 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Rev., 5.00%, 11/15/2025 |  | 365 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Series B, Rev., 5.00%, 12/01/2025 |  | 7500 | 7558 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Monmouth County Improvement Authority, Governmental Pooled Loan Project Notes, Rev., CNTY GTD, 4.00%, 03/13/2026 (n) |  | 8000 | 8053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds |  |  | 17029 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 2.61%, 07/01/2025 | AU | D 126 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 16789 | 16789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 07/01/2025 | EUR | 109 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 07/01/2025 | GBP | 198 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/02/2025 | CAD | 218 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 107 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 0.12%, 07/01/2025 | JPY | 1006 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 17577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $51,799) |  |  | 51776 |
|  **Total Investments — 99.8%<br>(Cost — $952,145)** |  |  | **953246** |
|  **Other Assets in Excess of Liabilities — 0.2%** |  |  | **1484** |
|  **NET ASSETS — 100.0%** |  |  | $**954730** |

---

Percentages indicated are based on net assets.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 27

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **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** |  |  |  |  |  |
|  Australia 10-Year Bond | 22 | 09/2025 | AUD | 1646 | 14 |
|  Long Gilt | 37 | 09/2025 | GBP | 4643 | 82 |
|  SOFR 3 Month | 68 | 09/2025 | USD | 16266 | (2) |
|  SOFR 3 Month | 262 | 06/2026 | USD | 63096 | 177 |
|  U.S. Treasury 5 Year Note | 1343 | 09/2025 | USD | 144781 | 1606 |
|  |  |  |  |  | 1877 |
|  **Short Contracts** |  |  |  |  |  |
|  Canadian Government 10 Year Bond | (7) | 09/2025 | CAD | (621) | (6) |
|  U.S. Treasury 2 Year Note | (62) | 09/2025 | USD | (12847) | (51) |
|  U.S. Treasury 10 Year Note | (101) | 09/2025 | USD | (11164) | (160) |
|  U.S. Treasury Ultra Bond | (92) | 09/2025 | USD | (10679) | (281) |
|  U.S. Ultra Treasury 10 Year Note | (30) | 09/2025 | USD | (3341) | (87) |
|  |  |  |  |  | (585) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 1292 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  AUD | 1253 | USD | 811 | Bank of America, NA | 07/02/2025 | 13 |
|  EUR | 145 | USD | 168 | Deutsche Bank AG | 07/02/2025 | 3 |
|  GBP | 3087 | USD | 4200 | Barclays Bank plc | 07/02/2025 | 37 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 53 |
|  USD | 12668 | AUD | 19657 | Barclays Bank plc | 07/02/2025 | (269) |
|  USD | 2029 | CAD | 2795 | Bank of America, NA | 07/02/2025 | (24) |
|  USD | 165 | EUR | 145 | Bank of America, NA | 07/02/2025 | (6) |
|  USD | 4167 | GBP | 3087 | Barclays Bank plc | 07/02/2025 | (69) |
|  USD | 168 | EUR | 145 | Deutsche Bank AG | 08/04/2025 | (3) |
|  USD | 4200 | GBP | 3087 | Barclays Bank plc | 08/04/2025 | (37) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (408) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (355) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/RECEIVE<br>FLOATING RATE | MATURITY 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 | 03/19/2030 | GBP | 2420 | (69) | 40 | (29) |
|  United States SOFR | 3.86% annually | Receive | 02/28/2029 | USD | 6000 |  | (85) | (85) |
|  United States SOFR | 3.62% annually | Receive | 11/30/2029 | USD | 97397 | 39 | (1031) | (992) |
|  Total |  |  |  |  |  | (30) | (1076) | (1106) |

---

(a) Value of floating rate index as of June 30, 2025 was as follows:

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  SONIA Interest Rate Benchmark | 4.22% |
|  United States SOFR | 4.45% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 28 SIX CIRCLES TRUST JUNE 30, 2025

------

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| ASX | — Australian Stock Exchange |
| AMT | — Alternative Minimum Tax |
| BAN | — Bond Anticipation Note |
| BBSW | — Bank Bill Swap Rate |
| CMT | — Constant Maturity Treasury |
| CNTY | — County |
| 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 |
| LIQ | — Liquidity Agreement |
| 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 |
| SIFMA | — Securities Industry and Financial Markets Association |
| 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 June 30, 2025. |
| TBA | — To Be Announced |
| VRDO | — Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of June 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (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 June 30, 2025. |
| (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 June 30, 2025. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2025. |
| (ii) | — Approximately $256 of these investments are restricted as collateral for forwards to Barclays Bank plc. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| USD | — United States Dollar |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 29

------

## Six Circles U.S. Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A (a) | 653 | 46980 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 17.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 2826 | 498082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 2397 | 425232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a) | 8291 | 1818938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 127 | 736050 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 49 | 8693 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a) | 203 | 50074 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 405 | 30120 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. (a) | 21 | 6262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 231 | 6800 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A (a) | 46 | 8232 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc., (Uruguay) (a) | 40 | 103521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 1061 | 783372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a) | 183 | 245448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 292 | 59689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A (a) | 288 | 10316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc., Class A (a) | 34 | 5054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A (a) | 389 | 36418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 524 | 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 27 | 7887 |
|  |  | 4844742 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 13 | 5655 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a) | 395 | 40368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 6572 | 455977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 299 | 15736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 123 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 62 | 25900 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 507 | 120770 |
|  |  | 663659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 5561036 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a) | 696 | 220979 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc. (a) | 211 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 1841 | 237285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 1546 | 170977 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc. (a) | 19 | 143777 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 1334 | 140720 |
|  |  | 692759 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 12930 | 1264273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 2180173 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 16.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 613 | 111722 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 34 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 4006 | 283396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 30 | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 238 | 7876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 33 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp. (a) | 135 | 8450 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 253 | 33466 |
|  |  | 340563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | 47 | 15439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 196 | 54638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. (a) | 53 | 6691 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. (a) | 70 | 3836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 454 | 50306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc. (a) | 40 | 3830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 60 | 4077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 39 | 20437 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp. (a) | 16 | 4462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 94 | 41657 |
|  |  | 205373 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Class A (a) | 253 | 17206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc. (a) | 19 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. (a) | 23 | 7679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 100 | 7987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 62 | 31015 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. (a) | 453 | 33663 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 134 | 70853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A (a) | 278 | 12320 |
|  |  | 180779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 715 | 113842 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 846 | 115062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 72 | 8535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc. (a) | 173 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a) | 5525 | 593454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 3044 | 601277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc. (a) | 47 | 7897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 30 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 300 | 118730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 96 | 38826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a) | 15 | 5268 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 18 | 4012 |
|  |  | 1498335 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. (a) | 45 | 7048 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1461 | 455933 |
|  |  | 462981 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 30 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 644 | 119511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 1528 | 70724 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 6704 | 462411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 591 | 460355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 1806 | 275921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 1885 | 149229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. (a) | 36 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 4268 | 103463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 878 | 7843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Class A | 334 | 52125 |
|  |  | 1706108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 4619703 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Coal — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co. (a) | 7 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc. (a) | 4 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | 42 | 6980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc. (a) | 17 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure LP | 22 | 181 |
|  |  | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 904 | 129505 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 689 | 61833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 416 | 10570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 336 | 10690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 104 | 14315 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 301 | 35956 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 309 | 18041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 114 | 13348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 2357 | 254134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 160 | 22188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 170 | 28205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 384 | 16128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 222 | 26493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 11 | 11248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 171 | 23039 |
|  |  | 675693 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co., Class A | 540 | 20695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 470 | 9575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 741 | 25052 |
|  |  | 55322 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 121 | 29574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 1090 | 32046 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 340 | 27790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 119 | 20645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 665 | 41789 |
|  |  | 151844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 890318 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 16.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 7270 | 344004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 368 | 33506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1091 | 92863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 378 | 16932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 578 | 23777 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 8 | 16121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 133 | 93948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 1102 | 18473 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 4140 | 72124 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 109 | 21225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 529 | 74483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 94 | 11977 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 383 | 71430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 740 | 17397 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 189 | 20053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 718 | 30852 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 1527 | 69116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 10317 | 826572 |
|  |  | 1854853 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 243 | 77600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 40 | 21197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 1883 | 267162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 73 | 12602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 63 | 65691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 1947 | 414340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 37 | 8519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 691 | 63018 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., Class A | 140 | 38657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A (a) | 83 | 29048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 150 | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 251 | 46059 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 31 | 11555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 326 | 183354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 177 | 15865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 95 | 14541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 259 | 17258 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 95 | 9179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 39 | 5650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 687 | 244083 |
|  |  | 1553716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 281 | 29662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 120 | 24145 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 20 | 2587 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 325 | 27799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon plc, (United Kingdom), Class A | 73 | 26087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd., (Bermuda) | 154 | 13984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 96 | 30664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 533 | 258897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 105 | 11640 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 31

------

## Six Circles U.S. Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd., (Switzerland) | 175 | 50618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 59 | 8821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 104 | 5852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 8 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd., (Bermuda) | 16 | 5452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 107 | 5972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 174 | 22092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 96 | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc. (a) | 5 | 10055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 186 | 40644 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 330 | 26541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 100 | 7948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 242 | 64576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 203 | 21799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 94 | 25275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson plc, (United Kingdom) | 37 | 11201 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley Corp. | 118 | 8694 |
|  |  | 752457 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 295 | 44179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 73 | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 262 | 34824 |
|  |  | 82763 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 1871 | 413627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 185 | 3480 |
|  |  | 417107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 4660896 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The) (a) | 156 | 32790 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 52 | 15249 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 221 | 56968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 84 | 15595 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 39 | 9733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 43 | 20044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 28 | 14039 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 277 | 40488 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 12 | 17726 |
|  |  | 222632 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 447 | 44153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 2221 | 517330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 40 | 8654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. (a) | 64 | 10451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | 5 | 6211 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity plc, (Ireland) | 110 | 18573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 91 | 6892 |
|  |  | 612264 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Group LP | 7 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Cycle Corp. (a) | 5 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 266 | 27467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 43 | 9405 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV, (United Kingdom) | 3669 | 47553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 1083 | 550655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 46 | 6573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 419 | 29632 |
|  |  | 671285 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. (a) | 15 | 12709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | 17 | 8853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 37 | 3008 |
|  |  | 24570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 8 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 1532858 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 29.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture plc, (Ireland), Class A | 202 | 60523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 5542 | 1137068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 160 | 12484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A (a) | 109 | 55641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 119 | 14530 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc. (a) | 2 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 287 | 30394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | 25 | 10044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 485 | 9914 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 348 | 8507 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 300 | 88431 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 76 | 8107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc., Class A (a) | 49 | 4907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A (a) | 106 | 6093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 78 | 11278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. (a) | 186 | 9124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 128 | 8168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | 41 | 12979 |
|  |  | 1488467 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business Equipment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A (a) | 19 | 5822 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a) | 670 | 95080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 205 | 48687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 335 | 61341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1849 | 509666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 58 | 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 1798 | 40270 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 32 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 55 | 49090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 529 | 51530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 1230 | 95218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 222 | 15610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 461 | 56795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 20 | 14440 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 11604 | 1833357 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV, (Netherlands) | 105 | 22860 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp. (a) | 174 | 9123 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 456 | 72643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 4 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 67 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 375 | 77916 |
|  |  | 3064649 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 188 | 72651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. (a) | 47 | 3779 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc. (a) | 39 | 13573 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a) | 291 | 101874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., (Australia), Class A (a) | 68 | 13761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 94 | 29070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 66 | 3571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a) | 121 | 37230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 91 | 17898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A (a) | 119 | 15944 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Inc., Class A (a) | 84 | 6523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 124 | 6829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp. (a) | 11 | 19673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 221 | 18017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 248 | 42792 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | 20 | 11316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 123 | 97012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 23 | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 4753 | 2364075 |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Class A (a) | 102 | 41336 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A (a) | 24 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A | 29 | 16472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A (a) | 106 | 8065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 739 | 161671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 943 | 128605 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. (a) | 53 | 9166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 47 | 26859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 423 | 115453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc., Class A (a) | 118 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 91 | 93769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 94 | 21024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 68 | 35023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A (a) | 43 | 5360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. (a) | 19 | 11213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A (a) | 95 | 22697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., Class A (a) | 103 | 8062 |
|  |  | 3594304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 8153242 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 174 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALLETE, Inc. | 14 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 63 | 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 66 | 6324 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 130 | 13493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 19 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 18 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 159 | 5833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class A | 8 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 20 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 73 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 88 | 8810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 76 | 24628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 208 | 11729 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 51 | 6695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 189 | 22327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 94 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 106 | 8771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 56 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 89 | 5685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 246 | 10679 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 134 | 5377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B | 3 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. (a) | 43 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc., Class Rights | 13 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 9 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 501 | 34801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 15 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 50 | 7954 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 49 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc., Class A (a) | 15 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 14 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 9 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 535 | 7460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 29 | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNM Resources, Inc. | 23 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 27 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 180 | 6094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 121 | 10223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 159 | 12029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 267 | 24527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp. (a) | 9 | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 4 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 83 | 16057 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 78 | 8106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 140 | 9561 |
|  |  | 306325 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 39 | 5961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 6 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 47 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 21 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 25 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 115 | 4622 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 33

------

## Six Circles U.S. Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 10 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 15 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 2 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 14 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 14 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 52 | 1906 |
|  |  | 20388 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 9 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 47 | 6605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 2 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 15 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd., (Cayman Islands) | 4 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 64 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp; H2O America | 8 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 4 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water Co. (The) | 3 | 107 |
|  |  | 11257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 337970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $19,086,315) |  | 27936196 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Short-Term Investments — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 3.68%, 07/01/2025 | 1965 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman, 3.68%, 07/01/2025 | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 3.68%, 07/01/2025 | 59166 | 59166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 3.68%, 07/01/2025 | 2619 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, 3.68%, 07/01/2025 | 28978 | 28978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 3.68%, 07/01/2025 | 2098 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.68%, 07/01/2025 | 2743 | 2743 |
|  Total Short-Term Investments<br>(Cost $97,569) |  | 97569 |
|  **Total Investments — 99.9%<br>(Cost — $19,183,884)** |  | 28033765 |
|  **Other Assets in Excess of Liabilities — 0.1%** | **Other Assets in Excess of Liabilities — 0.1%** | 12161 |
|  **NET ASSETS — 100.0%** |  | $28045926 |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | 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** |  |  |  |  |  |
| CME Micro E-mini Russell 2000 Index | 26 | 09/2025 | USD | 280 | 5 |
| E-mini Consumer Discretionary Select Sector Index | 4 | 09/2025 | USD | 868 | 19 |
| E-mini Consumer Staples Select Sector Index | 2 | 09/2025 | USD | 164 | 1 |
| E-mini Energy Select Sector Index | 17 | 09/2025 | USD | 1564 | (41) |
| E-mini Financial Select Sector Index | 49 | 09/2025 | USD | 7703 | 277 |
| E-mini Health Care Select Sector Index | 25 | 09/2025 | USD | 3454 | (24) |
| E-mini Industrial Select Sector Index | 23 | 09/2025 | USD | 3415 | 37 |
| E-mini Russell 1000 Growth Index | 7 | 09/2025 | USD | 1454 | 57 |
| E-mini Russell 1000 Value Index | 3 | 09/2025 | USD | 282 | 6 |
| E-mini Russell 2000 Index | 1 | 09/2025 | USD | 106 | 4 |
| E-mini Technology Select Sector Index | 44 | 09/2025 | USD | 10856 | 486 |
| E-mini Utilities Select Sector Index | 8 | 09/2025 | USD | 662 | 2 |
| Micro E-mini NASDAQ 100 Index | 56 | 09/2025 | USD | 2465 | 99 |
| Micro E-mini S&P 500 Index | 15 | 09/2025 | USD | 454 | 15 |
| NASDAQ 100 E-mini Index | 11 | 09/2025 | USD | 4851 | 185 |
| S&P 500 E-mini Index | 118 | 09/2025 | USD | 35786 | 1111 |
| S&P Mid 400 E-mini Index | 4 | 09/2025 | USD | 1223 | 27 |
| Total unrealized appreciation (depreciation) |  |  |  |  | 2266 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 34 SIX CIRCLES TRUST JUNE 30, 2025

------

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| 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 or principal/ $500. |
| USD | — United States Dollar |

---

#### Summary of Investments by Industry, June 30, 2025
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| INDUSTRY | PERCENTAGE |
|  Internet | 17.3% |
|  Software | 12.8% |
|  Semiconductors | 11.0% |
|  Banks | 6.6% |
|  Pharmaceuticals | 6.1% |
|  Diversified Financial Services | 5.5% |
|  Healthcare — Products | 5.3% |
|  Computers | 5.3% |
|  Retail | 4.5% |
|  Insurance | 2.7% |
|  Home Builders | 2.5% |
|  Oil & Gas | 2.4% |
|  Machinery — Diversified | 2.4% |
|  Telecommunications | 2.3% |
|  Electronics | 2.1% |
|  Healthcare — Services | 1.7% |
|  REITS | 1.5% |
|  Beverages | 1.2% |
|  Electric | 1.1% |
|  Others (Each less than 1.0%) | 5.4% |
|  Short-Term Investments | 0.3% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 35

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — 98.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Austria — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 412 | 35094 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG | 141 | 7673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund AG | 46 | 3503 |
|  |  | 46270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Belgium — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 199 | 13477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA | 161 | 11069 |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 3 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA, Class B | 33 | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | 111 | 9515 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 307 | 31711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries NV | — (h) | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA | 20 | 6768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syensqo SA | 46 | 3562 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 90 | 17744 |
|  |  | 99035 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 67 | 7958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc., Class A | 56 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. | 101 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd. | 40 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. | 78 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 96 | 10649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 165 | 9141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 228 | 4752 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc. | 9 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 181 | 11194 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc. (a) | 40 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 58 | 4291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 125 | 8856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 71 | 7388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 279 | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 123 | 9808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A | 7 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities Ltd., Class A | 18 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Inc., Class B | 20 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. (a) | 15 | 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 182 | 2477 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc., Class A | 27 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 3 | 9798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The) (a) | 11 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 37 | 5181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp. | 54 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera, Inc. | 39 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd., Class A | 17 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 289 | 13115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 3 | 4735 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. (a) | 94 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstService Corp. | 5 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 66 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 26 | 4196 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. | 8 | 1559 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc. | 28 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc., Class A | 19 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco, Inc. | 37 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd. (e) | 44 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 12 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial, Inc. | 11 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 24 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 24 | 5504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., Class A (a) | 99 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 30 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 164 | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 20 | 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. | 14 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp., Class Common S | 92 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 36 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 229 | 7312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro, Inc. | 28 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 52 | 5359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 65 | 3778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. | 34 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 48 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp., Class Common S | 77 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada | 74 | 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quebecor, Inc., Class B | 21 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 41 | 2733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | 48 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 188 | 24751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc. | 33 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A (a) | 162 | 18642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stantec, Inc. | 15 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 76 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 164 | 6150 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 138 | 6734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | 63 | 2528 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | 67 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International, Inc. | 11 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 21 | 4204 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd. | 37 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toromont Industries Ltd. | 11 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 232 | 17100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | 47 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Fraser Timber Co. Ltd. | 7 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 60 | 5415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitecap Resources, Inc., Class Common S | 164 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. | 17 | 3531 |
|  |  | 314673 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chile — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta plc | 366 | 9102 |
| &nbsp;&nbsp;&nbsp;&nbsp; **China — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Silergy Corp. | 103 | 1255 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 36 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Denmark — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk A/S, Class A | 3 | 5350 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk A/S, Class B | 4 | 7195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S, Class B | 16 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 21 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 924 | 37732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant A/S (a) | 13 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 192 | 46062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (a) | 136 | 28317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 8620 | 597328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes) B, Class B | 222 | 15914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S (a) (e) | 112 | 4841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 104 | 18376 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 88 | 4122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 455 | 11754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 948 | 14241 |
|  |  | 795962 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Finland — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 108 | 6024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 300 | 5620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ, Class B | 45 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 319 | 21026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ | 584 | 7562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 72 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 869 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 4211 | 62486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 77 | 5819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 3243 | 34906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ, Class R | 365 | 3968 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 336 | 9169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 471 | 11127 |
|  |  | 174296 |
| &nbsp;&nbsp;&nbsp;&nbsp; **France — 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA | 32 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris SA | 32 | 4044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 364 | 75038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 559 | 116888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (a) | 326 | 7605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (e) | 84 | 6784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA | 36 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 2375 | 116631 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 7 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1364 | 122360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore SE | 540 | 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 178 | 8070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas SA | 298 | 10159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 27 | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 88 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA, Class A | 422 | 49617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 109 | 4065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA REIT | 10 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 1416 | 26785 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **France — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 105 | 8621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA | 18 | 6488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 110 | 3970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE | 325 | 10094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 65 | 9102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 1220 | 28677 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 48 | 13317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo SE | 54 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED (e) | 18 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA REIT | 8 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE | 283 | 5459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 40 | 109215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA | 27 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA | 95 | 20635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA REIT | 35 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 247 | 33067 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 882 | 377772 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 350 | 183145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 8404 | 127981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 33 | 3297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 174 | 19678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA | 131 | 6039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA | 210 | 6480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 339 | 110405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 792 | 76674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 5 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 514 | 138064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 965 | 55224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA | 14 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE | 50 | 4895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 87 | 25728 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 1962 | 119914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield REIT | 20 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA | 421 | 15028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 465 | 68626 |
|  |  | 2164576 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 17.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG | 217 | 50767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Registered) | 518 | 210057 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 561 | 27766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Registered) | 701 | 21108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 196 | 17434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf AG | 364 | 45735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 199 | 13172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG | 1191 | 37517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 18 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro AG (a) | 114 | 8096 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA | 48 | 5909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | 768 | 36460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE, Class A (a) (e) | 31 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 2481 | 73538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 252 | 82446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Registered) | 968 | 8222 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 37

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 1552 | 71907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 8568 | 313610 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 1499 | 27619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG | 161 | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | 36 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 69 | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG | 237 | 16611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE | 81 | 25576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG | 84 | 19772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 17 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG | 213 | 9079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse AG | 117 | 11360 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 12 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 491 | 28623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 92 | 11959 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 87 | 38682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 179 | 116419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE | 143 | 20802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational AG | 8 | 6924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 72 | 153194 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 422 | 17641 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 2595 | 793589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (e) | 57 | 7871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 1230 | 315877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (a) | 2121 | 247948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (e) | 55 | 3065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG, Class A | 84 | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 87 | 11255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 121 | 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (a) (e) | 36 | 1188 |
|  |  | 2935298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hong Kong — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential plc | 4275 | 53509 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ireland — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 173 | 20210 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc | 2806 | 23159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc | 1330 | 18947 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC plc | 122 | 7923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian plc | 1137 | 58635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group plc, Class A | 27 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group plc | 146 | 12442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings plc | 803 | 22776 |
|  |  | 167123 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA | 304 | 5233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BPM SpA | 1515 | 17681 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SPA | 1328 | 12054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Davide Campari-Milano NV | 98 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiaSorin SpA | 4 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 5432 | 51552 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 2114 | 34153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 86 | 42025 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 823 | 18253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generali | 1157 | 41168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA (e) | 215 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 20279 | 116815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA | 380 | 21467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | 671 | 15623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 297 | 16954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi SpA (e) | 655 | 3914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (e) | 612 | 13152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA | 264 | 18692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA | 82 | 5158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 1346 | 8149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA (a) | 8154 | 4029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna—Rete Elettrica Nazionale | 942 | 9680 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 1879 | 126045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA | 482 | 9547 |
|  |  | 595057 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 161 | 11928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 156 | 4779 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 41 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 110 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 190 | 5162 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. | 33 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 305 | 4073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 257 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 140 | 3560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 382 | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 125 | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 120 | 4923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 197 | 5711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 73 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 163 | 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) | 117 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 134 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 142 | 7394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concordia Financial Group Ltd. | 219 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 81 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 69 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 737 | 5600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 361 | 8359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 56 | 6527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 12 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 118 | 4062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 279 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 399 | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 43 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 19 | 5747 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 190 | 4083 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 38 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 55 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 576 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 199 | 5413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 40 | 13749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 29 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 236 | 5113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 52 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 369 | 8961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 48 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 4 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 963 | 27986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 888 | 8559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoshizaki Corp. | 23 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 73 | 8634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 96 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 172 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. | 31 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 186 | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 113 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 250 | 13081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 31 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 209 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | 377 | 4063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 377 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 40 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 252 | 7412 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 120 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 89 | 2329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) | 200 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp; KAO Corp. | 98 | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 74 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 645 | 11077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 41 | 16353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 144 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 162 | 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 31 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 191 | 6285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 21 | 3352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 206 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. | 271 | 3251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 50 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. | 17 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 603 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3, Inc. | 94 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 50 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 297 | 5981 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 71 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 51 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 76 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 289 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 719 | 14363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 399 | 8580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 223 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 184 | 1356 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 674 | 16861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 2410 | 32860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 519 | 10581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 555 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 73 | 2425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 502 | 13935 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 52 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 271 | 6065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 349 | 5161 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 258 | 7513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 69 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIDEC Corp., | 176 | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 232 | 22289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. REIT | 2 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 197 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | 37 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. | 204 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone Corp. | 6262 | 6694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 92 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (a) | 468 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | 41 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 17 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 149 | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 634 | 4176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 80 | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Data Group Corp. | 59 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 136 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 68 | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. | 241 | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omron Corp. | 37 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 77 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 8 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 226 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 244 | 5495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 77 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 48 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 93 | 4591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 79 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 492 | 5261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (a) | 318 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 296 | 17401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 355 | 4392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 437 | 4031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ricoh Co. Ltd. | 110 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanrio Co. Ltd. | 38 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 58 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 17 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. | 33 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 89 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 80 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 126 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | 464 | 7470 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 69 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 49 | 1211 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 39

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 16 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 379 | 12505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 160 | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 85 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 12 | 4264 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 6007 | 9304 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 201 | 14599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 188 | 5665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 1293 | 33616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 122 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 230 | 5930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 151 | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 52 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 776 | 19535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 135 | 3591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 64 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 29 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 331 | 3995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 107 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 102 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 33 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 334 | 10312 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 410 | 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 281 | 5157 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 45 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 24 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 386 | 16372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 94 | 18040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 70 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. | 61 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 105 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 51 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 289 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 34 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 1992 | 34315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 135 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc./Japan | 27 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 233 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 94 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yakult Honsha Co. Ltd. | 53 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 195 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 49 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. | 20 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 85 | 921 |
|  |  | 860693 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Luxembourg — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 294 | 9350 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVC Capital Partners plc (e) | 282 | 5792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE | 19 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 67 | 1250 |
|  |  | 17772 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Netherlands — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA GDR (e) | 616 | 16809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (a) (e) | 34 | 62018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 1767 | 12805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel NV | 107 | 7534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (a) | 10 | 5513 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 79 | 50814 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 666 | 533498 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV | 198 | 13147 |
| &nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV | 137 | 20516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (e) | 105 | 18036 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR NV | 117 | 11854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 480 | 25599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV | 21 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 47 | 4089 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD NV | 56 | 7481 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 4218 | 92454 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV | 29 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 149 | 6206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 2958 | 14428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 136 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 362 | 24082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (a) | 213 | 11964 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV (a) | 35 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad NV | 101 | 4687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 1372 | 13747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV | 837 | 27155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 224 | 37476 |
|  |  | 1029260 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Norway — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 51 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 1199 | 33157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 805 | 20317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 266 | 6739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 413 | 16011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 75 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 886 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 113 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salmar ASA | 11 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 469 | 7305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 104 | 3844 |
|  |  | 96928 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Poland — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; InPost SA (a) | 208 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Portugal — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA | 2095 | 9103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA | 403 | 7371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 46 | 1170 |
|  |  | 17644 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA | 16 | 2925 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | 165 | 11498 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 40 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (e) | 716 | 19122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA | 74 | 6222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 7725 | 118954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell SA | 7251 | 23083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 20309 | 168179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA | 907 | 11846 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 5290 | 45835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA (e) | 377 | 14661 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis SA | 214 | 2399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA | 213 | 6733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA (a) | 47 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 3872 | 74489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 178 | 9281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. SA | 259 | 5532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA | 1112 | 16259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica SA | 2806 | 14770 |
|  |  | 552359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB, Class B | 246 | 8376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 271 | 11415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 940 | 29386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 2517 | 40694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 1475 | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beijer Ref AB, Class B | 364 | 5743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (a) | 179 | 5592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 613 | 13338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 374 | 7171 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 500 | 16772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 98 | 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (e) | 24 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B (a) | 116 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B | 93 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 339 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 49 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class A | 158 | 5736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class C | 210 | 7594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 258 | 7042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment AB Latour, Class B | 140 | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 2320 | 68762 |
| &nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B | 101 | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB, Class B | 221 | 8938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 1428 | 6099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB, Class B | 301 | 16812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 36 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 1001 | 22992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB, Class B | 462 | 6915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A | 2126 | 37054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 320 | 7463 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 321 | 7378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA (a) | 117 | 89619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB SCA, Class B | 381 | 4960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 1950 | 26108 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 1136 | 30093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (a) | 32 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 417 | 6082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Class B | 453 | 3873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 1793 | 6450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trelleborg AB, Class B | 190 | 7064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 1492 | 41984 |
|  |  | 601180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland — 14.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 1486 | 89069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 81 | 7217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG | 14 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding AG (Registered) | 55 | 13039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise (Registered) | 40 | 4664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut AG (Registered) | 10 | 11194 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKW AG | 14 | 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 3 | 46095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Registered) | — (h) | 51685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Class A (Registered) | 684 | 129388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (a) | 1026 | 53604 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG | 117 | 12445 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG (Registered) | 4 | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 85 | 12329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Registered) | 31 | 24698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Registered) | 6 | 28147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore plc (a) | 9507 | 37046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helvetia Holding AG (Registered) | 50 | 11667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG (a) | 332 | 24657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 275 | 18630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG (Registered) | 45 | 9817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Registered) | 25 | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Registered) | 12 | 8416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA (Registered) | 9575 | 952027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG (Registered) | 1356 | 164552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 30 | 39781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 524 | 171490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG | 298 | 16333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 37 | 13891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Registered) | 23 | 8246 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA | 151 | 15332 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIG Group AG (a) | 192 | 3550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG (Registered) | 96 | 26078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG (Registered) | 8 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 110 | 3384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding AG (Registered) | 18 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) | 37 | 5994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Registered) | 38 | 38927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Registered) | 13 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 404 | 69928 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 41

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG (Registered) | 20 | 13967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temenos AG (Registered) | 9 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Registered) | 4408 | 149675 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group AG (e) | 25 | 10698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 196 | 137235 |
|  |  | 2451726 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | 23 | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. | 1025 | 5142 |
| &nbsp;&nbsp;&nbsp;&nbsp; eMemory Technology, Inc. | 19 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Unichip Corp. | 27 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | 81 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. | 27 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 470 | 20139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. | 179 | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | 151 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 10494 | 383759 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp. | 3499 | 5278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard International Semiconductor Corp. | 324 | 1116 |
|  |  | 429155 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Arab Emirates — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health plc (a) (bb) | 116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — 20.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group plc | 1595 | 90257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group plc | 428 | 19218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American plc | 1038 | 30589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group plc | 535 | 34300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods plc | 151 | 4265 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc | 1568 | 218241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group plc (e) | 933 | 10566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva plc | 4380 | 37235 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc | 8760 | 227339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc | 23432 | 108275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow plc | 636 | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP plc | 20154 | 100414 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco plc | 913 | 43428 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group plc, Class A | 6338 | 16877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl plc | 408 | 12991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica plc | 2300 | 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 37 | 3470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc | 783 | 26510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International plc | 123 | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo plc | 10469 | 263991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain plc | 279 | 3455 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK plc | 4163 | 79371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc | 9127 | 46908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma plc | 174 | 7662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals plc | 169 | 4609 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 28957 | 350264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands plc | 361 | 14251 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa plc | 1400 | 15494 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group plc | 69 | 7851 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | 1173 | 5527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group plc | 199 | 12991 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury plc | 807 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion plc | 1209 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher plc | 823 | 3285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group plc REIT | 324 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group plc | 9599 | 33587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc | 98548 | 103626 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group plc | 781 | 114205 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G plc | 3759 | 13289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group plc | 951 | 4627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries plc | 3717 | 27072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi plc | 410 | 6697 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc | 2258 | 33144 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc | 13235 | 92952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next plc | 54 | 9168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson plc | 277 | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings plc | 1152 | 10427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group plc | 314 | 21419 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX plc | 2288 | 123981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial plc | 3111 | 15008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto plc | 1046 | 60906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc | 24652 | 326707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group plc (The) | 451 | 7747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders plc | 1202 | 5977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro plc REIT | 589 | 5511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent plc | 125 | 4701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell plc | 7532 | 262791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew plc | 385 | 5902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group plc | 418 | 12884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax Group plc | 91 | 7410 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE plc | 510 | 12836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc | 3308 | 54735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco plc | 3102 | 17105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever plc | 3101 | 189263 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group plc | 312 | 4895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group plc | 21100 | 22587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread plc | 81 | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise plc, Class A (a) | 1091 | 15588 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP plc | 1145 | 8059 |
|  |  | 3463206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd. (a) | 333 | 16589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A | 55 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 18 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 25 | 2610 |
|  |  | 22817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $12,181,347) |  | 16902362 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 42 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | <br>SHARES | VALUE($) |
|  **Preferred Stocks — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG |  | 40 | 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Ing hc F Porsche AG (e) |  | 78 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA |  | 28 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE |  | 104 | 4126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG |  | 4 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG |  | 140 | 14829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $29,393) |  |  | 29346 |
|  | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) |  |
|  **Short-Term Investments — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 3.68%, 07/01/2025 |  | 510 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 0.67%, 07/01/2025 | DKK | 17242 | 2722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67%, 07/01/2025 | DKK | 6109 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/01/2025 | SEK | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 07/01/2025 | EUR | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/02/2025 | CAD | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 07/01/2025 | NOK | 14555 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 07/01/2025 | EUR | 30177 | 35547 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 07/01/2025 | GBP | 12236 | 16795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 21041 | 21041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/02/2025 | CAD | 699 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 1120 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31%), 07/01/2025 | CHF | 4712 | 5939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/01/2025 | SEK | 21578 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 2039 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%, 07/01/2025 | JPY | 1441603 | 10011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 1702 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.68%, 07/01/2025 |  | 12620 | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $115,248) |  |  | 115248 |
|  **Total Investments — 99.3%<br>(Cost—$12,325,988)** |  |  | **17046956** |
|  **Other Assets in Excess of Liabilities — 0.7%** | **Other Assets in Excess of Liabilities — 0.7%** | **Other Assets in Excess of Liabilities — 0.7%** | **125691** |
|  **NET ASSETS — 100.0%** |  |  | **$17172647** |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | 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 | 635 | 09/2025 | EUR | 39713 | 133 |
|  FTSE 100 Index | 238 | 09/2025 | GBP | 28950 | (236) |
|  Mini-DAX | 1 | 09/2025 | EUR | 138 | 4 |
|  OMX Copenhagen 25 Index | 100 | 07/2025 | DKK | 2833 | (137) |
|  S&P Toronto Stock Exchange 60 Index | 5 | 09/2025 | CAD | 1164 | 11 |
|  SGX FTSE Taiwan Index | 18 | 07/2025 | USD | 1272 | 41 |
|  STOXX Europe 600 Index | 209 | 09/2025 | EUR | 6694 | (14) |
|  TOPIX Index | 61 | 09/2025 | JPY | 11826 | 269 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 71 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 43

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 39 | NOK | 393 | UBS AG London | 07/01/2025 | — (h) |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | — (h) |
|  USD | 12069 | CHF | 9645 | Bank of America, NA | 07/01/2025 | (86) |
|  USD | 2795 | DKK | 17789 | Bank of America, NA | 07/01/2025 | (13) |
|  USD | 4872 | EUR | 4155 | UBS AG London | 07/01/2025 | (23) |
|  GBP | 12654 | USD | 17407 | Bank of America, NA | 07/01/2025 | (38) |
|  USD | 540 | SEK | 5119 | Citibank, NA | 07/01/2025 | (1) |
|  USD | 5772 | CHF | 4610 | UBS AG London | 07/02/2025 | (39) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (200) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (200) |

---

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| 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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares or principal/ $500. |
| (bb) | — Security has been valued using significant unobservable inputs. |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| DKK | — Danish Krone |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| SEK | — Swedish Krona |
| USD | — United States Dollar |

---

#### Summary of Investments by Industry, June 30, 2025
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| INDUSTRY | PERCENTAGE |
|  Banks | 14.4% |
|  Pharmaceuticals | 8.5% |
|  Insurance | 6.8% |
|  Food | 6.7% |
|  Semiconductors | 6.4% |
|  Aerospace/Defense | 6.3% |
|  Software | 5.0% |
|  Cosmetics/Personal Care | 3.9% |
|  Oil & Gas | 3.6% |
|  Telecommunications | 3.6% |
|  Commercial Services | 2.6% |
|  Miscellaneous Manufacturers | 2.2% |
|  Apparel | 2.2% |
|  Machinery — Construction & Mining | 2.1% |
|  Beverages | 2.1% |
|  Electric | 1.8% |
|  Diversified Financial Services | 1.7% |
|  Auto Manufacturers | 1.5% |
|  Chemicals | 1.4% |
|  Retail | 1.4% |
|  Transportation | 1.2% |
|  Building Materials | 1.2% |
|  Electrical Components & Equipment | 1.1% |
|  Mining | 1.1% |
|  Engineering & Construction | 1.1% |
|  Others (Each less than 1.0%) | 9.4% |
|  Short-Term Investments | 0.7% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 44 SIX CIRCLES TRUST JUNE 30, 2025

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 — 105.9%** |  |  |  |
|  **Asset-Backed Securities — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.40%, 12/02/2034 (e) (aa) |  | 2100 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 28 Ltd., (Cayman Islands), Series 2024-28A, Class A, (CME Term SOFR 3 Month + 1.70%), 5.97%, 04/20/2037 (e) (aa) |  | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apex Credit CLO 2024-I Ltd., (Bermuda), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.80%), 6.07%, 04/20/2036 (e) (aa) |  | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (CME Term SOFR 3 Month + 1.31%), 5.57%, 01/15/2032 (e) (aa) |  | 1102 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avant Loans Funding Trust, Series 2025-REV1, Class B, 5.42%, 05/15/2034 (e) |  | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2022-2 Ltd., (Jersey, Channel Islands), Series 2022-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 0.00%, 04/22/2035 (e) (w) (aa) |  | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO 2016-3 Ltd., (Cayman Islands), Series 2016-3A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 5.53%, 11/15/2030 (e) (aa) |  | 478 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cedar Funding VI CLO Ltd., (Cayman Islands), Series 2016-6A, Class ARR, (CME Term SOFR 3 Month + 1.31%), 5.58%, 04/20/2034 (e) (aa) |  | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 5.49%, 10/24/2030 (e) (aa) |  | 986 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crestline Denali CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (CME Term SOFR 3 Month + 1.29%), 5.56%, 04/20/2030 (e) (aa) |  | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diameter Capital CLO 6 Ltd., (Cayman Islands), Series 2024-6A, Class A1, (CME Term SOFR 3 Month + 1.61%), 5.87%, 04/15/2037 (e) (aa) |  | 2700 | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 27 R Euro CLO 2017 DAC, (Ireland), Series 2017-27A, Class AR, (EURIBOR 3 Month + 0.66%), 2.94%, 04/15/2033 (e) (aa) | EU | R 5,734 | 6740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flatiron CLO 19 Ltd., (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.18%), 5.51%, 11/16/2034 (e) (aa) |  | 916 | 917 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Generate CLO 3 Ltd., (Cayman Islands), Series 3A, Class A2R, (CME Term SOFR 3 Month + 1.83%), 6.10%, 10/20/2036 (e) (aa) | 2400 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICG US CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class ARR, (CME Term SOFR 3 Month + 1.10%), 5.37%, 01/20/2035 (e) (aa) | 2065 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 28 Ltd., (Cayman Islands), Series 28A, Class AR, (CME Term SOFR 3 Month + 1.44%), 5.70%, 02/09/2035 (e) (aa) | 1100 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mountain View CLO 2017-2 LLC, (Cayman Islands), Series 2017-2A, Class AR, (CME Term SOFR 3 Month + 1.30%), 5.56%, 01/16/2031 (e) (aa) | 62 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners 39 Ltd., (Cayman Islands), Series 2018-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.42%, 10/20/2030 (e) (aa) | 1412 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO 2015-1 Ltd., (Cayman Islands), Series 2015-1A, Class A1A5, (CME Term SOFR 3 Month + 1.05%), 5.37%, 05/21/2034 (e) (aa) | 8000 | 7976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO 2022-1 Ltd., (Cayman Islands), Series 2022-1A, Class A, (CME Term SOFR 3 Month + 1.32%), 5.59%, 04/20/2035 (e) (aa) | 600 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 6, (Cayman Islands), Series 2020-6A, Class ARR, (CME Term SOFR 3 Month + 0.94%), 5.26%, 05/18/2034 (e) (aa) | 2500 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regatta XIX Funding Ltd., (Cayman Islands), Series 2022-1A, Class A1, (CME Term SOFR 3 Month + 1.32%), 5.59%, 04/20/2035 (e) (aa) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXIII, (Cayman Islands), Series 2019-2A, Class AR, (CME Term SOFR 3 Month + 1.43%), 5.69%, 07/15/2034 (e) (aa) | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sycamore Tree CLO 2023-2 Ltd., (Cayman Islands), Series 2023-2A, Class AR, (CME Term SOFR 3 Month + 1.68%), 5.95%, 01/20/2037 (e) (aa) | 1600 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO XXIV Ltd., (Cayman Islands), Series 2020-24A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.48%, 01/23/2032 (e) (aa) | 798 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCW CLO 2024-1 Ltd., (Cayman Islands), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.60%), 5.86%, 01/16/2037 (e) (aa) | 700 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture 33 CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (CME Term SOFR 3 Month + 1.32%), 5.58%, 07/15/2031 (e) (aa) | 294 | 294 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 45

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Asset-Backed Securities — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2017-1 Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 5.49%, 04/17/2030 (e) (aa) | 542 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO, (Cayman Islands), (CME Term SOFR 3 Month + 1.18%), 5.52%, 04/20/2034 (e) (w) (aa) (bb) | 1400 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  | 47387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.62%, 12/15/2033 (e) | 2750 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class C, 7.30%, 04/17/2034 (e) | 2250 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 4.67%, 05/17/2032 | 770 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 4.94%, 05/17/2032 | 2500 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, Series 2024-3A, Class C, 5.70%, 07/16/2029 | 1046 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 4.66%, 02/16/2028 | 1187 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A4, 4.59%, 07/17/2028 | 230 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A3, 5.10%, 03/16/2029 | 1175 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.28%, 10/16/2029 | 850 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, Series 2024-5, Class D, 5.14%, 02/17/2032 | 2950 | 2975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, Series 2023-4A, Class C, 6.64%, 11/15/2028 (e) | 325 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  | 16299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $63,726) |  | 63686 |
|  **Collateralized Mortgage Obligations** —**1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z) | 5228 | 4260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 5.00%, 05/25/2051 (e) (aa) | 374 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z) | 960 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e) | 1348 | 1316 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z) | 1390 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A6, (United States 30 Day Average SOFR + 0.85%), 5.00%, 09/25/2051 (e) (aa) | 1630 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 10/25/2051 (e) (aa) | 392 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; PMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 07/25/2051 (e) (aa) | 7712 | 7177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z) | 3665 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRET Trust, Series 2024-RPL1, Class A1, 3.90%, 10/25/2063 (e) (z) | 821 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e) | 3762 | 3753 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRPM Trust, Series 2024-NQM2, Class A1, SUB, 6.33%, 06/25/2069 (e) | 809 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  | 25469 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3404, Class SA, IF, IO, (5.89% — United States 30 Day Average SOFR), 1.58%, 01/15/2038 (aa) | 833 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3680, Class SA, IF, IO, (4.89% —United States 30 Day Average SOFR), 0.58%, 06/15/2040 (aa) | 1859 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4023, Class S, IF, IO, (6.14% —United States 30 Day Average SOFR), 1.83%, 03/15/2042 (aa) | 840 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4165, Class TI, IO, 3.00%, 12/15/2042 | 348 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4368, Class CZ, SUB, 3.75%, 11/15/2041 | 2225 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4479, Class AI, IO, 3.50%, 09/15/2025 | 109 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4598, Class IK, IO, 3.50%, 03/15/2046 | 503 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4710, Class EI, IO, 3.50%, 11/15/2031 | 1986 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4751, Class EF, (United States 30 Day Average SOFR + 0.36%), 4.67%, 05/15/2041 (aa) | 1963 | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4764, Class WF, (United States 30 Day Average SOFR + 0.41%), 4.72%, 02/15/2048 (aa) | 3994 | 3846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4790, Class F, (United States 30 Day Average SOFR + 0.30%), 4.61%, 10/15/2043 (aa) | 1467 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4825, Class SE, IF, IO, (6.09%—United States 30 Day Average SOFR), 1.78%, 09/15/2048 (aa) | 3340 | 460 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 46 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4830, Class IL, IO, 4.50%, 04/15/2048 | 1442 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4888, Class IB, IO, 4.00%, 03/15/2047 | 270 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4930, Class IP, IO, 3.50%, 09/25/2048 | 4266 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4990, Class MI, IO, 4.00%, 07/25/2050 | 3509 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5003, Class AS, IF, IO, (5.99% —United States 30 Day Average SOFR), 1.68%, 08/25/2050 (aa) | 6330 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5016, Class PI, IO, 3.00%, 09/25/2050 | 9340 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5023, Class BI, IO, 2.00%, 10/25/2050 | 19030 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5034, Class MI, IO, 2.00%, 11/25/2050 | 1780 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5034, Class YI, IO, 4.00%, 11/25/2050 | 2258 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5038, Class MI, IO, 4.00%, 11/25/2050 | 920 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5047, Class CI, IO, 2.00%, 12/25/2050 | 1558 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5062, Class EI, IO, 2.00%, 01/25/2051 | 3344 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5069, Class DI, IO, 3.50%, 02/25/2041 | 1036 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5069, Class LI, IO, 2.50%, 02/25/2051 | 13036 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5071, Class IN, IO, 4.00%, 08/25/2050 | 4711 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5081, Class EI, IO, 2.50%, 03/25/2051 | 17664 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5087, Class IL, IO, 3.00%, 03/25/2051 | 1737 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5124, Class LI, IO, 4.50%, 07/25/2051 | 9107 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5157, Class IA, IO, 3.00%, 10/25/2051 | 42992 | 6675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class UI, IO, 3.50%, 01/25/2052 | 3505 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5227, Class EI, IO, 4.00%, 04/25/2050 | 3421 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5229, Class KI, IO, 4.50%, 08/25/2049 | 719 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5383, Class AF, (United States 30 Day Average SOFR + 1.00%), 5.35%, 08/15/2048 (aa) | 715 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC STRIPs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 365, Class C2, IO, 4.00%, 06/15/2049 | 3216 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 399, Class C29, IO, 2.00%, 06/25/2052 | 8904 | 1120 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Interest STRIP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 399, Class C30, IO, 2.00%, 06/25/2051 | 69478 | 8613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 379, Class S56, IF, IO, (7.79% —United States 30 Day Average SOFR), 3.48%, 05/25/2037 (aa) | 292 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class 1, PO, Zero Coupon, 10/25/2040 | 242 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class 23, IO, 6.00%, 11/25/2040 (z) | 108 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 413, Class C32, IO, 4.00%, 11/25/2039 | 1158 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class 161, IO, 2.00%, 03/25/2051 | 2606 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class 162, IO, 2.00%, 03/25/2051 | 2024 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class 163, IO, 2.00%, 02/25/2051 | 477 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class 164, IO, 2.00%, 03/25/2051 | 894 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-30, Class JS, IF, IO, (6.33% — United States 30 Day Average SOFR), 2.02%, 04/25/2037 (aa) | 1169 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-35, Class SP, IF, IO, (6.39% —United States 30 Day Average SOFR), 2.08%, 04/25/2042 (aa) | 1744 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-53, Class IO, IO, 3.50%, 05/25/2027 | 132 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-135, Class SB, IF, IO, (5.99% — United States 30 Day Average SOFR), 1.68%, 12/25/2042 (aa) | 773 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-30, Class CA, 1.50%, 04/25/2043 | 1091 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043 | 411 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-47, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.81%, 08/25/2054 (aa) | 1913 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-26, Class SY, IF, (6.77% —United States 30 Day Average SOFR), 0.00%, 11/25/2042 (aa) | 514 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40, Class EF, (United States 30 Day Average SOFR + 0.56%), 4.91%, 07/25/2046 (aa) | 454 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-63, Class AS, IF, IO, (5.89% — United States 30 Day Average SOFR), 1.58%, 09/25/2046 (aa) | 1208 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-68, Class WI, IO, 2.03%, 10/25/2046 (z) | 2924 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-71, Class NI, IO, 3.50%, 04/25/2046 | 620 | 73 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 47

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class BF, (United States 30 Day Average SOFR + 0.41%), 4.72%, 12/25/2047 (aa) | 3834 | 3731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-67, Class HF, (United States 30 Day Average SOFR + 0.41%), 4.72%, 09/25/2048 (aa) | 2085 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-67, Class SH, IF, IO, (6.09% — United States 30 Day Average SOFR), 1.78%, 09/25/2048 (aa) | 2606 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-47, Class SI, IO, 1.87%, 08/25/2049 (z) | 8778 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-48, Class IB, IO, 0.66%, 06/25/2039 (z) | 17126 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-53, Class IA, IO, 2.04%, 09/25/2049 (z) | 18039 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-68, Class US, IF, IO, (5.89% — United States 30 Day Average SOFR), 1.58%, 11/25/2049 (aa) | 5748 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-78, Class DI, IO, 4.50%, 11/25/2049 | 484 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29, Class SA, IO, 1.80%, 05/25/2050 (z) | 3792 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-33, Class IO, IO, 1.71%, 05/25/2050 (z) | 9153 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-42, Class CI, IO, 3.00%, 06/25/2050 | 11131 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-60, Class BI, IO, 3.50%, 09/25/2050 | 9933 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-68, Class CI, IO, 3.00%, 10/25/2050 | 7476 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class PI, IO, 2.00%, 12/25/2049 | 8856 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class IG, IO, 3.00%, 12/25/2050 | 1305 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class IM, IO, 2.00%, 12/25/2050 | 8919 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class LI, IO, 3.00%, 12/25/2050 | 10117 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class TI, IO, 2.50%, 02/25/2051 | 2365 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8, Class WI, IO, 2.32%, 03/25/2051 (z) | 10000 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8, Class YF, (United States 30 Day Average SOFR + 0.20%), 4.55%, 03/25/2061 (aa) | 6328 | 6338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-36, Class YI, IO, 2.26%, 06/25/2061 (z) | 11409 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-52, Class IH, IO, 3.00%, 03/25/2051 | 9258 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class AF, (United States 30 Day Average SOFR + 0.90%), 5.25%, 12/25/2050 (aa) | 1968 | 1971 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.15%, 01/25/2051 (aa) | 4963 | 4963 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H03, Class FA, (CME Term SOFR 1 Month + 0.61%), 4.95%, 12/20/2064 (aa) | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H33, Class FA, (CME Term SOFR 1 Month + 0.77%), 5.11%, 12/20/2065 (aa) | 4853 | 4855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H03, Class HA, 3.00%, 01/20/2067 | 2324 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H01, Class FA, (CME Term SOFR 1 Year + 0.87%), 5.10%, 01/20/2068 (aa) | 2131 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-65, Class ID, IO, 4.00%, 02/20/2049 | 1013 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H02, Class JA, 3.50%, 12/20/2068 | 1669 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class PT, 3.50%, 01/20/2069 (z) | 1546 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H08, Class FE, (CME Term SOFR 1 Month + 0.76%), 5.10%, 01/20/2069 (aa) | 4662 | 4634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H15, Class GA, 2.25%, 08/20/2069 | 109 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H16, Class FD, (CME Term SOFR 1 Month + 0.91%), 5.25%, 10/20/2069 (aa) | 2048 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-142, Class LI, IO, 2.50%, 09/20/2050 | 9210 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-142, Class MT, IF, IO, (6.04% — CME Term SOFR 1 Month), 0.05%, 07/20/2047 (aa) | 10880 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-142, Class TN, IF, IO, (6.09% — CME Term SOFR 1 Month), 0.10%, 09/20/2047 (aa) | 14454 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-176, Class FW, (CME Term SOFR 1 Month + 0.41%), 4.00%, 11/20/2050 (aa) | 2350 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H12, Class F, (CME Term SOFR 1 Month + 0.61%), 4.95%, 07/20/2070 (aa) | 1359 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H13, Class FA, (CME Term SOFR 1 Month + 0.56%), 4.90%, 07/20/2070 (aa) | 8414 | 8309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H14, Class FH, (CME Term SOFR 1 Month + 1.36%), 5.70%, 08/20/2070 (aa) | 6722 | 6830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H15, Class FH, (CME Term SOFR 1 Month + 1.16%), 5.50%, 07/20/2070 (aa) | 2486 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H15, Class FK, (CME Term SOFR 1 Month + 1.36%), 5.70%, 04/20/2070 (aa) | 4475 | 4544 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 48 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H16, Class FN, (CME Term SOFR 1 Month + 1.36%), 5.70%, 09/20/2070 (aa) | 1653 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23, Class GI, IO, 2.00%, 02/20/2051 | 10204 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44, Class TF, (United States 30 Day Average SOFR + 0.30%), 4.00%, 03/20/2051 (aa) | 2225 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122, Class IT, IO, 2.50%, 07/20/2051 | 10273 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-206, Class IG, IO, 2.50%, 09/20/2051 | 8508 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-223, Class QI, IO, 2.50%, 10/20/2051 | 9137 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H03, Class ML, 6.58%, 01/20/2071 (z) | 4900 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H05, Class FJ, (United States 30 Day Average SOFR + 0.75%), 5.05%, 03/20/2071 (aa) | 243 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H12, Class DF, (United States 30 Day Average SOFR + 1.50%), 5.80%, 08/20/2071 (aa) | 1970 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 5.80%, 09/20/2071 (aa) | 7619 | 7773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H15, Class HB, 1.25%, 09/20/2065 | 110 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 5.80%, 09/20/2071 (aa) | 9838 | 10047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H09, Class FA, (United States 30 Day Average SOFR + 0.67%), 4.97%, 04/20/2072 (aa) | 775 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.20%, 01/20/2073 (aa) | 2803 | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class FL, (United States 30 Day Average SOFR + 0.90%), 5.20%, 01/20/2073 (aa) | 8179 | 8222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class JF, (United States 30 Day Average SOFR + 0.90%), 5.20%, 01/20/2073 (aa) | 6499 | 6529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H03, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.17%, 02/20/2073 (aa) | 11452 | 11489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H09, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.10%, 04/20/2073 (aa) | 1797 | 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H11, Class FC, (United States 30 Day Average SOFR + 1.10%), 5.40%, 05/20/2073 (aa) | 8352 | 8471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H11, Class FD, (United States 30 Day Average SOFR + 1.15%), 5.45%, 05/20/2073 (aa) | 1440 | 1453 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H15, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.30%, 03/20/2073 (aa) | 1997 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.40%, 11/20/2073 (aa) | 4840 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.20%, 01/20/2074 (aa) | 2894 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.23%, 01/20/2074 (aa) | 5155 | 5178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H02, Class FJ, (United States 30 Day Average SOFR + 1.00%), 5.30%, 12/20/2073 (aa) | 3841 | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H07, Class FC, (United States 30 Day Average SOFR + 0.65%), 4.95%, 02/20/2074 (aa) | 2173 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H11, Class FD, (United States 30 Day Average SOFR + 0.90%), 5.20%, 07/20/2074 (aa) | 3039 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-79, Class NA, 3.50%, 11/20/2049 | 3341 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral CMO |  | 235689 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral Supp CMO — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, Series 2014-34, Class US, IF, (8.37% — United States 30 Day Average SOFR), 0.00%, 06/25/2044 (aa) | 67 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral PAC CMO — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4056, Class GS, IF, IO, (6.54% — United States 30 Day Average SOFR), 2.23%, 12/15/2041 (aa) | 297 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4134, Class PI, IO, 3.00%, 11/15/2042 | 382 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4147, Class JI, IO, 3.50%, 12/15/2032 | 3161 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4881, Class IK, IO, 4.00%, 05/15/2049 | 1440 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5013, Class IQ, IO, 3.50%, 09/25/2050 | 4234 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5045, Class DI, IO, 2.50%, 11/25/2050 | 2475 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5056, Class PI, IO, 2.50%, 12/25/2050 | 7343 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5065, Class IG, IO, 3.00%, 01/25/2051 | 2924 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5109, Class IE, IO, 2.50%, 05/25/2051 | 902 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5210, Class AI, IO, 3.50%, 01/25/2042 | 3436 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-77, Class PF, (United States 30 Day Average SOFR + 0.41%), 4.72%, 10/25/2048 (aa) | 1689 | 1634 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 49

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral PAC CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-86, Class PI, IO, 2.50%, 12/25/2050 | 2873 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051 | 830 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-47, Class PI, IO, 2.50%, 07/25/2051 | 580 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral PAC CMO |  | 5870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $281,556) |  | 267087 |
|  **Commercial Mortgage-Backed Securities** — **0.4%** | **Commercial Mortgage-Backed Securities** — **0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT LLC, (Bermuda), Series 2023-CRE8, Class A, (CME Term SOFR 1 Month + 2.11%), 6.43%, 08/17/2041 (e) (aa) | 1665 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK7, Class AS, 3.75%, 09/15/2060 | 750 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z) | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z) | 1235 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C5, Class A4, 3.06%, 11/15/2052 | 1000 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C5, Class ASB, 2.99%, 11/15/2052 | 422 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C6, Class ASB, 2.60%, 02/15/2053 | 552 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7, Class A5, 2.04%, 04/15/2053 | 210 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCP Trust, Series 2021-330N, Class A, (CME Term SOFR 1 Month + 0.91%), 5.23%, 06/15/2038 (e) (aa) | 2800 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z) | 350 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A5, 2.29%, 03/15/2053 | 500 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A5, 2.03%, 10/15/2053 | 750 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2023-C5, Class A5, 5.77%, 06/15/2056 | 832 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.68%, 09/15/2036 (e) (aa) | 4600 | 4435 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-21M, Class A, (CME Term SOFR 1 Month + 0.84%), 5.16%, 10/15/2036 (e) (aa) | 893 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050 | 395 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050 | 1100 | 1077 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class AS, 4.11%, 09/10/2058 | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class AS, 3.02%, 08/10/2056 | 250 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049 | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, Series 2020-FACT, Class A, (CME Term SOFR 1 Month + 1.96%), 6.28%, 10/15/2037 (e) (aa) | 2100 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K057, Class A2, 2.57%, 07/25/2026 | 808 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K063, Class A2, 3.43%, 01/25/2027 (z) | 1000 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class A2, 3.29%, 11/25/2027 | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K073, Class A2, 3.35%, 01/25/2028 | 1000 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K075, Class A2, 3.65%, 02/25/2028 (z) | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K094, Class A2, 2.90%, 06/25/2029 | 112 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K103, Class A2, 2.65%, 11/25/2029 | 500 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K108, Class A2, 1.52%, 03/25/2030 | 304 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K117, Class A2, 1.41%, 08/25/2030 | 1500 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class A2, 1.49%, 09/25/2030 | 500 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class A2, 2.53%, 10/25/2026 | 650 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K755, Class A2, 5.20%, 02/25/2031 | 2000 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KJ50, Class A2, 4.23%, 10/25/2034 (z) | 5900 | 5802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-152, Class A2, 3.78%, 11/25/2032 (z) | 2500 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-161, Class A2, 4.90%, 10/25/2033 (z) | 1500 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z) | 363 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M5, Class A2, 2.47%, 04/25/2026 | 400 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M11, Class A2, 2.98%, 08/25/2029 | 851 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M12, Class A2, 3.16%, 06/25/2027 (z) | 82 | 80 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 50 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Commercial Mortgage-Backed Securities** — **continued** | **Commercial Mortgage-Backed Securities** — **continued** | **Commercial Mortgage-Backed Securities** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M13, Class A2, 3.03%, 09/25/2027 (z) |  | 450 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M8, Class A2, 3.41%, 06/25/2028 (z) |  | 898 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M46, Class A2, 1.32%, 05/25/2030 |  | 979 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 |  | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A4, 3.33%, 05/15/2049 |  | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A5, 3.10%, 11/15/2049 |  | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A4, 3.72%, 12/15/2049 |  | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily Housing Mortgage Loan Trust 2025-Q034, Series Q034, Class APT2, 2.86%, 07/25/2054 (z) |  | 5700 | 5494 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class AS, 4.49%, 06/15/2051 (z) |  | 1463 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class ASB, 4.12%, 06/15/2051 |  | 395 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A5, 4.30%, 08/15/2051 |  | 1380 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A5, 3.42%, 09/15/2050 |  | 1000 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A4, 3.58%, 10/15/2050 |  | 550 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A5, 4.21%, 05/15/2051 |  | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A4, 2.34%, 08/15/2054 |  | 550 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial MBS |  |  | 57121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $60,120) | &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $60,120) | &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $60,120) | 57121 |
|  **Corporate Bonds** —**14.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials** — **0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/15/2030 |  | 85 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/16/2032 | EUR | 5800 | 6785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/2035 | EUR | 900 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentum Netherlands BV for Givaudan SA, (Netherlands), Reg. S, 2.00%, 09/17/2030  | EUR | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries, Inc., 4.50%, 12/01/2026 (e) |  | 1800 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Chemical Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2041 |  | 600 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 05/15/2053 |  | 95 | 102 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 11/15/2028 |  | 854 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/2038 |  | 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/2048 |  | 297 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co., 5.63%, 02/20/2034 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/30/2031 |  | 26 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/01/2032 |  | 75 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/2051 |  | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp., 5.65%, 05/18/2033 |  | 1665 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman International LLC, 4.50%, 05/01/2029 |  | 975 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG, (Germany), Reg. S, 0.63%, 12/01/2029 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 05/19/2027 | EUR | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 05/19/2032 | EUR | 800 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/30/2026 | EUR | 500 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/30/2051 | EUR | 2500 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/12/2032 |  | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/21/2034 |  | 820 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc., 1.20%, 03/15/2026 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/2032 |  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/2027 |  | 190 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/2029 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), 4.80%, 09/01/2031 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syensqo SA, (Belgium), Reg. S, 2.75%, 12/02/2027 | EUR | 1000 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA, (Norway), 3.15%, 06/04/2030 (e) |  | 2000 | 1851 |
|  |  |  | 23981 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, 8.88%, 05/15/2031 |  | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc., 3.25%, 01/15/2031 |  | 2640 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039 |  | 920 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance USA Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/28/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/08/2030 |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/21/2035 |  | 2450 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2028 |  | 1500 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/2034 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/2043 |  | 30 | 28 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 51

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/2027 |  | 2500 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/2033 |  | 1070 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. / Newcrest Finance Pty Ltd, 5.35%, 03/15/2034 |  | 550 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA, (Norway), Reg. S, 2.00%, 04/11/2029 | EUR | 800 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance USA Ltd., (Australia), 2.75%, 11/02/2051 |  | 26 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance USA plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/14/2028 |  | 115 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/14/2030 |  | 800 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/14/2032 |  | 720 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/2035 |  | 190 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/14/2055 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silfin NV, (Belgium), Reg. S, 5.13%, 07/17/2030 | EUR | 2500 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/08/2042 |  | 127 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/23/2045 |  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031 |  | 2705 | 2387 |
|  |  |  | 17725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  |  | 44181 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The), 3.38%, 03/01/2041 |  | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc., 5.30%, 11/01/2034 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA, (France), Reg. S, 3.38%, 06/12/2032 | EUR | 1400 | 1645 |
|  |  |  | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., (Cayman Islands), 5.25%, 05/26/2035 (e) |  | 175 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/2040 |  | 700 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2060 |  | 25 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/06/2045 | EUR | 1400 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/08/2028 | EUR | 4500 | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/03/2027 | EUR | 1500 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/12/2028 | EUR | 339 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/12/2033 | EUR | 957 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/09/2038 | EUR | 2000 | 2366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 | EUR | 1869 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc., 4.63%, 08/01/2027 |  | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/15/2031 |  | 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/2064 |  | 255 | 250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/15/2030 | EUR | 2601 | 3171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/2054 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.54%, 08/03/2028 | EUR | 1000 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.99%, 07/13/2033 | EUR | 3637 | 3712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.09%, 01/19/2030 | EUR | 1000 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 5.35%, 09/15/2054 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/15/2031 |  | 49 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2027 |  | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2032 |  | 20 | 20 |
|  |  |  | 25721 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 |  | 354 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/2051 |  | 894 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/2052 |  | 480 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/2049 |  | 560 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/14/2029 | EUR | 3100 | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2031 |  | 90 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/20/2036 | GBP | 575 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/2031 (jj) |  | 2875 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/2056 |  | 35 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/2036 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2030 |  | 160 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/2029 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cox Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/01/2034 (e) |  | 985 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/01/2054 (e) |  | 580 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC, 4.13%, 05/15/2029 |  | 940 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/2027 |  | 955 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/2032 |  | 47 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 01/25/2039 |  | 95 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/25/2049 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/13/2033 |  | 390 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/05/2026 | GBP | 1100 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 10/23/2034 | EUR | 1148 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITV plc, (United Kingdom), Reg. S, 4.25%, 06/19/2032 | EUR | 2188 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson Funding plc, (United Kingdom), Reg. S, 5.38%, 09/12/2034 | GBP | 1100 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAI-Radiotelevisione Italiana SpA, (Italy), Reg. S, 4.38%, 07/10/2029 | EUR | 100 | 122 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 52 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TDF Infrastructure SASU, (France), Reg. S, 1.75%, 12/01/2029 | EUR | 2300 | 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2042 |  | 270 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2041 |  | 800 | 728 |
|  |  |  | 22668 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/2028 | EUR | 1300 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/07/2041 | GBP | 1500 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/21/2032 |  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/27/2026 | GBP | 1200 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/2026 |  | 62 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/19/2032 | EUR | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 |  | 2140 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/2051 |  | 1800 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2043 | GBP | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/2042 |  | 12 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034 |  | 1280 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/30/2040 | GBP | 400 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/24/2035 |  | 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/24/2055 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc., 5.45%, 11/15/2079 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance BV, (Netherlands), 8.75%, 06/15/2030 |  | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ, (Finland), Reg. S, 2.88%, 05/14/2030 | EUR | 1875 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), Reg. S, 0.88%, 05/17/2033 | EUR | 1600 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/2031 |  | 120 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/15/2034 |  | 1180 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBN Co. Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 03/15/2029 | EUR | 2000 | 2462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.35%, 03/06/2035 | AUD | 500 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ, (Finland), 6.63%, 05/15/2039 |  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optus Finance Pty Ltd., (Australia), Reg. S, 1.00%, 06/20/2029 | EUR | 1400 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/15/2032 | GBP | 1100 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.65%), 3.88%, 03/24/2032 (x) (aa) | EUR | 3000 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 03/01/2031 |  | 120 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/17/2036 | EUR | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 03/27/2034 | EUR | 200 | 239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/08/2035 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 03/08/2030 | EUR | 200 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 11/17/2033 | EUR | 300 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., (Canada), 5.30%, 02/15/2034 |  | 1550 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES SA, (Luxembourg), Reg. S, 3.50%, 01/14/2029 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/2028 |  | 2621 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/2032 |  | 90 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG, (Switzerland), Reg. S, 0.13%, 09/15/2032 | CHF | 430 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom Finance BV, (Netherlands), Reg. S, 3.88%, 05/29/2044 | EUR | 2875 | 3286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, (Sweden), Reg. S, 3.75%, 11/22/2029 | EUR | 7800 | 9457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.00%, 05/26/2029 | EUR | 1315 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Emisiones SA, (Spain), 7.05%, 06/20/2036 |  | 166 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telekom Finanzmanagement GmbH, (Austria), Reg. S, 1.50%, 12/07/2026 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA, (Norway), Reg. S, 3.38%, 04/01/2032 | EUR | 8575 | 10228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB, (Sweden), Reg. S, 2.13%, 02/20/2034 | EUR | 700 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/23/2030 | EUR | 1025 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 05/04/2031 | EUR | 3500 | 4276 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/2060 |  | 324 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 |  | 3575 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2040 |  | 12 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2050 |  | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/15/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2055 |  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2055 |  | 105 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 |  | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/2028 |  | 115 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/08/2031 | GBP | 1000 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 |  | 437 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 |  | 950 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/2056 |  | 130 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2052 |  | 370 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/2029 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 |  | 20 | 19 |
|  |  |  | 69373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 119460 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 53

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational), 4.75%, 10/20/2028 (e) |  | 1740 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA, (Spain), Reg. S, 3.75%, 03/25/2029 | EUR | 800 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co., 5.13%, 06/15/2027 |  | 1150 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2026 (e) |  | 525 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2029 (e) |  | 360 | 349 |
|  |  |  | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE, (France), Reg. S, 1.13%, 02/11/2027 | GBP | 1200 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/11/2030 |  | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/11/2035 |  | 155 | 155 |
|  |  |  | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/19/2027 | GBP | 2300 | 2951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/27/2028 | EUR | 2000 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/21/2029 | EUR | 2700 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/25/2027 | EUR | 3300 | 3989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/19/2032 | EUR | 2600 | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc., 5.45%, 02/20/2054 |  | 22 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co., 3.25%, 02/12/2032 |  | 700 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 07/27/2028 | EUR | 2325 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 |  | 545 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/14/2030 | EUR | 1875 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 3065 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/07/2029 |  | 1800 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 |  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 |  | 1120 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2045 |  | 560 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/2043 |  | 55 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/2036 |  | 520 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/2027 |  | 1450 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/2031 |  | 585 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/2027 |  | 1120 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/07/2030 |  | 3200 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027 (e) |  | 1815 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/23/2028 (e) |  | 2295 | 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/07/2028 (e) |  | 1750 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/16/2029 (e) |  | 1085 | 1143 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG, (Germany), Reg. S, 1.13%, 11/06/2031 | EUR | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e) |  | 3000 | 2981 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCI Banque SA, (France), Reg. S, 1.13%, 01/15/2027 | EUR | 800 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc., 2.69%, 09/15/2031 (e) |  | 635 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Bank GmbH, (Germany), Reg. S, 4.63%, 05/03/2031 | EUR | 2500 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Financial Services AG, (Germany), Reg. S, 2.25%, 10/16/2026 | EUR | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026 | GBP | 1000 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, 5.30%, 03/22/2027 (e) |  | 1540 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen International Finance NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa) | EUR | 2000 | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 03/29/2029 | EUR | 1500 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa) | EUR | 25 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.49%), 5.99%, 11/15/2033 (x) (aa) | EUR | 900 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Leasing GmbH, (Germany), Reg. S, 0.38%, 07/20/2026 | EUR | 1500 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo Treasury AB, (Sweden), Reg. S, 3.13%, 08/26/2027 | EUR | 269 | 321 |
|  |  |  | 60045 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040 | EUR | 300 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc., (Canada), 2.45%, 06/15/2030 |  | 1000 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Bosch GmbH, (Germany), Reg. S, 4.00%, 06/02/2035 | EUR | 4500 | 5432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Bosch Investment Nederland BV, (Netherlands), Reg. S, 4.00%, 05/28/2037 | EUR | 2800 | 3311 |
|  |  |  | 9873 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp., 5.75%, 06/15/2028 |  | 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithsonian Institution, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 09/01/2026 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61%, 09/01/2027 |  | 35 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87%, 09/01/2029 |  | 1000 | 909 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 54 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/30/2032 | EUR | 3700 | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 06/13/2031 | EUR | 1608 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/17/2030 | EUR | 2023 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 |  | 865 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 |  | 140 | 86 |
|  |  |  | 10360 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food Service** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc, (United Kingdom), Reg. S, 2.00%, 07/03/2029 | GBP | 2500 | 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031 | GBP | 172 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc., 5.50%, 10/15/2035 |  | 190 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDC Holdings, Inc., 6.00%, 01/15/2043 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc., 3.00%, 05/15/2030 |  | 112 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/2033 |  | 24 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/15/2032 |  | 30 | 35 |
|  |  |  | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/20/2027 | EUR | 500 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/25/2030 | EUR | 1500 | 1792 |
|  |  |  | 2384 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2029 |  | 275 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/30/2032 |  | 80 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., 5.63%, 06/15/2028 |  | 1680 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 |  | 745 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 |  | 68 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/2026 |  | 87 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2037 |  | 740 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/2031 |  | 624 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread Group plc, (United Kingdom), Reg. S, 2.38%, 05/31/2027 | GBP | 1000 | 1308 |
|  |  |  | 5614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc., (Canada), 5.27%, 02/12/2034 (e) |  | 560 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc., 4.75%, 06/01/2030 |  | 1300 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/2031 |  | 2595 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2033 |  | 650 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/01/2033 |  | 25 | 25 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 07/15/2034 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/2027 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/15/2029 |  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/10/2033 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., 3.15%, 01/15/2032 |  | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., 5.00%, 10/03/2034 |  | 295 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co., 4.95%, 08/15/2029 |  | 910 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031 | GBP | 23 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The), 4.20%, 04/01/2043 |  | 800 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp., 4.60%, 05/26/2045 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/2029 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/2032 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc., 4.90%, 04/28/2035 |  | 120 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 10/21/2033 | EUR | 1000 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.28%, 06/10/2032 | EUR | 5275 | 6194 |
|  |  |  | 14131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 112698 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical** — **2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/2031 | EUR | 7100 | 8233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/2041 |  | 75 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/2051 |  | 110 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/2046 |  | 95 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/2061 |  | 60 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/04/2028 |  | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/14/2039 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/2049 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/01/2028 |  | 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 02/14/2059 |  | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 03/25/2028 |  | 101 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/2027 |  | 646 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/2047 |  | 104 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/2049 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 02/20/2031 |  | 65 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/20/2034 |  | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 08/02/2030 |  | 35 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 08/02/2043 |  | 60 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 08/02/2053 |  | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT International Finance plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 06/26/2028 | GBP | 860 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 01/16/2030 | EUR | 4977 | 5668 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 55

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 04/12/2032 | EUR | 4300 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/16/2028 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 02/02/2029 |  | 1825 | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 11/24/2034 | GBP | 600 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco plc, (United Kingdom), Series 5.25, Reg. S, (EUR Swap Rate 5 Year + 3.37%), 3.00%, 09/27/2026 (x) (aa) | EUR | 2000 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargill, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/23/2030 (e) |  | 1500 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 11/23/2045 (e) |  | 375 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance Netherlands BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/18/2033 | EUR | 1040 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 02/15/2031 | EUR | 5738 | 7313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom), 5.50%, 02/01/2030 (e) |  | 2000 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 (e) |  | 960 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louis Dreyfus Co. Finance BV, (Netherlands), Reg. S, 3.50%, 10/22/2031 | EUR | 1500 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 08/01/2039 | EUR | 3800 | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/2030 |  | 244 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/06/2037 | EUR | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/06/2032 | EUR | 800 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2029 |  | 57 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2031 | EUR | 6850 | 8327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/2029 (jj) |  | 4112 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/2031 |  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/13/2029 |  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/01/2034 |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 |  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/2030 |  | 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 |  | 635 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028 |  | 33 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 |  | 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 |  | 81 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/07/2030 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/17/2029 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/07/2033 |  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/2038 |  | 105 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds American, Inc., 5.85%, 08/15/2045 |  | 90 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scandinavian Tobacco Group A/S, (Denmark), Reg. S, 4.88%, 09/12/2029 | EUR | 3696 | 4503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sudzucker International Finance BV, (Netherlands), Reg. S, 5.13%, 10/31/2027 | EUR | 500 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viterra Finance BV, (Netherlands), Reg. S, 1.00%, 09/24/2028 | EUR | 2050 | 2272 |
|  |  |  | 68158 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036 (jj) |  | 1700 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/2046 |  | 1533 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA, (Belgium), Reg. S, 2.75%, 03/17/2036 | EUR | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., 4.35%, 06/01/2040 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCEP Finance Ireland DAC, (Ireland), Reg. S, 0.50%, 09/06/2029 | EUR | 300 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/2031 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/2050 |  | 20 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/05/2041 |  | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/2051 |  | 230 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/2030 |  | 105 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/13/2064 |  | 550 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/12/2029 | EUR | 1000 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/03/2031 | EUR | 2000 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC Finance BV, (Netherlands), Reg. S, 1.63%, 05/14/2031 | EUR | 893 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/28/2033 | GBP | 3000 | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/08/2038 | GBP | 625 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/14/2033 | EUR | 1350 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/2031 |  | 35 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/18/2052 |  | 45 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/15/2053 |  | 3 | 2 |
|  |  |  | 13930 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/2032 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/2029 |  | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045 |  | 35 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033 |  | 1505 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/02/2043 |  | 615 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053 |  | 450 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/01/2030 |  | 160 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2036 |  | 315 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/2044 |  | 265 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/15/2035 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050 |  | 75 | 45 |
|  |  |  | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AA Bond Co. Ltd., (Jersey), Reg. S, 6.85%, 07/31/2031 | GBP | 100 | 142 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 56 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026 | GBP | 4400 | 5915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/01/2030 |  | 22 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/2028 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autoroutes du Sud de la France SA, (France), Reg. S, 1.25%, 01/18/2027 | EUR | 3900 | 4519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayvens SA, (France), Reg. S, 3.88%, 01/24/2028 | EUR | 1100 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas SA, (France), Reg. S, 3.13%, 11/15/2031 | EUR | 900 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Nippon Expressway Co. Ltd., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.89%, 09/29/2025 |  | 1500 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.89%, 12/10/2025 |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026 | JP | Y 100,000 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/2030 |  | 1800 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 |  | 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2045 (e) |  | 400 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/2028 (e) |  | 1100 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/01/2033 (e) |  | 865 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2037 (e) |  | 800 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian Finance plc, (United Kingdom), Reg. S, 3.25%, 04/07/2032 | GBP | 425 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., 4.88%, 03/17/2031 | EUR | 2050 | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding d'Infrastructures de Transport SASU, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/14/2028 | EUR | 300 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/04/2027 | EUR | 1600 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johns Hopkins University, Series A, 2.81%, 01/01/2060 |  | 600 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leasys SpA, (Italy), Reg. S, 3.88%, 10/12/2027 | EUR | 2300 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116 |  | 663 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114 |  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp., 1.75%, 03/09/2027 | EUR | 1125 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; President and Fellows of Harvard College, 2.52%, 10/15/2050 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/2032 |  | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030 |  | 45 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/2041 |  | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/27/2030 |  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/20/2032 |  | 610 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/27/2035 |  | 525 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/10/2028 | EUR | 500 | 559 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 03/10/2032 | EUR | 9000 | 9199 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/2060 |  | 266 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/2027 |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2033 |  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS Nederland Holding BV, (Netherlands), Reg. S, 0.13%, 04/21/2027 | EUR | 2500 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 05/16/2029 | EUR | 7000 | 7811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/08/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.23%, 04/26/2033 | EUR | 1450 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees of Columbia University in the City of New York (The), Series 2024, 4.36%, 10/01/2035 |  | 300 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees of Princeton University (The), 4.20%, 03/01/2052 |  | 1295 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Oxford, (United Kingdom), Reg. S, 2.54%, 12/08/2117 | GBP | 1500 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Southern California, 4.98%, 10/01/2053 |  | 656 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., 5.50%, 06/15/2045 |  | 28 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington University (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/2122 |  | 255 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 3.52%, 04/15/2054 |  | 900 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036 | GBP | 225 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellcome Trust Ltd. (The),<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/14/2071 | GBP | 1500 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.52%, 02/07/2118 | GBP | 200 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026 | JP | Y 200,000 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/30/2028 | EUR | 1500 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/03/2030 | EUR | 4475 | 4752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/18/2029 | EUR | 2000 | 2403 |
|  |  |  | 69606 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., 3.70%, 08/01/2047 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc., 5.00%, 03/22/2030 |  | 36 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/30/2038 | EUR | 325 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 01/29/2034 |  | 565 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/11/2027 | EUR | 425 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services Nederland BV, (Netherlands), Reg. S, 0.75%, 05/19/2030 | EUR | 200 | 214 |
|  |  |  | 1683 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 57

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., 5.30%, 11/01/2038 |  | 95 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.44%, 04/07/2033 | EUR | 6000 | 7145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.48%, 05/03/2030 | EUR | 1400 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/24/2030 |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/24/2032 |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp., 1.70%, 06/03/2028 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITM Entreprises SASU, (France), Reg. S, 4.13%, 01/29/2030 | EUR | 4400 | 5256 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2032 |  | 575 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 |  | 741 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The), 5.65%, 09/15/2064 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/16/2040 (e) |  | 1200 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 (e) |  | 395 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (e) |  | 885 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/2065 (e) |  | 255 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; METRO AG, (Germany), Reg. S, 4.00%, 03/05/2030 | EUR | 5586 | 6779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., 1.50%, 02/04/2031 |  | 1000 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Holdings, Inc., 4.00%, 09/24/2048 (e) |  | 750 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 |  | 35 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033 |  | 115 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; REWE International Finance BV, (Netherlands), Reg. S, 4.88%, 09/13/2030 | EUR | 2400 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/2051 |  | 70 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/23/2035 |  | 130 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco Corporate Treasury Services plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 11/02/2028 | GBP | 1300 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/27/2030 | GBP | 825 | 1034 |
|  |  |  | 32232 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories, 4.90%, 11/30/2046 |  | 151 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., 3.05%, 09/22/2026 |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon Finance BV, (Netherlands), Reg. S, 2.38%, 05/31/2028 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Medical Systems Europe BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/08/2034 | EUR | 2000 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/08/2032 | EUR | 2900 | 3485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp., 6.50%, 11/15/2035 |  | 15 | 17 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA, (France), Reg. S, 2.88%, 03/05/2029 | EUR | 800 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 4.80%, 08/14/2029 |  | 32 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic Global Holdings SCA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/02/2049 | EUR | 600 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2028 | EUR | 3400 | 4052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/2034 | EUR | 4200 | 4928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic, Inc., 4.15%, 10/15/2053 | EUR | 1020 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS Irish FinCo.UnLtd Co., (Ireland), 2.70%, 03/15/2031 |  | 150 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/03/2031 | EUR | 1300 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/11/2028 | EUR | 2200 | 2652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., 1.88%, 10/01/2049 | EUR | 900 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/24/2031 |  | 16 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/2034 |  | 55 | 55 |
|  |  |  | 22468 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advocate Health & Hospitals Corp., 3.39%, 10/15/2049 |  | 35 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051 |  | 750 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascension Health, 3.95%, 11/15/2046 |  | 40 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031 |  | 58 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/2038 |  | 135 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/2046 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/2048 |  | 820 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 |  | 1000 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health, 3.91%, 10/01/2050 |  | 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/2051 |  | 865 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/2054 |  | 2405 | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE, (Luxembourg), Reg. S, 4.75%, 09/06/2030 | EUR | 2200 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG, (Germany), Reg. S, 1.50%, 05/29/2030 | EUR | 159 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hackensack Meridian Health, Inc., Series 2020, 2.68%, 09/01/2041 |  | 1335 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/2027 |  | 2560 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/2032 |  | 170 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/2039 |  | 28 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/2034 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2054 |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 04/01/2064 |  | 21 | 21 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 58 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/01/2030 (e) | 1400 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/2029 (e) | 405 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2054 (e) | 265 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icon Investments Six DAC, (Ireland), 5.85%, 05/08/2029 | 615 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., 6.25%, 02/01/2029 | 1067 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/2047 | 1200 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/2051 | 50 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 | 1085 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mayo Clinic, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 11/15/2043 | 30 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.20%, 11/15/2061 | 440 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052 | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050 | 1500 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; MyMichigan Health, Series 2020, 3.41%, 06/01/2050 | 1495 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York and Presbyterian Hospital (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 08/01/2040 | 1090 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 08/01/2045 | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; OhioHealth Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/2031 | 830 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 11/15/2041 | 370 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.04%, 11/15/2050 | 535 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; PeaceHealth Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 1.38%, 11/15/2025 | 700 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.22%, 11/15/2050 | 745 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2032, 2.04%, 01/01/2032 | 470 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2042, 2.72%, 01/01/2042 | 450 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051 | 50 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 03/08/2034 (e) (jj) | 1950 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 11/13/2033 (e) | 1650 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sentara Health, Series 2021, 2.93%, 11/01/2051 | 2365 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Health Resources, 2.33%, 11/15/2050 | 750 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Health Corp., Series 2021, 2.63%, 12/01/2040 | 230 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/2030 | 160 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/2049 | 1100 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/2063 | 1200 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2064 | 925 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/15/2055 | 125 | 127 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/2030 |  | 197 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/2032 |  | 78 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/15/2034 |  | 114 | 109 |
|  |  |  | 33151 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA, (Germany), Reg. S, 0.50%, 11/17/2032 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/07/2050 |  | 25 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/26/2030 |  | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/25/2029 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/19/2032 | GBP | 2175 | 2487 |
|  |  |  | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 (jj) |  | 4960 | 4743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 |  | 34 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/2042 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/2035 |  | 255 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/2030 |  | 225 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/15/2031 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2044 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2064 |  | 210 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC, 4.90%, 03/03/2030 |  | 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/2030 |  | 105 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/06/2050 |  | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/2045 |  | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029 | EUR | 600 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., 6.40%, 11/15/2063 |  | 820 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 06/15/2047 |  | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2044 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2034 |  | 165 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/15/2034 |  | 23 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/2031 |  | 65 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/22/2028 | EUR | 1900 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/2027 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/22/2032 | EUR | 1900 | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2045 |  | 21 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/2047 |  | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/2048 |  | 1200 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/01/2034 |  | 95 | 98 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 59

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.89%), 7.00%, 03/10/2055 (aa) |  | 215 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/14/2061 | EUR | 1118 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/2060 |  | 145 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/27/2053 |  | 270 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/27/2063 |  | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/19/2033 | GBP | 640 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 04/10/2042 | GBP | 150 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 11/20/2028 | EUR | 1000 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/2030 |  | 135 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/2040 |  | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/26/2037 | EUR | 2200 | 2569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/26/2045 | EUR | 1800 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/2047 |  | 1605 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/30/2026 | EUR | 2000 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/17/2029 | GBP | 1925 | 2522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/2033 |  | 80 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/2040 |  | 150 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/17/2044 |  | 265 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/17/2063 |  | 205 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital Corp., 2.75%, 08/14/2050 |  | 45 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Finance SA, (Luxembourg), Reg. S, 0.63%, 09/20/2028 | EUR | 1000 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/19/2028 |  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 05/19/2063 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer Netherlands International Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/19/2029 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;2000 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/19/2032 | EUR | 3200 | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/19/2045 | EUR | 1200 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda US Financing, Inc., 5.20%, 07/07/2035 (w) |  | 2050 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc., 3.85%, 06/22/2040 |  | 2200 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., 4.70%, 02/01/2043 |  | 28 | 26 |
|  |  |  | 40795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 288065 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy** — **0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas** — **0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/15/2031 (e) |  | 1885 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2030 (e) |  | 2000 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/13/2028 (e) |  | 795 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/13/2033 (e) |  | 910 | 939 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets BV, (Netherlands), Reg. S, 4.32%, 05/12/2035 | EUR | 1500 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.64%, 06/26/2029 | EUR | 1000 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.27%, 07/03/2026 | GBP | 2000 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.52%), 3.25%, 03/22/2026 (x) (aa) | EUR | 1900 | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.78%), 3.63%, 03/22/2029 (x) (aa) | EUR | 1300 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., (Canada), 5.40%, 12/15/2034 (e) |  | 2705 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cepsa Finance SA, (Spain), Reg. S, 4.13%, 04/11/2031 | EUR | 400 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron USA, Inc., 4.48%, 02/26/2028 |  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037 |  | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2035 |  | 1130 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/2054 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/2065 |  | 1200 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/2063 |  | 535 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources, Inc., 4.90%, 06/01/2044 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc., 5.60%, 03/15/2034 |  | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/2031 |  | 2400 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/30/2030 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/18/2027 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/18/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/18/2054 |  | 640 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 |  | 300 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2030 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/2050 |  | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/2054 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/15/2055 (w) |  | 420 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031 (e) |  | 120 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/01/2029 (e) |  | 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/22/2032 | EUR | 825 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/2026 |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/22/2030 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/2049 |  | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/2040 |  | 1800 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/2050 |  | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 03/11/2031 | GBP | 150 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84%, 06/26/2032 | EUR | 1050 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 06/26/2039 | EUR | 1205 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2048 |  | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/01/2030 |  | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/2035 |  | 35 | 35 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 60 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/01/2032 |  | 705 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 |  | 350 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORLEN SA, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/27/2028 | EUR | 1300 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 07/02/2032 (w) | EUR | 4200 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., 5.65%, 05/15/2028 |  | 715 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 1.90%, 08/15/2030 |  | 1050 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santos Finance Ltd., (Australia), 6.88%, 09/19/2033 (e) |  | 320 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co., (Saudi Arabia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/02/2030 (e) |  | 2240 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/02/2055 (e) |  | 1170 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell Finance US, Inc., 4.13%, 05/11/2035 |  | 198 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/2028 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/2038 |  | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE, (France), Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa) | EUR | 1700 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp., 6.63%, 06/15/2037 |  | 65 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Var Energi ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/18/2027 (e) |  | 1600 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 05/04/2029 | EUR | 4175 | 5274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/22/2030 (e) |  | 2095 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/22/2035 (e) |  | 1640 | 1698 |
|  |  |  | 55616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines** — **0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/2029 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, 4.00%, 03/01/2031 |  | 139 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., 5.65%, 04/15/2034 |  | 120 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e) |  | 1330 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 08/15/2030 (e) |  | 185 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 11/15/2033 (e) |  | 280 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2032 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2029 |  | 1500 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., (Canada), 5.95%, 04/05/2054 |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/2027 |  | 5800 | 5776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/2047 |  | 95 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 |  | 1210 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 12/01/2026 |  | 1710 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/01/2055 |  | 295 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 |  | 620 | 668 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 12/01/2033 |  | 230 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) |  | 1490 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/2050 |  | 40 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/2045 (jj) |  | 1700 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (aa) |  | 600 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/16/2055 |  | 558 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (aa) |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erdoel-Lagergesellschaft mbH, (Austria), Reg. S, 2.75%, 03/20/2028 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, 4.70%, 11/01/2042 |  | 850 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/2026 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 |  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/01/2054 |  | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/2030 |  | 1506 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2027 |  | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2038 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/2048 |  | 1272 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/2058 |  | 30 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 |  | 865 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 |  | 780 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/2035 |  | 580 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 |  | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2049 |  | 60 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/2025 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/2029 |  | 87 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/2050 |  | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/2049 |  | 680 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/2045 |  | 35 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/01/2028 |  | 301 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/2026 |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 |  | 1100 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline LP / PAA Finance Corp., 3.55%, 12/15/2029 |  | 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/2033 |  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/2052 |  | 335 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 |  | 965 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2035 |  | 985 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2033 |  | 285 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/2055 |  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 |  | 505 | 476 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 61

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/01/2030 |  | 960 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028 |  | 1200 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/2026 |  | 480 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2050 |  | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 04/01/2033 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2030 |  | 1900 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/30/2030 |  | 1360 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2034 |  | 2015 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/2028 |  | 2350 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/2052 |  | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/2043 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/2054 |  | 400 | 391 |
|  |  |  | 39790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  |  | 95406 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 4.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 09/17/2041 | EUR | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/10/2033 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/12/2037 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 04/12/2038 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa) |  | 2100 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Achmea Bank NV, (Netherlands), Reg. S, 2.63%, 10/15/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc, (Ireland), Reg. S, (EUR Swap Rate 1 Year + 1.30%), 2.25%, 04/04/2028 (aa) | EUR | 1000 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aktia Bank OYJ, (Finland), Reg. S, 3.00%, 10/22/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMCO — Asset Management Co. SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/20/2028 | EUR | 363 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/02/2030 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 02/06/2027 | EUR | 200 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ New Zealand Int'l Ltd., (New Zealand), Reg. S, 0.20%, 09/23/2027 | EUR | 6000 | 6714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenta Spaarbank NV, (Belgium), Reg. S, 2.88%, 02/03/2032 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arion Banki HF, (Iceland), Reg. S, 0.05%, 10/05/2026 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkea Public Sector SCF SA, (France), Reg. S, 3.11%, 02/28/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASB Bank Ltd., (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/08/2028 | EUR | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/24/2029 | EUR | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.48%, 06/04/2029 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.15%), 5.10%, 02/03/2033 (aa) | EUR | 4000 | 4938 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA, (Italy), Reg. S, 0.88%, 10/08/2026 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BPI SA, (Portugal), Reg. S, 3.63%, 07/04/2028 | EUR | 1600 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BPM SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/21/2030 | EUR | 472 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/24/2030 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/30/2029 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/05/2034 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.25%), 3.38%, 02/18/2033 (aa) | EUR | 2000 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 09/13/2030 (aa) | EUR | 800 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 2.00%), 5.00%, 06/07/2029 (aa) | EUR | 700 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco di Desio e della Brianza SpA, (Italy), Reg. S, 4.00%, 03/13/2028 | EUR | 1700 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 02/27/2032 | EUR | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 10/25/2028 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2030 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/13/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/28/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/27/2032 | EUR | 3800 | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 01/25/2030 | GBP | 1000 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/2027 |  | 1400 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 07/15/2031 |  | 4200 | 4362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.45%), 5.54%, 03/14/2030 (aa) |  | 5015 | 5171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03%, 01/17/2035 |  | 1200 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Totta SA, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 09/26/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/19/2028 | EUR | 1800 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa) |  | 1415 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa) |  | 1500 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa) |  | 1000 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.25%), 2.50%, 02/13/2031 (aa) |  | 3300 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.05%), 2.55%, 02/04/2028 (aa) |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa) |  | 2605 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa) |  | 1700 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa) |  | 2150 | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.33%), 2.97%, 02/04/2033 (aa) |  | 140 | 125 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 62 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa) |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.30%), 3.42%, 12/20/2028 (aa) |  | 1240 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa) |  | 660 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.00%), 3.85%, 03/08/2037 (aa) |  | 132 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.33%), 3.97%, 03/05/2029 (aa) |  | 120 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.58%), 4.08%, 04/23/2040 (aa) |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 3.41%), 4.08%, 03/20/2051 (aa) |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.83%), 4.57%, 04/27/2033 (aa) |  | 155 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 4.62%, 05/09/2029 (aa) |  | 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) |  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.63%), 5.20%, 04/25/2029 (aa) |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.91%), 5.29%, 04/25/2034 (aa) |  | 1016 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.74%), 5.52%, 10/25/2035 (aa) |  | 2200 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa) |  | 1305 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa) |  | 90 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, (CMT Index 5 Year + 3.23%), 6.13%, 04/27/2027 (x) (aa) |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada), Reg. S, 2.75%, 10/13/2026 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.35%), 4.41%, 07/24/2026 (aa) |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.51%), 4.71%, 02/01/2034 (aa) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.80%), 5.80%, 10/25/2028 (aa) |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.60%), 6.32%, 10/25/2029 (aa) |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, (CME Term SOFR 3 Month + 3.39%), 4.63%, 09/20/2026 (x) (aa) |  | 195 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New Zealand, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.55%, 06/29/2027 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.71%, 12/20/2028 | EUR | 1150 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/14/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/26/2030 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Queensland Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.84%, 06/09/2027 | EUR | 7600 | 8881 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 07/30/2029 | EUR | 1988 | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.10%), 3.50%, 09/10/2032 (aa) | EUR | 2400 | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/03/2028 | EUR | 1000 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/17/2030 | EUR | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 11/19/2031 | EUR | 600 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/26/2027 | EUR | 1000 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/03/2030 | EUR | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/16/2028 | EUR | 3000 | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 11/04/2026 | EUR | 1200 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 06/18/2029 | EUR | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2028 | EUR | 1500 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/06/2029 | EUR | 500 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/07/2030 | EUR | 2500 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 09/14/2032 | EUR | 3000 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.20%), 3.88%, 06/16/2032 (aa) | EUR | 4400 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.85%), 0.88%, 01/28/2028 (aa) | EUR | 2000 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.34%), 4.84%, 09/10/2028 (aa) |  | 1320 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.23%), 5.37%, 02/25/2031 (aa) |  | 1310 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.59%), 5.79%, 02/25/2036 (aa) |  | 600 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa) |  | 1120 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Basellandschaftliche Kantonalbank, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/28/2031 |  | CHF 1,000 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/25/2027 | CHF | 900 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/13/2030 | CHF | 100 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausparkasse Schwaebisch Hall AG, (Germany), Reg. S, 2.00%, 05/17/2034 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria), Reg. S, 0.10%, 05/12/2031 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Landesbank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 04/30/2031 | EUR | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/10/2028 | EUR | 600 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/02/2029 | EUR | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.38%, 11/22/2032 (aa) | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 09/01/2031 | EUR | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/28/2032 | EUR | 40 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/18/2030 | EUR | 300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/10/2031 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 08/04/2032 | EUR | 300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 02/07/2029 | EUR | 600 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/21/2027 | EUR | 400 | 488 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 63

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belfius Bank SA, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 08/28/2026 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/08/2028 | EUR | 600 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.30%), 1.25%, 04/06/2034 (aa) | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/30/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/18/2027 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/28/2030 | EUR | 300 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/20/2031 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/22/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 09/12/2029 | EUR | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.20%), 4.88%, 06/11/2035 (aa) | EUR | 500 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.45%), 5.25%, 04/19/2033 (aa) | EUR | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berlin Hyp AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/07/2028 | EUR | 180 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/10/2032 | EUR | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/10/2033 | EUR | 50 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.73%), 0.50%, 02/19/2028 (aa) | EUR | 1000 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.83%), 0.50%, 01/19/2030 (aa) | EUR | 300 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.17%), 0.88%, 08/31/2033 (aa) | EUR | 1000 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa) | EUR | 1500 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2028 | EUR | 1500 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 12/14/2027 | GBP | 2000 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 01/11/2027 | EUR | 500 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.60%), 2.50%, 03/31/2032 (aa) | EUR | 3400 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/23/2026 | GBP | 600 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.68%), 5.09%, 05/09/2031 (e) (aa) |  | 2695 | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.92%), 5.91%, 11/19/2035 (e) (aa) |  | 4300 | 4339 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/14/2031 | EUR | 1900 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/05/2028 | EUR | 500 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/29/2032 | EUR | 4300 | 5309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.87%), 5.75%, 07/19/2033 (e) (aa) |  | 1700 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.65%), 5.75%, 06/01/2033 (aa) | EUR | 2900 | 3665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.10%), 5.98%, 01/18/2027 (e) (aa) |  | 675 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.96%), 6.03%, 05/28/2036 (e) (aa) |  | 2835 | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA, (Italy), Reg. S, 3.75%, 10/22/2028 | EUR | 100 | 123 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse Centrale du Credit Immobilier de France SA, (France), Reg. S, 2.63%, 01/18/2028 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caixa Geral de Depositos SA, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.70%), 0.38%, 09/21/2027 (aa) | EUR | 500 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 2.75%), 5.75%, 10/31/2028 (aa) | EUR | 100 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.90%), 0.50%, 02/09/2029 (aa) | EUR | 1500 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa) | EUR | 2100 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/11/2027 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/26/2035 | EUR | 6500 | 7528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.08%), 6.68%, 09/13/2027 (e) (aa) |  | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.77%), 6.84%, 09/13/2034 (e) (aa) |  | 295 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caja Rural de Navarra SCC, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/16/2029 | EUR | 2000 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/26/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cajamar Caja Rural SCC, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/16/2028 | EUR | 2100 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/25/2029 | EUR | 3500 | 4227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada), Reg. S, 0.01%, 04/30/2029 | EUR | 4000 | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Financement Foncier SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/09/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 10/25/2041 | EUR | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.90%, 06/16/2028 | CHF | 150 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 03/15/2030 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 10/29/2029 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 04/24/2027 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/06/2030 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/16/2031 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 04/25/2055 | EUR | 20 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 4.91%, 05/29/2030 |  | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa) |  | 3100 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa) |  | 1060 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa) |  | 3600 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.38%), 2.90%, 11/03/2042 (aa) |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.35%), 3.06%, 01/25/2033 (aa) |  | 445 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.94%), 3.79%, 03/17/2033 (aa) |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.58%), 4.11%, 04/29/2036 (aa) | EUR | 5842 | 7028 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 64 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.10%), 4.28%, 04/24/2048 (aa) |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.14%), 4.64%, 05/07/2028 (aa) |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) |  | 1485 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.47%), 5.33%, 03/27/2036 (aa) |  | 1350 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.06%), 5.83%, 02/13/2035 (aa) |  | 780 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.83%), 6.02%, 01/24/2036 (aa) |  | 3740 | 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., (United States SOFR + 2.01%), 5.84%, 01/23/2030 (aa) |  | 145 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Bank plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/22/2027 | EUR | 5000 | 5909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 08/22/2028 | EUR | 1800 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc., (United States SOFR + 2.16%), 5.98%, 01/30/2030 (aa) |  | 708 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/17/2030 | EUR | 80 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/03/2029 | EUR | 25 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/11/2027 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 12/20/2029 | EUR | 160 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/09/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.86%, 02/26/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.77%, 08/31/2027 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/27/2040 | EUR | 100 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 12/01/2031 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 02/08/2028 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.18%), 0.88%, 05/05/2028 (aa) | EUR | 700 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 02/03/2027 | EUR | 25 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.06%, 02/01/2034 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.95%), 3.88%, 11/30/2032 (aa) | EUR | 2100 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/04/2025 |  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.55%), 4.63%, 01/27/2028 (aa) | EUR | 5700 | 6946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 05/23/2041 | GBP | 50 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Co-Operative Bank Holdings plc (The), (United Kingdom), Reg. S, (GBP Swap Rate 1 Year + 2.08%), 5.58%, 09/19/2028 (aa) | GBP | 2200 | 3057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Italia SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/15/2033 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/15/2030 | EUR | 100 | 122 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/11/2036 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 1.00%, 09/30/2031 | EUR | 2100 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa) | GBP | 600 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Semi-annual Swap Rate 5 Year + 1.64%), 4.00%, 01/10/2033 (e) (aa) |  | 2700 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.46%), 5.22%, 05/27/2031 (e) (aa) |  | 580 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.25%), 5.50%, 08/28/2033 (aa) | EUR | 2600 | 3260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 2.60%), 5.75%, 11/29/2027 (aa) | GBP | 3000 | 4171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.74%), 5.86%, 01/09/2036 (e) (aa) |  | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Mutuel Arkea SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/19/2027 | EUR | 3000 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/01/2032 | EUR | 3600 | 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crelan SA, (Belgium), Reg. S, 5.75%, 01/26/2028 | EUR | 900 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.88%), 0.75%, 06/09/2029 (aa) | EUR | 468 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/06/2031 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.95%), 5.43%, 03/01/2028 (e) (aa) |  | 1090 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.18%), 6.26%, 09/22/2026 (e) (aa) |  | 1480 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Hypotek AB, (Sweden), Series 2812, Reg. S, 3.50%, 12/20/2028 | SEK | 2000 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Bank Ltd., (Singapore), Reg. S, 2.43%, 01/03/2029 (w) | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; de Volksbank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/03/2028 | EUR | 2500 | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/08/2028 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 10/21/2031 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.90%), 4.13%, 11/27/2035 (aa) | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 11/23/2027 | EUR | 600 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 03/07/2030 | EUR | 600 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; DekaBank Deutsche Girozentrale, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/19/2030 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/08/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/02/2027 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 08/03/2028 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/21/2030 | EUR | 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 2.05%), 1.75%, 11/19/2030 (aa) | EUR | 1500 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa) |  | 2950 | 2920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 09/20/2027 | EUR | 100 | 118 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 65

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) |  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa) |  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 10/19/2026 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.76%), 3.73%, 01/14/2032 (aa) |  | 2160 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.21%), 5.37%, 01/10/2029 (aa) |  | 2500 | 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 6.00%), 5.63%, 05/19/2031 (aa) | EUR | 2500 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Kreditbank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/05/2032 | EUR | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/21/2036 | EUR | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 07/02/2030 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Pfandbriefbank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 08/30/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 05/30/2029 | EUR | 70 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA, (Norway), Reg. S, (EURIBOR 3 Month + 0.90%), 3.13%, 05/20/2031 (aa) | EUR | 4400 | 5179 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/12/2028 | EUR | 5000 | 5523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/10/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/27/2029 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/12/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; DZ HYP AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/26/2026 | EUR | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/12/2027 | EUR | 40 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 06/23/2028 | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/27/2028 | EUR | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 04/30/2031 | EUR | 20 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/29/2027 | EUR | 50 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/31/2032 | EUR | 50 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/30/2032 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1234, Reg. S, 0.01%, 03/29/2030 | EUR | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1279, Reg. S, 3.00%, 05/31/2035 (w) | EUR | 120 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eika Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/12/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/26/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Bank, (Canada), Reg. S, 3.50%, 05/28/2027 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/11/2029 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/12/2037 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurocaja Rural SCC, (Spain), Reg. S, 0.13%, 09/22/2031 | EUR | 2300 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 0.01%, 04/08/2026 | EUR | 100 | 116 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 2.13%), 4.77%, 07/28/2030 (aa) |  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.49%), 4.90%, 09/06/2030 (aa) |  | 120 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.84%), 5.63%, 01/29/2032 (aa) |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.34%), 6.34%, 07/27/2029 (aa) |  | 1415 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC, (United Arab Emirates), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/16/2026 | EUR | 1000 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 12/09/2025 | GBP | 200 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa) |  | 1460 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp., (SOFR Compounded Index + 1.93%), 5.72%, 12/11/2030 (aa) |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/26/2028 | EUR | 1000 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/09/2029 | EUR | 370 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/18/2033 | EUR | 609 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.80%), 1.43%, 03/09/2027 (aa) |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 1570 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.09%), 1.99%, 01/27/2032 (aa) |  | 41 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/2030 |  | 1895 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa) |  | 2809 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa) |  | 80 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/12/2031 | EUR | 1356 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/25/2029 | GBP | 1500 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.42%), 5.02%, 10/23/2035 (aa) |  | 5180 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 5.56%, 11/19/2045 (aa) |  | 1550 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.08%), 5.80%, 08/10/2026 (aa) |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.77%), 6.48%, 10/24/2029 (aa) |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 |  | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamburg Commercial Bank AG, (Germany), Reg. S, 3.38%, 02/01/2028 | EUR | 50 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamburger Sparkasse AG, (Germany), Reg. S, 0.75%, 03/30/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.29%), 1.59%, 05/24/2027 (aa) |  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.29%), 2.21%, 08/17/2029 (aa) |  | 3130 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa) | GBP | 225 | 289 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 66 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.87%), 3.97%, 05/22/2030 (aa) |  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.11%), 4.76%, 06/09/2028 (aa) |  | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.57%), 5.24%, 05/13/2031 (aa) |  | 1195 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.29%), 5.29%, 11/19/2030 (aa) |  | 900 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SONIA Interest Rate Benchmark + 2.12%), 6.80%, 09/14/2031 (aa) | GBP | 3200 | 4744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.64%), 6.95%, 08/27/2031 (x) (aa) |  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 04/07/2038 | GBP | 300 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.28%), 5.27%, 01/15/2031 (aa) |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.87%), 5.71%, 02/02/2035 (aa) |  | 2110 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.02%), 6.21%, 08/21/2029 (aa) |  | 235 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; HYPO NOE Landesbank fuer Niederoesterreich und Wien AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/16/2032 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/27/2031 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypo Vorarlberg Bank AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/11/2028 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/13/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iccrea Banca SpA, (Italy), Reg. S, 3.88%, 01/12/2029 | EUR | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 12/08/2031 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/18/2029 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/21/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/21/2034 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Belgium SA, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/20/2030 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/19/2029 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.68%), 0.25%, 02/18/2029 (aa) | EUR | 4000 | 4402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.15%), 0.88%, 06/09/2032 (aa) | EUR | 1000 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa) | GBP | 1900 | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa) |  | 1265 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.30%), 3.75%, 09/03/2035 (aa) | EUR | 1700 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.50%), 4.13%, 08/24/2033 (aa) | EUR | 2500 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.61%), 5.53%, 03/25/2036 (aa) |  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.77%), 5.55%, 03/19/2035 (aa) |  | 200 | 205 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ING-DiBa AG, (Germany), Reg. S,<br>0.01%, 10/07/2028 | EUR | 200 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/14/2026 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/21/2025 (e) |  | 1060 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 11/28/2053 (e) |  | 2130 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investec plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.50%), 1.88%, 07/16/2028 (aa) | GBP | 1500 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 2.05%), 2.63%, 01/04/2032 (aa) | GBP | 1000 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investitionsbank Berlin, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 208, 0.05%, 03/02/2035 | EUR | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 215, 0.01%, 07/01/2031 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 216, 0.01%, 07/15/2027 | EUR | 500 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 222, Reg. S, 2.75%, 10/04/2027 | EUR | 700 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Reg. S, 3.13%, 03/01/2033 | EUR | 900 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 237, Reg. S, 2.25%, 09/28/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 276, 0.01%, 11/22/2029 | EUR | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.23%), 5.12%, 04/04/2031 (aa) |  | 900 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 2.42%), 6.40%, 03/06/2035 (aa) |  | 520 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kookmin Bank, (South Korea), Reg. S, 0.05%, 10/19/2026 | EUR | 1800 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/30/2026 | EUR | 2000 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/31/2027 | EUR | 500 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/30/2027 | EUR | 1530 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 12/15/2027 | EUR | 3740 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/15/2028 | EUR | 1325 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/09/2028 | EUR | 1490 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/15/2029 | EUR | 1084 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/17/2030 | EUR | 1108 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/10/2031 | EUR | 3310 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/15/2031 | EUR | 2000 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/05/2027 | EUR | 520 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/29/2034 | EUR | 780 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/09/2032 | EUR | 1830 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/18/2025 |  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/23/2030 | EUR | 360 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/20/2036 | EUR | 748 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/28/2026 | EUR | 2520 | 2917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/2027 | EUR | 500 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/07/2028 | EUR | 720 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/15/2029 | EUR | 3550 | 3976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/04/2039 | EUR | 2380 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/15/2032 | EUR | 900 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/09/2033 | EUR | 550 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/31/2037 | EUR | 3040 | 2914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/15/2037 | EUR | 1000 | 954 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 67

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/30/2027 | EUR | 8160 | 9474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/07/2032 | EUR | 1200 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/31/2035 | EUR | 202 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/15/2029 | EUR | 500 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 08/05/2027 | EUR | 5040 | 5981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/11/2028 | EUR | 3089 | 3665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 10/04/2029 | EUR | 700 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/15/2031 | EUR | 2790 | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 04/26/2029 | EUR | 2490 | 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/10/2034 | EUR | 1500 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/01/2027 | EUR | 750 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/15/2028 | EUR | 650 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/15/2030 | EUR | 525 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/20/2031 | EUR | 1100 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/14/2033 | EUR | 700 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/17/2035 | EUR | 1043 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 12/28/2029 | EUR | 1280 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/31/2032 | EUR | 2100 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 06/07/2033 | EUR | 500 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 10/10/2028 | EUR | 800 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/07/2030 | EUR | 2200 | 2678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/24/2031 | EUR | 1510 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/02/2037 | CAD | 140 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 03/15/2037 | GBP | 825 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/16/2026 |  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/07/2032 | GBP | 1300 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Banque Postale SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/12/2026 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/23/2031 | EUR | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.23%), 0.75%, 08/02/2032 (aa) | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.78%), 1.00%, 02/09/2028 (aa) | EUR | 400 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/24/2029 | EUR | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/13/2030 | EUR | 400 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.30%), 3.50%, 04/01/2031 (aa) | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 05/03/2028 | EUR | 400 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 01/17/2030 | EUR | 200 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.85%), 5.50%, 03/05/2034 (aa) | EUR | 300 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landesbank Baden-Wuerttemberg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/21/2028 | EUR | 200 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/18/2027 | EUR | 200 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/28/2028 | EUR | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/07/2029 | EUR | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/21/2031 | EUR | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/12/2031 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/26/2031 | EUR | 60 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2035 | EUR | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 11/13/2029 | EUR | 50 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 09/27/2027 | EUR | 50 | 60 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/21/2030 | EUR | 300 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 809, Reg. S, 0.38%, 07/29/2026 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landesbank Hessen-Thueringen Girozentrale, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/19/2027 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/04/2029 | EUR | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/12/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 08/24/2027 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/06/2034 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/05/2032 | EUR | 400 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/26/2031 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 02/04/2030 | EUR | 300 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 4.50%, 09/15/2032 (aa) | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landeskreditbank Baden-Wuerttemberg Foerderbank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/25/2027 | EUR | 400 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/16/2032 | EUR | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/16/2028 | EUR | 500 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5614, Reg. S, 0.01%, 01/20/2031 | EUR | 700 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landwirtschaftliche Rentenbank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/28/2026 | EUR | 535 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/22/2027 | EUR | 300 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/19/2028 | EUR | 1500 | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 12/13/2028 | EUR | 720 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/27/2029 | EUR | 820 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/26/2040 | EUR | 200 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 12/18/2029 | EUR | 2140 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/31/2031 | EUR | 800 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 03/08/2027 | EUR | 1180 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/14/2028 | EUR | 1140 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/28/2029 | EUR | 400 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/20/2030 | EUR | 1090 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/31/2036 | EUR | 825 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/11/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/16/2032 | EUR | 1000 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/17/2033 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 07/09/2031 | EUR | 300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/14/2034 | EUR | 700 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 09/06/2030 | EUR | 600 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; LFA Foerderbank Bayern, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 171, 1.00%, 03/01/2028 | EUR | 200 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 219, 2.88%, 02/01/2029 | EUR | 300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1174, 0.75%, 01/04/2027 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1180, 0.75%, 04/01/2031 | EUR | 400 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Bank plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 02/08/2029 | GBP | 100 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 09/17/2040 | GBP | 300 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa) | GBP | 1900 | 2509 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 68 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/07/2028 (aa) |  | 1050 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa) |  | 2150 | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 3.10%), 6.63%, 06/02/2033 (aa) | GBP | 2600 | 3697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luzerner Kantonalbank AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 09/15/2031 | CHF | 1050 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 02/05/2027 | CHF | 500 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.93%), 4.83%, 01/16/2029 (aa) |  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.26%), 6.08%, 03/13/2032 (aa) |  | 71 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.80%), 7.41%, 10/30/2029 (aa) |  | 105 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA, (Italy), Reg. S, 3.00%, 09/04/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediocredito Centrale—Banca Del Mezzogiorno SpA, (Italy), Reg. S, 3.75%, 09/20/2029 | EUR | 200 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa) |  | 780 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.90%), 5.35%, 09/13/2028 (aa) |  | 3450 | 3525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.39%), 3.15%, 07/16/2030 (aa) |  | 930 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.65%), 5.78%, 07/06/2029 (aa) |  | 460 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa) |  | 39 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.03%), 1.79%, 02/13/2032 (aa) |  | 39 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.00%), 2.48%, 01/21/2028 (aa) |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.20%), 2.51%, 10/20/2032 (aa) |  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/09/2027 | GBP | 1425 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa) |  | 1075 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.32%), 3.52%, 05/22/2031 (aa) | EUR | 3600 | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/2027 |  | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.10%), 4.65%, 10/18/2030 (aa) |  | 3335 | 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.45%), 5.17%, 01/16/2030 (aa) |  | 2275 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SONIA Interest Rate Benchmark + 1.46%), 5.21%, 10/24/2035 (aa) | GBP | 2200 | 2973 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 5.23%, 01/15/2031 (aa) |  | 95 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.87%), 5.25%, 04/21/2034 (aa) |  | 190 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.56%), 5.32%, 07/19/2035 (aa) |  | 1470 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 5.42%, 07/21/2034 (aa) |  | 990 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa) |  | 510 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.71%), 5.52%, 11/19/2055 (aa) |  | 210 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 5.83%, 04/19/2035 (aa) |  | 550 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) |  | 110 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Hypothekenbank eG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/02/2040 | EUR | 50 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/01/2029 | EUR | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/18/2039 | EUR | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/04/2028 | EUR | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/01/2034 | EUR | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2057, Reg. S, 3.00%, 07/11/2031 | EUR | 25 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa) | GBP | 1425 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 05/24/2028 | EUR | 500 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.35%, 08/30/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 02/05/2031 | EUR | 1800 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, (Canada), Reg. S, 0.01%, 03/25/2028 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.89%), 0.67%, 09/14/2029 (aa) | EUR | 2000 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.60%), 5.76%, 02/28/2034 (aa) | EUR | 2500 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets plc, (United Kingdom), 5.02%, 03/21/2030 (e) |  | 2300 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIBC Bank NV, (Netherlands), Reg. S, 0.13%, 04/21/2031 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norddeutsche Landesbank-Girozentrale, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/23/2026 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 10/28/2026 | EUR | 20 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/14/2027 | EUR | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/04/2028 | EUR | 200 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 09/11/2029 | EUR | 300 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 07/11/2028 | EUR | 100 | 126 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 69

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.95%), 5.63%, 08/23/2034 (aa) | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Hypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Reg. S, 1.00%, 06/16/2027 | SEK | 2000 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5538, Reg. S, 3.50%, 09/20/2028 | SEK | 2000 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5540, Reg. S, 3.00%, 11/26/2030 | SEK | 2000 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Kiinnitysluottopankki OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/04/2028 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/14/2032 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/31/2031 | EUR | 150 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Banco SA, (Portugal), Reg. S, 2.75%, 02/04/2030 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRW Bank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/18/2030 | EUR | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/23/2030 | EUR | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/03/2031 | EUR | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/28/2031 | EUR | 138 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 07/09/2035 | EUR | 680 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/16/2029 | EUR | 750 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/17/2041 | EUR | 100 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/23/2027 | EUR | 700 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/04/2028 | EUR | 110 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/30/2028 | EUR | 760 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/28/2039 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/13/2049 | EUR | 87 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/13/2032 | EUR | 300 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/21/2029 | EUR | 500 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/15/2031 | EUR | 1502 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/05/2033 | EUR | 600 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 07/25/2034 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 09/26/2039 | EUR | 170 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/31/2030 | EUR | 173 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/04/2035 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1W1, 0.13%, 02/04/2030 | EUR | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nykredit Realkredit A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13G, Reg. S, 1.00%, 04/01/2026 | DKK | 300 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 07/01/2026 | DKK | 600 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H\*, Reg. S, 1.00%, 01/01/2027 | DKK | 1600 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 07/01/2027 | DKK | 2900 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 01/01/2028 | DKK | 200 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 07/01/2028 | DKK | 400 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 07/01/2029 | DKK | 650 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SDO, Reg. S, 1.00%, 01/01/2029 | DKK | 700 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oesterreichische Kontrollbank AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/08/2026 | EUR | 150 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/13/2027 | EUR | 300 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 11/15/2028 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; OP Corporate Bank plc, (Finland), Reg. S, 4.13%, 04/18/2027 | EUR | 3000 | 3640 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OP Mortgage Bank, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/15/2029 | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/05/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 07/17/2031 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permanent TSB Group Holdings plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 07/10/2030 (aa) | EUR | 200 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 04/25/2028 (aa) | EUR | 300 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 06/30/2029 (aa) | EUR | 300 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/26/2030 | CHF | 650 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 676, Reg. S, 0.25%, 04/26/2034 | CHF | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 678, Reg. S, 0.00%, 08/26/2049 | CHF | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 683, Reg. S, 0.00%, 02/25/2028 | CHF | 370 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 684, Reg. S, 0.00%, 05/10/2045 | CHF | 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 689, Reg. S, 0.25%, 10/06/2042 | CHF | 40 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 697, Reg. S, 0.00%, 05/20/2041 | CHF | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 706, Reg. S, 0.13%, 08/19/2031 | CHF | 160 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 723, Reg. S, 2.25%, 07/05/2052 | CHF | 10 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 741, Reg. S, 1.88%, 06/24/2050 | CHF | 30 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 742, Reg. S, 1.75%, 07/07/2033 | CHF | 50 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 743, Reg. S, 1.75%, 07/09/2038 | CHF | 50 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 745, Reg. S, 1.75%, 12/23/2033 | CHF | 30 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 748, Reg. S, 1.63%, 03/15/2034 | CHF | 40 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 751, Reg. S, 1.25%, 05/28/2030 | CHF | 40 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 755, Reg. S, 1.50%, 07/13/2027 | CHF | 100 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 764, Reg. S, 0.88%, 03/10/2032 | CHF | 100 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 483, Reg. S, 0.00%, 01/27/2027 | CHF | 270 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 490, Reg. S, 0.50%, 02/20/2032 | CHF | 150 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 516, Reg. S, 0.13%, 03/23/2032 | CHF | 50 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 524, Reg. S, 0.00%, 06/21/2028 | CHF | 50 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 530, Reg. S, 0.00%, 03/18/2033 | CHF | 370 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 531, Reg. S, 0.00%, 02/15/2036 | CHF | 365 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 534, Reg. S, 0.00%, 03/13/2028 | CHF | 200 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 550, Reg. S, 1.10%, 04/18/2028 | CHF | 130 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 576, Reg. S, 1.85%, 07/19/2038 | CHF | 50 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 585, Reg. S, 1.50%, 04/02/2031 | CHF | 100 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 588, Reg. S, 1.45%, 11/03/2032 | CHF | 50 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 589, Reg. S, 1.50%, 06/23/2036 | CHF | 30 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 600, Reg. S, 0.90%, 10/26/2035 | CHF | 40 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piraeus Bank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 3.00%, 12/03/2028 (aa) | EUR | 1400 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), (United States SOFR + 2.28%), 6.88%, 10/20/2034 (aa) |  | 760 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bausparkasse Gesellschaft mbH, (Austria), Reg. S, 3.38%, 07/10/2029 | EUR | 100 | 121 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 70 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Landesbank Vorarlberg mit Revisionsverband eGen, (Austria), Series 9, Reg. S, 3.00%, 01/25/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 3.25%, 01/11/2030 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 1.25%, 04/26/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen-Landesbank Steiermark AG, (Austria), Reg. S, 2.38%, 06/14/2028 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen-Landesbank Tirol AG, (Austria), Reg. S, 3.00%, 01/24/2028 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp., (United States SOFR + 2.06%), 5.50%, 09/06/2035 (aa) |  | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e) |  | 2000 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/05/2028 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/27/2031 | EUR | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/15/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/13/2027 | EUR | 150 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/04/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.81%), 4.72%, 03/27/2028 (aa) |  | 135 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc,<br>(United Kingdom), (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 2200 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/12/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/12/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/04/2028 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 581, Reg. S, 0.50%, 12/16/2026 | SEK | 2000 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 601, Reg. S, 3.00%, 12/06/2027 | SEK | 4000 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 604, Reg. S, 3.00%, 12/17/2030 | SEK | 2000 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovenska Sporitelna A/S, (Slovakia), Reg. S, 0.13%, 06/12/2026 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/12/2030 | EUR | 5000 | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 05/30/2029 | EUR | 1000 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/16/2027 | EUR | 3000 | 3662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.73%), 4.13%, 05/14/2036 (aa) | EUR | 4000 | 4763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 11/16/2032 | EUR | 100 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.90%), 4.88%, 11/21/2031 (aa) | EUR | 200 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.42%), 5.25%, 05/22/2029 (e) (aa) |  | 2350 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/19/2027 (e) |  | 2000 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.10%), 5.25%, 09/06/2032 (aa) | EUR | 200 | 247 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.50%), 5.52%, 01/19/2028 (e) (aa) |  | 2230 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 06/22/2033 | GBP | 2000 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.95%), 7.13%, 01/19/2055 (e) (aa) |  | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpareBank 1 Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/22/2027 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 05/12/2031 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparebank 1 Oestlandet, (Norway), Reg. S, 1.75%, 04/27/2027 | EUR | 1000 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp; SP-Kiinnitysluottopankki OYJ, (Finland), Reg. S, 3.13%, 11/01/2027 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; SR-Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 03/15/2028 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/11/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stadshypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/24/2028 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/20/2028 | SEK | 2000 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1592, Reg. S, 1.00%, 03/01/2027 | SEK | 2000 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1594, Reg. S, 2.00%, 09/01/2028 | SEK | 3000 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1596, Reg. S, 2.50%, 02/01/2030 | SEK | 2000 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa) |  | 1200 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.05%), 5.55%, 01/21/2029 (e) (aa) |  | 555 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., (Japan), Reg. S, 0.41%, 11/07/2029 | EUR | 2100 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., (Japan), Reg. S, 0.01%, 10/15/2027 | EUR | 2000 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sveriges Sakerstallda Obligationer AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/25/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, Reg. S, 0.25%, 06/09/2027 | SEK | 2000 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151, Reg. S, 1.00%, 06/12/2030 | SEK | 2000 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.30%, 02/17/2027 | EUR | 1000 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.00%), 1.38%, 12/08/2027 (aa) | GBP | 1500 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.15%), 3.63%, 08/23/2032 (aa) | EUR | 2249 | 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.78%, 09/03/2027 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.86%, 04/15/2031 | EUR | 2200 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.19%, 02/16/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.77%, 09/08/2026 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/2027 |  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Bank, 2.25%, 03/11/2030 |  | 250 | 225 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 71

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/2029 |  | 1400 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.62%), 5.44%, 01/24/2030 (aa) |  | 645 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.36%), 5.87%, 06/08/2034 (aa) |  | 370 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.45%), 7.16%, 10/30/2029 (aa) |  | 620 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG, (Switzerland), 5.65%, 09/11/2028 |  | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa) |  | 1000 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa) |  | 755 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.47%), 3.13%, 08/13/2030 (e) (aa) |  | 300 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 4.95%), 7.75%, 03/01/2029 (aa) | EUR | 4400 | 5838 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Switzerland AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/31/2030 | CHF | 25 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.04%, 10/18/2033 | CHF | 30 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.58%, 09/23/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 03/05/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit Bank Austria AG, (Austria), Reg. S, 3.13%, 09/21/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit Bank Czech Republic & Slovakia A/S, (Czech Republic), Reg. S, 3.13%, 10/11/2027 | EUR | 1900 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit Bank GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/15/2028 | EUR | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/22/2029 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 05/22/2034 | EUR | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/11/2029 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/22/2030 | EUR | 120 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/31/2026 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa) |  | 3000 | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/31/2030 | EUR | 1800 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.80%), 4.18%, 06/24/2037 (aa) | EUR | 5675 | 6672 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa) |  | 2300 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.56%), 5.38%, 01/23/2030 (aa) |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.41%), 5.42%, 02/12/2036 (aa) |  | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.43%), 5.73%, 10/21/2026 (aa) |  | 30 | 30 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.26%), 5.84%, 06/12/2034 (aa) |  | 725 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vseobecna Uverova Banka A/S, (Slovakia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/26/2029 | EUR | 1800 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/20/2031 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.43%), 2.88%, 10/30/2030 (aa) |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa) |  | 2110 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.50%), 3.35%, 03/02/2033 (aa) |  | 2056 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.57%), 3.58%, 05/22/2028 (aa) |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.13%), 4.61%, 04/25/2053 (aa) |  | 650 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/2046 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) |  | 925 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.02%), 5.39%, 04/24/2034 (aa) |  | 940 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.78%), 5.50%, 01/23/2035 (aa) |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.99%), 5.56%, 07/25/2034 (aa) |  | 2050 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa) |  | 1390 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/2044 |  | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa) |  | 1510 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.06%), 6.49%, 10/23/2034 (aa) |  | 1615 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa) |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/22/2028 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 04/17/2027 | EUR | 1000 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.08%, 04/05/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/2040 |  | 30 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Securities NZ Ltd., (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.43%, 12/14/2026 | EUR | 2500 | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/20/2028 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wirtschafts- und Infrastrukturbank Hessen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/14/2028 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/06/2033 | EUR | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/26/2033 | EUR | 400 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/13/2035 | EUR | 300 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/22/2034 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wuestenrot Bausparkasse AG, (Germany), Series 20, Reg. S, 3.38%, 11/28/2028 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zuercher Kantonalbank, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 139, Reg. S, 0.02%, 08/16/2027 | CHF | 1000 | 1252 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 72 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 140, Reg. S, 0.05%, 11/23/2026 | CHF | 500 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, Reg. S, 0.00%, 01/21/2033 | CHF | 500 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, Reg. S, 0.10%, 03/31/2031 | CHF | 240 | 293 |
|  |  |  | 663762 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aareal Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/08/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/10/2028 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 236, Reg. S, 0.01%, 02/01/2028 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affordable Housing Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.89%, 08/11/2043 | GBP | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 05/20/2042 | GBP | 300 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., (SOFR Compounded Index + 1.73%), 5.54%, 01/17/2031 (aa) |  | 2480 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.00%), 5.10%, 02/16/2028 (aa) |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.32%), 5.44%, 01/30/2036 (aa) |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.93%), 5.63%, 07/28/2034 (aa) |  | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc., 5.15%, 05/15/2033 |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 5.80%, 05/21/2054 |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., 5.60%, 10/11/2054 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkea Home Loans SFH SA, (France), Reg. S, 3.25%, 08/01/2033 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033 | GBP | 30 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspire Defence Finance plc, (United Kingdom), Series B, 4.67%, 03/31/2040 | GBP | 38 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA Home Loan SFH SA, (France), Reg. S, 0.01%, 10/16/2029 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Landesbodenkreditanstalt, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/07/2030 | EUR | 400 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/25/2034 | EUR | 400 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/28/2031 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/15/2035 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., 5.35%, 01/08/2055 |  | 225 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc., 3.75%, 07/18/2035 | EUR | 1600 | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, Reg. S, 1.50%, 04/10/2029 | EUR | 167 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/10/2031 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/18/2034 |  | 130 | 134 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas Home Loan SFH SA, (France), Reg. S, 3.00%, 01/31/2030 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/08/2026 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/21/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/29/2036 | EUR | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/22/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/12/2030 | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/27/2032 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 07/24/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/15/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/20/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/24/2032 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/13/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse de Refinancement de l'Habitat SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/07/2028 | EUR | 200 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 06/20/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/12/2028 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/06/2030 | EUR | 2100 | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/28/2032 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/14/2027 (e) |  | 1740 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 12/12/2028 (e) |  | 840 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., 1.65%, 06/12/2029 | EUR | 250 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.37%), 5.27%, 05/10/2033 (aa) |  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.56%), 5.46%, 07/26/2030 (aa) |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 6.18%, 01/30/2036 (aa) |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.64%), 6.31%, 06/08/2029 (aa) |  | 72 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 11/29/2032 |  | 35 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.44%), 7.15%, 10/29/2027 (aa) |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 3.07%), 7.62%, 10/30/2031 (aa) |  | 620 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 3.37%), 7.96%, 11/02/2034 (aa) |  | 140 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/2030 |  | 29 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/16/2032 |  | 85 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCF SFH SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/22/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/28/2028 | EUR | 1900 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/23/2030 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (CMT Index 5 Year + 3.17%), 4.00%, 06/01/2026 (x) (aa) |  | 215 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, (CMT Index 5 Year + 3.26%), 5.00%, 06/01/2027 (x) (aa) |  | 46 | 46 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 73

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Home Loan SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 04/12/2028 | EUR | 4200 | 4637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/03/2031 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 12/06/2029 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 08/11/2028 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/06/2034 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 01/07/2030 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/17/2031 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 09/28/2026 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/04/2028 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Public Sector SCF SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 08/02/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/14/2030 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Mutuel Home Loan SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/20/2028 | EUR | 5000 | 5476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 03/04/2032 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 02/08/2028 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 06/06/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 07/23/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/28/2030 | EUR | 2100 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/20/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLR Kredit A/S, (Denmark), Series CCb, Reg. S, 1.00%, 04/01/2028 | DKK | 700 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc., 6.25%, 05/28/2029 |  | 114 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV, (Netherlands), Reg. S, 1.50%, 05/17/2041 | EUR | 2778 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; IG Group Holdings plc, (United Kingdom), Reg. S, 3.13%, 11/18/2028 | GBP | 2000 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2050 |  | 160 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/2028 |  | 85 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/2031 |  | 1250 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/2032 |  | 1420 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/21/2028 |  | 405 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jyske Realkredit A/S, (Denmark), Series CCB, Reg. S, 1.00%, 04/01/2026 | DKK | 400 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Banque Postale Home Loan SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/31/2031 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/29/2034 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lansforsakringar Hypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/31/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 520, Reg. S, 1.00%, 09/15/2027 | SEK | 1000 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 521, Reg. S, 0.50%, 09/20/2028 | SEK | 2800 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 04/06/2030 | GBP | 2000 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 12/06/2027 | EUR | 800 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/15/2035 |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/17/2028 |  | 430 | 459 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lseg Netherlands BV, (Netherlands), Reg. S, 0.75%, 04/06/2033 | EUR | 1000 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/22/2029 | EUR | 7609 | 8477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/01/2027 | EUR | 1825 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/2050 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/2032 |  | 255 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 01/15/2035 |  | 90 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc., 5.35%, 06/28/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 07/14/2028 |  | 1500 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/14/2031 |  | 730 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/2032 |  | 320 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/01/2030 (w) |  | 1130 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 07/12/2028 |  | 1625 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Kredit Realkreditaktieselskab, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/01/2027 (e) | DKK | 200 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Cc2, Reg. S, 1.00%, 04/01/2029 (e) | DKK | 300 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC2, Reg. S, 1.00%, 10/01/2028 (e) | DKK | 300 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC2, 1.00%, 04/01/2030 | DKK | 800 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen LLC, 5.55%, 01/15/2030 (e) |  | 190 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSB Group plc, (United Kingdom), Reg. S, (UK Gilts 1 Year + 4.99%), 9.50%, 09/07/2028 (aa) | GBP | 3400 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Export Funding Corp., Series PP, 1.40%, 07/15/2028 |  | 775 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prs Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 08/24/2034 | GBP | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/24/2026 | GBP | 165 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/23/2029 | GBP | 900 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc., 6.20%, 05/15/2029 |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc., 3.75%, 04/01/2051 |  | 16 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realkredit Danmark A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10f, Reg. S, 1.00%, 04/01/2026 | DKK | 500 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10F, Reg. S, 1.00%, 01/01/2030 (e) | DKK | 1000 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22S, Reg. S, 0.00%, 10/01/2040 (e) | DKK | 37 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saltaire Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.81%, 03/14/2053 | GBP | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.82%, 12/01/2033 | GBP | 500 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SFH SA, (France), Reg. S, 1.75%, 05/05/2034 | EUR | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparebanken Soer Boligkreditt A/S, (Norway), Reg. S, 0.01%, 09/25/2028 | EUR | 5000 | 5456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparebanken Vest Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/22/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 07/31/2029 | EUR | 100 | 120 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 74 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank Hypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/31/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/25/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 197, Reg. S, 1.00%, 03/17/2027 | SEK | 700 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 199, Reg. S, 3.00%, 03/28/2029 | SEK | 2000 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 200, Reg. S, 3.00%, 12/27/2029 | SEK | 2000 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035 | GBP | 1370 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/2030 |  | 85 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/2045 |  | 65 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The), 1.35%, 03/15/2026 |  | 510 | 497 |
|  |  |  | 81084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Insurance SA, (Belgium), Reg. S, (EUR Swap Rate 5 Year + 3.88%), 3.50%, 06/30/2047 (aa) | EUR | 3100 | 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd., (Hong Kong), Reg. S, (EUR Swap Rate 5 Year + 1.10%), 0.88%, 09/09/2033 (aa) | EUR | 1800 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alleghany Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/2051 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/2030 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE, (Germany), Reg. S, (EURIBOR 3 Month + 3.55%), 4.25%, 07/05/2052 (aa) | EUR | 2300 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/21/2027 | EUR | 1000 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 05/07/2030 |  | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Group, Inc., 5.75%, 10/01/2029 |  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon North America, Inc., 5.45%, 03/01/2034 |  | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/09/2052 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/2051 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/15/2035 |  | 770 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/2032 |  | 26 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/22/2030 |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/27/2028 |  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding, 4.95%, 01/07/2027 (e) |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva plc, (United Kingdom), Reg. S, (EURIBOR 3 Month + 3.05%), 4.63%, 08/28/2056 (aa) | EUR | 3975 | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., 2.38%, 06/19/2039 | GBP | 825 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., 2.15%, 03/15/2028 | EUR | 1000 | 1170 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031 |  | 69 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/17/2032 |  | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/17/2052 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/11/2034 |  | 80 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/23/2055 |  | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; BUPA Finance plc, (United Kingdom), Reg. S, 5.00%, 10/12/2030 | EUR | 1700 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse Nationale de Reassurance Mutuelle Agricole Groupama, (France), Reg. S, 0.75%, 07/07/2028 | EUR | 4900 | 5410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/15/2028 | EUR | 2000 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2034 |  | 505 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/2030 |  | 2500 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/2034 |  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNP Assurances SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/08/2028 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/27/2029 | EUR | 700 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 2.70%), 1.88%, 10/12/2053 (aa) | EUR | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.00%), 2.00%, 07/27/2050 (aa) | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/05/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.60%), 4.50%, 06/10/2047 (aa) | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.37%), 4.88%, 07/16/2054 (aa) | EUR | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.45%), 5.25%, 07/18/2053 (aa) | EUR | 300 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/05/2032 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/2042 |  | 155 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Assurances SA, (France), Reg. S, (EUR Swap Rate 5 Year + 5.35%), 4.75%, 09/27/2048 (aa) | EUR | 1700 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enstar Group Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/01/2031 |  | 131 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/2029 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/2052 |  | 110 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/2050 |  | 745 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/03/2031 |  | 2010 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/17/2028 |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/2032 |  | 475 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/2035 (e) |  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/07/2033 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 03/15/2055 |  | 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/22/2054 |  | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/2051 |  | 20 | 12 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 75

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/2030 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp., 5.45%, 09/30/2034 |  | 63 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generali, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.71%, 06/30/2032 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.50%), 4.60%, 11/21/2025 (x) (aa) | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe des Assurances du Credit Mutuel SADIR, (France), Reg. S, 3.75%, 04/30/2029 | EUR | 2200 | 2661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., 4.00%, 11/23/2051 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Finance plc,<br>(United Kingdom), Reg. S, 5.88%, 04/05/2033 | GBP | 425 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa) | GBP | 825 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa) | GBP | 600 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/2050 (e) |  | 875 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2052 (e) |  | 450 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e) |  | 890 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa) | GBP | 825 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/07/2052 |  | 1000 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/16/2054 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 03/21/2030 | EUR | 1100 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2035 |  | 1210 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/2055 |  | 920 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc., Series G, (CMT Index 5 Year + 2.08%), 6.35%, 03/15/2055 (aa) |  | 80 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany), Reg. S, (EURIBOR 3 Month + 2.60%), 4.25%, 05/26/2044 (aa) | EUR | 2800 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of Omaha Cos. Global Funding, 4.75%, 10/15/2029 (e) |  | 1660 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France), Reg. S, 0.63%, 06/21/2027 | EUR | 1900 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp., 3.85%, 06/11/2051 |  | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030 | GBP | 1121 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc., 2.80%, 11/19/2031 |  | 35 | 31 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Protective Life Global Funding, 4.77%, 12/09/2029 (e) (jj) |  | 2500 | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.67%), 5.70%, 09/15/2048 (aa) |  | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.85%), 6.75%, 03/01/2053 (aa) |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Funding Asia plc, (United Kingdom), 5.88%, 05/11/2029 | GBP | 1500 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., 5.75%, 09/15/2034 |  | 57 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/05/2033 |  | 52 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/2035 |  | 755 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, (Finland), Reg. S, 2.25%, 09/27/2030 | EUR | 500 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sogecap SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.15%), 4.13%, 02/18/2026 (x) (aa) | EUR | 1700 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG, (Germany), Reg. S, 4.00%, 10/25/2029 | EUR | 2300 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The), 5.45%, 05/25/2053 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNIQA Insurance Group AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/09/2030 | EUR | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.35%), 2.38%, 12/09/2041 (aa) | EUR | 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 5.82%), 6.00%, 07/27/2046 (aa) | EUR | 500 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2029 |  | 1700 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2051 |  | 1189 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2042 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2054 |  | 470 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp., 4.00%, 05/12/2050 |  | 700 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/2027 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/2033 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/05/2054 |  | 146 | 145 |
|  |  |  | 76344 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/2026 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/2028 |  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2030 |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/15/2029 |  | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDP Reti SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 09/04/2031 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 10/25/2027 | EUR | 500 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital Corp., 2.63%, 01/15/2027 |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc., 2.50%, 08/24/2026 |  | 5 | 5 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 76 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, (Sweden), Reg. S, 0.38%, 10/29/2035 | EUR | 425 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAB Holdings BV, (Netherlands), Reg. S, 5.00%, 06/12/2033 | EUR | 3900 | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDGH GMTN RSC Ltd., (United Arab Emirates), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/10/2027 | EUR | 1000 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/10/2034 | EUR | 600 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temasek Financial I Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/01/2028 | EUR | 4700 | 5409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/15/2027 | EUR | 1500 | 1790 |
|  |  |  | 15248 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 06/14/2029 | EUR | 4925 | 6152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 12/03/2032 | GBP | 350 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc., (Canada), 5.68%, 01/15/2035 |  | 70 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc., 6.00%, 06/16/2030 |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Capital Group plc, (United Kingdom), Reg. S, 1.63%, 02/17/2027 | EUR | 1000 | 1150 |
|  |  |  | 7955 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate** — **0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affinity Sutton Capital Markets plc, (United Kingdom), Reg. S, 5.98%, 09/17/2038 | GBP | 1000 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akelius Residential Property Financing BV, (Netherlands), Reg. S, 1.00%, 01/17/2028 | EUR | 500 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/16/2026 | EUR | 3800 | 4339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.42%), 1.63%, 04/15/2026 (x) (aa) | EUR | 3000 | 3335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.80%, 07/16/2029 | EUR | 900 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Property Partners Europe Holdings Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 04/20/2030 | EUR | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/12/2029 | EUR | 2500 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 10/20/2028 | GBP | 1075 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033 | GBP | 50 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2035 |  | 110 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/2034 |  | 63 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citycon Treasury BV, (Netherlands), Reg. S, 5.00%, 03/11/2030 | EUR | 3625 | 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarion Funding plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 11/13/2032 | GBP | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 09/07/2051 | GBP | 500 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/18/2029 | GBP | 200 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Wohnen SE, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/07/2031 | EUR | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/30/2030 | EUR | 900 | 987 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026 | EUR | 1200 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad Treasury BV, (Netherlands), 1.38%, 03/03/2027 | EUR | 600 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon Housing Association Ltd., (United Kingdom), Reg. S, 3.63%, 04/22/2048 | GBP | 1000 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOWOGE Wohnungsbaugesellschaft mbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/01/2028 | EUR | 400 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 11/01/2033 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE, (Germany), Reg. S, 0.75%, 06/30/2031 | EUR | 700 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logicor Financing Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/14/2031 | EUR | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/13/2026 | EUR | 1000 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 07/15/2027 | EUR | 3000 | 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 01/17/2030 | EUR | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/17/2034 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 11/13/2028 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 07/18/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; London & Quadrant Housing Trust, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 10/20/2038 | GBP | 425 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 03/31/2032 | GBP | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/28/2028 | GBP | 1225 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 07/20/2057 | GBP | 425 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 02/28/2053 | GBP | 500 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032 | GBP | 21 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Notting Hill Genesis, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 02/20/2054 | GBP | 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 07/07/2042 | GBP | 1000 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/2031 (e) |  | 2580 | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/2029 (e) |  | 2100 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optivo Finance plc, (United Kingdom), Reg. S, 5.25%, 03/13/2043 | GBP | 1000 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048 | GBP | 1325 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; P3 Group Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 01/26/2029 | EUR | 2300 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/19/2032 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 02/13/2030 | EUR | 200 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registry Finance Pty Ltd., (Australia), Reg. S, 5.47%, 12/19/2031 | AUD | 200 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shurgard Luxembourg Sarl, (Luxembourg), Reg. S, 3.63%, 10/22/2034 | EUR | 2100 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius Real Estate Ltd., (Guernsey), Reg. S, 1.75%, 11/24/2028 | EUR | 1300 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031 | GBP | 36 | 50 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 77

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039 | GBP | 74 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033 | GBP | 28 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/09/2026 | EUR | 300 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/28/2041 | EUR | 1100 | 819 |
|  |  |  | 54362 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedifica SA, (Belgium), Reg. S, 0.75%, 09/09/2031 | EUR | 1200 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/01/2033 |  | 75 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2036 |  | 295 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2035 (jj) |  | 2120 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/2054 |  | 1240 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altarea SCA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 01/16/2030 | EUR | 400 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 01/17/2028 | EUR | 1100 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/2030 |  | 830 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2035 |  | 1869 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2034 |  | 33 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/2029 |  | 535 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 |  | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/2028 |  | 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/01/2030 |  | 1175 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/2029 |  | 940 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2032 |  | 320 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/2031 |  | 115 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/01/2029 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/01/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/19/2029 | EUR | 3600 | 4268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2031 | EUR | 4639 | 5412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2034 |  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/2025 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/2033 | EUR | 800 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/2026 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/2026 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2026 |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/15/2035 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/2034 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2032 |  | 780 | 687 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2030 |  | 800 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/2029 |  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/2026 |  | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/2034 |  | 72 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2054 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Holdings LP, 2.00%, 03/15/2031 |  | 80 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak OP LLC, 3.00%, 01/15/2030 |  | 1400 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2035 |  | 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/2032 |  | 105 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 07/01/2034 |  | 460 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.90%, 12/15/2031 |  | 415 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2031 |  | 48 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032 |  | 1025 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/2035 |  | 110 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/15/2030 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/01/2030 |  | 1900 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/2035 |  | 700 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA, (France), Reg. S, 2.00%, 05/12/2029 | EUR | 1000 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercialys SA, (France), Reg. S, 2.50%, 02/28/2029 | EUR | 300 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA, (Spain), Reg. S, 2.38%, 07/13/2027 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartments LP, 4.95%, 03/01/2035 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc., 3.00%, 02/01/2031 |  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 3.25%, 04/15/2033 |  | 221 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Praemia Healthcare SACA, (France), Reg. S, 5.50%, 09/19/2028 | EUR | 3600 | 4532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis LP, 2.25%, 06/30/2029 | GBP | 1600 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier LP, 2.75%, 05/17/2031 |  | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/2030 | GBP | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/13/2033 | GBP | 1100 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/2029 |  | 800 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2029 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 | GBP | 2300 | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/04/2041 | GBP | 1500 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp; SELP Finance Sarl, (Luxembourg), Reg. S, 3.75%, 08/10/2027 | EUR | 2300 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/2027 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/2049 |  | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/2044 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/2046 |  | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 03/08/2053 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/2054 |  | 12 | 13 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 78 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/01/2028 |  | 2060 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/2031 |  | 498 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/2032 |  | 2250 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNITE Group plc (The), (United Kingdom), Reg. S, 5.63%, 06/25/2032 | GBP | 1150 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty LP, 5.63%, 07/01/2034 |  | 90 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2030 |  | 2445 | 2459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 |  | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., 3.88%, 02/15/2029 (e) |  | 215 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower OP LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/2031 |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/2031 |  | 65 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/2030 |  | 2472 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2032 |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/2028 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2034 | GBP | 300 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/20/2028 | GBP | 1650 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/2033 |  | 1000 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/19/2034 | EUR | 2000 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/23/2032 | EUR | 2100 | 2551 |
|  |  |  | 70839 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Savings & Loans — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/29/2032 | EUR | 1785 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.31%, 05/02/2034 | EUR | 120 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 03/15/2028 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skipton Building Society, (United Kingdom), Reg. S, 3.25%, 06/18/2029 | EUR | 1800 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yorkshire Building Society, (United Kingdom), Reg. S, 0.01%, 11/16/2028 | EUR | 5100 | 5543 |
|  |  |  | 9876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 979470 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Government** — **0.6%** |  |  |  |
| **Multi-National** — **0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; African Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/21/2029 | EUR | 3500 | 3850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/24/2028 | EUR | 400 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/14/2029 | EUR | 2000 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asian Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/24/2029 | EUR | 5000 | 5323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.03%, 01/31/2030 | EUR | 3550 | 3745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 07/16/2025 | EUR | 700 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/14/2028 |  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/25/2028 |  | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/15/2027 |  | 100 | 104 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Multi-National — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank (The), (Supranational), 4.50%, 01/16/2030 |  | 190 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Council Of Europe Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/20/2031 | EUR | 5000 | 5112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/19/2032 | EUR | 3000 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/30/2029 | EUR | 1500 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexia SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/21/2028 | EUR | 1300 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/22/2027 | EUR | 500 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/17/2026 | EUR | 600 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/18/2027 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/18/2029 | EUR | 700 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/01/2028 | EUR | 600 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/30/2027 | CAD | 500 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/07/2032 | GBP | 300 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/28/2037 (e) | CAD | 150 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 01/16/2030 | EUR | 7900 | 8382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/15/2040 | EUR | 3950 | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/13/2037 | EUR | 2000 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/13/2047 | EUR | 200 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/14/2031 | EUR | 10000 | 10833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/14/2032 | EUR | 3275 | 3471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/13/2030 | EUR | 230 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 03/14/2042 | EUR | 2025 | 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2029 |  | 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/08/2037 | GBP | 3000 | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/19/2027 |  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/12/2035 |  | 190 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2039 | GBP | 3500 | 4860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1981, 2.63%, 03/15/2035 | EUR | 40 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMS Wertmanagement, (Germany), Reg. S, 0.38%, 04/29/2030 | EUR | 1200 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/20/2026 |  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/03/2029 | GBP | 1000 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/17/2031 |  | 145 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2027 |  | 700 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Development Association, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/19/2026 | EUR | 1000 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 04/22/2036 | EUR | 3500 | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 01/17/2042 | EUR | 1000 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Finance Corp., (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 1.25%, 03/15/2026 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 1.50%, 05/15/2026 |  | 150 | 148 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 79

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Multi-National — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028 | CHF | 200 | 248 |
|  |  |  | 80811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transport for London, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 07/23/2042 | GBP | 140 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/12/2033 | GBP | 300 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/07/2064 | GBP | 300 | 301 |
|  |  |  | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Regional (State/Province)** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032 | EUR | 1560 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp; UK Municipal Bonds Agency Finance Co. DAC, (Ireland), Reg. S, 1.63%, 08/26/2060 | GBP | 100 | 49 |
|  |  |  | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Government |  |  | 83189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial** — **1.0%** |  |  |  |
| **Aerospace/Defense** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE, (Netherlands), Reg. S, 2.00%, 04/07/2028 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e) |  | 1350 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040 |  | 2345 | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 05/01/2029 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 |  | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 |  | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 05/01/2064 |  | 1310 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Capital International Funding Co.Unlimited Co., (Ireland), 4.42%, 11/15/2035 |  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/2031 |  | 36 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/2040 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co., 1.50%, 05/17/2029 | EUR | 2272 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp., 4.20%, 02/15/2027 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.40%, 07/31/2033 |  | 1600 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp., 4.70%, 12/15/2031 |  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG, (Germany), Reg. S, 3.88%, 09/18/2031 | EUR | 5785 | 7026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 5.25%, 07/15/2035 |  | 65 | 66 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Aerospace/Defense — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp., 6.40%, 03/15/2054 |  | 57 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA, (France), Reg. S, 0.75%, 03/17/2031 | EUR | 5700 | 6005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/15/2028 | EUR | 1900 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 10/18/2028 | EUR | 800 | 984 |
|  |  |  | 26115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp., 4.13%, 05/29/2028 | EUR | 1600 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH America Finance, Inc., 5.50%, 01/09/2035 |  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH Finance UK plc, (United Kingdom), Reg. S, 4.13%, 12/02/2029 | GBP | 1500 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc., 2.50%, 07/01/2031 |  | 61 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG, (Germany), Reg. S, 3.75%, 05/31/2032 | EUR | 295 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim Finance Luxembourg SA, (Luxembourg), Reg. S, 0.63%, 01/19/2033 | EUR | 4200 | 4041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 2.25%, 04/04/2034 | GBP | 1900 | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc / Tyco Fire & Security Finance SCA, (Ireland), 3.13%, 12/11/2033 | EUR | 1000 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Securities Ireland DAC, (Ireland), Reg. S, 3.50%, 10/31/2031 | EUR | 3850 | 4552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 08/01/2025 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/2028 |  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/2051 |  | 16 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 12/01/2034 |  | 730 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2054 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning, 3.95%, 08/15/2029 |  | 500 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies Financing Ltd., (Ireland), 4.50%, 03/21/2049 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., 3.50%, 06/01/2030 |  | 60 | 57 |
|  |  |  | 17715 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components &<br>Equipment** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Signify NV, (Netherlands), Reg. S, 2.38%, 05/11/2027 | EUR | 175 | 205 |
| **Electronics** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., 5.38%, 11/15/2054 |  | 155 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, (Sweden), Reg. S, 4.13%, 09/13/2035 | EUR | 250 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp., 3.70%, 08/15/2029 | EUR | 2600 | 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/2031 |  | 145 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/02/2034 | EUR | 3700 | 4553 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 80 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| Electronics — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2030 |  | 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2054 |  | 73 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., 2.30%, 03/15/2031 |  | 59 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 04/15/2026 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/01/2029 |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., 4.95%, 10/15/2034 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc., 6.10%, 03/15/2033 |  | 161 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyco Electronics Group SA, (Luxembourg), 5.00%, 05/09/2035 |  | 220 | 219 |
|  |  |  | 8970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/19/2030 | EUR | 635 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/16/2031 | EUR | 2657 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/15/2034 | EUR | 3100 | 3669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA, (Spain), Reg. S, 4.25%, 10/13/2030 | EUR | 200 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/05/2029 | EUR | 500 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/18/2034 | EUR | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/02/2032 | EUR | 900 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 10/02/2026 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/05/2028 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/02/2030 | EUR | 2500 | 2916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/16/2031 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/20/2033 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 03/20/2036 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; DAA Finance plc, (Ireland), Reg. S, 1.60%, 11/05/2032 | EUR | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heathrow Funding Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 10/31/2046 | GBP | 325 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.45%, 12/10/2031 | GBP | 225 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 12/03/2026 | GBP | 150 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/26/2029 | EUR | 125 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 05/31/2030 | EUR | 4501 | 5530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 |  | 950 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Schiphol Group NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/08/2027 | EUR | 300 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/22/2033 | EUR | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/08/2032 | EUR | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/17/2036 | EUR | 190 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA, (France), Reg. S, 3.38%, 10/17/2032 | EUR | 1000 | 1192 |
|  |  |  | 23428 |
| **Environmental Control** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orano SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/08/2028 | EUR | 200 | 235 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Environmental Control — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 03/12/2031 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 05/15/2027 | EUR | 200 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., 5.00%, 04/01/2034 |  | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/2030 |  | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/2032 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/2033 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2029 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2033 |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/2030 |  | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/03/2031 |  | 130 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/15/2054 |  | 60 | 58 |
|  |  |  | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc., 3.10%, 05/01/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery—Construction & Mining — 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Capital ULC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.58%, 03/08/2030 | EUR | 2467 | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 05/21/2036 | EUR | 6052 | 7190 |
|  |  |  | 9817 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery—Diversified — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Highland Holdings Sarl, (Luxembourg), 2.88%, 11/19/2027 | EUR | 2400 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp., 4.95%, 09/01/2029 |  | 660 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc., 5.40%, 08/14/2028 |  | 230 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp., 5.60%, 09/15/2028 |  | 95 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp., 6.05%, 02/15/2026 |  | 620 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weir Group, Inc., 5.35%, 05/06/2030 (e) |  | 600 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034 |  | 40 | 41 |
|  |  |  | 5124 |
| **Miscellaneous Manufacturers** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co., 1.75%, 05/15/2030 | EUR | 2220 | 2475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval Treasury International AB, (Sweden), Reg. S, 3.13%, 09/18/2031 | EUR | 2050 | 2399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp., 4.15%, 11/02/2042 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/17/2028 | EUR | 2100 | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/17/2032 | EUR | 4100 | 4871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp., 2.90%, 03/01/2030 | EUR | 3329 | 3893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029 |  | 2000 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Financieringsmaatschappij NV, (Netherlands), Reg. S, 4.00%, 05/27/2045 | EUR | 1100 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc., 1.60%, 04/01/2026 |  | 20 | 20 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 81

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Miscellaneous Manufacturers — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/2031 |  | 1000 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2035 |  | 7 | 7 |
|  |  |  | 20371 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor Group Finance plc, (United Kingdom), 5.45%, 05/23/2029 |  | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2028 |  | 615 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/2034 |  | 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America, 5.70%, 12/01/2033 |  | 6 | 6 |
|  |  |  | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 5.35%, 01/15/2030 |  | 545 | 560 |
| **Transportation** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; bpost SA, (Belgium), Reg. S, 3.29%, 10/16/2029 | EUR | 600 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Finance plc, (United Kingdom), Reg. S, 4.25%, 03/22/2031 | EUR | 659 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/2045 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/2044 |  | 160 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/2041 |  | 700 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/2054 |  | 900 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/2041 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 05/01/2050 |  | 370 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/01/2053 |  | 400 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., (Canada), 3.10%, 12/02/2051 |  | 210 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp., 4.90%, 03/15/2055 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bahn Finance GMBH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 09/29/2031 | EUR | 700 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/23/2029 | EUR | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/09/2027 | EUR | 140 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/26/2028 | EUR | 200 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/15/2036 | EUR | 350 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 12/08/2050 | EUR | 200 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/16/2035 | EUR | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/11/2031 | EUR | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 12/17/2027 | EUR | 300 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 12/18/2028 | EUR | 300 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/29/2051 | EUR | 412 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/28/2031 | EUR | 200 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/16/2040 | EUR | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 12/08/2032 | EUR | 200 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 11/06/2030 | EUR | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 08/16/2033 | EUR | 89 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/24/2030 | EUR | 300 | 342 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Transportation — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 07/08/2030 | AUD | 200 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/19/2029 | EUR | 200 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/19/2033 | EUR | 300 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/24/2034 | EUR | 500 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 09/20/2027 | EUR | 650 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 12/18/2037 | EUR | 293 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 10/29/2025 | AUD | 1000 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 10/13/2042 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/23/2043 | EUR | 300 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa) | EUR | 1500 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co., (Japan), Reg. S, 4.50%, 01/25/2036 | GBP | 2000 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovie dello Stato Italiane SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/25/2028 | EUR | 300 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/24/2032 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 05/23/2029 | EUR | 300 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/23/2033 | EUR | 200 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamburger Hochbahn AG, (Germany),<br>Reg. S, 0.13%, 02/24/2031 | EUR | 1400 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Poste SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/18/2029 | EUR | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/17/2027 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/21/2026 | EUR | 800 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/18/2036 | EUR | 200 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/17/2034 | EUR | 500 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/21/2032 | EUR | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 11/30/2028 | EUR | 300 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/14/2028 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/14/2033 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/12/2030 | EUR | 200 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 06/12/2035 | EUR | 400 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Network Rail Infrastructure Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 12/09/2030 | GBP | 390 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/2035 | GBP | 500 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 5.95%, 03/15/2064 |  | 660 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; OeBB-Infrastruktur AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/2029 | EUR | 325 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/24/2033 | EUR | 500 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/18/2032 | EUR | 400 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30, Reg. S, 3.50%, 10/19/2026 | EUR | 280 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA, (Italy), Reg. S, 0.50%, 12/10/2028 | EUR | 200 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTE Maritime Alaska LLC, Series 45689, 6.37%, 04/15/2028 |  | 1978 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transdev Group SA, (France), Reg. S, 3.85%, 05/21/2032 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/2032 | EUR | 1125 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/14/2055 |  | 19 | 19 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 82 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| **Transportation** — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VR-Yhtymae OYJ, (Finland), Reg. S, 2.38%, 05/30/2029 | EUR | 100 | 116 |
|  |  |  | 30515 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Trucking & Leasing** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP / PTL Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/2027 (e) |  | 730 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/01/2028 (e) |  | 1135 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/24/2026 (e) |  | 860 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028 (e) |  | 660 | 687 |
|  |  |  | 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 148329 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/04/2027 |  | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/04/2031 |  | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/04/2034 |  | 595 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030 |  | 62 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/2060 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/2061 |  | 20 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/2047 |  | 1000 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/14/2026 |  | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/2030 (e) |  | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., 2.20%, 03/15/2031 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; IBM International Capital Pte Ltd., (Singapore), 5.25%, 02/05/2044 |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/11/2040 | EUR | 169 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/09/2034 | EUR | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/2042 |  | 82 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2028 |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/2032 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2035 |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne FLIR LLC, 2.50%, 08/01/2030 |  | 80 | 73 |
|  |  |  | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business & Equipment — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW LLC / CDW Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/2026 |  | 985 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2029 |  | 68 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/2028 |  | 113 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 12/01/2031 |  | 172 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/2028 |  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/01/2030 |  | 760 | 765 |
|  |  |  | 2068 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Semiconductors — 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/2031 |  | 45 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/2027 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (e) (jj) |  | 3235 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036 (e) |  | 795 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 |  | 1605 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, 6.20%, 01/25/2037 (e) |  | 1640 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/11/2047 |  | 660 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/10/2028 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/2052 |  | 260 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/21/2054 |  | 235 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/10/2053 |  | 140 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/2035 |  | 86 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 11/01/2035 |  | 175 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/2031 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/2030 |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 |  | 1000 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/2026 |  | 590 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/2029 |  | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 2.70%, 09/15/2051 |  | 30 | 18 |
|  |  |  | 9787 |
| Software — 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc., 2.30%, 02/01/2030 |  | 28 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/2031 |  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2034 |  | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., 5.50%, 05/15/2034 |  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031 |  | 165 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc., 1.85%, 02/15/2031 |  | 17 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/21/2030 | EUR | 250 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/2041 |  | 80 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv Funding ULC, (Ireland), 2.88%, 06/15/2028 | EUR | 1000 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2031 | GBP | 1000 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2029 |  | 170 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/2049 |  | 87 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 |  | 1060 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/2050 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/2050 |  | 1105 | 684 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 83

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Software — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 |  | 85 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2050 |  | 1685 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 |  | 91 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/2036 |  | 280 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/2060 |  | 14 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 |  | 250 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/08/2044 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/27/2034 |  | 110 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 |  | 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/03/2065 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 |  | 70 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 305 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/2031 |  | 77 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/2028 |  | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group plc (The), (United Kingdom), Reg. S, 1.63%, 02/25/2031 | GBP | 2000 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/18/2029 | EUR | 7000 | 7605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/13/2030 | EUR | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 03/10/2031 | EUR | 300 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc., 1.40%, 09/01/2030 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., 5.00%, 04/01/2032 |  | 1106 | 1120 |
|  |  |  | 19382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  | 34457 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities** — **1.2%** |  |  |  |
| **Electric** — **1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A2A SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/15/2031 | EUR | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/16/2029 | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/02/2033 | EUR | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/16/2028 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/19/2027 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/30/2035 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 02/03/2034 | EUR | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 09/19/2030 | EUR | 200 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACEA SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/06/2029 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/23/2028 | EUR | 130 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 01/24/2031 | EUR | 500 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEP Texas, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 |  | 885 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/15/2029 |  | 510 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.10%, 07/01/2030 |  | 2600 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, 5.15%, 04/01/2034 |  | 10 | 10 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/2052 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/2051 |  | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/2027 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026 |  | 475 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliander NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/10/2030 | EUR | 400 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/24/2032 | EUR | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/09/2027 | EUR | 600 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/06/2033 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/07/2034 | EUR | 200 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/13/2028 | EUR | 600 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 05/06/2037 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alperia SpA, (Italy), Reg. S, 5.70%, 07/05/2028 | EUR | 100 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Illinois Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2050 |  | 1200 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 07/01/2054 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/2030 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.68%), 3.88%, 02/15/2062 (aa) |  | 195 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amprion GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/23/2033 | EUR | 1500 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.97%, 09/22/2032 | EUR | 800 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appalachian Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, 4.50%, 08/01/2032 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Z, 3.70%, 05/01/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Public Service Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/15/2031 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/2029 |  | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/01/2033 |  | 1375 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic City Electric Co., 4.00%, 10/15/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/2050 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/2053 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/01/2054 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/2051 |  | 50 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/2043 |  | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp., 2.50%, 06/15/2030 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2053 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AD, 2.90%, 07/01/2050 |  | 25 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/2052 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2030 |  | 5 | 5 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 84 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| Electric — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.59%), 6.70%, 05/15/2055 (aa) |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (CMT Index 5 Year + 3.25%), 7.00%, 02/15/2055 (aa) |  | 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027 | EUR | 1425 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coentreprise de Transport d'Electricite SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/29/2028 | EUR | 400 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 07/29/2032 | EUR | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/17/2036 | EUR | 300 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/2045 |  | 980 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 131, 2.75%, 09/01/2051 |  | 440 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 132, 3.15%, 03/15/2032 |  | 60 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Light and Power Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/2034 |  | 338 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.05%, 07/01/2031 |  | 905 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/2051 |  | 50 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/2061 |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/2033 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/15/2052 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.35%, 04/01/2030 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 05/15/2049 |  | 275 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.30%, 12/01/2056 |  | 740 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/2052 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/30/2029 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/2030 |  | 69 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/2043 |  | 1400 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2053 |  | 505 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.85%, 08/15/2052 |  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (CMT Index 5 Year + 3.20%), 4.35%, 01/15/2027 (x) (aa) |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/2045 |  | 1100 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.25%, 04/01/2051 |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/2026 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/2027 |  | 560 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 06/15/2029 |  | 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/2052 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/2033 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/15/2053 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/15/2054 |  | 85 | 82 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Electric — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/01/2030 |  | 110 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/2028 | EUR | 2150 | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2034 | EUR | 2200 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2032 |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, 3.00%, 12/15/2051 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/2053 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/2054 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 4.00%, 04/01/2052 |  | 20 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON International Finance BV, (Netherlands), Reg. S, 5.88%, 10/30/2037 | GBP | 1000 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA, (Portugal), Reg. S, 1.63%, 04/15/2027 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/13/2026 | EUR | 600 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/29/2033 | EUR | 500 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/13/2036 | EUR | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 12/09/2049 | EUR | 1100 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/07/2032 | EUR | 300 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/05/2027 | EUR | 800 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 01/12/2027 | EUR | 300 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 05/07/2037 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 06/17/2031 | EUR | 1200 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 01/25/2032 | EUR | 400 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 10/12/2029 | EUR | 500 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 06/17/2036 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 11/12/2040 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 01/25/2043 | EUR | 400 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/12/2034 | EUR | 1700 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 06/17/2044 | EUR | 400 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 03/27/2037 | GBP | 500 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 02/21/2033 | EUR | 200 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/18/2031 | GBP | 465 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 01/23/2114 | GBP | 600 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 06/02/2034 | GBP | 600 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA, (Belgium), Reg. S, 3.88%, 06/11/2031 | EUR | 2400 | 2880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Transmission Belgium SA, (Belgium), Reg. S, 3.63%, 01/18/2033 | EUR | 5400 | 6487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 06/15/2031 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2046 |  | 45 | 37 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 85

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Electric — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; EnBW Energie Baden-Wuerttemberg AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.65%), 1.38%, 08/31/2081 (aa) | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.73%), 1.63%, 08/05/2079 (aa) | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.66%), 5.25%, 01/23/2084 (aa) | EUR | 500 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnBW International Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/01/2028 | EUR | 182 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/01/2033 | EUR | 97 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/31/2033 | EUR | 420 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/20/2029 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/24/2028 | EUR | 120 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/22/2031 | EUR | 300 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 11/20/2035 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.85%, 05/23/2030 | EUR | 400 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/24/2035 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 07/22/2036 | EUR | 300 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.05%, 11/22/2029 | EUR | 200 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.30%, 05/23/2034 | EUR | 300 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 07/07/2039 | EUR | 40 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance International NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.75%, 06/17/2030 | EUR | 12655 | 13386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/06/2028 (e) |  | 1300 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041 | EUR | 100 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enexis Holding NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/14/2033 | EUR | 400 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 06/17/2032 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/02/2031 | EUR | 334 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/09/2033 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/12/2034 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 04/09/2037 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/2051 |  | 76 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/2025 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.67%), 7.13%, 12/01/2054 (aa) |  | 74 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/15/2032 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/01/2031 |  | 2073 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Texas, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/2029 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2052 |  | 19 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 09/15/2054 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESB Finance DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/19/2034 | EUR | 100 | 96 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Electric — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/11/2030 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 02/07/2029 | EUR | 200 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 06/14/2031 | EUR | 224 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 06/08/2027 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/25/2043 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/03/2028 | EUR | 400 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 05/03/2032 | EUR | 200 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 03/03/2036 | EUR | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurogrid GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.72%, 04/27/2030 | EUR | 2000 | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.73%, 10/18/2035 | EUR | 1400 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.06%, 05/28/2037 | EUR | 1600 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Kansas Central, Inc., 3.45%, 04/15/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Metro, Inc., Series 2020, 2.25%, 06/01/2030 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc., (CMT Index 5 Year + 2.56%), 6.65%, 06/01/2055 (aa) |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/2032 |  | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/2027 |  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2033 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/15/2034 |  | 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; EWE AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/08/2028 | EUR | 200 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2032 | EUR | 390 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., 2.75%, 03/15/2027 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fingrid OYJ, (Finland), Reg. S, 3.25%, 03/20/2034 | EUR | 400 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., Series C, 3.40%, 03/01/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/03/2032 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/2051 |  | 35 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/2048 |  | 500 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/15/2029 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2053 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/2065 |  | 276 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; FLUVIUS System Operator CV, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/14/2028 | EUR | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 12/02/2030 | EUR | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/24/2031 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/12/2035 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 03/18/2031 | EUR | 300 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 05/09/2033 | EUR | 3600 | 4334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 05/02/2034 | EUR | 300 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 07/06/2032 | EUR | 200 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 02/27/2029 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/26/2033 | EUR | 300 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 (jj) |  | 2350 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2052 |  | 17 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 01/30/2050 |  | 10 | 8 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 86 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| Electric — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hera SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 12/03/2030 | EUR | 160 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/05/2027 | EUR | 400 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/25/2034 | EUR | 200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2029 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 07/15/2031 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 04/20/2033 | EUR | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.20%, 01/29/2028 | EUR | 200 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola International BV, (Netherlands), Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%,<br>01/28/2029 (x) (aa) | EUR | 2000 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ignitis Grupe AB, (Lithuania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 07/10/2028 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/21/2030 | EUR | 110 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interstate Power and Light Co., 3.50%, 09/30/2049 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC Holdings Corp., 4.95%, 09/22/2027 (e) |  | 1170 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., 5.10%, 01/15/2035 |  | 670 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Utilities Co., 3.30%, 06/01/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidAmerican Energy Co., 2.70%, 08/01/2052 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Power Co., Series B, 3.10%, 07/30/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid Electricity Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027 | GBP | 20 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040 | GBP | 425 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc, (United Kingdom), 5.42%, 01/11/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., 5.80%, 01/15/2033 |  | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Finance Iberia SA, (Spain), Reg. S, 1.88%, 10/05/2029 | EUR | 1000 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nevada Power Co., (CMT Index 5 Year + 1.94%), 6.25%, 05/15/2055 (aa) |  | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 |  | 1180 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/2029 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2052 |  | 205 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2030 |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/15/2032 |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2025 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/15/2055 |  | 620 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa) |  | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIE Finance plc, (United Kingdom), Reg. S, 5.88%, 12/01/2032 | GBP | 200 | 286 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Electric — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Powergrid Yorkshire plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 05/04/2035 | GBP | 150 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 04/01/2050 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;1300 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern States Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/2031 |  | 1450 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/2051 |  | 16 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/2054 (jj) |  | 1500 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/02/2025 (e) |  | 2150 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/2027 (e) |  | 2275 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSTAR Electric Co., 4.55%, 06/01/2052 |  | 470 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., 5.05%, 10/01/2048 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/2047 |  | 900 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/2053 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/2049 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/2028 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 06/14/2028 | EUR | 1000 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 04/09/2040 | GBP | 425 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2026 |  | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2047 |  | 900 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/2032 |  | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2040 |  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/2050 |  | 800 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2052 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/01/2054 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/15/2029 |  | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2053 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/2052 |  | 720 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/2051 |  | 1750 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2049 |  | 165 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/2050 |  | 110 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; PECO Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/2050 |  | 50 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/2051 |  | 435 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/2052 |  | 270 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/15/2033 |  | 1640 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031 | EUR | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potomac Electric Power Co., 5.50%, 03/15/2054 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., 4.13%, 04/15/2030 |  | 40 | 39 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 87

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Electric — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/15/2034 |  | 1015 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2053 |  | 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2053 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2054 |  | 665 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 38, 4.10%, 06/01/2032 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 39, 4.50%, 06/01/2052 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/2035 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/15/2036 |  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/2031 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/2050 |  | 10 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2051 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/2032 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/2033 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/01/2034 |  | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/01/2054 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/01/2054 |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q, 5.05%, 03/01/2035 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puget Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/15/2028 |  | 1030 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 03/15/2032 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puget Sound Energy, Inc., 5.33%, 06/15/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. SA, (Spain), Reg. S, 3.38%, 07/09/2032 | EUR | 4800 | 5677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resa SA, (Belgium), Reg. S, 3.50%, 05/22/2031 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTE Reseau de Transport d'Electricite SADIR, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/08/2032 | EUR | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/12/2034 | EUR | 300 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 07/08/2040 | EUR | 200 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/09/2049 | EUR | 200 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/27/2030 | EUR | 300 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/23/2037 | EUR | 300 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/18/2036 | EUR | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 09/27/2038 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 12/07/2031 | EUR | 400 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 04/30/2033 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 10/02/2036 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 07/04/2035 | EUR | 300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/30/2044 | EUR | 300 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., 4.15%, 05/15/2048 |  | 800 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra, (CMT Index 5 Year + 2.79%), 6.88%, 10/01/2054 (aa) |  | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/2050 |  | 355 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2047 |  | 355 | 255 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Electric — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2042 |  | 900 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 |  | 500 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.95%, 02/01/2051 |  | 875 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/2048 |  | 265 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/2033 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/2032 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/2034 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, (CMT Index 5 Year + 2.92%), 3.75%, 09/15/2051 (aa) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.70%, 04/30/2030 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2033 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.65%, 03/15/2026 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Public Service Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/2047 |  | 1000 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2054 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8, 3.15%, 05/01/2050 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031 | GBP | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032 | EUR | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stedin Holding NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/14/2029 | EUR | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 09/19/2028 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/03/2030 | EUR | 400 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/12/2037 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tampa Electric Co., 4.30%, 06/15/2048 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; TenneT Holding BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/09/2031 | EUR | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/30/2040 | EUR | 200 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/03/2030 | EUR | 120 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/16/2035 | EUR | 300 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/09/2041 | EUR | 300 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/24/2033 | EUR | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/05/2028 | EUR | 300 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/26/2029 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/03/2039 | EUR | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 11/17/2026 | EUR | 450 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 06/13/2036 | EUR | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/05/2034 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 11/17/2029 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/17/2042 | EUR | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 10/28/2028 | EUR | 200 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 04/28/2032 | EUR | 200 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 10/28/2034 | EUR | 500 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/28/2042 | EUR | 300 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tucson Electric Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/2030 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/2034 |  | 1220 | 1225 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 88 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| Electric — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/2032 |  | 40 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/2052 |  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/2055 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2034 |  | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund AG, (Austria), Reg. S, 0.90%, 04/01/2041 | EUR | 300 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/2049 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/15/2034 |  | 273 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/15/2055 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.80%, 09/15/2047 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/2052 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., 5.00%, 09/27/2025 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Power and Light Co., 3.00%, 07/01/2029 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., 3.30%, 09/01/2049 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc., 1.75%, 03/15/2027 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zapadoslovenska Energetika A/S, (Slovakia), Reg. S, 1.75%, 03/02/2028 | EUR | 100 | 113 |
|  |  |  | 149174 |
| **Gas** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Infrastructure Ltd., (Australia), Reg. S, 2.00%, 07/15/2030 | EUR | 1000 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/15/2031 |  | 1600 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/15/2029 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/15/2052 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/2049 |  | 200 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2052 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Gas Co., 5.84%, 01/10/2035 (e) |  | 715 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038 | GBP | 1725 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., 5.25%, 03/01/2028 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica plc, (United Kingdom), Reg. S, 4.25%, 09/12/2044 | GBP | 1000 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; GAS Networks Ireland, (Ireland), Reg. S, 3.25%, 09/12/2030 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA, (Italy), Reg. S, 1.00%, 12/11/2031 | EUR | 1125 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., 5.95%, 03/15/2035 |  | 130 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Gas Transmission plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031 | GBP | 1600 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nederlandse Gasunie NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/03/2031 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 10/13/2036 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/11/2034 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 04/23/2035 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 04/29/2044 | EUR | 200 | 233 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Gas — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/2027 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/2030 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2047 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2052 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/30/2033 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.53%), 6.38%, 03/31/2055 (aa) |  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/2031 |  | 1550 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/01/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 05/15/2052 |  | 570 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/01/2034 |  | 865 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2055 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/2032 (jj) |  | 2900 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 3.15%, 09/30/2051 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Gas Networks plc,<br>(United Kingdom), 6.38%, 05/15/2040 | GBP | 825 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Corp., 4.05%, 03/15/2032 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPP-Distribucia A/S, (Slovakia), Reg. S, 1.00%, 06/09/2031 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vier Gas Transport GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/10/2034 | EUR | 1200 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 11/11/2031 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;2700 | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wales & West Utilities Finance plc,<br>(United Kingdom), Reg. S, 1.88%, 05/28/2041 | GBP | 825 | 668 |
|  |  |  | 22579 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/2032 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/01/2031 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northumbrian Water Finance plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/11/2026 | GBP | 825 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 01/23/2042 | GBP | 1000 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 04/29/2033 | GBP | 425 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033 | GBP | 900 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wessex Water Services Finance plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/17/2029 | GBP | 700 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 03/10/2028 | GBP | 2425 | 3360 |
|  |  |  | 8077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 179830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $1,996,589) |  |  | 2085085 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 89

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — 62.6%** | **Foreign Government Securities — 62.6%** | **Foreign Government Securities — 62.6%** | |
| **Sovereign — 54.5%** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Action Logement Services, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/05/2031 | EUR | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 09/28/2037 | EUR | 600 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 05/25/2043 | EUR | 800 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 10/03/2038 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Andorra International Bond, (Andorra), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 02/23/2027 | EUR | 800 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/06/2031 | EUR | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia Government Bond, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 136, Reg. S, 4.75%, 04/21/2027 | AUD | 9420 | 6365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 138, Reg. S, 3.25%, 04/21/2029 | AUD | 9630 | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 144, Reg. S, 3.75%, 04/21/2037 | AUD | 4500 | 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 145, Reg. S, 2.75%, 06/21/2035 | AUD | 5340 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 147, Reg. S, 3.25%, 06/21/2039 | AUD | 3060 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, Reg. S, 2.75%, 11/21/2027 | AUD | 12590 | 8194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, Reg. S, 2.25%, 05/21/2028 | AUD | 10630 | 6803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, Reg. S, 3.00%, 03/21/2047 | AUD | 3826 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 152, Reg. S, 2.75%, 11/21/2028 | AUD | 6428 | 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 154, Reg. S, 2.75%, 11/21/2029 | AUD | 11105 | 7114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 155, Reg. S, 2.50%, 05/21/2030 | AUD | 15855 | 9985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 156, Reg. S, 2.75%, 05/21/2041 | AUD | 4380 | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 157, 1.50%, 06/21/2031 | AUD | 14300 | 8335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 158, 1.25%, 05/21/2032 | AUD | 12360 | 6882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 160, Reg. S, 1.00%, 12/21/2030 | AUD | 9420 | 5416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 162, Reg. S, 1.75%, 06/21/2051 | AUD | 5590 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 163, Reg. S, 1.00%, 11/21/2031 | AUD | 8730 | 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 164, Reg. S, 0.50%, 09/21/2026 | AUD | 10000 | 6365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 165, Reg. S, 1.75%, 11/21/2032 | AUD | 5800 | 3295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 166, Reg. S, 3.00%, 11/21/2033 | AUD | 6030 | 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 167, Reg. S, 3.75%, 05/21/2034 | AUD | 9040 | 5812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 168, Reg. S, 3.50%, 12/21/2034 | AUD | 7660 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 169, Reg. S, 4.75%, 06/21/2054 | AUD | 2910 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 170, Reg. S, 4.25%, 06/21/2034 | AUD | 2150 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 171, Reg. S, 4.25%, 12/21/2035 | AUD | 3580 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 172, Reg. S, 4.25%, 03/21/2036 | AUD | 3510 | 2319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda Government International Bond,(Bermuda), 2.38%, 08/20/2030 (e) |  | 670 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e) | CLP | 300000 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bpifrance SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2028 | EUR | 600 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/26/2029 | EUR | 1100 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/25/2028 | EUR | 300 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/29/2030 | EUR | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/04/2031 | EUR | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/22/2031 | EUR | 900 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 11/25/2026 | EUR | 3300 | 3824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/26/2028 | EUR | 200 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/25/2030 | EUR | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 11/29/2027 | EUR | 600 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/25/2029 | EUR | 500 | 594 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 11/25/2029 | EUR | 500 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 11/25/2031 | EUR | 700 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/31/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/10/2026 | EUR | 1800 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2032 | EUR | 1000 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2035 | EUR | 300 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 11/25/2032 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/25/2034 | EUR | 1300 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 09/27/2027 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bulgaria Government International Bond, (Bulgaria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 4.13%, 09/23/2029 | EUR | 1000 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12YR, Reg. S, 3.00%, 03/21/2028 | EUR | 800 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12Y, Reg. S, 4.63%, 09/23/2034 | EUR | 1000 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 1.38%, 09/23/2050 | EUR | 1300 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesobligation, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 184, Reg. S, 0.00%, 10/09/2026 | EUR | 7870 | 9059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 185, Reg. S, 0.00%, 04/16/2027 | EUR | 2083 | 2375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 186, Reg. S, 1.30%, 10/15/2027 | EUR | 8520 | 9916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 187, Reg. S, 2.20%, 04/13/2028 | EUR | 10230 | 12147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 188, Reg. S, 2.40%, 10/19/2028 | EUR | 11180 | 13345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 189, Reg. S, 2.10%, 04/12/2029 | EUR | 16050 | 18946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 190, Reg. S, 2.50%, 10/11/2029 | EUR | 6880 | 8234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 191, Reg. S, 2.40%, 04/18/2030 | EUR | 9580 | 11406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 1.30%, 10/15/2027 | EUR | 10350 | 12045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 2.10%, 04/12/2029 | EUR | 3000 | 3542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland Bundesanleihe, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 08/15/2046 | EUR | 11196 | 12161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 08/15/2056 | EUR | 3910 | 4420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 07/04/2027 | EUR | 16810 | 21605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 2.10%, 11/15/2029 | EUR | 10170 | 11973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 2.40%, 11/15/2030 | EUR | 5260 | 6253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 0.00%, 11/15/2027 | EUR | 7311 | 8244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 0.00%, 11/15/2028 | EUR | 6365 | 7024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 08/15/2026 | EUR | 5510 | 6361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 08/15/2029 | EUR | 8302 | 8997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 02/15/2030 | EUR | 9433 | 10090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 08/15/2030 | EUR | 7440 | 7859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 02/15/2031 | EUR | 4369 | 4552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 08/15/2031 | EUR | 9650 | 9918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 02/15/2032 | EUR | 10314 | 10436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.25%, 02/15/2027 | EUR | 3990 | 4584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.25%, 08/15/2028 | EUR | 9599 | 10736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.25%, 02/15/2029 | EUR | 4610 | 5104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 08/15/2027 | EUR | 3370 | 3860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 02/15/2028 | EUR | 11770 | 13381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.70%, 08/15/2032 | EUR | 8320 | 9384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.20%, 02/15/2034 | EUR | 7050 | 8102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.30%, 02/15/2033 | EUR | 11515 | 13454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.50%, 02/15/2035 | EUR | 2540 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.60%, 08/15/2033 | EUR | 8640 | 10276 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 90 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.60%, 08/15/2034 | EUR | 9080 | 10732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 0.00%, 05/15/2035 | EUR | 6109 | 5562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 0.00%, 05/15/2036 | EUR | 12190 | 10721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 1.00%, 05/15/2038 | EUR | 12002 | 11370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17Y, Reg. S, 2.60%, 05/15/2041 | EUR | 3800 | 4283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.50%, 08/15/2054 | EUR | 6975 | 7301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 5.50%, 01/04/2031 | EUR | 7190 | 9891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 5.63%, 01/04/2028 | EUR | 780 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 6.25%, 01/04/2030 | EUR | 1025 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 0.00%, 08/15/2050 | EUR | 13481 | 7509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 0.00%, 08/15/2052 | EUR | 12605 | 6600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 1.25%, 08/15/2048 | EUR | 12840 | 10717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 1.80%, 08/15/2053 | EUR | 9990 | 8974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.75%, 07/04/2034 | EUR | 14971 | 20789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 2.50%, 07/04/2044 | EUR | 9865 | 10812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 3.25%, 07/04/2042 | EUR | 1806 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 4.00%, 01/04/2037 | EUR | 12423 | 16444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 4.25%, 07/04/2039 | EUR | 5644 | 7705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 4.75%, 07/04/2040 | EUR | 6924 | 9980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 0.00%, 08/15/2030 | EUR | 1320 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 0.00%, 08/15/2031 | EUR | 740 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 0.00%, 08/15/2050 | EUR | 5902 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 1.80%, 08/15/2053 | EUR | 2318 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 2.30%, 02/15/2033 | EUR | 1850 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesschatzanweisungen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 06/10/2027 | EUR | 4710 | 5532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2Y, Reg. S, 2.00%, 12/10/2026 | EUR | 2620 | 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2Y, Reg. S, 2.20%, 03/11/2027 | EUR | 3270 | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2Y, Reg. S, 2.70%, 09/17/2026 | EUR | 9250 | 11005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse d'Amortissement de la Dette Sociale, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/25/2028 | EUR | 2200 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2029 | EUR | 500 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2030 | EUR | 1400 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2031 | EUR | 1600 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/15/2031 | EUR | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.45%, 01/19/2032 | EUR | 2200 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 11/25/2029 | EUR | 1400 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2032 | EUR | 1500 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/25/2027 | EUR | 800 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/24/2028 | EUR | 800 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/24/2027 | EUR | 1400 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/25/2029 | EUR | 2400 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 11/25/2032 | EUR | 1400 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/25/2027 | EUR | 2100 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/25/2030 | EUR | 500 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2028 | EUR | 800 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/25/2031 | EUR | 2100 | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/01/2030 | EUR | 1500 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse Francaise de Financement Local SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/30/2031 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/11/2032 | EUR | 100 | 105 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/02/2028 | EUR | 5000 | 5988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/19/2036 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/20/2033 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 11/24/2033 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/17/2039 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/17/2029 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Government Bond, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/01/2027 | CAD | 200 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/2031 | CAD | 600 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/01/2053 | CAD | 400 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2032 | CAD | 600 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | CAD | 530 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2028 | CAD | 500 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2029 | CAD | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 | CAD | 2090 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2041 | CAD | 150 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bond, (Chile), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 07/02/2031 | EUR | 1050 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 07/26/2036 | EUR | 1000 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/27/2033 |  | 200 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Government Bond, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62%, 08/15/2027 | CNY | 190000 | 26627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/2027 | CNY | 65500 | 9217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 11/25/2034 | CNY | 93700 | 13450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/2029 | CNY | 110600 | 15747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11%, 08/25/2034 | CNY | 40500 | 5845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 08/15/2026 | CNY | 209500 | 29499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 03/25/2031 | CNY | 36100 | 5226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/25/2034 | CNY | 153200 | 22489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37%, 01/20/2027 | CNY | 283000 | 40091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37%, 01/15/2029 | CNY | 145900 | 20989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 11/15/2026 | CNY | 268000 | 37911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/15/2028 | CNY | 635000 | 91143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 04/15/2027 | CNY | 166300 | 23653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/25/2028 | CNY | 193900 | 27936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/25/2027 | CNY | 81700 | 11636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 08/25/2033 | CNY | 593800 | 88076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 12/25/2030 | CNY | 122000 | 17888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/15/2028 | CNY | 30700 | 4434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/15/2030 | CNY | 209200 | 30709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/01/2032 | CNY | 307900 | 45805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/15/2028 | CNY | 38000 | 5476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 06/25/2030 | CNY | 264500 | 38848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/25/2074 | CNY | 68200 | 11427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 05/25/2033 | CNY | 661800 | 99102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 11/25/2033 | CNY | 90300 | 13559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 05/21/2030 | CNY | 525400 | 77299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.71%, 06/16/2033 | CNH | 11000 | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/15/2029 | CNY | 87800 | 12841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/24/2029 | CNY | 363600 | 53163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.82%, 08/12/2032 | CNY | 10000 | 1504 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 91

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 10/25/2052 | CNY | 175600 | 30509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 04/15/2053 | CNY | 136000 | 23980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 03/25/2073 | CNY | 141970 | 27570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.31%, 11/30/2025 | CNH | 2000 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 04/15/2052 | CNY | 281030 | 50247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/04/2026 | CNH | 24000 | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 03/16/2050 | CNY | 17740 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 10/18/2051 | CNY | 133600 | 24646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 06/27/2028 | CNH | 26500 | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 05/21/2030 | CNH | 8500 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 04/12/2051 | CNY | 87700 | 16647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 05/25/2070 | CNY | 14670 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 09/14/2050 | CNY | 55000 | 10595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.85%, 12/12/2026 | CNH | 19000 | 2745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 07/04/2036 | CNH | 13500 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/30/2035 | CNH | 30500 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/24/2069 | CNY | 5000 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 12/04/2027 | CNH | 20000 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 12/12/2031 | CNH | 3000 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.29%, 05/22/2029 | CNH | 3000 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.40%, 12/12/2046 | CNH | 26000 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, (Colombia), 9.85%, 06/28/2027 | COP | 500000 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.75%, 11/24/2027 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croatia Government International Bond, (Croatia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/19/2029 | EUR | 300 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/17/2031 | EUR | 1290 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/04/2041 | EUR | 500 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 06/15/2028 | EUR | 2850 | 3399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/22/2032 | EUR | 1660 | 1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2027 | EUR | 300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/11/2037 | EUR | 560 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/12/2034 | EUR | 1960 | 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cyprus Government International Bond, (Cyprus), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/21/2030 | EUR | 235 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 01/20/2032 | EUR | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/21/2040 | EUR | 720 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 04/16/2050 | EUR | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/03/2049 | EUR | 230 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/27/2031 | EUR | 1069 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 04/13/2033 | EUR | 360 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Republic Government Bond, (Czech Republic), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 49, Reg. S, 4.20%, 12/04/2036 | CZK | 5390 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 53, Reg. S, 4.85%, 11/26/2057 | CZK | 2340 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 78, Reg. S, 2.50%, 08/25/2028 | CZK | 39010 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 94, Reg. S, 0.95%, 05/15/2030 | CZK | 89350 | 3729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 95, Reg. S, 1.00%, 06/26/2026 | CZK | 500 | 23 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 100, 0.25%, 02/10/2027 | CZK | 60340 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 103, 2.00%, 10/13/2033 | CZK | 45850 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 105, 2.75%, 07/23/2029 | CZK | 29860 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 121, 1.20%, 03/13/2031 | CZK | 54460 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 125, 1.50%, 04/24/2040 | CZK | 22990 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 130, 0.05%, 11/29/2029 | CZK | 13030 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 138, 1.75%, 06/23/2032 | CZK | 42310 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 142, 1.95%, 07/30/2037 | CZK | 12960 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 145, 3.50%, 05/30/2035 | CZK | 47820 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, 5.50%, 12/12/2028 | CZK | 83830 | 4235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, 5.00%, 09/30/2030 | CZK | 60730 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151, 4.90%, 04/14/2034 | CZK | 51240 | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 152, 6.20%, 06/16/2031 | CZK | 17600 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 153, 5.75%, 03/29/2029 | CZK | 18100 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 154, 4.50%, 11/11/2032 | CZK | 35960 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 156, 3.00%, 03/03/2033 | CZK | 13630 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 157, 3.60%, 06/03/2036 | CZK | 24020 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 160, 4.25%, 10/24/2034 | CZK | 23330 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark Government Bond, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/2025 | DKK | 3200 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 0.50%, 11/15/2027 | DKK | 20078 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 0.50%, 11/15/2029 | DKK | 20004 | 2961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 2.25%, 11/15/2035 | DKK | 2890 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, 4.50%, 11/15/2039 | DKK | 27090 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, 0.25%, 11/15/2052 | DKK | 22551 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 11/15/2031 | DKK | 16570 | 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, 2.25%, 11/15/2033 | DKK | 3650 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TWIN, 0.00%, 11/15/2031 | DKK | 14257 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TWIN, 2.25%, 11/15/2033 | DKK | 23390 | 3657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estonia Government International Bond, (Estonia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/17/2034 | EUR | 1340 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.13%, 06/10/2030 | EUR | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.00%, 10/12/2032 | EUR | 290 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Financial Stability Facility, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 10/17/2029 | EUR | 9000 | 9607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/18/2052 | EUR | 1000 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.20%, 02/17/2045 | EUR | 2325 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 02/13/2043 | EUR | 1900 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/17/2053 | EUR | 2050 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/28/2056 | EUR | 2000 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/21/2032 | EUR | 5000 | 5778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 12/03/2029 | EUR | 1020 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/03/2037 | EUR | 3000 | 3608 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Stability Mechanism, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/04/2030 | EUR | 1900 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/05/2028 | EUR | 2750 | 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/18/2042 | EUR | 1020 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 10/20/2045 | EUR | 1050 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.85%, 12/01/2055 | EUR | 180 | 142 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 92 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; European Union, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/04/2028 | EUR | 1000 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/22/2031 | EUR | 5800 | 5881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.45%, 07/04/2041 | EUR | 9800 | 7267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 07/06/2051 | EUR | 5900 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/04/2031 | EUR | 3925 | 4169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/06/2032 | EUR | 5800 | 6083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/04/2036 | EUR | 1265 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 10/04/2029 | EUR | 8000 | 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/04/2035 | EUR | 5000 | 5054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/04/2032 | EUR | 1200 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 10/04/2038 | EUR | 10000 | 11784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 10/05/2054 | EUR | 2300 | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/04/2042 | EUR | 5015 | 5985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.00%, 10/04/2030 | EUR | 10000 | 10361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.10%, 10/04/2040 | EUR | 7675 | 5468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.20%, 06/04/2036 | EUR | 9600 | 8271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.30%, 11/04/2050 | EUR | 1220 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.45%, 05/02/2046 | EUR | 5000 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.75%, 01/04/2047 | EUR | 5000 | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 1.13%, 06/04/2037 | EUR | 5000 | 4667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Export Development Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/18/2029 | EUR | 500 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/19/2028 | EUR | 1000 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of China (The), (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1910, 3.86%, 05/20/2029 | CNY | 97800 | 14772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007, 3.26%, 02/24/2027 | CNY | 86000 | 12330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010, 3.23%, 03/23/2030 | CNY | 64400 | 9618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011, 3.74%, 11/16/2030 | CNY | 10000 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, 3.38%, 07/16/2031 | CNY | 12900 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2205, 2.61%, 01/27/2027 | CNY | 18000 | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2210, 3.18%, 03/11/2032 | CNY | 163400 | 24863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2211, 2.90%, 08/19/2032 | CNY | 128600 | 19312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2215, 2.82%, 06/17/2027 | CNY | 86000 | 12288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2305, 2.87%, 02/06/2028 | CNY | 158300 | 22808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2310, 3.10%, 02/13/2033 | CNY | 100700 | 15367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2311, 2.85%, 07/07/2033 | CNY | 61800 | 9312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2313, 2.50%, 10/13/2026 | CNY | 56400 | 7964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2315, 2.50%, 08/04/2028 | CNY | 7000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2410, 2.44%, 04/12/2034 | CNY | 16000 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea,<br>(South Korea), 3.63%, 09/18/2027 | EUR | 500 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland Government Bond, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, Reg. S, 1.38%, 04/15/2027 (e) | EUR | 1760 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 0.00%, 09/15/2026 (e) | EUR | 3760 | 4330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, Reg. S, 2.50%, 04/15/2030 (e) | EUR | 1810 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, Reg. S, 2.88%, 04/15/2029 (e) | EUR | 1160 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 09/15/2030 (e) | EUR | 670 | 695 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.13%, 09/15/2031 (e) | EUR | 2215 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 09/15/2027 (e) | EUR | 660 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 09/15/2028 (e) | EUR | 3874 | 4333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 09/15/2029 (e) | EUR | 1680 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.50%, 09/15/2032 (e) | EUR | 2320 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 09/15/2033 (e) | EUR | 2520 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 09/15/2034 (e) | EUR | 3060 | 3624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 09/15/2035 (e) | EUR | 1210 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 2.75%, 04/15/2038 (e) | EUR | 1780 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 0.13%, 04/15/2036 (e) | EUR | 1010 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 0.75%, 04/15/2031 (e) | EUR | 1321 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 1.13%, 04/15/2034 (e) | EUR | 1981 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 2.75%, 07/04/2028 (e) | EUR | 960 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 0.25%, 09/15/2040 (e) | EUR | 1774 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21Y, Reg. S, 0.50%, 04/15/2043 (e) | EUR | 1700 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 1.38%, 04/15/2047 (e) | EUR | 3237 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.63%, 07/04/2042 (e) | EUR | 1375 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 0.13%, 04/15/2052 (e) | EUR | 800 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 2.95%, 04/15/2055 | EUR | 1450 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finnvera OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/15/2027 | EUR | 500 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/09/2029 | EUR | 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 08/07/2028 | EUR | 1300 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/17/2032 | EUR | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 07/14/2033 | EUR | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 03/08/2028 | EUR | 300 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 08/30/2029 | EUR | 500 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bond OAT, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/25/2027 (e) | EUR | 5895 | 6726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2029 (e) | EUR | 26745 | 28319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2030 (e) | EUR | 12960 | 13279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2031 (e) | EUR | 23194 | 22926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2032 (e) | EUR | 18660 | 18085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/25/2026 (e) | EUR | 20346 | 23413 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 93

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2029 (e) | EUR | 20987 | 23004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2040 (e) | EUR | 14652 | 11081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/25/2044 (e) | EUR | 7165 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2072 (e) | EUR | 4943 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/25/2028 (e) | EUR | 15280 | 17365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2028 (e) | EUR | 18623 | 21065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/25/2028 (e) | EUR | 14807 | 16574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2052 (e) | EUR | 12577 | 7037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2053 (e) | EUR | 12298 | 6710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/25/2027 (e) | EUR | 14218 | 16444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2034 (e) | EUR | 18576 | 18698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2036 (e) | EUR | 14164 | 13481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2038 (e) | EUR | 11360 | 10245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2031 (e) | EUR | 16243 | 17905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2050 (e) | EUR | 8460 | 6151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 06/25/2039 (e) | EUR | 11707 | 11079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2066 (e) | EUR | 6556 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/25/2032 (e) | EUR | 14010 | 15489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/25/2048 (e) | EUR | 8507 | 7214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/24/2026 (e) | EUR | 3158 | 3746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/24/2027 (e) | EUR | 17730 | 21088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2030 (e) | EUR | 23631 | 27802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2043 (e) | EUR | 8540 | 8428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 02/25/2031 (e) | EUR | 3050 | 3596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/25/2027 (e) | EUR | 23049 | 27566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/25/2029 (e) | EUR | 23820 | 28455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/25/2030 (e) | EUR | 17140 | 20399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2033 (e) | EUR | 20400 | 24010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/25/2034 (e) | EUR | 15600 | 18071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/25/2049 (e) | EUR | 3210 | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2054 (e) | EUR | 11040 | 10760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 05/25/2035 (e) | EUR | 8570 | 10037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2045 (e) | EUR | 11085 | 12097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2055 (e) | EUR | 7930 | 8071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 11/25/2033 (e) | EUR | 17085 | 20757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 05/25/2042 (e) | EUR | 3890 | 4508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 05/25/2056 (e) | EUR | 2020 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/25/2038 (e) | EUR | 6769 | 8371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/25/2055 (e) | EUR | 6181 | 7261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/25/2060 (e) | EUR | 6447 | 7494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 04/25/2041 (e) | EUR | 10372 | 13436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 04/25/2035 (e) | EUR | 10467 | 13886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 04/25/2029 (e) | EUR | 4037 | 5293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 10/25/2032 (e) | EUR | 1029 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Republic Government Bond, (Greece), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/18/2031 (e) | EUR | 2170 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/18/2030 (e) | EUR | 2940 | 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 06/18/2032 (e) | EUR | 1410 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 02/04/2035 (e) | EUR | 1910 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 01/24/2052 (e) | EUR | 1580 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/15/2034 (e) | EUR | 1480 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/15/2035 (e) | EUR | 1725 | 2087 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/30/2028 | EUR | 1400 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/15/2028 (e) | EUR | 3540 | 4364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 03/12/2029 (e) | EUR | 1480 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 01/30/2033 | EUR | 2030 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/30/2037 | EUR | 2000 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 06/15/2054 (e) | EUR | 700 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.20%, 01/30/2042 | EUR | 2590 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/15/2033 (e) | EUR | 1050 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 07/18/2038 (e) | EUR | 1100 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp; HM Treasury UK Sovereign Sukuk plc, (United Kingdom), Reg. S, 0.33%, 07/22/2026 | GBP | 900 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Government Bond Programme, (Hong Kong), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 03/04/2036 | HKD | 3100 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97%, 01/17/2029 | HKD | 2400 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 03/07/2034 | HKD | 3000 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Government Infrastructure Bond Programme, (Hong Kong), 3.84%, 01/16/2035 | HKD | 1000 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Government International Bond, (Hong Kong), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 06/07/2028 | CNH | 8500 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/30/2026 | CNH | 10000 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 06/07/2033 | CNH | 16000 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing Australia, (Australia), Reg. S, 1.41%, 06/29/2032 | AUD | 460 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government Bond, (Hungary), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26/E, 1.50%, 04/22/2026 | HUF | 739160 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26/F, 1.50%, 08/26/2026 | HUF | 623300 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26/D, 2.75%, 12/22/2026 | HUF | 80210 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27/A, 3.00%, 10/27/2027 | HUF | 194780 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28/B, 4.50%, 03/23/2028 | HUF | 422060 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28/A, 6.75%, 10/22/2028 | HUF | 775000 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29/A, 2.00%, 05/23/2029 | HUF | 200000 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30/A, 3.00%, 08/21/2030 | HUF | 297350 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31/A, 3.25%, 10/22/2031 | HUF | 207050 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32/G, 4.50%, 05/27/2032 | HUF | 372050 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32/A, 4.75%, 11/24/2032 | HUF | 954660 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33/A, 2.25%, 04/20/2033 | HUF | 194590 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34/A, 2.25%, 06/22/2034 | HUF | 100520 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 35/A, 7.00%, 10/24/2035 | HUF | 338080 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 38/A, 3.00%, 10/27/2038 | HUF | 318380 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 41/A, 3.00%, 04/25/2041 | HUF | 149290 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government International Bond, (Hungary), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 11/18/2030 | EUR | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.75%, 10/10/2027 | EUR | 825 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12Y, Reg. S, 1.63%, 04/28/2032 | EUR | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 1.75%, 06/05/2035 | EUR | 2000 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/14/2027 | EUR | 1600 | 1834 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 94 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/14/2028 | EUR | 1000 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Treasury Bond, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 100, 6.63%, 02/15/2034 | IDR | 49992000 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 101, 6.88%, 04/15/2029 | IDR | 78464000 | 4924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 102, 6.88%, 07/15/2054 | IDR | 19512000 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 103, 6.75%, 07/15/2035 | IDR | 126883000 | 7867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 104, 6.50%, 07/15/2030 | IDR | 37868000 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 106, 7.13%, 08/15/2040 | IDR | 25000000 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 107, 7.13%, 08/15/2045 | IDR | 48289000 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR56, 8.38%, 09/15/2026 | IDR | 3269000 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR65, 6.63%, 05/15/2033 | IDR | 400000 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR67, 8.75%, 02/15/2044 | IDR | 2074000 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR75, 7.50%, 05/15/2038 | IDR | 1300000 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR76, 7.38%, 05/15/2048 | IDR | 26953000 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR78, 8.25%, 05/15/2029 | IDR | 1000000 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR79, 8.38%, 04/15/2039 | IDR | 13027000 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR80, 7.50%, 06/15/2035 | IDR | 47876000 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR82, 7.00%, 09/15/2030 | IDR | 38229000 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR83, 7.50%, 04/15/2040 | IDR | 65817000 | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR86, 5.50%, 04/15/2026 | IDR | 10000000 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR87, 6.50%, 02/15/2031 | IDR | 129043000 | 7959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR89, 6.88%, 08/15/2051 | IDR | 17493000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR90, 5.13%, 04/15/2027 | IDR | 100000000 | 6055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR91, 6.38%, 04/15/2032 | IDR | 69446000 | 4236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR95, 6.38%, 08/15/2028 | IDR | 98058000 | 6061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR96, 7.00%, 02/15/2033 | IDR | 89577000 | 5635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR97, 7.13%, 06/15/2043 | IDR | 40858000 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR98, 7.13%, 06/15/2038 | IDR | 12000000 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Instituto de Credito Oficial, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.65%, 01/31/2028 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 10/31/2030 | EUR | 400 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.05%, 10/31/2027 | EUR | 1000 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.05%, 04/30/2031 | EUR | 400 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland Government Bond, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/18/2031 | EUR | 2377 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 05/15/2027 | EUR | 4480 | 5116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 10/18/2030 | EUR | 2571 | 2697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 10/18/2032 | EUR | 1460 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 05/15/2035 | EUR | 3030 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 04/22/2041 | EUR | 1035 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 05/15/2028 | EUR | 1812 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.10%, 05/15/2029 | EUR | 2567 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.30%, 05/15/2033 | EUR | 1230 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.35%, 03/18/2031 | EUR | 3315 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/15/2050 | EUR | 3043 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 05/15/2037 | EUR | 2440 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/18/2045 | EUR | 3485 | 3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.40%, 05/15/2030 | EUR | 2350 | 2777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.60%, 10/18/2034 | EUR | 1880 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/18/2043 | EUR | 1270 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 10/18/2055 | EUR | 920 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government AID Bond, (Israel), Series 30Y, 5.50%, 09/18/2033 |  | 525 | 562 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government Bond—Fixed, (Israel), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 142, 5.50%, 01/31/2042 | ILS | 290 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 327, 2.00%, 03/31/2027 | ILS | 800 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 330, 1.00%, 03/31/2030 | ILS | 1200 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 335, 4.00%, 03/30/2035 | ILS | 330 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 537, 1.50%, 05/31/2037 | ILS | 305 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2Y, Reg. S, 2.55%, 02/25/2027 | EUR | 2860 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 2.65%, 06/15/2028 | EUR | 5800 | 6912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 2.95%, 02/15/2027 | EUR | 3600 | 4302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 3.45%, 07/15/2027 | EUR | 4600 | 5566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 3.85%, 09/15/2026 | EUR | 1800 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 0.00%, 04/01/2026 | EUR | 7770 | 9024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 0.00%, 08/01/2026 | EUR | 3447 | 3980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 1.10%, 04/01/2027 | EUR | 11610 | 13468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 2.65%, 12/01/2027 | EUR | 9680 | 11550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 3.00%, 10/01/2029 | EUR | 2545 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 3.35%, 07/01/2029 | EUR | 7570 | 9216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 3.40%, 04/01/2028 | EUR | 8170 | 9939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 3.80%, 08/01/2028 | EUR | 5890 | 7258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 4.10%, 02/01/2029 | EUR | 2195 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.25%, 03/15/2028 | EUR | 11660 | 13064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.45%, 02/15/2029 | EUR | 1360 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.50%, 07/15/2028 | EUR | 4074 | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.95%, 09/15/2027 | EUR | 3660 | 4213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 2.10%, 07/15/2026 | EUR | 5850 | 6905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 2.80%, 06/15/2029 | EUR | 4820 | 5763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.15%, 11/15/2031 (e) | EUR | 5100 | 6084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.25%, 07/15/2032 (e) | EUR | 2430 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.45%, 07/15/2031 | EUR | 6590 | 8011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.50%, 02/15/2031 (e) | EUR | 2910 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.70%, 06/15/2030 | EUR | 4010 | 4953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.85%, 12/15/2029 | EUR | 5780 | 7188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 4.00%, 11/15/2030 | EUR | 12140 | 15199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 0.85%, 01/15/2027 (e) | EUR | 18085 | 20964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 4.00%, 10/30/2031 (e) | EUR | 2740 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.60%, 08/01/2031 (e) | EUR | 14464 | 14933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.95%, 08/01/2030 | EUR | 12390 | 13437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.95%, 12/01/2031 (e) | EUR | 9585 | 10023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.95%, 06/01/2032 | EUR | 6785 | 6997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.25%, 12/01/2026 | EUR | 5337 | 6231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.60%, 06/01/2026 | EUR | 5740 | 6743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.65%, 12/01/2030 (e) | EUR | 6944 | 7747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.00%, 02/01/2028 | EUR | 7282 | 8560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.05%, 08/01/2027 | EUR | 3580 | 4220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.20%, 06/01/2027 | EUR | 4857 | 5747 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 95

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.50%, 12/01/2032 | EUR | 5610 | 6372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.80%, 12/01/2028 | EUR | 3430 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 08/01/2029 | EUR | 11056 | 13332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.60%, 10/01/2035 | EUR | 2490 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.65%, 08/01/2035 (e) | EUR | 5490 | 6585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.85%, 07/01/2034 | EUR | 9820 | 12069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.20%, 03/01/2034 | EUR | 6290 | 7945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.35%, 11/01/2033 | EUR | 6070 | 7754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.40%, 05/01/2033 | EUR | 6270 | 8042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 0.90%, 04/01/2031 | EUR | 22527 | 23909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 1.35%, 04/01/2030 | EUR | 3150 | 3517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 3.85%, 02/01/2035 | EUR | 6060 | 7418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13Y, Reg. S, 4.00%, 04/30/2035 (e) | EUR | 2190 | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13Y, Reg. S, 4.05%, 10/30/2037 (e) | EUR | 3520 | 4330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 2.45%, 09/01/2033 (e) | EUR | 4080 | 4571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 3.85%, 10/01/2040 (e) | EUR | 4770 | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 4.15%, 10/01/2039 (e) | EUR | 6260 | 7660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 4.75%, 09/01/2028 (e) | EUR | 16730 | 21211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 0.95%, 03/01/2037 (e) | EUR | 11714 | 10383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 1.45%, 03/01/2036 (e) | EUR | 2229 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 3.25%, 03/01/2038 (e) | EUR | 3490 | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 3.35%, 03/01/2035 (e) | EUR | 8010 | 9448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 3.50%, 03/01/2030 (e) | EUR | 6136 | 7547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17Y, Reg. S, 1.65%, 03/01/2032 (e) | EUR | 10936 | 11903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 2.25%, 09/01/2036 (e) | EUR | 8984 | 9375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 2.95%, 09/01/2038 (e) | EUR | 4560 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 4.10%, 04/30/2046 (e) | EUR | 2180 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 4.45%, 09/01/2043 (e) | EUR | 5420 | 6759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21Y, Reg. S, 1.80%, 03/01/2041 (e) | EUR | 6474 | 5787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21Y, Reg. S, 3.10%, 03/01/2040 (e) | EUR | 5442 | 5914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24Y, Reg. S, 1.50%, 04/30/2045 (e) | EUR | 4831 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.15%, 09/01/2052 (e) | EUR | 3841 | 3069 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.45%, 09/01/2050 (e) | EUR | 3942 | 3438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 3.85%, 09/01/2049 (e) | EUR | 6680 | 7559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 4.30%, 10/01/2054 (e) | EUR | 4830 | 5707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 4.50%, 10/01/2053 (e) | EUR | 4795 | 5873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 6.50%, 11/01/2027 | EUR | 890 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 7.25%, 11/01/2026 | EUR | 8915 | 11239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 1.70%, 09/01/2051 (e) | EUR | 6887 | 5062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 2.70%, 03/01/2047 (e) | EUR | 3900 | 3715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 3.25%, 09/01/2046 (e) | EUR | 5776 | 6048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 3.45%, 03/01/2048 (e) | EUR | 6475 | 6927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.00%, 02/01/2037 (e) | EUR | 8430 | 10387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.75%, 09/01/2044 (e) | EUR | 7475 | 9716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.00%, 08/01/2034 (e) | EUR | 7686 | 10282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.00%, 09/01/2040 (e) | EUR | 5940 | 7937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.25%, 11/01/2029 | EUR | 1777 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.75%, 02/01/2033 | EUR | 1260 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 6.00%, 05/01/2031 | EUR | 4453 | 6163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 5.00%, 08/01/2039 (e) | EUR | 7023 | 9416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 50Y, Reg. S, 2.15%, 03/01/2072 (e) | EUR | 3640 | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 50Y, Reg. S, 2.80%, 03/01/2067 (e) | EUR | 2745 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Bank for International Cooperation, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/2025 |  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2028 | EUR | 1000 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Expressway Holding and Debt Repayment Agency, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37, 2.42%, 06/20/2028 | JPY | 100000 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 75, 1.96%, 09/19/2031 | JPY | 100000 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Five Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, 0.01%, 06/20/2026 | JPY | 409750 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, 0.01%, 09/20/2026 | JPY | 10000 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, 0.01%, 12/20/2026 | JPY | 1477150 | 10163 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 96 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151, 0.01%, 03/20/2027 | JPY | 2608000 | 17902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 152, 0.10%, 03/20/2027 | JPY | 3244700 | 22308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 153, 0.01%, 06/20/2027 | JPY | 3481550 | 23838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 154, 0.10%, 09/20/2027 | JPY | 4855000 | 33240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 155, 0.30%, 12/20/2027 | JPY | 3260550 | 22389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 156, 0.20%, 12/20/2027 | JPY | 2120000 | 14522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 157, 0.20%, 03/20/2028 | JPY | 4150000 | 28375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 158, 0.10%, 03/20/2028 | JPY | 4656250 | 31750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 159, 0.10%, 06/20/2028 | JPY | 809100 | 5505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 160, 0.20%, 06/20/2028 | JPY | 1579900 | 10782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 161, 0.30%, 06/20/2028 | JPY | 1290000 | 8830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 162, 0.30%, 09/20/2028 | JPY | 600000 | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 164, 0.20%, 12/20/2028 | JPY | 3606700 | 24496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 167, 0.40%, 03/20/2029 | JPY | 2435000 | 16617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 168, 0.60%, 03/20/2029 | JPY | 800000 | 5499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 170, 0.60%, 06/20/2029 | JPY | 1390400 | 9541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 171, 0.40%, 06/20/2029 | JPY | 2000000 | 13615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 172, 0.50%, 06/20/2029 | JPY | 505000 | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, 0.90%, 12/20/2029 | JPY | 2000000 | 13854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 178, 1.00%, 03/20/2030 | JPY | 620000 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Forty Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, 2.40%, 03/20/2048 | JPY | 100000 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, 2.20%, 03/20/2050 | JPY | 955350 | 6150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6, 1.90%, 03/20/2053 | JPY | 650 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7, 1.70%, 03/20/2054 | JPY | 127050 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8, 1.40%, 03/20/2055 | JPY | 434350 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 9, 0.40%, 03/20/2056 | JPY | 2373650 | 8342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10, 0.90%, 03/20/2057 | JPY | 174350 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, 0.80%, 03/20/2058 | JPY | 878650 | 3455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12, 0.50%, 03/20/2059 | JPY | 235700 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13, 0.50%, 03/20/2060 | JPY | 597500 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14, 0.70%, 03/20/2061 | JPY | 650000 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15, 1.00%, 03/20/2062 | JPY | 992950 | 3849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16, 1.30%, 03/20/2063 | JPY | 2052350 | 8731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17, 2.20%, 03/20/2064 | JPY | 1138950 | 6358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 18, 3.10%, 03/20/2065 | JPY | 153550 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Ten Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, 0.70%, 12/20/2033 | JPY | 2982750 | 19740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, 1.00%, 03/20/2034 | JPY | 1707350 | 11542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 343, 0.10%, 06/20/2026 | JPY | 202900 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 344, 0.10%, 09/20/2026 | JPY | 131500 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 345, 0.10%, 12/20/2026 | JPY | 1521950 | 10485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 346, 0.10%, 03/20/2027 | JPY | 2185600 | 15026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 347, 0.10%, 06/20/2027 | JPY | 2600000 | 17836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 348, 0.10%, 09/20/2027 | JPY | 320850 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 349, 0.10%, 12/20/2027 | JPY | 852200 | 5823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 350, 0.10%, 03/20/2028 | JPY | 2453900 | 16735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 353, 0.10%, 12/20/2028 | JPY | 4700000 | 31805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 354, 0.10%, 03/20/2029 | JPY | 900000 | 6074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 356, 0.10%, 09/20/2029 | JPY | 4271150 | 28641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 357, 0.10%, 12/20/2029 | JPY | 1523300 | 10185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 358, 0.10%, 03/20/2030 | JPY | 4869700 | 32449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 359, 0.10%, 06/20/2030 | JPY | 4726650 | 31413 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 360, 0.10%, 09/20/2030 | JPY | 53450 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 361, 0.10%, 12/20/2030 | JPY | 4351300 | 28748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 362, 0.10%, 03/20/2031 | JPY | 2192950 | 14441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 363, 0.10%, 06/20/2031 | JPY | 2506200 | 16451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 364, 0.10%, 09/20/2031 | JPY | 1836550 | 12012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 365, 0.10%, 12/20/2031 | JPY | 1440250 | 9385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 366, 0.20%, 03/20/2032 | JPY | 6734750 | 44025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 367, 0.20%, 06/20/2032 | JPY | 4129800 | 26891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 368, 0.20%, 09/20/2032 | JPY | 1531000 | 9933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 369, 0.50%, 12/20/2032 | JPY | 181000 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 370, 0.50%, 03/20/2033 | JPY | 5242700 | 34533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 371, 0.40%, 06/20/2033 | JPY | 1760000 | 11461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 372, 0.80%, 09/20/2033 | JPY | 1014000 | 6796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 373, 0.60%, 12/20/2033 | JPY | 2829400 | 18580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 374, 0.80%, 03/20/2034 | JPY | 3940600 | 26223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 375, 1.10%, 06/20/2034 | JPY | 4262800 | 28997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 376, 0.90%, 09/20/2034 | JPY | 2672550 | 17800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 377, 1.20%, 12/20/2034 | JPY | 5167150 | 35242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 378, 1.40%, 03/20/2035 | JPY | 2378500 | 16467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Thirty Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, 1.70%, 06/20/2033 | JPY | 100000 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21, 2.30%, 12/20/2035 | JPY | 704850 | 5264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22, 2.50%, 03/20/2036 | JPY | 116250 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24, 2.50%, 09/20/2036 | JPY | 46950 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33, 2.00%, 09/20/2040 | JPY | 333000 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34, 2.20%, 03/20/2041 | JPY | 23000 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37, 1.90%, 09/20/2042 | JPY | 355250 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40, 1.80%, 09/20/2043 | JPY | 651750 | 4210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 42, 1.70%, 03/20/2044 | JPY | 1650000 | 10419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 43, 1.70%, 06/20/2044 | JPY | 620200 | 3902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, 1.70%, 09/20/2044 | JPY | 764000 | 4790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 47, 1.60%, 06/20/2045 | JPY | 2799700 | 17075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 49, 1.40%, 12/20/2045 | JPY | 2165000 | 12637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 54, 0.80%, 03/20/2047 | JPY | 955400 | 4805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58, 0.80%, 03/20/2048 | JPY | 565800 | 2779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 59, 0.70%, 06/20/2048 | JPY | 1100000 | 5237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 60, 0.90%, 09/20/2048 | JPY | 285800 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 61, 0.70%, 12/20/2048 | JPY | 262550 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 62, 0.50%, 03/20/2049 | JPY | 1345950 | 5958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 63, 0.40%, 06/20/2049 | JPY | 1527050 | 6521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 64, 0.40%, 09/20/2049 | JPY | 702800 | 2978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 65, 0.40%, 12/20/2049 | JPY | 1608550 | 6765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 66, 0.40%, 03/20/2050 | JPY | 1915150 | 7981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 67, 0.60%, 06/20/2050 | JPY | 1931400 | 8457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 68, 0.60%, 09/20/2050 | JPY | 827900 | 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 69, 0.70%, 12/20/2050 | JPY | 730000 | 3235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 70, 0.70%, 03/20/2051 | JPY | 70950 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 71, 0.70%, 06/20/2051 | JPY | 385800 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73, 0.70%, 12/20/2051 | JPY | 8000 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 74, 1.00%, 03/20/2052 | JPY | 614000 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 75, 1.30%, 06/20/2052 | JPY | 56000 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 76, 1.40%, 09/20/2052 | JPY | 2003000 | 10324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 77, 1.60%, 12/20/2052 | JPY | 789150 | 4263 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 97

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 78, 1.40%, 03/20/2053 | JPY | 886000 | 4532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 79, 1.20%, 06/20/2053 | JPY | 750000 | 3622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 80, 1.80%, 09/20/2053 | JPY | 700050 | 3929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 81, 1.60%, 12/20/2053 | JPY | 1036600 | 5515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 82, 1.80%, 03/20/2054 | JPY | 1115650 | 6215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 83, 2.20%, 06/20/2054 | JPY | 304250 | 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 84, 2.10%, 09/20/2054 | JPY | 1788450 | 10656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 85, 2.30%, 12/20/2054 | JPY | 962700 | 6002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 86, 2.40%, 03/20/2055 | JPY | 327050 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Twenty Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 105, 2.10%, 09/20/2028 | JPY | 214950 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 117, 2.10%, 03/20/2030 | JPY | 1267800 | 9255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 118, 2.00%, 06/20/2030 | JPY | 2006800 | 14616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 121, 1.90%, 09/20/2030 | JPY | 2832550 | 20563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, 1.80%, 09/20/2030 | JPY | 924000 | 6676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 129, 1.80%, 06/20/2031 | JPY | 233450 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 131, 1.70%, 09/20/2031 | JPY | 1135600 | 8183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 140, 1.70%, 09/20/2032 | JPY | 163950 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 142, 1.80%, 12/20/2032 | JPY | 1010900 | 7331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 143, 1.60%, 03/20/2033 | JPY | 1004800 | 7182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 147, 1.60%, 12/20/2033 | JPY | 2100000 | 14954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, 1.50%, 03/20/2034 | JPY | 450250 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, 1.50%, 06/20/2034 | JPY | 498700 | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151, 1.20%, 12/20/2034 | JPY | 1265700 | 8631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 153, 1.30%, 06/20/2035 | JPY | 5464050 | 37397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 157, 0.20%, 06/20/2036 | JPY | 1020000 | 6104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 160, 0.70%, 03/20/2037 | JPY | 258000 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 161, 0.60%, 06/20/2037 | JPY | 2625000 | 16071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 163, 0.60%, 12/20/2037 | JPY | 754550 | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 164, 0.50%, 03/20/2038 | JPY | 2237350 | 13273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 165, 0.50%, 06/20/2038 | JPY | 638000 | 3759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 167, 0.50%, 12/20/2038 | JPY | 2482750 | 14438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 168, 0.40%, 03/20/2039 | JPY | 845500 | 4816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 169, 0.30%, 06/20/2039 | JPY | 2784700 | 15512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 170, 0.30%, 09/20/2039 | JPY | 1591150 | 8801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 171, 0.30%, 12/20/2039 | JPY | 1743300 | 9571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 172, 0.40%, 03/20/2040 | JPY | 2467150 | 13665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 173, 0.40%, 06/20/2040 | JPY | 3856400 | 21207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 174, 0.40%, 09/20/2040 | JPY | 2150000 | 11735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, 0.50%, 12/20/2040 | JPY | 220000 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 176, 0.50%, 03/20/2041 | JPY | 1173050 | 6418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 177, 0.40%, 06/20/2041 | JPY | 40000 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 178, 0.50%, 09/20/2041 | JPY | 410950 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 179, 0.50%, 12/20/2041 | JPY | 2734400 | 14657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 180, 0.80%, 03/20/2042 | JPY | 1190000 | 6686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 181, 0.90%, 06/20/2042 | JPY | 380000 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 182, 1.10%, 09/20/2042 | JPY | 368250 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 183, 1.40%, 12/20/2042 | JPY | 288550 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 184, 1.10%, 03/20/2043 | JPY | 1628650 | 9441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 185, 1.10%, 06/20/2043 | JPY | 1072150 | 6181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 186, 1.50%, 09/20/2043 | JPY | 489850 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 187, 1.30%, 12/20/2043 | JPY | 2016000 | 11933 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 188, 1.60%, 03/20/2044 | JPY | 2420550 | 15023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 189, 1.90%, 06/20/2044 | JPY | 546350 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 190, 1.80%, 09/20/2044 | JPY | 2372750 | 15132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 191, 2.00%, 12/20/2044 | JPY | 1287150 | 8461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 192, 2.40%, 03/20/2045 | JPY | 291850 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Two Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 460, 0.30%, 05/01/2026 | JPY | 1986500 | 13767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 461, 0.40%, 06/01/2026 | JPY | 345000 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 464, 0.40%, 09/01/2026 | JPY | 520200 | 3604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 467, 0.60%, 12/01/2026 | JPY | 4300000 | 29838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 471, 0.90%, 04/01/2027 | JPY | 2500000 | 17415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Housing Finance Agency, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 71, 1.75%, 03/19/2026 | JPY | 200000 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 108, 1.43%, 06/18/2027 | JPY | 100000 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026 | JPY | 200000 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030 | JPY | 110912 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054 | GBP | 400 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Government International Bond, (Kazakhstan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 09/30/2026 | EUR | 10000 | 11422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/30/2034 | EUR | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom of Belgium Government Bond, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, Reg. S, 5.00%, 03/28/2035 (e) | EUR | 4760 | 6501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 60, Reg. S, 4.25%, 03/28/2041 (e) | EUR | 5870 | 7467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 66, Reg. S, 4.00%, 03/28/2032 | EUR | 2602 | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 71, Reg. S, 3.75%, 06/22/2045 | EUR | 2543 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73, Reg. S, 3.00%, 06/22/2034 (e) | EUR | 4538 | 5344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 75, Reg. S, 1.00%, 06/22/2031 (e) | EUR | 3017 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 76, Reg. S, 1.90%, 06/22/2038 (e) | EUR | 3510 | 3486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 77, Reg. S, 1.00%, 06/22/2026 (e) | EUR | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 78, Reg. S, 1.60%, 06/22/2047 (e) | EUR | 4307 | 3426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 80, Reg. S, 2.15%, 06/22/2066 (e) | EUR | 3041 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 81, Reg. S, 0.80%, 06/22/2027 (e) | EUR | 7800 | 8982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 83, Reg. S, 2.25%, 06/22/2057 (e) | EUR | 2277 | 1841 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 98 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 84, Reg. S, 1.45%, 06/22/2037 (e) | EUR | 1890 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 85, Reg. S, 0.80%, 06/22/2028 (e) | EUR | 7892 | 8944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 86, Reg. S, 1.25%, 04/22/2033 (e) | EUR | 2674 | 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 87, Reg. S, 0.90%, 06/22/2029 (e) | EUR | 7684 | 8578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 88, Reg. S, 1.70%, 06/22/2050 (e) | EUR | 3696 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 89, Reg. S, 0.10%, 06/22/2030 (e) | EUR | 4341 | 4556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 90, Reg. S, 0.40%, 06/22/2040 (e) | EUR | 2915 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 91, Reg. S, 0.00%, 10/22/2027 (e) | EUR | 8976 | 10099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 92, Reg. S, 0.00%, 10/22/2031 (e) | EUR | 3367 | 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 93, Reg. S, 0.65%, 06/22/2071 (e) | EUR | 2128 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 94, Reg. S, 0.35%, 06/22/2032 (e) | EUR | 5210 | 5206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 95, Reg. S, 1.40%, 06/22/2053 (e) | EUR | 3485 | 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 96, Reg. S, 2.75%, 04/22/2039 (e) | EUR | 3430 | 3729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 97, Reg. S, 3.00%, 06/22/2033 (e) | EUR | 8540 | 10138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 98, Reg. S, 3.30%, 06/22/2054 (e) | EUR | 4400 | 4616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 99, Reg. S, 3.45%, 06/22/2043 (e) | EUR | 379 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 100, Reg. S, 2.85%, 10/22/2034 (e) | EUR | 7560 | 8752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 101, Reg. S, 3.50%, 06/22/2055 (e) | EUR | 1920 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 102, Reg. S, 2.70%, 10/22/2029 (e) | EUR | 4200 | 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 103, Reg. S, 3.10%, 06/22/2035 (e) | EUR | 2270 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 104, Reg. S, 3.45%, 06/22/2042 (e) | EUR | 1460 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kommunalbanken A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 10/24/2029 | EUR | 1500 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/24/2027 | EUR | 500 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Housing Finance Corp.,<br>(South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.26%, 10/27/2028 | EUR | 1900 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.96%, 07/19/2026 | EUR | 1800 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.71%, 04/11/2027 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Land & Housing Corp.,<br>(South Korea), Reg. S, 2.47%, 06/23/2028 |  | 1000 | 940 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Treasury Bond, (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2603, 1.25%, 03/10/2026 | KRW | 4145000 | 3049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2612, 1.50%, 12/10/2026 | KRW | 569490 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2612, 3.88%, 12/10/2026 | KRW | 9000000 | 6808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2703, 2.63%, 03/10/2027 | KRW | 27300000 | 20285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2706, 2.13%, 06/10/2027 | KRW | 9300000 | 6851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2706, 3.25%, 06/10/2027 | KRW | 4000000 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2803, 3.25%, 03/10/2028 | KRW | 110000 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2806, 2.63%, 06/10/2028 | KRW | 13179330 | 9814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2809, 3.50%, 09/10/2028 | KRW | 5800000 | 4427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2903, 3.25%, 03/10/2029 | KRW | 9700000 | 7365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2909, 3.00%, 09/10/2029 | KRW | 10000000 | 7531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2912, 1.38%, 12/10/2029 | KRW | 5000000 | 3512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3006, 1.38%, 06/10/2030 | KRW | 11707090 | 8172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3012, 1.50%, 12/10/2030 | KRW | 4710160 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3106, 2.00%, 06/10/2031 | KRW | 4491310 | 3203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3112, 2.38%, 12/10/2031 | KRW | 3360920 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3206, 3.38%, 06/10/2032 | KRW | 8676480 | 6693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3212, 4.25%, 12/10/2032 | KRW | 1100000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3306, 3.25%, 06/10/2033 | KRW | 6160000 | 4705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3312, 4.13%, 12/10/2033 | KRW | 4024390 | 3274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3406, 3.50%, 06/10/2034 | KRW | 6536490 | 5099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3412, 3.00%, 12/10/2034 | KRW | 5844510 | 4390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3509, 2.63%, 09/10/2035 | KRW | 2028750 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3709, 2.25%, 09/10/2037 | KRW | 3000000 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3809, 2.38%, 09/10/2038 | KRW | 1406080 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4009, 1.50%, 09/10/2040 | KRW | 3474140 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4109, 1.88%, 09/10/2041 | KRW | 2115790 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4209, 3.25%, 09/10/2042 | KRW | 2355460 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4212, 3.00%, 12/10/2042 | KRW | 70000 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4309, 3.88%, 09/10/2043 | KRW | 12433490 | 10566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4409, 2.88%, 09/10/2044 | KRW | 8121220 | 6066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4803, 2.63%, 03/10/2048 | KRW | 6000000 | 4320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4903, 2.00%, 03/10/2049 | KRW | 5014620 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5003, 1.50%, 03/10/2050 | KRW | 11626530 | 6664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5103, 1.88%, 03/10/2051 | KRW | 19720800 | 12238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5203, 2.50%, 03/10/2052 | KRW | 2878260 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5303, 3.25%, 03/10/2053 | KRW | 4251170 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5309, 3.63%, 09/10/2053 | KRW | 3979440 | 3453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5403, 3.25%, 03/10/2054 | KRW | 13164020 | 10725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5409, 2.75%, 09/10/2054 | KRW | 4506000 | 3344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5503, 2.63%, 03/10/2055 | KRW | 10726540 | 7779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6609, 1.50%, 09/10/2066 | KRW | 1261010 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6809, 2.00%, 09/10/2068 | KRW | 1200000 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7009, 1.63%, 09/10/2070 | KRW | 250340 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7209, 3.50%, 09/10/2072 | KRW | 1437770 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7409, 2.75%, 09/10/2074 | KRW | 3600000 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latvia Government International Bond, (Latvia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/17/2031 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/23/2030 | EUR | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/30/2028 | EUR | 390 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/16/2036 | EUR | 610 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 02/19/2049 | EUR | 540 | 442 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 99

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/21/2030 | EUR | 1260 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/17/2028 | EUR | 650 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 05/22/2029 | EUR | 1020 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCR Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 12/07/2028 | GBP | 400 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 12/07/2038 | GBP | 110 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/07/2051 | GBP | 350 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithuania Government International Bond, (Lithuania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 07/28/2050 | EUR | 560 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/06/2030 | EUR | 440 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 05/26/2027 | EUR | 500 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 06/01/2032 | EUR | 1010 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/03/2031 | EUR | 1500 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 02/13/2034 | EUR | 510 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/28/2040 | EUR | 880 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/14/2033 | EUR | 800 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia Government Bond, (Malaysia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 119, 3.91%, 07/15/2026 | MYR | 5600 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 120, 4.07%, 06/15/2050 | MYR | 9840 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, 3.58%, 07/15/2032 | MYR | 14190 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 123, 4.46%, 03/31/2053 | MYR | 12980 | 3301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 124, 4.05%, 04/18/2039 | MYR | 17970 | 4428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 216, 4.74%, 03/15/2046 | MYR | 3340 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 219, 3.89%, 08/15/2029 | MYR | 11100 | 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 220, 2.63%, 04/15/2031 | MYR | 45710 | 10425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 222, 4.70%, 10/15/2042 | MYR | 8700 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, 3.52%, 04/20/2028 | MYR | 18490 | 4433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 224, 4.18%, 05/16/2044 | MYR | 4170 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 316, 3.90%, 11/30/2026 | MYR | 27500 | 6608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 318, 4.64%, 11/07/2033 | MYR | 200 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 322, 4.50%, 04/30/2029 | MYR | 10000 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 415, 4.25%, 05/31/2035 | MYR | 5790 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 417, 3.90%, 11/16/2027 | MYR | 3500 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 418, 4.89%, 06/08/2038 | MYR | 8100 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 419, 3.83%, 07/05/2034 | MYR | 12000 | 2914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 518, 4.92%, 07/06/2048 | MYR | 4000 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 519, 3.76%, 05/22/2040 | MYR | 7650 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia Government Investment Issue, (Malaysia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 119, 4.13%, 07/09/2029 | MYR | 5810 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 120, 3.42%, 09/30/2027 | MYR | 3270 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 121, 3.45%, 07/15/2036 | MYR | 5000 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, 4.19%, 10/07/2032 | MYR | 2140 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 124, 4.28%, 03/23/2054 | MYR | 5000 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 219, 4.47%, 09/15/2039 | MYR | 8770 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 222, 5.36%, 05/15/2052 | MYR | 1020 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, 4.29%, 08/14/2043 | MYR | 12200 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 225, 3.64%, 08/30/2030 | MYR | 3080 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 417, 4.90%, 05/08/2047 | MYR | 271 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 617, 4.72%, 06/15/2033 | MYR | 505 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 619, 4.12%, 11/30/2034 | MYR | 16830 | 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitano de Lisboa EPE, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/07/2027 | EUR | 1000 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 12/23/2025 | EUR | 500 | 602 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Bonos, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.50%, 06/03/2027 | MXN | 17000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.75%, 05/29/2031 | MXN | 12000 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.75%, 11/13/2042 | MXN | 2000 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.00%, 11/07/2047 | MXN | 5000 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.50%, 05/31/2029 | MXN | 1000 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.50%, 11/18/2038 | MXN | 2000 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 10.00%, 11/20/2036 | MXN | 3000 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bond, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/17/2030 | EUR | 1200 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/17/2028 | EUR | 2000 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/06/2045 | EUR | 825 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 05/25/2032 | EUR | 4900 | 5845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 03/19/2114 | GBP | 800 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/12/2110 |  | 80 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/13/2055 |  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands Government Bond, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2027 (e) | EUR | 6290 | 7202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2029 (e) | EUR | 4670 | 5109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/15/2030 (e) | EUR | 3154 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/15/2031 (e) | EUR | 4567 | 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2038 (e) | EUR | 4232 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2052 (e) | EUR | 6779 | 3524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/15/2029 (e) | EUR | 5649 | 6165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 07/15/2026 (e) | EUR | 3050 | 3543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 07/15/2032 (e) | EUR | 3800 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/15/2040 (e) | EUR | 4920 | 4088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2027 (e) | EUR | 8923 | 10273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2028 (e) | EUR | 5020 | 5693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/15/2054 (e) | EUR | 6345 | 5812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/15/2030 (e) | EUR | 5720 | 6810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/15/2033 (e) | EUR | 5688 | 6670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/15/2033 (e) | EUR | 2259 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/15/2034 (e) | EUR | 4050 | 4687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/15/2035 (e) | EUR | 2560 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/15/2047 (e) | EUR | 6697 | 7416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/15/2044 (e) | EUR | 3310 | 3976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/15/2042 (e) | EUR | 5842 | 7475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/15/2037 (e) | EUR | 3984 | 5196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 01/15/2028 (e) | EUR | 1366 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Government Bond,<br>(New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 427, Reg. S, 4.50%, 04/15/2027 | NZD | 2740 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, 3.00%, 04/20/2029 | NZD | 5750 | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 433, Reg. S, 3.50%, 04/14/2033 | NZD | 3060 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 528, 0.25%, 05/15/2028 | NZD | 4180 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 530, 4.50%, 05/15/2030 | NZD | 3810 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 531, 1.50%, 05/15/2031 | NZD | 6250 | 3303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 532, 2.00%, 05/15/2032 | NZD | 2420 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 534, 4.25%, 05/15/2034 | NZD | 1450 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 535, 4.50%, 05/15/2035 | NZD | 4420 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 536, 4.25%, 05/15/2036 | NZD | 4240 | 2498 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 100 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 541, 1.75%, 05/15/2041 | NZD | 2030 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 551, 2.75%, 05/15/2051 | NZD | 1480 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 554, 5.00%, 05/15/2054 | NZD | 1230 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway Government Bond, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 478, Reg. S, 1.50%, 02/19/2026 (e) | NOK | 1500 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 479, Reg. S, 1.75%, 02/17/2027 (e) | NOK | 17520 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 480, Reg. S, 2.00%, 04/26/2028 (e) | NOK | 16060 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 481, Reg. S, 1.75%, 09/06/2029 (e) | NOK | 27410 | 2527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 482, Reg. S, 1.38%, 08/19/2030 (e) | NOK | 7050 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 483, Reg. S, 1.25%, 09/17/2031 (e) | NOK | 18344 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 484, Reg. S, 2.13%, 05/18/2032 (e) | NOK | 23187 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 485, Reg. S, 3.50%, 10/06/2042 (e) | NOK | 3780 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 486, Reg. S, 3.00%, 08/15/2033 (e) | NOK | 6100 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 487, Reg. S, 3.63%, 04/13/2034 (e) | NOK | 22100 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 488, Reg. S, 3.63%, 05/31/2039 (e) | NOK | 13330 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 489, Reg. S, 3.75%, 06/12/2035 (e) | NOK | 14470 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060 |  | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bond, (Panama), 6.70%, 01/26/2036 |  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/2034 | IDR | 5000000 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/2036 | IDR | 5968000 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Government International Bond, (Peru), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/11/2033 | EUR | 2000 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 11/17/2036 | EUR | 1000 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/2031 |  | 110 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2034 |  | 60 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 07/28/2121 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/10/2051 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.90%, 08/12/2037 | PEN | 1000 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond, (Philippines), 1.75%, 04/28/2041 | EUR | 1000 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal Obrigacoes do Tesouro OT, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 0.70%, 10/15/2027 (e) | EUR | 2825 | 3242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.65%, 07/16/2032 (e) | EUR | 2780 | 3063 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.95%, 06/15/2029 (e) | EUR | 2553 | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 06/15/2035 (e) | EUR | 2340 | 2747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.13%, 04/14/2027 (e) | EUR | 1480 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 0.30%, 10/17/2031 (e) | EUR | 2642 | 2711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 0.48%, 10/18/2030 (e) | EUR | 3832 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 2.13%, 10/17/2028 (e) | EUR | 6507 | 7685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 2.88%, 07/21/2026 (e) | EUR | 4270 | 5081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 2.88%, 10/20/2034 (e) | EUR | 1570 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 0.90%, 10/12/2035 (e) | EUR | 3221 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 2.25%, 04/18/2034 (e) | EUR | 4656 | 5214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 3.50%, 06/18/2038 (e) | EUR | 1990 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 3.88%, 02/15/2030 (e) | EUR | 1020 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 1.15%, 04/11/2042 (e) | EUR | 3905 | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 3.63%, 06/12/2054 (e) | EUR | 1010 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 4.10%, 02/15/2045 (e) | EUR | 2250 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 1.00%, 04/12/2052 (e) | EUR | 1890 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.10%, 04/15/2037 (e) | EUR | 837 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Austria Government Bond, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/20/2028 (e) | EUR | 990 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/20/2030 (e) | EUR | 4488 | 4749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/20/2031 (e) | EUR | 6234 | 6388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/20/2040 (e) | EUR | 2200 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 10/20/2036 (e) | EUR | 6030 | 5168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/20/2027 (e) | EUR | 6550 | 7522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/20/2029 (e) | EUR | 4699 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 04/20/2071 (e) | EUR | 1971 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 10/20/2026 (e) | EUR | 5320 | 6176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/20/2028 (e) | EUR | 7240 | 8246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/20/2051 (e) | EUR | 4002 | 2551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 06/30/2120 (e) | EUR | 1010 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 02/20/2032 (e) | EUR | 1480 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 02/20/2047 (e) | EUR | 3225 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 11/02/2086 (e) | EUR | 1170 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.85%, 05/23/2049 (e) | EUR | 2790 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.10%, 09/20/2117 (e) | EUR | 1656 | 1194 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 101

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.40%, 05/23/2034 (e) | EUR | 2173 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/20/2029 (e) | EUR | 740 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 05/23/2029 (e) | EUR | 3770 | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 02/20/2033 (e) | EUR | 3790 | 4508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 02/20/2034 (e) | EUR | 4410 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 02/20/2035 (e) | EUR | 2030 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 06/20/2044 (e) | EUR | 3928 | 4454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 10/20/2053 (e) | EUR | 2810 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 07/15/2039 (e) | EUR | 2300 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 10/20/2030 (e) | EUR | 4480 | 5538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 01/26/2062 (e) | EUR | 1580 | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 03/15/2037 (e) | EUR | 3035 | 3924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 07/15/2027 | EUR | 783 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Austria Government International Bond, (Austria), Series 30Y, Reg. S, 5.38%, 12/01/2034 (e) | CAD | 200 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Italy Government International Bond, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa) | EUR | 1000 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/31/2034 | EUR | 200 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 08/04/2028 | GBP | 1050 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 1.25%, 02/17/2026 |  | 2000 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 2.88%, 10/17/2029 |  | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 3.88%, 05/06/2051 |  | 1300 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government Bond, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 127, Zero Coupon, 01/25/2027 | PLN | 25650 | 6643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 428, 2.75%, 04/25/2028 | PLN | 28410 | 7504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, 5.75%, 04/25/2029 | PLN | 4630 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 432, 1.75%, 04/25/2032 | PLN | 29453 | 6587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 447, 4.00%, 04/25/2047 | PLN | 3993 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 527, 3.75%, 05/25/2027 | PLN | 10290 | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 726, 2.50%, 07/25/2026 | PLN | 4870 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 727, 2.50%, 07/25/2027 | PLN | 8450 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 728, 7.50%, 07/25/2028 | PLN | 14080 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 729, 4.75%, 07/25/2029 | PLN | 12430 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 730, 4.50%, 07/25/2030 | PLN | 13680 | 3723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1026, 0.25%, 10/25/2026 | PLN | 6040 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1029, 2.75%, 10/25/2029 | PLN | 15653 | 4005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1030, 1.25%, 10/25/2030 | PLN | 30943 | 7137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1033, 6.00%, 10/25/2033 | PLN | 6530 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1034, 5.00%, 10/25/2034 | PLN | 15180 | 4082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1035, 5.00%, 10/25/2035 | PLN | 4960 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government International Bond, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/10/2027 | EUR | 1900 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/08/2049 | EUR | 53 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/25/2032 | EUR | 3000 | 3465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 5.50%, 03/18/2054 |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romania Government Bond, (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, 7.20%, 05/31/2027 | RON | 4070 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 3.25%, 06/24/2026 | RON | 11015 | 2469 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 4.25%, 04/28/2036 | RON | 1215 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 6.30%, 04/25/2029 | RON | 8160 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, 8.75%, 10/30/2028 | RON | 5850 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, 2.50%, 10/25/2027 | RON | 6350 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, 8.00%, 04/29/2030 | RON | 8510 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, 4.15%, 01/26/2028 | RON | 1930 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, 7.35%, 04/28/2031 | RON | 7030 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10YR, 4.15%, 10/24/2030 | RON | 6005 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 6.70%, 02/25/2032 | RON | 8530 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 8.25%, 09/29/2032 | RON | 8080 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, 6.75%, 04/25/2035 | RON | 4610 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, 7.10%, 07/31/2034 | RON | 6060 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, 4.75%, 10/11/2034 | RON | 5340 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, 7.90%, 02/24/2038 | RON | 3710 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romanian Government International Bond, (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 12/02/2029 | EUR | 2000 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/13/2030 | EUR | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/14/2033 | EUR | 1500 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 12/02/2040 | EUR | 1000 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/14/2041 | EUR | 800 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/13/2042 | EUR | 1000 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/08/2038 | EUR | 1425 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.62%, 05/26/2030 | EUR | 1875 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 09/27/2026 | EUR | 1000 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 09/27/2029 | EUR | 2000 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond,<br>(Saudi Arabia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 07/09/2039 | EUR | 1200 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/16/2054 (e) |  | 2645 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFIL SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/23/2028 | EUR | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 06/04/2029 | EUR | 1800 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/05/2032 | EUR | 500 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/18/2028 | EUR | 2100 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/22/2031 | EUR | 400 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/24/2030 | EUR | 700 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/23/2032 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 11/25/2030 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/05/2032 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Government Bond, (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/01/2026 | SGD | 1370 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/01/2031 | SGD | 1790 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/01/2050 | SGD | 1743 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/01/2051 | SGD | 2370 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/01/2039 | SGD | 3110 | 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2030 | SGD | 3220 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/01/2028 | SGD | 1960 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/2032 | SGD | 3020 | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/2035 | SGD | 2290 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/2042 | SGD | 850 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/2046 | SGD | 2970 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/01/2027 | SGD | 1230 | 990 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 102 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/01/2028 | SGD | 2240 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/01/2029 | SGD | 2330 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/01/2030 | SGD | 2215 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2029 | SGD | 1720 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 08/01/2072 | SGD | 1290 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/01/2054 | SGD | 600 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/2033 | SGD | 3840 | 3280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/01/2034 | SGD | 1650 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2027 | SGD | 5000 | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovakia Government Bond, (Slovakia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 227, Reg. S, 3.63%, 01/16/2029 | EUR | 470 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 229, Reg. S, 1.63%, 01/21/2031 | EUR | 1200 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 231, 0.63%, 05/22/2026 | EUR | 860 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 232, Reg. S, 1.88%, 03/09/2037 | EUR | 920 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 233, Reg. S, 2.00%, 10/17/2047 | EUR | 460 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 234, Reg. S, 1.00%, 06/12/2028 | EUR | 700 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 235, Reg. S, 2.25%, 06/12/2068 | EUR | 399 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 236, Reg. S, 0.75%, 04/09/2030 | EUR | 420 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 239, Reg. S, 1.00%, 05/14/2032 | EUR | 718 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 241, Reg. S, 0.13%, 06/17/2027 | EUR | 1362 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 242, Reg. S, 0.38%, 04/21/2036 | EUR | 379 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 243, Reg. S, 1.00%, 10/13/2051 | EUR | 280 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 244, Reg. S, 4.00%, 10/19/2032 | EUR | 2090 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 245, Reg. S, 3.75%, 02/23/2035 | EUR | 2260 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 246, Reg. S, 4.00%, 02/23/2043 | EUR | 1490 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 247, Reg. S, 3.63%, 06/08/2033 | EUR | 2745 | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 250, Reg. S, 3.75%, 03/06/2034 | EUR | 1360 | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 251, Reg. S, 3.00%, 11/06/2031 | EUR | 660 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 252, Reg. S, 3.75%, 02/27/2040 | EUR | 1060 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovenia Government Bond, (Slovenia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS70, Reg. S, 5.13%, 03/30/2026 | EUR | 470 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS74, Reg. S, 1.50%, 03/25/2035 | EUR | 940 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS76, Reg. S, 3.13%, 08/07/2045 | EUR | 290 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS77, Reg. S, 2.25%, 03/03/2032 | EUR | 2470 | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS78, Reg. S, 1.75%, 11/03/2040 | EUR | 612 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS80, Reg. S, 1.00%, 03/06/2028 | EUR | 500 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS81, Reg. S, 1.19%, 03/14/2029 | EUR | 420 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS82, Reg. S, 0.28%, 01/14/2030 | EUR | 586 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS84, Reg. S, 0.88%, 07/15/2030 | EUR | 190 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS85, Reg. S, 0.49%, 10/20/2050 | EUR | 450 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS86, Reg. S, 0.00%, 02/12/2031 | EUR | 800 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS87, Reg. S, 0.69%, 03/03/2081 | EUR | 121 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS91, Reg. S, 3.63%, 03/11/2033 | EUR | 760 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS93, Reg. S, 3.00%, 03/10/2034 | EUR | 1510 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS95, Reg. S, 3.50%, 04/14/2055 | EUR | 360 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033 |  | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Des Grands Projets EPIC, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2030 | EUR | 2200 | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.30%, 11/25/2031 | EUR | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.30%, 09/02/2036 | EUR | 200 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 10/15/2060 | EUR | 300 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/10/2046 | EUR | 900 | 612 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/26/2051 | EUR | 200 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 10/22/2028 | EUR | 700 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/25/2034 | EUR | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 05/25/2050 | EUR | 300 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/25/2045 | EUR | 700 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 05/25/2043 | EUR | 400 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/25/2049 | EUR | 800 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.70%, 05/25/2053 | EUR | 1300 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain Government Bond, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/2027 | EUR | 9890 | 11304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/31/2028 (e) | EUR | 8258 | 9227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 04/30/2031 (e) | EUR | 9780 | 9968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/30/2030 (e) | EUR | 6473 | 6948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/31/2031 (e) | EUR | 5188 | 5337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 10/31/2029 (e) | EUR | 9720 | 10613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 04/30/2032 (e) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;10560 | 10849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.80%, 07/30/2027 (e) | EUR | 5661 | 6509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/30/2029 | EUR | 8100 | 8965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 07/30/2037 (e) | EUR | 6133 | 5409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/30/2042 (e) | EUR | 4893 | 3814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/31/2050 (e) | EUR | 7850 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.20%, 10/31/2040 (e) | EUR | 8641 | 7297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/31/2030 (e) | EUR | 11838 | 13045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.30%, 10/31/2026 (e) | EUR | 3721 | 4348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.40%, 04/30/2028 (e) | EUR | 11036 | 12754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.40%, 07/30/2028 (e) | EUR | 13911 | 16018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 10/31/2027 (e) | EUR | 9130 | 10618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 04/30/2029 (e) | EUR | 13830 | 15789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 10/31/2071 (e) | EUR | 3669 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/30/2027 (e) | EUR | 5615 | 6564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.85%, 07/30/2035 (e) | EUR | 10063 | 10515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.90%, 10/31/2052 (e) | EUR | 7442 | 5806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 07/30/2030 (e) | EUR | 11374 | 13052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.15%, 10/31/2025 (e) | EUR | 2505 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.35%, 07/30/2033 (e) | EUR | 6401 | 7223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/2027 | EUR | 8130 | 9668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.55%, 10/31/2032 (e) | EUR | 5710 | 6597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/31/2030 | EUR | 1410 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/31/2026 | EUR | 9020 | 10701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 10/31/2046 (e) | EUR | 6723 | 6888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/30/2031 | EUR | 5455 | 6572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 04/30/2033 (e) | EUR | 13420 | 16067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 04/30/2035 (e) | EUR | 4600 | 5411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 10/31/2035 (e) | EUR | 3960 | 4653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/30/2034 (e) | EUR | 10700 | 12791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 10/31/2034 (e) | EUR | 6670 | 8070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 07/30/2043 (e) | EUR | 3623 | 4090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 07/30/2066 (e) | EUR | 4740 | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/31/2029 | EUR | 7550 | 9276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/31/2041 (e) | EUR | 1470 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.55%, 10/31/2033 (e) | EUR | 7755 | 9509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 07/30/2039 (e) | EUR | 8100 | 9899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/31/2054 (e) | EUR | 3840 | 4513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.20%, 01/31/2037 (e) | EUR | 9553 | 12178 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 103

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.70%, 07/30/2041 (e) | EUR | 6884 | 9132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.90%, 07/30/2040 (e) | EUR | 3809 | 5155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.15%, 10/31/2028 (e) | EUR | 8886 | 11444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.15%, 10/31/2044 (e) | EUR | 5191 | 7271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/30/2032 | EUR | 3436 | 4811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.90%, 07/30/2026 (e) | EUR | 2800 | 3436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/31/2029 | EUR | 2430 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.70%, 10/31/2048 (e) | EUR | 5761 | 5600 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of the Grand-Duchy of Luxembourg, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/13/2026 | EUR | 400 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/28/2030 | EUR | 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/24/2031 | EUR | 103 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/14/2032 | EUR | 400 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/25/2029 | EUR | 380 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2042 | EUR | 710 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 10/23/2034 | EUR | 480 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/01/2034 | EUR | 910 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/02/2043 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046 | GBP | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svensk Exportkredit AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/11/2037 |  | 224 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/30/2027 | EUR | 1000 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/23/2028 | EUR | 585 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden Government Bond, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1053, Reg. S, 3.50%, 03/30/2039 | SEK | 12460 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1056, Reg. S, 2.25%, 06/01/2032 | SEK | 9200 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1059, Reg. S, 1.00%, 11/12/2026 | SEK | 31600 | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1060, Reg. S, 0.75%, 05/12/2028 (e) | SEK | 64815 | 6671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1061, Reg. S, 0.75%, 11/12/2029 (e) | SEK | 46490 | 4693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1062, Reg. S, 0.13%, 05/12/2031 (e) | SEK | 14255 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1063, Reg. S, 0.50%, 11/24/2045 | SEK | 4650 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1064, Reg. S, 1.38%, 06/23/2071 (e) | SEK | 570 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1065, Reg. S, 1.75%, 11/11/2033 | SEK | 24580 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1066, Reg. S, 2.25%, 05/11/2035 | SEK | 18490 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 09/09/2030 | SEK | 17590 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Confederation Government Bond, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/22/2029 | CHF | 270 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/26/2034 | CHF | 4839 | 5902 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/24/2039 | CHF | 3589 | 4148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/27/2030 | CHF | 3140 | 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/27/2032 | CHF | 2090 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/28/2045 | CHF | 2510 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/24/2055 | CHF | 1172 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/30/2058 | CHF | 1330 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/22/2047 | CHF | 860 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/27/2037 | CHF | 680 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/30/2042 | CHF | 1140 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/25/2064 | CHF | 611 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 06/22/2031 | CHF | 752 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/08/2028 | CHF | 663 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/06/2049 | CHF | 460 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand Government Bond, (Thailand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/17/2027 | THB | 40000 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 12/17/2035 | THB | 81400 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/17/2029 |  | THB 123,830 | 3836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/17/2035 | THB | 24510 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/17/2049 | THB | 28730 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/17/2031 |  | THB 245,230 | 7781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/2042 | THB | 46000 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/17/2028 | THB | 36500 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/17/2026 | THB | 3024 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/17/2026 | THB | 70000 | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/17/2027 |  | THB 162,750 | 5121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/17/2029 | THB | 37000 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 03/17/2035 | THB | 72500 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/17/2029 |  | THB 114,000 | 3666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/17/2071 | THB | 4900 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/17/2028 |  | THB 214,700 | 6840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/17/2040 | THB | 48200 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/17/2052 | THB | 740 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/17/2034 | THB | 120910 | 4085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/17/2046 | THB | 28430 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 06/17/2045 | THB | 16630 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 06/17/2047 | THB | 52160 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/17/2050 | THB | 20090 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/17/2037 | THB | 93500 | 3407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/2036 | THB | 4000 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/17/2043 | THB | 146630 | 5436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/20/2031 | THB | 3480 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/17/2055 | THB | 73390 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/17/2066 | THB | 78670 | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/17/2072 | THB | 75000 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027 | EUR | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNEDIC ASSEO, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/05/2030 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/19/2030 | EUR | 1400 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/25/2031 | EUR | 1500 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 11/25/2026 | EUR | 600 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 05/25/2034 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/25/2029 | EUR | 2000 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/16/2035 | EUR | 1700 | 1493 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 104 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| ECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/20/2029 | EUR | 1600 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2036 | EUR | 500 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/25/2028 | EUR | 1400 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/28/2027 | EUR | 1000 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/21/2027 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2033 | EUR | 700 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/20/2032 | EUR | 300 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/25/2032 | EUR | 800 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 11/25/2034 | EUR | 400 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2035 | EUR | 600 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 11/25/2033 | EUR | 900 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom Gilt, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/31/2028 | GBP | 21957 | 27582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/31/2031 | GBP | 14206 | 15636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2026 | GBP | 14747 | 19408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2030 | GBP | 11949 | 13689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/31/2029 | GBP | 9330 | 11425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/22/2061 | GBP | 20442 | 7297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/31/2035 | GBP | 26774 | 25323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/22/2050 | GBP | 22366 | 11281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/22/2029 | GBP | 16380 | 19931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/31/2033 | GBP | 10781 | 11362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/31/2046 | GBP | 20599 | 13034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/31/2032 | GBP | 11852 | 13389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 01/31/2039 | GBP | 18676 | 16369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 10/22/2073 | GBP | 7687 | 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 07/22/2027 | GBP | 13571 | 17733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/22/2041 | GBP | 25411 | 20492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 07/31/2051 | GBP | 19576 | 11745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/22/2026 | GBP | 11821 | 15852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/22/2047 | GBP | 18045 | 12853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/31/2053 | GBP | 18357 | 11432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2028 | GBP | 10905 | 14023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2054 | GBP | 20381 | 12975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2071 | GBP | 16300 | 8994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 09/07/2037 | GBP | 22950 | 23005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 01/22/2049 | GBP | 22929 | 16835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/22/2057 | GBP | 21494 | 13770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/22/2065 | GBP | 14062 | 10699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/31/2033 | GBP | 12120 | 15559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/22/2044 | GBP | 19150 | 20391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/22/2045 | GBP | 22855 | 24988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/22/2068 | GBP | 14642 | 14388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 03/07/2027 | GBP | 6950 | 9529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/29/2038 | GBP | 23710 | 29517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 07/22/2052 | GBP | 19427 | 20913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 10/22/2053 | GBP | 17466 | 18609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/22/2031 | GBP | 8810 | 12020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/22/2060 | GBP | 16918 | 18669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/22/2063 | GBP | 11625 | 12705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 01/29/2027 | GBP | 10220 | 14090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 07/22/2029 | GBP | 11770 | 16307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2027 | GBP | 8680 | 12081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/07/2032 | GBP | 11840 | 16393 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 07/31/2034 | GBP | 10095 | 13671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 03/07/2036 | GBP | 20176 | 26945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 09/07/2039 | GBP | 18807 | 24210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2040 | GBP | 20045 | 25492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2046 | GBP | 22028 | 26524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2049 | GBP | 13893 | 16486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2055 | GBP | 17939 | 20882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 03/07/2028 | GBP | 4660 | 6484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 03/07/2030 | GBP | 8800 | 12294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 01/31/2040 | GBP | 16460 | 21351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 07/31/2054 | GBP | 21486 | 25547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 06/07/2028 | GBP | 10970 | 15345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 09/07/2034 | GBP | 12120 | 16774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 03/07/2035 | GBP | 7570 | 10396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 12/07/2042 | GBP | 16125 | 20730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 01/31/2034 | GBP | 10445 | 14592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 12/07/2030 | GBP | 13486 | 19280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 12/07/2038 | GBP | 19433 | 26617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/22/2043 | GBP | 20582 | 26997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 01/31/2056 | GBP | 2640 | 3679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 12/07/2028 | GBP | 912 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Department of Housing and Urban Development, 3.26%, 08/01/2029 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States International Development Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/2030 |  | 611 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 10/05/2034 |  | 76 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, 1.11%, 05/15/2029 |  | 614 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, 0.80%, 05/15/2029 |  | 306 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  |  | 7931509 |
| **Banks — 5.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agence Francaise de Developpement EPIC, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/28/2027 | EUR | 800 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/25/2028 | EUR | 900 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/29/2031 | EUR | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/21/2026 | EUR | 500 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/29/2029 | EUR | 1400 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/25/2036 | EUR | 900 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2030 | EUR | 1400 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/31/2035 | EUR | 500 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/31/2028 | EUR | 1600 | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/02/2037 | EUR | 600 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/05/2032 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/31/2034 | EUR | 900 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/25/2032 | EUR | 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/30/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/21/2030 | EUR | 1300 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/17/2034 | EUR | 500 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/25/2033 | EUR | 900 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 02/25/2033 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/20/2035 | EUR | 700 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 02/15/2027 | EUR | 800 | 966 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 105

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 04/03/2040 | EUR | 400 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agricultural Development Bank of China, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 08/11/2029 | CNY | 10000 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 05/14/2027 | CNY | 44200 | 6310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 02/21/2029 | CNY | 18000 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 02/04/2028 | CNY | 10400 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 10/27/2030 | CNH | 14350 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1806, 4.65%, 05/11/2028 | CNY | 38100 | 5771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1901, 3.75%, 01/25/2029 | CNY | 88500 | 13248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1906, 3.74%, 07/12/2029 | CNY | 55100 | 8313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1908, 3.63%, 07/19/2026 | CNY | 62700 | 8939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004, 2.96%, 04/17/2030 | CNY | 108200 | 15985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010, 3.79%, 10/26/2030 | CNY | 17500 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2105, 3.52%, 05/24/2031 | CNY | 38600 | 5928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2108, 2.99%, 08/11/2026 | CNY | 112500 | 15948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, 3.30%, 11/05/2031 | CNY | 142200 | 21705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2205, 3.06%, 06/06/2032 | CNY | 53100 | 8044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2207, 2.50%, 08/24/2027 | CNY | 40400 | 5748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2210, 2.97%, 10/14/2032 | CNY | 153400 | 23169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2301, 3.01%, 03/16/2030 | CNY | 44900 | 6630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2302, 3.10%, 02/27/2033 | CNY | 101900 | 15552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2303, 2.90%, 03/08/2028 | CNY | 172400 | 24885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2307, 2.63%, 06/07/2028 | CNY | 141700 | 20357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2310, 2.83%, 06/16/2033 | CNY | 70800 | 10640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2313, 2.35%, 09/07/2026 | CNY | 19100 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2315, 2.57%, 09/13/2028 | CNY | 9000 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2320, 2.85%, 10/20/2033 | CNY | 31400 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2403, 2.12%, 03/12/2027 | CNY | 12000 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2405, 2.22%, 04/09/2029 | CNY | 60600 | 8636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2410, 2.47%, 04/02/2034 | CNY | 45400 | 6681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2420, 2.30%, 07/04/2034 | CNY | 62500 | 9088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2430, 2.09%, 09/26/2034 | CNY | 24500 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2510, 1.66%, 01/09/2035 | CNY | 21600 | 2980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangko Sentral ng Pilipinas International Bond, (Philippines), Series A, 8.60%, 06/15/2027 |  | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque et Caisse d'Epargne de l'Etat, (Luxembourg), Reg. S, (EURIBOR 3 Month + 0.80%), 3.25%, 03/19/2031 (aa) | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNG Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/05/2028 | CAD | 1000 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/20/2031 | EUR | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/05/2032 | EUR | 500 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 01/15/2030 | EUR | 1750 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 04/19/2033 | EUR | 700 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 07/09/2035 | EUR | 680 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/22/2036 | EUR | 2070 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 06/19/2027 | EUR | 1250 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/11/2028 | EUR | 1260 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/24/2029 | EUR | 650 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.81%, 06/28/2049 | EUR | 200 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/17/2035 | EUR | 1060 | 1005 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/24/2036 | EUR | 400 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/30/2037 | EUR | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/29/2038 | EUR | 190 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/15/2039 | EUR | 370 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 07/13/2032 | EUR | 820 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/21/2030 | EUR | 600 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/04/2027 | EUR | 2910 | 3475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/05/2029 | EUR | 300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/11/2034 | EUR | 500 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 08/28/2034 | EUR | 430 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 06/11/2031 | EUR | 800 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/26/2035 | EUR | 550 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/23/2028 | EUR | 600 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/23/2030 | EUR | 500 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/11/2033 | EUR | 900 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 08/29/2033 | EUR | 550 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/02/2040 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 09/27/2038 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse des Depots et Consignations, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/18/2028 | EUR | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/25/2027 | EUR | 400 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2028 | EUR | 400 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2029 | EUR | 400 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 10/09/2030 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/25/2033 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/25/2035 | EUR | 400 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cassa Depositi e Prestiti SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/21/2028 | EUR | 300 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/20/2027 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/11/2032 | EUR | 500 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/13/2030 | EUR | 1000 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 02/13/2029 | EUR | 300 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Development Bank, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 07/19/2027 | CNH | 15000 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.23%, 11/27/2025 | CNH | 10000 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.20%, 01/19/2027 | CNH | 13000 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.30%, 08/02/2032 | CNH | 7000 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 11/13/2028 | CNH | 2500 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1605, 3.80%, 01/25/2036 | CNY | 332000 | 55114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1613, 3.05%, 08/25/2026 | CNY | 95100 | 13498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1710, 4.04%, 04/10/2027 | CNY | 244900 | 35641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1715, 4.24%, 08/24/2027 | CNY | 26400 | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1810, 4.04%, 07/06/2028 | CNY | 139200 | 20819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1905, 3.48%, 01/08/2029 | CNY | 328200 | 48698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1910, 3.65%, 05/21/2029 | CNY | 286500 | 42986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1915, 3.45%, 09/20/2029 | CNY | 84400 | 12635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004, 3.43%, 01/14/2027 | CNY | 59900 | 8596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005, 3.07%, 03/10/2030 | CNY | 61700 | 9158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009, 3.39%, 07/10/2027 | CNY | 28000 | 4046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010, 3.09%, 06/18/2030 | CNY | 73800 | 10998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 3.70%, 10/20/2030 | CNY | 33500 | 5150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2104, 3.40%, 01/08/2028 | CNY | 23500 | 3425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2105, 3.66%, 03/01/2031 | CNY | 64700 | 9981 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 106 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Banks — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, 3.41%, 06/07/2031 | CNY | 88000 | 13451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2115, 3.12%, 09/13/2031 | CNY | 6000 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2204, 2.99%, 03/01/2029 | CNY | 4000 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2208, 2.69%, 06/16/2027 | CNY | 21000 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2209, 2.68%, 09/13/2029 | CNY | 100000 | 14535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2215, 2.96%, 07/18/2032 | CNY | 120600 | 18190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2220, 2.77%, 10/24/2032 | CNY | 242200 | 36166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2305, 3.02%, 03/06/2033 | CNY | 97300 | 14813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2310, 2.82%, 05/22/2033 | CNY | 243000 | 36540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2315, 2.69%, 09/11/2033 | CNY | 172100 | 25690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2401, 2.64%, 01/08/2031 | CNY | 61300 | 8964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2403, 1.80%, 09/02/2027 | CNY | 17000 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2405, 2.63%, 01/08/2034 | CNY | 33000 | 4915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Bank of Japan, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/10/2025 | EUR | 1000 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/26/2027 | EUR | 900 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 86, 0.24%, 10/13/2027 | JPY | 100000 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank of Korea, (South Korea), Reg. S, 0.02%, 07/16/2025 | CHF | 300 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investitionsbank des Landes Brandenburg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/29/2031 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 03/19/2031 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/18/2032 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/13/2030 | EUR | 200 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investitionsbank Schleswig-Holstein, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/19/2035 | EUR | 300 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/21/2034 | EUR | 400 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/10/2031 | EUR | 300 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Reg. S, 0.01%, 10/17/2029 | EUR | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Istituto Per Il Credito Sportivo E Culturale SPA, (Italy), Reg. S, 3.50%, 01/29/2030 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank (The),<br>(South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.83%, 08/10/2027 | SEK | 2000 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/08/2027 | EUR | 1500 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, (Netherlands), Reg. S, 3.00%, 10/25/2027 | EUR | 400 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nederlandse Waterschapsbank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/08/2031 | EUR | 930 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/16/2037 | EUR | 1000 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/28/2030 | EUR | 374 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 05/28/2027 | EUR | 400 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/03/2035 | EUR | 500 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/19/2032 | EUR | 600 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/28/2046 | EUR | 569 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/18/2027 | EUR | 1000 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/06/2029 | EUR | 1500 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 10/04/2041 | EUR | 200 | 154 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/01/2028 | EUR | 300 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/07/2032 | EUR | 670 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/27/2036 | EUR | 810 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/27/2038 | EUR | 940 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/15/2039 | EUR | 310 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/13/2027 | EUR | 950 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/22/2030 | EUR | 600 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/10/2034 | EUR | 600 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 12/17/2029 | EUR | 1100 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/05/2031 | EUR | 400 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/20/2033 | EUR | 790 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saechsische Aufbaubank-Foerderbank, (Germany), Reg. S, 2.75%, 03/20/2031 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Banks |  |  | 810538 |
| **Regional (State/Province) — 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agence France Locale, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/20/2031 | EUR | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/20/2028 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2030 | EUR | 600 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 08/20/2032 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/20/2033 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/20/2034 | EUR | 700 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 12/20/2031 | EUR | 400 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/20/2038 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Capital Territory, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/17/2030 | AUD | 400 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 10/23/2034 | AUD | 400 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 10/24/2033 | AUD | 500 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 10/23/2036 | AUD | 600 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonomous Community of Madrid Spain, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.16%, 07/30/2028 | EUR | 400 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.42%, 04/30/2030 | EUR | 161 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.42%, 04/30/2031 | EUR | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.57%, 04/30/2029 | EUR | 200 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.72%, 04/30/2032 | EUR | 110 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.77%, 04/30/2028 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.08%, 03/12/2030 | EUR | 400 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.49%, 07/30/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.82%, 10/31/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.14%, 04/30/2035 | EUR | 390 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.17%, 07/30/2029 | EUR | 600 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.46%, 04/30/2034 | EUR | 400 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 04/30/2033 | EUR | 400 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/15/2026 | EUR | 500 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free and Hanseatic City of Hamburg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 06/30/2028 | EUR | 380 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 06/03/2030 | EUR | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/05/2035 | EUR | 70 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 09/03/2049 | EUR | 70 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/18/2041 | EUR | 394 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 11/23/2051 | EUR | 350 | 184 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 107

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.80%, 04/11/2034 | EUR | 800 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/02/2029 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/30/2032 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/26/2030 | EUR | 150 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/2032 | EUR | 600 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 1.20%, 06/03/2033 | EUR | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free State of Bavaria, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/20/2032 | EUR | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/18/2035 | EUR | 352 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/19/2055 | EUR | 300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 132, Reg. S, 0.03%, 04/03/2028 | EUR | 270 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 134, Reg. S, 0.01%, 05/07/2029 | EUR | 600 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free State of Saxony, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/05/2029 | EUR | 197 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/17/2032 | EUR | 500 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/12/2030 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/15/2034 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 132, Reg. S, 0.01%, 12/17/2035 | EUR | 210 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 134, Reg. S, 0.01%, 04/29/2031 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 135, Reg. S, 0.40%, 05/12/2036 | EUR | 300 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemeinsame Deutsche Bundeslaender HB HH MV RP SL SH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58, Reg. S, 0.00%, 02/19/2027 | EUR | 220 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 59, Reg. S, 0.01%, 08/26/2030 | EUR | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 60, Reg. S, 0.01%, 02/04/2031 | EUR | 346 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 62, Reg. S, 1.25%, 05/04/2029 | EUR | 980 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 63, Reg. S, 3.00%, 04/26/2030 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 66, Reg. S, 2.63%, 02/27/2030 | EUR | 400 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series #65, Reg. S, 2.50%, 10/24/2031 | EUR | 550 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemeinsame Deutsche Bundeslaender HB HH RP SL SH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55, Reg. S, 0.75%, 09/25/2028 | EUR | 400 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 61, Reg. S, 0.01%, 10/08/2027 | EUR | 500 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemeinsame Deutsche Bundeslaender HB MV RP SL SH, (Germany), Series 64, Reg. S, 2.63%, 02/07/2031 | EUR | 500 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ile-de-France Mobilites, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 05/28/2031 | EUR | 1300 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.68%, 11/24/2036 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/25/2034 | EUR | 800 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.28%, 02/14/2042 | EUR | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.05%, 02/03/2033 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 05/25/2043 | EUR | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 06/25/2049 | EUR | 500 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 10/04/2039 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 05/25/2045 | EUR | 300 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Finance Organization for Municipalities, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/02/2028 | EUR | 1000 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 02/12/2027 | EUR | 500 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 09/03/2031 | EUR | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/02/2025 |  | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 2.32%, 06/18/2027 | JPY | 20000 | 143 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Kommunekredit, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/17/2029 | EUR | 800 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/19/2035 | EUR | 7000 | 8174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kommuninvest I Sverige AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/26/2027 | SEK | 8000 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/18/2031 | SEK | 17680 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Reg. S, 1.00%, 11/12/2026 | SEK | 4000 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuntarahoitus OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/14/2030 | EUR | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/02/2031 | EUR | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/06/2029 | EUR | 400 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/10/2035 | EUR | 300 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/25/2032 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/07/2027 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 02/23/2033 | EUR | 600 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 08/29/2029 | EUR | 680 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 12/14/2029 | EUR | 400 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 06/14/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/02/2034 | EUR | 300 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/18/2028 | EUR | 1100 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/25/2028 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/29/2030 | EUR | 400 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Baden-Wuerttemberg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/02/2030 | EUR | 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/07/2031 | EUR | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/19/2040 | EUR | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 03/12/2030 | EUR | 300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/27/2030 | EUR | 400 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/12/2035 | EUR | 400 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/16/2029 | EUR | 900 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/27/2033 | EUR | 1000 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/23/2040 | EUR | 450 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Berlin, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/02/2030 | EUR | 490 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 08/06/2040 | EUR | 200 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 01/18/2030 | EUR | 635 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/24/2045 | EUR | 90 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.15%, 02/22/2036 | EUR | 400 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/05/2029 | EUR | 800 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/15/2039 | EUR | 450 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/26/2052 | EUR | 420 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/01/2028 | EUR | 500 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 08/02/2032 | EUR | 630 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/04/2030 | EUR | 400 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/24/2031 | EUR | 1000 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/16/2032 | EUR | 500 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/05/2029 | EUR | 730 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/15/2034 | EUR | 960 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/13/2054 | EUR | 510 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 490, Reg. S, 0.63%, 08/25/2036 | EUR | 650 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 493, Reg. S, 0.63%, 02/08/2027 | EUR | 220 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 495, Reg. S, 1.38%, 06/05/2037 | EUR | 260 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 506, Reg. S, 1.38%, 08/27/2038 | EUR | 115 | 108 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 108 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Regional (State/Province) — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 517, Reg. S, 0.01%, 05/18/2027 | EUR | 700 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 518, Reg. S, 0.13%, 06/04/2035 | EUR | 600 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 530, Reg. S, 0.10%, 01/18/2041 | EUR | 80 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 535, Reg. S, 0.13%, 10/20/2031 | EUR | 490 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 546, 2.75%, 02/14/2033 | EUR | 1080 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 557, Reg. S, 3.00%, 05/15/2029 | EUR | 700 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Thueringen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/24/2031 | EUR | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 05/06/2030 | EUR | 260 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/13/2051 | EUR | 100 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/02/2029 | EUR | 600 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 12/05/2033 | EUR | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/03/2029 | EUR | 500 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/02/2032 | EUR | 600 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/15/2028 | EUR | 800 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ministeries Van de Vlaamse Gemeenschap, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.30%, 10/20/2031 | EUR | 900 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/23/2051 | EUR | 100 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 11/21/2033 | EUR | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/12/2038 | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/11/2044 | EUR | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/22/2029 | EUR | 2000 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/12/2032 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/22/2034 | EUR | 2200 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/22/2037 | EUR | 1000 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/12/2043 | EUR | 600 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/22/2045 | EUR | 1300 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/22/2032 | EUR | 200 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/26/2042 | EUR | 300 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Finance Authority of British Columbia, (Canada), 2.55%, 10/09/2029 | CAD | 300 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; New South Wales Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/20/2030 | AUD | 1990 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 02/20/2032 | AUD | 2450 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/20/2034 | AUD | 5430 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/20/2031 | AUD | 1310 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/08/2033 | AUD | 3840 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/20/2040 | AUD | 960 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/07/2041 | AUD | 400 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 11/22/2032 | AUD | 50 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2028 | AUD | 4480 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/20/2030 | AUD | 4590 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 02/20/2036 | AUD | 2440 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/20/2035 | AUD | 1820 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/20/2037 | AUD | 400 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 02/24/2038 | AUD | 2000 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27, Reg. S, 3.00%, 05/20/2027 | AUD | 1970 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29, Reg. S, 3.00%, 04/20/2029 | AUD | 10000 | 6433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niedersachsen Invest GmbH, (Germany), Reg. S, 0.25%, 07/16/2035 | EUR | 400 | 363 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Territory Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/21/2031 | AUD | 300 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/21/2032 | AUD | 800 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 03/21/2034 | AUD | 800 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/21/2037 | AUD | 600 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Alberta Canada, (Canada), Reg. S, 1.40%, 02/20/2029 | SEK | 2000 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of British Columbia Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/18/2048 | CAD | 400 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/01/2036 |  | 300 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Manitoba Canada, (Canada), 2.05%, 09/05/2052 | CAD | 100 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Nova Scotia Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/2051 | CAD | 100 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/2045 | CAD | 200 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Ontario Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/25/2030 | EUR | 3600 | 3676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/09/2031 | EUR | 3000 | 3047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/08/2027 | EUR | 1500 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/02/2035 | CAD | 300 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Quebec Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/15/2029 | EUR | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/25/2032 | EUR | 3000 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/04/2027 | EUR | 600 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/05/2028 | EUR | 1025 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 | CAD | 200 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/08/2033 |  | 610 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 07/22/2026 |  | 320 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series PD, 7.50%, 09/15/2029 |  | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Saskatchewan Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 05/08/2034 | EUR | 300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/02/2048 | CAD | 400 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Queensland Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 08/20/2032 (e) | AUD | 2380 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 08/21/2031 (e) | AUD | 2170 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/20/2034 (e) | AUD | 2660 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 08/22/2033 (e) | AUD | 6400 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 03/06/2029 (e) | AUD | 570 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 08/21/2029 (e) | AUD | 2970 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 08/21/2030 (e) | AUD | 2140 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 03/09/2033 (e) | AUD | 1680 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 08/22/2035 (e) | AUD | 650 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/02/2034 (e) | AUD | 770 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 07/21/2037 (e) | AUD | 2180 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 07/21/2036 (e) | AUD | 1040 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26, Reg. S, 3.25%, 07/21/2026 (e) | AUD | 2090 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27, Reg. S, 2.75%, 08/20/2027 (e) | AUD | 400 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28, Reg. S, 3.25%, 07/21/2028 (e) | AUD | 830 | 542 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 109

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 47, Reg. S, 4.20%, 02/20/2047 (e) | AUD | 490 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region of Ile de France, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/20/2028 | EUR | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/23/2027 | EUR | 200 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.23%, 07/19/2032 | EUR | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 04/30/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.65%, 05/25/2035 | EUR | 1000 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region of Lazio Italy, (Italy), Reg. S, 3.09%, 03/31/2043 | EUR | 157 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Australian Government Financing Authority, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/24/2032 | AUD | 670 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/24/2034 | AUD | 1000 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/23/2036 | AUD | 689 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/24/2030 | AUD | 1070 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 05/24/2029 | AUD | 1000 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/23/2031 | AUD | 2400 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/24/2033 | AUD | 1600 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 05/24/2038 | AUD | 400 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Brandenburg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/26/2046 | EUR | 259 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/21/2039 | EUR | 180 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 07/04/2033 | EUR | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 11/26/2038 | EUR | 530 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/25/2029 | EUR | 400 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/03/2030 | EUR | 1000 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/23/2034 | EUR | 500 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/27/2032 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/2033 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/2035 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Bremen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 215, Reg. S, 1.20%, 01/30/2034 | EUR | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 217, Reg. S, 1.00%, 05/27/2039 | EUR | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 224, Reg. S, 0.40%, 08/20/2049 | EUR | 30 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 232, Reg. S, 0.55%, 02/04/2050 | EUR | 30 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 241, Reg. S, 0.13%, 04/29/2030 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 247, Reg. S, 0.15%, 09/14/2040 | EUR | 310 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 250, Reg. S, 0.01%, 10/06/2028 | EUR | 640 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 258, Reg. S, 0.50%, 05/06/2041 | EUR | 138 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 265, Reg. S, 0.15%, 10/24/2031 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 269, Reg. S, 0.45%, 03/15/2029 | EUR | 300 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 272, Reg. S, 3.00%, 03/02/2033 | EUR | 1140 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 274, Reg. S, 2.75%, 01/30/2032 | EUR | 1310 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 276, Reg. S, 2.88%, 07/18/2031 | EUR | 700 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 277, Reg. S, 2.50%, 11/20/2029 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 278, Reg. S, 2.75%, 01/28/2033 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hesse, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 10/10/2031 | EUR | 403 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/05/2027 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2031 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/10/2027 | EUR | 760 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 08/25/2034 | EUR | 420 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/10/2034 | EUR | 300 | 350 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/12/2029 | EUR | 500 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 06/18/2035 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/12/2035 | EUR | 600 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/10/2039 | EUR | 340 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/05/2028 | EUR | 980 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1801, Reg. S, 0.63%, 08/02/2028 | EUR | 230 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1803, Reg. S, 1.30%, 10/10/2033 | EUR | 400 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1905, Reg. S, 0.00%, 09/10/2029 | EUR | 830 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006, Reg. S, 0.01%, 03/11/2030 | EUR | 990 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010, Reg. S, 0.00%, 11/08/2030 | EUR | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2104, Reg. S, 0.00%, 07/19/2028 | EUR | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2301, 2.88%, 01/10/2033 | EUR | 1100 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2501, Reg. S, 2.75%, 01/12/2032 | EUR | 800 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Lower Saxony, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/11/2027 | EUR | 1960 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/19/2029 | EUR | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/10/2031 | EUR | 779 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 03/09/2035 | EUR | 577 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/09/2032 | EUR | 560 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/14/2029 | EUR | 1500 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/17/2029 | EUR | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/09/2030 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 03/15/2029 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 03/18/2032 | EUR | 500 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/25/2030 | EUR | 300 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/17/2031 | EUR | 700 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 08/04/2033 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/24/2034 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/09/2035 | EUR | 650 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 879, Reg. S, 0.75%, 02/15/2028 | EUR | 400 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 884, Reg. S, 0.88%, 10/25/2028 | EUR | 1320 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 889, Reg. S, 0.00%, 07/10/2026 | EUR | 500 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 898, Reg. S, 0.01%, 08/13/2030 | EUR | 749 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 901, Reg. S, 0.01%, 11/25/2027 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 908, Reg. S, 0.25%, 04/09/2029 | EUR | 700 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 909, Reg. S, 0.75%, 03/21/2031 | EUR | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 917, Reg. S, 2.63%, 01/09/2034 | EUR | 700 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Mecklenburg-Western Pomerania, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/12/2032 | EUR | 450 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 06/05/2034 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/17/2035 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Rhine-Westphalia Germany, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2029 | EUR | 661 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/26/2029 | EUR | 400 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/04/2031 | EUR | 2300 | 2343 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 110 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Regional (State/Province) — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 03/31/2027 | EUR | 686 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 04/09/2030 | EUR | 2474 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 01/27/2051 | EUR | 270 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/02/2050 | EUR | 385 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/25/2039 | EUR | 110 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 06/04/2041 | EUR | 300 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 08/16/2041 | EUR | 360 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.80%, 07/30/2049 | EUR | 100 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 11/15/2028 | EUR | 600 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 03/13/2028 | EUR | 144 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 01/10/2121 | EUR | 945 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/16/2046 | EUR | 1360 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/12/2036 | EUR | 1400 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/15/2120 | EUR | 1044 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 02/16/2043 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 01/19/2122 | EUR | 500 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/24/2030 | EUR | 1000 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.65%, 02/22/2038 | EUR | 480 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.65%, 05/16/2047 | EUR | 220 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 10/26/2057 | EUR | 172 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/11/2068 | EUR | 104 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 09/26/2078 | EUR | 254 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/15/2032 | EUR | 450 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.15%, 03/21/2119 | EUR | 376 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/15/2029 | EUR | 550 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.65%, 01/15/2030 | EUR | 700 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 09/05/2034 | EUR | 700 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/15/2032 | EUR | 930 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 06/07/2033 | EUR | 1690 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 01/15/2053 | EUR | 390 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/27/2028 | EUR | 400 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/06/2029 | EUR | 800 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2054 | EUR | 700 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 10/31/2028 | EUR | 500 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 03/07/2073 | EUR | 2410 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15YR, Reg. S, 0.00%, 10/12/2035 | EUR | 1454 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15YR, Reg. S, 1.10%, 03/13/2034 | EUR | 240 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1250, Reg. S, 2.38%, 05/13/2033 | EUR | 1050 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1416, Reg. S, 0.63%, 07/21/2031 | EUR | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1439, Reg. S, 1.55%, 06/16/2048 | EUR | 2800 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Rhineland-Palatinate, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/25/2028 | EUR | 500 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/21/2031 | EUR | 410 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 01/26/2027 | EUR | 220 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/10/2051 | EUR | 200 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/23/2032 | EUR | 490 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/23/2028 | EUR | 300 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 07/25/2031 | EUR | 400 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/02/2034 | EUR | 750 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 117, Reg. S, 0.05%, 01/23/2030 | EUR | 900 | 951 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Saarland, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 11/05/2040 | EUR | 68 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/18/2030 | EUR | 300 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/10/2031 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/19/2035 | EUR | 375 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Saxony-Anhalt, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/10/2031 | EUR | 280 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/09/2032 | EUR | 600 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/24/2051 | EUR | 123 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/13/2030 | EUR | 700 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/19/2032 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/29/2035 | EUR | 500 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/06/2054 | EUR | 150 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.75%, 01/29/2029 | EUR | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32, Reg. S, 2.95%, 06/20/2033 | EUR | 650 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Schleswig-Holstein Germany, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/22/2030 | EUR | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 07/08/2031 | EUR | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/12/2029 | EUR | 431 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/08/2027 | EUR | 310 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/22/2029 | EUR | 440 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 08/31/2028 | EUR | 140 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/14/2027 | EUR | 250 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/22/2032 | EUR | 430 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 08/02/2032 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/13/2033 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 06/25/2029 | EUR | 400 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/30/2034 | EUR | 500 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/10/2035 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 08/16/2033 | EUR | 400 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tasmanian Public Finance Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/20/2034 | AUD | 1000 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/25/2035 | AUD | 400 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 01/23/2036 | AUD | 600 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Corp. of Victoria, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/19/2027 | AUD | 2370 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 11/20/2030 | AUD | 1400 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/10/2031 | AUD | 2500 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 09/17/2035 | AUD | 4570 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 09/15/2033 | AUD | 10260 | 5655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 11/20/2034 | AUD | 5150 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/20/2041 | AUD | 2500 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/22/2029 | AUD | 4200 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/20/2028 | AUD | 3390 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/20/2032 | AUD | 3210 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 09/15/2036 | AUD | 1500 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 09/15/2038 | AUD | 1920 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 09/15/2044 | AUD | 460 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/17/2026 | AUD | 1880 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Australian Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/22/2030 | AUD | 780 | 455 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 111

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 07/23/2041 | AUD | 50 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 07/20/2033 | AUD | 2000 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27, Reg. S, 3.00%, 10/21/2027 | AUD | 1070 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28, Reg. S, 3.25%, 07/20/2028 | AUD | 1000 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29, Reg. S, 2.75%, 07/24/2029 | AUD | 2670 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Regional (State/Province) |  |  | 271394 |
| **Diversified Financial Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDP Financial, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/06/2027 | EUR | 2000 | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/25/2039 (e) |  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPPIB Capital, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 02/24/2031 | EUR | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/06/2027 | EUR | 300 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2049 | EUR | 600 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2071 | GBP | 2000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMERS Finance Trust, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.60%, 05/14/2029 | CAD | 500 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/25/2029 | EUR | 500 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Teachers' Finance Trust, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 05/19/2028 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 05/20/2041 | EUR | 1650 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 10/05/2029 | EUR | 800 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSP Capital, Inc., (Canada), 3.25%, 07/02/2034 (e) | EUR | 2600 | 3074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Diversified Financial Services |  |  | 11723 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro-Quebec, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/2040 | CAD | 300 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH, 8.50%, 12/01/2029 |  | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HK, 9.38%, 04/15/2030 |  | 500 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031 | CAD | 1500 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Electric |  |  | 1885 |
| **Multi-National — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/2029 |  | 338 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/01/2029 |  | 165 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/01/2030 |  | 228 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/31/2030 |  | 1500 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/11/2031 |  | 155 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 01/21/2061 | EUR | 1000 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/21/2035 | EUR | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 02/10/2026 |  | 750 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 10/22/2046 | EUR | 2000 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/21/2029 | GBP | 2000 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 02/04/2041 |  | 1000 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.26%), 2.33%, 05/31/2026 (aa) |  | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/16/2035 | EUR | 6100 | 7188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/27/2026 |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2028 |  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2032 |  | 185 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Multi-National |  |  | 16218 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Transportation — 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regie Autonome des Transports Parisiens EPIC, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 06/20/2029 | EUR | 500 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 12/19/2036 | EUR | 867 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/25/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/25/2032 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/11/2033 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2034 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; SNCF Reseau, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2036 | EUR | 300 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/22/2029 | EUR | 600 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/09/2031 | EUR | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/19/2027 | EUR | 700 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/25/2030 | EUR | 500 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/29/2037 | EUR | 300 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/12/2026 | CHF | 300 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/05/2048 | EUR | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 12/20/2047 | EUR | 400 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 10/25/2028 | EUR | 1800 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 10/07/2026 | EUR | 600 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/01/2035 | CAD | 100 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 10/10/2033 | EUR | 2000 | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 03/11/2052 | GBP | 145 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 12/07/2028 | GBP | 300 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Nationale SNCF SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/17/2030 | EUR | 1500 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/25/2040 | EUR | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/19/2061 | EUR | 100 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 02/02/2029 | EUR | 800 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/25/2034 | EUR | 1000 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/25/2033 | EUR | 1200 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 04/03/2035 | EUR | 1000 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 03/18/2027 | GBP | 400 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Transportation |  |  | 18956 |
| Municipal — 0.2% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auckland Council, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/26/2029 | EUR | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/17/2031 | EUR | 600 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/19/2027 | EUR | 300 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 11/28/2025 | CHF | 300 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonomous Community of Catalonia, (Spain), 4.22%, 04/26/2035 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonomous Region of the Azores, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.10%, 09/27/2036 | EUR | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.16%, 04/06/2032 | EUR | 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Basque Government, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/30/2031 | EUR | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.45%, 04/30/2032 | EUR | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 04/30/2030 | EUR | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 07/30/2033 | EUR | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/30/2035 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 04/30/2034 | EUR | 300 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 04/30/2033 | EUR | 200 | 244 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 112 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Municipal — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canton of Geneva Switzerland, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.03%, 06/28/2030 | CHF | 1250 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 04/28/2036 | CHF | 300 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canton of Zurich, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/23/2028 | CHF | 800 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/10/2033 | CHF | 700 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 06/23/2045 | CHF | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Milan Italy, (Italy), 4.02%, 06/29/2035 | EUR | 40 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Montreal Canada, (Canada), 1.75%, 09/01/2030 | CAD | 500 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Ottawa Ontario, (Canada), 4.45%, 06/04/2033 | CAD | 200 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Quebec Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 07/06/2031 | CAD | 300 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/20/2027 | CAD | 565 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Toronto Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/24/2039 | CAD | 300 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/28/2035 | CAD | 200 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communaute Francaise de Belgique, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/22/2029 | EUR | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/23/2030 | EUR | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/03/2032 | EUR | 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/22/2034 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/22/2033 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 06/22/2040 | EUR | 400 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comunidad Autonoma de Canarias, (Spain), Reg. S, 0.71%, 10/31/2031 | EUR | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emissionskonsortium der gemeinsamen Landesfoerderinstitute, (Germany), Reg. S, 2.50%, 09/28/2029 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Junta de Andalucia, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/30/2031 | EUR | 363 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/30/2029 | EUR | 30 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.40%, 04/30/2032 | EUR | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 04/30/2030 | EUR | 400 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/31/2033 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 04/30/2035 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 04/30/2034 | EUR | 500 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Junta de Castilla y Leon, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.43%, 04/30/2030 | EUR | 62 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 04/30/2032 | EUR | 400 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Local Government Funding Agency Bond, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/20/2029 | NZD | 2000 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/15/2037 | NZD | 250 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/01/2030 | EUR | 1500 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/14/2033 | NZD | 2100 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032 | EUR | 1200 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region Wallonne Belgium, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2031 | EUR | 100 | 100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Municipal — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/22/2037 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.05%, 06/22/2040 | EUR | 100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/03/2034 | EUR | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/06/2032 | EUR | 400 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/14/2038 | EUR | 600 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 12/06/2030 | EUR | 2000 | 2371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/22/2032 | EUR | 1300 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/22/2033 | EUR | 400 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/22/2035 | EUR | 500 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/15/2043 | EUR | 400 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/22/2039 | EUR | 400 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 06/22/2054 | EUR | 500 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Lower Austria, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/16/2035 | EUR | 300 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/30/2036 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 10/04/2033 | EUR | 300 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metropolitan Government, (Japan), Reg. S, 0.75%, 07/16/2025 |  | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ville de Paris, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/30/2041 | EUR | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 11/20/2034 | EUR | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 02/02/2033 | EUR | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2031 | EUR | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 10/25/2029 | EUR | 400 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 02/05/2036 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 02/02/2044 | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 05/25/2040 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/22/2048 | EUR | 300 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/29/2025 | EUR | 600 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xunta de Galicia, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.27%, 07/30/2028 | EUR | 300 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 04/30/2029 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 04/30/2031 | EUR | 300 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal |  |  | 34084 |
| **Commercial Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adif Alta Velocidad, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 04/30/2030 | EUR | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 10/31/2031 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 04/30/2027 | EUR | 400 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/31/2030 | EUR | 700 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/31/2029 | EUR | 900 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/30/2028 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/30/2029 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 04/30/2032 | EUR | 300 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 04/30/2035 | EUR | 300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.65%, 04/30/2034 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 04/30/2033 | EUR | 400 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/16/2027 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 07/09/2029 | EUR | 700 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 07/16/2035 | EUR | 400 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/02/2031 | EUR | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 09/13/2028 | EUR | 200 | 235 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 113

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Commercial Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/11/2032 | EUR | 300 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/20/2033 | EUR | 130 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/02/2034 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026 |  | 800 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Services |  |  | 7862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pipelines — 0.0% (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gestion Securite de Stocks Securite SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/20/2028 | EUR | 300 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/25/2027 | EUR | 1000 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/25/2031 | EUR | 300 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/29/2030 | EUR | 1300 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 11/25/2029 | EUR | 300 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Pipelines |  |  | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea National Oil Corp., (South Korea), Reg. S, 0.26%, 07/30/2027 | CHF | 300 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities<br>(Cost $8,783,461) |  |  | 9108330 |
| **Mortgage-Backed Securities** — **13.2%** |  |  |  |
| **UMBS Collateral — 9.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 15 years, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/01/2035 |  | 291 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/2036 |  | 447 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/2037 |  | 654 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/2037 |  | 681 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2035 |  | 566 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2036 |  | 3799 | 3491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2036 |  | 323 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2036 |  | 2226 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/2036 |  | 952 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2036 |  | 494 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2036 |  | 2830 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2036 |  | 283 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2037 |  | 3420 | 3141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2037 |  | 1311 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2037 |  | 813 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2037 |  | 1572 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2038 |  | 735 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2032 |  | 1315 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2035 |  | 6475 | 6067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2036 |  | 994 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2037 |  | 118 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2037 |  | 298 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2037 |  | 1861 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2028 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2028 |  | 605 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2029 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2030 |  | 342 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2030 |  | 67 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2031 |  | 17 | 16 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2032 | 74 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2033 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2037 | 296 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2038 | 586 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2025 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2033 | 197 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2034 | 480 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2035 | 429 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2025 | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2026 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2029 | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2037 | 110 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2038 | 112 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 1083 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 20 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2042 | 306 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2042 | 108 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2039 | 207 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2039 | 119 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2039 | 468 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2039 | 292 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/2051 | 21 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/2051 | 39 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/2051 | 4896 | 3682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/01/2051 | 820 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2050 | 631 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2050 | 3888 | 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2051 | 3501 | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2051 | 2545 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2051 | 10053 | 7998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2051 | 1185 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2051 | 1218 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2051 | 1553 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2051 | 5058 | 4055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | 3979 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2052 | 432 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2052 | 1949 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2052 | 4199 | 3332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2052 | 4779 | 3792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/2052 | 793 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2050 (gg) | 20387 | 17018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2050 | 701 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2051 | 10994 | 9195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2051 | 369 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2051 (gg) | 13126 | 11055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2051 | 689 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2052 | 7535 | 6267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2052 | 1530 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 | 182 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2049 | 1854 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2049 | 1315 | 1166 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 114 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Mortgage-Backed Securities — continued |  |  |
| UMBS Collateral — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2050 | 2997 | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2050 | 1559 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2050 | 3348 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2050 | 684 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2050 | 227 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2051 | 2799 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2051 | 5218 | 4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2051 | 1667 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2051 | 3406 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 | 893 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 | 2558 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2052 | 4163 | 3623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2052 | 1618 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2052 | 602 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2042 | 1871 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2043 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2047 | 278 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2048 | 1452 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2048 | 243 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2048 | 3214 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2048 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2049 | 34 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2049 | 443 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2049 | 1842 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 | 1737 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2050 | 2470 | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2052 | 1135 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2045 | 3722 | 3548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2048 | 2306 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2049 | 1872 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2049 | 1186 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2050 | 863 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2050 | 902 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2050 | 7792 | 7321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2052 | 52 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2052 | 840 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052 | 825 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052 | 1528 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2052 | 502 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052 | 499 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2053 | 404 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2047 | 151 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2048 | 228 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2048 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 | 578 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2049 | 1077 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2050 | 752 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2050 | 3087 | 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2052 | 181 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2052 | 444 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2052 | 1525 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2053 | 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2049 | 317 | 317 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2052 | 220 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 | 521 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 | 257 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052 | 212 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2053 | 3482 | 3436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2053 | 1178 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053 | 166 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2054 | 1216 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2054 | 502 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2054 | 4613 | 4541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054 | 1508 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2052 | 678 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2052 | 1051 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 | 740 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2053 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2053 | 460 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2053 | 351 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2053 | 1740 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2053 | 96 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2053 | 4003 | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2054 | 2375 | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2054 | 3583 | 3604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2054 | 322 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2054 | 451 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2054 | 459 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2054 | 3188 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2054 | 1401 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2055 | 924 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2055 | 4994 | 5024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2053 | 288 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2053 | 2502 | 2569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2053 | 760 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2054 | 424 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2054 | 336 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2054 | 9451 | 9703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2054 | 1074 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2054 | 935 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 | 2914 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2054 | 1084 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2054 | 872 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2055 | 2734 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2055 | 6003 | 6126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2055 | 978 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2055 (gg) | 22631 | 23307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2055 | 1255 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2055 | 441 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2053 | 642 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2053 | 421 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2053 | 188 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2053 | 989 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/01/2054 | 1357 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2054 | 637 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2054 | 642 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2054 | 1225 | 1281 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 115

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities — continued** | | |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 1.50%, 07/01/2040 (w) | 2241 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 07/01/2040 (w) | 4525 | 4132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 07/01/2040 (w) | 1950 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 07/01/2040 (w) | 2650 | 2527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 07/01/2027 (w) | 3450 | 3332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 07/01/2040 (w) | 2300 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 07/01/2040 (w) | 6800 | 6757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 07/01/2040 (w) | 3000 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 1.50%, 07/01/2055 (w) | 7300 | 5484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 07/01/2055 (w) | 117950 | 93332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 07/01/2055 (w) | 35600 | 29523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 05/25/2044 (w) | 59403 | 51367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 07/01/2055 (w) | 24429 | 22000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 07/01/2055 (w) | 8550 | 7948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 07/01/2055 (w) | 8268 | 7906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 08/01/2055 (w) | 29900 | 28582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 07/01/2055 (w) | 4454 | 4365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 08/01/2055 (w) | 39500 | 38689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 07/01/2055 (w) | 16143 | 16140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 08/01/2055 (w) | 7900 | 7893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 07/01/2055 (w) | 12250 | 12452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 08/01/2055 (w) | 148900 | 151225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 07/01/2055 (w) | 6750 | 6967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 08/01/2055 (w) | 23350 | 24068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 7.00%, 08/13/2055 (w) | 3000 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 7.00%, 09/01/2055 (w) | 1300 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2027 | 151 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2027 | 43 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2028 | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/01/2032 (w) (bb) | 697 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 07/01/2035 (w) (bb) | 2500 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 08/01/2030 (bb) | 1351 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 05/01/2033 (w) (bb) | 1120 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/01/2036 | 427 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/2036 | 378 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/2037 | 379 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/2037 | 153 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/2037 | 422 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2028 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2028 | 58 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2028 | 57 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2032 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2035 | 630 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2036 | 4715 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2036 | 349 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/2036 | 890 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2036 | 282 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2036 | 1837 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2036 | 953 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2037 | 444 | 407 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2037 | 777 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2037 | 904 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2037 | 561 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2035 | 182 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2036 | 1662 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2036 | 665 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2036 | 103 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2037 | 192 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2037 | 399 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2037 | 105 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2026 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2026 | 289 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2026 | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2027 | 405 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2027 | 87 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2027 | 171 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2027 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2028 | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2029 | 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2030 | 21 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2030 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2030 | 343 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2030 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2031 | 62 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2031 | 152 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2032 | 240 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2032 | 235 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2032 | 1155 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2032 | 346 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2032 | 759 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2032 | 302 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2032 | 607 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2033 | 44 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2033 | 78 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2034 | 882 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2034 | 354 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2035 | 310 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2025 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2026 | 57 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2031 | 36 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2034 | 208 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2035 | 938 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2035 | 52 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2026 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2026 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2027 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2033 | 333 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 | 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2035 | 191 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2037 | 147 | 144 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 116 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Mortgage-Backed Securities — continued |  |  |
| UMBS Collateral — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2037 | 213 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2038 | 97 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2038 | 61 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 1893 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 20 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2042 | 626 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2042 | 313 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2042 | 1180 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2037 | 357 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2038 | 87 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2039 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2039 | 133 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2039 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2043 | 864 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/2050 | 1202 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/2051 | 1780 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/01/2051 | 1119 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/2052 | 846 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2050 | 1271 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2050 | 1107 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2050 | 845 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2050 | 7034 | 5610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2051 | 3525 | 2827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2051 | 1189 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2051 | 1752 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2051 | 3217 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2051 | 1622 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2051 | 5211 | 4166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2051 | 2774 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2051 | 16712 | 13295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2051 | 6766 | 5387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | 17057 | 13556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2052 | 3222 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2046 | 4347 | 3717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2050 | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2050 | 10168 | 8468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2050 | 12310 | 10239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2051 | 1742 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2051 | 4607 | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2051 | 5868 | 4871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2051 | 1485 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2051 | 3299 | 2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/2051 | 448 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2051 | 2865 | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2051 | 4575 | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2051 | 13297 | 11088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 | 20884 | 17395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2052 | 934 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2052 | 8956 | 7503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 | 4161 | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 | 795 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2052 | 445 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2046 | 979 | 869 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2046 | 2592 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2047 | 503 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2048 | 5142 | 4644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2050 | 2451 | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2050 | 1292 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2050 | 238 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2050 | 10873 | 9483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2050 | 2883 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2050 | 267 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2050 | 477 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2050 | 3398 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2051 | 1469 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2051 (gg) | 9394 | 8172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2051 | 5866 | 5106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2051 | 1608 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2051 | 1059 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2051 | 2729 | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2051 | 2319 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2051 | 2293 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 | 855 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 | 444 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2052 | 4743 | 4119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2052 | 1266 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2042 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2042 | 133 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2043 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2043 | 5779 | 5428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2043 | 14683 | 13785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2044 | 175 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2045 | 17 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 | 1663 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2046 | 3039 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2047 | 3313 | 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2047 | 735 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2047 | 1115 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2048 | 1773 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2048 | 154 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2049 | 287 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2049 | 3121 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2049 | 1550 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2050 | 146 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2050 | 3680 | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2050 | 8216 | 7410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2051 | 607 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2052 (gg) | 10556 | 9667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2052 (gg) | 16414 | 14840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2052 | 3943 | 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2052 | 882 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2053 | 911 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2039 | 957 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2042 | 452 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2043 | 2918 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2044 | 1375 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2045 | 197 | 190 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 117

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities — continued** | | |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2045 | 2272 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2046 | 109 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2047 | 33 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2047 | 410 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 | 63 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2048 | 355 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2048 | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2048 | 3831 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2048 | 103 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2048 | 243 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2049 | 975 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2049 | 4719 | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 | 957 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2049 | 405 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2050 | 777 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2051 | 2066 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2051 | 203 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2051 | 3305 | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2052 | 54 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2052 | 1684 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2052 | 581 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052 | 432 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052 | 1818 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2052 | 283 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2053 | 400 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2054 | 1652 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2047 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2047 | 510 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/2048 | 485 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2048 | 23 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2048 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 | 392 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2049 | 4348 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2049 | 384 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2049 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/2050 | 147 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2050 (gg) | 6071 | 5886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2052 | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2052 | 1216 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2052 (gg) | 8147 | 7807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2052 | 326 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2052 | 1973 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052 | 841 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2052 | 2868 | 2757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2052 | 440 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2053 | 255 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2049 | 807 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 | 1520 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052 | 957 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2052 | 484 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2053 | 2095 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2053 | 1242 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2053 | 308 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2053 | 840 | 827 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053 | 197 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053 | 243 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 | 1852 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2053 | 1034 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2054 | 947 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2054 | 1270 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2054 | 1557 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055 | 882 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2052 | 272 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 | 383 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2053 | 1677 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2053 | 1317 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2053 | 1671 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2053 | 1486 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2053 | 3706 | 3749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2053 | 315 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2054 (gg) | 7365 | 7367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2054 | 667 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2054 | 2142 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2054 | 374 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2054 | 608 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2054 | 583 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2055 | 2130 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2052 | 257 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2053 | 1846 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2053 | 1097 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2053 | 422 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2053 | 1769 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2053 | 2001 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2053 | 682 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2054 | 2551 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2054 | 2112 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2054 | 4115 | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2054 | 3102 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 | 3316 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2054 | 226 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2054 | 3398 | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2055 | 1064 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2055 | 4435 | 4568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2055 | 1861 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2053 | 669 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2053 | 1560 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2053 | 1163 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/01/2054 | 1285 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2054 | 718 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/2054 | 789 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2054 | 2399 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2054 | 4260 | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2054 | 2728 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total UMBS Collateral |  | 1307228 |
| **GNMA II Collateral — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/2049 | 231 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/2043 | 1611 | 1433 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 118 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Mortgage-Backed Securities — continued |  |  |
| GNMA II Collateral — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2047 | 1043 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/2047 | 382 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/2047 | 425 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/2047 | 999 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2047 | 442 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/2047 | 356 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/2047 | 375 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/2047 | 502 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2048 | 500 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2050 | 562 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/2048 | 41 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/2048 | 29 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/2049 | 84 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/2049 | 144 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/2050 | 133 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/2041 | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/2050 | 186 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/2040 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2040 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM, (CMT Index 1 Year + 1.83%), 5.93%, 07/20/2072 (aa) (gg) | 18516 | 19433 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.21%), 6.65%, 10/20/2071 (aa) (gg) | 5369 | 5502 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.23%), 6.67%, 02/20/2071 (aa) | 1791 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035 | 2271 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/20/2051 | 267 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/20/2050 | 129 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/20/2050 | 4216 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/2050 | 2496 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/2050 | 1471 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/2050 | 2442 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/20/2051 | 1034 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/20/2051 | 894 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/2051 | 4814 | 3925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/2051 | 4752 | 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/20/2052 | 442 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/20/2052 | 2401 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/2052 | 1208 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/20/2052 | 2820 | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/2051 | 264 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/20/2051 | 3752 | 3195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/2051 | 5473 | 4660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/2051 | 7002 | 5960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/2051 (gg) | 10050 | 8554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/20/2051 | 1113 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/2051 | 3011 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/2051 | 3307 | 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/2052 | 387 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/20/2052 | 786 | 669 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **GNMA II Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/2052 | 395 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/2052 | 704 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/2052 | 228 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/2052 | 374 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2043 | 371 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2043 | 79 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/2045 | 81 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/2046 | 1764 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2046 | 1086 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/2047 | 356 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/2049 | 27 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/2050 (gg) | 6418 | 5687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/2050 | 5453 | 4836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2050 | 2947 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/2051 | 914 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2051 | 540 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/2051 | 2410 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2051 | 3027 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/2051 | 1651 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2052 (gg) | 6941 | 6140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/2052 | 299 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/2052 | 1362 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/2052 | 770 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/2053 | 2784 | 2466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2045 | 2204 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2047 | 2818 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/2047 | 4388 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/2048 | 141 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/2048 | 171 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/2048 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/2049 | 822 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/2049 | 1709 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/2049 | 811 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2049 | 1029 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/2049 | 432 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/2049 | 340 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/2050 | 510 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/2050 | 101 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/2052 | 3612 | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/2052 | 2165 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/2052 | 642 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/2053 | 409 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/2054 | 500 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/2055 | 34 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/2055 | 7554 | 6868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/2055 | 18998 | 17273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/2055 | 212 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/2048 | 831 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/2048 | 1412 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/2048 | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/2048 | 719 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/20/2049 | 439 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/2050 | 779 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/2050 | 168 | 158 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 119

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities — continued** | | |
| **GNMA II Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/2052 | 174 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/2052 | 1574 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/2052 | 365 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/2047 | 411 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/2047 | 688 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/2047 | 1229 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2047 | 253 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/2047 | 695 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/2048 | 6169 | 5954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/2048 | 577 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/2048 | 721 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/2049 | 1530 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/2049 | 384 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/2049 | 127 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2049 | 546 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/2051 | 1567 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/2052 | 1363 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/2052 | 410 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/2053 | 1165 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/2053 | 380 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2054 | 1901 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/2054 | 1432 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/2048 | 114 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/20/2049 | 263 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/20/2052 | 97 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/2052 | 743 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/2052 | 1081 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/2053 | 1018 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/2053 | 1115 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/20/2053 | 1681 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/2053 | 569 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/2054 | 1435 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/20/2054 | 565 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/2054 | 4993 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/2052 | 934 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/20/2053 | 113 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/20/2053 | 426 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/2053 | 1391 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/20/2053 | 418 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/20/2053 | 970 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/20/2053 | 356 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/20/2053 | 2974 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/20/2054 | 2193 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/20/2054 | 1373 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/2054 | 1663 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 07/01/2055 (w) | 19389 | 19409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/20/2053 | 466 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/2053 | 716 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/20/2054 | 2820 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/20/2054 | 332 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/20/2054 | 1436 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/20/2054 | 463 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/20/2054 | 304 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/20/2055 | 246 | 253 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **GNMA II Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/20/2055 | 1111 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/20/2055 | 223 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/20/2053 | 860 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/20/2054 | 1389 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/20/2055 | 515 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/20/2055 | 1290 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/20/2055 | 287 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 07/01/2055 (w) | 7600 | 6194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 07/01/2055 (w) | 5725 | 4870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 08/01/2055 (w) | 15500 | 13185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 08/15/2042 (w) | 60000 | 53017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 07/01/2055 (w) | 1962 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 08/01/2043 (w) | 2220 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 07/01/2055 (w) | 7000 | 6355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 07/01/2055 (w) | 5460 | 5076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 08/01/2055 (w) | 38200 | 35505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 07/01/2055 (w) | 9650 | 9235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 07/01/2042 (w) | 2280 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 08/01/2055 (w) | 14500 | 14235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 07/01/2042 (w) | 7800 | 7907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 07/01/2055 (w) | 1830 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 08/01/2055 (w) | 14920 | 15285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 09/01/2055 (w) | 10000 | 10225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total GNMA II Collateral |  | 445777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FHLMC Collateral — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Non Gold Pool, ARM, (USD IBOR Consumer Cash Fallbacks 1 Year + 1.64%), 3.84%, 01/01/2050 (aa) | 39 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 07/01/2036 | 1322 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/2032 | 885 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2043 | 41 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2044 | 67 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2035 | 47 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FHLMC Collateral |  | 2054 |
| **FGLMC Collateral — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2046 | 152 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2044 | 380 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2045 | 770 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2046 | 119 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2046 | 160 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2026 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2026 | 76 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2027 | 431 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2029 | 2198 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2032 | 244 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2032 | 1258 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2032 | 855 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2032 | 464 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2032 | 484 | 471 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 120 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Mortgage-Backed Securities — continued |  |  |
| FGLMC Collateral — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2032 | 857 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2046 | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2046 | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2040 | 204 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2040 | 1860 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2040 | 474 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2047 | 1415 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2048 | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FGLMC Collateral |  | 12025 |
| FNMA Collateral — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 01/01/2031 | 5000 | 4283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32%, 01/01/2026 | 2013 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 10/01/2028 | 374 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2042 | 211 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2043 | 920 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2045 | 277 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2045 | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2046 | 28 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2060 (gg) | 14670 | 12623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 04/01/2032 | 3979 | 3666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 03/01/2028 | 400 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/2025 (z) (gg) | 2936 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/2026 | 3900 | 3859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 04/01/2027 | 2600 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/01/2028 | 1400 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 05/01/2028 | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 01/01/2037 | 303 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2032 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2042 | 123 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2043 | 175 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2043 | 85 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2045 | 212 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2048 | 654 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2048 | 69 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2049 | 272 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 12/01/2025 | 3900 | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2041 | 93 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046 | 82 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2056 | 1979 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2057 | 1554 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/2031 | 2274 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/2029 | 10000 | 9984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 04/01/2028 | 520 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/01/2033 | 3776 | 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/2029 | 5212 | 5245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 04/01/2033 | 552 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/01/2032 | 630 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 02/01/2031 | 1155 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/01/2029 | 7000 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2030 | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **FNMA Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 11/01/2029 | 575 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 09/01/2029 (z) | 7700 | 7809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/01/2028 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 06/01/2033 | 1173 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 08/01/2031 | 199 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 09/01/2028 | 229 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/01/2031 | 1700 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/2035 | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 06/01/2033 | 1267 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/01/2029 (z) | 7585 | 7758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 09/01/2028 | 700 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 06/01/2030 | 3310 | 3397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 12/01/2031 | 1838 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 12/01/2032 | 3220 | 3289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 05/01/2035 | 700 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 05/01/2035 | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028 | 5168 | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/01/2028 | 1101 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/01/2032 | 2000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/2028 | 355 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 05/01/2031 | 1070 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/01/2032 | 498 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 04/01/2030 | 2200 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 12/01/2034 | 1600 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 03/01/2031 | 492 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1600 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/01/2028 | 2300 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 03/01/2032 | 1386 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 02/01/2031 | 1729 | 1787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 01/01/2032 | 597 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 08/01/2034 | 737 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 11/01/2031 | 1143 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 01/01/2034 | 2000 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 03/01/2031 | 721 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 01/01/2031 | 648 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/01/2029 | 1196 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 08/01/2030 | 3822 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 06/01/2031 | 598 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 10/01/2031 | 1096 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 11/01/2029 | 1519 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 10/01/2028 | 432 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 12/01/2033 | 700 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/2034 | 1144 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/2033 | 995 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047 | 713 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FNMA Collateral |  | 148522 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GNMA Collateral — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA I Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2049 | 157 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/2050 | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/2049 | 2415 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total GNMA Collateral |  | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $1,999,225) |  | 1918100 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 121

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Municipal Bonds — 0.1%** (t) | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, Series A, Rev., 4.84%, 01/01/2041 | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051 | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, Build America Bonds, Series F, Rev., 6.58%, 05/15/2049 | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable Construction Bond Bidding Group, GO, 1.75%, 11/01/2030 | 100 | 88 |
|  |  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114 | 890 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033 | 87 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Rev., 5.43%, 05/31/2056 | 1245 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Michigan, Rev., 4.45%, 04/01/2122 | 1000 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.07%, 07/15/2053 | 2205 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21, Rev., 3.29%, 08/01/2069 | 40 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Taxable Consolidated 160, Rev., 5.65%, 11/01/2040 | 100 | 104 |
|  |  | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Rev., 4.62%, 06/01/2044 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State University, Rev., BAM, 3.42%, 03/01/2060 | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Taxable, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.09%, 11/01/2051 | 425 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.09%, 11/01/2040 | 100 | 80 |
|  |  | 427 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Virginia, Rev., 2.26%, 09/01/2050 |  | 1480 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117 |  | 40 | 30 |
|  |  |  | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $7,715) |  |  | 6631 |
| **U.S. Government Agency Securities** —**0.1%** | **U.S. Government Agency Securities** —**0.1%** | **U.S. Government Agency Securities** —**0.1%** |  |
| Sovereign — 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/27/2031 |  | 1000 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/23/2040 |  | 223 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Farm Credit Banks Funding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 06/03/2030 |  | 540 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 11/04/2030 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/03/2031 |  | 1235 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 12/11/2030 |  | 44 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%, 06/03/2030 |  | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/09/2031 |  | 1030 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/12/2032 |  | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLBs, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/23/2026 |  | 609 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11%, 07/27/2026 |  | 833 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/15/2027 |  | 338 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 12/02/2030 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/11/2030 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/11/2029 |  | 110 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 06/11/2035 |  | 25 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/25/2030 |  | 38 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 05/04/2035 |  | 370 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/19/2035 |  | 280 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/2028 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/09/2028 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/21/2025 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 08/19/2030 |  | 215 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/19/2030 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/15/2030 |  | 17 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/28/2030 |  | 60 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/2032 |  | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2031 |  | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC STRIPs, Zero Coupon, 03/15/2031 |  | 542 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2030 |  | 445 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/05/2030 |  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/07/2028 | GBP | 460 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Interest STRIP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/15/2027 |  | 129 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/2028 |  | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/15/2028 |  | 485 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/2030 |  | 1750 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/2030 |  | 2965 | 2444 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 122 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| U.S. Government Agency Securities — continued | U.S. Government Agency Securities — continued | U.S. Government Agency Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Principal STRIP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/2030 |  | 1050 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/2030 |  | 395 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority, 4.63%, 06/07/2043 | GBP | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  |  | 13819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities<br>(Cost $14,025) |  |  | 13819 |
| **U.S. Treasury Obligations** — **11.0%** | **U.S. Treasury Obligations** — **11.0%** | **U.S. Treasury Obligations** — **11.0%** |  |
| Sovereign — 11.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 |  | 2429 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/15/2040 |  | 2434 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 (jj) |  | 8711 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 |  | 3283 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 |  | 2877 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 |  | 3633 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 |  | 3538 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041 |  | 3076 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 |  | 3165 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 |  | 3739 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 |  | 2672 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 |  | 4318 | 2541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 |  | 3160 | 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 |  | 2215 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 1854 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 |  | 1860 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 |  | 2692 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 |  | 2142 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 |  | 2039 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2051 |  | 3179 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 |  | 2317 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 |  | 1068 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 |  | 1427 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 |  | 652 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/2042 |  | 952 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2047 |  | 1384 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 |  | 2070 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2043 |  | 1506 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 |  | 2029 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2046 |  | 594 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049 |  | 1961 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 |  | 2541 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 |  | 563 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 |  | 1029 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 |  | 1468 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 |  | 549 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047 |  | 1250 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2047 |  | 955 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 |  | 1591 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 |  | 1881 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 (jj) |  | 4317 | 3185 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 2422 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2041 | 572 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042 | 606 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2043 | 878 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/2044 | 1852 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/2048 | 1691 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 1898 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 1656 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/2044 | 934 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/2048 | 1907 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 | 335 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/2043 | 2016 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2044 | 2000 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053 | 2420 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/2053 | 2431 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/2041 | 545 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 | 2461 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2040 | 554 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 1666 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 1895 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 | 1666 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052 | 2435 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 1795 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 2691 | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2039 | 497 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2040 | 550 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 3149 | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 3049 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2038 | 289 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/2039 | 572 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2040 | 558 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041 | 539 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 (ff) | 1900 | 1813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 358 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2038 | 327 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2039 | 531 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 2044 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | 2949 | 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2040 | 576 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 1795 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | 3264 | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 2949 | 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 3560 | 3471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 213 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2041 | 583 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 1795 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2045 | 2445 | 2434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 2821 | 2799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 | 2060 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 275 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 1780 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 | 331 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2029 | 548 | 578 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 123

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | |
| **Sovereign — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/2031 | 347 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028 | 198 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/2027 | 332 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/15/2029 | 172 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2030 | 276 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/2027 | 155 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/2026 | 182 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/15/2027 | 122 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2026 | 157 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/31/2027 | 1911 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/2027 | 2588 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/2027 | 7386 | 6964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/2027 | 4336 | 4078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/2027 | 1558 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/31/2027 | 2010 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/2027 | 2349 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/2026 | 5484 | 5290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/31/2027 | 952 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/2027 | 2546 | 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/2027 | 2956 | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 3416 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/2030 | 4453 | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/2026 | 2495 | 2405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/31/2028 | 2610 | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/30/2026 | 2429 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 4648 | 3985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/2028 | 3199 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/2026 | 2428 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/2027 | 585 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 2650 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028 | 2568 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 5097 | 4408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 2466 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/2026 | 2436 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/2028 | 2404 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/30/2028 | 2645 | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028 | 3295 | 3073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/2028 | 2620 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/2028 | 2601 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031 | 4858 | 4155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/31/2026 | 995 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028 | 4448 | 4124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/31/2028 | 2394 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 5942 | 5084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 | 2293 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/2027 | 3259 | 3143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/2028 | 2459 | 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030 | 9525 | 8618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/30/2026 | 763 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/2026 | 980 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/30/2026 | 890 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/2029 | 2364 | 2176 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2031 | 4430 | 3906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/2026 | 985 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/2029 | 2265 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/2029 | 1456 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/31/2026 | 978 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/2027 | 2212 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/2029 | 2429 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 4860 | 4269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026 | 2151 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2027 | 1906 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2027 | 1863 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 1891 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2027 | 2303 | 2246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 2246 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2029 | 2579 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/2027 | 2180 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/31/2027 | 2052 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 5597 | 5389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/31/2029 | 2121 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 2062 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 | 1957 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/2028 | 4168 | 4068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/2029 | 2174 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 71913 | 66343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 2667 | 2608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028 | 2707 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/2029 | 2207 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 5835 | 5444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/2027 | 1916 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 5144 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/2029 | 1569 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 2009 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 1706 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/2027 | 2479 | 2462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 71788 | 68435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/2026 (ff) | 3129 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2028 | 1838 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 | 1837 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/2029 | 2992 | 2961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2030 | 1490 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/30/2030 | 1581 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 70662 | 68120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/31/2028 | 1838 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/31/2028 | 1769 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 2992 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 1492 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/30/2031 | 1880 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/31/2026 | 2941 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 4249 | 4248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/30/2027 | 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 2479 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 3679 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | 2713 | 2717 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 124 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| U.S. Treasury Obligations — continued | U.S. Treasury Obligations — continued |  |
| Sovereign — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 | 2479 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/31/2030 | 1487 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/30/2030 | 1475 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2030 | 1705 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | 1881 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/31/2027 | 3100 | 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/31/2027 | 7530 | 7547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2027 | 2479 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 | 1840 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/2027 | 1838 | 1846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 2979 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/15/2028 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/2029 | 1534 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2029 | 1470 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/2029 | 2713 | 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/30/2030 | 4092 | 4107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 | 2000 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 (jj) | 88104 | 86772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 90078 | 87970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2027 | 5462 | 5475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | 2479 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028 | 1838 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/2028 | 1838 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 | 2607 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2029 | 3182 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/2029 | 1892 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 4471 | 4514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 | 3442 | 3473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/31/2030 | 3538 | 3572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2030 | 1482 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2031 | 1820 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/30/2032 | 9431 | 9443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 1400 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 83996 | 83133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | 1710 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2026 | 2949 | 2957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/2027 | 2949 | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/2027 | 2282 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/28/2027 | 2949 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 | 1888 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2027 | 1838 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2027 | 2479 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/31/2028 | 1913 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/2029 | 2864 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | 3632 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/2029 | 2992 | 3035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/31/2030 | 1539 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 1832 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/31/2031 | 1879 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031 | 1881 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/2031 (ee) (ff) | 3391 | 3424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/29/2032 | 1994 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/2032 | 2081 | 2099 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/31/2032 | 2132 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 77555 | 78091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/2026 | 2949 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 2949 | 2966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2027 | 2372 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2028 | 2479 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2028 | 3964 | 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | 2725 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 | 3280 | 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2030 | 3392 | 3458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2031 | 1770 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2031 | 1880 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 91585 | 91899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 65367 | 65489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/31/2026 | 2811 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/2026 | 1776 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/2026 | 2137 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/2027 | 2462 | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/31/2028 | 1974 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/2028 | 2348 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/2029 | 3142 | 3219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | 5090 | 5221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032 | 1881 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 86978 | 88347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/2026 | 1656 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2027 | 2918 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 8269 | 8377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029 | 2992 | 3073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/31/2031 | 1881 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 80473 | 82670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026 | 4000 | 4023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/2026 | 1881 | 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2026 | 1938 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2026 | 2046 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 | 2479 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/30/2028 | 2094 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 2992 | 3085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/30/2030 | 1575 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 1881 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/31/2031 | 2421 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 88603 | 91441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/30/2025 | 1390 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/31/2026 | 1917 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/2028 | 2223 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/2030 | 1603 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/2025 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury STRIP Coupon Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/2026 | 5000 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2026 | 5000 | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2028 (ee) (ff) (jj) | 12000 | 10571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/2029 | 1000 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2038 (ee) (jj) | 6250 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2041 | 200 | 90 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 125

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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($)** |
| **Long Positions — continued** | | | |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/2042 |  | 1055 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/2045 (ee) |  | 600 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2049 (jj) |  | 2555 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/2052 (jj) |  | 2355 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/2054 (jj) |  | 2255 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  |  | 1601476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $1,607,603) |  |  | 1601476 |
| **Purchased Option Contract** — **0.0%** (g) | **Purchased Option Contract** — **0.0%** (g) | **Purchased Option Contract** — **0.0%** (g) |  |
| **Put Option Contract** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, Maturity Date 07/07/2025, Strike Price 95.36 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Option Contract<br>(Cost $24) |  | 8000 | — (h) |
| **Short-Term Investments** — **2.0%** | **Short-Term Investments** — **2.0%** | **Short-Term Investments** — **2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreement** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc., 4.44%, dated 6/30/2025 due 07/01/2025, repurchase price $20,600 collateralized by U.S. Treasury Security, 4.50%, due 02/15/2044, with a value of $21,819 |  | 20600 | 20600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits** — **0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/01/2025 | AU | D658 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 948 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 0.67%, 07/01/2025 | DKK | 60 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%, 07/02/2025 | HKD | 1015 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46%, 07/01/2025 | SGD | 550 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67%, 07/01/2025 | DKK | 50 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2025 | NZD | 796 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 07/01/2025 | NOK | 1092 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 07/01/2025 | EUR | 3961 | 4666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 07/01/2025 | GBP | 1048 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 6514 | 6514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/02/2025 | CAD | 323 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 66398 | 66398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31%), 07/01/2025 | CHF | 520 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/01/2025 | SEK | 2897 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%, 07/01/2025 | JPY | 1248629 | 8671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 24709 | 24709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.68%, 07/01/2025 |  | 1711 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 117861 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| **U.S. Government Agency Security** — **0.0%** (g) | **U.S. Government Agency Security** — **0.0%** (g) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp. Discount Note, Zero Coupon, 07/01/2025 (n) | 4305 | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations** — **1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/03/2025 (n) | 120113 | 120085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/14/2025 (n) (ii) | 398 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/10/2025 (n) (ii) | 181 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 08/19/2025 (n) (ii) | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 08/21/2025 (n) (ii) | 706 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/11/2025 (n) (ii) | 1031 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/04/2025 (n) (ii) | 26581 | 26376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 08/07/2025 (n) (ii) | 3415 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 152311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $295,076) |  | 295077 |
|  **Total Investments, Before Short Positions — 105.9%** |  |  |
|  **(Cost — $15,109,120)** |  | 15416412 |
|  **Liabilities in Excess of Other Assets — (5.9)%** | **Liabilities in Excess of Other Assets — (5.9)%** | (861335) |
|  **NET ASSETS — 100.0%** |  | $14555077 |
|  **Short Positions** — **1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mortgage-Backed Securities** — **1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 07/01/2040 (w) | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 07/01/2040 (w) | 4500 | 4290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 07/01/2027 (w) | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 07/01/2055 (w) | 23200 | 19240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 08/01/2055 (w) | 23100 | 19163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 05/25/2044 (w) | 53400 | 46176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 08/01/2055 (w) | 53400 | 46167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 07/01/2055 (w) | 18365 | 16539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 08/01/2055 (w) | 51365 | 46249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 07/01/2055 (w) | 16900 | 15710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 07/01/2055 (w) | 4000 | 4066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 08/01/2055 (w) | 19500 | 20099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $234,776) |  | 237979 |
|  **Total Securities Sold Short— 1.6%<br>(Proceeds $234,776)** |  | 237979 |

---

Percentages indicated are based on net assets.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 126 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | 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 Bund | 61 | 09/2025 | EUR | 9379 | (27) |
|  Euro Buxl | 22 | 09/2025 | EUR | 3126 | (49) |
|  U.S. Treasury 2 Year Note | 125 | 09/2025 | USD | 25898 | 104 |
|  U.S. Treasury 10 Year Note | 30 | 09/2025 | USD | 3321 | 42 |
|  U.S. Treasury Long Bond | 244 | 09/2025 | USD | 27334 | 841 |
|  U.S. Treasury Ultra Bond | 21 | 09/2025 | USD | 2423 | 79 |
|  |  |  |  |  | 990 |
|  **Short Contracts** |  |  |  |  |  |
|  Euro BOBL | (454) | 09/2025 | EUR | (63160) | 225 |
|  Euro Bund | (200) | 09/2025 | EUR | (30879) | 217 |
|  Euro Schatz | (90) | 09/2025 | EUR | (11385) | 15 |
|  Long Gilt | (117) | 09/2025 | GBP | (14633) | (308) |
|  U.S. Treasury 2 Year Note | (114) | 09/2025 | USD | (23613) | (102) |
|  U.S. Treasury 5 Year Note | (255) | 09/2025 | USD | (27495) | (300) |
|  U.S. Treasury 10 Year Note | (123) | 09/2025 | USD | (13575) | (217) |
|  U.S. Ultra Treasury 10 Year Note | (88) | 09/2025 | USD | (9846) | (209) |
|  |  |  |  |  | (679) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 311 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  AUD | 299760 | USD | 195734 | Royal Bank of Canada | 07/02/2025 | 1553 |
|  CAD | 860 | USD | 627 | Morgan Stanley & Co. | 07/02/2025 | 4 |
|  CHF | 33 | USD | 41 | Morgan Stanley & Co. | 07/02/2025 | 1 |
|  CHF | 150 | USD | 183 | Morgan Stanley & Co. | 07/02/2025 | 6 |
|  CHF | 4214 | USD | 5288 | Westpac Banking Corp. | 07/02/2025 | 23 |
|  CHF | 34320 | USD | 43064 | Westpac Banking Corp. | 07/02/2025 | 191 |
|  CZK | 744543 | USD | 35290 | Goldman Sachs International | 07/02/2025 | 181 |
|  DKK | 308 | USD | 47 | Bank of America, NA | 07/02/2025 | 2 |
|  DKK | 11377 | USD | 1788 | Citibank, NA | 07/02/2025 | 8 |
|  DKK | 139325 | USD | 21900 | Citibank, NA | 07/02/2025 | 97 |
|  EUR | 3469 | USD | 3960 | Bank of America, NA | 07/02/2025 | 127 |
|  EUR | 11330 | USD | 13281 | Bank of New York Mellon | 07/02/2025 | 65 |
|  EUR | 1884 | USD | 2172 | Barclays Bank plc | 07/02/2025 | 47 |
|  EUR | 410 | USD | 469 | Barclays Bank plc | 07/02/2025 | 14 |
|  EUR | 121517 | USD | 142218 | Barclays Bank plc | 07/02/2025 | 923 |
|  EUR | 382470 | USD | 448140 | Citibank, NA | 07/02/2025 | 2391 |
|  EUR | 121517 | USD | 141007 | Citibank, NA | 07/02/2025 | 2134 |
|  EUR | 63883 | USD | 74129 | Citibank, NA | 07/02/2025 | 1122 |
|  EUR | 99075 | USD | 114937 | Deutsche Bank AG | 07/02/2025 | 1769 |
|  EUR | 2903583 | USD | 3400967 | Goldman Sachs International | 07/02/2025 | 19311 |
|  EUR | 63883 | USD | 74760 | HSBC Bank plc | 07/02/2025 | 492 |
|  EUR | 19266 | USD | 22292 | Morgan Stanley & Co. | 07/02/2025 | 402 |
|  EUR | 11335 | USD | 13287 | Morgan Stanley & Co. | 07/02/2025 | 65 |
|  EUR | 10 | USD | 11 | Morgan Stanley & Co. | 07/02/2025 | — (h) |
|  EUR | 382470 | USD | 447838 | UBS AG London | 07/02/2025 | 2693 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 127

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  GBP | 106757 | USD | 146351 | Bank of America, NA | 07/02/2025 | 189 |
|  GBP | 410 | USD | 552 | Bank of America, NA | 07/02/2025 | 11 |
|  GBP | 537 | USD | 736 | Bank of New York Mellon | 07/02/2025 | 1 |
|  GBP | 132275 | USD | 181263 | BNP Paribas | 07/02/2025 | 304 |
|  GBP | 2600 | USD | 3501 | Citibank, NA | 07/02/2025 | 68 |
|  GBP | 630 | USD | 847 | Deutsche Bank AG | 07/02/2025 | 18 |
|  GBP | 494802 | USD | 678166 | Goldman Sachs International | 07/02/2025 | 1024 |
|  GBP | 11903 | USD | 16193 | Goldman Sachs International | 07/02/2025 | 146 |
|  GBP | 29898 | USD | 40675 | Goldman Sachs International | 07/02/2025 | 366 |
|  GBP | 2560 | USD | 3453 | Morgan Stanley & Co. | 07/02/2025 | 61 |
|  GBP | 7930 | USD | 10696 | Morgan Stanley & Co. | 07/02/2025 | 190 |
|  GBP | 132271 | USD | 181259 | Morgan Stanley & Co. | 07/02/2025 | 303 |
|  HKD | 9700 | USD | 1236 | Morgan Stanley & Co. | 07/02/2025 | — (h) |
|  USD | 1240 | HKD | 9700 | UBS AG London | 07/02/2025 | 5 |
|  HUF | 5361077 | USD | 15732 | Goldman Sachs International | 07/02/2025 | 70 |
|  USD | 1601 | JPY | 229640 | Bank of America, NA | 07/02/2025 | 7 |
|  USD | 2032 | JPY | 289580 | Bank of America, NA | 07/02/2025 | 21 |
|  USD | 1587910 | JPY | 227339946 | Deutsche Bank AG | 07/02/2025 | 9215 |
|  USD | 57742 | JPY | 8289772 | Goldman Sachs International | 07/02/2025 | 176 |
|  JPY | 230101946 | USD | 1595858 | Goldman Sachs International | 07/02/2025 | 2017 |
|  JPY | 8139372 | USD | 55845 | Goldman Sachs International | 07/02/2025 | 676 |
|  USD | 2053 | JPY | 295330 | Standard Chartered Bank | 07/02/2025 | 2 |
|  USD | 2261 | JPY | 322410 | UBS AG London | 07/02/2025 | 22 |
|  USD | 3278 | JPY | 467390 | UBS AG London | 07/02/2025 | 32 |
|  NOK | 155040 | USD | 15365 | Goldman Sachs International | 07/02/2025 | 17 |
|  NZD | 42602 | USD | 25827 | Bank of America, NA | 07/02/2025 | 141 |
|  PLN | 217045 | USD | 60000 | Morgan Stanley & Co. | 07/02/2025 | 217 |
|  RON | 93685 | USD | 21651 | Bank of America, NA | 07/02/2025 | 81 |
|  SEK | 265245 | USD | 27937 | Bank of America, NA | 07/02/2025 | 98 |
|  SEK | 40758 | USD | 4293 | Bank of America, NA | 07/02/2025 | 15 |
|  SEK | 1188 | USD | 125 | Morgan Stanley & Co. | 07/02/2025 | 1 |
|  SGD | 47721 | USD | 37448 | Standard Chartered Bank | 07/02/2025 | 82 |
|  AUD | 1514 | USD | 967 | HSBC Bank plc | 07/22/2025 | 29 |
|  SEK | 5028 | USD | 520 | Morgan Stanley & Co. | 07/22/2025 | 13 |
|  CHF | 53 | USD | 67 | Morgan Stanley & Co. | 08/04/2025 | — (h) |
|  CHF | 30 | USD | 38 | Morgan Stanley & Co. | 08/04/2025 | — (h) |
|  DKK | 307 | USD | 48 | Deutsche Bank AG | 08/04/2025 | — (h) |
|  EUR | 540 | USD | 635 | Morgan Stanley & Co. | 08/04/2025 | 2 |
|  EUR | 9530 | USD | 11211 | Morgan Stanley & Co. | 08/04/2025 | 41 |
|  EUR | 24300 | USD | 28587 | Morgan Stanley & Co. | 08/04/2025 | 105 |
|  EUR | 75550 | USD | 88879 | Morgan Stanley & Co. | 08/04/2025 | 327 |
|  GBP | 10 | USD | 14 | Morgan Stanley & Co. | 08/04/2025 | — (h) |
|  SEK | 2770 | USD | 291 | Morgan Stanley & Co. | 08/04/2025 | 2 |
|  USD | 4459 | THB | 144560 | UBS AG London | 08/04/2025 | — (h) |
|  CNH | 1908 | USD | 267 | Bank of America, NA | 09/17/2025 | 1 |
|  USD | 455 | IDR | 7400000 | Goldman Sachs International \* | 09/17/2025 | 1 |
|  KRW | 307699 | USD | 226 | Citibank, NA \* | 09/17/2025 | 3 |
|  USD | 1675 | MYR | 7030 | Morgan Stanley & Co. \* | 09/17/2025 | 1 |
|  USD | 1769 | THB | 57169 | HSBC Bank plc | 09/17/2025 | — (h) |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 49722 |
|  USD | 1349 | AUD | 2080 | Bank of America, NA | 07/02/2025 | (20) |
|  USD | 186732 | AUD | 290650 | Deutsche Bank AG | 07/02/2025 | (4559) |
|  USD | 588 | AUD | 900 | Deutsche Bank AG | 07/02/2025 | (4) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 128 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  USD | 1362 | AUD | 2090 | Deutsche Bank AG | 07/02/2025 | (13) |
|  USD | 1783 | AUD | 2770 | Morgan Stanley & Co. | 07/02/2025 | (40) |
|  USD | 828 | AUD | 1270 | Toronto-Dominion Bank (The) | 07/02/2025 | (8) |
|  USD | 626 | CAD | 860 | Morgan Stanley & Co. | 07/02/2025 | (6) |
|  USD | 195 | CHF | 160 | Bank of America, NA | 07/02/2025 | (6) |
|  USD | 146 | CHF | 120 | Bank of America, NA | 07/02/2025 | (5) |
|  USD | 414 | CHF | 340 | Bank of America, NA | 07/02/2025 | (15) |
|  USD | 9 | CHF | 7 | Bank of New York Mellon | 07/02/2025 | (—) (h) |
|  USD | 41355 | CHF | 33980 | Citibank, NA | 07/02/2025 | (1470) |
|  USD | 12 | CHF | 10 | Morgan Stanley & Co. | 07/02/2025 | (—) (h) |
|  USD | 4991 | CHF | 4100 | UBS AG London | 07/02/2025 | (177) |
|  USD | 3600 | CNY | 25800 | HSBC Bank plc \* | 07/02/2025 | (1) |
|  USD | 3888 | CNY | 27900 | HSBC Bank plc \* | 07/02/2025 | (6) |
|  USD | 1796 | CNY | 12900 | HSBC Bank plc \* | 07/02/2025 | (4) |
|  USD | 3706 | CNY | 26600 | HSBC Bank plc \* | 07/02/2025 | (6) |
|  USD | 4864 | CNY | 34900 | HSBC Bank plc \* | 07/02/2025 | (7) |
|  CNY | 14148600 | USD | 1974958 | HSBC Bank plc \* | 07/02/2025 | (413) |
|  USD | 1928108 | CNY | 13847000 | HSBC Bank plc \* | 07/02/2025 | (4346) |
|  USD | 9480 | CNY | 68000 | Standard Chartered Bank \* | 07/02/2025 | (10) |
|  USD | 2357 | CNY | 16900 | Standard Chartered Bank \* | 07/02/2025 | (2) |
|  USD | 3569 | CNY | 25600 | Standard Chartered Bank \* | 07/02/2025 | (3) |
|  USD | 2188 | CNY | 15700 | Standard Chartered Bank \* | 07/02/2025 | (3) |
|  USD | 3831 | CNY | 27500 | Standard Chartered Bank \* | 07/02/2025 | (7) |
|  USD | 4530 | CNY | 32500 | Standard Chartered Bank \* | 07/02/2025 | (5) |
|  USD | 1263 | CZK | 27000 | Bank of America, NA | 07/02/2025 | (23) |
|  USD | 32656 | CZK | 717543 | Morgan Stanley & Co. | 07/02/2025 | (1529) |
|  USD | 1636 | DKK | 10747 | Citibank, NA | 07/02/2025 | (61) |
|  USD | 21207 | DKK | 139325 | Citibank, NA | 07/02/2025 | (791) |
|  USD | 48 | DKK | 308 | Deutsche Bank AG | 07/02/2025 | (—) (h) |
|  USD | 96 | DKK | 630 | Morgan Stanley & Co. | 07/02/2025 | (3) |
|  USD | 703 | EUR | 600 | Bank of America, NA | 07/02/2025 | (4) |
|  USD | 17289 | EUR | 15160 | Bank of America, NA | 07/02/2025 | (568) |
|  USD | 6702 | EUR | 5850 | Bank of America, NA | 07/02/2025 | (189) |
|  USD | 3811 | EUR | 3250 | Bank of America, NA | 07/02/2025 | (17) |
|  USD | 137168 | EUR | 120635 | Bank of America, NA | 07/02/2025 | (4934) |
|  USD | 211071 | EUR | 186010 | Bank of America, NA | 07/02/2025 | (8040) |
|  USD | 571 | EUR | 492 | Bank of America, NA | 07/02/2025 | (9) |
|  USD | 23 | EUR | 20 | Bank of America, NA | 07/02/2025 | (—) (h) |
|  USD | 239 | EUR | 210 | Bank of America, NA | 07/02/2025 | (8) |
|  USD | 6 | EUR | 5 | Bank of New York Mellon | 07/02/2025 | (—) (h) |
|  USD | 343 | EUR | 300 | Bank of New York Mellon | 07/02/2025 | (11) |
|  USD | 1550 | EUR | 1362 | Barclays Bank plc | 07/02/2025 | (55) |
|  USD | 234 | EUR | 205 | Barclays Bank plc | 07/02/2025 | (7) |
|  USD | 1865 | EUR | 1615 | Barclays Bank plc | 07/02/2025 | (38) |
|  USD | 135956 | EUR | 120057 | Barclays Bank plc | 07/02/2025 | (5465) |
|  USD | 70191 | EUR | 61970 | Citibank, NA | 07/02/2025 | (2807) |
|  USD | 136715 | EUR | 120057 | Citibank, NA | 07/02/2025 | (4706) |
|  USD | 5824 | EUR | 5027 | Citibank, NA | 07/02/2025 | (97) |
|  USD | 219 | EUR | 191 | Citibank, NA | 07/02/2025 | (6) |
|  USD | 461 | EUR | 400 | Goldman Sachs International | 07/02/2025 | (10) |
|  USD | 23 | EUR | 20 | Goldman Sachs International | 07/02/2025 | (1) |
|  USD | 3227382 | EUR | 2839723 | Goldman Sachs International | 07/02/2025 | (117671) |
|  USD | 24940 | EUR | 21974 | Goldman Sachs International | 07/02/2025 | (944) |
|  USD | 2120 | EUR | 1810 | Goldman Sachs International | 07/02/2025 | (12) |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 129

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 321 | EUR | 279 | HSBC Bank plc | 07/02/2025 | (7) |
|  USD | 70572 | EUR | 61970 | HSBC Bank plc | 07/02/2025 | (2425) |
|  USD | 7376 | EUR | 6400 | Morgan Stanley & Co. | 07/02/2025 | (163) |
|  USD | 1857 | EUR | 1600 | Morgan Stanley & Co. | 07/02/2025 | (28) |
|  USD | 1407 | EUR | 1236 | Morgan Stanley & Co. | 07/02/2025 | (48) |
|  USD | 1733 | EUR | 1500 | Morgan Stanley & Co. | 07/02/2025 | (34) |
|  USD | 2843 | EUR | 2500 | Morgan Stanley & Co. | 07/02/2025 | (101) |
|  USD | 11 | EUR | 10 | Morgan Stanley & Co. | 07/02/2025 | (—) (h) |
|  USD | 211347 | EUR | 186010 | Morgan Stanley & Co. | 07/02/2025 | (7764) |
|  USD | 1683 | EUR | 1460 | Morgan Stanley & Co. | 07/02/2025 | (37) |
|  USD | 2531 | EUR | 2180 | Morgan Stanley & Co. | 07/02/2025 | (37) |
|  USD | 2900 | EUR | 2520 | Morgan Stanley & Co. | 07/02/2025 | (69) |
|  USD | 4538 | EUR | 3990 | Morgan Stanley & Co. | 07/02/2025 | (162) |
|  USD | 1638 | EUR | 1440 | Morgan Stanley & Co. | 07/02/2025 | (58) |
|  USD | 8789 | EUR | 7660 | Morgan Stanley & Co. | 07/02/2025 | (234) |
|  USD | 11 | EUR | 10 | Morgan Stanley & Co. | 07/02/2025 | (—) (h) |
|  USD | 6 | EUR | 5 | Morgan Stanley & Co. | 07/02/2025 | (—) (h) |
|  USD | 104 | EUR | 90 | Morgan Stanley & Co. | 07/02/2025 | (2) |
|  USD | 846 | EUR | 730 | Morgan Stanley & Co. | 07/02/2025 | (13) |
|  USD | 3096 | EUR | 2700 | UBS AG London | 07/02/2025 | (85) |
|  USD | 211355 | EUR | 186010 | UBS AG London | 07/02/2025 | (7756) |
|  USD | 1643 | EUR | 1440 | UBS AG London | 07/02/2025 | (54) |
|  USD | 18352 | EUR | 16070 | UBS AG London | 07/02/2025 | (578) |
|  USD | 126 | EUR | 110 | UBS AG London | 07/02/2025 | (4) |
|  USD | 34 | EUR | 30 | UBS AG London | 07/02/2025 | (1) |
|  USD | 920 | EUR | 800 | Westpac Banking Corp. | 07/02/2025 | (22) |
|  USD | 211386 | EUR | 186010 | Westpac Banking Corp. | 07/02/2025 | (7725) |
|  USD | 5032 | EUR | 4400 | Westpac Banking Corp. | 07/02/2025 | (151) |
|  USD | 73714 | GBP | 54677 | Bank of America, NA | 07/02/2025 | (1338) |
|  USD | 39159 | GBP | 29013 | Bank of America, NA | 07/02/2025 | (666) |
|  USD | 839 | GBP | 620 | Bank of America, NA | 07/02/2025 | (12) |
|  USD | 658224 | GBP | 488232 | Bank of America, NA | 07/02/2025 | (11948) |
|  USD | 16065 | GBP | 11903 | Bank of America, NA | 07/02/2025 | (273) |
|  USD | 843 | GBP | 620 | Bank of America, NA | 07/02/2025 | (8) |
|  USD | 830 | GBP | 620 | Bank of America, NA | 07/02/2025 | (21) |
|  USD | 724 | GBP | 537 | Bank of New York Mellon | 07/02/2025 | (13) |
|  USD | 495 | GBP | 367 | Barclays Bank plc | 07/02/2025 | (9) |
|  USD | 185018 | GBP | 137180 | BNP Paribas | 07/02/2025 | (3282) |
|  USD | 2325 | GBP | 1716 | BNP Paribas | 07/02/2025 | (30) |
|  USD | 2221 | GBP | 1640 | Goldman Sachs International | 07/02/2025 | (31) |
|  USD | 2056 | GBP | 1520 | Goldman Sachs International | 07/02/2025 | (30) |
|  USD | 703 | GBP | 519 | HSBC Bank plc | 07/02/2025 | (8) |
|  USD | 73716 | GBP | 54680 | Morgan Stanley & Co. | 07/02/2025 | (1341) |
|  USD | 185020 | GBP | 137180 | Morgan Stanley & Co. | 07/02/2025 | (3280) |
|  USD | 2127 | GBP | 1550 | Morgan Stanley & Co. | 07/02/2025 | (–)(h) |
|  USD | 15022 | HUF | 5361077 | Morgan Stanley & Co. | 07/02/2025 | (781) |
|  USD | 4744 | JPY | 684370 | Bank of America, NA | 07/02/2025 | (8) |
|  USD | 1137 | JPY | 164650 | Bank of America, NA | 07/02/2025 | (6) |
|  JPY | 150400 | USD | 1046 | HSBC Bank plc | 07/02/2025 | (1) |
|  JPY | 1357070 | USD | 9436 | Morgan Stanley & Co. | 07/02/2025 | (12) |
|  USD | 5694 | JPY | 820920 | Royal Bank of Canada | 07/02/2025 | (7) |
|  USD | 1378 | JPY | 200550 | Standard Chartered Bank | 07/02/2025 | (15) |
|  USD | 4461 | JPY | 644230 | UBS AG London | 07/02/2025 | (12) |
|  USD | 15247 | NOK | 155040 | Goldman Sachs International | 07/02/2025 | (135) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 130 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  USD | 25400 | NZD | 42602 | UBS AG London | 07/02/2025 | (568) |
|  USD | 56542 | PLN | 212435 | Bank of America, NA | 07/02/2025 | (2396) |
|  USD | 1230 | PLN | 4610 | Morgan Stanley & Co. | 07/02/2025 | (49) |
|  USD | 20912 | RON | 93685 | Goldman Sachs International | 07/02/2025 | (819) |
|  USD | 4328 | SEK | 41426 | Bank of America, NA | 07/02/2025 | (51) |
|  USD | 26887 | SEK | 257365 | Bank of America, NA | 07/02/2025 | (316) |
|  USD | 48 | SEK | 460 | Morgan Stanley & Co. | 07/02/2025 | (1) |
|  USD | 822 | SEK | 7880 | Morgan Stanley & Co. | 07/02/2025 | (11) |
|  USD | 6 | SEK | 60 | Morgan Stanley & Co. | 07/02/2025 | (—) (h) |
|  USD | 37039 | SGD | 47721 | Bank of America, NA | 07/02/2025 | (492) |
|  THB | 2106390 | USD | 64822 | Deutsche Bank AG | 07/02/2025 | (27) |
|  USD | 2019 | THB | 65870 | Goldman Sachs International | 07/02/2025 | (7) |
|  USD | 972 | THB | 31650 | Morgan Stanley & Co. | 07/02/2025 | (2) |
|  USD | 61509 | THB | 2008870 | UBS AG London | 07/02/2025 | (286) |
|  USD | 6337 | AUD | 9961 | Citibank, NA | 07/22/2025 | (222) |
|  USD | 222 | AUD | 347 | HSBC Bank plc | 07/22/2025 | (7) |
|  USD | 9517 | CAD | 13137 | Citibank, NA | 07/22/2025 | (141) |
|  USD | 1659 | CHF | 1337 | Morgan Stanley & Co. | 07/22/2025 | (31) |
|  USD | 996 | CZK | 21883 | Citibank, NA | 07/22/2025 | (47) |
|  USD | 704 | DKK | 4607 | HSBC Bank plc | 07/22/2025 | (25) |
|  USD | 450 | HUF | 163362 | Citibank, NA | 07/22/2025 | (31) |
|  JPY | 143117 | USD | 1013 | Barclays Bank plc | 07/22/2025 | (17) |
|  USD | 337 | NOK | 3560 | HSBC Bank plc | 07/22/2025 | (16) |
|  USD | 820 | NZD | 1378 | Morgan Stanley & Co. | 07/22/2025 | (20) |
|  USD | 867 | PLN | 3307 | HSBC Bank plc | 07/22/2025 | (50) |
|  USD | 478 | RON | 2103 | HSBC Bank plc | 07/22/2025 | (9) |
|  USD | 1159 | SEK | 11254 | HSBC Bank plc | 07/22/2025 | (32) |
|  USD | 5310 | CHF | 4214 | Westpac Banking Corp. | 08/04/2025 | (25) |
|  USD | 43243 | CHF | 34320 | Westpac Banking Corp. | 08/04/2025 | (207) |
|  USD | 1979437 | CNY | 14148600 | HSBC Bank plc\* | 08/04/2025 | (40) |
|  USD | 9609 | CNY | 68700 | Standard Chartered Bank\* | 08/04/2025 | (3) |
|  USD | 35325 | CZK | 744543 | Goldman Sachs International | 08/04/2025 | (184) |
|  USD | 1793 | DKK | 11377 | Citibank, NA | 08/04/2025 | (8) |
|  USD | 21954 | DKK | 139325 | Citibank, NA | 08/04/2025 | (102) |
|  USD | 4 | DKK | 27 | Morgan Stanley & Co. | 08/04/2025 | (—) (h) |
|  USD | 13310 | EUR | 11330 | Bank of New York Mellon | 08/04/2025 | (68) |
|  USD | 607 | EUR | 516 | Barclays Bank plc | 08/04/2025 | (2) |
|  USD | 142528 | EUR | 121517 | Barclays Bank plc | 08/04/2025 | (953) |
|  USD | 583 | EUR | 499 | Barclays Bank plc | 08/04/2025 | (7) |
|  USD | 141316 | EUR | 121517 | Citibank, NA | 08/04/2025 | (2165) |
|  USD | 116 | EUR | 100 | Citibank, NA | 08/04/2025 | (2) |
|  USD | 449117 | EUR | 382470 | Citibank, NA | 08/04/2025 | (2483) |
|  USD | 74292 | EUR | 63883 | Citibank, NA | 08/04/2025 | (1138) |
|  USD | 114937 | EUR | 98858 | Deutsche Bank AG | 08/04/2025 | (1789) |
|  USD | 3408385 | EUR | 2903583 | Goldman Sachs International | 08/04/2025 | (20009) |
|  USD | 74923 | EUR | 63883 | HSBC Bank plc | 08/04/2025 | (507) |
|  USD | 386 | EUR | 328 | Morgan Stanley & Co. | 08/04/2025 | (2) |
|  USD | 13316 | EUR | 11335 | Morgan Stanley & Co. | 08/04/2025 | (68) |
|  USD | 448816 | EUR | 382470 | UBS AG London | 08/04/2025 | (2784) |
|  USD | 146373 | GBP | 106757 | Bank of America, NA | 08/04/2025 | (193) |
|  USD | 736 | GBP | 537 | Bank of New York Mellon | 08/04/2025 | (1) |
|  USD | 695 | GBP | 507 | Barclays Bank plc | 08/04/2025 | (1) |
|  USD | 181289 | GBP | 132275 | BNP Paribas | 08/04/2025 | (309) |
|  USD | 1412 | GBP | 1030 | BNP Paribas | 08/04/2025 | (2) |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 131

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 16195 | GBP | 11903 | Goldman Sachs International | 08/04/2025 | (146) |
|  USD | 40680 | GBP | 29898 | Goldman Sachs International | 08/04/2025 | (367) |
|  USD | 678263 | GBP | 494802 | Goldman Sachs International | 08/04/2025 | (1042) |
|  USD | 181285 | GBP | 132271 | Morgan Stanley & Co. | 08/04/2025 | (308) |
|  USD | 2056 | GBP | 1500 | Morgan Stanley & Co. | 08/04/2025 | (4) |
|  USD | 7 | GBP | 5 | Morgan Stanley & Co. | 08/04/2025 | (—) (h) |
|  USD | 1240 | HKD | 9700 | Morgan Stanley & Co. | 08/04/2025 | (—) (h) |
|  USD | 15705 | HUF | 5361077 | Goldman Sachs International | 08/04/2025 | (68) |
|  USD | 56051 | JPY | 8139372 | Goldman Sachs International | 08/04/2025 | (698) |
|  USD | 1601745 | JPY | 230101946 | Goldman Sachs International | 08/04/2025 | (2558) |
|  USD | 4871 | JPY | 701060 | Morgan Stanley & Co. | 08/04/2025 | (17) |
|  USD | 15367 | NOK | 155040 | Goldman Sachs International | 08/04/2025 | (18) |
|  USD | 25855 | NZD | 42602 | Bank of America, NA | 08/04/2025 | (143) |
|  USD | 59952 | PLN | 217045 | Morgan Stanley & Co. | 08/04/2025 | (213) |
|  USD | 1266 | PLN | 4580 | Morgan Stanley & Co. | 08/04/2025 | (3) |
|  USD | 21603 | RON | 93685 | Bank of America, NA | 08/04/2025 | (76) |
|  USD | 27997 | SEK | 265245 | Bank of America, NA | 08/04/2025 | (104) |
|  USD | 4302 | SEK | 40758 | Bank of America, NA | 08/04/2025 | (16) |
|  USD | 37539 | SGD | 47721 | Standard Chartered Bank | 08/04/2025 | (91) |
|  USD | 64937 | THB | 2106390 | Deutsche Bank AG | 08/04/2025 | (28) |
|  USD | 4138 | AUD | 6310 | Morgan Stanley & Co. | 08/05/2025 | (18) |
|  USD | 1954 | AUD | 2980 | Morgan Stanley & Co. | 08/05/2025 | (9) |
|  USD | 195858 | AUD | 299760 | Royal Bank of Canada | 08/05/2025 | (1570) |
|  USD | 628 | CAD | 860 | Morgan Stanley & Co. | 08/05/2025 | (4) |
|  USD | 341 | CLP | 319372 | HSBC Bank plc\* | 09/17/2025 | (2) |
|  USD | 49850 | CNH | 355422 | HSBC Bank plc | 09/17/2025 | (116) |
|  USD | 528 | CNH | 3761 | HSBC Bank plc | 09/17/2025 | (1) |
|  USD | 35168 | IDR | 573813861 | Bank of New York Mellon\* | 09/17/2025 | (74) |
|  USD | 35168 | IDR | 573813861 | Bank of New York Mellon\* | 09/17/2025 | (74) |
|  USD | 919 | IDR | 14968600 | Morgan Stanley & Co.\* | 09/17/2025 | (—) (h) |
|  USD | 833 | ILS | 2907 | Barclays Bank plc | 09/17/2025 | (32) |
|  USD | 3415 | KRW | 4588400 | Bank of America, NA\* | 09/17/2025 | (2) |
|  USD | 201136 | KRW | 274248570 | Goldman Sachs International\* | 09/17/2025 | (3069) |
|  USD | 2153 | MXN | 41832 | Barclays Bank plc | 09/17/2025 | (58) |
|  USD | 70708 | MYR | 298070 | Goldman Sachs International\* | 09/17/2025 | (292) |
|  USD | 1456 | MYR | 6136 | Goldman Sachs International\* | 09/17/2025 | (6) |
|  USD | 213 | PEN | 778 | Morgan Stanley & Co.\* | 09/17/2025 | (6) |
|  USD | 1323 | SGD | 1689 | Bank of America, NA | 09/17/2025 | (13) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (259938) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (210216) |

---

\* Non-deliverable forward.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/ RECEIVE<br>FLOATING RATE | COUNTERPARTY | 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 | 2.44% quarterly | Pay | Morgan Stanley & Co. | 11/17/2030 | MYR | 5000 | (—)(h) | (47) | (47) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 132 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: | OTC Interest Rate Swaps contracts outstanding as of June 30, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/ RECEIVE<br>FLOATING RATE | COUNTERPARTY | 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 | 3.88% quarterly | Pay | Morgan Stanley & Co. | 11/23/2030 | MYR | 1030 |  | 8 | 8 |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.81% quarterly | Pay | Goldman Sachs | 05/17/2031 | MYR | 2300 |  | 17 | 17 |
|  CFETS China Fixing Repo Rates 7 Day | 2.36% quarterly | Pay | Morgan Stanley & Co. | 09/01/2030 | CNY | 7000 |  | 43 | 43 |
|  Total | Total | Total | Total | Total | Total |  | (—)(h) | 21 | 21 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/ RECEIVE<br>FLOATING 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 | 0.10% semi-annually | Pay | 12/03/2025 | JPY | 140000 | (—)(h) | (2) | (2) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.24% annually | Pay | 02/02/2026 | JPY | 120000 | — (h) | (2) | (2) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Pay | 07/08/2027 | JPY | 400000 | (32) | (22) | (54) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Pay | 07/08/2028 | JPY | 975000 | (162) | (34) | (196) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Receive | 07/08/2029 | JPY | 25000 | 6 | 1 | 7 |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.65% annually | Pay | 07/08/2029 | JPY | 365000 | (—)(h) | (12) | (12) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Receive | 07/08/2030 | JPY | 780000 | 257 | 15 | 272 |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.30% semi-annually | Pay | 12/03/2030 | JPY | 143500 | (—)(h) | (36) | (36) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.05% annually | Pay | 07/08/2032 | JPY | 120000 | (40) | (17) | (57) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.10% annually | Pay | 07/08/2033 | JPY | 245000 | (97) | (34) | (131) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.01% annually | Pay | 07/08/2034 | JPY | 200000 | (95) | (44) | (139) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.10% annually | Pay | 07/08/2035 | JPY | 140000 | (26) | 24 | (2) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.15% annually | Pay | 07/08/2037 | JPY | 135000 | (78) | (50) | (128) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.30% annually | Pay | 07/08/2043 | JPY | 210000 | (225) | (119) | (344) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.55% annually | Pay | 07/08/2044 | JPY | 250000 | (2) | (61) | (63) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.60% annually | Pay | 07/08/2045 | JPY | 30000 | (5) | (3) | (8) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.45% annually | Pay | 07/08/2048 | JPY | 115000 | (141) | (96) | (237) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.45% annually | Pay | 07/08/2054 | JPY | 255000 | (463) | (217) | (680) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.75% annually | Pay | 07/08/2054 | JPY | 195000 | (8) | (100) | (108) |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 133

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING 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 | 1.75% annually | Pay | 07/08/2055 | JPY | 35000 | (25) | 4 | (21) |
|  BBSW ASX Australian 6 Month | 2.50% semi-annually | Pay | 12/03/2025 | AUD | 3390 | 269 | (283) | (14) |
|  BBSW ASX Australian 6 Month | 2.55% semi-annually | Pay | 12/03/2026 | AUD | 770 | (27) | 20 | (7) |
|  BBSW ASX Australian 6 Month | 2.60% semi-annually | Pay | 12/03/2027 | AUD | 11365 | (267) | 121 | (146) |
|  BBSW ASX Australian 6 Month | 2.75% semi-annually | Pay | 12/03/2030 | AUD | 1035 | 144 | (175) | (31) |
|  BBSW ASX Australian 6 Month | 2.75% semi-annually | Pay | 12/03/2031 | AUD | 1270 | (82) | 33 | (49) |
|  BBSW ASX Australian 6 Month | 2.80% semi-annually | Pay | 12/03/2033 | AUD | 485 | (42) | 15 | (27) |
|  BBSW ASX Australian 6 Month | 2.80% semi-annually | Pay | 12/03/2033 | AUD | 3695 | (326) | 121 | (205) |
|  BBSW ASX Australian 6 Month | 2.85% semi-annually | Pay | 12/03/2034 | AUD | 1050 | (82) | 17 | (65) |
|  Canadian Overnight Repo Rate Average | 3.85% semi-annually | Pay | 12/03/2026 | CAD | 4285 | 2 | 62 | 64 |
|  Canadian Overnight Repo Rate Average | 3.65% semi-annually | Pay | 12/03/2027 | CAD | 10850 | 133 | 90 | 223 |
|  Canadian Overnight Repo Rate Average | 3.50% semi-annually | Pay | 12/03/2029 | CAD | 4780 | 88 | 48 | 136 |
|  Canadian Overnight Repo Rate Average | 3.45% semi-annually | Pay | 12/03/2032 | CAD | 3490 | 40 | 74 | 114 |
|  Canadian Overnight Repo Rate Average | 3.50% semi-annually | Pay | 12/03/2033 | CAD | 800 | (2) | 30 | 28 |
|  Canadian Overnight Repo Rate Average | 3.50% semi-annually | Pay | 12/03/2034 | CAD | 4115 | 107 | 37 | 144 |
|  Canadian Overnight Repo Rate Average | 3.55% semi-annually | Pay | 12/03/2042 | CAD | 1895 | 57 | 1 | 58 |
|  Canadian Overnight Repo Rate Average | 3.40% semi-annually | Pay | 12/03/2049 | CAD | 480 | (1) | 10 | 9 |
|  Canadian Overnight Repo Rate Average | 3.35% semi-annually | Pay | 12/03/2051 | CAD | 220 | 9 | (5) | 4 |
|  Canadian Overnight Repo Rate Average | 3.30% semi-annually | Pay | 12/03/2052 | CAD | 1510 | 36 | (19) | 17 |
|  Canadian Overnight Repo Rate Average | 3.30% semi-annually | Pay | 12/03/2053 | CAD | 860 | 23 | (12) | 11 |
|  Canadian Overnight Repo Rate Average | 3.25% semi-annually | Pay | 12/03/2054 | CAD | 275 | (2) | 4 | 2 |
|  Canadian Overnight Repo Rate Average | 3.25% semi-annually | Pay | 12/03/2055 | CAD | 310 | 1 | 2 | 3 |
|  CFETS China Fixing Repo Rates 7 day | 2.81% quarterly | Pay | 04/12/2026 | CNY | 3590 | — (h) | 6 | 6 |
|  CFETS China Fixing Repo Rates 7 day | 2.40% quarterly | Pay | 05/11/2026 | CNY | 23000 | 35 | (8) | 27 |
|  CFETS China Fixing Repo Rates 7 day | 2.60% quarterly | Pay | 05/11/2028 | CNY | 91220 | 206 | 215 | 421 |
|  CFETS China Fixing Repo Rates 7 day | 2.40% quarterly | Pay | 12/06/2028 | CNY | 5000 | 10 | 12 | 22 |
|  CFETS China Fixing Repo Rates 7 day | 2.65% quarterly | Pay | 05/10/2029 | CNY | 134160 | 775 | 76 | 851 |
|  CFETS China Fixing Repo Rates 7 day | 1.59% quarterly | Pay | 12/02/2029 | CNY | 18000 |  | 12 | 12 |
|  CFETS China Fixing Repo Rates 7 day | 1.50% quarterly | Pay | 12/12/2029 | CNY | 22900 | 2 | — (h) | 2 |
|  CFETS China Fixing Repo Rates 7 day | 1.50% quarterly | Pay | 05/11/2030 | CNY | 34830 | 7 | (3) | 4 |
|  Colombia IBR Overnight Nominal Interbank Reference Rate | 7.81% quarterly | Pay | 05/21/2029 | COP | 1000000 | — (h) | (6) | (6) |
|  Colombia IBR Overnight Nominal Interbank Reference Rate | 4.44% quarterly | Pay | 09/10/2030 | COP | 2257000 | — (h) | (101) | (101) |
|  Copenhagen Interbank Offered Rates<br>6 Month | 3.20% annually | Pay | 07/10/2034 | DKK | 1000 | 6 | 3 | 9 |
|  Copenhagen Interbank Offered Rates<br>6 Month | 3.20% annually | Pay | 07/10/2035 | DKK | 270 | 2 | 1 | 3 |
|  Czech Interbank Offered Rates 6 Month | 3.51% annually | Pay | 03/20/2031 | CZK | 13830 | (12) | 7 | (5) |
|  Czech Interbank Offered Rates 6 Month | 3.55% annually | Pay | 09/10/2034 | CZK | 1325 | (1) | 1 | — (h) |
|  ESTR Volume Weighted Trimmed<br>Mean Rate | 1.20% annually | Pay | 05/11/2052 | EUR | 1810 | (182) | (427) | (609) |
|  GPW Benchmark WIBID/WIBOR PLN<br>6 Month | 4.82% annually | Pay | 11/28/2030 | PLN | 1000 | — (h) | 14 | 14 |
|  GPW Benchmark WIBID/WIBOR PLN<br>6 Month | 4.35% annually | Pay | 05/11/2031 | PLN | 1690 | (14) | 16 | 2 |
|  GPW Benchmark WIBID/WIBOR PLN<br>6 Month | 4.50% annually | Pay | 05/11/2035 | PLN | 345 | (5) | 5 | — (h) |
|  KRW Certificate of Deposit 3 Month | 1.00% quarterly | Pay | 09/01/2025 | KRW | 2400000 | — (h) | (7) | (7) |
|  KRW Certificate of Deposit 3 Month | 3.14% quarterly | Pay | 04/19/2028 | KRW | 860000 | — (h) | 13 | 13 |
|  KRW Certificate of Deposit 3 Month | 1.07% quarterly | Pay | 04/27/2030 | KRW | 200000 | (8) | (2) | (10) |
|  KRW Certificate of Deposit 3 Month | 0.97% quarterly | Pay | 08/14/2030 | KRW | 2100000 | — (h) | (119) | (119) |
|  KRW Certificate of Deposit 3 Month | 0.94% quarterly | Pay | 08/19/2030 | KRW | 5075000 | (82) | (206) | (288) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 134 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/ RECEIVE<br>FLOATING 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 | 2.82% quarterly | Pay | 04/28/2032 | KRW | 1245595 | (13) | 29 | 16 |
|  KRW Certificate of Deposit 3 Month | 3.15% quarterly | Pay | 03/10/2033 | KRW | 1868660 | (15) | 72 | 57 |
|  KRW Certificate of Deposit 3 Month | 3.61% quarterly | Pay | 11/24/2033 | KRW | 805000 | — (h) | 47 | 47 |
|  KRW Certificate of Deposit 3 Month | 3.15% quarterly | Pay | 03/10/2034 | KRW | 2961000 | 7 | 88 | 95 |
|  KRW Certificate of Deposit 3 Month | 3.20% quarterly | Pay | 03/10/2035 | KRW | 2076000 | 57 | 20 | 77 |
|  KRW Certificate of Deposit 3 Month | 3.10% quarterly | Pay | 03/10/2043 | KRW | 161125 | (3) | 12 | 9 |
|  Mexico Interbank TIIE 1 Day | 9.10% lunar | Pay | 12/06/2034 | MXN | 4625 | 4 | 13 | 17 |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.85% annually | Pay | 05/06/2031 | HUF | 60000 | 5 | 1 | 6 |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.25% annually | Pay | 09/10/2034 | HUF | 10335 | (1) | 2 | 1 |
|  Norway Interbank Offered Rate Fixing<br>6 Month | 4.00% annually | Pay | 07/10/2032 | NOK | 1165 | (—)(h) | 4 | 4 |
|  Norway Interbank Offered Rate Fixing<br>6 Month | 3.85% annually | Pay | 07/10/2034 | NOK | 1300 | 3 | — (h) | 3 |
|  NZD Bank Bill 3 Month | 4.24% semi-annually | Pay | 06/30/2032 | NZD | 500 | (7) | 15 | 8 |
|  NZFM New Zealand Bank Bill 3 Month FRA | 4.40% semi-annually | Pay | 05/08/2034 | NZD | 250 | 5 | — (h) | 5 |
|  Shekel Overnight Risk Free Rate | 3.95% annually | Pay | 07/08/2030 | ILS | 1505 | 1 | 2 | 3 |
|  Singapore Domestic Interbank Overnight Rate Average | 2.65% semi-annually | Pay | 09/10/2030 | SGD | 400 | — (h) | 16 | 16 |
|  Singapore Domestic Interbank Overnight Rate Average | 3.24% semi-annually | Pay | 05/03/2034 | SGD | 300 | 5 | 21 | 26 |
|  Singapore Domestic Interbank Overnight Rate Average | 2.45% semi-annually | Pay | 09/10/2034 | SGD | 200 | (3) | 10 | 7 |
|  SONIA Interest Rate Benchmark | 0.45% annually | Pay | 03/31/2026 | GBP | 1250 | — (h) | (60) | (60) |
|  SONIA Interest Rate Benchmark | 1.00% annually | Receive | 05/08/2026 | GBP | 1330 | (115) | 63 | (52) |
|  SONIA Interest Rate Benchmark | 1.10% annually | Receive | 05/08/2029 | GBP | 2010 | (309) | 51 | (258) |
|  SONIA Interest Rate Benchmark | 1.10% annually | Receive | 05/08/2030 | GBP | 4590 | 1148 | (415) | 733 |
|  SONIA Interest Rate Benchmark | 3.90% annually | Receive | 05/08/2031 | GBP | 1145 | (19) | 4 | (15) |
|  SONIA Interest Rate Benchmark | 3.85% annually | Pay | 05/08/2032 | GBP | 450 | (1) | 3 | 2 |
|  SONIA Interest Rate Benchmark | 1.15% annually | Receive | 05/08/2033 | GBP | 165 | (50) | 8 | (42) |
|  SONIA Interest Rate Benchmark | 3.90% annually | Pay | 05/08/2035 | GBP | 615 | (11) | 5 | (6) |
|  SONIA Interest Rate Benchmark | 1.20% annually | Pay | 05/08/2038 | GBP | 345 | (140) | (2) | (142) |
|  SONIA Interest Rate Benchmark | 3.90% annually | Receive | 05/08/2039 | GBP | 1470 | (28) | 96 | 68 |
|  SONIA Interest Rate Benchmark | 1.25% annually | Pay | 05/08/2039 | GBP | 1080 | (468) | — (h) | (468) |
|  SONIA Interest Rate Benchmark | 1.25% annually | Receive | 05/08/2043 | GBP | 895 | 381 | 100 | 481 |
|  SONIA Interest Rate Benchmark | 1.25% annually | Pay | 05/08/2046 | GBP | 1865 | 299 | (1421) | (1122) |
|  SONIA Interest Rate Benchmark | 1.25% annually | Pay | 05/08/2048 | GBP | 1155 | (638) | (99) | (737) |
|  SONIA Interest Rate Benchmark | 3.90% annually | Pay | 05/08/2054 | GBP | 820 | (8) | (94) | (102) |
|  SONIA Interest Rate Benchmark | 1.25% annually | Pay | 05/08/2054 | GBP | 950 | (579) | (107) | (686) |
|  SONIA Interest Rate Benchmark | 3.90% annually | Pay | 05/08/2055 | GBP | 405 | (50) | (1) | (51) |
|  Stockholm Interbank Offered Rates<br>3 Month | 3.15% annually | Pay | 07/10/2032 | SEK | 2000 | 11 | 6 | 17 |
|  Stockholm Interbank Offered Rates<br>3 Month | 3.10% annually | Pay | 07/10/2035 | SEK | 470 | 2 | 2 | 4 |
|  Swiss Average Rate ON Intraday Value | 2.00% annually | Pay | 05/08/2030 | CHF | 1700 | 80 | 124 | 204 |
|  Swiss Average Rate ON Intraday Value | 0.13% annually | Pay | 11/05/2031 | CHF | 260 | — (h) | (3) | (3) |
|  Swiss Average Rate ON Intraday Value | 1.91% annually | Pay | 03/31/2033 | CHF | 400 | — (h) | 63 | 63 |
|  Swiss Average Rate ON Intraday Value | 2.00% annually | Pay | 05/08/2034 | CHF | 440 | 41 | 37 | 78 |
|  Swiss Average Rate ON Intraday Value | 2.00% annually | Pay | 05/08/2035 | CHF | 105 | 18 | 2 | 20 |
|  Thailand Overnight Repo Rate ON | 1.15% quarterly | Pay | 11/19/2030 | THB | 31000 | — (h) | (9) | (9) |
|  Thailand Overnight Repo Rate ON | 2.86% quarterly | Pay | 04/23/2034 | THB | 15000 | — (h) | 52 | 52 |
|  Thailand Overnight Repo Rate ON | 2.35% quarterly | Pay | 09/10/2034 | THB | 18540 | 3 | 37 | 40 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 135

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  Thailand Overnight Repo Rate ON | 2.17% quarterly | Pay | 12/16/2034 | THB | 7000 | (1) | 13 | 12 |
|  United States SOFR | 3.50% annually | Receive | 06/21/2026 | USD | 5500 | 129 | (108) | 21 |
|  United States SOFR | 3.75% annually | Pay | 12/18/2026 | USD | 21400 | 142 | (188) | (46) |
|  United States SOFR | 2.00% annually | Receive | 12/21/2027 | USD | 5400 | 448 | (197) | 251 |
|  United States SOFR | 1.22% annually | Receive | 08/15/2028 | USD | 5797 | — (h) | 551 | 551 |
|  United States SOFR | 1.50% semi-annually | Pay | 12/15/2028 | USD | 27300 | (3606) | 1641 | (1965) |
|  United States SOFR | 4.25% annually | Receive | 03/20/2029 | USD | 15800 | (512) | 49 | (463) |
|  United States SOFR | 3.75% annually | Pay | 12/18/2029 | USD | 18000 | 256 | (68) | 188 |
|  United States SOFR | 3.50% annually | Pay | 12/20/2030 | USD | 14000 | 484 | (450) | 34 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2031 | USD | 2500 | 14 | (50) | (36) |
|  United States SOFR | 3.75% annually | Receive | 06/20/2031 | USD | 19200 | (121) | 400 | 279 |
|  United States SOFR | 3.50% annually | Receive | 12/20/2033 | USD | 45100 | 2149 | (1557) | 592 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2034 | USD | 4800 | 171 | (211) | (40) |
|  United States SOFR | 3.75% annually | Pay | 12/18/2034 | USD | 1000 | 1 | 2 | 3 |
|  United States SOFR | 3.25% annually | Receive | 03/19/2035 | USD | 11100 | 729 | (304) | 425 |
|  United States SOFR | 3.25% annually | Receive | 06/18/2035 | USD | 17200 | 584 | 54 | 638 |
|  United States SOFR | 3.25% annually | Receive | 12/20/2053 | USD | 4200 | 487 | 27 | 514 |
|  United States SOFR | 3.50% annually | Receive | 12/18/2054 | USD | 4500 | (53) | 403 | 350 |
|  Total |  |  |  |  |  | 594 | (2311) | (1717) |

---

(a) Value of floating rate index as of June 30, 2025 was as follows:

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.50% |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.48% |
|  BBSW ASX Australian 6 Month | 3.78% |
|  Canadian Overnight Repo Rate Average | 2.75% |
|  CFETS China Fixing Repo Rates 7 Day | 1.95% |
|  Colombia IBR Overnight Nominal Interbank Reference Rate | 8.73% |
|  Copenhagen Interbank Offered Rates 6 Month | 2.11% |
|  Czech Interbank Offered Rates 6 Month | 3.48% |
|  ESTR Volume Weighted Trimmed Mean Rate | 1.92% |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.94% |
|  KRW Certificate of Deposit 3 Month | 2.56% |
|  Mexico Interbank TIIE 1 Day | 8.14% |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.50% |
|  Norway Interbank Offered Rate Fixing 6 Month | 4.37% |
|  NZD Bank Bill 3 Month | 3.29% |
|  NZFM New Zealand Bank Bill 3 Month FRA | 3.29% |
|  Shekel Overnight Risk Free Rate | 4.50% |
|  Singapore Domestic Interbank Overnight Rate Average | 1.56% |
|  SONIA Interest Rate Benchmark | 4.22% |
|  Stockholm Interbank Offered Rates 3 Month | 2.13% |
|  Swiss Average Rate ON Intraday Value | -0.03% |
|  Thailand Overnight Repo Rate ON | 1.74% |
|  United States SOFR | 4.45% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Written Put Option Contracts on Securities as of June 30, 2025: | Written Put Option Contracts on Securities as of June 30, 2025: | Written Put Option Contracts on Securities as of June 30, 2025: | Written Put Option Contracts on Securities as of June 30, 2025: | Written Put Option Contracts on Securities as of June 30, 2025: | Written Put Option Contracts on Securities as of June 30, 2025: | Written Put Option Contracts on Securities as of June 30, 2025: | Written Put Option Contracts on Securities as of June 30, 2025: | Written Put Option Contracts on Securities as of June 30, 2025: |
| 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, 4.50%, 07/14/2055 | Citigroup Global Markets, Inc. | (6000) | USD | (—)(h) | USD | 92.47 | 07/07/2025 | $(—)(h) |
|  |  |  |  |  |  |  |  | (—)(h) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 136 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: |
| 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, 4.50%, 07/14/2055 | Citigroup Global Markets, Inc. | (6000) | USD | (216) | USD | 96.47 | 07/07/2025 | (2) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.5%, 09/15/2055 | BofA Securities, Inc. | (5000) | USD | (2080) | USD | 96.69 | 09/08/2025 | (22) |
|  |  |  |  |  |  |  |  | (24) |
|  Total Written Options Contracts (Premiums Received $80) | Total Written Options Contracts (Premiums Received $80) | Total Written Options Contracts (Premiums Received $80) | Total Written Options Contracts (Premiums Received $80) | Total Written Options Contracts (Premiums Received $80) | Total Written Options Contracts (Premiums Received $80) | Total Written Options Contracts (Premiums Received $80) | Total Written Options Contracts (Premiums Received $80) | (24) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: |
| 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 | $100 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 145 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 5000 | 1916 | 4.31 | 05/02/2035 | 296 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 1002 | 4.47 | 06/04/2035 | 161 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 248 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 44300 | 709 | 3.37 | 09/04/2025 | 278 |
|  |  |  |  |  |  | 1228 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: |
| 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 | 1000 | 28 | 5.00 | 10/14/2025 | —(h) |
|  10-Year Swaption, United States SOFR | Barclays Bank plc | 20000 | 388 | 5.00 | 07/22/2025 | —(h) |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1900 | 691 | 4.10 | 02/06/2035 | 132 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 162 |
|  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 | 1002 | 4.47 | 06/04/2035 | 150 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 237 |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | 125000 | 938 | 5.00 | 10/08/2025 | 10 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 200400 | 391 | 5.00 | 08/29/2025 | 2 |
|  |  |  |  |  |  | 1012 |
|  Total Purchased Interest Rate Swaptions contracts (Premiums Paid $3,375) |  |  |  |  |  | 2240 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: |
| 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 | (8800) | (287) | 3.67 | 08/29/2025 | $(105) |
|  |  |  |  |  |  | (105) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: |
| DESCRIPTION | COUNTERPARTY | NUMBER OF<br>CONTRACTS | NOTIONAL<br>AMOUNT | EXERCISE<br>PRICE | EXPIRATION<br>DATE | VALUE |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (8200) | (95) | 3.94 | 07/07/2025 | (—)(h) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (34000) | (833) | 3.97 | 09/04/2025 | (58) |
|  |  |  |  |  |  | (58) |
|  Total Written Interest Rate Swaptions contracts (Premiums Received $312) |  |  |  |  |  | (163) |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 137

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **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($)** |
|  Citigroup Global Markets, Inc. | 4.46% | 6/26/2025 | 7/14/2025 | (115073) | (115144) | 115144 |  |
|  Wells Fargo Bank NA | 4.46% | 6/12/2025 | 7/14/2025 | (24754) | (24813) | 24813 |  |
|  |  |  |  |  | (139957) |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Accounted for as Secured Borrowings | Accounted for as Secured Borrowings | Accounted for as Secured Borrowings | Accounted for as Secured Borrowings | Accounted for as Secured Borrowings | Accounted for as Secured Borrowings |
| Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements |
|  | OVERNIGHT AND<br>CONTINUOUS | UP TO 30 DAYS | 31-90 DAYS | GREATER THAN<br>90 DAYS | TOTAL |
|  Reverse Repurchase Agreements |  |  |  |  |  |
|  Mortgage Backed Securities |  | (139957) |  |  | (139957) |
|  Payable for Reverse Repurchase Agreements |  |  |  |  | (139957) |

---

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| ACES | — Alternative Credit Enhancement Securities |
| ARM | — Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of June 30, 2025. |
| ASX | — Australian Stock Exchange |
| BAM | — Insured by Build America Mutual |
| 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 |
| IBR | — Indicador Bancario de Referencia |
| 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 June 30, 2025. 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 |
| LIBOR | — London 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 June 30, 2025. |
| 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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 138 SIX CIRCLES TRUST JUNE 30, 2025

------

(g) —  Amount rounds to less than 0.05%.

(h) —  Amount rounds to less than 500 shares or principal/ $500.

(n) —  The rate shown is the effective yield as of June 30, 2025.

(t) —  The date shown represents the earliest of the next put date or final maturity date.

(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 June 30, 2025.

(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 June 30, 2025.

(aa) —  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2025

(bb) —  Security has been valued using significant unobservable inputs.

(ee) —  Approximately $3,020 of these investments are restricted as collateral for swaps to Citigroup Clearing.

(ff) —  Approximately $1,429 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.

(ii) —  Approximately $4,167 of these investments are restricted as collateral for forwards to Bank of America NA.

(jj) —  Approximately $16,484 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 |
| COP | — Colombian Peso |
| 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 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 139

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| **Municipal Bonds — 97.9%** (t) | | |
| **Alabama — 4.4%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033 | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority, Garvee, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2032 (p) | 1160 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2035 (p) | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2036 (p) | 2000 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Housing Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.45%, 10/01/2044 | 760 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 5.75%, 04/01/2055 | 3350 | 3627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 5.75%, 10/01/2055 | 2565 | 2784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Housing Finance Authority, Cooper Green Homes Project, Rev., 5.00%, 02/01/2029 (z) | 260 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2037 | 6400 | 6772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046 | 23000 | 22716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auburn University, Series A, Rev., 4.00%, 06/01/2041 | 7000 | 6407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, Novelis Corporation Project, Rev., AMT, 5.00%, 06/01/2055 (e) (z) | 5845 | 5893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birmingham-Jefferson Civic Center Authority, Series A, Special Tax, 5.00%, 07/01/2048 | 3200 | 3203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birmingham-Jefferson Civic Center Authority, City of Birmingham, Rev., 5.00%, 05/01/2048 | 12700 | 12731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/01/2051 (z) | 23030 | 23305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2055 (z) | 24270 | 25421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 05/01/2055 (z) | 2000 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 04/01/2053 (z) | 2000 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 2.57%, 04/01/2053 (aa) | 9250 | 9062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/01/2055 (z) | 7100 | 7475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., LIQ: Royal Bank of Canada, 5.25%, 12/01/2053 (z) | 3925 | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 5.25%, 02/01/2053 (z) | 17000 | 17878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.50%, 10/01/2054 (z) | 5000 | 5397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z) | 1800 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 03/01/2055 (z) | 7000 | 7406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project, |  |  |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.50%, 06/01/2049 (z) | 7100 | 7489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.50%, 11/01/2053 (z) | 10625 | 11165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z) | 13120 | 13153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z) | 4910 | 4874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z) | 6810 | 6816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z) | 5000 | 5013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z) | 9005 | 9028 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032 | 4075 | 4151 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson AL, Rev., 4.00%, 09/15/2036 | 2590 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue, Warrants, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2035 | 2285 | 2462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2036 | 1455 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2037 | 8685 | 9222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2038 | 2190 | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2039 | 3285 | 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2049 | 3805 | 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.50%, 11/01/2053 (z) | 1500 | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.75%, 04/01/2054 (z) | 650 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 07/01/2054 (z) | 7695 | 8231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Authority for Baptist Health, Affiliate of UAB Health System Community, Rev., 5.00%, 11/15/2032 | 10495 | 11296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Authority of the City of Huntsville, Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 06/01/2045 | 1750 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 06/01/2038 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Homewood Educational Building Authority, Rev., 5.50%, 10/01/2049 | 3500 | 3549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z) | 2375 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, United States Steel Corporation, Rev., AMT, 5.75%, 10/01/2049 | 3500 | 3529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsville Public Building Authority, Rev., 5.00%, 02/01/2052 | 3000 | 3051 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 140 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama, Alabama Power Co. Barry Plant, Rev., 3.30%, 07/15/2034 (z) | 4000 | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Board of the City of Mobile, Alabama Pollution Control Revenue, Alabama Power Company Barry Plant, Rev., 3.38%, 06/01/2034 (z) | 13010 | 13068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The), Gas Project Revenue Bonds, Rev., 4.00%, 12/01/2050 (z) | 3250 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Water & Wastewater Board, Rev., 5.25%, 12/01/2048 | 1700 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Rev., AMT, 5.00%, 06/01/2054 | 5800 | 5558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, AM/NS Calvert LLC, Rev., AMT, 4.75%, 12/01/2054 | 13985 | 12866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selma Industrial Development Board, Rev., 3.45%, 11/01/2033 (z) | 2150 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Project No. 1, Series A, Rev., 5.00%, 08/01/2054 (z) | 21175 | 22263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Project No. 2, Rev., 5.00%, 06/01/2049 (z) | 19485 | 20541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project #4, Series B1, Rev., 5.00%, 05/01/2053 (z) | 4935 | 5105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project #6, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 06/01/2030 | 2225 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 01/01/2054 (z) | 10000 | 10534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z) | 3500 | 3511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z) | 8830 | 8727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z) | 1820 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 5, Series A, Rev., 5.25%, 01/01/2054 (z) | 15000 | 15734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority, A Cooperative District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2035 | 12970 | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2056 (z) | 10315 | 10525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 03/01/2055 (z) | 11180 | 11680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 10/01/2055 (z) | 22330 | 23532 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.25%, 11/01/2055 (z) | 35000 | 37624 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alabama Docks Department, Docks, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2025 | 1750 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2026 | 1890 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust, Floater Certificates, Series 2022-XF3073, Rev., LIQ: Morgan Stanley, 2.22%, 02/01/2053 (e) (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p) | 2525 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041 | 1750 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of South Alabama, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2035 | 2000 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 04/01/2054 | 2845 | 2919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Works Board of the City of Birmingham (The), Rev., 3.75%, 09/01/2026 (e) | 2690 | 2687 |
|  |  | 566887 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alaska — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044 | 1085 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., General Mortgage Revenue II, Series A, Rev., 4.50%, 06/01/2044 | 5000 | 4803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., Social Bonds State Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 920 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2032 | 945 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alaska, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2033 | 2000 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2034 | 1125 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2035 | 2000 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alaska International Airports System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2034 | 1080 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 10/01/2025 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 10/01/2027 | 2000 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 10/01/2030 | 5000 | 5363 |
|  |  | 23346 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2043 | 2480 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2046 | 10000 | 10014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2061 | 3000 | 2348 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 141

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Rev., 3.63%, 05/20/2033 | 1387 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 09/01/2035 | 225 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 09/01/2036 | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Greathearts Arizona Project, Series A, Rev., 5.00%, 07/01/2026 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051 | 2000 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Phoenix Children's Hospital, Rev., 5.00%, 02/01/2033 | 2000 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/15/2031 (e) | 420 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2041 (e) | 500 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2051 (e) | 700 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Sustainable Bonds Equitable, Rev., 5.00%, 11/01/2028 | 2870 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, The Acacia at Youngtown, Rev., 5.00%, 11/01/2058 (z) | 4780 | 4915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona State University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2043 | 1105 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2042 | 2000 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona State University, Board of Regents, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2026 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2042 | 2000 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chandler Industrial Development Authority, Intel Corp. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 09/01/2042 (z) | 3000 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 09/01/2052 (z) | 2860 | 2911 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Glendale AZ, Rev., 5.00%, 07/01/2038 | 5190 | 5658 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mesa, GO, 5.00%, 07/01/2042 | 2665 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix, Civic Improvement Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2031 | 2000 | 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2032 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2034 | 3785 | 4045 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2044 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2027 | 1500 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2033 | 2000 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix, Civic Improvement Corp., Junior Lien, Series A, Rev., 5.00%, 07/01/2029 | 1515 | 1647 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix, Civic Improvement Corp., Junior Lien Airport Special Obligation, Rev., 4.00%, 07/01/2040 | 3555 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028 | 500 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilbert Public Facilities Municipal Property Corp., Rev., 5.00%, 07/01/2026 | 1025 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047 | 1000 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The), American Leadership Academy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2027 (e) | 2680 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2030 (e) | 1510 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027 | 3260 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Rev., 4.00%, 01/01/2048 | 5450 | 4713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 5.00%, 01/01/2053 (z) | 3000 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2041 | 4000 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Pollution Control Corp., Rev., 3.88%, 01/01/2038 (z) | 1165 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035 | 4280 | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037 | 21910 | 21466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 69 Paradise Valley, GO, 4.00%, 07/01/2036 | 1170 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 97-Deer Valley, Series E, GO, 5.00%, 07/01/2025 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, Rev., 5.00%, 05/01/2039 | 3740 | 4065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, Salt River Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2026 | 2000 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2044 | 3325 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Series A, Rev., 5.00%, 01/01/2042 | 2000 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032 | 420 | 446 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 142 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra Vista Industrial Development Authority, Rev., 5.00%, 06/15/2044 (e) | 750 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Industrial Development Authority of the City of Phoenix Arizona, Memorial Towers Project, Rev., HUD, 3.35%, 12/01/2027 | 345 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Industrial Development Authority of the City of Phoenix Arizona, Republic Services, Inc., Rev., AMT, 4.10%, 12/01/2035 (z) | 3000 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp; The University of Arizona, Stimulus Plan For Economic, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 08/01/2029 | 1850 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 08/01/2033 | 3515 | 3992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuma Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2049 | 4420 | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/01/2042 | 1495 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/01/2044 | 1915 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/01/2049 | 7000 | 7077 |
|  |  | 154372 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arkansas — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Rev., 5.00%, 06/01/2027 | 535 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Big River Steel Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.50%, 09/01/2049 (e) | 3130 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.75%, 09/01/2049 (e) | 6000 | 5813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052 | 3000 | 3005 |
|  |  | 12386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alameda County, Oakland Unified School District, GO, 5.00%, 08/01/2027 | 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048 | 4000 | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim Housing & Public Improvements Authority, Series A, Rev., 5.00%, 10/01/2050 | 1780 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036 | 2250 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim Union High School District, Capital Appreciation Election 2002, GO, NATL, Zero Coupon, 08/01/2028 | 2175 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, San Francisco Bay Area, Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 2.37%, 04/01/2056 (aa) | 2675 | 2655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 2.33%, 04/01/2056 (aa) | 5000 | 4822 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick Campaign, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2040 | 950 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2049 | 5870 | 5968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050 | 5000 | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2055 (z) | 8955 | 9252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 02/01/2052 (z) | 17880 | 17771 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project Revenue, Rev., 5.00%, 05/01/2054 (z) | 17455 | 18392 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z) | 6860 | 6919 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bonds Clean Energy Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2053 (z) | 8685 | 9065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2053 (z) | 6160 | 6434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2054 (z) | 3245 | 3415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2054 (z) | 28115 | 29462 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainability Bonds Clean Energy, Rev., 5.25%, 11/01/2054 (z) | 17825 | 18891 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainable Bond, Series A, Rev., 5.00%, 01/01/2056 (z) | 10560 | 10899 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainable Bond Clean Energy, Rev., 5.50%, 10/01/2054 (z) | 2205 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainable Bonds, Series F, Rev., 5.00%, 02/01/2055 (z) | 4780 | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainable Bonds Clean Energy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2055 (z) | 11405 | 12020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2056 (z) | 31460 | 33726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2056 (z) | 17745 | 18841 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Variable Sustainable Bond, Rev., 5.00%, 11/01/2055 (z) | 26960 | 27818 |
| &nbsp;&nbsp;&nbsp;&nbsp; California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, Rev., 5.00%, 06/01/2032 | 340 | 357 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 143

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California County, Tobacco Securitization Agency, Sonoma County Securitization, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2031 | 255 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2033 | 300 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2049 | 115 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037 | 340 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.00%, 10/01/2035 | 1270 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Rev., 5.00%, 10/01/2039 (p) (z) | 945 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Children's Hospital of Orange, Rev., 3.00%, 11/01/2039 | 3765 | 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049 | 3000 | 2983 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Commonspirit Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 04/01/2037 | 3000 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 04/01/2038 | 3500 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2033 | 3000 | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Episcopal Communities & Service, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2038 | 570 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2043 | 570 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Initial Entrance Fees, Series A, Rev., 3.85%, 11/15/2027 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Kaiser Permanente, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.00%, 11/01/2044 | 3000 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1-S, Rev., 5.00%, 11/01/2027 | 2500 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.00%, 11/01/2038 | 6270 | 6120 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035 | 3010 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Stanford Health Care, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 08/15/2054 (z) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2030 | 2000 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/15/2048 | 2240 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2043 (p) | 465 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Unrefunded, Rev., 5.00%, 10/01/2039 (z) | 1055 | 1060 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.25%, 08/20/2036 | 9101 | 8481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 11/20/2035 | 2336 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 01/15/2035 | 2268 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency, Symphony at Del Sur, Rev., 5.00%, 05/01/2054 (z) | 265 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 2.62%, 12/01/2050 (aa) | 1370 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031 | 1230 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Sustainable Bond Subordinated B, Rev., AMT, 9.50%, 01/01/2065 (e) | 4325 | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Rev., 0.00%, 02/20/2041 (z) | 4002 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, California Baptist University, Rev., 5.00%, 11/01/2035 (e) | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Facilities No. 2023-5 Improvement, Special Tax, 5.50%, 09/01/2048 | 600 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, HumanGood Obligation Group, Series A, Rev., 5.00%, 10/01/2044 | 2400 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Open Door Community Health Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/15/2034 | 920 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/15/2035 | 960 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/15/2036 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Republic Services, Rev., AMT, 4.38%, 09/01/2053 (z) | 5350 | 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Republic Services, Inc., Rev., AMT, 3.88%, 03/01/2054 (z) | 550 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e) | 2000 | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037 | 745 | 756 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 144 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e) | 2955 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, United Airlines, Inc. Project, Rev., AMT, 4.00%, 07/15/2029 | 2500 | 2448 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, View At Sanitary Bruno, Series A1, Rev., 5.00%, 06/01/2056 (z) | 835 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.95%, 10/01/2045 (z) | 13335 | 13336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 2.40%, 10/01/2044 (z) | 4960 | 4684 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Series B1, Rev., AMT, 3.00%, 11/01/2025 | 2660 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Plant Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2037 (e) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/21/2045 (e) | 6000 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources, Rev., AMT, 5.00%, 07/01/2037 (e) | 2200 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.70%, 07/01/2043 (e) (z) | 3500 | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.25%, 11/01/2042 (e) (z) | 10000 | 10002 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Series A, Rev., 6.20%, 06/01/2044 (e) | 5150 | 4860 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e) | 325 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2032 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; California School Finance Authority, Rev., 5.00%, 07/01/2046 (e) | 1500 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp; California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e) | 1230 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Series H, Rev., 5.00%, 12/01/2026 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Various Capital Project, Rev., 5.00%, 09/01/2029 | 2000 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Various Capital Projects, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2030 | 1245 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2031 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2026 | 565 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 11/01/2037 | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Series A, Rev., 5.00%, 11/01/2044 | 2640 | 2693 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2034 | 1750 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Special Assessment, 4.00%, 09/02/2040 | 570 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., 5.13%, 08/15/2047 | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Green Bond, Marin General Hospital, Rev., 4.00%, 08/01/2045 | 3000 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical, Rev., 5.50%, 12/01/2058 (e) | 2000 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/01/2044 | 4065 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 12/01/2054 | 2100 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2026 (e) | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2041 (e) | 2000 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/01/2056 (e) | 9750 | 9340 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028 | 435 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Southern California Edison, Rev., 4.50%, 11/01/2033 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Valley Energy Authority, Rev., 5.00%, 12/01/2055 (z) | 21685 | 23114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034 | 125 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco Special Tax District No. 2020-1, Mission Rock Facilities and Services, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 4.00%, 09/01/2031 (e) | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 4.00%, 09/01/2036 (e) | 155 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco Special Tax District No. 2020-1, Special Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.50%, 09/01/2043 (e) | 2060 | 2128 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Long Beach Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 06/01/2042 | 1000 | 1008 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 145

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.25%, 06/01/2047 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2026 | 1500 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 05/15/2046 | 30965 | 30550 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032 | 1000 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 05/15/2034 | 1600 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/15/2036 | 4090 | 4233 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Senior Bonds Green Bond Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2029 | 4000 | 4243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/15/2047 | 4000 | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Senior Bonds Private Activity, Rev., AMT, 5.50%, 05/15/2047 | 4625 | 4765 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 05/15/2040 | 900 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/15/2033 | 1330 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 05/15/2027 | 2605 | 2691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 05/15/2028 | 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 05/15/2029 | 4485 | 4758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 05/15/2039 | 1510 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 05/15/2044 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2027 | 1235 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2029 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2036 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/15/2038 | 1735 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinate P3 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/15/2026 | 1180 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/15/2046 | 8000 | 8002 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinated Los Angeles International, Rev., AMT, 5.25%, 05/15/2048 | 3000 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinated Los Angeles International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.25%, 05/15/2049 | 3000 | 2144 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 4.00%, 05/15/2051 | 3000 | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinated Revenue Bond, Series E, Rev., 5.00%, 05/15/2044 | 3000 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Sustainable Bond Subordinate, Rev., AMT, 5.00%, 05/15/2036 | 1650 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Sustainable Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2034 | 850 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2035 | 3000 | 3250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 05/15/2055 | 3335 | 3485 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Unrefunded Subordinate, Rev., AMT, 4.00%, 05/15/2038 | 1995 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2038 | 5150 | 5732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2040 | 5960 | 6492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2041 | 5000 | 5388 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Roseville, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 4.00%, 09/01/2040 | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 09/01/2035 | 1160 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Francisco Public Utilities Commission Water Revenue, Hetch Hetchy Water, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2038 | 5000 | 5581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2039 | 600 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2040 | 750 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Francisco, Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050 | 4235 | 4272 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033 | 1770 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Victorville Electric Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2038 | 1055 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2039 | 1110 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of West Sacramento Infrastructure Financing District No. 1, Bridge District Area, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 5.00%, 09/01/2040 (w) | 1635 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 5.13%, 09/01/2044 (w) | 2205 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041 | 500 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coast Community College District, Election of 2012, Series F, GO, Zero Coupon, 08/01/2040 | 3020 | 1558 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 146 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, 5.00%, 08/01/2042 | 750 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036 | 1400 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033 | 105 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042 | 540 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Sacramento Airport System, Series C, Rev., AMT, 5.00%, 07/01/2030 | 1780 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Sacramento, Community Facilities District #2004-1, Special Tax, 5.00%, 09/01/2035 | 1335 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e) | 7245 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Altana-Glendale Sustainable Bond, Rev., 4.00%, 10/01/2056 (e) | 1000 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e) | 215 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e) | 410 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e) | 2000 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Department of Veterans Affairs, Veteran's Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050 | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035 | 1200 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; East County Advanced Water Purification Joint Powers Authority, Rev., 5.00%, 09/01/2026 | 2000 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Side Union High School District, 2014 Election Education Tech, Series D, GO, 5.00%, 08/01/2025 | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040 | 1280 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily ML Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 12/25/2036 (z) | 1753 | 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.55%, 08/25/2040 (z) | 3578 | 3617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML10, Class A, Rev., 2.03%, 01/25/2038 (e) | 328 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foothill-De Anza Community College District, Capital Appreciation, Series B, GO, AMBAC, Zero Coupon, 08/01/2032 | 7930 | 6379 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fremont Unified School District, Series D, GO, 3.00%, 08/01/2033 | 1205 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fremont Unified School District, Election 2014, Series E, GO, 4.00%, 08/01/2042 | 2230 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Subordinated, Series B2, Rev., Zero Coupon, 06/01/2066 | 10000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034 | 1900 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051 | 3235 | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Unified School District, COP, 5.25%, 08/01/2047 | 3000 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Community College District, Election 2008, Series K, GO, 3.00%, 08/01/2039 | 700 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Development Authority, Century and Restorative Care Village, Rev., 3.35%, 09/01/2059 (z) | 9360 | 9375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027 | 625 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034 | 7000 | 7219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030 | 750 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water, Series B, Rev., 5.00%, 07/01/2037 | 740 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2028 | 360 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2036 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2037 | 645 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 07/01/2041 | 625 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 07/01/2042 | 195 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.25%, 07/01/2045 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.25%, 07/01/2046 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2031 | 12880 | 13996 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 147

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | 850 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2035 | 835 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2037 | 500 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2038 | 855 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2039 | 680 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2033 | 1980 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2038 | 900 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2039 | 500 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2040 | 1515 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2041 | 810 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2035 | 525 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2036 | 520 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2037 | 1605 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2039 | 1235 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2048 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2053 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Power System Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2033 | 315 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2039 | 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Water System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2036 | 700 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2030 | 2785 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., BAM, 5.00%, 07/01/2031 | 10725 | 11776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2037 | 600 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2039 | 1445 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2042 | 1100 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2047 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2048 | 3000 | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 07/01/2049 | 2000 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 3.00%, 01/01/2034 | 2000 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 07/01/2040 | 6000 | 6544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 07/01/2036 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 07/01/2038 | 1860 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 07/01/2026 | 2285 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Election 2008, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 07/01/2040 | 2250 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, BAM, 5.00%, 07/01/2029 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Sustainability Bonds, Series QRR, GO, 5.00%, 07/01/2026 | 550 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marin Municipal Water District, Subordinate, Rev., 4.00%, 06/15/2045 | 3500 | 3254 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 (z) | 550 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2038 | 3015 | 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natomas Unified School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 08/01/2045 | 7740 | 7094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 08/01/2049 | 2655 | 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Rev., 3.93%, 07/20/2039 (z) | 7967 | 7392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, AMT, 4.00%, 03/01/2034 | 3875 | 3892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2027 | 1480 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2031 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2032 | 2000 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2036 | 1160 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern California Energy Authority, Rev., 5.00%, 12/01/2054 (z) | 2000 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043 | 2000 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050 | 10000 | 7182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oakland Unified School District, Election Of 2020, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2037 | 1850 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.25%, 08/01/2041 | 1410 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oakland Unified School District/Alameda County, Election Of 2012, Series A, GO, 4.00%, 08/01/2034 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario International Airport Authority, Series A, Rev., 5.00%, 05/15/2046 | 1500 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033 | 300 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045 | 3000 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Unified School District, Capital Appreciation Election Of 2008, GO, Zero Coupon, 08/01/2032 | 15385 | 12498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health, Rev., 5.00%, 11/01/2039 | 4000 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health, Capital Appreciation, Electric of 2004, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 08/01/2028 | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 08/01/2031 | 330 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peralta Community College District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2035 | 750 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2036 | 1455 | 1655 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 148 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 08/01/2037 | 2000 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peralta Community College District, Election 2018, Series C1, GO, 5.00%, 08/01/2026 | 6170 | 6330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburg Public Financing Authority, Series A, Rev., 4.13%, 08/01/2047 | 1400 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Oakland, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2027 (p) | 2500 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2028 (p) | 4275 | 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2029 | 980 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rancho Mirage Community Facilities District, Special Tax, 5.00%, 09/01/2049 | 1000 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, Series L, Rev., 4.00%, 05/15/2037 | 2650 | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp; River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, 5.25%, 09/01/2052 | 1085 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento City Unified School District, GO, BAM, 5.00%, 07/01/2031 | 525 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040 | 2000 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Subordinated Bond, Series E, Rev., 5.00%, 08/15/2049 (z) | 1250 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p) | 2000 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Community College District, GO, 4.00%, 08/01/2032 (p) | 2910 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Rev., AMT, 5.00%, 07/01/2053 | 2500 | 2479 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2035 | 2915 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Senior Private Activity, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2033 (w) | 4000 | 4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2034 (w) | 2165 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2036 (w) | 2500 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2041 (w) | 4300 | 4538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2044 (w) | 9400 | 9760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2045 (w) | 6200 | 6408 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Subordinated, Series B, Rev., AMT, 5.00%, 07/01/2031 | 775 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, Series K2, GO, Zero Coupon, 07/01/2038 | 2045 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, 2024 Capital, GO, Zero Coupon, 07/01/2030 (p) | 1000 | 856 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, Election 2008, Series E, GO, Zero Coupon, 07/01/2034 | 1250 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, Election 2012, Series I, GO, 4.00%, 07/01/2047 | 8000 | 7211 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, Election Of 2008, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SR-3A, GO, 5.00%, 07/01/2034 | 500 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SR-3A, GO, 5.00%, 07/01/2035 | 500 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031 | 1030 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District Sales Tax Revenue, Series A, Rev., 4.00%, 07/01/2037 | 2350 | 2329 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036 | 1875 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Sustainable Bond Transit District, GO, 3.00%, 08/01/2037 | 2495 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission - San Francisco International Airport, Rev., AMT, 5.25%, 05/01/2040 | 3000 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission-San Francisco International Airport, Series H, Rev., AMT, 5.00%, 05/01/2028 | 3000 | 3140 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded, Rev., AMT, 5.00%, 05/01/2027 | 775 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2041 | 9075 | 9071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2046 | 5000 | 4939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/01/2042 | 6895 | 6943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/01/2044 | 5645 | 5780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., AMT, 5.00%, 05/01/2031 | 3215 | 3465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2027 | 3000 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2030 | 2000 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2031 | 1500 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2032 | 2000 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 05/01/2055 | 5770 | 5987 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 149

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 05/01/2046 | 1920 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., AMT, 5.00%, 05/01/2027 | 5500 | 5687 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission Wastewater Revenue, Rev., 4.00%, 10/01/2039 | 1325 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission Wastewater Revenue, Green Bonds, Series C, Rev., 4.00%, 10/01/2048 (z) | 2290 | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Redevelopment Agency Successor Agency, Community Facilities No. 6 Mission Bay, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 08/01/2036 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.25%, 08/01/2037 | 1000 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.25%, 08/01/2038 | 1000 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Jacinto Unified School District, Election 2016, GO, 4.00%, 08/01/2042 | 2580 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation Corridor Agency, Junior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 01/15/2044 | 2590 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 01/15/2049 | 2535 | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034 | 3000 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority, Sustainable Bonds, Rev., 5.50%, 01/01/2056 (z) | 5675 | 6224 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027 | 1700 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Mateo County Community College District, Capital Appreciation Election 2005, Series B, GO, NATL, Zero Coupon, 09/01/2035 | 1955 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp; South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Rev., 5.00%, 04/01/2055 (z) | 30320 | 31887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Apex Power Project, Series A, Rev., 5.00%, 07/01/2033 | 500 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Canyon Power Project, Rev., 3.70%, 07/01/2040 (z) | 3000 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Green Bond Milford Wind Co., Rev., 5.00%, 07/01/2025 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Southern Transmission System, Rev., 5.00%, 07/01/2053 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 11/01/2040 | 500 | 420 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2028 | 2060 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/01/2041 | 1000 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2027 | 145 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2027 | 2000 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2028 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2028 | 2105 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2029 | 80 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2029 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/01/2029 | 8215 | 9005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2032 | 1225 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2034 | 3335 | 3546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/01/2035 | 1000 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/01/2038 | 3000 | 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/01/2047 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Bidding Group A, GO, 5.00%, 09/01/2027 | 3000 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable, GO, 4.60%, 04/01/2038 (p) | 13000 | 13211 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028 | 5000 | 4648 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable Group B, GO, 5.50%, 10/01/2025 | 9000 | 9026 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Various Purpose, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2031 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/01/2033 | 3550 | 3574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/01/2035 | 1885 | 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/01/2036 | 8850 | 8945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/01/2037 | 6000 | 5988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2031 | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/01/2034 | 1455 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2035 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Veterans Bonds, GO, 5.00%, 12/01/2031 | 5500 | 5508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockton Unified School District, Series B, GO, 5.00%, 08/01/2031 | 5000 | 5596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Public Facilities Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 09/01/2038 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 09/01/2042 | 615 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 750 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2028 | 750 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2031 | 2000 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BM, Rev., 5.00%, 05/15/2029 | 1665 | 1813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BN, Rev., 5.00%, 05/15/2037 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BN, Rev., 5.00%, 05/15/2038 | 5000 | 5413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BT, Rev., 5.00%, 05/15/2026 | 4000 | 4083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, Rev., 5.00%, 05/15/2036 | 3000 | 3369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, Rev., 5.00%, 05/15/2042 | 2250 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, Rev., 5.00%, 05/15/2043 | 2500 | 2653 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 150 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Limited Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, Rev., 4.00%, 05/15/2047 | 1300 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, Rev., 5.00%, 05/15/2034 | 1500 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Limited Project Bonds, Series Q, Rev., 4.00%, 05/15/2040 | 1000 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032 | 350 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upper Santa Clara Valley Joint Powers Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/01/2045 | 1500 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/01/2050 | 2000 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victor Valley Union High School District, Series B, GO, 4.00%, 08/01/2036 | 1270 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027 | 805 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; William S Hart Union High School District, Capital Appreciation Election 2001, Series B, GO, Zero Coupon, 09/01/2025 | 1960 | 1951 |
|  |  | 1175951 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerotropolis Regional Transportation Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 12/01/2041 | 500 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 12/01/2044 (e) | 2500 | 2417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040 | 500 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baseline Metropolitan District No. 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/01/2046 | 2000 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2049 | 1970 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042 | 2180 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035 | 525 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle Oaks Metropolitan District No. 3, GO, 4.00%, 12/01/2026 | 220 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centennial Water & Sanitation District, Rev., 5.00%, 12/01/2053 | 2750 | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053 | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2026 | 3500 | 3585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2027 | 3000 | 3120 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2028 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2029 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2030 | 3000 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2038 | 2000 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2047 | 13500 | 13480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 11/15/2053 | 4000 | 4105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., AMT, 5.00%, 11/15/2031 (z) | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 11/15/2053 | 4775 | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.75%, 11/15/2040 | 4750 | 5132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.75%, 11/15/2041 | 3000 | 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.75%, 11/15/2045 | 11050 | 11701 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2029 | 3250 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2030 | 6215 | 6667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2031 | 4250 | 4581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.50%, 11/15/2037 | 700 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2027 | 5840 | 6076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2034 | 2510 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2043 | 3000 | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver CO Airport System Revenue, Rev., AMT, 4.13%, 11/15/2053 | 5000 | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051 | 9925 | 8477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise, Rev., 5.00%, 12/01/2036 | 1500 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise, Senior Infrastructure, Series A, Rev., 5.25%, 12/01/2049 | 2330 | 2411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise, Rev., AMT, 4.00%, 06/30/2051 | 1500 | 1254 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 151

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise, Central 70 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/31/2025 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/31/2030 | 1505 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2036 | 175 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2041 | 175 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, The Stanley Project, Senior Lien, Rev., 6.88%, 02/01/2059 (e) | 5525 | 5627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2048 | 9000 | 7738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2052 | 11610 | 10022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2054 | 33325 | 33422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2059 (z) | 2000 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, AdventHealth Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 11/15/2051 | 9790 | 6889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2038 | 2000 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2038 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System, Rev., 5.00%, 11/15/2036 (z) | 1295 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System Sunbelt, Rev., 5.00%, 11/15/2041 | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital, Series C, Rev., 5.00%, 12/01/2030 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Commonspirit Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/01/2052 | 2710 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2027 | 1025 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2034 | 1240 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 08/01/2028 | 2215 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 08/01/2044 | 20440 | 20130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2034 | 5680 | 6202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Covenant Living Communities, Rev., 5.00%, 12/01/2035 | 750 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042 | 500 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Intermountain Healthcare, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2047 | 18520 | 18688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2052 | 2500 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 4.00%, 11/01/2039 | 3400 | 3181 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Sanford Healthcare, Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado High Performance Transportation Enterprise, C-470 Express Lanes, Rev., 5.00%, 12/31/2056 | 1000 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050 | 1200 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Class III Bonds Sustainable Bond, Rev., GNMA COLL, 6.50%, 05/01/2054 | 625 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., GNMA, 3.00%, 11/01/2051 | 1835 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., GNMA, 3.00%, 11/01/2051 | 820 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., GNMA COLL, 6.00%, 05/01/2053 | 1285 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, Rev., GNMA COLL, 3.25%, 11/01/2051 | 1300 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Sustainable Bond, Rev., GNMA/FNMA/FHLMC, 5.75%, 11/01/2054 | 4255 | 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 (w) | 7560 | 8404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Science and Technology Park Metropolitan District No. 1, Series B, Rev., 4.75%, 12/15/2054 | 1000 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copperleaf Metropolitan District No. 2, GO, BAM, 4.00%, 12/01/2025 | 470 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crystal Valley, Metropolitan District No. 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2028 | 500 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2030 | 360 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dawson Trails Metropolitan District No. 1, GO, Zero Coupon, 12/01/2031 | 6740 | 4170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036 | 1320 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver Health & Hospital Authority, Series A, Rev., 6.00%, 12/01/2055 | 3610 | 3810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025 | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Rev., 5.00%, 09/01/2040 | 1550 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027 | 1250 | 1170 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 152 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030 | 290 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2027 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2028 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e) | 3000 | 2920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, GO, 4.00%, 12/15/2034 (p) | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson Center Metropolitan District No. 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.13%, 12/01/2040 | 575 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.38%, 12/01/2047 | 795 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031 | 2000 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032 | 1500 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kremmling Memorial Hospital District, COP, 6.13%, 12/01/2044 (e) | 3850 | 3571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa County School District No. 50, GO, 5.50%, 12/01/2049 | 1835 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa County Valley School District No. 51 Grand Junction, GO, 5.25%, 12/01/2042 | 2705 | 2936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro Water Recovery, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2028 | 1200 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2029 | 830 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirabelle Metropolitan District No. 2, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2035 | 600 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2037 | 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Creek Metropolitan District, Senior, Series A, Rev., 5.00%, 12/01/2043 | 1500 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042 | 3950 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prairie Farm Metropolitan District, Series A, GO, 5.25%, 12/01/2048 | 1261 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038 | 6000 | 7052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pueblo Urban Renewal Authority, EVRAZ Project Tax, Increment, Tax Allocation, 4.75%, 12/01/2045 (e) | 635 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redtail Ridge Metropolitan District, GO, Zero Coupon, 12/01/2032 | 4000 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation District Sales Tax Revenue, Fastracks Project, Series A, Rev., 5.00%, 11/01/2033 | 1000 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners Eagle, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2026 | 575 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/15/2027 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/15/2032 | 1470 | 1568 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Riverpark Metropolitan District/Arapahoe County, GO, 6.00%, 12/01/2042 | 1150 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041 | 500 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036 | 1350 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Colorado, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 12/15/2040 | 1600 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 6.00%, 12/15/2041 | 15000 | 16781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 4.00%, 12/15/2039 | 1500 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 12/15/2029 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, COP, 5.00%, 03/15/2028 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Colorado, Health Sciences Facilities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 11/01/2042 | 2365 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 11/01/2053 | 1500 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority Board, Senior, Rev., 6.50%, 12/01/2054 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority Board, Special Improvement District No. 1, Special Assessment, 5.63%, 12/01/2043 | 1254 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040 | 500 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunset Parks Metropolitan District, Series A, GO, 5.13%, 12/01/2054 (e) | 800 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Canyons Metropolitan District No. 5, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, BAM, 5.00%, 12/01/2035 | 640 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, BAM, 5.00%, 12/01/2049 | 2875 | 2832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, BAM, 5.25%, 12/01/2059 | 7725 | 7728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trails at Crowfoot Metropolitan District No. 3, GO, 4.25%, 12/01/2054 | 1500 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Colorado, Series B1, Rev., 4.00%, 06/01/2034 (p) | 2665 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Colorado Hospital Authority, Rev., VRDO, 3.75%, 07/01/2025 (z) | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Colorado, University Enterprise, Rev., 2.00%, 06/01/2051 (z) | 4000 | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036 | 1500 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Metropolitan District (The), GO, 4.15%, 12/01/2030 | 380 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040 | 585 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterview II Metropolitan District, GO, 5.00%, 12/01/2041 | 1250 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weld County School District No. RE-4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2029 | 1100 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2031 | 1000 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 12/01/2047 | 5000 | 5215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036 | 2565 | 2276 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 153

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051 | 5000 | 5063 |
|  |  | 423361 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Bridgeport, Series A, GO, 4.00%, 06/01/2039 | 250 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 3.50%, 11/15/2051 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.50%, 11/15/2043 | 2725 | 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Sustainable Bond, Housing Mortgage Finance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 11/15/2043 | 5000 | 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.25%, 05/15/2054 | 4660 | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 4.45%, 11/15/2044 | 10000 | 9567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 B1, Rev., 5.00%, 07/01/2029 | 4845 | 5266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 2.80%, 07/01/2048 (z) | 2000 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Connecticut Children's Medical Center, Rev., 5.25%, 07/15/2048 | 4575 | 4666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2026 | 555 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2033 | 565 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Quinnipiac University Issue, Rev., 5.00%, 07/01/2048 | 3000 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2035 | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2038 | 2500 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2041 | 2250 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2030 | 865 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Yale University, Rev., 5.00%, 07/01/2064 (z) | 9760 | 10798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority, Rev., AMT, 4.13%, 11/15/2040 | 2315 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030 | 495 | 521 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.88%, 11/15/2038 | 900 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2039 | 675 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2040 | 335 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2041 | 400 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax Obligation Revenue Transportation Infrastructure, 4.00%, 05/01/2039 | 2990 | 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State, Health & Educational Facilities Authority, Sacred Heart University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 4.00%, 07/01/2045 | 4625 | 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 07/01/2037 | 950 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State, Health & Educational Facilities Authority, Yale University, Series C1, Rev., 5.00%, 07/01/2040 (z) | 2150 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stamford Housing Authority, Mozaic Concierge Living Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 10/01/2030 | 5000 | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 10/01/2040 | 1750 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/15/2045 | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 01/15/2026 | 5000 | 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 01/15/2032 | 2250 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 01/15/2033 | 500 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 01/15/2028 | 3500 | 3606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 03/15/2032 | 850 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 08/01/2033 | 1750 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 06/15/2037 | 40 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 11/15/2025 | 5000 | 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2028 | 500 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2035 | 500 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2042 | 10000 | 10648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2030 | 1500 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 11/01/2038 | 3500 | 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/01/2028 | 1480 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/01/2033 | 1675 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, Transportation Infrastructure Purposes, Rev., 5.00%, 07/01/2043 | 4740 | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Social Bonds, Series F, GO, 5.00%, 11/15/2041 | 1525 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Obligation Bonds, Rev., 5.00%, 05/01/2040 | 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Sustainale Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 01/15/2041 | 1000 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 01/15/2040 | 1000 | 1068 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 154 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e) | 195 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Town of Hamden, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 08/15/2027 | 535 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/15/2029 | 575 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/15/2031 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, BAM, 5.00%, 08/01/2032 | 2255 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/15/2037 | 3000 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2039 | 650 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2040 | 860 | 911 |
|  |  | 136283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Kent DE, Rev., 5.00%, 07/01/2033 | 1190 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Delmarva Power & Light Company, Rev., 3.60%, 01/01/2031 (w) | 1865 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, NRG Energy Project, Rev., 1.25%, 10/01/2045 (z) | 4065 | 4026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority, Beebe Medical Center, Rev., 5.00%, 06/01/2050 | 2250 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039 | 5345 | 5497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware Transportation Authority, Rev., 5.00%, 07/01/2033 | 2265 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware Transportation Authority, Garvee, Rev., 5.00%, 09/01/2025 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Delaware, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 02/01/2036 | 6910 | 5400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 02/01/2031 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2028 | 5020 | 5329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2031 | 85 | 95 |
|  |  | 30055 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2030 | 1070 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2031 | 2210 | 2479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2040 | 1725 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/01/2037 | 2000 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/01/2040 | 10000 | 9407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2027 | 475 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/01/2031 | 1500 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2038 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2040 | 2400 | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 05/01/2039 | 2500 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 05/01/2045 | 5000 | 4546 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 02/01/2028 | 820 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 02/01/2029 | 70 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 02/01/2028 | 110 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Rev., 5.00%, 12/01/2028 (z) | 225 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Belmont Crossing Phase II, Rev., 5.00%, 03/01/2029 (z) | 330 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2037 | 2000 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2038 | 1450 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2039 | 2000 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2039 | 1500 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2040 | 2685 | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2041 | 1525 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 4.05%, 07/01/2025 (z) | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038 | 1010 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031 | 2000 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030 | 555 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, National Child Research Center, Rev., VRDO, LOC: Truist Bank, 2.50%, 07/07/2025 (z) | 1985 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, National Public Radio, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2032 (p) | 1500 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2028 (p) | 270 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2029 (p) | 275 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2026 | 1335 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2029 | 2000 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2027 | 1515 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 10/01/2051 | 2500 | 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2027 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2030 | 3845 | 4124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2044 | 3500 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2025 | 450 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2028 | 4880 | 5138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2030 | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2032 | 5000 | 5310 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 155

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2039 | 1135 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2048 | 7000 | 7099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, Airport System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2033 | 3000 | 3134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2049 | 5000 | 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., 4.00%, 10/01/2052 | 10000 | 8524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., 4.00%, 10/01/2053 | 1965 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2031 (w) | 4390 | 4743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2033 | 3205 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2048 | 3940 | 3895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2040 (w) | 3000 | 3193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2041 (w) | 2000 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, Dulles Toll Road Revenue Subordinated Lien Dulles Metrorail, Series B, Rev., 4.00%, 10/01/2049 | 2000 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., 6.50%, 10/01/2041 (p) | 350 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention & Sports Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2034 | 1015 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2033 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention & Sports Authority, Senior Lien, Series B, Tax Allocation, 5.00%, 10/01/2029 (p) | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention and Sports Authority, Dedicated Tax Revenue Prerefunded Refunding Senior Lien, Tax Allocation, 5.00%, 10/01/2030 (p) | 695 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention and Sports Authority, Dedicated Tax Revenue Unrefunded Balance Refunding Senior, Tax Allocation, 5.00%, 10/01/2030 | 805 | 881 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2026 | 1650 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2037 | 2000 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2032 | 1115 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2046 | 1190 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2054 | 23750 | 23957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/15/2059 | 17870 | 18361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2025 | 1990 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2029 | 3000 | 3251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, Dedicated Revenue, Sustainable Bond, Series A, Rev., BAM, 3.00%, 07/15/2036 | 5925 | 5306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029 | 1540 | 1669 |
|  |  | 209975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority, Oak Hammock at The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031 | 615 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics, Rev., 5.00%, 12/01/2034 | 2570 | 2697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Stewardship Community District, Phase 3 Master Improvements Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.75%, 05/01/2031 | 420 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.13%, 05/01/2041 | 1775 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avenir Community Development District, Master Infrastructure Project, Special Assessment, 5.63%, 05/01/2054 | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aventura Isles Community Development District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2034 | 720 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2043 | 1000 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock Ranch Community Independent Special District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 4.00%, 05/01/2052 | 695 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2044 (e) | 1000 | 948 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 156 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040 | 345 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belmont II Community Development District, 2020 Assessment Area, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.50%, 12/15/2025 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.13%, 12/15/2030 | 125 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boggy Creek Improvement District, Series 2013, Special Assessment, 5.13%, 05/01/2043 (e) | 950 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Health First Obligated Group, Rev., 5.00%, 04/01/2052 | 8235 | 7972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Health First, Inc., Rev., 4.00%, 04/01/2036 | 1790 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broward County Housing Finance Authority, Pinnacle 441 Phase 2, Rev., 4.05%, 09/01/2056 (z) | 990 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038 | 675 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032 | 1350 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, IPS Enterprises, Inc. Projects, Rev., 7.00%, 06/15/2030 (e) | 4000 | 4121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Projects Finance Authority/FL, Rev., 5.00%, 06/15/2044 (e) | 760 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e) | 325 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041 | 300 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e) | 1370 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Franklin Academy Project, Rev., 5.00%, 12/15/2050 (e) | 2350 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Authority, Ips Enterprises, Inc., Series A, Rev., 6.00%, 06/15/2043 (e) | 4350 | 4419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 1500 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2029 | 565 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2034 | 3000 | 3259 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2035 | 10000 | 10808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2038 | 3625 | 3598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2039 | 1260 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042 | 605 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e) | 160 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte County Industrial Development Authority, Town & Country Utilities Project, Rev., AMT, 5.00%, 10/01/2049 (e) | 2985 | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Daytona Beach, Rev., 5.50%, 09/01/2049 | 5000 | 5323 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Doral FL, GO, 4.00%, 07/01/2043 | 3055 | 2832 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Baptist Health, Rev., VRDO, 1.94%, 07/07/2025 (z) | 9955 | 9955 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Baptist Health, Rev., VRDO, 1.94%, 07/07/2025 (z) | 1300 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Brooks Rehabilitation Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2034 | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2045 | 1500 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Miami Beach, Arts and Cultural Facilities, Series A, GO, 5.25%, 05/01/2053 | 5000 | 5178 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036 | 175 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039 | 1075 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tallahassee, Energy System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2028 | 2000 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2033 (w) | 2500 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2034 (w) | 1500 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tallahassee, Tallahassee Memorial Healthcare, Rev., 5.00%, 12/01/2040 | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tampa, H. Lee Moffitt Cancer Center, Rev., 5.00%, 07/01/2050 | 4000 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052 | 145 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward Port Facilities Revenue, Rev., AMT, 5.50%, 09/01/2052 | 3675 | 3746 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031 | 3000 | 3345 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 157

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward, Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2033 | 655 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2028 | 800 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2036 | 2000 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044 | 3000 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward, Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 4.00%, 09/01/2047 | 3000 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hillsborough, Rev., 4.00%, 08/01/2034 | 4370 | 4494 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lee Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 10/01/2029 | 180 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 10/01/2032 | 2000 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049 | 13000 | 13193 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 6000 | 6019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2025 | 1250 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2030 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2031 | 2000 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2044 | 2200 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2049 | 3250 | 3193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 10/01/2040 | 23000 | 23014 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade FL Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2027 | 3700 | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2029 | 4920 | 5216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2035 | 15000 | 15996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2036 | 3710 | 3922 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade FL Transit System, Rev., 4.00%, 07/01/2035 | 3405 | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade FL Water & Sewer System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 4500 | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2042 | 5000 | 5251 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Senior Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2030 | 1970 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2031 | 2975 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2033 | 3500 | 3761 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2052 | 2000 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AMT, 4.00%, 10/01/2040 | 2675 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Transit System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2048 | 5000 | 4346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2045 | 2070 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044 | 350 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade, Public Health Trust Program, GO, 4.00%, 07/01/2042 | 3000 | 2820 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052 | 2450 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Orange Water Utility System Revenue, Rev., 5.00%, 10/01/2028 | 2040 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Palm Beach, Lynn University Housing Project, Series A, Rev., 5.00%, 06/01/2057 (e) | 1000 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currents Community Development District, Series A, Special Assessment, 4.00%, 05/01/2051 (e) | 2000 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cypress Mill Community Development District, 2023 Project, Special Assessment, 5.00%, 05/01/2053 | 1025 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040 | 400 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duval County Public Schools, Series A, COP, 5.00%, 07/01/2032 | 4750 | 5147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040 | 300 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epperson Ranch II Community Development District, Assessment Area Two Capital Improvement, Special Assessment, 4.20%, 05/01/2040 | 1280 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everlands II Community Development District, Special Assessment, 5.20%, 06/15/2044 | 725 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2044 (e) | 1750 | 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2059 (e) | 3145 | 2919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 06/01/2030 | 400 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2041 | 7500 | 6829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2044 | 9930 | 9857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2047 | 6050 | 6068 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 158 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2053 | 4000 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 07/01/2053 | 7000 | 6469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 12.00%, 07/15/2032 (e) | 2900 | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail, Rev., AMT, 8.25%, 07/01/2057 (e) (z) | 7290 | 7493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e) | 1000 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., GFL Solid Waste Southeast, LLC, Rev., AMT, 4.38%, 10/01/2054 (e) (z) | 17000 | 16933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037 | 2400 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040 | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Tampa General Hospital Project, Rev., 5.25%, 08/01/2055 (e) | 4750 | 4758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035 | 1200 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Waste Pro USA, Inc., Rev., AMT, 5.00%, 05/01/2029 (e) | 2500 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 2955 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 425 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 01/01/2054 | 635 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 940 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052 | 825 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 4105 | 4057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Municipal Loan Council, Shingle Creek Transit and Utility Community Development District, Special Assessment, AMT, 5.15%, 05/01/2044 | 655 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029 | 1900 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Governors University of North Florida Dormitory Revenue, Series A, Rev., BAM, 5.00%, 11/01/2053 | 6375 | 6428 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Pierce Utilities Authority, Series A, Rev., 5.00%, 10/01/2039 | 925 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Bay at Doral Community Development District, Assessment Area Two Phase I, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2035 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2045 | 1000 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 10/01/2040 | 2500 | 2343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2026 (p) | 1785 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2027 (p) | 1875 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2030 (p) | 1005 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2032 | 1500 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2046 (p) | 5000 | 5123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2049 | 8880 | 8785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority Orlando Amt Subordinated, Rev., AMT, 5.00%, 10/01/2036 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, Priority Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2033 | 1500 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2036 | 2230 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040 | 545 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 1.94%, 01/07/2025 (z) | 17000 | 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 11/15/2051 | 6965 | 6098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/15/2049 | 1500 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Tampa General Hospital Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2050 | 5000 | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/01/2045 | 3275 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, Industrial Development Authority, Baycare Health System, Series C, Rev., VRDO, LOC: TD Bank NA, 2.00%, 07/07/2025 (z) | 3500 | 3500 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 159

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hobe-St Lucie Conservancy District, Special Assessment, 5.88%, 05/01/2055 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Electric System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2033 | 1000 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3A, Rev., 5.00%, 10/01/2035 | 5000 | 5312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series IIIB, Rev., 5.00%, 10/01/2032 | 1295 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031 | 1795 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julington Creek Plantation Community Development District, Special Assessment, 5.50%, 05/01/2043 | 1500 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lake Hideaway Community Development District, Assessment Area One, Special Assessment, 5.65%, 05/01/2044 | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Special Assessment, 5.30%, 05/01/2044 | 485 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Del Webb Project, Special Assessment, 5.00%, 05/01/2037 (e) | 1655 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Lorraine Lakes Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.13%, 05/01/2030 (e) | 315 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.88%, 05/01/2051 (e) | 2000 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Northeast Sector Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.20%, 05/01/2030 (e) | 540 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.50%, 05/01/2040 | 925 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Palm Grove Project, Special Assessment, 5.25%, 05/01/2044 | 580 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, Exchange Lee Health Systems, Rev., 4.00%, 04/01/2037 | 3000 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, Shell Point/Waterside Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2044 | 3000 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2049 | 2550 | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority/FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 11/15/2029 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/15/2054 | 2000 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority, Mount Sinai Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2039 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2044 | 5000 | 4995 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Redevelopment Agency, Tax, Increment Revenue, Tax Allocation, 5.00%, 02/01/2028 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami World Center Community Development District, Special Assessment, 5.25%, 11/01/2049 | 4505 | 4484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Series A, Rev., 5.00%, 07/01/2040 | 1625 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Health Facilities Authority, Rev., 4.00%, 08/01/2046 | 1790 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Cutler Vista, Rev., 5.00%, 03/01/2027 (z) | 2445 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Doral Academy, Inc., Rev., 5.00%, 01/15/2048 | 1570 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037 | 350 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirada Community Development District, Assessment Area Five, Special Assessment, 5.00%, 05/01/2034 | 1185 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Loop Community Development District, Special Assessment, 6.38%, 05/01/2043 | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Miami Community Redevelopment Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2035 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2036 | 1200 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040 | 1345 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2052 | 5000 | 4205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 10/01/2056 | 11515 | 10407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2056 | 5000 | 5079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Presbyterian Retirement Communities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2036 | 295 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2054 | 3500 | 3282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/01/2035 | 2480 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2027 | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2043 | 2300 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, ACTS Retirement Life Communities, Rev., 5.00%, 11/15/2045 | 1250 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Jupiter Medical Center, Rev., 5.00%, 11/01/2052 | 2550 | 2431 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 160 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032 | 2270 | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Coast Park Community Development District, Sawmill Branch at Palm Coast Park Homeowners Association, Inc., Special Assessment, 5.13%, 05/01/2051 | 1500 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051 | 800 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parrish Lakes Community Development District, Special Assessment, 5.00%, 05/01/2031 | 490 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036 | 1720 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035 | 3200 | 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reunion East Community Development District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.40%, 05/01/2026 (e) | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.85%, 05/01/2031 | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040 | 500 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048 | 425 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County Public Hospital District, Sarasota Memorial Hospital Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2052 | 6000 | 5005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2052 | 1175 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033 | 1000 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039 | 615 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031 | 400 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Broward County, Series A, COP, 5.00%, 07/01/2027 | 1500 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032 | 845 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Broward Hospital District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2048 | 6500 | 5640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 05/01/2044 | 4000 | 3551 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037 | 1575 | 1518 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; St. John's County School Board, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.25%, 07/01/2046 | 1500 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.25%, 07/01/2047 | 3000 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027 | 4000 | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Revenue, Department Of Transportation, Rev., 4.00%, 07/01/2041 | 1000 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033 | 2390 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System, Revenue Refunding, Series A, Rev., 5.00%, 07/01/2026 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027 | 1060 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida, Department of Transportation, Turnpike System Revenue, Series A, Rev., 5.00%, 07/01/2029 | 500 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellar North Community Development District, Special Assessment, 4.00%, 05/01/2052 | 1560 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e) | 225 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonegate Preserve Community Development District, 2023 Project Area, Special Assessment, 5.88%, 12/15/2043 | 995 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneybrook South Community Development District, Fox South Assessment Area, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.50%, 12/15/2025 (e) | 140 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.00%, 12/15/2030 (e) | 475 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.50%, 12/15/2040 (e) | 1030 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Storey Park Community Development District, Assessment Area Four Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.38%, 06/15/2026 (e) | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.88%, 06/15/2031 (e) | 60 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit View Community Development District, Assessment Area Two, Special Assessment, 5.63%, 05/01/2044 | 1010 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tampa Bay Water, Rev., 5.25%, 10/01/2054 | 20000 | 20802 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 161

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%, 05/01/2042 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041 | 130 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turtle Run Community Development District, Series 2, Special Assessment, 5.00%, 05/01/2047 | 1500 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Lakes Community Development District, Special Assessment, 5.00%, 05/01/2044 | 1500 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Rivers West Community Development District, Special Assessment, 5.63%, 05/01/2044 | 580 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; V-Dana Community Development District, CDD Assessment Area One 2021, Special Assessment, 4.00%, 05/01/2052 | 1000 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No. 13, Special Assessment, 2.63%, 05/01/2030 (e) | 1445 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No. 15, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 4.00%, 05/01/2034 (e) | 120 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 4.20%, 05/01/2039 (e) | 500 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040 | 655 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority, Educational Facilities Embry Riddle, Rev., 5.00%, 10/15/2029 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Hillcrest Community Development District, Series 2023, Special Assessment, 5.50%, 06/15/2053 | 1250 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Villages Improvement District, Unit Of Development #8, Special Assessment, 5.38%, 05/01/2042 | 1875 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildwood Utility Dependent District, Senior South Sumter Utilities Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2031 | 1300 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2033 | 1150 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2039 | 1490 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2040 | 1610 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildwood Utility Dependent District, Senior South Sumter Utility Project, Rev., BAM, 5.00%, 10/01/2052 | 1640 | 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041 | 650 | 672 |
|  |  | 613847 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z) | 4425 | 3945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2035 | 1100 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2036 | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2037 | 1135 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2038 | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookhaven Development Authority, Children's Healthcare of Atlanta, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 2425 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 2400 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2044 | 3000 | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookhaven Urban Redevelopment Agency, Series A, Rev., 4.00%, 07/01/2045 | 3260 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta Airport Passenger Facility Charge, Airport Revenue Subordinated, Rev., AMT, 4.00%, 07/01/2038 | 2825 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta Department of Aviation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2028 | 3300 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2026 | 960 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2034 | 540 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2048 | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., AMT, 5.00%, 07/01/2025 | 750 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., AMT, 5.00%, 07/01/2028 | 2500 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta GA Department of Aviation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2041 | 1775 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2043 | 1500 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037 | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040 | 2000 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031 | 1155 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Water & Wastewater Revenue, Series B, Rev., 5.00%, 11/01/2047 | 4000 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobb County Hospital Authority, Rev., VRDO, LOC: Truist Bank, 0.00%, 07/07/2025 (z) | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobb County Kennestone Hospital Authority, Revenue Anticipation Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC: Bank of America NA, 1.95%, 07/07/2025 (z) | 34900 | 34900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2036 | 500 | 509 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 162 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobb County Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 3.00%, 04/01/2037 | 700 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia County Hospital Authority, Anticipation Certificate Wellstar, Rev., 5.13%, 04/01/2053 | 3625 | 3623 |
| &nbsp;&nbsp;&nbsp;&nbsp; DeKalb County Housing Authority, Kensington Station Project, Series A, Rev., 4.00%, 12/01/2033 | 10000 | 10003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Rev., 3.30%, 12/01/2049 (z) | 515 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County, Georgia Power Co. Plant Vogtle Project, Rev., 3.38%, 11/01/2053 (z) | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Cobb County, The Northwest Classical Academy Project, Rev., 5.70%, 06/15/2038 (e) | 605 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County, Georgia Power Company Plant Scherer, Rev., 3.88%, 06/01/2042 (z) | 1250 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County/The, Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z) | 1785 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2036 | 900 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2037 | 925 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 950 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2043 | 1400 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2044 | 1250 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2030 | 3500 | 3820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2034 | 7545 | 8352 |
| &nbsp;&nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e) | 1000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2054 | 7850 | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 4.00%, 01/01/2036 | 2750 | 2738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.70%, 12/01/2054 | 15000 | 14417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 2.75%, 12/01/2035 | 500 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.50%, 12/01/2045 | 2000 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Ports Authority, Rev., 5.25%, 07/01/2043 | 2705 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia State Road & Tollway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 5250 | 5487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2028 | 5500 | 5858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2030 | 6205 | 6819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Homerville Housing Authority, Brookwood Apartments, Rev., 3.45%, 01/01/2028 (z) | 530 | 533 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2054 (z) | 1730 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2052 (z) | 14500 | 14636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2033 | 4950 | 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2043 | 8000 | 8010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2053 (z) | 15000 | 15724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2054 (z) | 15925 | 16828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2055 (z) | 20255 | 21540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 09/15/2028 | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2028 | 2500 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2029 | 1500 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2052 (z) | 5000 | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2053 (z) | 6910 | 7281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2054 (z) | 11185 | 11820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 03/01/2050 (z) | 6350 | 6366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 05/01/2052 (z) | 15310 | 15391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 09/01/2053 (z) | 8165 | 8635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 05/01/2054 (z) | 9500 | 9994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 5.00%, 12/01/2053 (z) | 3000 | 3161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%, 08/01/2052 (e) (z) | 30600 | 30509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 04/01/2054 (z) | 26545 | 28147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 05/01/2055 (z) | 25990 | 27353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Rev., 5.00%, 07/01/2036 | 8500 | 9456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sustainable Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2043 | 3000 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2044 | 3000 | 3162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects, Rev., 4.00%, 06/15/2037 | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2029 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056 | 1350 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2059 | 3855 | 3716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Combined Cycle Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2027 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2029 | 250 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037 | 1125 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Rev., 5.00%, 01/01/2059 | 3000 | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2033 | 1610 | 1777 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 163

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2035 | 1300 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2036 | 2795 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2036 | 330 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2041 | 1000 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2027 | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2039 | 1310 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2049 | 2800 | 2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2049 | 13455 | 13428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2053 | 3675 | 3666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2055 | 4615 | 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 07/01/2063 | 2500 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Power Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH, Rev., 5.00%, 01/01/2033 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH, Rev., 5.00%, 01/01/2034 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Project One Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2029 | 1110 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2037 | 1250 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Project One, Subordinated, Series B, Rev., 4.00%, 01/01/2039 | 1400 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033 | 1010 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Subordinate Project One, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2030 | 705 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2031 | 1715 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paulding County Hospital Authority, Anticipation Certificates Wellstar Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2036 | 325 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2038 | 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Emory University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2032 | 2000 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2033 | 1605 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 09/01/2043 | 2495 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 10/01/2038 | 13500 | 13297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 09/01/2039 | 1420 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Savannah College of Art And Design, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2038 | 1400 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2027 | 400 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Series E, GO, 5.00%, 12/01/2027 | 1570 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Bidding Group 1, Series A, GO, 5.00%, 07/01/2033 | 2000 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035 | 750 | 767 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030 | 2000 | 2172 |
|  |  | 518120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Guam — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antonio B. Won Pat International Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2031 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 10/01/2035 | 550 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030 | 750 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Territory of Guam, Series F, Rev., 4.00%, 01/01/2042 | 1000 | 885 |
|  |  | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hawaii — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County Honolulu HI Wastewater System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 290 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2041 | 2945 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2054 | 6900 | 7186 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County Honolulu Wastewater System Revenue, Green Bonds Senior Lien, Rev., 5.00%, 07/01/2040 | 540 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County Honolulu Wastewater System Revenue, Junior Second Bond Resolution, Rev., 5.00%, 07/01/2039 | 1470 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035 | 2110 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Honolulu, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2025 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2027 | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/01/2028 | 1450 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/01/2029 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Honolulu Wastewater System Revenue Bonds, Junior Second Bond Resolution, Rev., 5.00%, 07/01/2034 | 1000 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Honolulu, Rail Transit Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 07/01/2032 | 430 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 07/01/2035 | 1000 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FG, GO, 4.00%, 10/01/2032 | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FG, GO, 4.00%, 10/01/2033 | 3000 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2032 | 1500 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2033 | 1630 | 1675 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 164 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hawaii — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2034 | 2000 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2035 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2051 | 1905 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2051 | 8630 | 8806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2026 | 1250 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2040 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Department of Budget & Finance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.20%, 07/01/2039 | 6505 | 5460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2034 (e) | 1350 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Harbor System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2031 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2032 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2033 | 750 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2034 | 3555 | 3539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2027 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2028 | 500 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2029 | 250 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 07/01/2032 | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030 | 1000 | 1101 |
|  |  | 59811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Idaho — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Trinity Health Credit Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2043 | 4460 | 4034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2047 | 1715 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2029 | 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2034 | 1130 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 3695 | 4041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, Garvee, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2039 | 1440 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2030 | 1250 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037 | 165 | 179 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Idaho — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spring Valley Community Infrastructure District No. 1, Assessment Area Two, Special Assessment, 6.25%, 09/01/2053 (e) | 1120 | 1123 |
|  |  | 16170 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2032 | 600 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2026 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2041 | 1000 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2042 | 10000 | 9378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 12/01/2046 | 7500 | 6788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education Dedicated Capital Improvement Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 04/01/2039 | 3125 | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 04/01/2048 | 4000 | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, Capital Appreciation School Reform, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL, Zero Coupon, 12/01/2025 | 255 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL, Zero Coupon, 12/01/2029 | 1220 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, NATL, Zero Coupon, 12/01/2028 | 500 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, NATL, Zero Coupon, 12/01/2029 | 1105 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, Dedicated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, GO, 5.00%, 12/01/2036 | 2000 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, GO, 5.00%, 12/01/2046 | 1000 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2046 | 10000 | 9969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2028 | 2825 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2034 | 6000 | 6436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2040 | 2610 | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, AMT, 5.00%, 01/01/2033 | 2400 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 01/01/2034 | 1660 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2052 | 4030 | 4010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2053 | 5000 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2032 | 4000 | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2036 | 1500 | 1589 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 165

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Senior Lien, Series B, Rev., 5.00%, 01/01/2053 | 4895 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2035 | 3500 | 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2035 | 6000 | 6366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 01/01/2039 | 2000 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 01/01/2053 | 3000 | 2945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.25%, 01/01/2042 | 6670 | 6717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., BAM, 4.25%, 01/01/2047 | 2180 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien Customer Facility, Rev., BAM, 5.25%, 01/01/2042 | 1465 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Trips Obligated Group, Rev., AMT, 5.00%, 07/01/2048 | 3000 | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2046 | 4780 | 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2037 | 2000 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2045 | 6500 | 6525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 12/01/2046 | 4500 | 4580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2051 | 4750 | 4695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2049 | 4000 | 3382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2055 | 2000 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034 | 1565 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Berwyn, Series A, GO, 5.00%, 12/01/2029 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2027 | 5500 | 5613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2034 | 4500 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2049 | 6325 | 6272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 6.00%, 01/01/2050 | 2000 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 01/01/2038 (e) | 521 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 01/01/2029 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 01/01/2034 | 3555 | 3765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, Zero Coupon, 01/01/2027 (p) | 500 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 01/01/2028 | 1450 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 6.00%, 01/01/2045 | 1500 | 1566 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago IL Wastewater Transmission Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2036 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2041 | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2042 | 785 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2043 | 1125 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2058 | 1910 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago IL Waterworks Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2031 | 665 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2037 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Special Assessment Revenue, Lakeshore East Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.69%, 12/01/2026 (e) | 210 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.04%, 12/01/2028 (e) | 270 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2042 | 2300 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2037 | 1050 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2039 | 2000 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, Second Lien Wastewater Transmission Revenue Bonds, Rev., BAM, 5.00%, 01/01/2044 | 1500 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Waterworks Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Rev., 5.00%, 11/01/2038 | 3500 | 3548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2032 | 1000 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2038 | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2039 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Chicago Recovery Plan, Series A, GO, 5.00%, 01/01/2044 | 9415 | 8954 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Chicago Works, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2039 | 1180 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2040 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2041 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2043 | 1500 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Wastewater Transmission Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2048 | 5000 | 5155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2027 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2029 | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2038 | 1940 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Waterworks Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/01/2048 | 1500 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 11/01/2040 | 4320 | 4016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2028 | 300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2031 | 400 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2033 | 2350 | 2569 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 166 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027 | 5000 | 4756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County Community College District No. 508, City Colleges of Chicago, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 12/01/2041 | 3000 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 12/01/2042 | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029 | 2000 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026 | 1910 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County School District No. 87 Berkeley, GO, 3.00%, 12/01/2034 | 1500 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034 | 2000 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2025 | 960 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2026 | 4900 | 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2033 | 250 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook IL Sales Tax Revenue, Rev., 5.00%, 11/15/2031 | 2000 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2037 | 3500 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2038 | 1545 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/15/2039 | 2000 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/15/2040 | 5250 | 4857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2025 | 690 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2045 | 2500 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038 | 1240 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Will, GO, 4.00%, 11/15/2047 | 7000 | 6202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Du Page & Will Counties Community School District No. 204 Indian Prairie School Building, GO, 5.00%, 01/15/2045 (w) | 5000 | 5121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Development Finance Authority, Waste Management, Inc. Project, Rev., AMT, 4.25%, 11/01/2044 (z) | 4000 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2036 | 3000 | 3279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 04/01/2038 | 3250 | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 04/01/2040 | 1660 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 04/01/2043 | 1200 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2036 | 710 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2039 | 3000 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., 5.00%, 05/15/2050 (z) | 2550 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e) | 500 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030 | 1730 | 1757 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Ann & Robert H. Lurie Child, Rev., 4.00%, 08/15/2037 | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Ann & Robert H. Lurie Children's Hospital of Chicago, Rev., 5.00%, 08/15/2035 | 1610 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Carle Foundation, Series A, Rev., 5.00%, 02/15/2045 | 20775 | 20501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, CenterPoint Intermodal Center, Rev., AMT, 4.13%, 12/01/2043 (e) (z) | 15000 | 14542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, CenterPoint Joliet Terminal, Rev., AMT, 4.80%, 12/01/2043 (e) (w) (z) | 14225 | 14401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, DePaul College Prep Foundation, Rev., 5.50%, 08/01/2043 (e) | 1360 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038 | 4160 | 4050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Green Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2033 | 8190 | 8420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2040 | 1500 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2040 | 1750 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2032 | 750 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040 | 3080 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Mercy Health System Corporation, Rev., 5.00%, 12/01/2046 | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northshore University Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2037 | 1000 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2035 | 750 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial HealthCare, Rev., 4.00%, 07/15/2047 | 14000 | 12196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, OSF Healthcare System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2050 | 1000 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2045 | 10900 | 10702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041 | 400 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 2.62%, 05/01/2042 (aa) | 180 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Rush University Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/15/2039 | 1320 | 1216 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 167

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2038 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Silver Cross Hospital & Medical, Rev., 5.00%, 08/15/2044 | 7500 | 7517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031 | 2135 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, State Clean Water Initiative, Rev., 4.00%, 07/01/2026 | 2100 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Sustainable Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2042 | 750 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | 2170 | 2477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Swedish Covenant Hospital, Rev., 5.00%, 08/15/2032 (p) | 4000 | 4092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, The Carle Foundation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 08/15/2048 | 2850 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/15/2038 | 1615 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2031 | 2530 | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 08/15/2053 (z) | 285 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, UChicago Medicine, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2052 (z) | 875 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2047 | 17000 | 16796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, University Chicago Medical Center, Rev., VRDO, LOC: TD Bank NA, 3.65%, 07/01/2025 (z) | 6930 | 6930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2028 | 3000 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2034 | 1750 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2035 | 1400 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 05/15/2048 | 2000 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., FHA, 0.80%, 07/01/2026 | 270 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.75%, 04/01/2050 | 845 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, 6900 Crandon, Rev., HUD, 5.00%, 02/01/2027 (z) | 1700 | 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 2505 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 270 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., GNMA FNMA FHLMC COLL, 5.75%, 10/01/2053 | 605 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, South Shore HHDC, Rev., HUD, 5.00%, 02/01/2027 (z) | 1520 | 1535 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Sustainable Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, FHA, 1.94%, 07/07/2025 (z) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2054 | 775 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Sustainable Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.85%, 04/01/2049 | 5000 | 4964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2055 | 4700 | 5185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, Rev., GNMA/FNMA/FHLMC, 6.25%, 04/01/2054 | 9340 | 10137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Sports Facilities Authority (The), State Tax Supported, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2030 | 500 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/15/2031 | 225 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/15/2032 | 5000 | 5009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2044 | 1000 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2046 | 14950 | 13277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2028 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2040 | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2041 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2043 | 4000 | 4070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2044 | 6580 | 6627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2029 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2040 | 8480 | 8438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 01/01/2039 | 6750 | 6750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2029 | 800 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2031 | 5115 | 5154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2036 | 1300 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 800 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2043 | 2315 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2028 | 4000 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2041 | 2190 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Toll Highway Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2036 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 1555 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kane & DuPage Counties Community Unit School District No. 303 St Charles, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 01/01/2041 | 2110 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 01/01/2042 | 2210 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macon County School District No. 61 Decatur, Series A, GO, 4.00%, 12/01/2036 | 5000 | 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macon County, School District No. 61 Decatur, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 01/01/2040 | 1420 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 01/01/2045 | 3000 | 2663 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 168 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 12/15/2034 | 500 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2036 | 540 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2037 | 1090 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042 | 5645 | 5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 12/15/2035 | 500 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 06/15/2036 | 6000 | 3731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 06/15/2037 | 500 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 06/15/2044 | 500 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 06/15/2027 | 4310 | 4038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Project, Rev., NATL, Zero Coupon, 06/15/2028 | 4250 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027 | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Place, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 06/15/2037 | 1175 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 06/15/2041 | 1750 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Place Expansion, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 12/15/2035 | 3200 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2042 | 1000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2050 | 1000 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Rev., 5.00%, 06/15/2057 | 1760 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Series C, GO, 5.00%, 12/01/2045 | 3000 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036 | 2065 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe & St. Clair Counties Community Unit School District No. 4 Columbia, Debt Certificates, GO, 5.50%, 07/01/2040 (w) | 2175 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Illinois University, Auxiliary Facilities Systems Revenue Bonds, Rev., BAM, 4.00%, 10/01/2041 | 825 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Illinois University, Sustainable Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.25%, 04/01/2044 | 1000 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 5.50%, 04/01/2049 | 1250 | 1288 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2025 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Series A, Rev., 5.00%, 01/01/2048 | 2000 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2039 | 3000 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2036 | 5000 | 5472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 01/01/2037 | 750 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 3370 | 3652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 01/01/2029 | 850 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 01/01/2032 | 1400 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035 | 1215 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2032 | 1980 | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2034 | 4485 | 4379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2035 | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2036 | 485 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 01/01/2028 | 6810 | 6868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2028 | 1050 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 01/01/2029 | 2085 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2029 | 1450 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2030 | 1460 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2041 | 850 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 05/01/2030 | 2000 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 03/01/2041 | 250 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/01/2026 | 1360 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2027 | 855 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2028 | 1500 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2030 | 1000 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2046 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 03/01/2042 | 1500 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 03/01/2047 | 2690 | 2746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 10/01/2033 | 2000 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 10/01/2029 | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 10/01/2031 | 5000 | 5346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.50%, 05/01/2039 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.50%, 05/01/2047 | 2500 | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 10/01/2037 | 2000 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 11/01/2029 | 4200 | 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.25%, 10/01/2047 | 3000 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2026 | 1980 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2027 | 6080 | 6351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2028 | 2500 | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029 | 2250 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, Junior Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 4.00%, 06/15/2026 | 505 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 4.00%, 06/15/2031 | 1500 | 1572 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 169

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/15/2040 | 5000 | 5238 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Build America Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 6.90%, 03/01/2035 | 1000 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 7.35%, 07/01/2035 | 3143 | 3361 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Rebuild Illinois Program, Series B, GO, 4.00%, 11/01/2039 | 1500 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Illinois Auxiliary Facilities System, Rev., 5.25%, 04/01/2041 | 4390 | 4672 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Illinois, Auxiliary Facility, Series A, Rev., 4.00%, 04/01/2036 | 4730 | 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042 | 10000 | 10141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way, GO, BAM, 4.00%, 01/01/2037 | 13775 | 13605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Will County Community Unit School District No. 209-U Wilmington, GO, 5.50%, 02/01/2038 | 1195 | 1264 |
|  |  | 746962 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Carmel IN Waterworks Revenue, Rev., BAM, 5.25%, 05/01/2051 | 1375 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047 | 1000 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Valparaiso, Pratt Paper (In) LLC, Rev., AMT, 4.88%, 01/01/2044 (e) | 3000 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Whiting, BP Products North America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.40%, 11/01/2045 (z) | 6000 | 6094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.40%, 03/01/2046 (z) | 4500 | 4568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042 | 925 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Rev., 5.25%, 10/01/2044 | 5000 | 5303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Baptist Healthcare System, Rev., 5.00%, 08/15/2051 | 2500 | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048 | 1500 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047 | 8000 | 7600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z) | 3305 | 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, First Lien, Series A, Rev., 5.00%, 10/01/2025 | 1625 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, First Lien CWA Authority Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2033 | 1250 | 1413 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2034 | 955 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2035 | 1250 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2040 | 1250 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Green Bonds CWA Authority Project, Rev., 4.00%, 10/01/2037 | 1440 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, IN University Health Obligation Group, Rev., 4.00%, 12/01/2040 | 7000 | 6567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2063 (w) (z) | 3250 | 3538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2064 (w) (z) | 3000 | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2053 | 3000 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 10/01/2035 (w) | 5000 | 5607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 10/01/2038 (w) | 6000 | 6448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indianapolis Power, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 0.75%, 12/01/2038 (z) | 4875 | 4763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 0.95%, 12/01/2038 (z) | 7025 | 6875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Margaret Mary Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 03/01/2044 | 2650 | 2724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 03/01/2054 | 4050 | 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040 | 5060 | 4623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Ohio Valley Electric Corp., Rev., 3.00%, 11/01/2030 | 1230 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Ohio Valley Electric Corp. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.25%, 11/01/2030 | 2000 | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 2.50%, 11/01/2030 | 1000 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2035 | 3000 | 3234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program, Rev., 5.00%, 02/01/2041 | 725 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026 | 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037 | 1150 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030 | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034 | 1315 | 1166 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 170 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Health & Educational Facilities Financing Authority, Rev., 4.00%, 11/15/2046 | 3400 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 525 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 07/01/2053 | 215 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052 | 790 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, Sustainable Bond, Series A1, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 4000 | 3835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2029 | 400 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2042 | 8435 | 8487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana University, Rev., 5.00%, 06/01/2034 | 2665 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 06/01/2036 | 5000 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 06/01/2041 | 9000 | 8375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A, Rev., 3.84%, 02/01/2054 | 1000 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029 | 2855 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2026 | 1500 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2029 | 4245 | 4482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2031 | 3500 | 3750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2033 | 3750 | 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., AMT, 5.00%, 01/01/2032 | 4885 | 4885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., AMT, 5.00%, 01/01/2033 | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041 | 10000 | 9669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Senior, Convention Center Hotel, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 03/01/2038 | 2150 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 03/01/2053 | 2050 | 2121 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Indiana Commuter Transportation District, Rev., 5.25%, 01/01/2049 | 1500 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern School Building Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 07/15/2040 | 700 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 07/15/2041 | 900 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purdue University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2027 | 1500 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2036 | 405 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westfield-Washington Multi-School Building Corp., Series A, Rev., BAM, 5.25%, 07/15/2043 | 1550 | 1633 |
|  |  | 192211 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iowa — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2039 | 3545 | 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 5665 | 5432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049 | 220 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Ahepa 192, IV Apartments Project, Rev., HUD, 5.00%, 11/01/2026 (z) | 3040 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Alcoa, Inc. Project, Rev., 4.75%, 08/01/2042 | 5000 | 4811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Iowa Fertilizer Company Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2050 (p) (z) | 5905 | 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2050 (p) | 5255 | 5954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Lifespace Communities, Inc., Rev., 5.00%, 05/15/2044 | 3000 | 2880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Mortgage-Backed Securities Program, Rev., VRDO, GNMA/FNMA/FHLMC, 1.92%, 07/07/2025 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Social Bond, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1615 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047 | 1315 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Sustainable Bond Mortgage Backed, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 2000 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Sustainable Bond Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2045 | 1220 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Student Loan Liquidity Corp., Series B, Rev., AMT, 5.00%, 12/01/2030 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEFA, Inc., Rev., 5.00%, 09/01/2049 (z) | 1830 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025 | 3625 | 3621 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 171

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iowa — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028 | 5185 | 5504 |
|  |  | 52103 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kansas — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Butler County Unified School District No. 385 Andover, Refunding and School Building, GO, 5.00%, 09/01/2032 (p) | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lawrence KS, Rev., 4.00%, 07/01/2036 | 1500 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036 | 1000 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Wichita KS, Rev., 5.25%, 05/15/2039 | 2460 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 4.00%, 10/01/2043 | 2000 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, Unrefunded, Rev., 5.00%, 11/15/2054 (z) | 1500 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riley County Unified School District No. 383 Manhattan-Ogden, Series A, GO, 5.00%, 09/01/2034 (p) | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, Improvement KU Health System, Rev., 5.00%, 09/01/2045 | 3800 | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p) | 3865 | 4006 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047 | 7350 | 7328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. 203 Piper, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2040 | 900 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.25%, 09/01/2052 | 1000 | 1023 |
|  |  | 27297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kentucky — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e) | 1685 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032 | 8620 | 7359 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Kentucky Utilities Co., Rev., AMT, 4.70%, 06/01/2054 (z) | 8000 | 8073 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026 | 605 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027 | 8100 | 7677 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas and Electric, Rev., AMT, 4.70%, 06/01/2054 (z) | 6665 | 6726 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kentucky — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas and Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z) | 4500 | 4186 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Warren, Bowling Green Warren County, Rev., 5.25%, 04/01/2049 | 5000 | 5091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County School District, Series A, GO, BAM, 5.00%, 06/01/2042 | 10000 | 10443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County School District Finance Corp., Series A, Rev., 4.00%, 05/01/2038 | 3000 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenton County Airport Board, Rev., AMT, 5.00%, 01/01/2032 | 1175 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Bond Development Corp., Baptist Healthcare System, Rev., 5.00%, 08/15/2055 (z) | 1650 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040 | 420 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Baptist Healthcare System, Series B, Rev., 5.00%, 08/15/2041 | 9550 | 9590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Commonspirit Health, Series A, Rev., 5.00%, 08/01/2044 | 3500 | 3485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Norton Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., NATL, Zero Coupon, 10/01/2026 | 4305 | 4094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., NATL, Zero Coupon, 10/01/2027 | 2195 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Owensboro Health, Series A, Rev., 5.00%, 06/01/2045 | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Senior Next Generation Information, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 07/01/2035 | 2645 | 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2040 | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2045 | 3295 | 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Higher Education Student Loan Corporation, Series A1, Rev., AMT, 4.75%, 06/01/2040 | 1170 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Housing Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 1070 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 2355 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2490 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Housing Corp., Beecher Terrace Phase IV, Rev., HUD, 5.00%, 09/01/2043 (z) | 1015 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2055 (z) | 5510 | 5822 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 172 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kentucky — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.00%, 08/01/2052 (z) | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.25%, 04/01/2054 (z) | 24200 | 25855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., (United States SOFR \* 0.67 + 1.20%), 4.14%, 08/01/2052 (aa) | 2500 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2055 (z) | 10285 | 10794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 02/01/2050 (z) | 10885 | 10941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, Project No. 131, Series A, Rev., 5.00%, 10/01/2041 | 1500 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings Commission, Project No. 132, Series A, Rev., 5.00%, 04/01/2044 | 9000 | 9272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State University, Kentucky State University Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2033 | 145 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2035 | 135 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2036 | 155 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2038 | 650 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026 | 2750 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031 | 670 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2052 | 8995 | 8583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033 | 1000 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027 | 2000 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047 | 3180 | 3092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville-Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2033 | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Energy Authority of Kentucky, Series A, Rev., 5.25%, 06/01/2055 (z) | 12550 | 13267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rural Water Financing Agency, Public Projects Construction, Rev., 3.70%, 05/01/2027 | 4000 | 4007 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kentucky, Rev., 4.00%, 10/01/2036 | 5000 | 4963 |
|  |  | 208530 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lafayette, Utilities Revenue Electric Project, Rev., 5.00%, 11/01/2046 | 5000 | 5080 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New Orleans LA, GO, 5.00%, 12/01/2039 | 2000 | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., 5.00%, 08/01/2027 | 1400 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z) | 4500 | 4172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax, 5.25%, 07/15/2048 | 6000 | 6105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (e) | 630 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Home Ownership Program, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 06/01/2054 | 385 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Social Bonds Home Ownership Project, Rev., GNMA/FNMA/FHLMC, 5.00%, 06/01/2052 | 975 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.00%, 06/01/2030 | 2755 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.50%, 04/01/2036 | 1185 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority, Subordinate, East Baton Rouge, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2036 | 640 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2041 | 1560 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Rev., 3.50%, 11/01/2032 | 3685 | 3546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 09/01/2054 | 3000 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 09/01/2064 | 2500 | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Elementus Minerals LLC Project, Rev., AMT, 5.00%, 10/01/2043 (e) (z) | 6365 | 6384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 09/01/2066 | 2330 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 09/01/2059 | 3000 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Loyola University Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2038 | 2560 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2048 | 5100 | 4944 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 173

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2047 | 805 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Senior Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2042 | 5460 | 5607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2048 | 2500 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2053 | 7500 | 7609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium and Exposition District, Senior Bonds, Series A, Rev., 5.00%, 07/01/2043 | 4995 | 5106 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2032 | 1440 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2033 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 01/01/2041 | 3500 | 3643 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033 | 1100 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board, General Airport North Terminal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2038 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2048 | 5000 | 4904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parish of St John the Baptist, Marathon Oil Corporation Project, Rev., 4.05%, 06/01/2037 (z) | 2625 | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corporation, Rev., 3.30%, 06/01/2037 (z) | 10430 | 10407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corporation Project, Rev., 2.38%, 06/01/2037 (z) | 3000 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039 | 1170 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Tammany Parish Hospital Service District No. 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2032 | 1615 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2034 | 1655 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana, Series A, GO, 5.00%, 03/01/2037 | 9555 | 9928 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien, Series A, Rev., (United States SOFR \* 0.70 + 0.50%), 3.57%, 05/01/2043 (aa) | 1105 | 1103 |
|  |  | 121219 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maine — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Authority of Maine, Casella Waste Systems, Rev., AMT, 4.63%, 12/01/2047 (e) (z) | 745 | 725 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maine — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Authority of Maine, Supplemental Educational Loan Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., AMT, 2.38%, 12/01/2033 | 705 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., AMT, 5.00%, 12/01/2025 | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.38%, 07/01/2048 | 2100 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2049 | 1930 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, Maine Healthcare, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2046 | 4000 | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2041 | 6030 | 5547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2046 | 7645 | 6835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051 | 705 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Turnpike Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2045 | 9000 | 8285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2028 | 2000 | 2135 |
|  |  | 31888 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Baltimore MD, Rev., 4.88%, 06/01/2042 | 1275 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Baltimore, Wastewater Projects, Series A, Rev., 5.00%, 07/01/2049 | 5000 | 5060 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050 | 3200 | 3242 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029 | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Baltimore, GO, 4.00%, 03/01/2042 | 10300 | 9944 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Baltimore, Metro District 78th Issue, GO, 5.00%, 02/01/2046 | 5000 | 5005 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Howard, Series D, GO, 5.00%, 02/15/2030 | 3000 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Series B, GO, 4.00%, 11/01/2028 | 1500 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery MD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 08/01/2039 | 2000 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2045 | 5000 | 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Trinity Health Credit Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2044 | 3000 | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2044 | 1650 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Prince George's, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e) (p) | 750 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 09/01/2051 | 110 | 108 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 174 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 3.25%, 09/01/2050 | 1665 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Community Dev Admin Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042 | 1430 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Park Heights Senior, Series C, Rev., 5.25%, 11/01/2025 | 4880 | 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Residential, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.75%, 03/01/2050 | 925 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.50%, 09/01/2048 | 875 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.00%, 09/01/2051 | 4286 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 09/01/2054 | 420 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Sustainable Bonds, Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2054 | 4700 | 5096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Core Natural Resources, Inc., Rev., 5.00%, 07/01/2048 (e) (z) | 1510 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Green Bond Purple Line Light, Rev., AMT, 5.25%, 06/30/2052 | 2000 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047 | 1300 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Morgan State University Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2040 | 665 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.38%, 07/01/2038 | 1250 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Port Covington Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 3.25%, 09/01/2030 | 1260 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 4.00%, 09/01/2040 | 2280 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2038 | 2020 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2036 | 4580 | 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Doctors Community Hospital, Rev., 5.00%, 07/01/2034 | 2000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041 | 2315 | 2146 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2042 | 3000 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2045 | 9565 | 9527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 08/15/2038 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028 | 1300 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, UPMC Health System, Series B, Rev., 4.00%, 04/15/2050 | 3000 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority, Built To Learn Act, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2039 | 4135 | 4450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2040 | 4150 | 4427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland State Transportation Authority Passenger Facility Charge Revenue, Rev., AMT, 4.00%, 06/01/2039 | 5145 | 4841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prince George's County, Series A, GO, 5.00%, 08/01/2041 | 2435 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2030 | 2575 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 06/01/2036 | 5000 | 5607 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 10/01/2030 | 1500 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2038 | 9215 | 9106 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Baltimore Washington International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 08/01/2038 | 965 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 08/01/2039 | 1160 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Bidding Group 2, Series A, GO, 5.00%, 06/01/2040 | 12000 | 13041 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028 | 1500 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028 | 5000 | 5360 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033 | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; University System of Maryland, Series A, Rev., 4.00%, 04/01/2051 | 1500 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 2.13%, 06/01/2036 | 7885 | 6347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 3.00%, 06/01/2038 | 4550 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 5.00%, 06/01/2029 | 2000 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 5.00%, 06/01/2039 | 9080 | 9828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Consolidated Public Improvement, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 3.00%, 06/01/2035 | 3045 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 3.00%, 06/01/2037 | 5180 | 4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 5.00%, 06/01/2029 | 1500 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 5.00%, 06/01/2038 | 5000 | 5501 |
|  |  | 196352 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 175

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039 | 1570 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Brockton, GO, 4.00%, 08/01/2047 | 3145 | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegiate Charter School of Lowell, Rev., 5.00%, 06/15/2049 | 1250 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2036 | 11765 | 11743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 07/01/2037 | 10000 | 9978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2044 | 13020 | 11985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 05/01/2045 | 10000 | 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, 5.50%, 01/01/2034 | 1500 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 11/01/2041 | 9000 | 9595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/01/2049 | 10000 | 10248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 10/01/2053 | 10000 | 10192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 4.00%, 09/01/2043 | 10000 | 9311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 11/01/2047 | 5000 | 5111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue, Series A, Rev., 4.00%, 06/01/2038 | 3525 | 3474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2041 | 1500 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2054 | 2000 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loans, Series E, GO, 5.00%, 11/01/2050 | 17175 | 17215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Senior Sales Tax Bond, Senior, Series A1, Rev., 4.00%, 07/01/2053 | 2750 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Subordinated Sales Tax Bonds, Series A1, Rev., 4.00%, 07/01/2051 | 5000 | 4431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Clean Water Trust (The), Sustainable Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2033 | 1000 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2035 | 3760 | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2038 | 250 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Rev., 5.00%, 07/01/2032 | 4385 | 4805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Boston Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2052 | 5100 | 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2031 | 1980 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2034 | 5000 | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Emerson College, Series A, Rev., 5.00%, 01/01/2047 | 5075 | 4919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Gingercare Living, Inc., Rev., 4.75%, 12/01/2029 (e) | 1700 | 1703 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044 | 2840 | 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Harvard University Issuance, Series A, Rev., 5.00%, 10/15/2030 | 1000 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Harvard University Sustainable, Rev., 5.00%, 11/15/2032 | 1000 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045 | 10000 | 9771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lowell General Hospital, Series G, Rev., 5.00%, 07/01/2044 | 4000 | 3676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Mass General Brigham, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2047 | 8010 | 8100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2054 | 8000 | 8006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (p) | 1000 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044 | 2000 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System, Rev., (SIFMA Municipal Swap Index + 0.60%), 2.52%, 07/01/2049 (e) (aa) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051 | 1250 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, UMass Memorial Health Care, Rev., 5.00%, 07/01/2044 | 1000 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.25%, 07/01/2032 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2029 | 2250 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2032 | 585 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 2.63%, 07/01/2036 | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037 | 130 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Senior, Series B, Rev., AMT, 5.00%, 07/01/2029 | 1400 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Senior Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.25%, 07/01/2044 | 1005 | 988 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 176 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2029 | 2650 | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038 | 725 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Health & Educational Facilities Authority, Partners Healthcare System F3, Series F3, Rev., VRDO, LOC: TD Bank NA, 1.92%, 07/07/2025 (z) | 5550 | 5550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Mill Road Apartments Project, Rev., VRDO, 2.00%, 07/07/2025 (z) | 5700 | 5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Social Bond, Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050 | 2550 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047 | 835 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 227, Rev., GNMA/FNMA/FHLMC COLL, 4.70%, 12/01/2043 | 2250 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Sustainability Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 2.65%, 12/01/2034 | 1000 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D3, Rev., FHA HUD, 3.35%, 06/01/2027 | 650 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Sustainable Bond, Series 234, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/01/2044 | 575 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Port Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2046 | 8000 | 6972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2049 | 2735 | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., AMT, 5.00%, 07/01/2031 | 1495 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., AMT, 5.00%, 07/01/2032 | 2000 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Port Authority, Green Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2031 | 925 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2038 | 2580 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2040 | 3500 | 3622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Rev., 4.00%, 02/15/2042 | 5700 | 5314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Sales Tax, Series A, Rev., 5.00%, 11/15/2027 | 1105 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Sustainable Bond, Rev., 5.00%, 08/01/2026 (p) | 515 | 527 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Unrefunded Sustainable Bond, Rev., 5.00%, 08/01/2026 | 485 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Massachusetts Clean Water Trust, Sustainable Bonds, Rev., 5.00%, 02/01/2042 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Town of Tyngsborough, GO, 4.00%, 10/15/2045 | 1955 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Town of Watertown MA, GO, 4.00%, 06/15/2050 | 1850 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026 | 5000 | 5156 |
|  |  | 260638 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.60%), 3.66%, 07/01/2032 (aa) | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Detroit, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 04/01/2041 | 500 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 04/01/2039 | 115 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 04/01/2046 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 04/01/2050 | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Grand Rapids MI, GO, 5.00%, 04/01/2054 | 2700 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Warren, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/01/2043 | 1430 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/01/2044 | 1015 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Detroit Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048 | 1120 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerald R Ford International Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2026 | 225 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2027 | 350 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2028 | 275 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2029 | 600 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2034 | 1140 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Rapids Public Schools, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2042 | 1225 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2043 | 1700 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2044 | 1450 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2046 | 4000 | 4075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2031 | 2085 | 2309 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 177

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2035 | 14010 | 15651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2038 | 645 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2025 | 1115 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2028 | 140 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2037 | 850 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2038 | 725 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2040 | 1150 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2041 | 1140 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2042 | 1200 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2043 | 875 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 10625 | 11702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 1570 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2052 | 3000 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | 3500 | 3937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2046 | 8500 | 8494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, Senior Lien, Series C, Rev., 5.25%, 07/01/2055 | 3605 | 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, Senior Lien Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2037 | 2510 | 2742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2038 | 2000 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2037 | 550 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2038 | 500 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lansing Board of Water & Light, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2037 | 1625 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2039 | 405 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2041 | 1500 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2048 | 1675 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2054 | 7000 | 7275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Series A, Rev., 4.00%, 12/01/2049 | 1000 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Aquinas College Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2036 | 300 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2046 | 2000 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Health Credit Group, Rev., 5.00%, 11/01/2044 | 8090 | 8050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Spectrum, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/15/2042 | 2500 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2030 | 3000 | 3258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Spectrum Consolidated, Rev., 4.00%, 04/15/2038 | 1175 | 1141 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p) | 95 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2041 | 3145 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2048 | 7000 | 6871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Higher Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2032 | 690 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2033 | 800 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2034 | 570 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2035 | 1200 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Local Government Loan Program, Rev., 5.00%, 07/01/2044 | 4000 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Multi Modal McLaren Health Care, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2044 | 9625 | 8686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2047 | 3000 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2050 | 2500 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Senior Turbo, Series A2, Rev., 5.00%, 06/01/2040 | 1655 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, State Aid Note Loan Program, Rev., 5.00%, 11/01/2029 | 2755 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, State Revolving Fund Program, Rev., 5.00%, 10/01/2042 | 8000 | 8507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2040 | 9130 | 8398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2048 | 1300 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2036 | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Unrefunded Trinity Health Co., Rev., 5.00%, 12/01/2045 | 2250 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 10/15/2027 | 2500 | 2628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 04/15/2042 (w) | 2500 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Multi Mod Program, Rev., VRDO, 2.02%, 07/01/2025 (z) | 10955 | 10955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II, Rev., 4.00%, 10/15/2043 | 1000 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II, Rev., 5.00%, 10/15/2026 | 3500 | 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II, Rev., 5.00%, 10/15/2042 | 1350 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., HUD, 4.45%, 10/01/2044 | 1500 | 1455 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 178 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.10%, 10/01/2053 | 5000 | 5027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.00%, 06/01/2051 | 1405 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Social Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 06/01/2052 | 2465 | 2423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2053 | 1750 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 12/01/2053 | 1140 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.50%, 06/01/2053 | 285 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Sustainable Bond, Series D, Rev., 6.25%, 06/01/2055 | 800 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Sustainable Bonds, Series A, Rev., 6.00%, 06/01/2054 | 2750 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State University, Series C, Rev., 4.00%, 02/15/2039 | 2000 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z) | 1620 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Energy Company, Rev., AMT, 3.35%, 10/01/2049 (z) | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029 | 3450 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030 | 810 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z) | 1685 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, I-75 Improvement Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2032 | 1250 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2043 | 3000 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okemos Public Schools, Series II, GO, Q-SBLF, 5.00%, 05/01/2046 | 1200 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, State Trunk Line Fund Bonds, Rev., 4.00%, 11/15/2037 | 2015 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, State Trunkline Fund Bonds, Series A, Rev., 4.00%, 11/15/2046 | 8125 | 7331 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030 | 400 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Michigan, Gans Garvee, Rev., GAN, 5.00%, 03/15/2027 | 2000 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Troy School District, GO, Q-SBLF, 5.00%, 05/01/2039 | 1025 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034 | 1470 | 1473 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Series B, Rev., BAM, 5.00%, 12/01/2039 | 3000 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Junior Lien, Series B, Rev., AMT, 5.00%, 12/01/2032 | 2160 | 2201 |
|  |  | 247164 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brainerd Independent School District No. 181, GO, 4.00%, 02/01/2039 | 6760 | 6625 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Minneapolis, Allina Health System, Series B, Rev., 5.00%, 11/15/2053 (z) | 2650 | 2841 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Minneapolis, Fairview Health Services, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/15/2048 | 4120 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.00%, 11/15/2036 | 3000 | 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Rochester, Mayo Clinic, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 1.95%, 07/07/2025 (z) | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.38%, 11/15/2053 | 4485 | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of St. Cloud, CentraCare Health System, Rev., 5.00%, 05/01/2048 | 1500 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hennepin, Series C, GO, 5.00%, 12/15/2032 | 1500 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Essentia Health, Rev., 5.00%, 02/15/2058 | 6115 | 5914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Essentia Health Obligation Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2048 | 3000 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 02/15/2058 | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047 | 9000 | 8809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043 | 1000 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. Paul Minnesota, System Fairview Health Services, Series 2015, Rev., 5.00%, 11/15/2047 | 4500 | 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minneapolis St. Paul Metropolitan Airports Commission, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2034 | 1345 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 01/01/2047 | 1845 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minneapolis-St Paul Metropolitan Airports Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2035 | 5000 | 5364 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 179

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2038 | 5000 | 5239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2040 | 1800 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 01/01/2049 | 6000 | 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board, Healthpartners Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2047 | 5000 | 5079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2054 | 6750 | 6829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 3310 | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA/FNMA/FHLMC, 2.63%, 01/01/2040 | 1920 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 760 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 08/01/2032 | 2365 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1280 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051 | 2245 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047 | 283 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 3.00%, 01/01/2051 | 1210 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 315 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 955 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., GNMA/FNMA/FHLMC, 5.75%, 07/01/2053 | 365 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029 | 1245 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Sustainable Bonds, Series R, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 4685 | 5073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Office of Higher Education, Senior, Rev., AMT, 2.65%, 11/01/2038 | 1000 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037 | 665 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Rural Water Finance Authority, Inc., Rev., BAN, 3.30%, 08/01/2026 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e) | 4600 | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Minnesota, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 09/01/2037 | 690 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2026 | 250 | 257 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2029 | 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2032 | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2033 | 2000 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2034 | 2000 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 3.00%, 08/01/2026 | 710 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Minnesota, Trunk Highways, Series B, GO, 3.00%, 08/01/2030 | 5000 | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Minnesota, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2040 | 405 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2041 | 2500 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2042 | 2750 | 2902 |
|  |  | 163288 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mississippi — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Warren, International Paper Company, Rev., 4.00%, 09/01/2032 | 12615 | 12706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044 | 175 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048 | 1360 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Lamar County School District Bond Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2042 | 850 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2043 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2044 | 2180 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2036 | 1250 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2046 | 1500 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z) | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Mississippi, ABC Warehouse Construction, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2045 | 1000 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2043 | 1035 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2044 | 1000 | 1031 |
|  |  | 25363 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cape Girardeau County Industrial Development Authority, Rev., 4.00%, 06/01/2043 | 5305 | 4817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041 | 870 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Kansas City Sanitary Sewer System Revenue, Series A, Rev., 5.00%, 01/01/2041 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of St Louis MO Airport Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1120 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 180 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029 | 1410 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034 | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032 | 900 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Kansas City International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 03/01/2036 | 1250 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 03/01/2029 | 3050 | 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 03/01/2038 | 2480 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Kansas City International Airport, Rev., AMT, 5.00%, 03/01/2044 | 5000 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Planned Industrial Expansion Authority, The Depot On Old Santa Fe, Rev., 5.00%, 07/01/2045 (z) | 5722 | 5883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029 | 370 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 4445 | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.55%, 11/01/2044 | 995 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2055 | 10005 | 10984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, First Place Homeownership Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052 | 2915 | 2866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052 | 315 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 1725 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.80%, 11/01/2040 (w) | 3000 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2055 | 2740 | 2978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2056 | 6000 | 6506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056 | 2900 | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2056 (w) | 7250 | 8038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.50%, 05/01/2054 | 2535 | 2826 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources Authority, Kansas City Power & Light Company Project, Rev., AMT, 4.05%, 05/01/2038 (w) (z) | 1600 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033 | 2000 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plaza at Noah's Ark Community Improvement District, Rev., 3.00%, 05/01/2030 | 575 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., 5.00%, 10/01/2045 | 3215 | 3231 |
|  |  | 83641 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Montana — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Forsyth, Northwestern Corp. Colstrip, Rev., 3.88%, 07/01/2028 | 3275 | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montana Board of Housing, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/01/2050 | 1775 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.60%, 12/01/2049 | 2780 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 12/01/2054 | 405 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 06/01/2052 | 260 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., AMT, 3.50%, 12/01/2042 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 12/01/2051 | 810 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 6.25%, 06/01/2054 | 1420 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montana Facility Finance Authority, Bozeman Deaconess Health Services, Rev., 5.00%, 06/01/2048 | 2700 | 2678 |
|  |  | 14474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nebraska — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z) | 16845 | 16856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 05/01/2053 (z) | 3915 | 4089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2055 (z) | 32170 | 34050 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z) | 350 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Children's Hospital Obligation, Rev., 4.00%, 11/15/2038 | 1125 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Health Facilities Children's Hospital, Rev., 5.00%, 11/15/2047 | 3000 | 2979 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 181

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nebraska — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033 | 2100 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Nebraska Methodist Health System, Rev., 5.50%, 11/01/2049 (w) | 4665 | 4815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County, Hospital Authority No. 2, Children's Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z) | 2190 | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural & Social Services Finance Authority, Rev., 4.00%, 01/01/2044 | 1625 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037 | 1000 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska Public Power District, Series A, Rev., 5.00%, 07/01/2028 | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omaha Airport Authority, Airport Facilities, Rev., AMT, 5.00%, 12/15/2036 | 1250 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omaha Public Power District, Rev., 5.00%, 02/01/2038 | 5505 | 5955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omaha School District, GO, 4.00%, 12/15/2038 | 5000 | 4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Nebraska Lincoln Student, Rev., 3.00%, 07/01/2035 (p) | 1030 | 1033 |
|  |  | 84040 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nevada — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047 | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Henderson, Series A1, GO, 4.00%, 06/01/2045 | 2000 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035 | 195 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Las Vegas Special Improvement District No. 817 Summerlin Village 29, Special Improvement No. 817, Summerlin Village, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.50%, 06/01/2038 | 400 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.75%, 06/01/2043 | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027 | 2000 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 06/15/2040 | 1375 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/15/2030 | 1445 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 06/15/2026 | 1250 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District, Building, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/15/2029 | 500 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/15/2033 | 3000 | 3158 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nevada — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, GO, 4.00%, 06/01/2038 | 4300 | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033 | 1010 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, Jet Aviation Fuel Tax, Rev., AMT, 5.00%, 07/01/2025 | 1625 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027 | 6000 | 6206 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040 | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Passenger Facility Charge Revenue, McCarran International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2029 | 5000 | 5426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2031 | 1950 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 2385 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Detention Center, GO, 4.00%, 06/01/2034 | 3335 | 3390 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030 | 1425 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031 | 1000 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Streets and Highway Project, Rev., 4.00%, 07/01/2043 | 4465 | 4123 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Washoe, Sierra Pacific Power Company, Rev., AMT, 4.13%, 03/01/2036 (z) | 9000 | 9018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Convention & Visitors Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2027 | 900 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2028 | 1250 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2040 | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 07/01/2049 | 10765 | 9187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2029 | 1345 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | 1275 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2038 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2043 | 5150 | 5168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2026 | 1500 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2043 | 5000 | 5249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2044 | 5000 | 5221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 06/01/2027 | 2025 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046 | 5000 | 5003 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Nevada, Series A, GO, 5.00%, 05/01/2042 | 8400 | 8797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truckee Meadows Water Authority, Rev., 5.00%, 07/01/2034 | 2000 | 2278 |
|  |  | 110994 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 182 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.63%, 08/20/2039 | 10502 | 9611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.06%, 11/20/2039 (z) | 4604 | 4439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 01/20/2034 | 2924 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 07/20/2041 | 5053 | 4819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.38%, 09/20/2036 | 638 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e) | 2000 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Centurion Foundation, Rev., 5.05%, 06/15/2035 (e) (w) | 2055 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Centurion Foundation Woodway Drive, Rev., 4.53%, 10/15/2034 (e) | 4060 | 4046 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Presbyterian Senior Living Project, Rev., 5.25%, 07/01/2048 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Saint Luke's University Health, Rev., 4.00%, 08/15/2036 | 720 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Springpoint Senior Living, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2026 | 270 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2027 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2028 | 290 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2029 | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2030 | 280 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2031 | 870 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Sustainable Bond, Series B, Rev., AMT, 3.75%, 07/01/2045 (e) (z) | 3000 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Sustainable Bonds Municipal Certificates, Rev., 4.09%, 01/20/2041 (z) | 6586 | 6253 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Sustainable Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., HUD, 4.15%, 10/20/2040 (z) | 4965 | 4797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., 3.88%, 01/20/2038 | 1222 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036 | 2000 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, The Wildflower Project, Rev., Zero Coupon, 12/15/2033 (e) | 1960 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, University of Nevada, Reno Project, Rev., BAM, 5.25%, 06/01/2051 | 1875 | 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Winston-Salem Sustainable Energy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2035 | 4105 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2043 | 4000 | 4066 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.30%, 06/01/2040 (z) | 2500 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2043 | 5000 | 4428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/01/2043 | 1220 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, Dartmouth Hitchcock Obligation, Rev., BAM, 4.00%, 08/01/2033 | 5000 | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, Granite Edvance Corporation, Rev., AMT, 4.00%, 11/01/2044 | 450 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Housing Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 07/01/2053 | 400 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Housing Finance Authority, Sustainable Bonds, Series D, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 2035 | 2222 |
|  |  | 77716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 06/15/2042 | 530 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 06/15/2047 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Bayonne, Qualified General Improvement, GO, BAM, 5.00%, 07/01/2034 (p) | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Newark, Series A, GO, 5.00%, 10/01/2028 | 750 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden State Preservation Trust, Capital Appreciation, Series B, Rev., Zero Coupon, 11/01/2026 | 1000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gloucester County Improvement Authority, The Rowan University Fossil Park, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 07/01/2046 | 725 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 07/01/2051 | 1000 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2028 | 785 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2027 | 2500 | 2620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.00%, 06/15/2036 (p) | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.00%, 06/15/2041 (p) | 500 | 517 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 183

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.50%, 06/15/2028 | 5000 | 5150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.50%, 06/15/2032 (p) | 2000 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BBB, Rev., 5.50%, 06/15/2030 (p) | 1225 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Rev., 5.00%, 06/15/2031 (p) | 2000 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Middlesex Water Company, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 08/01/2059 | 4200 | 3413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2059 | 3000 | 2942 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, New Jersey American Water Company, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 1.10%, 11/01/2029 (z) | 2610 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., AMT, 0.85%, 12/01/2025 | 1940 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Portal North Bridge NJ Transit, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2038 | 5345 | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2052 | 6190 | 6230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/01/2041 | 6000 | 6252 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EEE, Rev., 5.00%, 06/15/2032 | 1500 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series GGG, Rev., 5.25%, 09/01/2026 (e) | 8000 | 8220 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Self Designated Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 5.00%, 06/15/2026 | 555 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 5.00%, 06/15/2027 | 410 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 5.00%, 06/15/2028 | 400 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, State House Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/15/2027 | 10690 | 11140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/15/2028 | 8635 | 9144 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Sustainable Bonds, Series QQQ, Rev., 4.00%, 06/15/2037 | 2400 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Higher Education Capital Improvement Fund Issue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2038 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2040 | 2200 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028 | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Princeton University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2064 (z) | 1430 | 1600 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 07/01/2036 | 1015 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Princeton University Revenue, Rev., 5.00%, 03/01/2044 | 2250 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., 5.00%, 07/01/2035 | 200 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Rev., 5.00%, 07/01/2036 | 7500 | 8259 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated, Rev., 5.00%, 07/01/2032 | 2070 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligation, Rev., 3.00%, 07/01/2051 | 1715 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 07/01/2054 | 1875 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2044 | 8780 | 9256 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2027 | 1340 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2028 | 1480 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2029 | 1440 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 3.50%, 12/01/2039 | 1585 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.00%, 12/01/2041 | 640 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.00%, 12/01/2044 | 2200 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.25%, 12/01/2045 | 3880 | 3783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2027 | 1060 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1B, Rev., AMT, 4.50%, 12/01/2045 | 5715 | 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 12/01/2034 | 3000 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048 | 1195 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Series E, Rev., 3.50%, 04/01/2051 | 1570 | 1564 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 184 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, New Irvine Turner Apartments, Rev., HUD, 3.67%, 02/01/2026 | 550 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053 | 160 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052 | 615 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Sustainable Bond, Series K, Rev., 4.55%, 10/01/2044 | 665 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing and Mortgage Finance Agency, Sustainable Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, Rev., 4.75%, 10/01/2040 (w) | 3500 | 3506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, Rev., 6.50%, 04/01/2056 (w) | 3425 | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/15/2046 (p) | 14455 | 15809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/15/2029 | 1550 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/15/2030 | 3000 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/15/2034 | 6590 | 7300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 4.00%, 06/15/2040 | 3750 | 3526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.00%, 06/15/2035 | 3000 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.00%, 06/15/2045 | 660 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.25%, 06/15/2041 | 1250 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 06/15/2032 | 2000 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Capital Appreciation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., TRAN, BAM, Zero Coupon, 12/15/2038 | 1000 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., TRAN, AMBAC, Zero Coupon, 12/15/2026 | 1455 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Program B, Rev., 5.00%, 06/15/2037 | 2000 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 06/15/2036 | 3000 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 06/15/2040 | 8120 | 8469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, Rev., 5.00%, 06/15/2041 | 3500 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, Rev., 5.25%, 06/15/2055 | 5700 | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035 | 500 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.00%, 06/15/2038 | 500 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2039 | 2000 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2028 | 1000 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2031 | 1560 | 1671 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Unrefunded Transportation Program, Rev., 5.00%, 06/15/2046 | 5000 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2042 | 10000 | 10487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2045 | 2500 | 2608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.50%, 01/01/2048 | 1750 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2034 | 2035 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 01/01/2028 | 1900 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark Board of Education, Sustainability Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2034 | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2035 | 410 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2036 | 425 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2037 | 430 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Hudson Sewerage Authority, Senior Lien Lease Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2039 | 1100 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2040 | 1100 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2041 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2042 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Marine Terminal, Series B, Rev., AMT, 5.00%, 01/01/2026 | 1015 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Subordinate Marine Term, Series B, Rev., AMT, 5.00%, 01/01/2032 | 2140 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Subordinate, Marine Terminal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2033 | 1220 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2034 | 1250 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2036 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2030 | 500 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2033 | 1215 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 11/01/2041 | 2925 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052 | 3100 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New Jersey, Covid-19 Emergency Bonds, General Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 06/01/2030 | 2000 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2028 | 4245 | 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Gloucester County Improvement Authority, Rowan University Project, Rev., BAM, 5.00%, 07/01/2044 | 900 | 926 |
|  |  | 276895 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 185

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Mexico — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington NM, Rev., 3.88%, 06/01/2040 (z) | 6750 | 6850 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029 | 3000 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, Public Service Company, San Juan, Rev., 3.90%, 06/01/2040 (z) | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, San Juan and Four Corners, Rev., 2.15%, 04/01/2033 | 4890 | 4105 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051 | 170 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 4.00%, 06/01/2028 | 1070 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2030 | 1050 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2044 | 3185 | 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037 | 500 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Series C, Rev., GNMA/FNMA/FHLMC, 4.70%, 09/01/2049 | 1955 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Single Family Mortgage Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 03/01/2054 | 575 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049 | 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Municipal Energy Acquisition Authority, Rev., 5.00%, 06/01/2054 (z) | 4470 | 4738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santa Fe Public School District, GO, 5.00%, 08/01/2029 | 1375 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winrock Town Center, Increment Development District No 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e) | 1750 | 1578 |
|  |  | 32123 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Battery Park City Authority, Series B, Rev., 5.00%, 11/01/2036 | 2000 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broome County, Local Development Corp., United Health Services Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2039 | 2750 | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2026 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build C Resource Corp., Success Academy Charter School, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2042 | 1200 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2043 | 1000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2036 | 1660 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2037 | 1475 | 1542 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2039 | 1125 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Rev., 5.00%, 07/01/2026 | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e) | 1220 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Family Life Academy Charter Project, Rev., 7.25%, 06/01/2055 (e) | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e) | 700 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2042 | 555 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2052 | 700 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Long Beach, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2025 | 1990 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2027 | 1500 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 08/01/2034 | 3000 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 08/01/2036 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2029 | 2900 | 3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 09/01/2034 | 2000 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2041 | 3000 | 3074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.25%, 09/01/2042 | 8715 | 9175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 08/01/2031 | 1000 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 10/01/2031 | 500 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 08/01/2035 | 90 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.25%, 10/01/2047 | 3000 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, GO, 5.00%, 08/01/2031 | 500 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C4, GO, 5.00%, 10/01/2027 | 5000 | 5265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 08/01/2027 | 2000 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 03/01/2042 | 1340 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.25%, 03/01/2053 | 15140 | 15654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, GO, 5.00%, 12/01/2031 | 1380 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, GO, 5.00%, 12/01/2036 | 11955 | 12370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 08/01/2028 | 1625 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 08/01/2033 | 2000 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 3.00%, 03/01/2035 | 2135 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 03/01/2043 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G1, GO, 5.00%, 02/01/2043 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York NY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2031 | 6000 | 6674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2041 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2001, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, GO, VRDO, 3.90%, 07/07/2025 (z) | 120 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, GO, VRDO, 3.90%, 07/01/2025 (z) | 11590 | 11590 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038 | 5000 | 5195 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 08/01/2037 | 450 | 447 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 186 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 08/01/2035 | 4740 | 5063 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2022, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 05/01/2039 | 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 05/01/2041 | 2000 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 05/01/2044 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D3, GO, VRDO, 4.05%, 07/01/2025 (z) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2024, Series A, GO, 5.00%, 08/01/2028 | 360 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, GO, 4.00%, 04/01/2050 | 8500 | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 08/01/2025 | 390 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 08/01/2027 | 1750 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 08/01/2028 | 350 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Yonkers, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, BAM, 5.00%, 11/15/2038 | 500 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, BAM, 5.00%, 11/15/2039 | 1000 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Nassau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 04/01/2046 | 1300 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, BAM, 5.00%, 10/01/2027 | 1450 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046 | 6250 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Development Corp., Series A, Rev., 5.00%, 03/15/2051 | 4525 | 4622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042 | 4000 | 3997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 02/15/2047 | 9335 | 8246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2045 | 2210 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2042 | 2070 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2037 | 1250 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 1.50%, 09/01/2051 (z) | 8200 | 8016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, Green Bond, Series E, Rev., 5.00%, 09/01/2048 | 2440 | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, Notes, Rev., 1.00%, 09/01/2025 | 2680 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., (United States SOFR \* 0.67 + 0.80%), 3.75%, 11/01/2032 (aa) | 430 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 11/15/2048 | 4415 | 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2049 | 2000 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.25%, 11/15/2042 | 2140 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.25%, 11/15/2045 | 8500 | 8962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 11/15/2045 (z) | 4500 | 4756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2030 | 1475 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2034 | 8000 | 8158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2025 | 540 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 5.00%, 11/15/2056 | 3100 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., BAM, 4.00%, 11/15/2042 | 3295 | 2959 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/15/2027 | 1200 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., VRDO, LOC: Barclays Bank plc, 3.90%, 07/01/2025 (z) | 8510 | 8510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund, Sustainable Bond, Series A, Special Tax, 5.25%, 11/15/2054 | 2790 | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039 | 2500 | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 11/15/2027 | 1085 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C2, Rev., Zero Coupon, 11/15/2032 | 500 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2040 | 2465 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 4.00%, 11/15/2045 | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/15/2029 | 250 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 11/15/2025 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 11/15/2046 | 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.00%, 11/15/2043 | 2000 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D3, Rev., 4.00%, 11/15/2049 | 1000 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036 | 10000 | 10137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Sustainable Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2049 | 2000 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 4.00%, 11/15/2031 | 2450 | 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/15/2033 | 2400 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026 | 1720 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Andrews Terrace Community, Rev., HUD, 5.00%, 07/01/2028 (z) | 3915 | 4065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Rochester Regional Health Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2027 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2028 | 1700 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2029 | 1900 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., University of Rochester Project, Series A, Rev., 5.00%, 07/01/2053 | 13650 | 13743 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTA Hudson Rail Yards Trust Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2051 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2056 | 2000 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Health and Hospitals Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2026 | 6055 | 6136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2027 | 5360 | 5563 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., HUD, 3.70%, 05/01/2064 (z) | 2450 | 2484 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 187

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2031 | 205 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 3.30%, 05/01/2055 (z) | 2930 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., 8 Spruce Street, Rev., 5.25%, 12/15/2031 | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Sustainable Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 3.25%, 11/01/2064 (z) | 2725 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E2, Rev., 3.80%, 11/01/2063 (z) | 1300 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Sustainable Development Bonds, Rev., 3.75%, 05/01/2065 (z) | 15550 | 15653 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens Baseball Stadium Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.00%, 01/01/2038 | 675 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 01/01/2040 | 250 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2032 | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2027 | 625 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2029 | 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2030 | 1500 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Yankee Stadium Project Pilot, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2045 | 8825 | 7965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2028 | 1250 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2029 | 1500 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2030 | 3900 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA1, Rev., 5.25%, 06/15/2052 | 4610 | 4746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA3, Rev., 5.00%, 06/15/2047 | 4065 | 4132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 4.00%, 06/15/2052 | 5000 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, Rev., 5.00%, 06/15/2034 | 1920 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LIQ: State Street Bank & Trust Co., 3.60%, 07/01/2025 (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 3.75%, 07/01/2025 (z) | 26010 | 26010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 3.90%, 07/01/2025 (z) | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2051 | 9205 | 7986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2037 | 2000 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2044 | 2755 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/15/2054 | 5000 | 5159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 3.90%, 06/15/2049 (z) | 29190 | 29190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 06/15/2043 | 5535 | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 5.00%, 06/15/2049 | 5000 | 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Subordinate Fiscal 2025, Series AA, Rev., 5.25%, 06/15/2053 | 15890 | 16531 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Subordinated Second General Resolution, Rev., VRDO, 3.90%, 07/01/2025 (z) | 4300 | 4300 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2027 | 4490 | 4737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2030 | 2000 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2038 | 4900 | 5315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2038 | 3485 | 3776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2041 | 6000 | 6343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 05/01/2048 | 5165 | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 05/01/2049 | 3000 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040 | 17800 | 17802 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035 | 585 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S1, Rev., 4.00%, 07/15/2034 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S1, Rev., 5.00%, 07/15/2043 | 1505 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Subordinate Fiscal 2015, Series S, Rev., 5.00%, 07/15/2028 | 2060 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029 | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2036 | 11260 | 11257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2028 | 600 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A4, Rev., VRDO, 3.90%, 07/01/2025 (z) | 11200 | 11200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 08/01/2042 | 17500 | 16081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 3.00%, 02/01/2028 | 730 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, Rev., 5.00%, 02/01/2039 | 3000 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, Rev., 5.00%, 02/01/2041 | 2000 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, Rev., 5.00%, 02/01/2045 | 5000 | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, Rev., 5.00%, 02/01/2046 | 3335 | 3426 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2035 | 7000 | 7038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 4.00%, 08/01/2043 | 5645 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 4.00%, 08/01/2042 | 2500 | 2298 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 188 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 4.00%, 02/01/2041 | 12000 | 11022 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2038 | 2000 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2025 | 255 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 08/01/2036 | 7415 | 7426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DS, Rev., 4.00%, 11/01/2038 | 4000 | 3902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 4.00%, 02/01/2046 | 2000 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Future Tax Secured, Rev., 4.00%, 11/01/2040 | 5000 | 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Multi Modal, Series A, Rev., 5.00%, 05/01/2040 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025 | 8000 | 7980 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2026 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2031 | 1000 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/01/2042 | 3000 | 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 4.00%, 05/01/2042 | 2000 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 5.00%, 08/01/2040 | 1720 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated Bonds, Rev., VRDO, 3.75%, 07/01/2025 (z) | 22900 | 22900 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated Future Tax Secured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 3.85%, 07/01/2025 (z) | 15000 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 4.05%, 07/01/2025 (z) | 7000 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Fiscal 2025, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 05/01/2035 | 900 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 05/01/2036 | 1540 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Multi Modal Bonds Subordinate, Rev., 5.00%, 05/01/2039 | 1500 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.00%, 11/01/2034 | 4410 | 4965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.00%, 11/01/2037 | 715 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.00%, 11/01/2039 | 3000 | 3205 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Subordinate Fiscal 2025, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2032 | 1315 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2034 | 1965 | 2223 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2038 | 4100 | 4458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., 5.00%, 11/01/2042 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., 5.25%, 11/01/2045 | 1500 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Subordinated Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/01/2039 | 6000 | 6428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/01/2042 | 900 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/01/2043 | 2485 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/01/2053 | 4500 | 4568 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Subordinated Future Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.87%, 07/07/2025 (z) | 38215 | 38215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 3.75%, 07/01/2025 (z) | 11100 | 11100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2034 | 2465 | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2039 | 3780 | 4049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CS, Rev., 5.00%, 05/01/2045 | 5000 | 5162 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032 | 500 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB1, Rev., 5.00%, 06/15/2049 | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF, Rev., 5.00%, 06/15/2041 | 2000 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Second General Resolution, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2026 | 1005 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2029 | 535 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 5.00%, 06/15/2048 | 2730 | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 5.25%, 06/15/2037 | 2345 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD1, Rev., 5.00%, 06/15/2048 | 3115 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD2, Rev., 5.00%, 06/15/2040 | 2000 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, Rev., 5.00%, 06/15/2047 | 6680 | 6695 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 3.90%, 07/01/2025 (z) | 12800 | 12800 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Water and Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042 | 1180 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC, Rev., 3.00%, 02/15/2042 | 1755 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC, Rev., 4.00%, 02/15/2043 | 4985 | 4562 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., 3 World Trade Center, Rev., 5.38%, 11/15/2040 (e) | 1945 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., 7 World Trade Center Project, Rev., 3.13%, 09/15/2050 | 3000 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Goldman Sachs Headquarters, Rev., 5.25%, 10/01/2035 | 19150 | 21473 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 189

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e) | 32100 | 31369 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Power Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2049 | 2000 | 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2041 | 1500 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Power Authority, Green Transmission Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2028 | 1000 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2034 | 635 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2035 | 1250 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2025 | 1350 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2026 | 875 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2035 | 750 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2037 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2039 | 860 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 03/15/2036 | 2500 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/15/2039 | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/15/2054 | 8090 | 6983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2029 (p) | 1070 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2034 | 2000 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2036 | 1765 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2040 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2043 | 3000 | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2044 | 2460 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Bidding Group 3, Series A, Rev., 5.00%, 03/15/2054 | 14205 | 14351 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Cornell University, Series A, Rev., 5.50%, 07/01/2054 | 5000 | 5269 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031 | 1227 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p) | 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034 | 1100 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Group 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2033 | 2000 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2036 | 2015 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037 | 5000 | 5191 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Rev., 5.00%, 07/01/2040 | 1500 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Rev., 5.00%, 07/01/2042 | 5000 | 5054 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Montefiore Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2025 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2026 | 900 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2031 | 1010 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2034 | 13180 | 14600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 05/01/2054 | 5000 | 5089 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2045 | 6500 | 5815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 05/01/2052 | 4930 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2052 | 3000 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunded General Purpose, Series B, Rev., 5.00%, 02/15/2026 (p) | 2835 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Second Bond Financing Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2029 | 2000 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2030 | 2670 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2036 | 260 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, St John's University, Series A, Rev., 4.00%, 07/01/2048 | 1000 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded, Series A, Rev., 5.00%, 03/15/2029 | 1930 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded 2024 Bidding Group, Rev., 5.00%, 03/15/2029 | 2000 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded Group 2, Series E, Rev., 5.00%, 03/15/2028 (p) | 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, White Plains Hospital Obligated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2039 | 750 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2040 | 500 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2041 | 525 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2049 | 2025 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037 | 2500 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Energy Research & Development Authority, Rochester Gas & Electric, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.80%, 08/01/2032 (w) | 6710 | 6759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.80%, 08/01/2032 (w) | 6240 | 6286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.80%, 08/01/2032 (w) | 6750 | 6800 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 190 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/15/2028 | 575 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/15/2031 | 250 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System, Inc. Project, Rev., AMT, 2.75%, 09/01/2050 (e) (z) | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Housing 160 West 62nd Street, Rev., 3.60%, 11/01/2044 (z) | 2805 | 2801 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Sustainability Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., HUD, SONYMA, 3.60%, 11/01/2062 (z) | 1705 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z) | 4045 | 3857 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Sustainable Bonds, Series B2, Rev., HUD, SONYMA, 3.60%, 11/01/2064 (z) | 11000 | 11022 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.00%, 03/15/2041 | 500 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 03/15/2033 | 1000 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041 | 3120 | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, Junior Lien, Series A, Rev., 5.00%, 01/01/2041 | 6000 | 5994 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/15/2042 | 2000 | 1846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 4.00%, 03/15/2046 | 10000 | 8860 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050 | 4000 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Group 2, Series E, Rev., 4.00%, 03/15/2038 | 1000 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Personal Income Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2037 | 2000 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2041 | 5000 | 4688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/15/2030 | 500 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C3, Rev., 5.00%, 03/15/2038 | 1860 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2042 | 2000 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AG, Rev., 5.00%, 03/15/2038 | 5000 | 5092 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, General Purpose, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2042 | 5000 | 5066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.54%, 03/15/2028 (p) | 7000 | 6932 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Sustainable Bond State Person, Rev., 5.00%, 03/15/2063 | 25905 | 26059 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2049 | 12000 | 11811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2054 | 5000 | 4844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/30/2049 | 5000 | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2060 | 13500 | 13498 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., American Airlines Inc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.25%, 08/01/2026 | 395 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2026 | 3670 | 3670 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc, LaGuardia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 10/01/2045 | 11130 | 9925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2032 | 3000 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc. LaGuardia, Rev., AMT, 5.00%, 01/01/2036 | 5405 | 5448 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 4.00%, 10/01/2030 | 2500 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035 | 11000 | 11181 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., John F. Kennedy International Airport, Rev., AMT, 5.38%, 08/01/2036 | 2000 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., LaGuardia Airport Terminal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.63%, 04/01/2040 | 15355 | 15781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 04/01/2035 | 5000 | 5439 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., LaGuardia Airport Terminal B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2033 | 2500 | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2046 | 16280 | 15762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 01/01/2050 | 15195 | 14970 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2031 | 4500 | 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2032 | 11200 | 11201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2035 | 5080 | 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2041 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034 | 600 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Sustainable Bond, JFK International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.50%, 12/31/2054 | 3000 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2049 | 14750 | 14518 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 191

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.38%, 06/30/2060 | 3920 | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2043 | 1585 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2054 | 4500 | 4529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 12/31/2054 | 12000 | 12089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 12/31/2060 | 5000 | 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 06/30/2054 | 12075 | 12473 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 JFK International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2030 | 1710 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2032 | 2005 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2033 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2037 | 3500 | 3587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2038 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 JFK International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2030 | 4170 | 4454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2035 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2036 | 4000 | 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 John F Kennedy International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2038 | 300 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2039 | 300 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2040 | 1475 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2041 | 300 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2042 | 300 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2025 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2026 | 995 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2027 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2028 | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2037 | 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2038 | 2250 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2039 | 1000 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/01/2042 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 207, Rev., AMT, 5.00%, 09/15/2027 | 2210 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 207, Rev., AMT, 5.00%, 09/15/2028 | 1080 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 207, Rev., AMT, 5.00%, 09/15/2031 | 5000 | 5169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Rev., AMT, 5.00%, 10/15/2031 | 4500 | 4859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Rev., AMT, 5.00%, 10/15/2032 | 1250 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Rev., AMT, 5.00%, 10/15/2036 | 2040 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 242, Rev., AMT, 5.00%, 12/01/2042 | 7000 | 7099 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 197, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 206, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 5.00%, 07/15/2031 | 1620 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 5.00%, 07/15/2032 | 2620 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated 206th, Rev., AMT, 5.00%, 11/15/2042 | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated 211, Rev., 4.00%, 09/01/2043 | 18590 | 16978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038 | 670 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bond Two, Rev., AMT, 5.50%, 08/01/2052 | 8500 | 8748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039 | 1250 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 4.00%, 07/15/2039 | 5000 | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 4.00%, 07/15/2040 | 3715 | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, Series 222, Rev., 4.00%, 07/15/2036 | 10250 | 10307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated One Hundred Eighty Third, Rev., 4.00%, 12/15/2039 | 6000 | 5721 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage Revenue, Social Bonds, Series 253, Rev., SONYMA, AMT, 4.70%, 10/01/2038 | 2030 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Mortgage Agency, Social Bonds, Series 233, Rev., 3.00%, 10/01/2045 | 1505 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052 | 85 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Co., Rev., 6.00%, 12/01/2053 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 05/15/2054 | 9940 | 10268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 2.00%, 05/15/2045 (z) | 4250 | 4038 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 192 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2041 | 1975 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2047 | 2500 | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2049 | 3040 | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 05/15/2049 | 2600 | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 05/15/2054 | 2355 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.25%, 05/15/2059 | 16710 | 17284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.25%, 05/15/2064 | 5000 | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.25%, 05/15/2064 | 24000 | 24636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Green Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 5.00%, 11/15/2027 | 1155 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E-2B, Rev., 5.00%, 11/15/2032 | 575 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047 | 5250 | 5340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Rev., 5.00%, 11/15/2026 | 2440 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Green Bonds, Rev., 5.00%, 11/15/2029 | 1615 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Sales Tax Revenue, MTA Bridges & Tunnels TBTA Capital Lockbox Fund, Rev., 5.25%, 05/15/2062 | 7500 | 7674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Senior, Series C, Rev., 5.00%, 05/15/2040 | 5000 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2050 (z) | 7000 | 7110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.25%, 05/15/2052 | 10000 | 10283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1-A, Rev., 5.00%, 05/15/2038 | 2000 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2035 | 2000 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2036 | 2000 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2038 | 4240 | 4525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, TBTA Capital Lockbox Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 12/01/2056 | 4085 | 3787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2036 | 500 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2043 | 1400 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036 | 750 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048 | 6780 | 5910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/15/2031 | 3000 | 3274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/15/2039 | 1000 | 1095 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Restructuring Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2033 | 1500 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE, Rev., 5.00%, 12/15/2029 | 1500 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Rev., 5.00%, 07/01/2056 (e) | 2000 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Westchester Med. Ctr. Obligated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2047 | 5610 | 5712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 11/01/2048 | 1400 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 11/01/2049 | 2000 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.25%, 11/01/2052 | 420 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Westchester Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2032 | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2046 | 3500 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e) | 140 | 138 |
|  |  | 1656884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z) | 2285 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, The Atrium Health, Series D, Rev., 3.63%, 01/15/2048 (z) | 2200 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Revenue, Rev., 5.00%, 07/01/2040 | 2375 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Revenue, Airport, Series A, Rev., 4.00%, 07/01/2036 | 1520 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Revenue, Charlotte Douglas International, Rev., AMT, 5.00%, 07/01/2026 | 1315 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2049 | 5000 | 5039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2049 | 7335 | 7257 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte NC Water & Sewer System Revenue, Rev., 5.00%, 07/01/2041 | 500 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027 | 1315 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mebane, Combined Utilities Revenue, Rev., 4.00%, 08/01/2044 | 1175 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus County Industrial Facilities & Pollution Control Financing Authority, Rev., 3.45%, 11/01/2033 (z) | 2500 | 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus County Industrial Facilities & Pollution Control Financing Authority, International Paper Company, Rev., 4.20%, 05/01/2034 | 1000 | 1008 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 193

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cumberland, Qualified School Construction Bonds, COP, 1.25%, 12/15/2025 | 4000 | 3941 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Macon NC, Rev., 4.00%, 10/01/2043 | 650 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Asheville Regional Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2040 | 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2041 | 415 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2048 | 10900 | 11053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inlivian, Central At Old Concord, Rev., 3.30%, 11/10/2043 (z) | 1130 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Capital Facilities Finance Agency, Republic Services Project, Rev., 3.45%, 07/01/2034 (z) | 8500 | 8502 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Department of Transportation, I-77 Hot Lanes Project, Rev., AMT, 5.00%, 06/30/2054 | 5325 | 5105 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.20%, 07/01/2056 (z) | 3760 | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.35%, 01/01/2044 | 1080 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2044 | 835 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 930 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 3035 | 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37A, Rev., AMT, 3.50%, 07/01/2039 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, Rev., 2.30%, 01/01/2031 | 1030 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, Rev., 4.00%, 07/01/2050 | 210 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 45, Rev., GNMA/FNMA/FHLMC, 1.90%, 01/01/2032 | 1525 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, 1998 Trust Agreement, Series 5, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2056 | 2120 | 2371 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 | 695 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Sustainable Bond 1998 Trust Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 2115 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Sustainable Bonds 1998 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2043 | 5000 | 4921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 4845 | 5238 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, CaroMont Health, Series A, Rev., 4.00%, 02/01/2036 | 1875 | 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041 | 1050 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Penick Village Project, Series A, Rev., 5.50%, 09/01/2054 | 460 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Presbyterian Homes Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2027 | 600 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2040 | 1600 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2045 | 2250 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031 | 1760 | 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041 | 830 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Vidant Health, Rev., 5.00%, 06/01/2045 | 1145 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Education Assistance Authority, Senior Bond, Series A, Rev., AMT, 5.00%, 06/01/2045 | 4020 | 4063 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Education Assistance Authority, Senior Bonds, Series A, Rev., AMT, 5.00%, 06/01/2043 | 1355 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Senior Lien, Rev., 5.00%, 01/01/2038 | 2375 | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2053 | 2000 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2058 | 6995 | 7004 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., 5.00%, 01/01/2049 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032 | 505 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina, Rev., 3.00%, 05/01/2028 | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027 | 2750 | 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charlotte-Mecklenburg Hospital Authority, Atrium Health, Rev., VRDO, LOC: Royal Bank of Canada, 3.85%, 07/01/2025 (z) | 17500 | 17500 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, Series A, Rev., (United States SOFR \* 0.67 + 1.05%), 3.99%, 12/01/2041 (aa) | 3000 | 3012 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 194 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of North Carolina at Wilmington, Rev., 5.00%, 06/01/2028 | 1400 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Carolina University, Series B, Rev., 5.00%, 04/01/2031 | 2120 | 2298 |
|  |  | 148214 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Dakota — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass County Joint Water Resource District, Series A, Rev., CNTY GTD, 3.45%, 04/01/2027 | 17250 | 17256 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Grand Forks, Altru Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2031 | 1500 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2041 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Horace, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.50%, 05/01/2039 | 1780 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.75%, 05/01/2044 | 1885 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Ward, Trinity Obligation Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2043 | 2500 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2048 | 4000 | 3685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2053 | 2000 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.65%, 07/01/2044 | 5000 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 07/01/2051 | 1365 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 01/01/2050 | 510 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049 | 1615 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052 | 840 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Social Bonds Home Mortgage Finance Program, Rev., 5.75%, 01/01/2054 | 480 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Social Bonds Home Mortgage Financing, Rev., 5.75%, 07/01/2053 | 1215 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Sustainable Bonds Home Mortgage, Rev., 6.25%, 01/01/2054 | 3660 | 3964 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Public Finance Authority, Rev., 5.00%, 10/01/2038 | 4840 | 5303 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of North Dakota, Series A, COP, 4.00%, 06/01/2046 | 1480 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026 | 300 | 304 |
|  |  | 53226 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2030 | 700 | 745 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/15/2046 | 6275 | 6285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical, Rev., 4.00%, 11/15/2042 | 1265 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Summa Health Obligation Group, Rev., 4.00%, 11/15/2036 | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Summa Health Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2034 | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2035 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2038 | 750 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Fremont Energy Center Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2036 | 1750 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2026 | 600 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Prairie State Energy Campus, Rev., 5.00%, 02/15/2026 | 2500 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., 5.00%, 06/01/2055 | 17415 | 14847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 06/01/2057 | 5000 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chillicothe, Adena Health System, Rev., 5.00%, 12/01/2047 | 10410 | 10213 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035 | 1085 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus Metropolitan Housing Authority, Rev., 4.00%, 06/01/2034 | 2000 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, John Glenn Columbus International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2033 | 4275 | 4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2044 | 2700 | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 01/01/2041 | 6500 | 6806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2029 (e) | 805 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2038 (e) | 1345 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051 | 1750 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, Dering Family Homes Project, Rev., HUD, 5.00%, 07/01/2045 (z) | 2200 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Allen OH Hospital Facilities Revenue, Rev., 4.00%, 12/01/2040 | 1415 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Butler, UC Health, Rev., 5.00%, 11/15/2030 | 1300 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Franklin, Nationwide Children's Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2040 | 2000 | 1875 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 195

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2031 | 1000 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Franklin, OhioHealth Corp., Series D, Rev., VRDO, 1.95%, 07/07/2025 (z) | 33075 | 33075 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton OH Sewer System Revenue, Rev., 5.00%, 12/01/2049 | 2915 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040 | 1510 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, Uc Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 08/01/2039 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 08/01/2042 | 3000 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 08/01/2051 | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lucas, ProMedica Healthcare Obligated Group, Rev., 5.25%, 11/15/2048 | 3120 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami, Improvement, Kettering Health Network, Rev., 5.00%, 08/01/2049 | 2000 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Dayton Children's Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2027 | 725 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2029 | 145 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2033 | 230 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Kettering Health Network Obligations, Rev., 4.00%, 08/01/2041 | 1200 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Van Wert, Van Wert Health Obligated, Rev., 6.13%, 12/01/2049 (p) | 1900 | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Warren, Otterbein Homes Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2031 | 845 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 800 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2042 | 1380 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin County Convention Facilities Authority, Greater Columbus Convention Center, Rev., 5.00%, 12/01/2044 | 1000 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Rev., AMT, 5.00%, 12/01/2053 (e) (z) | 5835 | 5844 |
| &nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System, Series A, Rev., 2.83%, 01/01/2038 | 15000 | 12345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2028 | 515 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2030 | 1005 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2037 | 925 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeast Ohio Medical University, Rev., BAM, 5.00%, 12/01/2043 | 1475 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.70%, 04/01/2028 | 3345 | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.70%, 10/01/2028 | 3345 | 3315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project, Rev., AMT, 2.50%, 08/01/2040 (z) | 2500 | 2351 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, AMG Vanadium Project, Rev., AMT, 5.00%, 07/01/2049 (e) | 9000 | 7969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z) | 7000 | 7078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z) | 7205 | 7281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z) | 1000 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Rev., 1.50%, 02/01/2026 (z) | 120 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Rev., 4.00%, 10/01/2050 | 1500 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 2.15%, 12/01/2042 (aa) | 155 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040 | 1065 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Senior University Circle, Inc., Rev., 5.00%, 01/15/2050 | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034 | 1125 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2055 | 1250 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048 | 715 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2052 | 5845 | 5780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Pebble Brooke Apartments Project, Rev., 3.35%, 07/01/2043 (w) (z) | 5000 | 5011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Thornwood Commons, Rev., FHA HUD, 5.00%, 12/01/2026 (z) | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State University (The), Sustainable Bonds Multiyear Debt, Rev., 4.00%, 12/01/2041 | 2060 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038 | 1500 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2028 | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2033 | 365 | 411 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 196 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2029 | 500 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2039 (w) | 4000 | 4370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2043 (w) | 2250 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2030 | 3000 | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 12/01/2034 | 125 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund, Sustainable Bonds Water Pollution, Rev., 5.00%, 12/01/2033 | 4420 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031 | 300 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund, Sustainable Bond, Series D, Rev., 5.00%, 12/01/2038 | 1400 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 12/01/2048 | 4865 | 4467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2053 | 5985 | 5863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, Subordinated Duke Energy, Rev., 5.00%, 12/01/2063 | 3000 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/15/2048 | 3000 | 3137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2034 | 1000 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, GO, 5.00%, 05/01/2035 | 300 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2033 | 2410 | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2034 | 2425 | 2657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2039 | 570 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2027 | 940 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030 | 125 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Garvee, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., 5.00%, 12/15/2025 | 800 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., 5.00%, 12/15/2028 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Rev., 5.00%, 12/15/2028 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Rev., 5.00%, 12/15/2031 | 1000 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Higher Education, Series C, GO, 5.00%, 08/01/2028 (p) | 350 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2025 | 1075 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/01/2034 | 1000 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Premier Health Partners, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2039 | 1320 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2041 | 1450 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2028 | 680 | 709 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospital Health, Rev., VRDO, 2.20%, 07/01/2025 (z) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037 | 1000 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041 | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Inc., Rev., VRDO, 2.20%, 07/07/2025 (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit County Development Finance Authority, University of Akron Parking Project, Rev., 5.63%, 12/01/2048 | 4645 | 4782 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Ohio State University, Multiyear Debt Issuance, Rev., VRDO, 2.00%, 07/07/2025 (z) | 14750 | 14750 |
|  |  | 290841 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Creek County Educational Facilities Authority, Sapulpa Public Schools Project, Rev., BAM, 4.13%, 09/01/2048 | 4250 | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand River Dam Authority, Rev., 5.00%, 06/01/2037 | 1850 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2043 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2044 | 1250 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma City Economic Development Trust, Increment District #8 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2032 | 1640 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2033 | 5000 | 5127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2034 | 4440 | 4512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma City Water Utilities Trust, Rev., 5.25%, 07/01/2059 | 10000 | 10363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038 | 2000 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 2.50%, 07/07/2025 (z) | 1810 | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%, 08/15/2037 (e) | 1110 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057 | 4000 | 3915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 09/01/2055 | 770 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, Home Ownership Loan Program, Rev., GNMA/FNMA/FHLMC, 6.50%, 09/01/2054 | 2605 | 2897 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 197

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.75%, 01/01/2033 | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 1665 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Senior Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2039 | 2500 | 2714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2046 | 5000 | 5263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2047 | 3000 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2041 (w) | 1750 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 10/01/2050 | 4200 | 3922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/01/2026 | 1255 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Drinking Water Program 2019 Master, Rev., 4.00%, 04/01/2048 | 13950 | 12287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osage County Industrial Authority, Rev., 5.75%, 09/01/2053 | 1000 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026 | 1500 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Oklahoma, Series A, Rev., BAM, 5.00%, 07/01/2042 | 1740 | 1815 |
|  |  | 79769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astoria Hospital Facilities Authority, Rev., 5.25%, 08/01/2054 | 1340 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Portland Sewer System Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2031 | 2670 | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2039 | 3500 | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2043 | 1125 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Portland Water System Revenue, Second Lien, Series A, Rev., 4.00%, 05/01/2039 | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tigard, Water System Revenue, Rev., 5.00%, 08/01/2045 | 5000 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medford Hospital Facilities Authority, Asante Project, Series A, Rev., 4.00%, 08/15/2045 | 9740 | 8586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028 | 1850 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z) | 1500 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Samaritan Health Services, Rev., 5.00%, 10/01/2040 | 1750 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031 | 1740 | 1754 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2033 | 1000 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24B, Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Rev., AMT, 5.00%, 07/01/2028 | 1595 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Rev., AMT, 5.00%, 07/01/2034 | 1455 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Rev., AMT, 5.00%, 07/01/2036 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, Green Bonds, Rev., AMT, 5.00%, 07/01/2036 | 500 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035 | 1270 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, Portland International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2026 | 1145 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2031 | 2230 | 2342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 25B, Rev., AMT, 5.00%, 07/01/2039 | 1020 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland OR Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2047 | 5000 | 4941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2040 | 2000 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2041 | 1895 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2049 | 23500 | 23944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2054 | 16250 | 16542 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Municipal Products Trust, Inc., Series 2025-E, Rev., LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 1.95%, 09/01/2026 (e) (z) | 12475 | 12475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Capital Manor Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2032 | 185 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2040 | 750 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046 | 3000 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036 | 9095 | 9569 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services Department, Series C, Rev., 3.00%, 01/01/2052 | 2965 | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052 | 445 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article XI Q State Project, GO, 5.00%, 05/01/2030 | 405 | 448 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 198 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027 | 1220 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article XI-Q State Projects, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2041 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 05/01/2042 | 500 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Veterans Welfare Bonds, GO, 5.50%, 12/01/2053 | 240 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051 | 1010 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamhill Clackamas & Washington Counties School District No. 29J Newberg, Series B, GO, SCH BD GTY, 4.00%, 06/15/2039 | 3620 | 3550 |
|  |  | 131282 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Territory — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily ML Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 11/25/2038 (z) | 11906 | 11101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 12/25/2038 (z) | 3978 | 3480 |
|  |  | 14581 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adams County General Authority, The Brethren Home Community Project, Rev., 5.00%, 06/01/2039 | 1750 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 01/01/2046 | 11800 | 10250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 01/01/2056 | 8920 | 7303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2039 | 2635 | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Health Network Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2033 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2047 | 1560 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/15/2037 | 1000 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/15/2038 | 3185 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047 | 2250 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County, Hospital Development Authority, Pittsburg University Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2036 | 4795 | 4663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2027 | 765 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County, Sanitary Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 06/01/2035 | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 06/01/2036 | 675 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2030 | 500 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Commercial and Industrial Development Authority, Executive Education Academy, Rev., 5.00%, 07/01/2040 (e) | 2000 | 1978 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, Rev., 5.25%, 05/01/2032 (e) | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, Neuweiler Lofts Project, Rev., 6.25%, 05/01/2042 (e) | 2010 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e) | 180 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altoona Area School District, GO, BAM, 5.00%, 12/01/2048 (p) | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berks County Municipal Authority (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 06/30/2044 | 1647 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/30/2039 | 3054 | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 06/30/2034 | 243 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 7.00%, 06/30/2039 | 700 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 8.00%, 06/30/2034 | 510 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bethlehem Area School District Authority, Bethlehem Area School District, Rev., (United States SOFR \* 0.67 + 0.35%), 3.30%, 01/01/2032 (aa) | 240 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Bradford Progress Authority, Guthrie Clinic, Rev., VRDO, 2.56%, 07/07/2025 (z) | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, Avon Grove Charter School, Rev., 5.00%, 03/01/2027 | 185 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chester County School Authority, Chester County Intermediate Unit, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 04/01/2037 | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 04/01/2039 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 04/01/2040 | 1550 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 04/01/2043 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lancaster, GO, BAM, 5.00%, 11/01/2047 | 6665 | 6698 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia, Series A, GO, 5.00%, 08/01/2030 | 4000 | 4006 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2047 | 5000 | 4986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2034 | 5680 | 5744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2035 | 2235 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 4.00%, 07/01/2050 | 1500 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2028 | 10000 | 10492 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 199

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue, Private Activity, Rev., AMT, 4.00%, 07/01/2041 | 1100 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia PA Airport Revenue, Rev., AMT, 5.00%, 07/01/2042 | 4440 | 4427 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2040 | 2790 | 2904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2045 | 7000 | 7130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2042 | 4650 | 4790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 4.00%, 06/01/2039 | 14340 | 13397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 4.00%, 03/15/2034 | 5000 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 4.00%, 03/01/2035 | 3650 | 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, Bidding Group C First Series, Series 1, GO, 4.00%, 09/01/2040 | 5000 | 4798 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Allegheny, Series C75, GO, 5.00%, 11/01/2028 | 2305 | 2366 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lehigh, Lehigh Valley Health Network, Rev., 5.00%, 07/01/2044 | 1350 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lehigh, St. Luke's Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 3.02%, 08/15/2038 (aa) | 355 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Municipal Authority, Unrefunded Diakon Lutheran, Rev., 5.00%, 01/01/2038 | 2035 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware River Port Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2037 | 3000 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2040 | 10000 | 10005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMBAC, 5.50%, 08/01/2028 | 3595 | 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.75%), 3.83%, 06/01/2037 (aa) | 250 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doylestown Pennsylvania Hospital Authority, Unrefunded Doylestown Hospital, Rev., 5.00%, 07/01/2046 | 11195 | 10993 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuBois Hospital Authority, Penn Highlands Healthcare Bay, Rev., BAM, 4.00%, 07/15/2043 | 6450 | 5735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2039 | 3150 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2047 | 2500 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, Geisinger Health System, Rev., 5.00%, 02/15/2039 | 2155 | 2156 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, Geisinger Health System Obligated Group, Rev., 5.00%, 04/01/2050 | 7000 | 6916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039 | 7000 | 6624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, Geisinger Health System Se, Rev., 5.00%, 02/15/2045 | 5560 | 5487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Auth Masonic Villages Project, Rev., 5.13%, 11/01/2038 | 1675 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037 | 600 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, University of Pennsylvania Health System, Rev., 5.00%, 08/15/2046 | 1960 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056 | 765 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Municipal Authority, Rev., 5.00%, 05/01/2049 | 900 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029 | 3455 | 3451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Hospital Authority/PA, Rev., 5.10%, 06/15/2039 (e) | 4890 | 4658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroeville Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2029 | 1425 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2038 | 1200 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2039 | 2000 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Rev., 4.00%, 05/01/2038 | 250 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044 | 1610 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Rev., 5.00%, 11/15/2049 | 5000 | 4796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy, Rev., 4.10%, 04/01/2053 (z) | 8435 | 8620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Retirement Life Communities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2033 | 1500 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2045 | 2585 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Castle Sanitation Authority, Series A, Rev., 3.00%, 06/01/2029 | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norristown Area School District, GO, 5.00%, 09/01/2026 | 1500 | 1535 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 200 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, Rev., 5.00%, 08/15/2048 | 1125 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, St. Luke's University Health Network, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2046 | 5030 | 4892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2049 | 4000 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2048 | 2055 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/01/2038 (z) | 1500 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority Parking System Revenue, Senior Insured Capitol, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2041 | 1000 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2042 | 1035 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 01/01/2043 | 1070 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2034 | 2000 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc., Rev., AMT, 5.45%, 01/01/2051 (e) (z) | 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Covanta Project Sustainable, Rev., AMT, 3.25%, 08/01/2039 (e) | 2515 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Draw Down Republic, Inc., Rev., AMT, 4.20%, 04/01/2049 (z) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2030 | 3460 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2034 | 2000 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2042 | 1250 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge, Rev., AMT, 5.00%, 12/31/2038 | 1890 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2028 | 1590 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2029 | 450 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2031 | 800 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project, Series B1, Rev., AMT, 4.25%, 04/01/2049 (z) | 8000 | 8001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2057 | 6730 | 6560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/30/2035 | 1500 | 1611 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2042 | 5640 | 5914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 06/30/2048 | 3750 | 3865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 12/31/2062 | 2500 | 2594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 06/30/2061 | 1150 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The PennDOT Major Bridges, Rev., AMT, 5.25%, 06/30/2053 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, UPMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.00%, 04/15/2045 | 5440 | 4757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 02/15/2042 | 1330 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Series B, Rev., 5.00%, 03/15/2050 | 6000 | 5841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Villanova University Project, Rev., 5.00%, 08/01/2049 | 2525 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z) | 2000 | 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z) | 2000 | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.95%, 06/01/2049 (z) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.10%, 08/01/2045 (z) | 4500 | 4501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.25%, 08/01/2038 (z) | 8000 | 8002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.25%, 07/01/2041 (z) | 8000 | 8077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.60%, 10/01/2046 (z) | 10000 | 10074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 2.45%, 06/01/2041 | 85 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/01/2026 | 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 06/01/2045 | 430 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/01/2031 | 1270 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 4.75%, 06/01/2046 | 1000 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2030 | 700 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2031 | 2130 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2032 | 4150 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2033 | 8810 | 9277 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 201

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2034 | 3500 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/01/2028 | 3775 | 3883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Trustees University, Series A, Rev., 4.00%, 02/15/2043 | 1000 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2049 | 4000 | 3425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2042 | 1250 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2049 | 3000 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 08/15/2055 (w) | 2500 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035 | 1170 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Unrefunded 2024, Series AT1, Rev., 4.00%, 06/15/2032 | 2790 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 10/01/2044 | 5000 | 4797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.60%, 10/01/2044 | 7500 | 7365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 10/01/2054 | 3805 | 4115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.25%, 10/01/2054 | 3875 | 4234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 133, Rev., 3.00%, 10/01/2050 | 2250 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Social Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.85%, 10/01/2043 | 4000 | 3942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 10/01/2053 | 1375 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Social Bonds, Series 141A, Rev., 5.75%, 10/01/2053 | 2665 | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Sustainable Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 144A, Rev., 4.45%, 10/01/2044 | 2000 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 144A, Rev., 6.00%, 10/01/2054 | 2490 | 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Sustainable Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149A, Rev., 6.50%, 10/01/2055 (w) | 1875 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 4.25%, 10/01/2052 | 1830 | 1846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2037 | 2100 | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2043 | 715 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2027 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2034 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2046 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2041 | 1250 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/01/2044 | 2500 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.25%, 06/01/2047 | 2465 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 12/01/2039 | 3000 | 2873 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2026 | 400 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2027 | 500 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2039 | 1305 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 12/01/2047 | 3000 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 12/01/2040 | 1400 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 12/01/2042 | 1555 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/01/2027 | 345 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/01/2041 | 1560 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/01/2046 | 1350 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Subordinate, Series B, Rev., 5.00%, 12/01/2038 | 1500 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040 | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate, Rev., 5.00%, 12/01/2030 | 1750 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2026 | 2000 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., 5.00%, 06/01/2027 | 2480 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2033 | 1250 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2039 (e) | 740 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Children's Hospital of Philadelphia, Rev., 4.00%, 07/01/2037 | 2000 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e) | 900 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Thomas Jefferson University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2032 | 1110 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2035 | 1105 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2047 | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., Series A, Rev., 4.00%, 08/01/2045 | 5000 | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenixville Area School District, GO, 4.00%, 11/15/2040 | 695 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh School District, GO, BAM, 4.00%, 09/01/2042 | 2240 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 09/01/2036 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 09/01/2038 | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 09/01/2045 | 2250 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, First Lien, Series A, Rev., 5.00%, 09/01/2048 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ridley School District, GO, BAM, 5.25%, 11/15/2039 | 4545 | 4726 |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Philadelphia, Series A, GO, BAM, 4.00%, 09/01/2039 | 7500 | 7274 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 202 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Philadelphia (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2046 | 2000 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 09/01/2046 | 6610 | 5942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2027 | 610 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2031 | 245 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2035 | 3000 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 09/01/2035 | 5000 | 5096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 09/01/2037 | 2000 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Philadelphia (The), Green Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 09/01/2027 | 895 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 09/01/2028 | 485 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 09/01/2029 | 450 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037 | 1025 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, Asset Improvement Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2041 | 3000 | 3187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2042 | 1500 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2047 | 7750 | 8033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sports & Exhibition Authority of Pittsburgh and Allegheny County, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2027 | 2250 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2028 | 2590 | 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp; State College Area School District, GO, 5.00%, 03/15/2040 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Northampton County Area Community, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 03/01/2029 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 03/01/2030 | 640 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 03/01/2031 | 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 03/01/2027 | 715 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 03/01/2028 | 755 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Philadelphia Community College, Rev., BAM, 5.00%, 06/15/2028 | 5505 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Philadelphia School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2030 | 3480 | 3538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 4520 | 4584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2033 | 3320 | 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2025-XX1404, Rev., LIQ: Barclays Bank plc, 1.95%, 10/01/2055 (e) (z) | 12380 | 12380 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Hospitals & Higher Education Facilities Authority of Philadelphia, Temple University Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2033 | 2950 | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2034 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Pennsylvania State University, Rev., 5.00%, 09/01/2043 | 1570 | 1654 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The School District of Philadelphia, Series A, GO, 5.00%, 09/01/2044 | 16500 | 16521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union County Hospital Authority, Evangelical Community Hospital, Rev., 5.00%, 08/01/2048 | 7500 | 7286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westmoreland County Industrial Development Authority, Excela Health Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2025 | 575 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2028 | 1400 | 1451 |
|  |  | 621184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Note Claims, 0.00%, 11/01/2051 (z) | 5865 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Restructured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 07/01/2033 | 481 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.38%, 07/01/2025 | 954 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.63%, 07/01/2027 | 5045 | 5192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.63%, 07/01/2029 | 2000 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.75%, 07/01/2031 | 2008 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 07/01/2033 | 7410 | 5123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z) | 17010 | 10461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Subordinated, Note Claims, Series CL, 0.00%, 11/01/2051 (z) | 4507 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.25%, 07/01/2023 (d) | 100 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC, Rev., 4.63%, 07/01/2025 (d) | 100 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Rev., 5.00%, 07/01/2020 (d) | 570 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NN, Rev., NATL, 4.75%, 07/01/2033 | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, Rev., 5.00%, 07/01/2020 (d) | 285 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, Rev., 5.00%, 07/01/2021 (d) | 100 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, Rev., 5.00%, 07/01/2037 (d) | 1200 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 4.63%, 07/01/2025 (d) | 100 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 4.75%, 07/01/2026 (d) | 295 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Rev., 4.25%, 07/01/2020 (d) | 470 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Rev., 5.25%, 07/01/2019 (d) | 580 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Rev., 5.25%, 07/01/2023 (d) | 500 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, Libor, Series UU, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.52%), 3.57%, 07/01/2029 (aa) | 500 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured, |  |  |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 203

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., Zero Coupon, 07/01/2031 | 2925 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 07/01/2058 | 25950 | 24396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.55%, 07/01/2040 | 1385 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.33%, 07/01/2040 | 11000 | 10322 |
|  |  | 73377 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Rhode Island — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037 | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Lifespan Health System, Rev., 5.00%, 05/15/2039 | 5500 | 5443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Rev., 5.25%, 05/15/2054 | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., Rev., FHA, 3.60%, 10/01/2054 (z) | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049 | 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 0.95%, 04/01/2026 | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 1.10%, 04/01/2027 | 300 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 1.65%, 10/01/2029 | 715 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 3.00%, 10/01/2050 | 765 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051 | 1855 | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Student Loan Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.63%, 12/01/2037 | 810 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 12/01/2041 | 1040 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 12/01/2043 | 1535 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Student Loan Authority, Senior, Series A, Rev., AMT, 5.00%, 12/01/2044 | 3950 | 3868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Student Loan Authority, Senior Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2029 | 370 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.13%, 12/01/2043 | 1350 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Turnpike & Bridge Authority, Rev., 5.00%, 10/01/2040 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series B, Rev., 4.50%, 06/01/2045 | 1950 | 1935 |
|  |  | 24229 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Carolina — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charleston County Airport District, Rev., 5.00%, 07/01/2042 | 1650 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Columbia Waterworks & Sewer System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2047 | 2625 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 02/01/2041 | 5000 | 4759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/01/2036 | 1085 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/01/2037 | 1500 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/01/2038 | 1500 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lexington County Health Services District, Inc., Lexmed Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2030 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2031 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Series B1, Rev., 5.25%, 02/01/2054 (z) | 14400 | 15459 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Rev., 4.50%, 11/01/2054 | 2300 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Projects, Rev., 5.50%, 11/15/2044 | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z) | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Conway Hospitals, Inc., Rev., 5.25%, 07/01/2047 (p) | 7480 | 7473 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048 | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group, Rev., 5.50%, 11/01/2046 | 2000 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030 | 1500 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., 5.00%, 05/01/2043 | 2000 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Unrefunded AnMed Health Project, Rev., 5.00%, 02/01/2038 | 3975 | 3978 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Ports Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2043 | 5680 | 5685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2055 | 2000 | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2037 | 3250 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2039 | 4000 | 4131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2042 | 3250 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2043 | 2800 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2033 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2034 | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2037 | 2000 | 1947 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 204 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Carolina — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2038 | 520 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2027 | 1525 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2029 | 85 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2031 | 4500 | 4899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2037 | 2025 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2043 | 1500 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/01/2050 | 3000 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2036 | 2200 | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2040 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2041 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050 | 2190 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027 | 1600 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Unrefunded Obligations, Series E, Rev., 5.25%, 12/01/2055 | 7000 | 7005 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 01/01/2055 | 3310 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 01/01/2052 | 520 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2052 | 705 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 3330 | 3763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.25%, 01/01/2052 | 4475 | 4435 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Transportation Infrastructure Bank, Rev., 5.00%, 10/01/2039 | 5000 | 5096 |
|  |  | 128625 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Dakota — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lincoln, GO, 5.00%, 12/01/2048 | 3000 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041 | 250 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Health & Educational Facilities Authority, Rev., 5.00%, 07/01/2046 | 2000 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Health & Educational Facilities Authority, Avera Health, Series A, Rev., 5.25%, 07/01/2054 | 10000 | 10231 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Health & Educational Facilities Authority, Sanford Obligated Group, Rev., 5.00%, 11/01/2045 | 4500 | 4447 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055 | 3230 | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 11/01/2055 | 1040 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 05/01/2051 | 655 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 | 4120 | 4464 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Dakota — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051 | 2010 | 1978 |
|  |  | 31722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tennessee — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board, Commonspirit Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2028 | 305 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2044 | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chattanooga Electric Revenue, Series A, Rev., 4.00%, 09/01/2033 | 5000 | 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p) | 965 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044 | 3365 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Memphis TN Electric System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2025 | 1085 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2031 | 600 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2032 | 850 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Memphis, Electric System Revenue, Series A, Rev., 4.00%, 12/01/2050 | 1225 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland Health & Educational Facilities Board, Rev., 5.25%, 08/15/2054 | 14700 | 15075 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Coffee, GO, 5.00%, 06/01/2026 | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Rutherford TN, GO, 3.00%, 04/01/2033 | 6625 | 6281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson City Health & Educational Facilities Board, Tapestry at Roan Hill, Rev., HUD, 3.60%, 12/01/2027 (z) | 3000 | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility Board, University of Tennessee Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., BAM, 5.00%, 07/01/2039 | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., BAM, 5.25%, 07/01/2049 | 1365 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility Board, Westview Towers Project, Rev., HUD, 3.95%, 12/01/2027 (z) | 410 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knoxville's Community Development Corp., Willow Place Project, Rev., HUD, 3.75%, 12/01/2027 (z) | 1800 | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2032 | 270 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2043 | 2055 | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Rev., 5.25%, 05/01/2048 | 1250 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Medical Center, Rev., 5.00%, 07/01/2046 | 1285 | 1260 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 205

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tennessee — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040 | 7555 | 7543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project Senior Lien, Series A, Rev., 5.25%, 07/01/2048 | 2925 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Rev., 5.00%, 05/15/2043 | 1500 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue Refunding and Improvement, Rev., 5.00%, 07/01/2039 | 2045 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Knoxville Airport Authority, Series A, Rev., 5.25%, 06/01/2054 | 4235 | 4366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2026 | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2027 | 170 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/01/2033 | 270 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/01/2047 | 3500 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.50%, 07/01/2038 | 1625 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Tennessee, GO, 5.00%, 05/01/2041 | 7470 | 7983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z) | 5500 | 5531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z) | 5000 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2049 (z) | 4480 | 4486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2052 (z) | 18000 | 18963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project, Series A1, Rev., 5.00%, 05/01/2053 (z) | 9000 | 9280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Residential Finance Program I, Rev., 3.75%, 01/01/2050 | 165 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Sustainable Bonds, Series 1A, Rev., 4.50%, 07/01/2044 | 1220 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williamson County Industrial Development Board, Wood Duck Court Apartments, Rev., HUD, 5.00%, 05/01/2042 (z) | 1460 | 1496 |
|  |  | 126946 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alief Independent School District, GO, PSF-GTD, 2.00%, 02/15/2038 | 1890 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allen Independent School District, GO, PSF-GTD, 4.38%, 02/15/2050 | 2600 | 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anson Education Facilities Corp., Arlington Classics Academy, Rev., 5.00%, 08/15/2045 | 1370 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.88%, 06/15/2054 (e) | 1050 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 4.00%, 08/15/2025 | 445 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 4.00%, 08/15/2026 | 265 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 4.00%, 08/15/2030 | 425 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 5.00%, 08/15/2031 | 555 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Legacy Traditional Schools, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 02/15/2041 | 815 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 02/15/2042 (e) | 250 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austin Community College District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2048 | 3500 | 3583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 08/01/2053 | 1500 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033 | 1125 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austin Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2026 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2038 | 500 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barbers Hill Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2032 | 500 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2035 | 3000 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bastrop Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 2000 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beaumont Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 02/15/2033 | 2500 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2028 | 1535 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bells Independent School District, GO, PSF-GTD, 4.25%, 02/15/2053 | 2310 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bexar County, GO, 4.00%, 06/15/2038 | 2205 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bexar County Hospital District, Certificates Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 02/15/2039 | 1090 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2043 | 2750 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bexar County Hospital District, Certificates of Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2036 | 370 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2037 | 230 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2030 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 08/15/2027 | 1000 | 1049 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 206 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boerne Independent School District, GO, PSF-GTD, 3.13%, 02/01/2053 (z) | 1735 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033 | 1670 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazos Higher Education Authority, Inc., Rev., AMT, 4.00%, 04/01/2045 | 2630 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazosport Independent School District, GO, PSF-GTD, 5.00%, 02/15/2030 | 1925 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Area Housing Finance Corp., Redwood Apartments, Rev., 3.50%, 01/01/2041 (z) | 2395 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrollton-Farmers Branch Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 02/15/2053 | 5000 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2026 | 2500 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castleberry Independent School District, GO, PSF-GTD, 5.00%, 02/15/2041 | 700 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celina Independent School District, GO, PSF-GTD, 5.00%, 02/15/2031 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2037 | 1285 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2040 | 800 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2051 | 1250 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2037 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2046 | 7800 | 7855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., BAN, 5.00%, 01/01/2027 | 2000 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2039 | 600 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2040 | 500 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2045 | 3595 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 01/01/2033 | 480 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 01/01/2045 | 2665 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2031 | 1490 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2037 | 10000 | 10820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2038 | 7690 | 8241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2040 | 2500 | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chapel Hill Independent School District/Smith County, GO, PSF-GTD, 5.00%, 02/15/2039 | 700 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Austin, Certificates Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2032 | 1750 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2033 | 1100 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2034 | 1750 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Arlington TX Water & Wastewater System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2037 | 1445 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2039 | 1445 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Arlington, Tax, Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041 | 1000 | 850 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Electric Utility Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2048 | 6210 | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2031 | 1595 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin TX Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041 | 6500 | 6835 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Water & Wastewater System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2036 | 185 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2041 | 1510 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2041 | 7000 | 7027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2025 (p) | 510 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2032 | 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2029 | 1400 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2040 | 1500 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2030 | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2033 | 1130 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2036 | 3335 | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2044 | 1335 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Electric Utility Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2038 | 1265 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2037 | 1505 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2038 | 1340 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Public Improvement, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2033 | 5000 | 5656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2034 | 2800 | 3179 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033 | 620 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Beaumont TX Waterworks & Sewer System Revenue, Rev., BAM, 5.00%, 09/01/2049 | 2000 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Celina TX, Special Assessment, BAM, 5.00%, 09/01/2040 | 1200 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Celina, Mosaic Public Improvement District, Special Assessment, 5.13%, 09/01/2044 (e) | 2150 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Celina, Wells North Public Improvement District, Special Assessment, 5.25%, 09/01/2046 (e) | 1120 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Corpus Christi Utility System Revenue, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2041 (w) | 2110 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2042 (w) | 2750 | 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Corpus Christi, Utility System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2028 | 1885 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2039 | 1000 | 1066 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 207

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Housing Finance Corp., Rev., FHA, 5.00%, 08/01/2027 (z) | 350 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Housing Finance Corp., Estates at Ferguson, Rev., 5.00%, 07/01/2042 (z) | 1010 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas TX, GO, 4.00%, 02/15/2043 | 6000 | 5499 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Waterworks & Sewer System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2032 | 1250 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2047 | 5000 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 10/01/2031 | 1500 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas, Fair Park Venue Project Senior, Special Tax, 6.25%, 08/15/2053 (e) (z) | 3500 | 3501 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas, Hutchison Convention Center, Special Tax, 6.00%, 08/15/2053 (e) (z) | 9720 | 9734 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas, Waterworks & Sewer System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 10/01/2039 | 7470 | 7171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 10/01/2040 | 1000 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 10/01/2029 | 1125 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Denton, GO, 2.00%, 02/15/2032 | 1345 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Denton, Certificates Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 02/15/2034 | 2565 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 02/15/2035 | 2625 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Eagle Pass, Certificates Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 03/01/2039 | 500 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 03/01/2041 | 680 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of El Paso, BAM TCRS, GO, BAM, 4.00%, 08/15/2042 (p) | 120 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of El Paso, Unrefunded BAM TCRS, GO, BAM, 4.00%, 08/15/2042 | 10780 | 9943 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Fort Worth, GO, 4.00%, 03/01/2030 | 1150 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Fort Worth TX Water & Sewer System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2037 | 2305 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2038 | 1390 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2041 | 710 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Galveston TX Wharves & Terminal Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 08/01/2039 | 750 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2041 | 1050 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2042 | 700 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2043 | 1100 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2044 | 700 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e) | 500 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/15/2033 | 3000 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2028 | 470 | 493 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, Subordinated Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2035 | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2040 | 3570 | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2028 | 2440 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2029 | 1580 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2034 | 2500 | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2037 | 2000 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2026 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2027 | 1995 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, United Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.50%, 07/15/2037 | 8565 | 8896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.50%, 07/15/2039 | 2000 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/15/2041 | 4365 | 3787 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033 | 1200 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Combined Utility System Revenue, Subordinated First Lien, Rev., 5.00%, 11/15/2025 | 2500 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2025 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2029 | 280 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston TX, GO, 5.25%, 03/01/2049 | 16000 | 16495 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028 | 600 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System Revenue, First Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2029 | 1100 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2029 | 3100 | 3377 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Hutto TX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.13%, 08/01/2049 | 2500 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/01/2043 | 1220 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e) | 315 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e) | 185 | 185 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 208 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lavon, Elevon Public Improvement District, Special Assessment, 5.00%, 09/15/2044 (e) | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lubbock Electric Light & Power System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2026 | 800 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2027 | 785 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2028 | 900 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2035 | 1345 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2038 | 1045 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2040 | 1200 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of McKinney Waterworks & Sewer System Revenue, Rev., 5.00%, 03/15/2026 | 350 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Palestine, Certificates Obligation, GO, 4.00%, 02/15/2046 | 5000 | 4413 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Pflugerville, Certificates of Obligation, GO, 4.00%, 08/01/2049 | 2750 | 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Plano, GO, 4.00%, 09/01/2043 | 1000 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Round Rock TX, GO, 4.13%, 08/15/2046 | 3210 | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2030 | 1660 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2033 | 1795 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2035 | 1650 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 02/01/2040 | 3000 | 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue, Junior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., (SIFMA Municipal Swap Index + 0.87%), 2.79%, 02/01/2048 (aa) | 3000 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2037 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/01/2035 | 2200 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 1.13%, 12/01/2045 (z) | 6510 | 6285 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio TX Electric & Gas Systems Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2036 | 1680 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2040 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 02/01/2044 | 1660 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 02/01/2049 | 4000 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio, Electric & Gas Systems Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2027 | 2000 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.25%, 02/01/2054 | 4500 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Sugar Land, GO, 5.00%, 02/15/2037 | 1060 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Texas City, Certificates Obligation, GO, 5.00%, 02/15/2045 | 10455 | 10695 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Waco TX, GO, 5.00%, 02/01/2049 | 3000 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Creek Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2033 | 760 | 857 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036 | 1065 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.00%, 08/15/2044 | 4045 | 3619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2035 | 1300 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2037 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public School, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2026 | 1840 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/15/2035 | 415 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/15/2047 | 1300 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 4.00%, 08/15/2036 | 700 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 4.00%, 08/15/2047 | 1175 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2025 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2026 | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2027 | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2028 | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2030 | 215 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., International Leadership of Texas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.00%, 08/15/2025 | 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.00%, 02/15/2055 (z) | 7000 | 7128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.25%, 02/15/2043 | 3900 | 4080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.25%, 02/15/2044 | 2000 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2028 | 900 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Texas Idea Public Schools, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2038 | 2905 | 3095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2041 | 2550 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2042 | 625 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2044 | 2270 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collin County Community College District, Series A, GO, 4.00%, 08/15/2035 | 1600 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Bexar, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/15/2040 | 11085 | 10466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 06/15/2043 (p) | 2000 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Collin, GO, 5.00%, 02/15/2029 | 2000 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041 | 2550 | 2691 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Denton, GO, 5.00%, 07/15/2027 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Denton TX, GO, 4.00%, 07/15/2043 | 2800 | 2574 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 209

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of El Paso, Series A, GO, 5.00%, 02/15/2027 | 1430 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris, Series A, GO, 5.00%, 10/01/2029 | 1150 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026 | 1750 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Nueces, GO, 5.00%, 02/15/2029 | 460 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 5.00%, 02/15/2037 | 2000 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 5.00%, 02/15/2038 | 1330 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2029 (p) | 1890 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2046 (p) | 2000 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2032 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 12/01/2051 | 2000 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2050 | 4000 | 4036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 11/01/2030 | 5000 | 5367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Dallas Fort Worth International, Rev., 5.00%, 11/01/2025 | 1825 | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Independent School District, Series B, GO, PSF-GTD, 3.00%, 02/15/2034 | 1370 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Del Valle Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2031 | 3085 | 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2032 | 3405 | 3526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2033 | 5740 | 5908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2034 | 3280 | 3345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denton Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2027 | 600 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2034 | 950 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2038 | 5000 | 5451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2042 | 2000 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Montgomery County Improvement District, Sales Tax Revenue, Rev., 5.00%, 08/15/2041 | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Paso County Hospital District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2034 (w) | 3205 | 3525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2035 (w) | 1800 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forney Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2040 | 600 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2043 | 2075 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 3.00%, 08/15/2037 | 3585 | 3132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 3.00%, 08/15/2038 | 4950 | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Grand Parkway Toll Road Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2026 | 750 | 760 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2027 | 285 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2029 | 390 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2030 | 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z) | 610 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z) | 830 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 1750 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garland Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2037 | 500 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2037 | 3500 | 3804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgetown Independent School District, GO, PSF-GTD, 2.00%, 08/15/2034 | 6155 | 5071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 900 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045 | 10125 | 8970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Texoma Utility Authority, City of Sherman Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2037 | 3060 | 3254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2038 | 1450 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2049 | 10000 | 10061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 4.00%, 10/01/2043 | 1940 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2041 | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2051 (z) | 3000 | 3280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., LOC: TD Bank NA, 2.00%, 10/01/2045 (z) | 2400 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 10/01/2037 | 1790 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2038 | 1000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 10/01/2038 | 1000 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 5.00%, 05/15/2050 (z) | 8000 | 8522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029 | 1700 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Flood Control District, Sustainability Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 09/15/2041 | 2500 | 2310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 09/15/2048 | 9000 | 7823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Industrial Development Corp., Energy Transfer, Rev., 4.05%, 11/01/2050 (z) | 2000 | 1957 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 210 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County, Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030 | 1200 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Senior Lien, Series A, Rev., 5.00%, 11/15/2029 | 3010 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hays Consolidated Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 02/15/2042 | 18160 | 16707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 1305 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hidalgo County Regional Mobility Authority, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2033 | 575 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2034 | 750 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051 | 1100 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston Higher Education Finance Corp., Kipp Inc, Rev., PSF-GTD, 4.00%, 08/15/2040 | 2500 | 2366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, GO, PSF-GTD, 5.00%, 08/15/2038 | 1490 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hutto Independent School District, GO, PSF-GTD, 5.00%, 08/01/2048 | 2400 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Irving Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2028 | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2035 | 2300 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2038 | 4375 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jarrell Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037 | 725 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katy Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2027 (w) | 3000 | 3106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2036 | 1340 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2042 (w) | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2043 (w) | 1505 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2046 (w) | 2560 | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 5.00%, 02/15/2036 | 2475 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 450 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klein Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 08/01/2046 | 4000 | 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/01/2028 (w) | 4270 | 4547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/01/2041 (w) | 1775 | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035 | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lake Travis Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2043 (p) | 1090 | 1129 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2029 | 150 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | 1500 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2043 | 2100 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2058 | 4335 | 4381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Hill Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/01/2040 | 1890 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/01/2041 | 2020 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Llano Independent School District, GO, PSF-GTD, 5.00%, 02/15/2032 | 1350 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2043 | 1750 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Love Field Airport Modernization Corp., Southwest Airlines Co Project, Rev., AMT, 5.00%, 11/01/2028 | 1400 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2031 | 4795 | 5303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2032 | 5000 | 5501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2027 | 420 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 05/15/2039 (z) | 3000 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2030 | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2051 | 3500 | 3502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029 | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mansfield Independent School District, GO, PSF-GTD, 3.00%, 08/01/2036 | 1000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1, Central Power & Light, Rev., AMT, 4.25%, 05/01/2030 | 825 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1, Central Power & Light Co., Rev., 2.60%, 11/01/2029 | 3500 | 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKinney Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1245 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medina Valley Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 0.82%, 02/15/2051 (z) | 445 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 3000 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Contractual Obligation, Series B, Rev., 5.00%, 11/01/2025 | 435 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland County Hospital District, Rev., BAM, 5.25%, 05/15/2054 | 2170 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2050 | 2300 | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 0.00%, 06/01/2048 (z) | 5665 | 5713 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 211

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 06/01/2054 (z) | 2475 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Republic Services, Rev., AMT, 4.10%, 01/01/2026 (z) | 4000 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Republic Services, Inc. Project, Series A, Rev., AMT, 4.10%, 05/01/2050 (z) | 4000 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Solid Waste Disposal Revenue Graphic Packaging International, LLC Project, Rev., AMT, 5.00%, 12/01/2064 (z) | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Waste Management Inc Project, Series B, Rev., AMT, 3.95%, 07/01/2040 (z) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Caney Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2037 | 625 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 1375 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | 2000 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2044 | 1250 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Series A, Rev., 5.00%, 07/01/2047 | 2000 | 1893 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Bella Vida Facility Living, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 10/01/2030 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.63%, 10/01/2030 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Children's Health System, Series A, Rev., 5.00%, 08/15/2047 | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., NCCD College Station Project, Series A, Rev., 5.00%, 07/01/2035 | 9400 | 9241 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049 | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corporation, Series A, Rev., 4.00%, 08/15/2040 | 3000 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038 | 1365 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp; North East Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.75%, 08/01/2049 (z) | 1570 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 08/01/2033 | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026 | 1520 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Higher Education Authority, Inc., Rev., AMT, 4.13%, 06/01/2045 | 4895 | 4724 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041 | 575 | 445 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System Revenue & Improvement, Rev., 5.00%, 09/01/2032 | 2875 | 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 01/01/2035 | 10000 | 6949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2031 | 3000 | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2032 | 6070 | 6716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2035 | 3250 | 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2044 | 3225 | 3377 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., Zero Coupon, 01/01/2030 | 1500 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2035 | 2000 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 1500 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2040 | 4000 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 01/01/2049 | 4000 | 3421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2048 | 2335 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2035 | 2100 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2036 | 1000 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2037 | 1000 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2027 | 215 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2033 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northside Independent School District, GO, PSF-GTD, 3.55%, 06/01/2050 (z) | 4000 | 4031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 (w) | 2225 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.25%, 02/15/2055 (w) | 3820 | 3974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2036 | 1000 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2042 (p) | 1505 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odessa Junior College District, Consolidated Fund, Rev., 4.00%, 07/01/2026 | 1015 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047 | 2000 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1075 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pecos Barstow Toyah Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2027 | 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2039 | 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permanent University Fund—Texas A&M University System, Board of Regents, Rev., 5.00%, 07/01/2042 | 1695 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permanent University Fund—Texas A&M University System, Board Of Regents, Rev., 5.00%, 07/01/2039 | 1500 | 1594 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 212 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Permanent University Fund—University of Texas System, Permanent University Fund Bonds, Rev., 5.00%, 07/01/2033 | 1090 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plano Independent School District, GO, 5.00%, 02/15/2027 | 650 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2026 | 850 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2028 | 1250 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2029 | 1250 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, First Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2025 | 950 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2048 | 8500 | 8617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Beaumont Navigation District, Jefferson Gulf Coast Energy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.00%, 01/01/2027 (e) | 550 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.25%, 01/01/2029 (e) | 800 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.88%, 01/01/2041 (e) | 120 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e) | 8000 | 7079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Rev., AMT, 5.00%, 01/01/2039 (e) | 3250 | 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Taxable Jefferson Gulf Coast, Rev., 10.00%, 07/01/2026 (e) | 4000 | 4041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosper Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2030 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red River Education Finance Corp., Rev., 5.00%, 03/15/2035 | 1430 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwall Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027 | 1335 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2044 (z) | 10000 | 10847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royse City Independent School District, GO, PSF-GTD, 5.00%, 02/15/2039 | 1000 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., University of The Incarnate Word, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2038 | 2065 | 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2041 | 1000 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Water System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013F, Rev., 1.00%, 05/01/2043 (z) | 6000 | 5795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2034 | 2375 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 05/15/2046 | 6670 | 6734 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien, Series A, Rev., 5.00%, 05/15/2043 | 3500 | 3533 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Marcos Consolidated Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2027 | 1830 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2040 | 2000 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Socorro Independent School District, GO, PSF-GTD, 4.00%, 08/15/2040 | 2575 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Independent School District, GO, PSF-GTD, 5.00%, 02/01/2027 | 410 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spring Independent School District, GO, 5.00%, 08/15/2030 | 600 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/01/2042 | 1170 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 08/01/2030 | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Mobility Fund, Series B, GO, 5.00%, 10/01/2032 | 14655 | 14696 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Public Finance Authority, GO, 5.00%, 10/01/2026 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Water Financial Assistance, Series B, GO, 5.00%, 08/01/2037 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Rev., 5.00%, 07/01/2038 | 5000 | 5094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Health Care System, Rev., VRDO, LOC: TD Bank NA, 3.50%, 07/01/2025 (z) | 13400 | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2042 | 15000 | 13815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2045 | 4195 | 4197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047 | 12415 | 12865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health, Rev., 5.00%, 11/15/2052 (z) | 1890 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable, Rev., 1.39%, 09/01/2025 | 600 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals Dallas, Rev., VRDO, LOC: TD Bank NA, 4.00%, 07/01/2025 (z) | 11110 | 11110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2041 | 1975 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2030 | 1000 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2037 | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Rev., 5.00%, 02/15/2041 | 5000 | 5016 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 213

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant Regional Water District Water Supply System Revenue, Rev., 5.00%, 03/01/2036 | 3500 | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2024-XG0585, Rev., LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 4.10%, 07/01/2064 (e) (z) | 24075 | 24075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas A&M University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2036 | 5000 | 5570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2037 | 1000 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2042 | 4830 | 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas A&M University, Financing System, Series B, Rev., 4.00%, 05/15/2043 | 20595 | 18649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA COLL, 6.00%, 07/01/2054 | 2020 | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA COLL, 4.00%, 03/01/2050 | 290 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA COLL, 6.00%, 03/01/2053 | 530 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA COLL, 6.00%, 03/01/2054 | 3055 | 3332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052 | 1750 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, Sustainable Bond, Series B, Rev., GNMA COLL, 5.75%, 01/01/2053 | 910 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing and Community Affairs, Series B, Rev., GNMA COLL, 4.90%, 07/01/2045 | 3000 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2025 | 1305 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2030 | 3300 | 3489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2031 | 2000 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. IV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 01/01/2054 (z) | 15815 | 16798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.50%, 01/01/2054 (z) | 9795 | 10744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corporation V, Rev., 5.00%, 01/01/2055 (z) | 5835 | 6202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026 | 5470 | 5614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Power Agency, Rev., 3.00%, 09/01/2038 | 500 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058 | 25060 | 23929 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/31/2030 | 3970 | 4037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/30/2033 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Senior Lien Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.38%, 06/30/2037 | 1750 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.38%, 06/30/2038 | 3955 | 4128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2041 | 1425 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2043 | 2750 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Senior Lien North Tarrant Express Project, Rev., AMT, 5.50%, 12/31/2058 | 6000 | 6151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp., Juniper Creek Apartments, Rev., 3.75%, 07/01/2044 (z) | 485 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp., Norman Commons, Rev., 3.63%, 01/01/2045 (z) | 565 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas State University System, Rev., 5.00%, 03/15/2041 | 2550 | 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z) | 4500 | 4385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2035 | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2026 | 2250 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2028 | 115 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2033 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.25%, 10/15/2051 | 2890 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.38%, 10/15/2054 | 3835 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.38%, 10/15/2059 | 1610 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2038 | 1900 | 2079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2039 | 3000 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, Revolving Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2038 | 500 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2028 | 625 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2028 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, State Revolving Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2037 | 2015 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2027 | 2835 | 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 10/15/2033 | 2000 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/15/2033 | 1900 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/15/2026 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2030 | 500 | 503 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 214 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2047 | 2480 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 04/15/2049 | 11535 | 11623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046 | 2000 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z) | 190 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029 | 1500 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Houston, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2034 | 2000 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2041 | 2000 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Texas, Series C, Rev., 5.00%, 08/15/2028 | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upper Trinity Regional Water District, Rev., BAM, 4.25%, 08/01/2049 | 1500 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uptown Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 4.00%, 09/01/2033 | 400 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 4.00%, 09/01/2035 | 995 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waco Educational Finance Corp., Baylor University Issue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2035 | 1500 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/01/2036 | 750 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 02/15/2040 | 2800 | 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 02/15/2042 | 6550 | 6766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waxahachie Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 02/15/2049 | 2500 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.25%, 02/15/2053 | 1670 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2028 | 1250 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2029 | 1370 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2035 | 1135 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2042 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2043 | 1500 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2044 | 900 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weslaco Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitesboro Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028 | 550 | 583 |
|  |  | 1240058 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, Special Assessment, 5.63%, 12/01/2053 (e) | 2135 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Salt Lake City Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2028 | 1875 | 1963 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2037 | 5000 | 5142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2046 | 5000 | 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2047 | 2560 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2040 | 2400 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2041 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2042 | 2750 | 2823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2048 | 2750 | 2774 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Utah, IHC Health Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 05/15/2045 | 10020 | 8926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 05/15/2060 (z) | 625 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien, Series A, GO, 6.00%, 03/01/2053 (e) | 1415 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, First Lien Seg Redevelopment Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2036 | 1650 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2037 | 1700 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2038 | 1650 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2039 | 2300 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2041 | 1425 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2042 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2043 | 545 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 06/01/2050 | 9170 | 9664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, Subordinated Lien Seg Redevelopment Project, Rev., 5.00%, 07/15/2035 (e) | 1425 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firefly Public Infrastructure District No. 1 Assessment Area No. 1, Special Assessment, 5.63%, 12/01/2043 (e) | 545 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030 | 500 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mida Cormont Public Infrastructure District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 0.00%, 06/01/2055 (e) | 500 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 6.25%, 06/01/2055 (e) | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Subordinate, Series 2, Tax Allocation, 5.75%, 06/15/2044 (e) | 3295 | 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mountain Veterans Program Public Infrastructure District, Tax Allocation, 5.20%, 06/01/2054 (e) | 1190 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Point Phase 1 Public Infrastructure District No. 1, Series A1, Rev., 5.88%, 03/01/2045 (w) | 1250 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028 | 2000 | 2133 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 215

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e) | 600 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Utah, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 07/01/2034 | 2000 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 07/01/2029 | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timpanogos Special Service District, Rev., 5.00%, 06/01/2054 | 11150 | 11462 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Utah (The), Series A, Rev., 5.00%, 08/01/2039 | 1505 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040 | 1750 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Housing Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.60%, 07/01/2044 | 2275 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1755 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2665 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 01/01/2054 | 1385 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.45%, 01/01/2044 | 1350 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.65%, 01/01/2049 | 2000 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1955 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 4755 | 5297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Housing Corp., Drawdown New City, Rev., FHA HUD, 3.63%, 02/01/2026 | 906 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Municipal Power Agency, Rev., 5.00%, 07/01/2038 | 8900 | 8977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Telecommunication Open Infrastructure Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 130 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2031 | 210 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2035 | 700 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2037 | 2250 | 2446 |
|  |  | 118764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vermont — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 2035 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2049 | 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034 | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 06/15/2036 | 460 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.25%, 06/15/2037 | 780 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 06/15/2038 | 690 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.50%, 06/15/2039 | 735 | 698 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vermont — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/15/2030 | 600 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/15/2031 | 700 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/15/2032 | 950 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 2.38%, 06/15/2039 | 390 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Student Assistance Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/15/2037 | 2225 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/15/2038 | 1620 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/15/2039 | 1540 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.13%, 06/15/2040 | 1495 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 06/15/2041 | 1355 | 1323 |
|  |  | 15837 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle County Economic Development Authority, Westminster Canterbury of the Blue Ridge, Rev., 4.00%, 06/01/2035 | 1365 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Redevelopment and Housing Authority, 431 S Columbus Street, Rev., HUD, 3.40%, 12/01/2054 (z) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Rev., 5.00%, 07/01/2051 | 7145 | 6974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Fairfax Sewer Revenue, Series A, Rev., 5.00%, 07/15/2037 | 685 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p) | 945 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Economic Development Authority, Smithsonian Institution, Series A, Rev., VRDO, 1.82%, 07/07/2025 (z) | 8395 | 8395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Rev., 4.00%, 05/15/2048 | 20615 | 18262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Inova Health System Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2042 | 3440 | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2029 | 2000 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Redevelopment & Housing Authority, Dominion Square North Project, Rev., 5.00%, 01/01/2045 (z) | 1700 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily VRD Certificates, Series A, Rev., 2.25%, 12/15/2037 | 945 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halifax County Industrial Development Authority, Rev., 3.80%, 12/01/2041 (z) | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2036 | 1000 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2037 | 1600 | 1782 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 216 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2038 | 1500 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Series A, Rev., BAN, 5.00%, 07/01/2027 | 6310 | 6604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAN, 5.00%, 07/01/2026 (p) | 1130 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2031 | 1500 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., TRAN, 5.00%, 07/01/2038 (p) | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2039 | 2100 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, Bon Secours Mercy Health, Inc., Rev., 5.00%, 11/01/2035 | 7105 | 7824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isle of Wight County Economic Development Authority, Riverside Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 750 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 500 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2043 | 1620 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2053 | 5000 | 5053 |
| &nbsp;&nbsp;&nbsp;&nbsp; James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035 | 150 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisa Industrial Development Authority, Virginia Electric and Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z) | 2125 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority, Centra Health Obligation Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 01/01/2051 | 4750 | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2029 | 700 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Airport Authority, Rev., 5.00%, 07/01/2038 | 1175 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Redevelopment & Housing Authority, Braywood Manor Apartments Project, Rev., HUD, 5.00%, 05/01/2043 (z) | 350 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community Harbor, Rev., 4.38%, 01/01/2039 | 1400 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roanoke Economic Development Authority, Carilion Clinic Obligation Group, Rev., 5.00%, 07/01/2047 | 2000 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upper Occoquan Sewage Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2033 (p) | 2630 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2027 (p) | 2485 | 2485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, Temps 50Sm Westminster Canterbury, Rev., 5.38%, 09/01/2029 | 2000 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044 | 2215 | 2100 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, Westminster Canterbury on Chesapeake Bay, Rev., 6.50%, 09/01/2043 | 3300 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 02/01/2028 | 4000 | 3995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 02/01/2034 | 3500 | 3550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, 21st Century College & Equipment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2044 | 5000 | 4539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2028 | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, 21st Century College and Equipment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2040 | 1815 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2029 | 1000 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2033 | 3750 | 4054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, 21st Century College Program, Rev., 4.00%, 02/01/2036 | 12500 | 12537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e) | 1000 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Commonwealth University Health System Authority, Rev., VRDO, LOC: TD Bank NA, 3.75%, 07/01/2025 (z) | 14700 | 14700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.40%, 10/01/2044 | 1000 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 4.35%, 10/01/2044 | 685 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 4.50%, 07/01/2045 | 735 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.05%, 11/01/2047 | 1750 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, Commonwealth Mortgage Bond, Rev., 3.63%, 07/01/2055 (z) | 1890 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Rev., 4.70%, 07/01/2040 (w) | 930 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2045 | 5000 | 4906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Port Authority Commonwealth Port Fund, Rev., AMT, 5.00%, 07/01/2039 (p) | 1955 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Public Building Authority, Rev., 5.00%, 08/01/2034 | 4000 | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033 | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Public School Authority, Series B, Rev., 5.00%, 08/01/2052 | 3670 | 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Resources Authority Clean Water Revolving Fund, Revolving Fund, Series B, Rev., 4.00%, 10/01/2027 | 5000 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028 | 1510 | 1624 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 217

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, National Senior Campuses, Series A, Rev., 5.00%, 01/01/2032 | 1500 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Pure Salmon Virginia, LLC, Rev., AMT, 4.00%, 11/01/2052 (z) | 3305 | 3306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien 95 Express, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2032 | 400 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2033 | 2320 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2036 | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien Elizabeth River, Rev., AGM-CR, AMT, 3.00%, 01/01/2041 | 4000 | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, 495 Hot, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2040 | 3735 | 3783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2041 | 3470 | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2047 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Elizabeth River, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.00%, 01/01/2041 | 4740 | 3648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 01/01/2030 | 3125 | 3147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 01/01/2033 | 1500 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 01/01/2034 | 2250 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Transform 66 P3 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2047 | 2575 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2052 | 8425 | 7952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2056 | 6250 | 5846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williamsburg Economic Development Authority, Williamsburg Properties LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2048 | 1245 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2053 | 5100 | 5290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winchester Economic Development Authority, Valley Health Systems Obligation, Rev., 4.00%, 01/01/2037 | 2000 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z) | 4500 | 4468 |
|  |  | 243617 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue, Series S1, Rev., 5.00%, 11/01/2035 (p) | 1085 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026 | 1285 | 1313 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle Municipal Light & Power Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2040 | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2034 (w) | 1500 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2035 (w) | 545 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2041 (w) | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 2.17%, 05/01/2045 (aa) | 2000 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040 | 1300 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle WA Municipal Light & Power Revenue, Series A, Rev., 4.00%, 01/01/2047 | 10000 | 8933 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044 | 945 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tacoma, Electric System Revenue, Series A, Rev., 4.00%, 01/01/2042 | 5460 | 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034 | 665 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Grant, GO, 5.25%, 12/01/2047 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of King, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2042 | 5155 | 5404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2034 | 1335 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2025 (p) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2035 | 5265 | 5265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2042 | 1625 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, Project 1, Series A, Rev., 5.00%, 07/01/2028 | 4550 | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fircrest Properties, Sustainable Bonds State of Water, Rev., 5.50%, 06/01/2049 | 3000 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grant County Public Hospital District No. 2, GO, 5.50%, 12/01/2044 | 900 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2040 | 1250 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2043 (p) | 1555 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grant County, Public Utility District No. 2, Electric Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-O, Rev., 5.00%, 01/01/2047 | 4950 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, Rev., 2.00%, 01/01/2044 (z) | 1500 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County Public Hospital District No. 2, Jefferson Healthcare, Series A, Rev., 6.63%, 12/01/2043 | 7500 | 7571 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 218 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 5.00%, 12/01/2042 | 3855 | 4054 |
| &nbsp;&nbsp;&nbsp;&nbsp; King County Housing Authority, Rev., 5.00%, 11/01/2029 | 1325 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp; King County Public Hospital District No. 4, GO, 5.00%, 12/01/2038 | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, GO, SCH BD GTY, 5.00%, 12/01/2041 | 5030 | 5294 |
| &nbsp;&nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, SCH BD GTY, 3.00%, 12/01/2037 | 5385 | 4737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, SCH BD GTY, 3.00%, 12/01/2038 | 1925 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, GO, SCH BD GTY, 5.00%, 12/01/2048 | 4000 | 4132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042 | 10000 | 9212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pierce County, Sumner School District No. 320, GO, SCH BD GTY, 5.00%, 12/01/2040 | 1600 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2036 | 2000 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 05/01/2028 | 4000 | 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle WA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2028 | 2250 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AMT, 5.00%, 06/01/2048 | 10000 | 10126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2043 | 5000 | 5136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2044 | 14000 | 14309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2026 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2028 | 900 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2028 | 2250 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2028 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2030 | 4000 | 4208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2031 | 3450 | 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2032 | 2110 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2044 | 2000 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2046 | 3500 | 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2047 | 1250 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2047 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/01/2026 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/01/2028 | 1415 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/01/2034 | 3455 | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 08/01/2034 | 5000 | 5281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026 | 2045 | 1989 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Skagit County Public Hospital District No. 1, Rev., 5.50%, 12/01/2054 | 4500 | 4574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031 | 2145 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034 | 2000 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2043 | 2975 | 2762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 08/01/2038 | 1500 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 06/01/2034 | 1000 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2040 | 13645 | 13666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, GO, 5.00%, 08/01/2044 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2036 | 1475 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2040 | 3890 | 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 07/01/2025 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 07/01/2027 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/01/2035 | 4760 | 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 02/01/2042 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/01/2044 | 5000 | 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/01/2045 | 2900 | 2992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 4.00%, 07/01/2033 | 2000 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, AMBAC, Zero Coupon, 12/01/2029 | 1000 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, GO, 5.00%, 02/01/2031 | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, GO, 5.00%, 08/01/2031 | 750 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, GO, 5.00%, 08/01/2040 | 1545 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RC, GO, 5.00%, 08/01/2029 | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2017A, GO, 5.00%, 08/01/2027 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022B, GO, 4.00%, 02/01/2035 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022D, GO, 4.00%, 07/01/2028 | 3140 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2024C, GO, 5.00%, 08/01/2039 | 6980 | 7542 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Bid Group 1, Series C, GO, 5.00%, 02/01/2028 | 1490 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Bid Group 2, Series C, GO, 5.00%, 02/01/2046 | 7000 | 7205 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, MVFT/VRF GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 06/01/2034 | 4080 | 4462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 06/01/2038 | 2775 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Various Purpose, Series A, GO, 5.00%, 08/01/2041 | 10000 | 10193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Three Rivers Regional Wastewater Authority, Sustainable Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 09/01/2042 | 1750 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 09/01/2043 | 1000 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026 | 1275 | 1316 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 219

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Washington, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2026 (p) | 1500 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037 | 1200 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, Rev., 4.00%, 12/01/2040 (e) | 1510 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Seattle Children's Hospital, Series A, Rev., 4.00%, 10/01/2045 | 7500 | 6780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Unrefunded Providence Health, Rev., 5.00%, 10/01/2041 | 9500 | 9500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Unrefunded Providence Health & Services, Rev., 5.00%, 10/01/2044 | 4365 | 4295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2036 | 5500 | 5509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities District, Rev., 5.00%, 07/01/2058 | 3150 | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities District, Subordinated, Rev., 4.00%, 07/01/2058 | 1760 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities District, Subordinated Sustainable Bond, Rev., 5.00%, 07/01/2032 | 1540 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.38%, 04/20/2037 | 2388 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 12/20/2035 | 5594 | 5260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.09%, 03/20/2040 | 6162 | 5785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Ardea at Totem Lake Apartments, Rev., 5.00%, 12/01/2043 (z) | 6540 | 6651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Blakeley and Laurel Villages, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2055 (e) | 7500 | 7488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2064 (e) | 4590 | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030 | 2000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051 | 750 | 734 |
|  |  | 351568 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **West Virginia — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e) | 460 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e) | 1050 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e) | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z) | 2765 | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Commercial Metals Company Project, Rev., AMT, 4.63%, 04/15/2055 (z) | 2600 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Provident Group Marshall Properties, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2035 | 3150 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 3000 | 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 2250 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Rev., 5.75%, 09/01/2043 | 5250 | 5527 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Cabell Huntington Hospital, Rev., 5.00%, 01/01/2043 | 3000 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Improvement, University Health System Obligation, Rev., 5.00%, 06/01/2052 | 7000 | 6795 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Housing Development Fund, Sustainable Bonds, Series A, Rev., 4.40%, 11/01/2044 | 4000 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038 | 1000 | 1058 |
|  |  | 36358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Milwaukee, Promissory Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N3, GO, 5.00%, 04/01/2031 | 5500 | 6026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N4, GO, 5.00%, 04/01/2030 | 10150 | 10944 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026 | 2665 | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031 | 1700 | 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milwaukee Metropolitan Sewerage District, Green Bond Climate Bond Certificate, GO, 4.00%, 10/01/2043 | 6150 | 5678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Rev., 5.20%, 12/01/2037 | 2450 | 2492 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 220 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, A Challenge Foundation Academy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.63%, 07/01/2043 (e) | 700 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.88%, 07/01/2053 (e) | 1650 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Project, Rev., 5.00%, 12/15/2036 (e) | 2808 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045 | 1105 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030 | 5000 | 4976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, CFP3 Eastern Michigan University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 07/01/2029 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2034 | 260 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2042 | 5625 | 5797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.38%, 07/01/2047 | 8025 | 8140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.50%, 07/01/2052 | 6005 | 6077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, CHF Wilmington LLC University, Rev., 5.00%, 07/01/2053 | 3970 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z) | 1535 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Givens Estates, Rev., 4.00%, 12/01/2041 | 1000 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Kahala Nui Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2040 | 450 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2041 | 715 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, KU Campus Development Corp. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2041 | 3000 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2046 | 6495 | 6516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Lake Norman Charter School, Rev., 5.00%, 06/15/2064 | 4630 | 4302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Lenoir Rhyne University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2036 | 1625 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2037 | 1705 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Miami Waterworld Center Project, Tax Allocation, 5.00%, 06/01/2041 (e) | 4570 | 4528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Point College Prep Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2030 (e) | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2041 (e) | 250 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Renown Regional Medical Center Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2026 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 425 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2028 | 600 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2034 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042 | 4000 | 4017 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Two Steps Project, Rev., Zero Coupon, 12/15/2034 (e) | 2132 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026 | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Waste Management, Inc. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 1.10%, 07/01/2029 (z) | 1445 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.63%, 11/01/2025 | 5000 | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2026 | 7000 | 7136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2027 | 2400 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2030 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2033 | 770 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2035 | 1375 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2036 | 1000 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, GO, 5.00%, 05/01/2034 | 1000 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, GO, 5.00%, 05/01/2037 | 3000 | 3348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, GO, 5.00%, 05/01/2027 | 2000 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20212, GO, 5.00%, 05/01/2026 | 5850 | 5964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 05/01/2039 | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 05/01/2035 | 10580 | 11245 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, Rev., 5.00%, 04/01/2027 | 900 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035 | 440 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, Green Bonds, Rev., 4.00%, 04/01/2046 | 4120 | 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Center District, Capital Appreciation Senior Dedicated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., Zero Coupon, 12/15/2036 | 1550 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., Zero Coupon, 12/15/2039 | 1750 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., Zero Coupon, 12/15/2040 | 1650 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., Zero Coupon, 12/15/2028 | 545 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Center District, Junior Dedicated, Series D, Rev., Zero Coupon, 12/15/2045 | 8500 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027 | 1675 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 11/15/2039 | 4000 | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2029 | 5940 | 6390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2030 | 6355 | 6923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027 | 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Advocate Aurora Health Care, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2035 | 1250 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2037 | 1605 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2038 | 1680 | 1589 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 221

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Advocate Aurora Healthcare, Rev., 5.00%, 08/15/2054 (z) | 2590 | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Ascension Health Alliance Senor, Rev., 4.00%, 11/15/2043 | 2045 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2039 | 10500 | 9606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2035 | 4500 | 4536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036 | 1500 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. Obligated Group, Rev., 5.00%, 08/15/2038 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2045 | 2500 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 12/01/2048 | 3000 | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Beloit Health System, Inc., Rev., 4.00%, 07/01/2046 | 1870 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Forensic Science and Protective Medicine Facility Project, Rev., 5.00%, 08/01/2027 (e) | 7000 | 7105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Froedtert Health, Series A, Rev., 4.00%, 04/01/2039 | 2710 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2030 | 1280 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2033 | 1010 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2039 | 5000 | 4692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2035 | 1325 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Gundersen Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2035 | 545 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2036 | 2100 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2047 | 1955 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2051 (p) (z) | 2600 | 2661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2042 | 1000 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2046 | 8935 | 8693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, The Medical College of Wisconsin, Rev., 4.00%, 12/01/2046 | 3000 | 2640 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, The Milwaukee Regional Medical Center, Rev., 5.00%, 04/01/2044 | 2500 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Three Pillars Senior Living Communities, Rev., 4.19%, 08/15/2055 | 1000 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2058 (z) | 245 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 03/01/2047 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 1985 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Sustainable Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 4.38%, 09/01/2044 | 7000 | 6730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 695 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority Housing Revenue, Series E, Rev., HUD, 3.88%, 11/01/2054 (z) | 830 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 03/01/2052 | 615 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052 | 990 | 972 |
|  |  | 260491 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wyoming — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039 | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Laramie, Cheyenne Regional Medical Center, Rev., 4.00%, 05/01/2026 | 615 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026 | 1045 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyoming Community Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 12/01/2054 | 475 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 1.92%, 07/07/2025 (z) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., 3.00%, 06/01/2049 | 705 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050 | 850 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., GNMA/FNMA/FHLMC, 4.70%, 12/01/2043 | 5000 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6, Rev., 3.90%, 12/01/2034 | 2255 | 2240 |
|  |  | 14867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $12,945,872) |  | 12558422 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 222 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Short-Term Investments — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds — 0.1%** (t) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles, Rev., TRAN, 5.00%, 06/25/2026 (w) | 18500 | 18873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katy Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 (w) | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds |  | 19886 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 3.68%, 07/01/2025 | 121217 | 121217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 3.68%, 07/01/2025 | 127143 | 127143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 3.68%, 07/01/2025 | 8234 | 8234 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.68%, 07/01/2025 | 72636 | 72636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  | 329230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $349,078) |  | 349116 |
|  **Total Investments — 100.6%<br>(Cost — $13,294,950)** |  | **12907538** |
|  **Liabilities in Excess of Other Assets — (0.6)%** |  | **(85124)** |
|  **NET ASSETS — 100.0%** |  | $**12822414** |

---

Percentages indicated are based on net assets.

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| AGM | — Insured by Assured Guaranty Municipal Corp. |
| AMBAC | — Insured by American Municipal Bond Assurance Corp. |
| AMT | — Alternative Minimum Tax |
| BAM | — Insured by Build America Mutual |
| BAN | — Bond Anticipation Note |
| 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 |
| SIFMA | — Securities Industry and Financial Markets Association |
| SOFR | — Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| SONYMA | — State of New York Mortgage Agency |
| TRAN | — Tax & Revenue Anticipation Note |
| VRDO | — Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of June 30, 2025. |
| (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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | — Amount rounds to less than 0.05%. |
| (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 June 30, 2025. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2025. |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 223

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 — 1.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A, 6.82%, 09/15/2028 (e) | 1415 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 5.61%, 02/15/2029 (e) | 920 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Master Trust, Series 2025-1A, Class A, 4.99%, 02/15/2033 (e) | 450 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.40%, 12/02/2034 (e) (aa) | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIMCO CLO 17 Ltd., (Jersey), Series 2022-17A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 7.17%, 07/20/2037 (e) (aa) | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMC CLO 23 Ltd., (Cayman Islands), Series 2020-23A, Class A1R2, (CME Term SOFR 3 Month + 1.42%), 5.70%, 04/17/2035 (e) (aa) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMC CLO 25 Ltd., (Cayman Islands), Series 2022-25A, Class A1R, (CME Term SOFR 3 Month + 1.35%), 5.61%, 04/15/2035 (e) (aa) | 1360 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apidos CLO XL Ltd., (Jersey), Series 2022-40A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 7.16%, 07/15/2037 (e) (aa) | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (CME Term SOFR 3 Month + 1.31%), 5.57%, 01/15/2032 (e) (aa) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES LX CLO LTD, (Cayman Islands), Series 2021-60A, Class AR, (CME Term SOFR 3 Month + 1.18%), 5.71%, 07/18/2034 (e) (aa) | 1500 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2019-1, (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.23%), 5.50%, 04/19/2034 (e) (aa) | 1500 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bardot CLO Ltd., (Cayman Islands), Series 2019-2A, Class ARR, (CME Term SOFR 3 Month + 0.98%), 5.25%, 10/22/2032 (e) (aa) | 930 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO 2015-4 Ltd., (Cayman Islands), Series 2015-4A, Class A1JR, (CME Term SOFR 3 Month + 1.55%), 5.82%, 07/20/2032 (e) (aa) | 1500 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO VII-C Ltd., (Jersey), Series 2023-1A, Class D1R, (CME Term SOFR 3 Month + 3.15%), 7.42%, 07/20/2037 (e) (aa) | 2000 | 2005 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding 2021-IV Ltd., (Cayman Islands), Series 2021-4A, Class DR, (CME Term SOFR 3 Month + 2.95%), 7.23%, 07/23/2037 (e) (aa) | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clover CLO 2021-3 LLC, Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.07%), 5.35%, 01/25/2035 (e) (aa) | 940 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLLAA LLC, Series 2023-1A, Class A2, 5.93%, 07/20/2026 (e) | 52 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 104 CLO Ltd., (Cayman Islands), Series 2022-104A, Class A1R, (CME Term SOFR 3 Month + 1.29%), 5.61%, 08/20/2034 (e) (aa) | 980 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO X Ltd., (Cayman Islands), Series 2021-3A, Class A1R, (CME Term SOFR 3 Month + 1.27%), 5.54%, 04/20/2034 (e) (aa) | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy XXVI CLO Ltd., (Cayman Islands), Series 2018-26A, Class AR, (CME Term SOFR 3 Month + 1.17%), 5.50%, 11/22/2031 (e) (aa) | 742 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generate CLO 17 Ltd., (Cayman Islands), Series 2024-17A, Class D1, (CME Term SOFR 3 Month + 3.00%), 7.27%, 10/22/2037 (e) (aa) | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 23 Ltd., (Cayman Islands), Series 23, Class BR, (CME Term SOFR 3 Month + 1.55%), 5.82%, 10/20/2031 (e) (aa) | 1190 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 40 Ltd., (Jersey), Series 40A, Class AR, (CME Term SOFR 3 Month + 1.30%), 5.57%, 10/20/2034 (e) (aa) | 1460 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Financial CLO 2013-1 Ltd., (Cayman Islands), Series 2013-1A, Class A2R2, (CME Term SOFR 3 Month + 1.45%), 5.71%, 04/15/2029 (e) (aa) | 1080 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendmark Funding Trust, Series 2021-2A, Class A, 2.00%, 04/20/2032 (e) | 915 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding LVII Ltd., (Cayman Islands), Series 2022-57A, Class A1R, (CME Term SOFR 3 Month + 1.28%), 5.56%, 07/27/2034 (e) (aa) | 2270 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XVIII Ltd., (Cayman Islands), Series 2015-18A, Class ARR, (CME Term SOFR 3 Month + 1.20%), 5.47%, 10/21/2030 (e) (aa) | 4966 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon CLO XIII Ltd., (Cayman Islands), Series 2019-1A, Class AAR2, (CME Term SOFR 3 Month + 1.20%), 5.46%, 04/15/2032 (e) (aa) | 417 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 1.86%, 03/20/2036 (e) | 910 | 881 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 224 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Asset-Backed Securities — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 2.10%, 11/20/2036 (e) | 1395 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 50 Ltd., (Jersey), Series 2022-50A, Class AR, (CME Term SOFR 3 Month + 1.25%), 5.53%, 07/23/2036 (e) (aa) | 2600 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark BSL CLO 1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.36%), 5.64%, 12/21/2029 (e) (aa) | 109 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2024-34 Ltd., (Jersey), Series 2024-34A, Class D1, (CME Term SOFR 3 Month + 2.90%), 7.16%, 10/15/2037 (e) (aa) | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners 41 Ltd., (Cayman Islands), Series 2019-2A, Class A1R2, (CME Term SOFR 3 Month + 1.09%), 5.35%, 10/15/2033 (e) (aa) | 2050 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners XVII Ltd., (Cayman Islands), Series 2013-1A, Class A1R2, (CME Term SOFR 3 Month + 1.26%), 5.54%, 01/25/2031 (e) (aa) | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFSI BSL IX Ltd., (Cayman Islands), Series 2018-1A, Class AR, (CME Term SOFR 3 Month + 1.19%), 5.45%, 07/15/2031 (e) (aa) | 3940 | 3944 |
| &nbsp;&nbsp;&nbsp;&nbsp; OHA Credit Funding 13 Ltd., (Bermuda), Series 2022-13A, Class D2R, (CME Term SOFR 3 Month + 4.10%), 8.37%, 07/20/2037 (e) (aa) | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 3.14%, 10/14/2036 (e) | 535 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e) | 290 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A, 5.94%, 05/15/2034 (e) | 391 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; OZLM Funding II Ltd., (Cayman Islands), Series 2012-2A, Class A2RA, (CME Term SOFR 3 Month + 1.80%), 6.08%, 07/30/2031 (e) (aa) | 1570 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parallel Ltd., (Cayman Islands), Series 2023-1A, Class A1R, (CME Term SOFR 3 Month + 1.39%), 0.00%, 07/20/2036 (e) (aa) | 1080 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, Class A3, 5.52%, 01/20/2032 (e) | 145 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCF Equipment Trust 2016-1 LLC, Series 2025-1A, Class A3, 5.11%, 11/21/2033 (e) | 415 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point CLO 5 Ltd., (Cayman Islands), Series 2024-5A, Class D1, (CME Term SOFR 3 Month + 3.25%), 7.52%, 10/20/2037 (e) (aa) | 1500 | 1495 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sycamore Tree CLO 2024-5 Ltd., (Cayman Islands), Series 2024-5A, Class A1, (CME Term SOFR 3 Month + 1.42%), 5.69%, 04/20/2036 (e) (aa) | 860 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimaran Cavu Ltd., (Cayman Islands), Series 2021-1A, Class D1R, (CME Term SOFR 3 Month + 3.40%), 7.68%, 07/23/2037 (e) (aa) | 1500 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture 28A CLO Ltd., (Cayman Islands), Series 2017-28AA, Class A1RR, (CME Term SOFR 3 Month + 1.11%), 5.38%, 10/20/2034 (e) (aa) | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-7, Class A, 4.35%, 08/20/2032 (e) | 235 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2014-2 Ltd., (Cayman Islands), Series 2014-2A, Class A1RR, (CME Term SOFR 3 Month + 1.28%), 5.56%, 04/17/2030 (e) (aa) | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2015-3 Ltd., (Cayman Islands), Series 2015-3A, Class A1R3, (CME Term SOFR 3 Month + 1.15%), 5.42%, 10/20/2031 (e) (aa) | 2952 | 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 5.60%, 01/20/2031 (e) (aa) | 2297 | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wind River CLO 2022-1 Ltd., (Cayman Islands), Series 2022-1A, Class AR, (CME Term SOFR 3 Month + 1.35%), 5.62%, 07/20/2035 (e) (aa) | 2250 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  | 66629 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 5.80%, 12/18/2028 | 240 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 5.75%, 02/18/2028 | 323 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 5.43%, 01/18/2029 | 675 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027 (e) | 1150 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, (United States 30 Day Average SOFR + 1.10%), 5.41%, 12/26/2031 (e) (aa) | 378 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class B, 4.98%, 01/16/2029 | 1670 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class B, 5.18%, 11/15/2028 | 2200 | 2225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class B, 6.39%, 05/15/2029 | 1245 | 1299 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 225

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A3, 5.50%, 01/16/2029 | 1002 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 259 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 01/10/2028 | 41 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) | 1605 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 5.83%, 02/15/2028 (e) | 1175 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series 2025-1, Class A2, 4.87%, 08/15/2028 | 370 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.74%, 05/15/2029 | 737 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 5.98%, 09/16/2030 | 120 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 07/15/2027 (e) | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.55%, 04/15/2027 (e) | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 5.01%, 08/16/2027 (e) | 210 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2024-A, Class B, 5.29%, 06/15/2027 | 1230 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032 (e) | 440 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAD Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.43%, 12/15/2028 (e) | 1695 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A3, 5.61%, 08/15/2028 (e) | 1220 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 4.64%, 11/15/2027 (e) | 408 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, 06/17/2030 (e) | 240 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC, Series 2024-1A, Class A, 5.82%, 04/20/2037 (e) | 1222 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class A, 5.59%, 04/25/2029 (e) | 1290 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 5.93%, 03/15/2028 | 2050 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 4.49%, 12/17/2029 | 275 | 278 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.80%, 07/20/2032 (e) | 378 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 4.94%, 05/20/2030 (e) | 1437 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class C, 6.69%, 03/17/2031 | 1130 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 5.09%, 05/15/2030 | 960 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class C, 5.77%, 11/15/2030 | 380 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.45%, 03/15/2030 | 900 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.78%, 07/16/2029 | 1395 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 5.84%, 06/17/2030 | 700 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.55%, 09/17/2029 | 325 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 4.88%, 03/17/2031 | 315 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3, 4.95%, 05/21/2029 (e) | 1240 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, 4.65%, 05/25/2038 (e) | 380 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust, Series 2025-A, Class A3, 4.50%, 06/20/2028 | 1305 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, 4.85%, 09/15/2027 (e) | 715 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.02%, 09/15/2028 (e) | 995 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.55%, 11/15/2027 (e) | 1360 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.65%, 02/15/2029 (e) | 1155 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.91%, 04/15/2030 (e) | 590 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Flooring Master Trust, Series 2024-1A, Class A, 5.43%, 02/15/2028 (e) | 1110 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, 09/19/2039 (e) | 775 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  | 41490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit Card ABS — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, Series 2005-B3, Class B3, (CME Term SOFR 3 Month + 0.81%), 5.07%, 05/15/2028 (aa) | 1310 | 1309 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 226 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Asset-Backed Securities — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit Card ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First National Master Note Trust, Series 2023-1, Class A, 5.13%, 04/15/2029 |  | 1340 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit Card ABS |  |  | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e) |  | 324 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sigma Holdco BV, (Netherlands), Reg. S, 5.75%, 05/15/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;232 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisure Holding AB, (Sweden), Reg. S, 9.25%, 10/15/2027 | EUR | 253 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $111,454) |  |  | 111663 |
|  **Collateralized Mortgage Obligations — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Series, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1A1, (United States 30 Day Average SOFR + 0.95%), 5.26%, 01/25/2045 (e) (aa) |  | 422 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1M1, (United States 30 Day Average SOFR + 1.10%), 5.41%, 01/25/2045 (e) (aa) |  | 634 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2, (United States 30 Day Average SOFR + 1.65%), 5.96%, 12/25/2041 (e) (aa) |  | 350 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1, (United States 30 Day Average SOFR + 2.55%), 6.86%, 07/25/2042 (e) (aa) |  | 183 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, (United States 30 Day Average SOFR + 2.40%), 6.71%, 12/25/2042 (e) (aa) |  | 246 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M1, (United States 30 Day Average SOFR + 2.50%), 6.81%, 04/25/2043 (e) (aa) |  | 74 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M1, (United States 30 Day Average SOFR + 1.15%), 5.46%, 03/25/2044 (e) (aa) |  | 467 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1A1, (United States 30 Day Average SOFR + 1.00%), 5.31%, 05/25/2044 (e) (aa) |  | 313 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2A1, (United States 30 Day Average SOFR + 1.00%), 5.31%, 07/25/2044 (e) (aa) |  | 427 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1A1, (United States 30 Day Average SOFR + 1.00%), 5.31%, 02/25/2045 (e) (aa) |  | 246 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1A, (United States 30 Day Average SOFR + 2.65%), 6.96%, 07/25/2042 (e) (aa) |  | 366 | 374 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1A, (United States 30 Day Average SOFR + 2.30%), 6.61%, 08/25/2042 (e) (aa) | 140 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1A, (United States 30 Day Average SOFR + 2.00%), 6.31%, 05/25/2043 (e) (aa) | 263 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class A1, (United States 30 Day Average SOFR + 1.25%), 5.56%, 05/25/2044 (e) (aa) | 1095 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class A1, (United States 30 Day Average SOFR + 1.05%), 5.36%, 10/25/2044 (e) (aa) | 364 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class M1, (United States 30 Day Average SOFR + 1.00%), 5.31%, 10/25/2044 (e) (aa) | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M1, (United States 30 Day Average SOFR + 1.25%), 5.56%, 03/25/2044 (e) (aa) | 563 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class A1, (United States 30 Day Average SOFR + 1.25%), 5.56%, 08/25/2044 (e) (aa) | 917 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY1, Class M2, (CME Term SOFR 1 Month + 2.11%), 6.43%, 10/25/2048 (e) (aa) | 385 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verus Securitization Trust, Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z) | 125 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  | 7696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $7,699) |  | 7696 |
|  **Commercial Mortgage-Backed Securities — 0.4%**  | **Commercial Mortgage-Backed Securities — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACREC Ltd., (Cayman Islands), Series 2021-FL1, Class A, (CME Term SOFR 1 Month + 1.26%), 5.58%, 10/16/2036 (e) (aa) | 281 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARDN Mortgage Trust, Series 2025-ARCP, Class A, (CME Term SOFR 1 Month + 1.75%), 6.05%, 06/15/2035 (e) (aa) | 550 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK5, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR11, Class A3, 5.89%, 11/15/2057 | 1640 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class A3, 5.88%, 08/15/2057 | 450 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A2, 4.74%, 09/15/2057 | 700 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3, 5.66%, 05/15/2058 | 550 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C33, Class A4, 5.84%, 03/15/2058 | 430 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class A5, 3.88%, 02/15/2051 (z) | 90 | 88 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 227

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 Mortgage-Backed Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class A5, 3.54%, 05/15/2052 | 410 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class A3, 6.23%, 05/15/2056 (z) | 690 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z) | 640 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C5, Class A3, 5.86%, 02/15/2057 | 620 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.43%), 5.75%, 12/15/2038 (e) (aa) | 166 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2, Class A, (CME Term SOFR 1 Month + 0.80%), 5.11%, 10/15/2038 (e) (aa) | 268 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.75%, 02/15/2039 (e) (aa) | 208 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.70%, 03/15/2041 (e) (aa) | 365 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 4.08%, 12/09/2041 (e) (z) | 3005 | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PSB, Class A, (CME Term SOFR 1 Month + 2.45%), 6.76%, 08/15/2039 (e) (aa) | 364 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.75%, 04/15/2041 (e) (aa) | 957 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, (CME Term SOFR 1 Month + 1.14%), 5.46%, 03/15/2030 (e) (aa) | 430 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.71%, 06/15/2035 (e) (aa) | 310 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.01%, 01/15/2053 | 1910 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5, 3.62%, 02/10/2049 | 945 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P7, Class A4, 3.71%, 04/14/2050 | 1000 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.95%, 08/15/2041 (e) (aa) | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/2051 | 1260 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, Series 2025-FL10, Class A, (CME Term SOFR 1 Month + 1.39%), 5.70%, 08/19/2042 (e) (aa) | 1050 | 1048 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2021-ROSS, Class A, (CME Term SOFR 1 Month + 1.41%), 5.73%, 05/15/2026 (e) (aa) | 720 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, 03/15/2050 | 669 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp; KIND Commercial Mortgage Trust, Series 2024-1, Class A, (CME Term SOFR 1 Month + 1.89%), 6.20%, 08/15/2041 (e) (aa) | 310 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; LoanCore Issuer Ltd., (Cayman Islands), Series 2022-CRE7, Class A, (United States 30 Day Average SOFR + 1.55%), 5.85%, 01/17/2037 (e) (aa) | 458 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 LLC, Series 2022-FL9, Class A, (CME Term SOFR 1 Month + 2.15%), 6.47%, 06/19/2037 (e) (aa) | 472 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.19%), 5.51%, 10/16/2036 (e) (aa) | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A4, 3.75%, 12/15/2047 | 180 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 900 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C1, Class A3, 5.64%, 03/15/2058 | 640 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2024-NSTB, Class A, 3.90%, 09/24/2057 (e) (z) | 965 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFP Ltd., (Cayman Islands), Series 2025-12, Class A, (CME Term SOFR 1 Month + 1.49%), 0.00%, 12/18/2042 (e) (aa) | 790 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCK Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (e) | 1040 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 8.82%, 11/13/2041 (e) | 1200 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (CME Term SOFR 1 Month + 1.44%), 5.75%, 02/15/2042 (e) (aa) | 540 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/2052 | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bank NA, Series 2025-SUP1, Class B, 5.58%, 02/25/2032 (e) | 372 | 372 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 228 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class A3, 3.43%, 11/15/2048 | 84 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SG1, Class A4, 3.79%, 09/15/2048 | 93 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3, 3.33%, 12/15/2050 | 1270 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class A5, 3.73%, 05/15/2052 | 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3, 3.06%, 06/15/2052 | 717 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial MBS |  | 31124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $30,940) |  | 31124 |
|  **Convertible Bonds — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/15/2026 | 857 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/2028 | 2025 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp., 1.75%, 05/15/2028 | 2804 | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Macau Ltd., (Cayman Islands), 4.50%, 03/07/2029 (e) | 342 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Zero Coupon, 05/01/2026 | 566 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Zero Coupon, 12/15/2025 | 1735 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure LP, 2.50%, 06/15/2026 (e) | 4447 | 4247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust LP, 1.88%, 11/15/2029 (e) | 800 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, 1.75%, 12/15/2026 | 144 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc., 1.25%, 06/01/2030 | 5915 | 5829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds<br>(Cost $19,464) |  | 19193 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — 80.2%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 3.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/2031 (e) |  | 1000 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2043 |  | 2425 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASK Chemicals Deutschland Holding GmbH, (Germany), Reg. S, 10.00%, 11/15/2029 | EUR | 650 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp., 6.25%, 11/01/2031 (e) |  | 2617 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B BV, (Netherlands), 7.25%, 02/15/2031 (e) |  | 2719 | 2866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e) |  | 1806 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2031 | EUR | 7499 | 8789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 07/15/2027 |  | 865 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2030 |  | 506 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2033 |  | 1655 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/2028 |  | 1050 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/2027 |  | 3602 | 3570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (e) |  | 3799 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2033 (e) |  | 3264 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc., 3.88%, 09/01/2028 (e) |  | 11531 | 11168 |
| &nbsp;&nbsp;&nbsp;&nbsp; FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027 | EUR | 700 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e) |  | 1303 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herens Midco Sarl, (Luxembourg), Reg. S, 5.25%, 05/15/2029 | EUR | 1000 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd., (Israel), Reg. S, 6.38%, 05/31/2038 (e) |  | 4000 | 4026 |
| &nbsp;&nbsp;&nbsp;&nbsp; INEOS Finance plc, (United Kingdom), 5.63%, 08/15/2030 (e) | EUR | 3888 | 4451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 04/15/2029 | EUR | 2100 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 Plc, (United Kingdom), Reg. S, 6.75%, 04/15/2030 | EUR | 3257 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (e) |  | 344 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italmatch Chemicals SpA, (Italy), Reg. S, 10.00%, 02/06/2028 | EUR | 2450 | 3027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobe US Midco 2, Inc., 9.25% (cash), 11/01/2026 (e) (v) |  | 1745 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraton Corp., 5.00%, 07/15/2027 (e) |  | 237 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos International, Inc., Reg. S, 9.50%, 03/15/2029 | EUR | 297 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lune Holdings Sarl, (Luxembourg), Reg. S, 5.63%, 11/15/2028 | EUR | 3423 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC, 6.15%, 05/15/2035 |  | 648 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., 8.00%, 10/01/2029 (e) |  | 2220 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methanex US Operations, Inc., 6.25%, 03/15/2032 (e) |  | 2867 | 2854 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 229

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OCP SA, (Morocco), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/23/2031 |  | 3800 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 10/22/2025 |  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 06/23/2051 |  | 4900 | 3714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/2028 (e) |  | 1836 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 10/01/2029 | EUR | 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2029 (e) |  | 4269 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/01/2027 (e) |  | 719 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2031 (e) |  | 9789 | 10006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.63%, 11/15/2028 | EUR | 598 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/2028 (e) |  | 15715 | 16549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA LLC, Reg. S, 8.75%, 05/03/2029 |  | 3700 | 3663 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCIL IV LLC / SCIL USA Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.38%), 6.55%, 11/01/2026 (aa) | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.50%, 07/15/2028 | EUR | 201 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e) |  | 7250 | 7018 |
| &nbsp;&nbsp;&nbsp;&nbsp; SNF Group SACA, (France), 3.38%, 03/15/2030 (e) |  | 1799 | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synthomer plc, (United Kingdom), Reg. S, 7.38%, 05/02/2029 | EUR | 251 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tronox, Inc., 4.63%, 03/15/2029 (e) |  | 1640 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2027 (e) |  | 1451 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/2029 (e) |  | 17434 | 15767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031 (e) |  | 2182 | 2233 |
|  |  |  | 151028 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ahlstrom Holding 3 Oy, (Finland), 4.88%, 02/04/2028 (e) |  | 371 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fedrigoni SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.00%), 5.98%, 01/15/2030 (aa) | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 06/15/2031 | EUR | 1210 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp., 7.25%, 11/15/2031 (e) |  | 3446 | 3243 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEPA Hygieneprodukte GmbH, (Germany), Reg. S, 5.63%, 01/15/2031 | EUR | 2000 | 2454 |
|  |  |  | 7528 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA, (Luxembourg), 6.55%, 11/29/2027 |  | 342 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2029 |  | 816 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/2031 |  | 2067 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/2030 |  | 4033 | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e) |  | 6082 | 6131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp., 7.63%, 03/15/2030 |  | 918 | 950 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Iron Canada, Inc., (Canada), 7.88%, 07/15/2032 (e) (w) |  | 1305 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/2027 |  | 798 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2030 (e) |  | 2550 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029 (e) |  | 2548 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/2032 (e) |  | 710 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/01/2033 (e) |  | 1370 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2031 (e) |  | 1865 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSN Inova Ventures, (Cayman Islands), Reg. S, 6.75%, 01/28/2028 |  | 2000 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2027 (e) |  | 655 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/2027 (e) |  | 790 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/01/2028 (e) |  | 2280 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas Ltd., (Cayman Islands), 6.40%, 06/28/2054 |  | 862 | 847 |
|  |  |  | 31845 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital plc, (United Kingdom), 5.63%, 04/01/2030 (e) |  | 795 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta plc, (United Kingdom), Reg. S, 2.38%, 10/14/2030 |  | 4900 | 4301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aris Mining Corp., (Canada), 8.00%, 10/31/2029 (e) |  | 775 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/01/2030 (e) |  | 1199 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 10/01/2031 (e) |  | 14951 | 16762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capstone Copper Corp., (Canada), 6.75%, 03/31/2033 (e) |  | 840 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellium SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2029 (e) |  | 7778 | 7310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 08/15/2032 | EUR | 108 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/2032 (e) |  | 6266 | 6368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, (Chile), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 08/01/2047 |  | 4300 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 01/08/2034 |  | 2200 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e) |  | 3000 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eramet SA, (France), Reg. S, 6.50%, 11/30/2029 | EUR | 1400 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e) |  | 1107 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/2027 (e) |  | 2507 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/01/2033 (e) |  | 3670 | 3764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 06/01/2031 (e) |  | 800 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 03/01/2029 (e) |  | 9500 | 10096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport Indonesia PT, (Indonesia), 4.76%, 04/14/2027 (e) |  | 450 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/27/2027 (e) |  | 746 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 04/01/2028 (e) |  | 121 | 122 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 230 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 04/01/2030 (e) |  | 347 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 04/04/2027 (e) |  | 335 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (e) |  | 973 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/06/2028 (e) |  | 83 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co., 7.25%, 02/15/2028 |  | 2293 | 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2026 (e) |  | 4407 | 4378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2029 (e) |  | 3261 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.45%, 05/15/2030 |  | 3300 | 3358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.80%, 05/15/2050 |  | 1600 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., (Canada), 7.88%, 01/23/2030 (e) |  | 1400 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2031 (e) |  | 12065 | 11282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/2028 (e) |  | 1357 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Gold, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/2032 (e) |  | 5088 | 5242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/2027 (e) |  | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031 (e) |  | 8234 | 7386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030 (e) |  | 4995 | 4787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/30/2030 (e) |  | 7069 | 7320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029 | EUR | 2640 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance USA plc, (United Kingdom), 4.88%, 03/14/2030 |  | 169 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd., (Canada), 8.25%, 05/01/2030 (e) |  | 685 | 717 |
|  |  |  | 128748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  |  | 319149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 12.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/2027 (e) |  | 6757 | 6681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029 (e) |  | 8785 | 8125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2028 (e) |  | 1059 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/01/2030 (e) |  | 8925 | 9213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/15/2028 (e) |  | 12973 | 13645 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp., 8.88%, 06/18/2029 (e) |  | 845 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e) |  | 7310 | 7075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC / Outfront Media Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 (e) |  | 3434 | 3284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2030 (e) |  | 348 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 (e) |  | 820 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summer BC Holdco A Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 02/15/2030 | EUR | 1350 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2030 (e) | EUR | 2656 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.25%, 10/31/2027 | EUR | 1442 | 1699 |
|  |  |  | 57346 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet** — **1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuris Finance US, Inc. / Acuris Finance Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 (e) |  | 3000 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 08/01/2029 (e) |  | 1507 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANGI Group LLC, 3.88%, 08/15/2028 (e) |  | 835 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/2027 (e) |  | 6972 | 6720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/2028 (e) |  | 2775 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp; eDreams ODIGEO SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 12/30/2030 | EUR | 1050 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/30/2030 (e) | EUR | 3540 | 4163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.63%, 02/15/2030 | EUR | 1450 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 02/15/2030 (e) | EUR | 1764 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 11.13%, 05/15/2028 | EUR | 1267 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2033 (e) |  | 1370 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/2027 (e) |  | 575 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 03/01/2029 (e) |  | 1401 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; iliad SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/17/2026 | EUR | 6900 | 8104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 02/15/2030 | EUR | 2200 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp; ION Trading Technologies Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2028 (e) |  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/30/2029 (e) |  | 1206 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/2031 (e) |  | 425 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028 (e) |  | 351 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 01/19/2027 (e) |  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.26%, 01/19/2027 |  | 3100 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.99%, 01/19/2052 |  | 3800 | 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.49%), 4.25%, 04/22/2027 (x) (aa) | EUR | 4499 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.25%), 8.13%, 12/15/2029 (e) (x) (aa) |  | 849 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 04/15/2029 (e) |  | 4505 | 4939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 02/15/2027 (e) |  | 2506 | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., 6.88%, 03/01/2033 (e) |  | 11513 | 11809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2029 (e) |  | 1547 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028 (e) |  | 411 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2027 (e) |  | 701 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Group BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/15/2027 | EUR | 32 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 08/15/2028 | EUR | 7117 | 8310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 02/01/2030 | EUR | 10765 | 12546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 10/31/2031 | EUR | 5209 | 6200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 02/15/2031 | EUR | 700 | 844 |
|  |  |  | 104010 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 231

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media** — **3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arqiva Broadcast Finance plc, (United Kingdom), Reg. S, 8.63%, 07/01/2030 (w) |  | GBP 1,500 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031 (e) |  | 10184 | 9512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034 (e) |  | 18464 | 16437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 (e) |  | 528 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 |  | 5822 | 5422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033 (e) |  | 182 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 (e) |  | 1905 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 (e) |  | 3856 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 (e) |  | 9631 | 9541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027 (e) |  | 2285 | 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029 (e) |  | 450 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029 (e) |  | 6351 | 6481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031 (e) |  | 9764 | 10188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/2025 |  | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/10/2026 |  | 143 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2031 (e) |  | 2943 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/2030 (e) |  | 5438 | 3836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 (e) |  | 400 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2030 (e) |  | 7510 | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 (e) |  | 1700 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028 (e) |  | 5175 | 4738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 (e) |  | 9395 | 8970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030 (e) |  | 2000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029 (e) |  | 1700 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028 (e) |  | 500 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/2028 (e) |  | 4698 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029 (e) |  | 11575 | 11014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi Romania SA, (Romania), Reg. S, 3.25%, 02/05/2028 | EUR | 1300 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027 (e) |  | 9707 | 9668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC, 3.95%, 03/20/2028 |  | 365 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH DBS Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/2029 |  | 1275 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026 (e) |  | 5733 | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 (e) |  | 9217 | 7909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/2028 |  | 4023 | 2886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 |  | 9515 | 8453 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., 11.75%, 11/15/2027 (e) |  | 17585 | 18126 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc., 2.90%, 03/01/2027 |  | 86 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc., 7.00%, 05/15/2027 (e) |  | 2951 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/2029 (e) |  | 5443 | 5844 |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 7.75%, 08/15/2030 (e) |  | 1550 | 1186 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lagardere SA, (France), Reg. S, 4.75%, 06/12/2030 | EUR | 1300 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCPR Senior Secured Financing DAC, (Ireland), 6.75%, 10/15/2027 (e) |  | 5127 | 3448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midcontinent Communications, 8.00%, 08/15/2032 (e) |  | 3966 | 4197 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., 3.88%, 05/15/2029 (e) |  | 550 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc., 5.63%, 07/15/2027 (e) |  | 317 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco LLC / Radiate Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2026 (e) |  | 5352 | 4576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% (Blend (cash 6.00% + PIK 3.25%)), 03/25/2030 (e) (v) |  | 5466 | 5079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., 8.13%, 02/15/2033 (e) |  | 8141 | 8239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/2026 (e) |  | 1285 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028 (e) |  | 371 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (e) |  | 6587 | 6542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summer BidCo BV, (Netherlands), Reg. S, 10.00% (cash), 02/15/2029 (v) | EUR | 7444 | 8835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrise FinCo. I BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2032 (e) | EUR | 7520 | 8926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2031 (e) |  | 3245 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele Columbus AG, (Germany), Reg. S, 10.00% (PIK), 01/01/2029 (v) | EUR | 7698 | 6221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e) |  | 2200 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029 (e) |  | 1850 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/2027 (e) |  | 10421 | 10394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028 (e) |  | 10007 | 10155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031 (e) |  | 4713 | 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPCB Finance VII Ltd., (Cayman Islands), Reg. S, 3.63%, 06/15/2029 | EUR | 5480 | 6369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Finance plc, (United Kingdom), Reg. S, 3.75%, 07/15/2030 | EUR | 2307 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, (Ireland), Reg. S, 7.88%, 03/15/2032 | GBP | 370 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Secured Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 08/15/2030 | GBP | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 01/15/2030 | GBP | 692 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 (e) |  | 577 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2029 (e) |  | 2050 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes III DAC, (Ireland), 4.88%, 07/15/2028 (e) | GBP | 700 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 07/15/2028 | GBP | 10260 | 13397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e) |  | 2415 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp; VZ Secured Financing BV, (Netherlands), 5.00%, 01/15/2032 (e) |  | 3050 | 2712 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 232 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VZ Vendor Financing II BV, (Netherlands), Reg. S, 2.88%, 01/15/2029 | EUR | 2225 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/28/2030 (e) |  | 1072 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/2032 (e) | EUR | 3572 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziggo BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/15/2030 | EUR | 7696 | 8497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2030 (e) |  | 152 | 142 |
|  |  |  | 316959 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 7.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice Financing SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/15/2028 | EUR | 14256 | 12380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 08/15/2029 | EUR | 16714 | 14467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 (e) |  | 5447 | 4102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2029 (e) |  | 9454 | 6931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 07/15/2027 (e) |  | 6275 | 5396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice Finco SA, (Luxembourg), Reg. S, 4.75%, 01/15/2028 | EUR | 3131 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice France Holding SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 02/15/2028 | EUR | 5125 | 2128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.00%, 05/15/2027 | EUR | 4500 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice France SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/15/2028 | EUR | 1239 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 01/15/2029 | EUR | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 10/15/2029 | EUR | 16755 | 16529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/2029 (e) |  | 1498 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 (e) |  | 6350 | 5271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028 (e) |  | 755 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 (e) |  | 7655 | 6360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 02/01/2027 | EUR | 3500 | 3714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/2027 (e) |  | 225 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 11.50%, 02/01/2027 | EUR | 6823 | 7776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axiata SPV2 Bhd., (Malaysia), Reg. S, 2.16%, 08/19/2030 |  | 7400 | 6604 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope LLC, 4.75%, 09/01/2029 (e) |  | 6910 | 6746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/2031 (e) |  | 948 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connect Finco Sarl / Connect US Finco LLC, (Multinational), 9.00%, 09/15/2029 (e) |  | 3885 | 3905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Group Holdings Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 95 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 64 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl US, (Multinational), 12.00% (Blend (cash 9.00% + PIK 3.00%)), 05/25/2027 (v) |  | 1044 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Midco Ltd. / Difl US II LLC, (Saint Lucia), 10.50% (cash), 11/25/2028 (v) |  | 3340 | 3298 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% (cash), 11/30/2030 (v) |  | 24681 | 22522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 |  | 12088 | 12434 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; eircom Finance DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/15/2027 | EUR | 2600 | 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 04/30/2031 (w) | EUR | 343 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eutelsat SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/13/2028 | EUR | 1800 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 07/13/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.75%, 04/13/2029 | EUR | 176 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibercop SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/18/2029 | EUR | 5100 | 5492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 10/12/2027 | EUR | 13935 | 15969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034 (e) |  | 2520 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 02/15/2028 | EUR | 2697 | 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036 (e) |  | 2456 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 07/31/2028 | EUR | 5118 | 6624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 (e) |  | 13363 | 13358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (e) |  | 7871 | 7872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2029 |  | 4669 | 4716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2030 (e) |  | 2201 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2029 (e) |  | 2297 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 03/15/2031 (e) |  | 1986 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/2030 (e) |  | 16528 | 17347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Switch Finance BV, (Netherlands), Reg. S, 1.38%, 10/07/2030 | EUR | 107 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iliad Holding SASU, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 04/15/2030 | EUR | 300 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/2030 (e) | EUR | 17015 | 20584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 04/15/2031 | EUR | 11421 | 14345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028 (e) |  | 3978 | 4050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/15/2032 (e) |  | 6085 | 6235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/2031 (e) |  | 5299 | 5668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA, (Luxembourg), 6.50%, 03/15/2030 (e) |  | 4398 | 4469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaixo Bondco Telecom SA, (Spain), Reg. S, 5.13%, 09/30/2029 | EUR | 3931 | 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.77%), 6.00%, 09/21/2027 (x) (aa) | EUR | 3820 | 4781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2029 (e) |  | 557 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029 (e) |  | 2300 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2030 (e) |  | 1036 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2031 (e) |  | 1441 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2030 (e) |  | 2905 | 2629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2029 (e) |  | 8130 | 7591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033 (e) |  | 22280 | 22666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/2032 (e) |  | 725 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 12/15/2030 (e) |  | 11901 | 13508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/2029 (e) |  | 15220 | 17461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/18/2027 | EUR | 13874 | 16329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 04/30/2029 | EUR | 4305 | 5295 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 233

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2030 (e) |  | 901 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/2032 (e) |  | 2286 | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matterhorn Telecom SA, (Luxembourg), Reg. S, 5.25%, 07/31/2028 | CHF | 1750 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odido Group Holding BV, (Netherlands), Reg. S, 5.50%, 01/15/2030 | EUR | 7316 | 8609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odido Holding BV, (Netherlands), Reg. S, 3.75%, 01/15/2029 | EUR | 7300 | 8502 |
| &nbsp;&nbsp;&nbsp;&nbsp; PLT VII Finance Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.50%), 5.48%, 06/15/2031 (aa) | EUR | 2750 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2031 (e) | EUR | 5400 | 6464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP, (Belgium), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.41%), 4.75%, 07/02/2031 (x) (aa) | EUR | 1300 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sable International Finance Ltd., (Cayman Islands), 7.13%, 10/15/2032 (e) |  | 6940 | 6958 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.23%), 5.50%, 09/12/2054 (aa) | EUR | 500 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.59%), 6.00%, 09/12/2054 (aa) | EUR | 800 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 09/19/2025 | EUR | 282 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/06/2029 | EUR | 7427 | 8253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/19/2029 | EUR | 600 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 04/15/2028 | EUR | 13768 | 16502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 01/08/2029 | EUR | 1350 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 07/08/2032 | EUR | 2811 | 3307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint Capital Corp., 6.88%, 11/15/2028 |  | 905 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDC Net A/S, (Denmark), Reg. S, 6.50%, 06/01/2031 | EUR | 1600 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, (Luxembourg), 7.72%, 06/04/2038 |  | 3374 | 3636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 02/15/2028 | EUR | 628 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 07/31/2028 | EUR | 4390 | 5805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Europe BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 8 Year + 2.62%), 2.38%, 02/12/2029 (x) (aa) | EUR | 12500 | 13786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 8 Year + 3.07%), 2.88%, 06/24/2027 (x) (aa) | EUR | 3000 | 3462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 6 Year + 2.87%), 2.88%, 02/24/2028 (x) (aa) | EUR | 5100 | 5866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.12%), 5.75%, 01/15/2032 (x) (aa) | EUR | 1500 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 7 Year + 3.35%), 6.14%, 02/03/2030 (x) (aa) | EUR | 1400 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.62%), 6.75%, 06/07/2031 (x) (aa) | EUR | 13000 | 16826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc., 7.50%, 05/30/2031 (e) |  | 2025 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc., 3.75%, 10/01/2029 (e) |  | 1031 | 963 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/31/2031 | EUR | 9801 | 10980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/31/2029 | GBP | 1775 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031 (e) |  | 3703 | 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 07/15/2031 | GBP | 11687 | 14358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 04/15/2032 | EUR | 10334 | 12474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2032 (e) |  | 3182 | 3307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.77%), 4.13%, 06/04/2081 (aa) |  | 400 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (GBP Swap Rate 5 Year + 3.27%), 4.88%, 10/03/2078 (aa) | GBP | 200 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 3.84%), 8.00%, 08/30/2086 (aa) | GBP | 9065 | 13505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (e) |  | 21166 | 22158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., 4.00%, 03/01/2027 (e) |  | 4804 | 4505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/2028 (e) |  | 3500 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zegona Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 07/15/2029 | EUR | 600 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 07/15/2029 (e) |  | 1060 | 1131 |
|  |  |  | 622934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 1101249 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 12.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Canada, (Canada), 3.88%, 08/15/2026 (e) |  | 566 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air France-KLM, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.58%), 5.75%, 05/21/2030 (x) (aa) | EUR | 1000 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2028 (e) |  | 1870 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2029 (e) |  | 404 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/2026 (e) |  | 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029 (e) |  | 3179 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd., (Cayman Islands), 5.02%, 10/20/2029 (e) |  | 159 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp. / JetBlue Loyalty LP, (Multinational), 9.88%, 09/20/2031 (e) |  | 1908 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e) |  | 442 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSky Flight LLC, 8.88%, 12/15/2029 (e) |  | 2077 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportes Aereos Portugueses SA, (Portugal), Reg. S, 5.13%, 11/15/2029 | EUR | 900 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines 2014-1 Class A Pass Through Trust, Series A, 4.00%, 04/11/2026 |  | 198 | 196 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 234 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Pass Through Trust, Series 20-1, Class A, 5.88%, 10/15/2027 |  | 286 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., 4.38%, 04/15/2026 (e) |  | 3415 | 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2029 (e) |  | 5152 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc / Vista Management Holding, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/2030 (e) |  | 2050 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/2027 (e) |  | 3829 | 3853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 06/01/2028 (e) |  | 2390 | 2457 |
|  |  |  | 30097 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2032 (e) (w) | EUR | 10257 | 12173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% (cash), 07/15/2033 (e) (v) (w) |  | 6993 | 7246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031 (e) |  | 163 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2029 (e) |  | 1111 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Goose SpA, (Italy), (EURIBOR 3 Month + 3.75%), 5.89%, 05/15/2031 (e) (aa) | EUR | 4813 | 5739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc., 9.00%, 02/15/2031 (e) |  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc., 4.13%, 11/15/2029 (e) |  | 1350 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co., 3.50%, 03/01/2031 (e) |  | 1279 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp., 4.63%, 07/10/2025 |  | 135 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., 7.25%, 07/15/2030 (e) |  | 1101 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; William Carter Co. (The), 5.63%, 03/15/2027 (e) |  | 600 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e) |  | 6700 | 6004 |
|  |  |  | 36760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 03/31/2029 (e) |  | 1685 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.38%, 03/31/2029 | GBP | 325 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 |  | 735 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 |  | 1241 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/2025 |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/2027 |  | 2500 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/05/2026 |  | 1374 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/06/2029 |  | 452 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029 |  | 267 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 05/17/2027 |  | 943 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026 |  | 343 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 |  | 325 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/2027 |  | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 |  | 230 | 231 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/08/2027 |  | 491 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.29%), 5.63%, 01/07/2030 (aa) |  | 229 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/2028 (e) |  | 248 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027 (e) |  | 141 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/08/2029 (e) |  | 83 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/26/2026 (e) |  | 482 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/21/2026 (e) |  | 126 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028 (e) |  | 735 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/16/2029 (e) |  | 352 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive plc, (United Kingdom), 7.75%, 10/15/2025 (e) |  | 813 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc., 8.75%, 12/15/2031 (e) |  | 1641 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc., 9.25%, 07/01/2030 (e) |  | 930 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/09/2026 (e) |  | 138 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 09/15/2026 (e) |  | 462 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Japan), 3.52%, 09/17/2025 (e) |  | 905 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 09/17/2030 (e) |  | 2600 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp; PM General Purchaser LLC, 9.50%, 10/01/2028 (e) |  | 4760 | 3282 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCI Banque SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 5.50%, 10/09/2034 (aa) | EUR | 300 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) |  | 1428 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc., 5.35%, 03/17/2028 (e) |  | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/14/2026 (e) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/25/2027 (e) |  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/20/2026 (e) |  | 311 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/12/2026 (e) |  | 222 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/16/2026 (e) |  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen International Finance NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.17%), 5.49%, 11/15/2030 (x) (aa) | EUR | 1100 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.49%), 5.99%, 11/15/2033 (x) (aa) | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series PNC5, Reg. S, (EUR Swap Rate 5 Year + 4.29%), 7.50%, 09/06/2028 (x) (aa) | EUR | 900 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp., 4.50%, 10/15/2028 (e) |  | 76 | 69 |
|  |  |  | 30141 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 235

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., (Jersey), 7.00%, 04/15/2028 (e) |  | 2800 | 2886 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 6.50%, 04/01/2027 |  | 1350 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd., (Jersey), (CMT Index 5 Year + 3.39%), 6.88%, 12/15/2054 (aa) |  | 5372 | 5419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarios Global LP / Clarios US Finance Co., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2031 (e) | EUR | 13761 | 16272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2028 (e) |  | 5680 | 5830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030 (e) |  | 8750 | 9078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2027 (e) |  | 4448 | 4467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/2030 |  | 805 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2032 |  | 1228 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 |  | 275 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 |  | 700 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forvia SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/15/2027 | EUR | 2725 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 06/15/2029 | EUR | 924 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 06/15/2031 | EUR | 14898 | 17312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 06/15/2030 | EUR | 5122 | 6040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 (e) |  | 3999 | 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 |  | 678 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/2031 |  | 123 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/2033 |  | 406 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2030 |  | 1496 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Antolin-Irausa SA, (Spain), Reg. S, 10.38%, 01/30/2030 | EUR | 600 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75% (cash), 11/15/2029 (v) | EUR | 1200 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00% (cash), 11/15/2031 (v) | EUR | 8120 | 10093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.75% (cash), 05/15/2028 (v) | EUR | 6886 | 8491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahle GmbH, (Germany), Reg. S, 2.38%, 05/14/2028 | EUR | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (e) |  | 915 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029 (e) |  | 515 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schaeffler AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 03/28/2030 | EUR | 6700 | 7891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 04/01/2031 | EUR | 1000 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., 8.00%, 11/17/2028 (e) |  | 12842 | 12699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc., 7.00%, 04/30/2028 |  | 2565 | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valeo SE, (France), Reg. S, 5.13%, 05/20/2031 | EUR | 1300 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF Europe Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/23/2026 | EUR | 9600 | 11129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/23/2029 | EUR | 3800 | 3869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 01/31/2029 | EUR | 4700 | 5204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 03/13/2029 | EUR | 3000 | 3468 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 06/12/2030 | EUR | 800 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF Finance GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 05/03/2028 | EUR | 1400 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/25/2027 | EUR | 2000 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 08/03/2026 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF North America Capital, Inc., 6.88%, 04/14/2028 (e) |  | 825 | 827 |
|  |  |  | 161088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029 (e) |  | 45 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azelis Finance NV, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 09/25/2029 | EUR | 900 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/25/2029 (e) | EUR | 5730 | 6924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Corp., 6.88%, 07/01/2029 (e) |  | 1545 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 (e) |  | 218 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2032 (e) |  | 3971 | 4067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications co Telekom Srbija AD Belgrade, (Serbia), Reg. S, 7.00%, 10/28/2029 |  | 1300 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Velocity Vehicle Group LLC, 8.00%, 06/01/2029 (e) |  | 460 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, 8.50%, 06/15/2030 (e) |  | 2050 | 2195 |
|  |  |  | 17884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 888 Acquisitions Ltd., (Gibraltar), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.56%, 07/15/2027 | EUR | 5175 | 6134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.75%, 05/15/2030 | GBP | 4567 | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing UK plc, (United Kingdom), Reg. S, 7.25%, 04/30/2030 | EUR | 400 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 05/01/2029 | EUR | 6925 | 8525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/2029 (e) |  | 410 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyne USA, Inc., 4.75%, 05/15/2029 (e) |  | 2066 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (e) |  | 7095 | 6774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2032 (e) |  | 5198 | 5332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2030 (e) |  | 10003 | 10356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/2027 (e) |  | 370 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCM Merger, Inc., 6.38%, 05/01/2026 (e) |  | 1995 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2030 (e) |  | 8245 | 8271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2031 (e) |  | 5127 | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark USA, Inc., 7.00%, 08/01/2032 (e) |  | 491 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirsa Finance International Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 03/15/2027 | EUR | 1100 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 03/15/2029 | EUR | 5611 | 6913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.50%), 6.69%, 07/31/2028 (aa) | EUR | 217 | 257 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 236 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 07/31/2028 | EUR | 1700 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Treasury DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/04/2031 (e) |  | 4236 | 4268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/29/2029 (e) |  | 799 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp. / Raptor LLC, (Multinational), 8.75%, 11/15/2029 (e) |  | 3027 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGT Lottery Holdings BV, (Netherlands), Reg. S, 4.25%, 03/15/2030 | EUR | 525 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc., 6.75%, 02/15/2029 (e) |  | 4100 | 3934 |
| &nbsp;&nbsp;&nbsp;&nbsp; LHMC Finco 2 Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.63% (cash), 05/15/2030 (v) | EUR | 1525 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63% (cash), 05/15/2030 (e) (v) | EUR | 2369 | 2904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., 7.50%, 09/01/2031 (e) |  | 216 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., 4.75%, 10/15/2027 (e) |  | 2380 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loarre Investments Sarl, (Luxembourg), Reg. S, 6.50%, 05/15/2029 | EUR | 4200 | 5094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottomatica Group SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/31/2031 (e) | EUR | 5220 | 6305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 01/31/2031 | EUR | 1600 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottomatica SpA, (Italy), 5.38%, 06/01/2030 (e) | EUR | 12518 | 15345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (e) |  | 3805 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e) |  | 3799 | 3659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, 8.25%, 04/15/2030 (e) |  | 2305 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motion Finco Sarl, (Luxembourg), Reg. S, 7.38%, 06/15/2030 | EUR | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e) |  | 2331 | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/2029 (e) |  | 2379 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2027 (e) |  | 2359 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinewood Finco plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 11/15/2027 | GBP | 244 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 03/27/2030 | GBP | 5032 | 6821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/2029 (e) |  | 1409 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/2031 (e) |  | 2911 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (e) |  | 4577 | 4580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e) |  | 5021 | 4838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 7.25%, 05/15/2031 (e) |  | 1632 | 1679 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., 5.38%, 04/15/2027 |  | 720 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / Canada's Wonderland Co., 6.63%, 05/01/2032 (e) |  | 638 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc., 5.50%, 04/15/2029 (e) |  | 2507 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2030 (e) (w) |  | 1860 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2032 (e) |  | 2572 | 2657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Parent LLC, 9.25%, 07/01/2032 (e) |  | 5856 | 6089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/2027 |  | 582 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 |  | 275 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 |  | 3272 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/2029 (e) |  | 3588 | 3559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 (e) |  | 4984 | 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031 (e) |  | 4777 | 5094 |
|  |  |  | 190341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elior Group SA, (France), Reg. S, 3.75%, 07/15/2026 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo, Inc., 5.15%, 08/15/2030 (e) |  | 200 | 203 |
|  |  |  | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashton Woods USA LLC / Ashton Woods Finance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 (e) |  | 2058 | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/2030 (e) |  | 1825 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 (e) |  | 1575 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 |  | 6352 | 6364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/2029 |  | 5302 | 5351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2031 (e) |  | 1190 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/2030 (e) |  | 7373 | 6581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 (e) |  | 4211 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2027 (e) |  | 2325 | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., 8.25%, 08/15/2028 (e) |  | 517 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Communities Corp., (Canada), 9.75%, 05/01/2029 (e) |  | 1856 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 (e) |  | 3150 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/2033 (e) |  | 2305 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp; K Hovnanian Enterprises, Inc., 11.75%, 09/30/2029 (e) |  | 8220 | 8919 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 237

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2031 |  | 1450 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 |  | 2950 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/15/2027 |  | 698 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2032 (e) |  | 1553 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/2028 (e) |  | 585 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/2030 |  | 1400 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/01/2028 |  | 1568 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattamy Group Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/2030 (e) |  | 4842 | 4647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2027 (e) |  | 6109 | 6079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp., 3.88%, 04/15/2029 (e) |  | 287 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Homes Group Finco plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 4.25%), 6.53%, 10/15/2030 (e) (aa) | EUR | 7770 | 9284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 05/15/2029 | GBP | 2165 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Home Co., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/01/2030 (e) |  | 840 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/01/2029 (e) |  | 2886 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shea Homes LP / Shea Homes Funding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 |  | 3400 | 3349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2029 |  | 3025 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp; STL Holding Co. LLC, 8.75%, 02/15/2029 (e) |  | 2435 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/2030 (e) |  | 1600 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028 (e) |  | 1900 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2027 (e) |  | 3595 | 3643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2027 |  | 450 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/2028 |  | 2776 | 2800 |
|  |  |  | 103968 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Furnishings — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc., 3.50%, 11/15/2027 |  | 63 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (e) |  | 135 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) |  | 1541 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/2030 |  | 2163 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2033 |  | 1927 | 1932 |
|  |  |  | 5770 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030 |  | 935 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/2032 |  | 1745 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/2046 |  | 1575 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/01/2028 (e) |  | 2994 | 3144 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2031 |  | 4391 | 4033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2032 |  | 4043 | 3712 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., 6.50%, 10/01/2029 (e) |  | 7600 | 2907 |
|  |  |  | 17707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time** — **1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports Co., 6.75%, 02/16/2031 (e) |  | 1530 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., (Panama), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028 (e) |  | 7085 | 6943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 (e) |  | 9244 | 9317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 01/15/2030 | EUR | 1606 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/2030 (e) |  | 1650 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031 (e) |  | 3896 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2029 (e) |  | 3588 | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/2033 (e) |  | 8306 | 8499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deuce Finco Plc, (United Kingdom), Reg. S, 5.50%, 06/15/2027 | GBP | 2013 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc., 6.00%, 11/15/2031 (e) |  | 950 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028 (e) |  | 2697 | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC, 6.75%, 02/15/2027 (e) |  | 2314 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, 6.38%, 06/01/<br>2029 (e) |  | 2816 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2026 (e) |  | 955 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2027 (e) |  | 2300 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/01/2030 (e) |  | 3574 | 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/2032 (e) |  | 4496 | 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2029 (e) |  | 3062 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 01/15/2029 (e) |  | 150 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e) |  | 3883 | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Bidco plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.25%, 10/11/2028 | EUR | 14514 | 17930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.00%, 10/11/2028 | GBP | 7950 | 11535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., (Liberia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/2028 |  | 907 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026 (e) |  | 498 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2027 (e) |  | 462 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026 (e) |  | 231 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028 (e) |  | 5252 | 5317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/30/2031 (e) |  | 1155 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 06/01/2027 (e) |  | 1996 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/15/2029 (e) |  | 3828 | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 07/15/2030 (e) |  | 3533 | 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp; TUI AG, (Germany), Reg. S, 5.88%, 03/15/2029 | EUR | 6092 | 7445 |
| &nbsp;&nbsp;&nbsp;&nbsp; TUI Cruises GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 05/15/2030 | EUR | 124 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2030 (e) | EUR | 7412 | 8780 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 238 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Cruises Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/2027 (e) |  | 1300 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029 (e) |  | 3025 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 07/15/2031 (e) |  | 5925 | 6381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e) |  | 3488 | 3473 |
| &nbsp;&nbsp;&nbsp;&nbsp; VOC Escrow Ltd., (Bermuda), 5.00%, 02/15/2028 (e) |  | 2890 | 2875 |
|  |  |  | 148669 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp., 4.75%, 06/15/2031 (e) |  | 3600 | 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essendi SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 05/15/2030 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/2030 (e) | EUR | 2385 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 11/15/2031 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2031 (e) | EUR | 8574 | 10270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 05/15/2032 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.75%), 5.81%, 05/15/2032 (aa) | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/2029 (e) | EUR | 7540 | 9314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 10/15/2029 | EUR | 2926 | 3614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Star BVI Ltd., (British Virgin Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.95%, 10/02/2026 | EUR | 1800 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 05/18/2026 |  | 1600 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.05%, 01/27/2027 |  | 4400 | 4236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 10/19/2025 |  | 700 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2032 (e) |  | 3378 | 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029 (e) |  | 1200 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2033 (e) |  | 2352 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2032 (e) |  | 1176 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., 5.25%, 06/30/2029 |  | 154 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/2026 |  | 435 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/01/2027 |  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 |  | 1620 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/04/2029 (e) |  | 5557 | 5194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/17/2027 (e) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/2028 (e) |  | 1200 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/17/2032 (e) |  | 1952 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM China Holdings Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2027 (e) |  | 1186 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/26/2031 (e) |  | 714 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/2026 |  | 275 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 |  | 4726 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 |  | 4600 | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2029 |  | 3676 | 3738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2032 |  | 2955 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motel One GmbH, (Germany), Reg. S, 7.75%, 04/02/2031 | EUR | 3613 | 4562 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sani/Ikos Financial Holdings 1 Sarl, (Luxembourg), 7.25%, 07/31/2030 (e) | EUR | 1575 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Station Casinos LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028 (e) |  | 1169 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2031 (e) |  | 4021 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032 (e) |  | 1185 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Macau Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2029 (e) |  | 3137 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2027 (e) |  | 1830 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/26/2028 (e) |  | 12932 | 12713 |
|  |  |  | 105628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1011778 BC ULC / New Red Finance, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029 (e) |  | 2025 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2028 (e) |  | 875 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (e) |  | 8257 | 7694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2028 (e) |  | 1157 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Afflelou SAS, (France), Reg. S, 6.00%, 07/25/2029 | EUR | 654 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agrifarma SpA, (Italy), Reg. S, 4.50%, 10/31/2028 | EUR | 2455 | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arko Corp., 5.13%, 11/15/2029 (e) |  | 2625 | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (e) |  | 270 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&M European Value Retail SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 11/27/2031 | GBP | 1848 | 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.13%, 11/15/2030 | GBP | 929 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCPE Ulysses Intermediate, Inc., 7.75% (cash), 04/01/2027 (e) (v) |  | 2115 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc., 8.25%, 07/15/2030 (e) |  | 2575 | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bubbles Bidco SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.25%), 6.23%, 09/30/2031 (aa) | EUR | 201 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 09/30/2031 | EUR | 338 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/2031 (e) | EUR | 5588 | 6672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% (cash), 12/01/2028 (e) (v) |  | 1682 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% (cash), 06/01/2030 (e) (v) |  | 16876 | 17743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% (cash), 06/01/2031 (e) (v) |  | 19413 | 23001 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD&R Firefly Bidco plc, (United Kingdom), Reg. S, 8.63%, 04/30/2029 | GBP | 9451 | 13336 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEC Entertainment LLC, 6.75%, 05/01/2026 (e) |  | 758 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (e) |  | 2294 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dufry One BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/15/2028 | EUR | 3120 | 3659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/23/2032 | EUR | 1825 | 2157 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 239

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.13%), 6.40%, 07/15/2031 (aa) | EUR | 235 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) |  | 4931 | 5443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eroski S Coop, (Spain), Reg. S, 10.63%, 04/30/2029 | EUR | 10750 | 13629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 (e) |  | 5430 | 5197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2030 (e) |  | 8275 | 7635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e) |  | 2837 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fressnapf Holding SE, (Germany), Reg. S, 5.25%, 10/31/2031 | EUR | 9289 | 11053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/2029 (e) |  | 1475 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/2031 (e) |  | 3080 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd. / AAG FH UK Ltd., (United Kingdom), 11.50%, 08/15/2029 (e) |  | 1353 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldstory SAS, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.00%), 6.18%, 02/01/2030 (aa) | EUR | 300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 02/01/2030 | EUR | 1719 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc., 6.38%, 01/15/2030 (e) |  | 1400 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp; GYP Holdings III Corp., 4.63%, 05/01/2029 (e) |  | 2293 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e) |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition LLC, 6.25%, 01/15/2029 (e) |  | 3325 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 (e) |  | 4450 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2031 (e) |  | 4667 | 4962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/2029 (e) |  | 1550 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2031 (e) |  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/2029 (e) |  | 3275 | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/2029 (e) |  | 1625 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/2029 (e) |  | 525 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/01/2032 (e) |  | 1760 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEU Fin plc, (United Kingdom), Reg. S, 7.25%, 07/01/2028 | EUR | 11983 | 14616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Punch Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 12/30/2030 | GBP | 1850 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/30/2030 (e) | GBP | 4112 | 5744 |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO Building Products, Inc., 6.75%, 04/30/2032 (e) |  | 11380 | 11717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, 11.00%, 12/15/2029 (e) |  | 400 | 150 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 |  | 3219 | 3305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc., 10.75%, 09/01/2029 (e) |  | 1730 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Co. Financing 2019 plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 6.63%), 8.77%, 07/31/2029 (aa) | EUR | 1160 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.75%, 07/31/2029 | GBP | 1619 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suburban Propane Partners LP / Suburban Energy Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 (e) |  | 1130 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/2027 |  | 2825 | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e) |  | 2061 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/18/2044 |  | 1298 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 08/15/2029 |  | 1388 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer LLC, 6.88%, 10/15/2028 (e) |  | 20704 | 20670 |
|  |  |  | 248802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Toys/Games/Hobbies** — **0.0%**(g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc., 3.90%, 11/19/2029 |  | 857 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/2026 (e) |  | 110 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/15/2027 (e) |  | 1898 | 1905 |
|  |  |  | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 1100015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 13.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp., 3.56%, 08/15/2027 |  | 503 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT International Finance plc, (United Kingdom), 5.93%, 02/02/2029 |  | 101 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc., 6.00%, 06/15/2030 (e) |  | 2920 | 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/30/2028 (e) (w) |  | 405 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2030 (e) |  | 1271 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/27/2027 (e) |  | 739 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 05/15/2028 (e) |  | 729 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2030 (e) |  | 539 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roquette Freres SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.25%), 5.49%, 11/25/2029 (x) (aa) | EUR | 2700 | 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tereos Finance Groupe I SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 04/30/2030 | EUR | 800 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 04/15/2028 | EUR | 875 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viterra Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/21/2026 (e) |  | 1000 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/21/2027 (e) |  | 600 | 601 |
|  |  |  | 14138 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 240 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bacardi-Martini BV, (Netherlands), 5.55%, 02/01/2030 (e) |  | 482 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, (British Virgin Islands), 5.25%, 04/27/2029 (e) |  | 550 | 535 |
|  |  |  | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., 5.51%, 03/02/2026 |  | 444 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cidron Aida Finco Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/27/2031 (e) | EUR | 11483 | 13807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 10/27/2031 (e) | GBP | 6097 | 8540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc., 5.75%, 12/13/2027 |  | 108 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, (United Kingdom), 5.15%, 09/02/2029 |  | 54 | 55 |
|  |  |  | 22957 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 5.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e) |  | 1550 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 05/21/2030 | EUR | 708 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/21/2030 (e) | EUR | 13545 | 16321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/21/2030 (e) |  | 4273 | 4359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e) |  | 25144 | 26280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC / Allied Universal Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 (e) |  | 14304 | 13911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/15/2030 (e) |  | 8354 | 8469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028 (e) |  | 18288 | 17744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 06/01/2028 | GBP | 500 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc., 9.00%, 06/01/2029 (e) |  | 1444 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amber Finco plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 07/15/2029 | EUR | 2354 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2029 (e) | EUR | 7565 | 9324 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) |  | 3075 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/2027 (e) |  | 3152 | 3065 |
| &nbsp;&nbsp;&nbsp;&nbsp; APCOA Group GmbH, (Germany), Reg. S, 6.00%, 04/15/2031 | EUR | 324 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; APi Group DE, Inc., 4.13%, 07/15/2029 (e) |  | 1730 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc., 4.38%, 08/15/2027 (e) |  | 488 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 04/01/2028 (e) |  | 4725 | 4583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Finance Plc, (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 02/28/2029 | EUR | 2936 | 3511 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 07/31/2030 | EUR | 2199 | 2629 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCP V Modular Services Finance II plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 11/30/2028 | EUR | 3953 | 4571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 11/30/2028 | GBP | 200 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCP V Modular Services Finance plc, (United Kingdom), Reg. S, 6.75%, 11/30/2029 | EUR | 7887 | 8288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belron UK Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 10/15/2029 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (e) | EUR | 11525 | 13847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2029 (e) |  | 4893 | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/2026 |  | 2571 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2031 |  | 565 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2032 |  | 15218 | 15702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boels Topholding BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 05/15/2030 | EUR | 15115 | 18469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 02/15/2029 | EUR | 1238 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 7.50%, 01/15/2031 (e) |  | 10101 | 10723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC / GTCR W Dutch Finance Sub BV, (Multinational), Reg. S, 8.50%, 01/15/2031 | GBP | 2450 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brink's Co. (The), 6.75%, 06/15/2032 (e) |  | 4035 | 4197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/2028 (e) |  | 7424 | 7116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/2029 (e) |  | 11435 | 10763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currenta Group Holdings Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2030 (e) | EUR | 1250 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 05/15/2030 | EUR | 700 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.00%), 6.14%, 05/15/2032 (aa) | EUR | 800 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dcli Bidco LLC, 7.75%, 11/15/2029 (e) |  | 2040 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp., 8.13%, 09/15/2029 (e) |  | 1083 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp; DP World Ltd., (United Arab Emirates), Reg. S, 4.70%, 09/30/2049 |  | 1000 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., 8.00%, 03/15/2033 (e) |  | 1428 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garda World Security Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2027 (e) |  | 1225 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 (e) |  | 355 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2028 (e) |  | 3257 | 3369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032 (e) |  | 6674 | 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032 (e) |  | 12405 | 12743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., 4.45%, 06/01/2028 |  | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc., 6.25%, 05/06/2029 |  | 1177 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2027 (e) |  | 1740 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/2029 (e) |  | 2979 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030 (e) |  | 5987 | 6250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2033 (e) |  | 2635 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2026 (e) |  | 400 | 358 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 241

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 07/15/2029 (e) |  | 1964 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp; House of HR Group BV, (Netherlands), Reg. S, 9.00%, 11/03/2029 | EUR | 2247 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kapla Holding SAS, (France), Reg. S, 5.00%, 04/30/2031 | EUR | 208 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Financiere Atalian, (France), Reg. S, 8.50% (Blend (cash 3.50% + PIK 5.00%)), 06/30/2028 (v) | EUR | 1205 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loxam SAS, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2030 (e) | EUR | 2280 | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 05/15/2028 | EUR | 200 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (e) |  | 7954 | 7812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mundys SpA, (Italy), Reg. S, 1.88%, 02/12/2028 | EUR | 4536 | 5165 |
| &nbsp;&nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e) |  | 2425 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp; OT Midco, Inc., 10.00%, 02/15/2030 (e) |  | 454 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pachelbel Bidco SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.25%), 6.44%, 05/17/2031 (aa) | EUR | 400 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 05/17/2031 | EUR | 3470 | 4402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 05/17/2031 (e) | EUR | 13849 | 17568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pelabuhan Indonesia Persero PT, (Indonesia), Reg. S, 5.38%, 05/05/2045 |  | 2100 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp; PeopleCert Wisdom Issuer plc, (United Kingdom), Reg. S, 5.75%, 09/15/2026 | EUR | 1000 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q-Park Holding I BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 09/01/2030 | EUR | 1375 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/2030 (e) | EUR | 6120 | 7243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 03/01/2029 | EUR | 1986 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 (e) |  | 3340 | 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rekeep SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.00%, 09/15/2029 | EUR | 1400 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/15/2029 (e) | EUR | 1398 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., 9.50%, 08/01/2029 (e) |  | 2813 | 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rutas 2 & 7 Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 09/30/2036 |  | 997 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2030 |  | 1495 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2031 |  | 3481 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2032 |  | 8801 | 8891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2027 |  | 1400 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2033 (e) | EUR | 6467 | 7880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 05/15/2033 | EUR | 2119 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2032 (e) |  | 9078 | 9431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's, 7.38%, 10/15/2027 (e) |  | 8262 | 8178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e) |  | 1484 | 1338 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 674 mbH, (Germany), Reg. S, 6.00%, 07/30/2026 | EUR | 12766 | 15038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 mbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2032 (e) (w) | EUR | 1100 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 07/15/2029 | EUR | 5861 | 7111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd., (Bermuda), 2.05%, 04/15/2026 (e) |  | 1133 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 |  | 3447 | 3166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 |  | 1739 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2028 |  | 2025 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2030 |  | 2806 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2034 (e) |  | 457 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc., 3.63%, 06/15/2031 (e) |  | 2376 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisure Holding AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/15/2027 | EUR | 8438 | 9878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 07/15/2026 | EUR | 14999 | 17614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 05/15/2030 | EUR | 7274 | 8890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 02/01/2028 | EUR | 4425 | 5415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritiv Operating Co., 10.50%, 11/30/2030 (e) |  | 2523 | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp; VT Topco, Inc., 8.50%, 08/15/2030 (e) |  | 875 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wand NewCo. 3, Inc., 7.63%, 01/30/2032 (e) |  | 4367 | 4590 |
| &nbsp;&nbsp;&nbsp;&nbsp; WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026 (e) |  | 1110 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc., 6.50%, 03/15/2033 (e) |  | 5782 | 5832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/2029 (e) |  | 2149 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/2030 (e) |  | 3153 | 3275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/01/2031 (e) |  | 1136 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline SA, (France), Reg. S, 5.50%, 06/10/2030 | EUR | 1000 | 1023 |
|  |  |  | 495853 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc., 5.00%, 04/15/2026 (e) |  | 197 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opal Bidco SAS, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/2032 (e) | EUR | 4739 | 5694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 03/31/2032 | EUR | 1202 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/31/2032 (e) |  | 2902 | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co., (Ireland), 6.13%, 09/30/2032 |  | 4627 | 4673 |
|  |  |  | 14970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food** — **2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2026 (e) |  | 195 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029 (e) |  | 975 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2027 (e) |  | 1361 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/2030 (e) |  | 1583 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 (e) |  | 2684 | 2766 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 242 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028 (e) |  | 1057 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2027 |  | 7896 | 7190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 09/15/2028 (e) |  | 2611 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bellis Acquisition Co. plc , (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/01/2031 (e) (w) | EUR | 2953 | 3486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.13%, 05/14/2030 | GBP | 18818 | 24313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bellis Finco plc, (United Kingdom), Reg. S, 4.00%, 02/16/2027 | GBP | 180 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boparan Finance plc, (United Kingdom), Reg. S, 9.38%, 11/07/2029 | GBP | 1600 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, 8.75% (cash), 10/01/2029 (e) (v) |  | 14653 | 15691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chobani LLC / Chobani Finance Corp., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2028 (e) |  | 3397 | 3334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 07/01/2029 (e) |  | 6016 | 6269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Global Finance BV, (Netherlands), 4.50%, 07/15/2032 (e) | EUR | 1731 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELO SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/29/2026 | EUR | 700 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 07/23/2027 | EUR | 3800 | 4311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 12/08/2028 | EUR | 4400 | 4691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 04/17/2028 | EUR | 4900 | 5513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 03/22/2029 | EUR | 1900 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/01/2031 (e) |  | 123 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 09/15/2032 (e) |  | 1397 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flora Food Management BV, (Netherlands), Reg. S, 6.88%, 07/02/2029 | EUR | 4000 | 4781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iceland Bondco plc, (United Kingdom), Reg. S, 4.38%, 05/15/2028 | GBP | 6949 | 8865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Irca SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 5.73%, 12/15/2029 (aa) | EUR | 283 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/02/2029 |  | 346 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/2028 |  | 255 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2030 |  | 91 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (e) |  | 1637 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke FrieslandCampina NV, (Netherlands), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.85%), 4.85%, 10/23/2029 (x) (aa) | EUR | 1550 | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/2030 (e) |  | 1598 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032 (e) |  | 2807 | 2628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lion / Polaris Lux 4 SA, (Luxembourg), Reg. S, (EURIBOR 3 Month + 3.63%), 5.56%, 07/01/2029 (aa) | EUR | 349 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market Bidco Finco plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 11/04/2027 | EUR | 3350 | 3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 11/04/2027 |  | GBP 10,726 | 14429 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars, Inc., 4.80%, 03/01/2030 (e) |  | 600 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocado Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.50%, 08/08/2029 | GBP | 5197 | 6947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 11.00%, 06/15/2030 | GBP | 272 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029 (e) |  | 1020 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2032 (e) |  | 4200 | 4295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Picard Groupe SAS, (France), Reg. S, 6.38%, 07/01/2029 | EUR | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., 3.50%, 03/01/2032 |  | 2600 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/2031 |  | 3440 | 3318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2031 (e) |  | 1580 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030 (e) |  | 3055 | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (e) |  | 1550 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2032 (e) |  | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2034 (e) |  | 5995 | 6028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/2033 (e) |  | 2970 | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Foods Finance plc, (United Kingdom), Reg. S, 3.50%, 10/15/2026 | GBP | 1000 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e) |  | 881 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc., 6.75%, 10/15/2028 (e) |  | 1947 | 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods, Inc., 7.25%, 01/15/2032 (e) |  | 1065 | 1121 |
|  |  |  | 174604 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor Funding, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/01/2025 | EUR | 1081 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 07/15/2028 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2028 (e) |  | 3119 | 3063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 3.88%), 5.87%, 01/15/2031 (e) (aa) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1225 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/01/2028 (e) |  | 10933 | 11411 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 4.80%, 08/14/2029 |  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp., 6.50%, 04/01/2033 (e) |  | 1868 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower LP, 3.88%, 04/01/2029 (e) |  | 16584 | 15907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029 (e) |  | 14481 | 14367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower LP / Medline Co-Issuer, Inc., 6.25%, 04/01/2029 (e) |  | 4095 | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Food Safety Corp., 8.63%, 07/20/2030 (e) |  | 802 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp., 5.40%, 03/01/2029 |  | 1260 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/25/2027 |  | 299 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, 7.38%, 06/01/2031 (e) |  | 2240 | 2331 |
|  |  |  | 58577 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 243

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 (e) |  | 1915 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; AHP Health Partners, Inc., 5.75%, 07/15/2029 (e) |  | 4196 | 4092 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028 | EUR | 11279 | 12622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp., 2.45%, 07/15/2028 |  | 550 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 |  | 1414 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerba Healthcare SACA, (France), Reg. S, 3.50%, 05/31/2028 | EUR | 15273 | 13017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031 (e) |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2028 (e) |  | 372 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chrome Holdco SAS, (France), Reg. S, 5.00%, 05/31/2029 | EUR | 6858 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHS / Community Health Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031 (e) |  | 4941 | 4224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030 (e) |  | 6084 | 5398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/2027 (e) |  | 7998 | 7878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029 (e) |  | 5913 | 5688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 01/15/2032 (e) |  | 6895 | 7309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clariane SE, (France), Reg. S, 7.88%, 06/27/2030 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Health Services, Inc., 6.88%, 07/15/2032 (e) |  | 2270 | 2350 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 (e) |  | 9757 | 8873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2030 (e) |  | 10425 | 9995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2033 (e) |  | 1536 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/2032 (e) |  | 1429 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ephios Subco 3 Sarl, (Luxembourg), Reg. S, 7.88%, 01/31/2031 | EUR | 3957 | 5013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE, (Luxembourg), Reg. S, (EURIBOR 3 Month + 4.24%), 6.75%, 04/24/2028 (x) (aa) | EUR | 2450 | 3081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc., 7.50%, 07/01/2030 (e) |  | 289 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care US Finance III, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/01/2026 (e) |  | 150 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/2029 (e) |  | 530 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp; HAH Group Holding Co. LLC, 9.75%, 10/01/2031 (e) |  | 3290 | 3262 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., 5.25%, 03/01/2030 |  | 1124 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/06/2033 |  | 1100 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co, 5.20%, 06/15/2029 (e) |  | 124 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc., 4.50%, 10/01/2029 (e) |  | 5777 | 5616 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/15/2026 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 03/15/2029 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 06/15/2028 | EUR | 4630 | 5379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (e) |  | 600 | 599 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 (e) |  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2032 (e) |  | 8117 | 8334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratoire Eimer Selas, (France), Reg. S, 5.00%, 02/01/2029 | EUR | 4694 | 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2029 (e) |  | 4510 | 4204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032 (e) |  | 3986 | 4248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/15/2030 (e) |  | 134 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/01/2032 (e) |  | 3380 | 3471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030 (e) |  | 8932 | 9851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mehilainen Yhtiot Oy, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 06/30/2032 | EUR | 1167 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/2032 (e) | EUR | 3624 | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 3.38%), 5.41%, 06/30/2032 (e) (aa) | EUR | 4775 | 5640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/2030 (e) |  | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/2032 (e) |  | 3033 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2033 (e) |  | 1604 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/2030 (e) |  | 3384 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50% (Blend (cash 6.50% + PIK 5.00%)), 12/31/2030 (e) (v) |  | 2167 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (e) |  | 4646 | 4576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Medical Corp., 6.25%, 12/01/2032 (e) |  | 680 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., 9.00%, 10/01/2030 (e) |  | 8887 | 9347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., 7.25%, 04/15/2032 (e) |  | 6411 | 6535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 |  | 6887 | 6678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2030 |  | 13077 | 12671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2031 |  | 6250 | 6464 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., 4.65%, 01/15/2031 |  | 1056 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., 4.63%, 10/15/2029 |  | 353 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Acute Care Solutions LLC, 9.75%, 05/15/2029 (e) |  | 2661 | 2744 |
|  |  |  | 224730 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp., 4.25%, 03/15/2029 (e) |  | 4054 | 3573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 |  | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/2031 (e) |  | 452 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/30/2031 (e) |  | 1373 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/30/2032 (e) |  | 4215 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontex Group NV, (Belgium), Reg. S, 5.25%, 04/15/2030 | EUR | 100 | 120 |
|  |  |  | 8435 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 244 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) |  | 35654 | 35975 |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 (e) |  | 2925 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/2030 (e) |  | 3675 | 3492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/2028 (e) |  | 2565 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028 (e) |  | 3075 | 2594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/30/2028 (e) |  | 1125 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 (e) |  | 125 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/2030 (e) |  | 10500 | 6629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2031 (e) |  | 2470 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2029 (e) |  | 50 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2028 (e) |  | 450 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/2028 (e) |  | 11025 | 10915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.11%), 3.13%, 11/12/2079 (aa) | EUR | 4100 | 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.46%), 5.38%, 03/25/2082 (aa) | EUR | 3000 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.27%), 5.50%, 09/13/2054 (aa) | EUR | 1600 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.90%), 7.00%, 09/25/2083 (aa) | EUR | 12400 | 15706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.43%), 6.63%, 09/25/2083 (aa) | EUR | 400 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2025 (e) |  | 1610 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/2028 (e) |  | 1267 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH, (Germany), 7.13%, 06/15/2031 (e) (w) | EUR | 5612 | 6656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolcetto Holdco SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.63%), 5.55%, 07/14/2032 (w) (aa) | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 07/14/2032 (w) | EUR | 875 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (e) |  | 910 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 11/15/2027 | EUR | 2561 | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 10/15/2028 | EUR | 19606 | 22063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 (e) |  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 05/01/2030 | EUR | 1245 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 05/01/2030 (e) | EUR | 4500 | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50%, 05/01/2030 | EUR | 2875 | 3542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gruenenthal GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 05/15/2028 | EUR | 2860 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 11/15/2031 | EUR | 2866 | 3397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2031 (e) | EUR | 3389 | 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herbalife Nutrition Ltd. / HLF Financing, Inc., (Multinational), 7.88%, 09/01/2025 (e) |  | 710 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neopharmed Gentili SpA, (Italy), Reg. S, 7.13%, 04/08/2030 | EUR | 350 | 432 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 3.75%), 5.90%, 10/23/2030 (e) (aa) | EUR | 5051 | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 02/21/2030 | EUR | 3000 | 3689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc., 4.38%, 10/31/2029 (e) |  | 699 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/2028 (e) |  | 1969 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/2031 (e) |  | 4233 | 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp; P&L Development LLC / PLD Finance Corp., 12.00% (cash), 05/15/2029 (e) (v) |  | 717 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rossini Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 12/31/2029 | EUR | 815 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/31/2029 (e) | EUR | 12910 | 16053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 4.38%, 05/09/2030 | EUR | 1083 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/2026 |  | 974 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2032 |  | 1909 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2028 |  | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/2029 |  | 312 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 09/15/2031 |  | 1248 | 1413 |
|  |  |  | 194249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 1209543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies — Diversified — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benteler International AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2031 (e) (w) | EUR | 5457 | 6637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.38%, 05/15/2028 | EUR | 1100 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clue Opco LLC, 9.50%, 10/15/2031 (e) |  | 5512 | 5844 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProGroup AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 04/15/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 04/15/2031 | EUR | 129 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stena International SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031 (e) |  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/2031 (e) |  | 400 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Diversified |  |  | 14819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 7.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Coal — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coronado Finance Pty Ltd., (Australia), 9.25%, 10/01/2029 (e) |  | 1850 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullinan Holdco Scsp, (Luxembourg), Reg. S, 4.63%, 10/15/2026 | EUR | 10222 | 10355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenko Dutch BV, (Netherlands), 3.85%, 03/29/2026 (e) |  | 532 | 522 |
|  |  |  | 10877 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 245

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adnoc Murban Rsc Ltd., (United Arab Emirates), 5.13%, 09/11/2054 (e) | 4100 | 3735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 (e) | 4679 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp., 7.63%, 02/01/2029 (e) | 964 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp., 4.38%, 10/15/2028 (e) | 1670 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC / ARU Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029 (e) | 1871 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (e) | 1270 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2033 (e) | 2766 | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/2027 (e) | 2928 | 3580 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp., 7.13%, 02/01/2026 (e) | 451 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., (Canada), 5.00%, 12/15/2029 (e) | 126 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp., 6.75%, 03/15/2033 (e) | 1004 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; CITGO Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/2026 (e) | 1365 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/2029 (e) | 7186 | 7474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (e) | 1146 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 07/01/2028 (e) | 3550 | 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/01/2030 (e) | 1225 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031 (e) | 4886 | 4943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 06/15/2033 (e) | 1450 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp., 7.25%, 03/01/2032 (e) | 1571 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/2030 (e) | 6386 | 6203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2029 (e) | 7359 | 7366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 11/15/2026 (e) | 1838 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2028 | 545 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/2027 | 1129 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/2029 | 1048 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/2033 (e) | 7075 | 6765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/01/2032 (e) | 6318 | 6169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/2034 (e) (w) | 4472 | 4477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 02/15/2028 (e) | 3362 | 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp., 5.25%, 10/15/2027 | 292 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co. / Diamond Finance LLC, (Cayman Islands), 8.50%, 10/01/2030 (e) | 1160 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopetrol SA, (Colombia), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2032 | 2100 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/19/2036 | 2200 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 01/19/2029 | 864 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresa Nacional del Petroleo, (Chile), Reg. S, 6.15%, 05/10/2033 | 3500 | 3583 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/2028 (e) |  | 385 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/01/2031 (e) |  | 2785 | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 2.08%), 4.50%,<br>01/21/2031 (x) (aa) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;225 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/2026 (e) |  | 881 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/2027 |  | 202 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/01/2029 (e) |  | 172 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030 |  | 314 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2027 (e) |  | 2252 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2030 (e) |  | 1500 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 |  | 1901 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2029 |  | 455 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/2030 |  | 1444 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029 (e) |  | 1221 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029 (e) |  | 1431 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (e) |  | 2233 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/01/2027 (e) |  | 243 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/01/2029 (e) |  | 312 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp., 7.88%, 10/01/2029 |  | 529 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp., 5.00%, 02/01/2028 |  | 660 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/15/2027 |  | 506 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I LP / Hilcorp Finance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2029 (e) |  | 6741 | 6654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030 (e) |  | 740 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2031 (e) |  | 1518 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/2028 (e) |  | 2621 | 2628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032 (e) |  | 852 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2034 (e) |  | 3935 | 3769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2035 (e) |  | 3993 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/01/2033 (e) |  | 5271 | 5479 |
| &nbsp;&nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC, (Kazakhstan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 04/19/2047 |  | 5800 | 5036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 10/24/2048 |  | 2700 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimmeridge Texas Gas LLC, 8.50%, 02/15/2030 (e) |  | 5754 | 5955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 04/04/2026 |  | 631 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 10/01/2031 (e) |  | 4200 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leviathan Bond Ltd., (Israel), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 06/30/2027 (e) |  | 5074 | 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 06/30/2030 (e) |  | 1000 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032 (e) |  | 1507 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2032 (e) |  | 4741 | 4742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2028 (e) |  | 1661 | 1694 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 246 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp., (Canada), 5.88%, 02/01/2029 (e) |  | 650 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., (Bermuda), 7.50%, 01/15/2028 (e) |  | 2655 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/2027 (e) |  | 5580 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 08/15/2031 (e) |  | 1505 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 01/31/2030 (e) |  | 2155 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noble Finance II LLC, 8.00%, 04/15/2030 (e) |  | 3258 | 3316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc., 8.13%, 03/01/2028 (e) |  | 6817 | 6877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/01/2029 |  | 187 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/2028 |  | 1058 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/2027 |  | 1005 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/2030 |  | 101 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., 5.38%, 01/01/2026 |  | 390 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/15/2028 |  | 480 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkland Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 (e) |  | 1850 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/2030 (e) |  | 2562 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/2027 (e) |  | 1550 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/2032 (e) |  | 3027 | 3094 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030 (e) |  | 829 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2026 (e) |  | 649 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/2029 (e) |  | 1950 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/2033 (e) |  | 6386 | 6445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2032 (e) |  | 2571 | 2665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/2027 (e) |  | 1315 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pertamina Persero PT, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.40%, 02/09/2026 |  | 600 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 11/07/2048 |  | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos del Peru SA, (Peru), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 06/19/2032 |  | 4200 | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 06/19/2047 |  | 3900 | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/23/2026 |  | 331 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/26/2029 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1200 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/12/2048 |  | 18700 | 13020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/23/2045 |  | 3250 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 01/23/2027 |  | 2645 | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/2035 |  | 4400 | 3693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/2032 |  | 1200 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/16/2025 |  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/04/2026 |  | 935 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 |  | 1600 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Capital Ltd., (Malaysia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/21/2050 (e) |  | 3700 | 3137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.55%, 04/21/2050 |  | 700 | 594 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petrorio Luxembourg Holding Sarl, (Luxembourg), Reg. S, 6.13%, 06/09/2026 |  | 4600 | 4608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e) |  | 3185 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp; QatarEnergy, (Qatar), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 09/12/2026 |  | 1200 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/12/2041 |  | 12800 | 9434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 07/12/2051 |  | 3500 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2030 (e) |  | 1100 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 |  | 360 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Oil Finance Trust Series 2014-3, Reg. S, 9.75%, 01/06/2027 |  | 543 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Oil Finance Trust Series 2018-1, 8.20%, 04/06/2028 (e) |  | 83 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 7.88%, 11/01/2028 (e) |  | 2361 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2028 |  | 416 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2026 |  | 830 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/2029 (e) |  | 790 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societatea Nationala de Gaze Naturale ROMGAZ SA, (Romania), Reg. S, 4.75%, 10/07/2029 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1500 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Oil Co. of the Azerbaijan Republic, (Azerbaijan), Reg. S, 6.95%, 03/18/2030 |  | 6000 | 6315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026 |  | 103 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunoco LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033 (e) |  | 2919 | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/2029 (e) |  | 1005 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunoco LP / Sunoco Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2029 |  | 3175 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/2030 |  | 1350 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2028 |  | 495 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tengizchevroil Finance Co. International Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/2025 (e) |  | 1300 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 08/15/2030 |  | 1900 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 08/15/2026 |  | 859 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029 (e) |  | 4020 | 3895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., (Cayman Islands), 8.38%, 02/01/2028 (e) |  | 447 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean, Inc., (Cayman Islands), 8.00%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/2027 (e) |  | 3546 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/15/2029 (e) |  | 5984 | 5532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2031 (e) |  | 3092 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 02/15/2030 (e) |  | 2266 | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd., (Bermuda), 8.38%, 04/30/2030 (e) |  | 4692 | 4814 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 247

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vantage Drilling International Ltd., (Cayman Islands), 9.50%, 02/15/2028 (e) |  | 186 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Var Energi ASA, (Norway), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.77%), 7.86%, 11/15/2083 (aa) | EUR | 10584 | 13683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc., 5.38%, 11/01/2027 (e) |  | 575 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/31/2029 (e) |  | 997 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/2032 (e) |  | 4931 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/15/2030 |  | 2369 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 (e) |  | 2402 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV, (Netherlands), Series NC8, Reg. S, (EUR Swap Rate 5 Year + 3.32%), 3.00%, 07/20/2028 (x) (aa) | EUR | 7100 | 7853 |
|  |  |  | 360583 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 04/01/2028 (e) |  | 1388 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2032 (e) |  | 4525 | 4610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerflex Ltd., (Canada), 9.00%, 10/15/2027 (e) |  | 306 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guara Norte Sarl, (Luxembourg), Reg. S, 5.20%, 06/15/2034 |  | 4072 | 3859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, 7.25%, 02/15/2029 (e) |  | 4682 | 4846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc., 6.00%, 02/01/2028 |  | 295 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; OEG Finance plc, (United Kingdom), Reg. S, 7.25%, 09/27/2029 | EUR | 2056 | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp; OEG Finance plc, (United Kingdom), Reg. S, 7.25%, 09/27/2029 (w) (bb) | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Holding LLC, 8.75%, 08/01/2031 (e) |  | 2874 | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc., 9.13%, 07/15/2030 (e) (w) |  | 2648 | 2724 |
| &nbsp;&nbsp;&nbsp;&nbsp; USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029 (e) |  | 2568 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International Ltd., (Bermuda), 8.63%, 04/30/2030 (e) |  | 4067 | 4187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yinson Boronia Production BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 07/31/2042 (e) |  | 2181 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.95%, 07/31/2042 |  | 1259 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yinson Production Financial Services Pte Ltd., (Singapore), Reg. S, 9.63%, 05/03/2029 (e) |  | 3600 | 3734 |
|  |  |  | 37618 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Partners LP / Antero Midstream Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 (e) |  | 3698 | 3668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 (e) |  | 1800 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028 (e) |  | 4642 | 4633 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/2032 (e) | 1506 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC / Blue Racer Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/15/2029 (e) | 3483 | 3629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/2032 (e) | 2660 | 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckeye Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2026 | 88 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/2044 | 46 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/2043 | 1770 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/2030 (e) | 604 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/01/2029 (e) | 131 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., 4.63%, 10/15/2028 | 214 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Midstream Partners LP, 4.75%, 04/15/2030 (e) | 1230 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 08/15/2028 (e) | 675 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 08/15/2026 (e) | 352 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e) | 7307 | 7220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.38%, 06/30/2033 (e) | 2656 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc., 4.13%, 06/15/2029 (e) | 1024 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.97%), 7.20%, 06/27/2054 (aa) | 2888 | 2960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.12%), 7.38%, 03/15/2055 (aa) | 1688 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/2027 (e) | 794 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2029 (e) | 653 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.83%), 7.13%, 10/01/2054 (aa) | 4548 | 4664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.02%), 8.00%, 05/15/2054 (aa) | 3608 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, (CMT Index 5 Year + 5.31%), 7.13%, 05/15/2030 (x) (aa) | 1877 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) | 4655 | 4684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy LP, 8.00%, 05/15/2030 (e) | 1722 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesis Energy LP / Genesis Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/2032 | 3440 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 | 2471 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 | 1802 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 04/15/2030 | 123 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Partners LP / GLP Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029 | 1300 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/2033 (e) | 1928 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2032 (e) | 1680 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvest Midstream I LP, 7.50%, 05/15/2032 (e) | 1072 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations LP, 6.50%, 06/01/2029 (e) | 1414 | 1454 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 248 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/15/2032 (e) | 1598 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/2028 (e) | 583 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT Holdings LLC, 6.50%, 08/01/2029 (e) | 5351 | 5089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., 5.00%, 02/01/2029 | 66 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2030 (e) | 93 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2028 (e) | 602 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Generation Gas, Reg. S, 0.00%, 09/30/2029 (e) (bb) | 88 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/30/2029 (e) (bb) | 211 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 12/31/2049 (e) (bb) | 176 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.08%, 09/30/2029 (e) (bb) | 176 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC / NGL Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/2029 (e) | 2189 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032 (e) | 10370 | 10401 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGPL PipeCo. LLC, 4.88%, 08/15/2027 (e) | 387 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP, (Canada), 6.75%, 07/15/2032 (e) | 1199 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., 5.63%, 01/15/2028 (e) | 346 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prairie Acquiror LP, 9.00%, 08/01/2029 (e) | 1197 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 (e) | 2205 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/2029 (e) | 183 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2033 (e) | 875 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2040 (e) | 2600 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/2038 (e) | 1425 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (e) | 787 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 | 177 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 (e) | 702 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Gas Corridor CJSC, (Azerbaijan), Reg. S, 6.88%, 03/24/2026 | 9300 | 9413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028 (e) | 5206 | 5175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2027 (e) | 1063 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (e) | 748 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2031 (e) | 1469 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 02/15/2029 (e) | 5339 | 5487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP / Targa Resources Partners Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 | 758 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2027 | 173 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029 | 1637 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Partners LLC, 8.50%, 06/15/2030 (e) | 514 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%,08/15/2029 (e) | 2085 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031 (e) | 1380 | 1277 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030 (e) |  | 450 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2030 (e) |  | 1715 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031 (e) |  | 6441 | 6691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) |  | 36300 | 35319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029 (e) |  | 20488 | 22320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032 (e) |  | 8304 | 8968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2034 (e) (w) (bb) |  | 1130 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036 (e) (w) (bb) |  | 1130 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/2026 |  | 785 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/2028 |  | 87 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whistler Pipeline LLC, 5.40%, 09/30/2029 (e) |  | 353 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), 4.63%, 06/30/2030 |  | 198 | 198 |
|  |  |  | 215162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  |  | 625620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 14.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 3.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/28/2025 (e) |  | 491 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.65%), 6.34%, 09/18/2027 (e) (aa) |  | 1700 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.24%), 6.88%, 09/22/2031 (x) (aa) | EUR | 4000 | 5052 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.71%), 6.00%, 07/14/2031 (x) (aa) | EUR | 1000 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.33%), 6.61%, 09/13/2029 (e) (aa) |  | 416 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.39%), 7.13%, 10/30/2029 (x) (aa) | EUR | 800 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 8.92%), 8.50%, 09/10/2030 (aa) | EUR | 4610 | 5480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.27%), 6.88%, 12/13/2030 (x) (aa) | EUR | 200 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.54%), 8.38%, 06/21/2028 (x) (aa) | EUR | 600 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Comercial Portugues SA, (Portugal), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.78%), 8.13%, 01/18/2029 (x) (aa) | EUR | 2400 | 3083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Davivienda SA, (Colombia), Reg. S, (CMT Index 10 Year + 5.10%), 6.65%, 04/22/2031 (x) (aa) |  | 1300 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 6.83%), 9.38%, 07/18/2028 (x) (aa) | EUR | 7800 | 10405 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 249

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.07%), 8.38%, 05/20/2031 (e) (x) (aa) |  | 2800 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 10 Year + 4.30%), 8.75%, 05/20/2035 (e) (x) (aa) |  | 2800 | 2827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 10/14/2025 |  | 1128 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/07/2030 (e) |  | 1727 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.82%), 6.00%, 01/02/2031 (w) (x) (aa) | EUR | 1400 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk. PT, (Indonesia), Reg. S, 3.75%, 03/30/2026 |  | 950 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa) |  | 1023 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.33%), 3.97%, 03/05/2029 (aa) |  | 1151 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) |  | 163 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.68%), 6.63%, 05/01/2030 (x) (aa) |  | 9610 | 9951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Cyprus Holdings plc, (Ireland), Reg. S, (EUR Swap Rate 5 Year + 6.90%), 6.63%, 10/23/2031 (aa) | EUR | 5369 | 6478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.10%), 2.03%, 09/30/2027 (e) (aa) |  | 922 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.62%), 5.60%, 03/20/2030 (e) (aa) |  | 334 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.03%), 6.38%, 03/10/2030 (x) (aa) | EUR | 1300 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.71%), 7.38%, 08/15/2028 (x) (aa) | EUR | 600 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc., 4.88%, 11/17/2025 |  | 383 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.05%), 2.28%, 11/24/2027 (aa) |  | 249 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa) |  | 465 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.96%), 5.09%, 02/25/2029 (aa) |  | 272 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.23%), 5.37%, 02/25/2031 (aa) |  | 283 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa) |  | 462 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.69%), 7.63%, 03/15/2035 (x) (aa) |  | 2000 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa) |  | 600 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GBP Swap Rate 5 Year + 5.64%), 9.25%, 09/15/2028 (x) (aa) | GBP | 9050 | 13359 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 5.78%), 9.63%, 12/15/2029 (x) (aa) |  | 10305 | 11446 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa) |  | 400 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.23%), 2.59%, 01/20/2028 (e) (aa) |  | 1286 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOI Finance BV, (Netherlands), Reg. S, 7.50%, 02/16/2027 | EUR | 1400 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.09%), 2.05%, 10/19/2027 (e) (aa) |  | 305 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/2026 (e) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.35%), 6.50%, 03/20/2030 (x) (aa) | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.14%), 4.63%, 07/03/2029 (e) (w) (aa) |  | 401 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.50%), 5.25%, 03/23/2026 (x) (aa) | EUR | 400 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 6.35%), 5.88%, 10/09/2027 (x) (aa) | EUR | 400 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.94%), 6.25%, 07/24/2032 (x) (aa) | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One NA, (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 1.73%), 5.97%, 08/09/2028 (aa) |  | 282 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 4.91%, 05/29/2030 |  | 403 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.82%), 3.89%, 01/10/2028 (aa) |  | 805 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 4.79%, 03/04/2029 (aa) |  | 1001 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) |  | 1099 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, (CMT Index 5 Year + 2.69%), 7.13%, 08/15/2029 (x) (aa) |  | 8870 | 9142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, (CMT Index 10 Year + 2.76%), 7.00%, 08/15/2034 (x) (aa) |  | 1380 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, (CMT Index 5 Year + 2.57%), 6.75%, 02/15/2030 (x) (aa) |  | 3611 | 3638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF, (CMT Index 5 Year + 2.73%), 6.95%, 02/15/2030 (x) (aa) |  | 2629 | 2687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (CMT Index 5 Year + 3.42%), 3.88%, 02/18/2026 (x) (aa) |  | 4871 | 4816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., (United States SOFR + 1.26%), 5.25%, 03/05/2031 (aa) |  | 825 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.39%), 4.25%, 10/09/2027 (x) (aa) | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 6.74%), 6.50%, 10/09/2029 (x) (aa) | EUR | 400 | 496 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 250 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.72%), 4.88%, 06/29/2029 (x) (aa) | EUR | 11000 | 12943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.64%), 5.88%, 03/23/2035 (x) (aa) | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.35%), 1.62%, 09/11/2026 (e) (aa) |  | 1197 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.75%), 4.30%, 04/01/2028 (e) (aa) |  | 630 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.55%), 4.50%, 11/30/2026 (x) (aa) | EUR | 3000 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.75%), 4.63%, 10/30/2027 (x) (aa) | EUR | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.69%), 6.75%, 10/30/2028 (x) (aa) | EUR | 8000 | 9713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.60%), 7.13%, 10/30/2030 (x) (aa) | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.11%), 7.38%, 10/30/2031 (x) (aa) | EUR | 200 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.26%), 8.13%, 10/30/2029 (x) (aa) | EUR | 8600 | 10816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG, (Austria), Reg. S, (EUR Swap Rate 5 Year + 4.65%), 4.25%, 10/15/2027 (x) (aa) | EUR | 8800 | 10193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurobank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.70%), 4.00%, 02/07/2036 (aa) | EUR | 383 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec, (Canada), 5.70%, 03/14/2028 (e) |  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., (United States SOFR + 1.41%), 5.23%, 03/12/2031 (aa) |  | 601 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa) |  | 328 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2027 (e) |  | 1975 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/01/2026 (e) |  | 2683 | 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 10/01/2028 (e) |  | 2094 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 10/01/2030 (e) |  | 575 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 142 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) |  | 1481 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.56%), 4.22%, 05/01/2029 (aa) |  | 1657 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 4.94%, 04/23/2028 (aa) |  | 598 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 5.22%, 04/23/2031 (aa) |  | 395 | 405 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.46%), 6.85%, 02/10/2030 (x) (aa) |  | 4735 | 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Y, (CMT Index 10 Year + 2.40%), 6.13%, 11/10/2034 (x) (aa) |  | 8008 | 8022 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.61%), 4.29%, 09/12/2026 (aa) |  | 385 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.03%), 4.90%, 03/03/2029 (aa) |  | 434 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 5.60%, 05/17/2028 (aa) |  | 286 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa) |  | 212 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC USA, Inc., 4.65%, 06/03/2028 |  | 345 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., (United States SOFR + 1.97%), 4.44%, 08/04/2028 (aa) |  | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, (Netherlands), (United States SOFR + 1.56%), 6.08%, 09/11/2027 (aa) |  | 332 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.93%, 10/14/2030 | EUR | 7879 | 9015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa) |  | 3570 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.75%), 4.95%, 06/01/2042 (e) (aa) |  | 450 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.15%, 06/10/2030 | GBP | 393 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 5.85%), 5.50%, 03/01/2028 (x) (aa) | EUR | 350 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/2026 (e) |  | 410 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 6.09%), 5.88%, 09/01/2031 (x) (aa) | EUR | 7110 | 8652 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.81%), 6.00%, 11/27/2030 (x) (aa) | EUR | 1200 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.99%), 6.25%, 09/17/2031 (x) (aa) | EUR | 800 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp., (SOFR Compounded Index + 1.23%), 5.12%, 04/04/2031 (aa) |  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), 4.58%, 12/10/2025 |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.83%), 4.82%, 06/13/2029 (aa) |  | 314 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.38%), 5.46%, 01/05/2028 (aa) |  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa) |  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (UK Gilts 5 Year + 3.44%), 7.50%, 06/27/2030 (x) (aa) | GBP | 253 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd., (Australia), (CME Term SOFR 3 Month + 1.63%), 3.76%, 11/28/2028 (e) (aa) |  | 506 | 497 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 251

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.67%), 4.68%, 07/17/2026 (aa) |  | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) |  | 394 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 5.04%, 07/19/2030 (aa) |  | 155 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.73%), 5.12%, 02/01/2029 (aa) |  | 476 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa) |  | 98 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA, (Greece), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.15%), 5.88%, 06/28/2035 (aa) | EUR | 9550 | 11996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.65%), 8.00%, 01/03/2034 (aa) | EUR | 4636 | 6152 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.75%), 4.89%, 05/18/2029 (aa) |  | 575 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.22%), 4.96%, 08/15/2030 (aa) |  | 296 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.75%), 8.13%, 11/10/2033 (x) (aa) |  | 2382 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ljubljanska Banka dd, (Slovenia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.23%), 6.88%, 01/24/2034 (aa) | EUR | 1800 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piraeus Bank SA, (Greece), Reg. S, (EUR Swap Rate 1 Year + 3.84%), 6.75%, 12/05/2029 (aa) | EUR | 6052 | 7911 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.33%), 4.90%, 05/13/2031 (aa) |  | 326 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.20%), 5.49%, 05/14/2030 (aa) |  | 702 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (CMT Index 7 Year + 2.81%), 6.25%, 03/15/2030 (x) (aa) |  | 1683 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc., (Puerto Rico), 7.25%, 03/13/2028 |  | 500 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., (United States SOFR + 2.33%), 5.81%, 09/09/2026 (aa) |  | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/2025 (e) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.60%), 6.53%, 01/10/2029 (aa) |  | 990 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 617 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.79%), 8.13%, 11/21/2029 (e) (x) (aa) |  | 1523 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 5.45%), 10.00%, 11/14/2028 (x) (aa) |  | 3380 | 3688 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.05%), 5.69%, 05/14/2028 (e) (aa) |  | 256 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.85%), 6.75%, 02/08/2028 (e) (aa) |  | 400 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Bank, 5.63%, 08/23/2027 |  | 1056 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), (Canada), (CMT Index 5 Year + 2.98%), 7.25%, 07/31/2084 (aa) |  | 2441 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.85%), 1.49%, 08/10/2027 (e) (aa) |  | 1067 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa) |  | 806 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (x) (aa) |  | 520 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.05%), 4.70%, 08/05/2027 (e) (aa) |  | 1194 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.52%), 5.43%, 02/08/2030 (e) (aa) |  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.63%), 6.85%, 09/10/2029 (e) (x) (aa) |  | 2065 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.08%), 7.00%, 02/10/2030 (e) (x) (aa) |  | 2427 | 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.18%), 7.13%, 08/10/2034 (e) (x) (aa) |  | 2746 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 4.16%), 7.75%, 04/12/2031 (e) (x) (aa) |  | 7396 | 7787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.75%), 9.25%, 11/13/2028 (e) (x) (aa) |  | 4217 | 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.76%), 9.25%, 11/13/2033 (e) (x) (aa) |  | 5351 | 6189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicaja Banco SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 2.80%), 5.50%, 06/22/2034 (aa) | EUR | 1300 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa) |  | 528 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.30%), 5.63%, 12/03/2032 (x) (aa) | EUR | 800 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 5.05%, 02/12/2031 (aa) |  | 1007 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.02%), 5.78%, 06/12/2029 (aa) |  | 474 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 6.79%, 10/26/2027 (aa) |  | 157 | 162 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 252 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uzbek Industrial and Construction Bank ATB, (Uzbekistan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 07/24/2029 (e) |  | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.95%, 07/24/2029 |  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vakifbank DPR, 6.83%, 03/15/2035 (f) (bb) |  | 2200 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volksbank Wien AG, (Austria), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.05%), 5.50%, 12/04/2035 (aa) | EUR | 600 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc., 6.63%, 04/01/2033 (e) |  | 1319 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) |  | 164 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.37%), 4.97%, 04/23/2029 (aa) |  | 319 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.50%), 5.20%, 01/23/2030 (aa) |  | 244 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa) |  | 178 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa) |  | 241 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.79%), 6.30%, 10/23/2029 (aa) |  | 786 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa) |  | 2015 | 2114 |
|  |  |  | 323230 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (e) |  | 392 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., 3.38%, 07/01/2025 |  | 494 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd. / Aircastle Ireland DAC, (Bermuda), 5.25%, 03/15/2030 (e) |  | 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025 (e) |  | 426 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/15/2029 (e) |  | 187 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.96%), 5.74%, 05/15/2029 (aa) |  | 510 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/2025 |  | 329 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.26%), 4.73%, 04/25/2029 (aa) |  | 433 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.44%), 5.02%, 04/25/2031 (aa) |  | 365 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.28%), 5.28%, 07/27/2029 (aa) |  | 44 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.33%), 6.34%, 10/30/2026 (aa) |  | 294 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP, 6.05%, 01/15/2028 (e) |  | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026 (e) |  | 462 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026 (e) |  | 614 | 594 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027 (e) |  | 337 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2025 (e) |  | 908 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2029 (e) |  | 630 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/21/2026 (e) |  | 305 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (e) |  | 903 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/21/2028 (e) |  | 81 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2027 (e) |  | 251 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 (e) |  | 352 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2029 (e) |  | 226 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 (e) |  | 182 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azorra Finance Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031 (e) (w) |  | 2044 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2030 (e) |  | 3190 | 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bracken MidCo1 plc, (United Kingdom), Reg. S, 6.75% (cash), 11/01/2027 (v) | GBP | 3269 | 4439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.30%), 8.38%, 06/15/2035 (e) (aa) |  | 1210 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 03/15/2029 (e) |  | 583 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIMA Finance DAC, (Ireland), Reg. S, 2.95%, 09/05/2029 |  | 4052 | 3707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Capital Sociedad Titulizadora SA, (Peru), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.70%, 03/05/2045 (e) | PEN | 6800 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.10%, 12/15/2043 (e) | PEN | 6300 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/01/2028 | GBP | 8008 | 10442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2030 (e) |  | 885 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, 6.75%, 09/15/2031 (e) |  | 4858 | 4959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 04/01/2032 (e) |  | 1859 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 05/15/2031 (e) |  | 3830 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 02/01/2029 (e) |  | 5611 | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garfunkelux Holdco 3 SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.00%, 09/01/2028 | EUR | 187 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.50%, 11/01/2028 (bb) | EUR | 148 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garfunkelux Holdco 4 SA, (Luxembourg), Reg. S, 10.50% (Blend (cash 0.02% + PIK 10.48%)), 05/01/2030 (v) | EUR | 25 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; GGAM Finance Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2030 (e) |  | 2268 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029 (e) |  | 3273 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/15/2026 (e) |  | 653 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/2027 (e) |  | 1917 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2028 (e) |  | 2753 | 2914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., (Cayman Islands), 8.75%, 09/01/2027 (e) |  | 2794 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp; goeasy Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/01/2030 (e) |  | 2800 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 07/01/2029 (e) |  | 1140 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/01/2028 (e) |  | 920 | 974 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 253

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interoceanica IV Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 11/30/2025 |  | 590 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intrum AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/15/2027 (d) | EUR | 294 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.25%, 03/15/2028 (d) | EUR | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group / JSG Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2029 (e) |  | 497 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2033 (e) |  | 1935 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Finance LLC / JFIN Co-Issuer Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 (e) |  | 2949 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2031 (e) |  | 1971 | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, 6.00%, 08/15/2026 (e) |  | 635 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jerrold Finco plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50%, 06/15/2031 | GBP | 2000 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2031 (e) | GBP | 6024 | 8359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 04/15/2030 | GBP | 11736 | 16554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kane Bidco Ltd., (Jersey), Reg. S, 6.50%, 02/15/2027 | GBP | 2200 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait Projects Co. SPC Ltd., (United Arab Emirates), Reg. S, 4.50%, 02/23/2027 |  | 2200 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp; LD Holdings Group LLC, 6.13%, 04/01/2028 (e) |  | 1453 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2029 (e) |  | 596 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027 (e) |  | 1147 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/03/2028 |  | 311 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 |  | 287 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/17/2030 (e) |  | 938 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 03/26/2029 (e) |  | 392 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/26/2031 (e) |  | 2585 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 03/30/2029 (e) |  | 1018 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2030 (e) |  | 775 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2028 (e) |  | 593 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2026 (e) |  | 554 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2030 (e) |  | 2935 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028 (e) |  | 2651 | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2031 (e) |  | 6847 | 6956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2029 (e) |  | 4715 | 4816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/2032 (e) |  | 7371 | 7656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/2028 |  | 1650 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 |  | 2350 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2026 |  | 2978 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/15/2032 |  | 3743 | 3911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/25/2030 |  | 2885 | 3182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen LLC, 5.55%, 01/15/2030 (e) |  | 353 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/2027 |  | 391 | 383 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/2028 |  | 1700 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030 |  | 3597 | 3318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 |  | 1148 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/2029 |  | 2512 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2032 |  | 7650 | 7797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/2026 |  | 1316 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/2031 |  | 1223 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 |  | 4266 | 4415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/2031 |  | 2677 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/15/2030 |  | 1831 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., 10.75%, 08/01/2027 (e) |  | 911 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Infrastructure Receivable Purchaser plc, (United Kingdom), Zero Coupon, 04/05/2032 (e) |  | 10200 | 7242 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029 (e) |  | 3530 | 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2032 (e) |  | 5765 | 5880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/2033 (e) |  | 2420 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/2030 (e) |  | 2976 | 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029 (e) |  | 1113 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC / PHH Corp., 9.88%, 11/01/2029 (e) |  | 1750 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Aviation Capital Ltd., (Ireland), 9.25%, 07/15/2030 (e) |  | 3935 | 4077 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (e) |  | 350 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 01/31/2030 (e) |  | 2585 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc., 6.20%, 05/15/2029 |  | 37 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/2030 (e) |  | 12313 | 12541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/01/2033 (e) |  | 11270 | 11521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (e) |  | 4416 | 4307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/2029 (e) |  | 1795 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2031 (e) |  | 4751 | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 (e) |  | 2701 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp., 6.50%, 01/31/2030 |  | 1142 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOCAR Turkey Enerji AS via Steas Funding 1 DAC, (Ireland), Reg. S, 7.23%, 03/17/2026 |  | 4600 | 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/04/2026 |  | 163 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 |  | 141 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/2025 |  | 536 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIB Diversified Payment Rights Finance Company, Series 2024-H, 7.96%, 11/15/2034 (f) (bb) |  | 3900 | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titanium 2l Bondco Sarl, (Luxembourg), 6.25% (PIK), 01/14/2031 (v) | EUR | 11284 | 3883 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2025 (e) |  | 1490 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2029 (e) |  | 375 | 364 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 254 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings LLC, 6.63%, 02/01/2030 (e) |  | 5517 | 5520 |
|  |  |  | 288281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC / Acrisure Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2032 (e) |  | 1082 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2029 (e) |  | 8460 | 8755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/15/2029 (e) |  | 2865 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC, 5.50%, 04/16/2027 (e) |  | 476 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd., (Hong Kong), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 09/16/2040 |  | 1650 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/30/2054 (e) |  | 4800 | 4498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2027 (e) |  | 3556 | 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2029 (e) |  | 11707 | 11536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 (e) |  | 5592 | 5589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028 (e) |  | 64 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2031 (e) |  | 13035 | 13482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032 (e) |  | 8483 | 8746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.58%), 2.60%, 10/30/2031 (x) (aa) | EUR | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Global Funding, 5.55%, 01/28/2030 (e) |  | 149 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/30/2029 (e) |  | 3033 | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/15/2029 (e) |  | 1417 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon Corp., 8.21%, 01/01/2027 |  | 2163 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor, 7.88%, 11/01/2029 (e) |  | 2381 | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 02/15/2031 | EUR | 4573 | 5535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/2031 (e) | EUR | 4760 | 5761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2031 (e) |  | 14695 | 15363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., (Jersey), 8.88%, 02/15/2032 (e) |  | 11800 | 12401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc., 4.90%, 03/27/2028 |  | 202 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; AssuredPartners, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2029 (e) |  | 1700 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/15/2032 (e) |  | 4279 | 4585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 08/19/2028 (e) |  | 948 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/07/2027 (e) |  | 283 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/07/2030 (e) |  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/09/2029 (e) |  | 145 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/24/2026 (e) |  | 231 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/28/2028 (e) |  | 1136 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 04/09/2027 (e) |  | 354 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/10/2029 (e) |  | 390 | 400 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc., 5.88%, 04/15/2029 (e) | 1558 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc., 4.90%, 06/23/2030 | 844 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/07/2026 (e) | 256 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/10/2027 (e) | 315 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/09/2029 (e) | 117 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/04/2027 (e) | 1190 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., (CMT Index 5 Year + 2.65%), 6.38%, 09/15/2054 (aa) | 1584 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Global Funding, 5.20%, 01/12/2029 (e) | 316 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable America Global Funding, 4.65%, 06/09/2028 (e) | 234 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 07/07/2025 (e) | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/03/2028 (e) | 129 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/2026 (e) | 178 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/2028 (e) | 1208 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 04/11/2027 (e) | 632 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/07/2025 (e) | 467 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; GA Global Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/23/2027 (e) | 467 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/08/2029 (e) | 275 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC, (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2031 (e) | 13374 | 13847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/2032 (e) | 6236 | 6485 |
| &nbsp;&nbsp;&nbsp;&nbsp; HUB International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2030 (e) | 23829 | 24892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/31/2032 (e) | 33974 | 35548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, 3.05%, 04/29/2026 (e) | 800 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/15/2030 (e) | 3705 | 3927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/15/2030 (e) | 3505 | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e) | 331 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp., 5.25%, 08/15/2028 | 475 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of Omaha Cos. Global Funding, 5.45%, 12/12/2028 (e) | 551 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (e) | 22750 | 23632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty LLC, 5.88%, 08/01/2032 (e) | 2871 | 2894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sammons Financial Group Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 01/10/2028 (e) | 202 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/10/2029 (e) | 215 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; USI, Inc., 7.50%, 01/15/2032 (e) | 3841 | 4052 |
|  |  | 253042 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 255

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Developmental Holding Co. PJSC, (United Arab Emirates), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/08/2029 (e) |  | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/08/2034 (e) |  | 1500 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 05/08/2034 |  | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/15/2032 (e) |  | 346 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 07/29/2031 |  | 649 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., 5.50%, 09/01/2030 |  | 1871 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic, Income Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/15/2030 |  | 2262 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/09/2030 (e) |  | 1670 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc., 5.95%, 03/15/2030 |  | 528 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/2026 |  | 202 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/26/2027 |  | 116 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/22/2034 |  | 5980 | 5847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/2027 |  | 126 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2026 |  | 647 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., 6.20%, 07/15/2030 |  | 3781 | 3820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., 7.75%, 09/16/2027 |  | 702 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (e) |  | 1450 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaci First Investment Co., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/14/2030 |  | 2700 | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 02/14/2035 |  | 8000 | 7834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 10/13/2032 |  | 17600 | 17910 |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 |  | 1823 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp; HAT Holdings I LLC / HAT Holdings II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/2026 (e) |  | 127 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2027 (e) |  | 230 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icahn Enterprises LP / Icahn Enterprises Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2029 |  | 2040 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2027 |  | 6709 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 01/15/2029 |  | 2539 | 2466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029 (e) |  | 2436 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Khazanah Capital Ltd., (Malaysia), Reg. S, 4.88%, 06/01/2033 |  | 4700 | 4713 |
|  |  |  | 72196 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc., (Canada), (CMT Index 5 Year + 2.08%), 6.30%, 01/15/2055 (aa) |  | 5935 | 5679 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adler Financing Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1.5L, 10.00% (PIK), 12/31/2029 (v) | EUR | 74 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1L, 8.25% (PIK), 12/31/2028 (v) | EUR | 16982 | 20953 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/15/2030 (e) |  | 2388 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AI, 7.00%, 04/15/2030 |  | 720 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp., 9.75%, 04/15/2030 (e) |  | 1001 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown Finance Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE EURIBOR Swap Rate 5 Year + 2.35%), 5.00%, 04/16/2029 (x) (aa) | EUR | 3429 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.51%), 7.13%, 01/16/2030 (x) (aa) | EUR | 1162 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (UK Gilts 5 Year + 4.49%), 8.63%, 05/07/2029 (x) (aa) | GBP | 706 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 2.42%), 1.63%, 04/15/2026 (x) (aa) | EUR | 1300 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRANICKS Group AG, (Germany), Reg. S, 2.25%, 09/22/2026 | EUR | 11800 | 7786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citycon Treasury BV, (Netherlands), Reg. S, 5.38%, 07/08/2031 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., 4.50%, 05/01/2028 (e) |  | 11506 | 10990 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Property Group SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 01/27/2032 | EUR | 1850 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.23%), 7.50%, 03/26/2031 (x) (aa) | EUR | 1533 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, 8.88%, 09/01/2031 (e) |  | 3257 | 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, (Germany), Reg. S, SUB, 5.00%, 12/31/2027 | EUR | 180 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emeria SASU, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/31/2028 | EUR | 1235 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.75%, 03/31/2028 | EUR | 3790 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 01/29/2027 | EUR | 150 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.19%), 2.87%, 06/02/2081 (aa) | EUR | 1168 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Point Operating Co. LP / Five Point Capital Corp., SUB, 10.50%, 01/15/2028 (e) |  | 3514 | 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP China Holdings Ltd., (Hong Kong), Reg. S, 2.95%, 03/29/2026 |  | 2600 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, 7.75%, 09/01/2030 (e) |  | 150 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.15%), 2.63%, 02/01/2027 (x) (aa) | EUR | 5709 | 6389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.27%), 3.00%, 10/29/2027 (x) (aa) | EUR | 6854 | 7527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa) | EUR | 2150 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.90%), 3.63%, 10/13/2026 (x) (aa) | EUR | 2000 | 2300 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 256 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad Treasury BV, (Netherlands), Reg. S, 0.63%, 07/24/2025 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/2029 (e) |  | 5131 | 4886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2031 (e) |  | 4353 | 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/2028 (e) |  | 2525 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hunt Cos., Inc., 5.25%, 04/15/2029 (e) |  | 4190 | 4038 |
| &nbsp;&nbsp;&nbsp;&nbsp; MLP Group SA, (Poland), Reg. S, 6.13%, 10/15/2029 | EUR | 900 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Immo Holding SA, (France), Reg. S, 2.75%, 11/26/2026 | EUR | 800 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Property Invest A/S, (Norway), Reg. S, 4.63%, 03/12/2030 | EUR | 1750 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.23%), 2.63%, 12/14/2025 (x) | EUR | 1849 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.22%), 2.88%, 10/30/2026 (x) | EUR | 5983 | 4846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget I Norden Holding AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/14/2028 | EUR | 7700 | 7154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/26/2029 | EUR | 6546 | 5927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 07/12/2027 | EUR | 12505 | 13110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 08/04/2026 | EUR | 7864 | 8846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 10/20/2029 | EUR | 4100 | 4253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unique Pub Finance Co. plc (The) , (United Kingdom), Series N, Reg. S, 6.46%, 03/30/2032 | GBP | 237 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; VGP NV, (Belgium), Reg. S, 2.25%, 01/17/2030 | EUR | 1400 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivion Investments Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50% (cash), 08/31/2028 (v) | EUR | 451 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50% (PIK), 02/28/2029 (v) | EUR | 3571 | 4098 |
|  |  |  | 162834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandrite Monnet UK Holdco plc, (United Kingdom), Reg. S, 10.50%, 05/15/2029 | EUR | 400 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstria Office AG, (Germany), Reg. S, 5.50%, 03/20/2031 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., 1.50%, 01/31/2028 |  | 314 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2027 (e) |  | 1315 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/2029 (e) |  | 466 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e) |  | 2525 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/2027 |  | 213 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/01/2028 |  | 63 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/2031 |  | 1600 | 1351 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 |  | 3020 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties, 4.75%, 12/15/2026 |  | 700 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalworth Real Estate Investments Ltd., (Guernsey), Reg. S, 6.25%, 03/31/2030 | EUR | 1598 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/2029 |  | 194 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/2026 |  | 816 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/2028 |  | 717 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e) |  | 5147 | 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/2027 (e) |  | 948 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2030 (e) |  | 155 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2032 (e) |  | 1959 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2033 (e) |  | 3226 | 3317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029 (e) |  | 412 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2025 (e) |  | 1046 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership LP / MPT Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 10/15/2026 | EUR | 4160 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2031 |  | 6158 | 4353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 |  | 1000 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 02/15/2032 | EUR | 600 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2032 (e) | EUR | 2543 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/15/2032 (e) |  | 7420 | 7760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/2029 (e) |  | 400 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/2028 (e) |  | 750 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030 (e) |  | 4196 | 4314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029 (e) |  | 1276 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp; RHP Hotel Properties LP / RHP Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2029 (e) |  | 1450 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 |  | 375 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/2032 (e) |  | 10113 | 10391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2033 (e) |  | 2478 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/2028 (e) |  | 325 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp., 8.00%, 07/15/2030 (e) |  | 680 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e) |  | 159 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., 3.13%, 02/01/2029 |  | 3791 | 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/15/2031 (e) |  | 12338 | 13245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/15/2032 |  | 5455 | 5611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2027 (e) |  | 325 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030 (e) |  | 1179 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2030 (e) |  | 2696 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2030 (e) |  | 5524 | 5703 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 257

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029 (e) |  | 4438 | 4667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger Properties LP, 3.88%, 07/15/2027 |  | 764 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/2028 (e) |  | 2175 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029 (e) |  | 2700 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/15/2028 (e) |  | 18956 | 20108 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2027 (e) |  | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2029 (e) |  | 510 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026 (e) |  | 621 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2026 (e) |  | 332 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027 (e) |  | 2082 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty LP, 2.15%, 06/01/2026 |  | 550 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; XHR LP, 6.63%, 05/15/2030 (e) |  | 1212 | 1235 |
|  |  |  | 139053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Savings & Loans — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, (United Kingdom), Reg. S, (UK Gilts 5 Year + 5.63%), 5.75%, 06/20/2027 (x) (aa) | GBP | 500 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 1244991 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Government — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Multi-National — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa Finance Corp., (Supranational), Reg. S, 2.87%, 08/13/2031 |  | 200 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 8.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (e) |  | 1817 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 |  | 2443 | 2405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/2026 |  | 133 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/2027 |  | 69 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/2026 |  | 350 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/2029 |  | 220 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/2028 |  | 307 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/2027 |  | 296 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 |  | 555 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/2060 |  | 655 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 05/01/2027 |  | 598 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 05/01/2029 |  | 385 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/2028 (e) |  | 4073 | 4096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2033 (e) |  | 3350 | 3471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/01/2032 (e) |  | 5239 | 5457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/2026 (e) |  | 682 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031 (e) |  | 6770 | 7111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/2034 (e) |  | 400 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/01/2029 (e) |  | 714 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027 (e) |  | 596 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030 (e) |  | 5968 | 6460 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Czechoslovak Group A/S, (Czech Republic), 5.25%, 01/10/2031 (e) (w) | EUR | 1165 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Efesto Bidco SpA Efesto US LLC, (Italy), Series XR, 7.50%, 02/15/2032 (e) |  | 12499 | 12719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goat Holdco LLC, 6.75%, 02/01/2032 (e) |  | 2004 | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce plc, (United Kingdom), 3.63%, 10/14/2025 (e) |  | 1322 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2026 |  | 550 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/2029 (e) |  | 5081 | 5391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/2030 (e) |  | 5429 | 5987 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 |  | 3223 | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033 (e) |  | 10508 | 10554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029 (e) |  | 12794 | 13112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033 (e) |  | 24552 | 24609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032 (e) |  | 14197 | 14703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028 (e) |  | 2802 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031 (e) |  | 7531 | 7889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Group, Inc., 9.00%, 03/15/2028 (e) |  | 8026 | 8387 |
|  |  |  | 151536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Finance US LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/07/2027 (e) |  | 223 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/07/2030 (e) |  | 204 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 (e) |  | 430 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/2034 (e) |  | 959 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035 (e) |  | 1560 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e) |  | 2025 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., 6.13%, 01/15/2029 (e) |  | 3575 | 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower LP / Emerald Co-Issuer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 12/15/2030 | EUR | 5495 | 6799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/2030 (e) | EUR | 731 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2030 (e) |  | 21808 | 22298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2031 (e) |  | 3267 | 3380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp., 5.75%, 03/01/2028 |  | 1380 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; HT Troplast GmbH, (Germany), Reg. S, 9.38%, 07/15/2028 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1550 | 1922 |
| &nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/2027 (e) |  | 3970 | 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/01/2032 (e) |  | 3382 | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp; JH North America Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/31/2031 (e) |  | 2517 | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/31/2032 (e) |  | 2858 | 2905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (e) |  | 906 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e) |  | 1950 | 1854 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 258 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 (e) |  | 2603 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028 (e) |  | 1087 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; PCF GmbH, (Germany), Reg. S, 4.75%, 04/15/2029 | EUR | 1974 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Grand UK plc, (United Kingdom), Reg. S, 9.00%, 06/01/2029 | EUR | 1625 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/2032 (e) |  | 17507 | 18029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2033 (e) |  | 4637 | 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2028 (e) |  | 3196 | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/2031 (e) |  | 4056 | 4253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc., 6.50%, 08/15/2032 (e) |  | 10518 | 10778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 11/21/2026 | EUR | 9526 | 11083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/2031 (e) |  | 3355 | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030 (e) |  | 4212 | 3988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 (e) |  | 850 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 (e) |  | 1685 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilsonart LLC, 11.00%, 08/15/2032 (e) |  | 3962 | 3599 |
|  |  |  | 132018 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/15/2027 | EUR | 3100 | 3638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/15/2031 | EUR | 404 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/31/2029 (e) |  | 625 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/31/2027 (e) |  | 1375 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnerSys, 6.63%, 01/15/2032 (e) |  | 235 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molex Electronic Technologies LLC, 4.75%, 04/30/2028 (e) |  | 393 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/2029 (e) |  | 855 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/2033 (e) |  | 3081 | 3185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032 (e) |  | 3237 | 3350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2028 (e) |  | 1325 | 1342 |
|  |  |  | 15468 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Castello BC Bidco SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.50%), 6.48%, 11/14/2031 (aa) | EUR | 700 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp., 5.00%, 12/15/2029 (e) |  | 1919 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imola Merger Corp., 4.75%, 05/15/2029 (e) |  | 1375 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies BV, (Netherlands), 4.00%, 04/15/2029 (e) |  | 74 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 (e) |  | 1275 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 (e) |  | 4243 | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2032 (e) |  | 5665 | 5830 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 04/01/2026 |  | 483 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/01/2028 |  | 1875 | 1762 |
|  |  |  | 17387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abertis Infraestructuras Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.27%), 2.63%, 01/26/2027 (x) (aa) | EUR | 9600 | 11150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.62%), 4.87%, 11/28/2029 (x) (aa) | EUR | 1700 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2029 (e) |  | 782 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/2032 (e) |  | 2683 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assemblin Caverion Group AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 07/01/2030 | EUR | 850 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2030 (e) | EUR | 4640 | 5623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioceanico Sovereign Certificate Ltd., (Cayman Islands), Reg. S, Zero Coupon, 06/05/2034 |  | 2664 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 10.38%, 08/01/2030 (e) |  | 10075 | 9346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (e) |  | 615 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc., 4.50%, 04/15/2029 (e) |  | 343 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gatwick Airport Finance plc, (United Kingdom), Reg. S, 4.38%, 04/07/2026 | GBP | 10940 | 14904 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMR Hyderabad International Airport Ltd., (India), Reg. S, 4.25%, 10/27/2027 |  | 629 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heathrow Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 3.88%, 03/01/2027 | GBP | 2000 | 2661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 03/01/2031 | GBP | 9052 | 12351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 |  | 218 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kier Group plc, (United Kingdom), Reg. S, 9.00%, 02/15/2029 | GBP | 1300 | 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingston Airport Revenue Finance Ltd., (Cayman Islands), 6.75%, 12/15/2036 (e) |  | 800 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc., 4.50%, 08/15/2028 (e) |  | 1021 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp., 3.63%, 03/15/2029 (e) |  | 690 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/2032 (e) |  | 1125 | 1043 |
|  |  |  | 71945 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc., 5.13%, 07/15/2029 (e) |  | 41 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028 (e) |  | 2927 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/2029 (e) |  | 2730 | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029 (e) |  | 2719 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2031 (e) |  | 5370 | 5619 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 259

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Luna 2 5SARL, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 07/01/2032 (w) | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2032 (e) (w) | EUR | 5269 | 6324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/2028 (e) |  | 858 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029 (e) |  | 7754 | 7628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reworld Holding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/2029 (e) |  | 4285 | 4077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 |  | 1390 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seche Environnement SACA, (France), Reg. S, 4.50%, 03/25/2030 | EUR | 475 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Pro USA, Inc., 7.00%, 02/01/2033 (e) |  | 10752 | 11159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., 6.63%, 04/01/2032 (e) |  | 5624 | 5845 |
|  |  |  | 51702 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The), 9.25%, 10/01/2031 (e) |  | 1430 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 (e) |  | 4024 | 3909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (e) |  | 2623 | 2628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Group Corp., 4.13%, 11/15/2028 (e) |  | 3568 | 3478 |
|  |  |  | 11520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATS Corp., (Canada), 4.13%, 12/15/2028 (e) |  | 114 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/01/2030 (e) |  | 4748 | 4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/01/2031 (e) |  | 1678 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp., 6.25%, 04/15/2029 (e) |  | 1309 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Finance, Inc., 4.63%, 12/23/2029 (e) |  | 3250 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029 (e) |  | 580 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC, (Canada), 9.00%, 02/15/2029 (e) |  | 9890 | 10323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028 (e) |  | 3190 | 3378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc., 4.00%, 06/15/2029 (e) |  | 97 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Alexandre III SAS, (France), Reg. S, (EURIBOR 3 Month + 5.25%), 7.53%, 07/15/2029 (aa) | EUR | 555 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2026 |  | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 |  | 1469 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 02/15/2030 |  | 691 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Holdco GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 07/15/2028 | EUR | 667 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 07/15/2028 (e) |  | 5177 | 5182 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027 | EUR | 1053 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e) |  | 11835 | 11824 |
|  |  |  | 46705 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e) |  | 2645 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vallourec SACA, (France), 7.50%, 04/15/2032 (e) |  | 3381 | 3544 |
|  |  |  | 6103 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amsted Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2030 (e) |  | 2966 | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/2033 (e) |  | 3959 | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2030 (e) |  | 1797 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 (e) |  | 2270 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc., 6.13%, 06/01/2033 (e) |  | 1454 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxam Prill Sarl, (Luxembourg), 6.00%, 07/15/2030 (e) (w) | EUR | 1000 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc., 7.75%, 07/15/2028 (e) |  | 3070 | 3198 |
|  |  |  | 16923 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v) |  | 2388 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/01/2029 | EUR | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 (e) |  | 15371 | 14034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027 (e) |  | 2884 | 2893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 08/15/2026 | EUR | 11195 | 12622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2026 (e) |  | 10007 | 9395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp., 4.25%, 07/01/2032 | EUR | 1483 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/2029 (e) |  | 4153 | 4210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2032 (e) |  | 10698 | 10970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/2030 (e) |  | 5318 | 5437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030 (e) |  | 5410 | 5533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Americas LLC, 5.88%, 06/01/2033 (e) |  | 4940 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown European Holdings SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 03/15/2029 | EUR | 2570 | 3153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 05/15/2028 | EUR | 2389 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiber Midco SpA, (Italy), Reg. S, 10.75% (PIK), 06/15/2029 (v) | EUR | 100 | 107 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 260 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e) |  | 1600 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/01/2029 | EUR | 400 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028 (e) |  | 975 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2029 (e) |  | 425 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e) |  | 3564 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iris Holding, Inc., 10.00%, 12/15/2028 (e) |  | 1574 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kleopatra Finco Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 03/01/2026 | EUR | 365 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.00% (Blend (cash 6.50% + PIK 2.50%)), 09/01/2029 (v) | EUR | 101 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028 (e) |  | 1840 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031 (e) |  | 5692 | 4868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2028 (e) |  | 4629 | 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/2027 (e) |  | 3080 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027 (e) |  | 32448 | 32986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/2027 (e) |  | 780 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp; OI European Group BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2030 (e) |  | 250 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2028 (e) | EUR | 274 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/13/2027 (e) |  | 354 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/2031 (e) |  | 295 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reno de Medici SpA, (Italy), Reg. S, (EURIBOR 3 Month + 5.00%), 6.98%, 04/15/2029 (aa) | EUR | 5806 | 5574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 (e) |  | 757 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2032 (e) |  | 2045 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. / Sealed Air Corp. US, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/2028 (e) |  | 375 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2031 (e) |  | 822 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toucan FinCo. Ltd. / Toucan FinCo Can, Inc. / Toucan FinCo US LLC, (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.25%, 05/15/2030 | EUR | 1325 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/15/2030 (e) | EUR | 5214 | 6084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/15/2030 (e) |  | 2050 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (e) |  | 8338 | 8845 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp., 4.13%, 04/15/2029 (e) |  | 1075 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/15/2030 (e) |  | 1274 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 01/15/2031 (e) |  | 1000 | 1072 |
|  |  |  | 167754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028 |  | 540 | 503 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CMA CGM SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 01/15/2031 | EUR | 1075 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2031 (e) | EUR | 2853 | 3359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edge Finco plc, (United Kingdom), Reg. S, 8.13%, 08/15/2031 | GBP | 5881 | 8408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresa de los Ferrocarriles del Estado, (Chile), Reg. S, 3.83%, 09/14/2061 |  | 1700 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; gategroup Finance Luxembourg SA, (Luxembourg), Reg. S, 3.00%, 02/28/2027 | CHF | 450 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (e) |  | 2590 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobico Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 11/20/2028 | GBP | 175 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 09/26/2031 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rand Parent LLC, 8.50%, 02/15/2030 (e) |  | 1911 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc., 7.50%, 11/15/2027 (e) |  | 1644 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGL Group ApS, (Denmark), (EURIBOR 3 Month + 4.75%), 7.01%, 04/22/2030 (aa) | EUR | 875 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Leasing Co. LLC, 7.63%, 02/15/2030 (e) |  | 2280 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, 7.25%, 03/15/2032 (e) |  | 618 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watco Cos. LLC / Watco Finance Corp, 7.13%, 08/01/2032 (e) |  | 898 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2028 (e) |  | 1700 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/01/2031 (e) |  | 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/2032 (e) |  | 475 | 497 |
|  |  |  | 28482 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Trucking & Leasing — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2028 (e) |  | 3722 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/2033 (e) |  | 4308 | 4253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/2031 (e) |  | 13782 | 14270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/2032 (e) |  | 6311 | 6519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/01/2030 (e) |  | 5869 | 6225 |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX Corp., 5.40%, 03/15/2027 |  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP / PTL Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2026 (e) |  | 81 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/2027 (e) |  | 489 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/12/2027 (e) |  | 316 | 319 |
|  |  |  | 35956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 754002 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/30/2030 (e) | EUR | 1500 | 1774 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 261

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 10/30/2030 | EUR | 2470 | 2920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., 7.25%, 08/01/2032 (e) |  | 4305 | 4431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atos SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 1.00%, 12/18/2032 | EUR | 340 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 5.00%, 12/18/2030 | EUR | 6875 | 6881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 9.00%, 12/18/2029 | EUR | 10502 | 13796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e) |  | 123 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; CA Magnum Holdings, (Mauritius), 5.38%, 10/31/2026 (e) |  | 4637 | 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., 6.38%, 06/15/2033 (e) |  | 3099 | 3195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cedacri SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.63%), 6.77%, 05/15/2028 (aa) | EUR | 500 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 |  | 550 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028 |  | 197 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 |  | 197 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc., 7.75%, 03/31/2030 (e) |  | 1205 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (e) |  | 6704 | 7022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/2030 (e) |  | 500 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2028 (e) |  | 623 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc., 6.63%, 05/15/2032 (e) |  | 1736 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc., 4.75%, 09/30/2028 (e) |  | 438 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., 7.38%, 02/15/2030 (e) |  | 10455 | 9878 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp., 9.50%, 04/01/2029 (e) |  | 2475 | 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (e) |  | 3125 | 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/2029 (e) |  | 924 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; OVH Groupe SA, (France), Reg. S, 4.75%, 02/05/2031 | EUR | 1200 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/2030 (e) |  | 3065 | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 (e) (bb) |  | 1480 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/2031 (e) (bb) |  | 1140 | 1223 |
|  |  |  | 74921 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business & Equipment — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Corp., 10.25%, 10/15/2030 (e) |  | 1078 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., 6.50%, 06/01/2032 (e) |  | 1637 | 1683 |
|  |  |  | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ams-OSRAM AG, (Austria), Reg. S, 10.50%, 03/30/2029 | EUR | 700 | 863 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2028 (e) |  | 1100 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/2029 (e) |  | 1625 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, 5.90%, 01/25/2030 (e) |  | 1646 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/2029 |  | 156 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/2027 |  | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/2027 |  | 563 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc., (South Korea), 6.50%, 01/17/2033 (e) |  | 2500 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 01/17/2033 |  | 400 | 432 |
|  |  |  | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., 5.13%, 12/01/2029 |  | 1854 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e) |  | 32931 | 32400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., 5.25%, 05/15/2029 |  | 710 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e) |  | 617 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2030 (e) |  | 9966 | 10391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (e) |  | 1041 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e) |  | 4744 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/31/2029 (e) |  | 16963 | 17121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032 (e) |  | 18028 | 19179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029 (e) |  | 25613 | 26520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc., (Canada), 5.16%, 02/16/2029 (e) |  | 443 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., 9.25%, 06/01/2030 (e) |  | 5088 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029 (e) |  | 3329 | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e) |  | 3514 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., 6.50%, 12/01/2029 (e) |  | 8071 | 8254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2028 (e) |  | 1912 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/2033 (e) |  | 11972 | 12091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 05/01/2029 | EUR | 594 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/01/2029 (e) |  | 914 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPD 3 BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 06/15/2031 | EUR | 1350 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031 (e) | EUR | 4943 | 5903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp., (Canada), 6.90%, 12/01/2027 (e) |  | 425 | 440 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 262 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc., 5.10%, 04/15/2030 |  | 292 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp., 4.25%, 03/15/2029 (e) |  | 348 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/30/2027 (e) |  | 2225 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2032 (e) |  | 5622 | 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp; TeamSystem SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.50%), 5.78%, 07/31/2031 (aa) | EUR | 600 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 3.50%), 5.78%, 07/31/2031 (e) (aa) | EUR | 6665 | 7863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/2029 |  | 228 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/2031 |  | 1809 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc., 6.88%, 02/01/2031 (e) |  | 26218 | 27203 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e) |  | 4401 | 4137 |
|  |  |  | 208283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  | 295170 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A2A SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.26%), 5.00%, 06/11/2029 (x) (aa) | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/2028 |  | 1231 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.20%), 7.60%, 01/15/2055 (aa) |  | 3112 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander Funding Trust II, 7.47%, 07/31/2028 (e) |  | 819 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026 |  | 753 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/06/2027 (e) |  | 97 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/30/2029 (e) |  | 712 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation LLC, 6.75%, 10/15/2032 (e) |  | 3533 | 3640 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., 5.70%, 08/15/2025 |  | 352 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp., 5.95%, 03/15/2028 |  | 98 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Buyer Ltd. / Atlantica Sustainable Infrastructure plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 02/15/2032 | EUR | 3678 | 4456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2032 (e) | EUR | 8405 | 10169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/15/2032 (e) |  | 2253 | 2256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/2031 (e) |  | 390 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028 (e) |  | 448 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/2029 (e) |  | 5335 | 5268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 (e) |  | 7698 | 7615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/2028 (e) |  | 6968 | 6959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Power US Holdings, Inc., 5.26%, 06/01/2028 (e) |  | 367 | 372 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., Series B, (CMT Index 5 Year + 2.95%), 6.85%, 02/15/2055 (aa) |  | 1476 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA, (Brazil), 6.50%, 01/11/2035 (e) |  | 1200 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile Electricity Lux MPC Sarl, (Luxembourg), Reg. S, 6.01%, 01/20/2033 |  | 2511 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 (e) |  | 5253 | 4714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2028 (e) |  | 421 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 |  | 167 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comision Federal de Electricidad, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 05/15/2029 (e) |  | 400 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.70%, 01/24/2030 |  | 400 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 02/15/2052 (e) |  | 1000 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.26%, 02/15/2052 |  | 400 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/01/2028 | EUR | 3370 | 3915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 02/28/2030 | EUR | 2119 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/28/2030 (e) | EUR | 9744 | 11564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/28/2030 (e) |  | 5094 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., (CMT Index 5 Year + 2.21%), 6.63%, 05/15/2055 (aa) |  | 915 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., (CMT Index 5 Year + 2.59%), 6.45%, 09/01/2054 (aa) |  | 1097 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.86%), 8.13%, 06/15/2053 (aa) |  | 250 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/09/2026 (x) (aa) |  | 4920 | 4632 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.38%), 1.88%, 08/02/2081 (aa) | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.05%), 4.75%, 05/29/2054 (aa) | EUR | 1700 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.18%), 5.94%, 04/23/2083 (aa) | EUR | 4300 | 5379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.08%), 1.88%, 03/14/2082 (aa) | EUR | 8600 | 9282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eesti Energia A/S, (Estonia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.17%), 7.88%, 07/15/2029 (x) (aa) | EUR | 2550 | 3110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/23/2028 (e) |  | 260 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (GBP Swap Rate 13 Year + 4.23%), 6.00%, 01/29/2026 (x) (aa) | GBP | 1100 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 3.78%), 7.38%, 06/17/2035 (x) (aa) | GBP | 300 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.01%), 4.25%, 01/14/2030 (x) (aa) | EUR | 1750 | 2081 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 263

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA, (France), 5.25%, 04/10/2029 (e) |  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPH Financing International A/S, (Czech Republic), Reg. S, 6.65%, 11/13/2028 | EUR | 3200 | 4087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eskom Holdings SOC Ltd., (South Africa), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.35%, 08/10/2028 |  | 3800 | 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.45%, 08/10/2028 |  | 5200 | 5464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Missouri West, Inc., 5.15%, 12/15/2027 (e) |  | 166 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy, 5.95%, 02/01/2029 |  | 211 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fells Point Funding Trust, 3.05%, 01/31/2027 (e) |  | 726 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Electric Corp. Ltd., (Israel), Reg. S, 4.25%, 08/14/2028 (e) |  | 3600 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Utilities Co., 5.58%, 01/31/2029 (e) |  | 392 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVM Energetika Zrt, (Hungary), Reg. S, 7.50%, 06/09/2028 |  | 3400 | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc, (United Kingdom), 5.60%, 06/12/2028 |  | 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa) |  | 2128 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.46%), 6.75%, 06/15/2054 (aa) |  | 1501 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp., 4.65%, 10/03/2030 (e) (w) (bb) |  | 274 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2029 (e) |  | 750 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031 (e) |  | 4185 | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2032 (e) |  | 2800 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029 (e) |  | 1204 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028 |  | 1085 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029 (e) |  | 2090 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2033 (e) |  | 6610 | 6676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/2034 (e) |  | 6689 | 6826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.92%), 10.25%, 03/15/2028 (e) (x) (aa) |  | 6745 | 7497 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSTAR Electric Co., 4.85%, 03/01/2030 |  | 99 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp., 5.45%, 05/15/2029 |  | 101 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S, (Denmark), Reg. S, (UK Gilts 5 Year + 2.14%), 2.50%, 02/18/3021 (aa) | GBP | 134 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2026 |  | 910 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/2027 |  | 889 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/2027 |  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e) |  | 128 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 06/30/2050 |  | 3400 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 05/15/2027 |  | 1200 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 02/05/2050 |  | 600 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 10/24/2042 |  | 2800 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 05/15/2047 |  | 1400 | 1212 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.15%, 05/21/2048 |  | 3000 | 2920 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 |  | 1600 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030 |  | 700 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.88%), 7.38%, 03/15/2055 (aa) |  | 1825 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pike Corp., 8.63%, 01/31/2031 (e) |  | 402 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Power Corp. SA, (Greece), Reg. S, 4.63%, 10/31/2031 | EUR | 4100 | 4926 |
| &nbsp;&nbsp;&nbsp;&nbsp; System Energy Resources, Inc., 6.00%, 04/15/2028 |  | 584 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinidad Generation UnLtd, (Trinidad and Tobago), 7.75%, 06/16/2033 (e) |  | 800 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa) |  | 11887 | 12030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) |  | 2550 | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa) |  | 680 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/2027 (e) |  | 343 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029 (e) |  | 6629 | 6462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027 (e) |  | 8490 | 8482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2026 (e) |  | 1063 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027 (e) |  | 2615 | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032 (e) |  | 3632 | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2026 (e) |  | 291 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/2031 (e) |  | 6873 | 7331 |
|  |  |  | 244357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd., (Canada), (CMT Index 5 Year + 3.57%), 7.20%, 10/15/2054 (e) (aa) |  | 2267 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmeriGas Partners LP / AmeriGas Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/2027 |  | 1650 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 06/01/2030 (e) |  | 1436 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co. (The), 4.63%, 08/05/2027 (e) |  | 488 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2026 |  | 476 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2030 |  | 965 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Gas Co. of Trinidad & Tobago Ltd, (Trinidad and Tobago), Reg. S, 6.05%, 01/15/2036 |  | 1600 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA, (Italy), 5.00%, 05/28/2030 (e) |  | 236 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Corp., 5.45%, 03/23/2028 |  | 72 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc., 5.30%, 03/01/2026 |  | 671 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/2033 (e) |  | 5020 | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035 (e) |  | 4479 | 4848 |
|  |  |  | 20006 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 264 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Utilities Ltd., (United Kingdom), Zero Coupon, 03/22/2027 (e) | GBP | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.84%), 2.50%, 01/20/2029 (x) (aa) | EUR | 8100 | 9126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.82%), 5.99%, 11/22/2028 (x) (aa) | EUR | 7700 | 9717 |
|  |  |  | 18844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 283207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $6,643,455) |  |  | 6947935 |
|  **Foreign Government Securities — 8.2%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 8.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond, (United Arab Emirates), Reg. S, 3.88%, 04/16/2050 |  | 1300 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Angolan Government International Bond, (Angola), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.00%, 11/26/2029 |  | 8500 | 7698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.38%, 05/08/2048 |  | 5500 | 4371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.50%, 11/12/2025 |  | 2400 | 2404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, (Argentina), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/2029 |  | 5472 | 4580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 3.50%, 07/09/2041 |  | 35800 | 22056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avenir Issuer III Ireland DAC, (Ireland), Series 3Y, Reg. S, 6.00%, 03/22/2027 |  | 3736 | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bahrain Government International Bond, (Bahrain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 01/25/2028 |  | 8900 | 8530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 09/30/2031 |  | 3700 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benin Government International Bond, (Benin), Reg. S, 6.88%, 01/19/2052 | EUR | 400 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda Government International Bond, (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 08/20/2030 |  | 1575 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.72%, 01/25/2027 |  | 850 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Government International Bond, (Brazil), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/14/2050 |  | 800 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/22/2032 |  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2034 |  | 950 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 05/13/2054 |  | 8550 | 8173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bulgaria Government International Bond, (Bulgaria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 3.63%, 09/05/2032 | EUR | 7800 | 9517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13Y, Reg. S, 5.00%, 03/05/2037 |  | 3300 | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bond, (Chile), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2053 |  | 1500 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/22/2029 |  | 6400 | 6491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/05/2036 |  | 8000 | 7845 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, (Colombia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/25/2027 |  | 1280 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/2051 |  | 4700 | 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2045 |  | 6300 | 4245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/26/2044 |  | 8100 | 5976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/02/2034 |  | 6900 | 6857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/14/2035 |  | 1500 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/07/2054 |  | 1400 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/14/2053 |  | 700 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costa Rica Government International Bond, (Costa Rica), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 04/30/2043 |  | 1700 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.30%, 11/13/2054 |  | 3500 | 3623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic International Bond, (Dominican Republic), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 01/30/2030 |  | 3300 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.30%, 01/21/2041 |  | 5000 | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 01/25/2027 |  | 5800 | 5847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 02/22/2033 |  | 8100 | 7989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.85%, 01/27/2045 |  | 5200 | 5138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 01/29/2026 |  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.63%, 04/20/2027 |  | 175 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecuador Government International Bond, (Ecuador), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, Zero Coupon, 07/31/2030 |  | 1236 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 5.00%, 07/31/2040 |  | 5200 | 3267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 5.50%, 07/31/2035 |  | 12247 | 8873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 6.90%, 07/31/2030 |  | 9110 | 7903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Egypt Government International Bond, (Egypt), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 02/16/2026 |  | 2600 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 04/16/2026 | EUR | 11000 | 13027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 02/16/2031 |  | 4000 | 3536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 04/11/2031 | EUR | 12500 | 13638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.30%, 09/30/2033 |  | 800 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50%, 02/16/2061 |  | 5600 | 4079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.63%, 05/29/2032 |  | 2000 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Salvador Government International Bond, (El Salvador), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.12%, 01/20/2050 |  | 800 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.65%, 06/15/2035 |  | 4800 | 4608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.25%, 04/10/2032 |  | 1900 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.65%, 11/21/2054 (e) |  | 5100 | 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gabon Blue Bond Master Trust Series 2, Reg. S, 6.10%, 08/01/2038 |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gabon Government International Bond, (Gabon), Reg. S, 6.63%, 02/06/2031 |  | 1200 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ghana Government International Bond, (Ghana), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/03/2026 (e) |  | 482 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 01/03/2037 |  | 1400 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 5.00%, 07/03/2029 (e) |  | 1964 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 5.00%, 07/03/2029 |  | 5600 | 5251 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 265

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Guatemala Government Bond, (Guatemala), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 06/05/2027 |  | 9900 | 9727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 04/24/2032 |  | 3000 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/06/2031 (e) |  | 1300 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.05%, 08/06/2031 |  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 02/06/2037 (e) |  | 2600 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.55%, 02/06/2037 |  | 2100 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.60%, 06/13/2036 |  | 3200 | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hazine Mustesarligi Varlik Kiralama A/S, (Turkey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 06/22/2026 |  | 204 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/01/2030 (e) (w) |  | 2200 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honduras Government International Bond, (Honduras), 8.63%, 11/27/2034 (e) |  | 1400 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government International Bond, (Hungary), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 06/16/2029 |  | 2400 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/26/2030 (e) |  | 424 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 03/26/2036 |  | 2100 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 09/25/2052 |  | 2600 | 2652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 7.63%, 03/29/2041 |  | 6600 | 7436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond, (Indonesia), Reg. S, 6.63%, 02/17/2037 |  | 3900 | 4346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iraq International Bond, (Iraq), Reg. S, 5.80%, 01/15/2028 |  | 900 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government International Bond, (Israel), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 5.38%, 03/12/2029 |  | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 4.50%, 01/30/2043 |  | 400 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 5.75%, 03/12/2054 |  | 500 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, (Ivory Coast), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 01/30/2032 | EUR | 2600 | 2743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 03/22/2030 | EUR | 3500 | 3937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 5.75%, 12/31/2032 |  | 184 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 10/17/2040 | EUR | 4300 | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.25%, 01/30/2037 |  | 7700 | 7415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jordan Government International Bond, (Jordan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 01/31/2027 |  | 7200 | 7153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.38%, 10/10/2047 |  | 800 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latvia Government International Bond, (Latvia), Reg. S, 5.13%, 07/30/2034 |  | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magyar Export-Import Bank Zrt, (Hungary), Reg. S, 6.13%, 12/04/2027 |  | 4900 | 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Udibonos, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S, 2.75%, 11/27/2031 | MXN | 29755 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S, 3.00%, 12/03/2026 | MXN | 358761 | 18705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bond, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/2029 |  | 200 | 197 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/12/2110 |  | 3800 | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/02/2032 (w) |  | 3516 | 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/13/2030 |  | 813 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/07/2036 |  | 2100 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/07/2054 |  | 1100 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/29/2038 (w) |  | 1600 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mongolia Government International Bond, (Mongolia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/07/2027 |  | 1600 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.45%, 07/07/2031 |  | 2300 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/05/2029 (e) |  | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 06/05/2029 |  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.65%, 01/19/2028 (e) |  | 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.65%, 01/19/2028 |  | 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montenegro Government International Bond, (Montenegro), 7.25%, 03/12/2031 (e) |  | 1700 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morocco Government International Bond, (Morocco), Reg. S, 5.50%, 12/11/2042 |  | 1700 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigeria Government International Bond, (Nigeria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.38%, 09/28/2033 |  | 14409 | 12880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.63%, 11/21/2025 |  | 6400 | 6422 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Macedonia Government International Bond, (North Macedonia), Reg. S, 6.96%, 03/13/2027 | EUR | 3300 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oman Government International Bond, (Oman), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 06/15/2026 |  | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 01/25/2031 |  | 15900 | 16898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 01/17/2048 |  | 2700 | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060 |  | 5800 | 5244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pakistan Global Sukuk Programme Co. Ltd. (The), (Pakistan), Reg. S, 7.95%, 01/31/2029 |  | 500 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pakistan Government International Bond, (Pakistan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 04/08/2026 |  | 2000 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 12/05/2027 |  | 3700 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.25%, 09/30/2025 |  | 3600 | 3588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.88%, 04/08/2051 |  | 5000 | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bond, (Panama), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 01/23/2030 |  | 4400 | 3964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2056 |  | 5200 | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 03/28/2054 |  | 1800 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/29/2026 |  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/01/2031 |  | 7200 | 7658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/01/2057 |  | 4000 | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/01/2038 |  | 4000 | 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 09/30/2027 |  | 12600 | 13667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paraguay Government International Bond, (Paraguay), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.40%, 03/30/2050 |  | 2300 | 1967 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 266 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.85%, 08/21/2033 |  | 4900 | 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/09/2036 (e) |  | 400 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 02/09/2036 |  | 600 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 03/04/2055 (e) |  | 1200 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 02/09/2031 (e) | PYG | 9789000 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/04/2035 (e) | PYG | 15550000 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia III, (Indonesia), Reg. S, 5.65%, 11/25/2054 |  | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Government International Bond,(Peru), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 07/28/2121 |  | 9800 | 5230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/2072 |  | 3900 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/30/2036 |  | 1600 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/08/2054 |  | 1690 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 06/30/2055 |  | 1600 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/14/2037 |  | 5600 | 6069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 08/12/2037 (e) | PEN | 6300 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.95%, 08/12/2031 | PEN | 3800 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond, (Philippines), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/05/2045 |  | 2400 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/2041 |  | 2500 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 09/05/2049 |  | 1200 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/2034 |  | 1200 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Government International Bond, (Qatar), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.82%, 03/14/2049 |  | 5000 | 4484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 02/27/2035 |  | 1600 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.10%, 04/23/2048 |  | 5200 | 4901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.40%, 01/20/2040 |  | 1400 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Armenia International Bond, (Armenia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 02/02/2031 |  | 1500 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.95%, 09/26/2029 |  | 2200 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Cameroon International Bond, (Cameroon), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 07/07/2032 | EUR | 3700 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.50%, 11/19/2025 |  | 267 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, (Kenya), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 02/28/2028 |  | 1600 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.00%, 05/22/2032 |  | 2100 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 03/05/2036 (e) |  | 3700 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 02/16/2031 (e) |  | 2800 | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.75%, 02/16/2031 |  | 4600 | 4664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government International Bond, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 4.88%, 02/12/2030 |  | 1100 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 5.38%, 02/12/2035 |  | 2100 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 5.50%, 04/04/2053 |  | 8100 | 7545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of South Africa Government Bond, (South Africa), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2035, 8.88%, 02/28/2035 | ZAR | 86400 | 4562 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2037, 8.50%, 01/31/2037 | ZAR | 59900 | 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, (South Africa), 7.10%, 11/19/2036 (e) |  | 2700 | 2680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 11/19/2054 (e) |  | 2700 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 4.85%, 09/30/2029 |  | 3000 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12Y, 5.88%, 09/16/2025 |  | 838 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 5.75%, 09/30/2049 |  | 2800 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 7.30%, 04/20/2052 |  | 3500 | 3162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bond, (Uzbekistan), Reg. S, 3.90%, 10/19/2031 |  | 3300 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romanian Government International Bond, (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.12%, 07/16/2031 | EUR | 2700 | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 03/07/2028 | EUR | 1100 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 12/02/2040 | EUR | 5100 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 09/24/2031 | EUR | 1400 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 11/25/2027 |  | 578 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/24/2035 (e) |  | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 03/24/2035 |  | 300 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/2029 (e) |  | 2414 | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 01/30/2029 |  | 4150 | 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 01/22/2044 |  | 900 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 09/18/2033 | EUR | 1700 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/30/2034 (e) |  | 1800 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 01/30/2034 |  | 1800 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond, (Saudi Arabia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 02/02/2061 |  | 5700 | 3525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/21/2055 |  | 1400 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 04/16/2029 |  | 5100 | 5085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 01/16/2034 |  | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/13/2028 (e) |  | 570 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 01/16/2054 |  | 1800 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senegal Government International Bond, (Senegal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 03/13/2028 | EUR | 2900 | 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 06/08/2037 | EUR | 5500 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 05/23/2033 |  | 3500 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 7.75%, 06/10/2031 |  | 700 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serbia International Bond, (Serbia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.05%, 09/23/2036 | EUR | 2500 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/12/2034 (e) |  | 1400 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 06/12/2034 |  | 1700 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 05/26/2028 |  | 5600 | 5786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 09/26/2033 |  | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033 |  | 2500 | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, (Sri Lanka), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 3.60%, 06/15/2035 |  | 5500 | 3776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 3.60%, 02/15/2038 |  | 3200 | 2594 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 267

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinidad & Tobago Government International Bond, (Trinidad and Tobago), 5.95%, 01/14/2031 (e) |  | 700 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 01/14/2031 |  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Government Bond, (Turkey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 49.05%, 05/17/2028 (aa) | TRY | 67300 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 49.06%, 05/20/2026 (aa) | TRY | 9600 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, (Turkish Lira Overnight Reference Rate + 0.00%), 49.06%, 08/19/2026 (aa) | TRY | 45900 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Government International Bond, (Turkey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 6.38%, 10/14/2025 |  | 825 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, 9.38%, 03/14/2029 |  | 3200 | 3526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 7.63%, 05/15/2034 |  | 6900 | 7075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 5.75%, 05/11/2047 |  | 9100 | 6836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 6.88%, 03/17/2036 |  | 7900 | 7640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Ihracat Kredi Bankasi A/S, (Turkey), 6.88%, 07/03/2028 (e) |  | 1100 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/06/2028 (e) |  | 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50%, 02/06/2028 |  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ukraine Government International Bond, (Ukraine), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.00%, 02/01/2030 |  | 900 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.00%, 02/01/2034 |  | 8500 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.00%, 02/01/2035 |  | 2400 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.00%, 02/01/2036 |  | 200 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 1.75%, 02/01/2029 |  | 2200 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 1.75%, 02/01/2034 |  | 10800 | 5547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 1.75%, 02/01/2035 |  | 2600 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 1.75%, 02/01/2036 |  | 2600 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay Government International Bond, (Uruguay), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/18/2050 |  | 4100 | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/28/2034 |  | 2500 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  |  | 691548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Gospodarstwa Krajowego, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 03/13/2035 | EUR | 3800 | 4477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 10/31/2028 |  | 2500 | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/09/2054 (e) |  | 2700 | 2671 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFB Magyar Fejlesztesi Bank Zrt, (Hungary), Reg. S, 6.50%, 06/29/2028 |  | 6200 | 6415 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Uzbekistan, (Uzbekistan), Reg. S, 4.85%, 10/21/2025 |  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Banks |  |  | 16691 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea National Oil Corp., (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/03/2029 (e) |  | 1500 | 1526 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 04/03/2029 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uzbekneftegaz JSC, (Uzbekistan), Reg. S, 4.75%, 11/16/2028 | 3200 | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Oil & Gas |  | 4666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities<br>(Cost $689,226) |  | 712905 |
|  **U.S. Treasury Obligations — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 (ff) | 740 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 1573 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 3077 | 3081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 (ee) (ii) | 6020 | 6024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2026 | 23225 | 23289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/28/2027 | 7276 | 7313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2026 (ee) (ff) | 22650 | 22648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/2026 | 18965 | 19061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 9600 | 9655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $92,944) |  | 93371 |
|  | **SHARES** |  |
|  **Common Stocks — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials plc,<br>(United Kingdom) (a) (bb) | 4 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xplore, Inc., (Canada) (a)  | 51 | 150 |
|  |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC (a)  | 137 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Jamaica) (a) | 856 | 5993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelsat SA, (Luxembourg) (a) | 87 | 3705 |
|  |  | 9698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 11729 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — –%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — –%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADLER Group SA, (Luxembourg) (a) (bb) | 1268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC, (a) (bb) | 47 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $11,035) |  | 13693 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 268 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **SHARES** | VALUE($) |
|  **Preferred Stocks — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Holdings Bermuda Ltd., expiring, (Bermuda) (a) (bb) | 56 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qwest Corp., 6.75%, 06/15/2057 | 40 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Escrow LLC, expiring (a) (bb) | 6 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,427) |  | 7844 |
|  | PRINCIPAL<br>AMOUNT($) |  |
|  **Loan Assignments — 4.5%** (o) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Energy Finance S.A., 2024 Incremental Term Loan, (Luxembourg), (CME Term SOFR 3 Month + 4.50%), 8.83%, 11/15/2030 (u) (aa) | 2297 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.02%, 10/04/2029 (aa) | 3338 | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecovyst Catalyst Technologies LLC, Second Amendment Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.28%, 06/12/2031 (aa) | 993 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herens Holdco S.a r.l., Facility B (USD), (Switzerland), (CME Term SOFR 3 Month + 3.93%), 8.32%, 07/03/2028 (aa) | 2182 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., Term B-6 Dollar Loan, (CME Term SOFR 3 Month + 3.00%), 4.30%, 06/20/2031 (u) (aa) | 1072 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc., Initial Term Loan, (CME Term SOFR 6 Month + 5.75%), 9.95%, 12/16/2031 (aa) | 5107 | 4903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials LLC, First-Out B Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.30%, 07/16/2026 (aa) | 967 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials LLC, First-Out Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.26%, 01/16/2026 (aa) | 943 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.32%, 10/12/2028 (aa) | 1344 | 1092 |
|  |  | 17410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Glatfelter Corp., Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.58%, 11/04/2031 (aa) | 945 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 18335 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.44%, 08/21/2028 (aa) |  | 2710 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune BidCo US, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.33%, 04/11/2029 (aa) |  | 4056 | 3826 |
|  |  |  | 6508 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIV Group GmbH, Facility B, (Germany), (EURIBOR 3 Month + 4.00%), 6.10%, 04/23/2032 (aa) | EUR | 3824 | 4505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.31%, 11/30/2027 (aa) |  | 1360 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc., Initial Tranche A Term Loan, (CME Term SOFR 1 Month + 1.50%), 5.93%, 09/10/2027 (aa) |  | 1507 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.58%, 05/03/2028 (aa) |  | 2724 | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH SUB I LLC, 2024 December New Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.58%, 12/31/2031 (aa) |  | 1843 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc., Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.31%, 08/31/2028 (aa) |  | 480 | 480 |
|  |  |  | 12003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.81%, 01/18/2028 (aa) |  | 14940 | 14716 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 9.00%, 04/15/2027 |  | 1328 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Net LLC, Term Loan (First Lien), 15.00%, 01/02/2028 |  | 942 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, 2025 Incremental Term B Loan, (CME Term SOFR 1 Month + 5.50%), 9.83%, 02/17/2031 (aa) |  | 6522 | 6206 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.54%, 08/02/2027 (aa) |  | 290 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., Term D Loan, (CME Term SOFR 1 Month + 3.00%), 7.44%, 12/01/2028 (aa) |  | 2476 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., Term F Loan, (CME Term SOFR 1 Month + 5.25%), 9.57%, 06/04/2029 (aa) |  | 487 | 486 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 269

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.78%), 10.22%, 05/01/2029 (aa) |  | 1070 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco LLC, Amendment No. 6 Term B Loan, (CME Term SOFR 1 Month + 3.25%), 7.69%, 09/25/2026 (aa) |  | 7351 | 6384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summer, Extended Facility B (USD), (CME Term SOFR 3 Month + 5.00%), 9.56%, 02/15/2029 (aa) |  | 762 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, Facility Q, (CME Term SOFR 1 Month + 3.25%), 7.68%, 01/31/2029 (aa) |  | 1225 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, N Facility, (CME Term SOFR 1 Month + 2.50%), 6.93%, 01/31/2028 (aa) |  | 867 | 855 |
|  |  |  | 36318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice Financing S.A., 2022 Refinancing Dollar Commitments, (Luxembourg), (CME Term SOFR 3 Month + 5.00%), 9.26%, 10/31/2027 (aa) |  | 2728 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice France S.A., EUR TLB-[14] Loan, (France), (EURIBOR 3 Month + 5.50%), 7.78%, 08/15/2028 (aa) | EUR | 6124 | 6462 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope LLC, Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.83%, 12/17/2029 (aa) |  | 2508 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan (2024), (Luxembourg), (CME Term SOFR 1 Month + 3.50%), 7.83%, 12/11/2026 (aa) |  | 253 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd., Initial Term Loan (First Lien), (Saint Lucia), (CME Term SOFR 3 Month + 5.15%), 9.53%, 05/25/2027 (aa) |  | 5528 | 5505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eircom Finco S.a r.l., Term Loan, (Luxembourg), (EURIBOR 3 Month + 2.75%), 1.96%, 05/15/2029 (u) (aa) | EUR | 3000 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., Term B-3 Refinancing Loan, (CME Term SOFR 3 Month + 4.25%), 8.58%, 03/29/2032 (aa) |  | 9019 | 9111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lorca Telecom Bidco, S.A., Facility B5, (United Kingdom), (EURIBOR 3 Month + 2.75%), 2.06% 03/25/2031 (u) (aa) | EUR | 2000 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term A Loan, (CME Term SOFR 1 Month + 6.00%), 10.33%, 06/01/2028 (aa) |  | 263 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term B-1 Loan, (CME Term SOFR 1 Month + 2.35%), 6.79%, 04/16/2029 (u) (aa) |  | 6700 | 6610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term B-2 Loan, (CME Term SOFR 1 Month + 2.35%), 6.79%, 04/15/2030 (u) (aa) |  | 3719 | 3668 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Odido Holding BV, Facility B2, (Netherlands), (EURIBOR 3 Month + 3.15%), 5.13%, 03/30/2029 (u) (aa) | EUR | 6277 | 7361 |
| &nbsp;&nbsp;&nbsp;&nbsp; ViaSat, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.93%, 05/30/2030 (aa) |  | 1741 | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xplore, Inc., Initial Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 1.50%), 6.09%, 10/24/2029 (aa) |  | 226 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xplore, Inc., Second Out Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 1.50%), 6.09%, 10/24/2031 (aa) |  | 780 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.44%, 03/09/2027 (aa) |  | 10357 | 9831 |
|  |  |  | 62095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 116924 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 6.52%, 04/20/2028 (aa) |  | 320 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance Plc, Initial Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/01/2031 (aa) |  | 450 | 451 |
|  |  |  | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Brands Group LLC, 2021 Term Loan (Second Lien), (CME Term SOFR 3 Month + 8.50%), 13.04%, 03/30/2028 (aa) |  | 6382 | 5712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., Term A Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 9.17%, 11/17/2028 (u) (aa) |  | 2659 | 2586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.42%, 11/17/2028 (aa) |  | 1161 | 1131 |
|  |  |  | 9429 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 2024 Refinancing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.75%), 9.07%, 11/01/2029 (aa) |  | 1119 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., Tranche A-1 Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.83%, 12/19/2029 (aa) |  | 364 | 363 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 270 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Loan Assignments — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., Tranche A-2 Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.44%, 10/06/2028 (aa) |  | 332 | 253 |
|  |  |  | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City Football Group Ltd., Term B-1 Loan, (United Kingdom), (CME Term SOFR 3 Month + 3.50%), 8.04%, 07/21/2030 (aa) |  | 1163 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., 2022 Term A Loan, (CME Term SOFR 1 Month + 1.75%), 6.18%, 04/08/2027 (aa) |  | 1220 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail** — **0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Breitling Holdings S.a r.l., Facility B, (Luxembourg), (EURIBOR 6 Month + 3.90%), 5.94%, 10/25/2028 (u) (aa) | EUR | 3441 | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD&R Firefly Bidco Ltd., Facility B10, (United Kingdom), (SONIA 3 Month + 4.75%), 9.21%, 04/29/2029 | GBP | 2800 | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., 2024 Incremental Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.28%, 01/29/2031 (aa) |  | 6313 | 6168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., 2025 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 5.25%), 9.55%, 01/29/2031 (aa) |  | 1093 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.79%, 01/31/2028 (aa) |  | 1343 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, Term B-3 Loan, (CME Term SOFR 1 Month + 3.25%), 7.58%, 01/23/2032 (u) (aa) |  | 1426 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition LLC, Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 8.18%, 12/17/2027 (aa) |  | 744 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marshall Group Holding, Facility B, (Luxembourg), (EURIBOR 3 Month + 4.50%), 6.82%, 04/01/2032 (aa) | EUR | 3615 | 4152 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetSmart LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.18%, 02/11/2028 (aa) |  | 1216 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2021 Other Term B-1 Loan, (CME Term SOFR 1 Month + 3.50%), 7.94%, 12/17/2027 (aa) |  | 104 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2021 Other Term B-2 Loan, (CME Term SOFR 1 Month + 3.50%), 7.94%, 12/17/2027 (aa) |  | 60 | 59 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail** — **0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2024 Term B-2 Loan, (CME Term SOFR 1 Month + 6.00%), 10.43%, 11/15/2029 (aa) |  | 144 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL Inc., 2022 Other Term B Loan, (CME Term SOFR 1 Month + 4.25%), 8.68%, 06/30/2028 (aa) |  | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL Inc., 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 10.43%, 11/15/2029 (aa) |  | 695 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, Tranche C Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.58%, 10/19/2029 (aa) |  | 9017 | 8953 |
|  |  |  | 33613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 47891 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sazerac Co., Inc., Term Loan B, (CME Term SOFR 3 Month + 2.50%), 2.70%, 06/26/2032 (aa) |  | 2898 | 2894 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.18%, 05/12/2028 (u) (aa) |  | 2739 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amber Finco PLC, Facility B3, (United Kingdom), (EURIBOR 3 Month + 3.25%), 1.98%, 06/11/2029 (u) (aa) | EUR | 300 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition LLC, Amendment No. 7 Incremental Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.58%, 01/31/2031 (aa) |  | 2439 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champions Holdco, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 9.08%, 02/23/2029 (aa) |  | 1980 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jupiter Buyer, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 9.05%, 11/01/2031 (aa) |  | 735 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lernen Bidco Ltd., Facility B2 (USD), (United Kingdom), (CME Term SOFR 6 Month + 4.00%), 8.29%, 10/27/2031 (aa) |  | 3731 | 3753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obol France 2.5 SAS, Facility B3, (France), (EURIBOR 6 Month + 5.00%), 7.19%, 12/31/2028 (aa) | EUR | 4250 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments LLC, Term Loan, (CME Term SOFR 3 Month + 2.75%), 3.00%, 05/10/2032 (aa) |  | 1111 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vortex Opco LLC, Second-Out New Money Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 4.25%), 8.66%, 12/17/2028 (aa) |  | 357 | 155 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 271

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.83%, 01/30/2031 (aa) |  | 2564 | 2550 |
|  |  |  | 20615 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8th Avenue Food & Provisions, Inc., Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.33%, 10/01/2025 (u) (aa) |  | 722 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market Bidco Ltd., Facility B4 (GBP), (United Kingdom), (SONIA 3 Month + 5.25%), 9.57%, 11/04/2030 (u) | GBP | 750 | 1000 |
|  |  |  | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., Term Loan B, (Canada), (CME Term SOFR 1 Month + 4.25%), 8.57%, 12/17/2030 (aa) |  | 4858 | 4861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cidron Atrium SE, Facility B1 (First Lien), (Germany), 05/22/2028 (u) | EUR | 2500 | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.01%, 05/17/2031 (aa) |  | 2971 | 2936 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.82%, 05/19/2031 (aa) |  | 1020 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Exchange First Out Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.03%, 12/31/2030 (u) (aa) |  | 1560 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Second Out Term Loan, (CME Term SOFR 3 Month + 4.60%), 9.14%, 12/31/2030 (u) (aa) |  | 1182 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quorum Health Corp., Term Loan (Exit), (CME Term SOFR 3 Month + 6.50%), 10.81%, 01/31/2028 (aa) |  | 673 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.30%, 09/27/2030 (aa) |  | 5241 | 5187 |
|  |  |  | 15144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Consumer Health, Facility B3, (France), (EURIBOR 3 Month + 4.00%), 5.98%, 11/06/2028 (aa) | EUR | 3775 | 4448 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., Term Loan, (CME Term SOFR 1 Month + 1.75%), 6.17%, 08/01/2027 (aa) |  | 1518 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.33%, 04/23/2031 (aa) |  | 976 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.40%, 10/01/2027 (aa) |  | 2642 | 2541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skio Bidco BV, Facility B, (Netherlands), 06/14/2032 (u) | EUR | 4426 | 5209 |
|  |  |  | 14687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 59922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies — Diversified** — **0.0%**(g) | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies — Diversified** — **0.0%**(g) | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies — Diversified** — **0.0%**(g) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GN Loanco LLC, Term B Loan, (CME Term SOFR 3 Month + 4.50%), 8.78%, 12/19/2030 (aa) |  | 1569 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Holding LLC, Term B Loan (First Lien), (CME Term SOFR 1 Month + 4.50%), 8.83%, 07/31/2031 (aa) |  | 1721 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckeye Partners LP, 2024 Tranche B-5 Term Loan, (CME Term SOFR 1 Month + 1.75%), 6.08%, 11/01/2026 (aa) |  | 750 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  |  | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziraat Katilim Bankasi Anonim Sirketi, Tranche B, (CME Term SOFR 3 Month + 3.00%), 7.32%, 06/15/2034 (aa) (bb) |  | 2400 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay Technologies Operating Co. LLC, Term B-5 Loan, (CME Term SOFR 1 Month + 1.75%), 6.08%, 04/28/2028 (aa) |  | 1481 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Holdco B LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.33%, 05/17/2031 (aa) |  | 1 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.75%), 11.31%, 04/07/2028 (aa) |  | 653 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, Initial Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/09/2027 (aa) |  | 892 | 866 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 272 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Loan Assignments — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, Tranche B Incremental Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.08%, 09/15/2031 (aa) |  | 682 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osttra Group Ltd., Term Loan (First Lien), (United Kingdom), (CME Term SOFR 3 Month + 3.50%), 7.83%, 05/20/2032 (aa) |  | 760 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Setanta Aircraft Leasing Designated Activity Co., New Loan, (Ireland), (CME Term SOFR 3 Month + 1.75%), 6.05%, 11/05/2028 (aa) |  | 119 | 119 |
|  |  |  | 4531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.33%, 11/06/2030 (aa) |  | 1489 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp; AssuredPartners, Inc., 2024 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.83%, 02/14/2031 (u) (aa) |  | 2965 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New B-12 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.58%, 09/19/2030 (aa) |  | 5056 | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.69%, 01/20/2029 (aa) |  | 2910 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New B-9 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.69%, 07/31/2027 (aa) |  | 1825 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New Term B-13 Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 4.25%, 09/19/2030 (aa) |  | 1528 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 7.05%, 05/06/2031 (aa) |  | 538 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 9.05%, 05/06/2032 (aa) |  | 2094 | 2117 |
|  |  |  | 18033 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Artemis Bidco Ltd.,Term Loan B, (United Kingdom), 05/28/2032 (u) (aa) | EUR | 4535 | 5337 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.94%, 06/02/2028 (aa) |  | 737 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 31029 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Government — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire, Term Loan, (EURIBOR 6 Month + 3.05%), 5.40%, 02/11/2034 (aa) (bb) | EUR | 4000 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Tanzania, Term Loan, (CME Term SOFR 6 Month + 5.47%), 9.71%, 06/20/2030 (aa) (bb) |  | 5000 | 4981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Government |  |  | 9677 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., Tranche C Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.81%, 05/15/2031 (aa) |  | 339 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; ECO Material Technologies, Inc., Initial Term Loan, (CME Term SOFR 6 Month + 3.25%), 7.47%, 02/12/2032 (aa) |  | 1333 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.58%, 02/10/2032 (aa) |  | 873 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilsonart LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.55%, 08/05/2031 (aa) |  | 1621 | 1595 |
|  |  |  | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LIKEWIZE Corp., Closing Date Term Loan, (CME Term SOFR 3 Month + 5.75%), 10.03%, 08/27/2029 (aa) |  | 1791 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, Term Loan, (CME Term SOFR 1 Month + 4.25%), 8.57%, 12/02/2031 (aa) |  | 2434 | 2445 |
|  |  |  | 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., Tranche C Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.78%, 08/01/2030 (aa) |  | 7796 | 6494 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.0%** (g) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Group Corp., Term B-3 Loan, (CME Term SOFR 1 Month + 1.75%), 6.07%, 03/02/2027 (u) (aa) |  | 454 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., Term Loan, (CME Term SOFR 1 Month + 6.00%), 10.32%, 12/21/2029 (aa) |  | 1263 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 6 Month + 4.50%), 8.67%, 02/15/2029 (aa) |  | 3763 | 3770 |
|  |  |  | 5036 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 273

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crosby US Acquisition Corp., Amendment No. 4 Replacement Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.83%, 08/16/2029 (aa) | 554 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doncasters US Finance LLC, Initial Term Loan, (CME Term SOFR 3 Month + 6.50%), 10.80%, 04/23/2030 (aa) | 2202 | 2228 |
|  |  | 2784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iris Holding, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 9.13%, 06/28/2028 (aa) | 1452 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.43%, 10/30/2028 (aa) | 2219 | 1994 |
|  |  | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 26429 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.84%, 05/25/2028 (aa) | 1201 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp., Term C Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.84%, 05/25/2028 (aa) | 244 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bingo Holdings I LLC, Term Loan, (CME Term SOFR 3 Month + 4.50%), 4.30%, 06/11/2032 (u) (aa) | 1550 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Initial Floating Rate Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.31%, 12/09/2031 (aa) | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 03/01/2029 (aa) | 1724 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp., New Term B Loan, (CME Term SOFR 3 Month + 3.75%), 8.03%, 04/16/2029 (aa) | 683 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; X Corp., Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 | 5045 | 4902 |
|  |  | 14535 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altera Corp., Term Loan B, (CME Term SOFR 3 Month + 3.00%), 3.00%, 06/21/2032 (aa) | 2663 | 2661 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software** — **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning LLC, Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.75%), 10.18%, 12/10/2029 (aa) | 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.08%, 02/15/2029 (aa) | 6296 | 6286 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co. Inc., 2031 Replacement Dollar Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.33%, 07/30/2031 (aa) | 623 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co. Inc., Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.75%), 10.08%, 07/30/2032 (aa) | 1366 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.55%, 07/06/2029 (aa) | 1798 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., Seventh Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.80%, 03/29/2029 (aa) | 3979 | 3981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., Sixth Amendment Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.05%, 03/21/2031 (aa) | 4810 | 4817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc., Initial Fixed Rate Term Loan, 7.63%, 05/01/2031 | 14063 | 14116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc., Initial Floating Rate Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 05/01/2031 (aa) | 3960 | 3938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 9.08%, 11/22/2032 (aa) | 5738 | 5853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris Newco LLC, Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.29%, 06/02/2028 (aa) | 1828 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/24/2028 (aa) | 1315 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.56%, 04/24/2028 (aa) | 2869 | 2847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.69%, 07/14/2028 (aa) | 1806 | 1645 |
|  |  | 50234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 67430 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., 2024 Term Loan, (CME Term SOFR 1 Month + 1.75%), 4.33%, 01/31/2031 (u) (aa) | 450 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., 2024-2 Term Loan, (CME Term SOFR 1 Month + 1.75%), 6.08%, 02/15/2032 (u) (aa) | 1624 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewater Generation LLC,2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 10.25%, 08/01/2030 (u) (aa) | 624 | 626 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 274 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Loan Assignments — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC, Term Loan, (CME Term SOFR 3 Month + 5.50%), 9.80%, 07/20/2028 (aa) |  | 160 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments<br>(Cost $383,734) |  |  | 384439 |
|  | NUMBER OF<br>WARRANTS | NUMBER OF<br>WARRANTS |  |
|  **Warrant — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring, expiring 06/30/2026 (a) (bb) |  | 256 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $—) |  |  |  |
|  | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) |  |
|  **Short-Term Investments — 2.8%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bond — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., (SOFR Compounded Index + 0.95%), 5.34%, 09/04/2025 (aa) |  | 343 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits** — **2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., 0.02%, 07/02/2025 | HKD | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 07/01/2025 | ZAR | 1 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 0.86%, 07/01/2025 | EUR | 33514 | 39478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 07/01/2025 | GBP | 14051 | 19287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 111 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 1.55%, 07/02/2025 |  | CAD 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31%), 07/01/2025 | CHF | 82 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 91850 | 91850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 0.12%, 07/01/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;6899 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 5176 | 5176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.68%, 07/01/2025 |  | 30284 | 30284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 186338 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Agency Securities — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Agency Securities — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp. Discount Notes, 4.10%, 07/01/2025 (n) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB Discount Notes, 4.10%, 07/01/2025 (n) | 5600 | 5599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities |  | 5699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.10%, 07/01/2025 (n) | 800 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 07/03/2025 (n) | 5600 | 5599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 09/25/2025 (n) | 2000 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 07/29/2025 (n) | 6200 | 6180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/08/2025 (n) | 6300 | 6295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/22/2025 (n) (ii) | 1350 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 08/07/2025 (n) (ee) | 3400 | 3385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 10/21/2025 (n) (ii) | 1350 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 10/07/2025 (n) | 2600 | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 09/16/2025 (n) (ii) | 600 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 10/14/2025 (n) | 17400 | 17187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 47270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $239,648) |  | 239650 |
|  **Total Investments — 99.0%<br>(Cost — $8,237,026)** |  | 8569613 |
|  **Other Assets in Excess of Liabilities — 1.0%** |  | 92591 |
|  **NET ASSETS — 100.0%** |  | $8662204 |

---

Percentages indicated are based on net assets.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 275

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **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 | 850 | 09/2025 | EUR | 118110 | (282) |
|  Euro BTP Italian Government Bonds | 13 | 09/2025 | EUR | 1849 | 4 |
|  Euro Bund | 123 | 09/2025 | EUR | 19000 | (143) |
|  Euro Schatz | 1127 | 09/2025 | EUR | 142593 | (213) |
|  U.S. Treasury 2 Year Note | 1077 | 09/2025 | USD | 223216 | 825 |
|  U.S. Treasury 5 Year Note | 667 | 09/2025 | USD | 71993 | 710 |
|  U.S. Treasury 10 Year Note | 1013 | 09/2025 | USD | 111759 | 1824 |
|  U.S. Treasury Long Bond | 43 | 09/2025 | USD | 4833 | 132 |
|  U.S. Treasury Ultra Bond | 66 | 09/2025 | USD | 7631 | 231 |
|  |  |  |  |  | 3088 |
|  **Short Contracts** |  |  |  |  |  |
|  Euro BOBL | (1) | 09/2025 | EUR | (139) | — (h) |
|  Euro-Oat French Government Bonds | (139) | 09/2025 | EUR | (20402) | 125 |
|  U.S. Treasury 5 Year Note | (296) | 09/2025 | USD | (31919) | (345) |
|  |  |  |  |  | (220) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 2868 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  TRY | 6549 | USD | 162 | Barclays Bank plc | 07/01/2025 | 3 |
|  BRL | 4160 | USD | 700 | Citibank, NA\* | 07/02/2025 | 65 |
|  EUR | 470 | USD | 544 | Morgan Stanley & Co. | 07/02/2025 | 10 |
|  GBP | 1824 | USD | 2481 | Goldman Sachs International | 07/02/2025 | 22 |
|  EUR | 6471 | USD | 7136 | Citibank, NA | 07/09/2025 | 490 |
|  EUR | 317000 | USD | 368380 | Citibank, NA | 07/09/2025 | 5202 |
|  EUR | 3781 | USD | 4313 | Citibank, NA | 07/09/2025 | 142 |
|  EUR | 3879 | USD | 4439 | Citibank, NA | 07/09/2025 | 133 |
|  EUR | 1758 | USD | 1939 | Citibank, NA | 07/09/2025 | 133 |
|  EUR | 17665 | USD | 19379 | Citibank, NA | 07/09/2025 | 1438 |
|  EUR | 7347 | USD | 8184 | Citibank, NA | 07/09/2025 | 474 |
|  EUR | 2300 | USD | 2598 | Citibank, NA | 07/09/2025 | 113 |
|  EUR | 50000 | USD | 56443 | Citibank, NA | 07/09/2025 | 2481 |
|  EUR | 4942 | USD | 5553 | Citibank, NA | 07/09/2025 | 271 |
|  EUR | 7715 | USD | 8713 | Citibank, NA | 07/09/2025 | 379 |
|  EUR | 25000 | USD | 28656 | Citibank, NA | 07/09/2025 | 807 |
|  EUR | 318000 | USD | 369551 | Citibank, NA | 07/09/2025 | 5209 |
|  EUR | 316000 | USD | 367225 | Citibank, NA | 07/09/2025 | 5179 |
|  EUR | 5090 | USD | 5658 | Citibank, NA | 07/09/2025 | 341 |
|  EUR | 5500 | USD | 6298 | Citibank, NA | 07/09/2025 | 183 |
|  EUR | 5377 | USD | 5833 | Citibank, NA | 07/09/2025 | 504 |
|  EUR | 90000 | USD | 99968 | Citibank, NA | 07/09/2025 | 6097 |
|  EUR | 319899 | USD | 371768 | Citibank, NA | 07/09/2025 | 5230 |
|  EUR | 25000 | USD | 28853 | Citibank, NA | 07/09/2025 | 610 |
|  EUR | 5431 | USD | 6219 | Citibank, NA | 07/09/2025 | 181 |
|  GBP | 174906 | USD | 237989 | Citibank, NA | 07/09/2025 | 2103 |
|  TRY | 14142 | USD | 347 | Barclays Bank plc | 07/10/2025 | 6 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 276 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  TRY | 14114 | USD | 346 | Barclays Bank plc | 07/11/2025 | 6 |
|  TRY | 13609 | USD | 332 | Barclays Bank plc | 07/14/2025 | 6 |
|  EGP | 104659 | USD | 1928 | Citibank, NA\* | 07/21/2025 | 166 |
|  EGP | 456288 | USD | 8400 | Citibank, NA\* | 07/21/2025 | 729 |
|  TRY | 14264 | USD | 346 | Barclays Bank plc | 07/21/2025 | 6 |
|  TRY | 13222 | USD | 320 | Barclays Bank plc | 07/23/2025 | 6 |
|  TRY | 38415 | USD | 933 | Barclays Bank plc | 07/24/2025 | 13 |
|  TRY | 66452 | USD | 1625 | Barclays Bank plc | 07/25/2025 | 10 |
|  TRY | 66877 | USD | 1625 | Barclays Bank plc | 07/29/2025 | 15 |
|  TRY | 88281 | USD | 2140 | Barclays Bank plc | 08/04/2025 | 13 |
|  TRY | 3211 | USD | 77 | Barclays Bank plc | 08/07/2025 | 1 |
|  TRY | 66589 | USD | 1598 | Barclays Bank plc | 08/11/2025 | 15 |
|  TRY | 6624 | USD | 159 | Barclays Bank plc | 08/13/2025 | 1 |
|  TRY | 14063 | USD | 337 | Barclays Bank plc | 08/14/2025 | 3 |
|  TRY | 6829 | USD | 164 | Barclays Bank plc | 08/15/2025 | 1 |
|  INR | 1401 | USD | 16 | Citibank, NA\* | 08/20/2025 | — (h) |
|  INR | 1063 | USD | 12 | Citibank, NA\* | 08/20/2025 | — (h) |
|  INR | 465 | USD | 5 | Citibank, NA\* | 08/20/2025 | — (h) |
|  INR | 439 | USD | 5 | Citibank, NA\* | 08/20/2025 | — (h) |
|  INR | 328 | USD | 4 | Citibank, NA\* | 08/20/2025 | — (h) |
|  CZK | 7772 | USD | 363 | Barclays Bank plc | 08/22/2025 | 8 |
|  EGP | 36314 | USD | 660 | Citibank, NA\* | 08/26/2025 | 57 |
|  BRL | 4250 | USD | 754 | Citibank, NA\* | 10/02/2025 | 10 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 38872 |
|  USD | 754 | BRL | 4154 | Citibank, NA\* | 07/02/2025 | (11) |
|  USD | 1 | BRL | 5 | Citibank, NA\* | 07/02/2025 | — (h) |
|  USD | 90257 | EUR | 79378 | Bank of America, NA | 07/02/2025 | (3247) |
|  USD | 2169 | EUR | 1894 | Morgan Stanley & Co. | 07/02/2025 | (63) |
|  USD | 2462 | GBP | 1824 | Bank of America, NA | 07/02/2025 | (42) |
|  USD | 9479 | EUR | 8281 | Citibank, NA | 07/09/2025 | (281) |
|  USD | 8569 | EUR | 7515 | Citibank, NA | 07/09/2025 | (287) |
|  USD | 6054 | EUR | 5328 | Citibank, NA | 07/09/2025 | (225) |
|  USD | 26929 | EUR | 24000 | Citibank, NA | 07/09/2025 | (1355) |
|  USD | 5805 | EUR | 5150 | Citibank, NA | 07/09/2025 | (265) |
|  USD | 217603 | EUR | 200163 | Citibank, NA | 07/09/2025 | (18287) |
|  USD | 6681 | EUR | 6000 | Citibank, NA | 07/09/2025 | (390) |
|  USD | 6921 | EUR | 6215 | Citibank, NA | 07/09/2025 | (404) |
|  USD | 219005 | EUR | 201450 | Citibank, NA | 07/09/2025 | (18402) |
|  USD | 4464 | EUR | 3900 | Citibank, NA | 07/09/2025 | (132) |
|  USD | 222102 | EUR | 204216 | Citibank, NA | 07/09/2025 | (18565) |
|  USD | 5824 | EUR | 5167 | Citibank, NA | 07/09/2025 | (265) |
|  USD | 2292 | EUR | 2000 | Citibank, NA | 07/09/2025 | (65) |
|  USD | 8316 | EUR | 7301 | Citibank, NA | 07/09/2025 | (288) |
|  USD | 5665 | EUR | 5103 | Citibank, NA | 07/09/2025 | (349) |
|  USD | 219794 | EUR | 202094 | Citibank, NA | 07/09/2025 | (18372) |
|  USD | 3642 | EUR | 3200 | Citibank, NA | 07/09/2025 | (129) |
|  USD | 3645 | EUR | 3200 | Citibank, NA | 07/09/2025 | (126) |
|  USD | 3999 | EUR | 3500 | Citibank, NA | 07/09/2025 | (126) |
|  USD | 9322 | EUR | 8162 | Citibank, NA | 07/09/2025 | (297) |
|  USD | 7334 | EUR | 6353 | Citibank, NA | 07/09/2025 | (153) |
|  USD | 4275 | EUR | 3743 | Citibank, NA | 07/09/2025 | (137) |
|  USD | 6144 | EUR | 5379 | Citibank, NA | 07/09/2025 | (195) |
|  USD | 216899 | EUR | 199519 | Citibank, NA | 07/09/2025 | (18233) |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 277

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 220492 | EUR | 202737 | Citibank, NA | 07/09/2025 | (18432) |
|  USD | 218313 | EUR | 200807 | Citibank, NA | 07/09/2025 | (18336) |
|  USD | 2820 | EUR | 2472 | Citibank, NA | 07/09/2025 | (93) |
|  USD | 5939 | EUR | 5200 | Citibank, NA | 07/09/2025 | (189) |
|  USD | 6672 | GBP | 5000 | Citibank, NA | 07/09/2025 | (191) |
|  USD | 3895 | GBP | 2948 | Citibank, NA | 07/09/2025 | (151) |
|  USD | 5409 | GBP | 4000 | Citibank, NA | 07/09/2025 | (82) |
|  USD | 3763 | GBP | 2786 | Citibank, NA | 07/09/2025 | (61) |
|  USD | 207449 | GBP | 160173 | Citibank, NA | 07/09/2025 | (12419) |
|  USD | 1872 | PEN | 6800 | Bank of America, NA\* | 07/11/2025 | (47) |
|  USD | 2273 | EUR | 2000 | Brown Brothers Harriman & Co. | 07/15/2025 | (85) |
|  USD | 1134 | EUR | 1000 | Brown Brothers Harriman & Co. | 07/15/2025 | (45) |
|  USD | 4340 | EUR | 3800 | Brown Brothers Harriman & Co. | 07/15/2025 | (140) |
|  USD | 10111 | EUR | 9000 | Brown Brothers Harriman & Co. | 07/15/2025 | (500) |
|  USD | 4499 | EUR | 4000 | Brown Brothers Harriman & Co. | 07/15/2025 | (217) |
|  USD | 574 | EUR | 500 | Brown Brothers Harriman & Co. | 07/15/2025 | (15) |
|  USD | 18344 | EUR | 16000 | Brown Brothers Harriman & Co. | 07/15/2025 | (520) |
|  USD | 3389 | EUR | 3000 | Brown Brothers Harriman & Co. | 07/15/2025 | (148) |
|  USD | 2284 | EUR | 2000 | Brown Brothers Harriman & Co. | 07/15/2025 | (74) |
|  USD | 5426 | EUR | 4700 | Brown Brothers Harriman & Co. | 07/15/2025 | (115) |
|  USD | 2858 | EUR | 2500 | Brown Brothers Harriman & Co. | 07/15/2025 | (89) |
|  USD | 4570 | EUR | 4000 | Brown Brothers Harriman & Co. | 07/15/2025 | (146) |
|  USD | 91098 | EUR | 82000 | Brown Brothers Harriman & Co. | 07/15/2025 | (5582) |
|  USD | 5139 | EUR | 4500 | Brown Brothers Harriman & Co. | 07/15/2025 | (167) |
|  USD | 1635 | ZAR | 29630 | Barclays Bank plc | 07/23/2025 | (36) |
|  USD | 3405 | ZAR | 61381 | Barclays Bank plc | 07/23/2025 | (57) |
|  USD | 1635 | ZAR | 29630 | Barclays Bank plc | 07/23/2025 | (36) |
|  USD | 1640 | PEN | 5957 | Citibank, NA\* | 07/24/2025 | (41) |
|  USD | 33 | TRY | 1336 | Barclays Bank plc | 07/29/2025 | – (h) |
|  USD | 94887 | EUR | 80802 | Barclays Bank plc | 08/04/2025 | (519) |
|  USD | 2482 | GBP | 1824 | Goldman Sachs International | 08/04/2025 | (22) |
|  INR | 386 | USD | 5 | Citibank, NA\* | 08/20/2025 | – (h) |
|  INR | 387 | USD | 5 | Citibank, NA\* | 08/20/2025 | – (h) |
|  USD | 656 | CZK | 14582 | Barclays Bank plc | 08/22/2025 | (40) |
|  USD | 66 | CZK | 1462 | Morgan Stanley & Co. | 08/22/2025 | (4) |
|  KZT | 1063871 | USD | 2053 | Morgan Stanley & Co. | 09/11/2025 | (50) |
|  KZT | 85018 | USD | 165 | Citibank, NA | 09/12/2025 | (5) |
|  USD | 2337 | CHF | 1900 | Brown Brothers Harriman & Co. | 09/17/2025 | (81) |
|  USD | 532 | CHF | 431 | Morgan Stanley & Co. | 09/17/2025 | (16) |
|  USD | 19 | CHF | 15 | UBS AG London | 09/17/2025 | (1) |
|  USD | 70157 | EUR | 60105 | BNP Paribas | 09/17/2025 | (1013) |
|  USD | 6135 | EUR | 5300 | Brown Brothers Harriman & Co. | 09/17/2025 | (140) |
|  USD | 117229 | EUR | 102000 | Brown Brothers Harriman & Co. | 09/17/2025 | (3549) |
|  USD | 5886 | EUR | 5000 | Brown Brothers Harriman & Co. | 09/17/2025 | (35) |
|  USD | 2318 | EUR | 2000 | Brown Brothers Harriman & Co. | 09/17/2025 | (51) |
|  USD | 2334 | EUR | 2000 | Brown Brothers Harriman & Co. | 09/17/2025 | (34) |
|  USD | 1169 | EUR | 1000 | Brown Brothers Harriman & Co. | 09/17/2025 | (15) |
|  USD | 37 | EUR | 32 | Morgan Stanley & Co. | 09/17/2025 | (1) |
|  USD | 47174 | GBP | 34900 | Brown Brothers Harriman & Co. | 09/17/2025 | (755) |
|  USD | 2882 | GBP | 2100 | Brown Brothers Harriman & Co. | 09/17/2025 | (2) |
|  USD | 12456 | GBP | 9203 | Morgan Stanley & Co. | 09/17/2025 | (183) |
|  USD | 18585 | MXN | 358004 | Citibank, NA | 09/17/2025 | (335) |
|  USD | 2124 | PEN | 7760 | Barclays Bank plc\* | 09/17/2025 | (61) |
|  USD | 371969 | EUR | 318000 | Citibank, NA | 10/16/2025 | (5267) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 278 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  USD | 374199 | EUR | 319899 | Citibank, NA | 10/16/2025 | (5290) |
|  USD | 370792 | EUR | 317000 | Citibank, NA | 10/16/2025 | (5257) |
|  USD | 369628 | EUR | 316000 | Citibank, NA | 10/16/2025 | (5235) |
|  USD | 238186 | GBP | 174906 | Citibank, NA | 10/16/2025 | (2056) |
|  USD | 202 | PEN | 748 | Citibank, NA\* | 12/05/2025 | (8) |
|  USD | 404 | PEN | 1495 | Citibank, NA\* | 12/05/2025 | (16) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (188746) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (149874) |

---

\* Non-deliverable forward.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/RECEIVE<br>FLOATING 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 | 14.90% maturity | Receive | 01/04/2027 | BRL | 69400 |  | (85) | (85) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/04/2027 | BRL | 69400 |  | (1156) | (1156) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/04/2027 | BRL | 45000 |  | (358) | (358) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/04/2027 | BRL | 3500 |  | (28) | (28) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Receive | 01/04/2027 | BRL | 50600 |  | 481 | 481 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/02/2029 | BRL | 28300 |  | 98 | 98 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/02/2029 | BRL | 28300 |  | 113 | 113 |
|  Czech Interbank Offered Rates 6 Month | 4.25% annually | Pay | 04/18/2029 | CZK | 199400 | 246 | (8) | 238 |
|  Czech Interbank Offered Rates 6 Month | 3.53% annually | Pay | 07/15/2029 | CZK | 426900 | 35 | 259 | 294 |
|  Czech Interbank Offered Rates 6 Month | 3.08% annually | Pay | 10/03/2029 | CZK | 56700 | 47 | (28) | 19 |
|  Czech Interbank Offered Rates 6 Month | 3.49% annually | Pay | 10/30/2029 | CZK | 222300 | (66) | 201 | 135 |
|  Czech Interbank Offered Rates 6 Month | 3.36% annually | Receive | 05/29/2030 | CZK | 703200 | 321 | 78 | 399 |
|  EURIBOR 6 Month | 2.82% annually | Receive | 06/26/2029 | EUR | 24900 | 803 | (92) | 711 |
|  EURIBOR 6 Month | 2.25% annually | Pay | 09/17/2030 | EUR | 30100 | 506 | (435) | 71 |
|  EURIBOR 6 Month | 2.25% annually | Pay | 09/17/2035 | EUR | 13500 | (653) | 125 | (528) |
|  EURIBOR 6 Month | 2.25% annually | Receive | 09/17/2055 | EUR | 11100 | 948 | 434 | 1382 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2029 | USD | 25300 | 74 | (400) | (326) |
|  United States SOFR | 3.75% annually | Receive | 12/18/2029 | USD | 17300 | 14 | 167 | 181 |
|  United States SOFR | 3.75% annually | Pay | 12/18/2029 | USD | 21100 | 46 | 175 | 221 |
|  United States SOFR | 3.00% annually | Pay | 03/19/2030 | USD | 14100 | (763) | 451 | (312) |
|  United States SOFR | 3.25% annually | Pay | 06/18/2030 | USD | 34800 | (773) | 479 | (294) |
|  United States SOFR | 3.75% annually | Pay | 06/20/2034 | USD | 4100 | — (h) | (34) | (34) |
|  United States SOFR | 3.75% annually | Pay | 06/20/2034 | USD | 29800 | (312) | 560 | 248 |
|  United States SOFR | 3.75% annually | Receive | 12/18/2034 | USD | 7100 | 294 | (271) | 23 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2039 | USD | 700 | 39 | (31) | 8 |
|  United States SOFR | 3.50% annually | Pay | 06/20/2054 | USD | 18600 | (374) | (990) | (1364) |
|  United States SOFR | 3.25% annually | Receive | 06/18/2055 | USD | 9900 | 1357 | (200) | 1157 |
|  Total |  |  |  |  |  | 1789 | (495) | 1294 |

---

(a) Value of floating rate index as of June 30, 2025 was as follows:

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% |
|  Czech Interbank Offered Rates 6 Month | 3.48% |
|  EURIBOR 6 Month | 2.05% |
|  United States SOFR | 4.45% |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 279

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025:** |
| **REFERENCE OBLIGATION/INDEX** | **FINANCING<br>RATE RECEIVED<br>BY THE FUND(%)** | **PAYMENT<br>FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED CREDIT<br>SPREAD (%)** <sup>(3)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** <sup>(5)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 0.76 | EUR | 10 | 1 | (—)(h) | 1 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 2.20 | USD | 325 | (11) | 7 | (4) |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 1.84 | USD | 175 | (6) | 5 | (1) |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Barclays Bank<br>Plc Wholesale | 06/20/2026 | 1.84 | USD | 1000 | (34) | 26 | (8) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 2.20 | USD | 600 | (20) | 13 | (7) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Barclays Bank<br>Plc Wholesale | 06/20/2026 | 2.20 | USD | 300 | (9) | 6 | (3) |
|  Adler Real Estate, 3.00%, 04/27/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 3.15 | EUR | 100 | (3) | 5 | 2 |
|  State of Israel, 2.88%, 03/16/2026 | 1.00 | Quarterly | Citibank, NA | 06/20/2027 | 0.60 | USD | 4600 | (26) | 63 | 37 |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2027 | 1.01 | EUR | 70 | 2 | 4 | 6 |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Barclays Bank<br>plc | 06/20/2027 | 1.01 | EUR | 49 | 2 | 3 | 5 |
|  Adler Real Estate AG, 2.13%, 02/06/2024 | 5.00 | Quarterly | Bank of<br>America, NA | 12/20/2027 | 2.21 | EUR | 200 | (50) | 65 | 15 |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2028 | 3.05 | USD | 400 | (27) | 5 | (22) |
|  Forvia SA, Reg. S, 3.13%, 06/15/2026 | 5.00 | Quarterly | Barclays Bank<br>plc | 06/20/2029 | 3.17 | EUR | 127 | 16 | (6) | 10 |
|  Forvia SA, Reg. S, 3.13%, 06/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2029 | 3.17 | EUR | 100 | 12 | (4) | 8 |
|  ITRX EUR XOVER 12/29 | 5.00 | Quarterly | BNP Paribas | 12/20/2029 | 2.70 | EUR | 307 | 39 | (6) | 33 |
|  Forvia SA, Reg. S, 3.13%, 06/15/2026 | 5.00 | Quarterly | Goldman Sachs | 12/20/2029 | 3.72 | EUR | 419 | 31 | (5) | 26 |
|  SES SA, 0.88%, 11/04/2027 | 1.00 | Quarterly | Barclays Bank<br>plc | 12/20/2029 | 1.86 | EUR | 75 | (5) | 2 | (3) |
|  Romanian Government International Bond, 2.75%, 02/26/2026 | 1.00 | Quarterly | Barclays Bank<br>Plc Wholesale | 12/20/2029 | 1.76 | USD | 1800 | (79) | 24 | (55) |
|  SES SA, 0.88%, 11/04/2027 | 1.00 | Quarterly | Bank of<br>America, NA | 12/20/2029 | 1.86 | EUR | 72 | (6) | 3 | (3) |
|  SES SA, 0.88%, 11/04/2027 | 1.00 | Quarterly | Barclays Bank<br>plc | 06/20/2030 | 2.05 | EUR | 67 | (4) | — (h) | (4) |
|  Republic of Indonesia, 2.15%, 07/28/2031 | 1.00 | Quarterly | Bank of<br>America, NA | 06/20/2030 | 0.78 | USD | 1400 | 5 | 10 | 15 |
|  Saudi International Bond, 4.75%, 01/16/2030 | 1.00 | Quarterly | Barclays Bank<br>Plc Wholesale | 06/20/2030 | 0.68 | USD | 19600 | 273 | 14 | 287 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Morgan<br>Stanley Capital<br>Service | 06/20/2030 | 3.89 | USD | 325 | (41) | 2 | (39) |
|  Republic of Indonesia, 2.15%, 07/28/2031 | 1.00 | Quarterly | Barclays Bank<br>Plc Wholesale | 06/20/2030 | 0.78 | USD | 3300 | 8 | 26 | 34 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2030 | 3.89 | USD | 575 | (73) | 4 | (69) |
|  Republic of Indonesia, 2.15%, 07/28/2031 | 1.00 | Quarterly | Bank of<br>America, NA | 06/20/2030 | 0.78 | USD | 3600 | (—)(h) | 37 | 37 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 280 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: |
| REFERENCE OBLIGATION/INDEX | FINANCING<br>RATE RECEIVED<br>BY THE FUND(%) | PAYMENT<br>FREQUENCY | COUNTERPARTY | MATURITY<br>DATE | **IMPLIED CREDIT<br>SPREAD (%)** <sup>(3)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** <sup>(5)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  Republic o Nigeria, 6.13%, 09/28/2028 | 1.00 | Quarterly | Morgan<br>Stanley Capital<br>Service | 06/20/2030 | 4.98 | USD | 120 | (32) | 13 | (19) |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Citibank, NA | 06/20/2035 | 2.47 | USD | 600 | (83) | 16 | (67) |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Bank of<br>America, NA | 06/20/2035 | 2.47 | USD | 200 | (27) | 5 | (22) |
|  Total | Total | Total | Total | Total | Total |  |  | (147) | 337 | 190 |
| OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025: |
| REFERENCE OBLIGATION/INDEX | FINANCING<br>RATE PAID<br>BY THE FUND(%) | PAYMENT<br>FREQUENCY | COUNTERPARTY | MATURITY<br>DATE | **IMPLIED CREDIT<br>SPREAD (%)** <sup>(3)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** <sup>(5)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  Morocco Government International Bond, 3.00%, 12/15/2032 | 1.00 | Quarterly | Barclays Bank<br>Plc Wholesale | 06/20/2029 | 0.75 | USD | 2700 |  | (26) | (26) |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2029 | 0.87 | USD | 3400 | 25 | (43) | (18) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank<br>Plc Wholesale | 06/20/2029 | 1.56 | USD | 50 | 2 | (1) | 1 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of<br>America, NA | 06/20/2029 | 1.56 | USD | 1100 | 26 | (4) | 22 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of<br>America, NA | 12/20/2029 | 1.74 | USD | 1000 | 35 | (5) | 30 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank<br>Plc Wholesale | 12/20/2029 | 1.74 | USD | 400 | 12 | (1) | 11 |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Barclays Bank<br>Plc Wholesale | 06/20/2034 | 1.02 | USD | 8500 | (94) | 105 | 11 |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Morgan<br>Stanley Capital<br>Service | 06/20/2034 | 1.02 | USD | 5200 | (58) | 65 | 7 |
|  Total | Total | Total | Total | Total | Total |  |  | (52) | 90 | 38 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of June 30, 2025: |
| REFERENCE <br>OBLIGATION/INDEX | FINANCING<br>RATE RECEIVED<br>BY THE FUND(%) | PAYMENT<br>FREQUENCY | MATURITY<br>DATE | **IMPLIED CREDIT<br>SPREAD (%)** <sup>(3)</sup> | **NOTIONAL**<br> **AMOUNT** <sup>(4)</sup> | **NOTIONAL**<br> **AMOUNT** <sup>(4)</sup> | **UPFRONT**<br> **PAYMENTS**<br> **(RECEIPTS)($)** <sup>(5)</sup> | **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)($)** | VALUE($) |
|  CDX.EM.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 1.14 | USD | 2200 | (73) | 64 | (9) |
|  CDX.NA.IG.41-V1 | 1.00 | Quarterly | 12/20/2028 | 0.34 | USD | 820 | 8 | 10 | 18 |
|  CDX.EM HY.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 1.95 | USD | 15600 | (1417) | 953 | (464) |
|  CDX.EM.41 06/29 | 1.00 | Quarterly | 06/20/2029 | 1.27 | USD | 700 | (27) | 20 | (7) |
|  CDX.NA.IG.42-V1 | 1.00 | Quarterly | 06/20/2029 | 0.40 | USD | 10801 | 227 | 16 | 243 |
|  CDX.EM HY.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 2.28 | USD | 25000 | (1913) | 663 | (1250) |
|  CDX.NA.IG.43 | 1.00 | Quarterly | 12/20/2029 | 0.46 | USD | 4175 | 86 | 9 | 95 |
|  CDX.NA.HY.44 06/30 | 5.00 | Quarterly | 06/20/2030 | 3.19 | USD | 99952 | 5870 | 1778 | 7648 |
|  CDX.NA.HY.44 06/30 | 5.00 | Quarterly | 06/20/2030 | 3.19 | USD | 59315 | 2319 | 2219 | 4538 |
|  Total | Total | Total | Total | Total | Total |  | 5080 | 5732 | 10812 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 281

------

## Six Circles Credit Opportunities Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of June 30, 2025:** |
| **REFERENCE <br>OBLIGATION/INDEX** | **FINANCING<br>RATE PAID <br>BY THE FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED CREDIT<br>SPREAD (%)** <sup>(3)</sup> | **NOTIONAL**<br> **AMOUNT** <sup>(4)</sup> | **NOTIONAL**<br> **AMOUNT** <sup>(4)</sup> | **UPFRONT**<br> **PAYMENTS**<br> **(RECEIPTS)($)** <sup>(5)</sup> | **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)($)** | **VALUE($)** |
|  CDX.EM.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 1.38 | USD | 10000 | 238 | (89) | 149 |
|  ITRX EUR XOVER 06/30 | 5.00 | Quarterly | 06/20/2030 | 2.80 | EUR | 16165 | (1237) | (565) | (1802) |
|  ITRX EUR XOVER 06/30 | 5.00 | Quarterly | 06/20/2030 | 2.80 | EUR | 23720 | (2536) | (108) | (2644) |
|  Total | Total | Total | Total | Total | Total |  | (3535) | (762) | (4297) |

---

(1) 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.

(2) 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.

(3) 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.

(4) 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.

(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).

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| CDX | — Credit Default Swap Index |
| CLO | — Collateralized Loan Obligations |
| CMT | — Constant Maturity Treasury |
| EURIBOR | — Euro Interbank Offered Rate |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| ICE | — Intercontinental Exchange |
| ITRX | — Markit iTraxx index |
| LIBOR | — London Interbank Offered Rate |
| PIK | — Payment in Kind |
| 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 |
| SUB | — Step-Up Bond. The interest rate shown is the rate in effect as of June 30, 2025. |
| (a) | — Non-income producing security. |
| (d) | — Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) —  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(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 June 30, 2025.

(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 June 30, 2025. 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 June 30, 2025.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 282 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
| (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 June 30, 2025. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2025. |
| (bb) | — Security has been valued using significant unobservable inputs. |
| (ee) | — Approximately $756 of these investments are restricted as collateral for swaps to various brokers. |
| (ff) | — Approximately $210 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc. |
| (ii) | — Approximately $2,933 of these investments are restricted as collateral for forwards to to various brokers. |
| BRL | — Brazilian Real |
| CAD | — Canadian Dollar |

---

---

| | |
|:---|:---|
| CHF | — Swiss Franc |
| CZK | — Czech Koruna |
| EGP | — Egyptian Pound |
| EUR | — Euro |
| GBP | — British Pound |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KZT | — Kazakhstan tenge |
| MXN | — Mexican Peso |
| PEN | — Peruvian Nuevo Sol |
| TRY | — Turkish Lira |
| USD | — United States Dollar |
| ZAR | — South African Rand |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 283

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 — 127.4%** | | | |
| **Asset-Backed Securities** — **8.9%** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 6.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 522 Funding CLO 2020-6 Ltd., (Cayman Islands), Series 2020-6A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 5.48%, 10/23/2034 (e) (aa) |  | 3200 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMC CLO 24 Ltd., (Cayman Islands), Series 2021-24A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.47%, 01/20/2035 (e) (aa) |  | 3200 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 20 Ltd., (Cayman Islands), Series 2021-20A, Class A1R, (CME Term SOFR 3 Month + 1.10%), 5.37%, 01/20/2035 (e) (aa) |  | 3300 | 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Credit Funding 12 Ltd., (Cayman Islands), Series 2020-12A, Class A1, 3.18%, 10/25/2038 (e) |  | 1000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Credit Funding 4 Ltd., (Cayman Islands), Series 2016-4A, Class AR, 2.72%, 04/27/2039 (e) |  | 1000 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbour CLO VII DAC, (Ireland), Series 7A, Class BR, (EURIBOR 3 Month + 2.05%), 4.03%, 12/15/2038 (e) (aa) | EUR | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares XXVII CLO Ltd., (Cayman Islands), Series 2013-2A, Class AR3, (CME Term SOFR 3 Month + 1.15%), 5.43%, 10/28/2034 (e) (aa) |  | 3100 | 3100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.06%), 5.34%, 07/24/2034 (e) (aa) |  | 1500 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2021-5 Ltd., (Cayman Islands), Series 2021-5A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.42%, 10/23/2034 (e) (aa) |  | 3000 | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBAM European CLO I DAC, (Ireland), Series 1A, Class AR, (EURIBOR 3 Month + 0.87%), 3.11%, 07/22/2034 (e) (aa) | EUR | 250 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canyon CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class AR2, (CME Term SOFR 3 Month + 1.08%), 5.34%, 07/15/2034 (e) (aa) |  | 3200 | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; CQS US CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.47%, 01/20/2035 (e) (aa) |  | 3200 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden Euro CLO, (Ireland), Series 2020-74A, Class A, (EURIBOR 3 Month + 1.00%), 3.24%, 04/18/2033 (e) (aa) | EUR | 244 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 15 Ltd., (Jersey), Series 2022-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.41%, 04/22/2035 (e) (w) (aa) |  | 900 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, Series 2025-2A, Class A, 5.32%, 06/20/2049 (e) |  | 3700 | 3750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greywolf CLO III Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA, Class A1R2, (CME Term SOFR 3 Month + 1.23%), 5.50%, 04/22/2033 (e) (aa) |  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA, Class A2R2, (CME Term SOFR 3 Month + 1.85%), 6.12%, 04/22/2033 (e) (aa) |  | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICG US CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.42%, 10/20/2034 (e) (aa) |  | 3300 | 3301 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCM Ltd., (Cayman Islands), Series 31A, Class AR, (CME Term SOFR 3 Month + 1.28%), 5.55%, 07/20/2034 (e) (aa) |  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, 5.76%, 12/22/2064 (e) |  | 3096 | 3106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mountain View CLO XIV Ltd., (Cayman Islands), Series 2019-1A, Class A1R, (CME Term SOFR 3 Month + 1.16%), 5.42%, 10/15/2034 (e) (aa) |  | 3200 | 3193 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFSI BSL X Ltd., (Cayman Islands), Series 2021-10A, Class AR, (CME Term SOFR 3 Month + 1.27%), 5.54%, 04/20/2034 (e) (aa) |  | 3000 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Grantor Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class A, 5.18%, 06/15/2032 (e) |  | 688 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class B, 5.75%, 06/15/2032 (e) |  | 1281 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class C, 5.99%, 06/15/2032 (e) |  | 1600 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class A, 5.09%, 07/15/2032 (e) |  | 1226 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032 (e) |  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class C, 5.87%, 07/15/2032 (e) |  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; PK ALIFT Loan Funding 4 LP, Series 2024-2, Class A, 5.05%, 10/15/2039 (e) |  | 190 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; PK ALIFT Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, 11/15/2042 (e) |  | 3000 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Providus CLO II DAC, (Ireland), Series 2A, Class ARR, (EURIBOR 3 Month + 1.16%), 3.44%, 10/15/2038 (e) (aa) | EUR | 250 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 8 Ltd., (Cayman Islands), Series 2024-8A, Class A1, (CME Term SOFR 3 Month + 1.39%), 5.70%, 01/30/2038 (e) (aa) |  | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XIX Ltd., (Bermuda), Series 2022-19A, Class A1R, (CME Term SOFR 3 Month + 1.11%), 5.38%, 10/20/2033 (e) (aa) |  | 3200 | 3200 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 284 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Asset-Backed Securities — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture 44 CLO Ltd., (Cayman Islands), Series 2021-44A, Class A1NR, (CME Term SOFR 3 Month + 1.14%), 5.41%, 10/20/2034 (e) (aa) | 3200 | 3192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  | 62532 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 03/15/2028 (e) | 2578 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N1, Class F, 4.55%, 01/10/2028 (e) | 364 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N2, Class E, 2.90%, 03/10/2028 (e) | 577 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N3, Class A2, 4.84%, 12/10/2027 (e) | 135 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N3, Class A3, 4.53%, 01/10/2029 (e) | 240 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N3, Class B, 4.67%, 12/10/2030 (e) | 240 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N3, Class C, 4.90%, 12/10/2030 (e) | 240 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A2, 4.62%, 02/10/2028 | 1169 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 1600 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A4, 4.74%, 12/10/2030 | 1600 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, Series 2024-3, Class A, 4.88%, 11/15/2028 (e) | 1468 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, Series 2024-3, Class A2A, 4.29%, 01/20/2027 | 96 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  | 10322 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Equity ABS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A3, (CME Term SOFR 1 Month + 0.71%), 5.03%, 10/25/2036 (aa) | 2890 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance of America HECM Buyout, Series 2024-HB1, Class A1A, 4.00%, 10/01/2034 (e) (z) | 234 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE-WMC Mortgage Securities Trust, Series 2006-1, Class A2B, (CME Term SOFR 1 Month + 0.41%), 4.73%, 08/25/2036 (aa) | 7783 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M6, (CME Term SOFR 1 Month + 1.16%), 5.48%, 04/25/2035 (aa) | 1634 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renaissance Home Equity Loan Trust, Series 2005-1, Class AF5, SUB, 5.95%, 05/25/2035 | 232 | 232 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Home Equity ABS — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Mortgage, Series 2025-CES3, Class A1A, SUB, 5.55%, 03/25/2055 (e) | 3166 | 3185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Home Equity ABS |  | 10131 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2018-A, Class B, 3.96%, 07/15/2042 (e) | 3400 | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $86,430) |  | 86306 |
|  **Collateralized Mortgage Obligations — 25.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00%, 10/25/2054 (e) (z) | 1939 | 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIM TRUST, Series 2025-R1, Class A1, SUB, 5.00%, 02/25/2099 (e) | 3130 | 3094 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RPL1, Class A2, 2.97%, 07/25/2057 (e) (z) | 3300 | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL2, Class A1, 2.00%, 01/25/2060 (e) | 1965 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL3, Class A1, 2.00%, 01/25/2060 (e) (z) | 1121 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp; EFMT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1, SUB, 5.52%, 01/26/2060 (e) | 5882 | 5915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1A, SUB, 5.73%, 01/25/2060 (e) | 3731 | 3763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1A, SUB, 5.66%, 02/25/2060 (e) | 3194 | 3218 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, SUB, 4.10%, 07/25/2065 (e) | 3800 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR5, Class 1A1, 3.69%, 10/25/2047 (z) | 2508 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2022-RPL1, Class A1, 3.30%, 08/25/2061 (e) (z) | 1853 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 2A6S, SUB, 6.20%, 02/25/2047 | 81 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 5.04%, 07/25/2069 (e) (z) | 190 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A1, SUB, 4.00%, 06/25/2064 | 3921 | 3791 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.95%), 5.00%, 09/25/2051 (e) (aa) | 368 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM7, Class A1, SUB, 5.11%, 08/25/2062 (e) | 484 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, SUB, 5.40%, 02/25/2055 (e) | 4392 | 4393 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 285

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceanview Mortgage Trust, Series 2025-3, Class AF1, (United States 30 Day Average SOFR + 0.95%), 5.26%, 05/25/2055 (e) (aa) | 3800 | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRET LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RN1, Class A1, SUB, 6.72%, 07/25/2051 (e) | 335 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RN2, Class A1, SUB, 5.00%, 06/25/2052 (e) | 240 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL8, Class A1, SUB, 5.96%, 11/25/2054 (e) | 2938 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL5, Class A1, SUB, 6.24%, 05/25/2055 (e) | 5556 | 5577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL6, Class A1, SUB, 5.74%, 06/25/2055 (e) (w) | 1600 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRET Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class A1, SUB, 4.00%, 07/25/2069 (e) | 954 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, SUB, 4.15%, 04/25/2065 (e) | 3700 | 3556 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e) | 105 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRPM LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class A1, SUB, 5.70%, 11/25/2029 (e) | 1762 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, SUB, 5.87%, 11/25/2029 (e) | 2740 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL3, Class A1, SUB, 4.00%, 11/25/2054 (e) | 3083 | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A1, SUB, 6.18%, 06/25/2030 (e) | 3700 | 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A1, SUB, 3.75%, 04/25/2055 (e) | 3337 | 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp; RALI Series Trust, Series 2007-QS1, Class 1A5, (CME Term SOFR 1 Month + 0.66%), 4.98%, 01/25/2037 (aa) | 2035 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES7, Class A1A, SUB, 5.16%, 10/25/2044 (e) | 102 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1A, SUB, 5.65%, 01/25/2045 (e) | 2982 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, 4.47%, 11/25/2063 (e) (z) | 2738 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2017-6, Class A2, 3.00%, 10/25/2057 (e) (z) | 2000 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp; VCAT LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A1, SUB, 5.88%, 01/25/2055 (e) | 2710 | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL2, Class A1, SUB, 5.98%, 01/25/2055 (e) | 5717 | 5728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL3, Class A1, SUB, 5.89%, 02/25/2055 (e) | 2541 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verus Securitization Trust, Series 2022-INV1, Class A1, SUB, 5.04%, 08/25/2067 (e) | 2358 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  | 95116 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4136, Class QS, IF, IO, (6.14%-United States 30 Day Average SOFR), 1.83%, 07/15/2042 (aa) | 838 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4851, Class PF, (United States 30 Day Average SOFR + 0.51%), 4.82%, 08/15/2057 (aa) | 762 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5008, Class DI, IO, 3.00%, 09/25/2050 | 613 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5010, Class IK, IO, 2.50%, 09/25/2050 | 60 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5010, Class JI, IO, 2.50%, 09/25/2050 | 216 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5013, Class IN, IO, 2.50%, 09/25/2050 | 75 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5038, Class MI, IO, 4.00%, 11/25/2050 | 4415 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5040, Class CI, IO, 4.00%, 11/25/2050 | 6833 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5059, Class IB, IO, 2.50%, 01/25/2051 | 682 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5069, Class MI, IO, 2.50%, 02/25/2051 | 5613 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5070, Class CI, IO, 2.00%, 02/25/2051 | 68251 | 9290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5071, Class IH, IO, 2.50%, 02/25/2051 | 588 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5152, Class IC, IO, 3.00%, 10/25/2051 | 15562 | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5196, Class DI, IO, 3.00%, 02/25/2052 | 17299 | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5229, Class KI, IO, 4.50%, 08/25/2049 | 2444 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5273, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.56%, 11/25/2052 (aa) | 1511 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5274, Class IO, IO, 2.50%, 01/25/2051 | 595 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5426, Class BI, IO, 1.60%, 04/15/2049 (z) | 36529 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5471, Class FH, (United States 30 Day Average SOFR + 1.30%), 5.61%, 11/25/2054 (aa) | 12696 | 12712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5479, Class FA, (United States 30 Day Average SOFR + 1.20%), 5.51%, 12/25/2054 (aa) | 12375 | 12380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5526, Class DI, IO, 4.50%, 02/15/2051 | 42474 | 9618 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Strips, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 358, Class PO, PO, Zero Coupon, 10/15/2047 | 1447 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 362, Class C4, IO, 3.00%, 12/15/2047 | 8355 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 397, Class C52, IO, 5.00%, 01/25/2053 | 435 | 100 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 286 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Collateralized Mortgage Obligations — continued | Collateralized Mortgage Obligations — continued |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 408, Class C64, IO, 5.00%, 09/25/2053 | 2384 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Interest Strip, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 427, Class C21, IO, 2.00%, 03/25/2050 | 1492 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 428, Class C14, IO, 2.50%, 01/25/2048 | 782 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C10, IO, 1.50%, 04/25/2037 | 3237 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 438, Class C28, IO, 5.00%, 08/25/2053 | 1996 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 439, Class C25, IO, 5.00%, 09/25/2053 | 894 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 440, Class C50, IO, 4.50%, 10/25/2053 | 5388 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2, Class PO, PO, Zero Coupon, 01/25/2041 | 1853 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class DI, IO, 2.50%, 12/25/2050 | 1721 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class IG, IO, 3.00%, 12/25/2050 | 8936 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class NI, IO, 2.50%, 02/25/2051 | 646 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78, Class FC, (United States 30 Day Average SOFR + 1.25%), 5.56%, 11/25/2052 (aa) | 2444 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class DI, IO, 2.00%, 05/25/2051 | 87382 | 11488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class IO, IO, 3.50%, 11/25/2051 | 688 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-18, Class IO, IO, 4.00%, 11/25/2049 | 2630 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, (United States 30 Day Average SOFR + 1.17%), 5.48%, 09/25/2054 (aa) | 12719 | 12664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FB, (United States 30 Day Average SOFR + 1.35%), 5.66%, 01/25/2055 (aa) | 26192 | 26280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FD, (United States 30 Day Average SOFR + 1.45%), 5.76%, 06/25/2054 (aa) | 17693 | 17797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.31%, 05/25/2055 (aa) | 9655 | 9644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-49, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.11%, 06/25/2055 (aa) | 1295 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H24, Class KF, (CME Term SOFR 1 Year + 0.97%), 4.78%, 11/20/2066 (aa) | 234 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H16, Class F, (CME Term SOFR 1 Year + 0.77%), 5.82%, 08/20/2067 (aa) | 171 | 172 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H09, Class FA, (CME Term SOFR 1 Year + 1.22%), 4.98%, 04/20/2068 (aa) | 442 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H05, Class AF, (United States 30 Day Average SOFR + 1.50%), 5.80%, 03/20/2071 (aa) | 990 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H11, Class FE, (United States 30 Day Average SOFR + 0.78%), 5.08%, 05/20/2072 (aa) | 890 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H16, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.20%, 08/20/2072 (aa) | 937 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-105, Class WF, (United States 30 Day Average SOFR + 1.00%), 5.30%, 06/20/2055 (aa) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral CMO |  | 155371 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral PAC CMO — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, Series 5018, Class IO, IO, 3.50%, 10/25/2050 | 6839 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $252,221) |  | 251676 |
|  **Commercial Mortgage-Backed Security — 0.1%** | **Commercial Mortgage-Backed Security — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily Housing Mortgage Loan Trust 2025-Q034, Series Q034, Class APT2, 2.86%, 07/25/2054 (z)<br>(Cost $1,053) | 1100 | 1060 |
|  **Corporate Bonds — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrantz Technologies, Inc., 9.00%, 02/15/2030 (e) | 85 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, 11.50%, 10/01/2031 (e) | 165 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e) | 450 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/2028 (e) | 515 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029 (e) | 1070 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., 8.00%, 08/15/2028 (e) | 645 | 655 |
|  |  | 2186 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 287

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Corporate Bonds — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2029 (e) | 295 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/2032 (e) | 735 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 12/15/2030 (e) | 265 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/2029 (e) | 380 | 436 |
|  |  | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 4376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, (United States SOFR + 2.95%), 7.34%, 03/06/2026 (aa) | 905 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) | 1895 | 1865 |
|  |  | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd., (Bermuda), 8.13%, 01/15/2029 (e) | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/15/2029 (e) | 317 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 07/15/2030 (e) | 430 | 449 |
|  |  | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) | 640 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e) | 215 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare—Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 (e) | 690 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/01/2032 (e) | 215 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030 (e) | 1035 | 1141 |
|  |  | 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) | 665 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (e) | 155 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) | 475 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029 (e) | 195 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 831 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (e) | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc., 10.00%, 08/15/2030 (e) | 250 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hightower Holding LLC, 9.13%, 01/31/2030 (e) | 665 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp., 9.38%, 07/25/2030 | 400 | 441 |
|  |  | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC / Acrisure Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2029 (e) | 205 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/15/2029 (e) | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 (e) | 245 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028 (e) | 105 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; HUB International Ltd., 7.25%, 06/15/2030 (e) | 295 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/15/2030 (e) | 520 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/15/2030 (e) | 390 | 416 |
|  |  | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., 6.75%, 08/15/2028 (e) | 170 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032 (e) | 380 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029 (e) | 1791 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dye & Durham Ltd., (Canada), 8.63%, 04/15/2029 (e) | 230 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc., 6.88%, 02/01/2031 (e) | 115 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI LLC / X.AI Co.-Issuer Corp., 12.50%, 06/30/2030 | 315 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, 8.63%, 06/01/2030 (e) | 415 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) | 130 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa) | 745 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $20,945) |  | 21186 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 288 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Mortgage-Backed Securities — 36.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **UMBS Collateral — 26.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 | 1715 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2054 | 5777 | 5914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 | 57 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2054 | 53 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2054 | 54 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2055 | 177 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2055 | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/2053 | 481 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/01/2054 | 383 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 08/01/2055 (w) | 1700 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 07/01/2055 (w) | 4250 | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 08/01/2055 (w) | 7000 | 6303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 07/01/2055 (w) | 4300 | 3997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 08/01/2055 (w) | 22000 | 21030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 08/01/2055 (w) | 25000 | 24977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 08/01/2055 (w) | 48880 | 49643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 08/01/2055 (w) | 85200 | 87818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 7.00%, 07/01/2055 (w) | 14500 | 15259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 7.00%, 08/13/2055 (w) | 7800 | 8179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 7.00%, 09/01/2055 (w) | 18000 | 18852 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 30 years, 5.00%, 11/01/2052 | 1831 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054 | 5301 | 5227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2053 | 1288 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2054 | 49 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2055 | 2108 | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2053 | 414 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2054 | 135 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2054 | 95 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2054 | 210 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total UMBS Collateral |  | 261670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GNMA II Collateral — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/2055 | 29 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/20/2055 | 2949 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 07/01/2055 (w) | 8000 | 6520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 08/15/2042 (w) | 18220 | 16100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 08/01/2055 (w) | 13350 | 12408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 07/01/2055 (w) | 20250 | 19378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 07/01/2042 (w) | 700 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 08/01/2055 (w) | 1300 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 07/01/2055 (w) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 08/01/2055 (w) | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 08/01/2055 (w) | 5000 | 5122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total GNMA II Collateral |  | 66431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FNMA Collateral — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/2029 | 5011 | 5042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 11/01/2032 | 12231 | 12537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 10/01/2032 | 355 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 01/01/2030 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 04/01/2029 | 2291 | 2365 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **FNMA Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 01/01/2032 | 1433 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 01/01/2030 | 1913 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/01/2031 | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FNMA Collateral |  | 25073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $349,762) |  | 353174 |
|  | **SHARES** |  |
|  **Open End Fund — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Equity Fund — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Equity Market Neutral Fund (Cost $41,780) | 2948 | 43254 |
|  **Preferred Stock — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acruise Holdings, Inc. (a) (f) (bb)<br>(Cost $300) | 12 | 300 |
|  | **PRINCIPAL<br>AMOUNT($)** |  |
|  **Loan Assignments — 19.5%** (o) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nouryon Finance BV, November 2024 B-2 Dollar Term Loan, (Netherlands), (CME Term SOFR 3 Month + 3.25%), 7.55%, 04/03/2028 (aa) | 348 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrantz Technologies, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.64%, 04/23/2029 (aa) | 489 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;W. R. Grace Holdings LLC, Initial Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.55%, 09/22/2028 (aa) | 456 | 457 |
|  |  | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, 2025 Refinancing Term B Loan, (CME Term SOFR 1 Month + 2.75%), 7.08%, 08/18/2030 (aa) | 1101 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.44%, 08/21/2028 (u) (aa) | 855 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp., Term B-2 Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.90%, 06/18/2029 (aa) | 1427 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune BidCo US, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.33%, 04/11/2029 (aa) | 1358 | 1281 |
|  |  | 3506 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 289

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Loan Assignments — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arches Buyer, Inc., Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.68%, 12/06/2027 (aa) | 752 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE, Extended Dollar Term Loan, (Germany), 12/12/2029 (u) | 249 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 1 Month + 6.25%), 10.58%, 02/23/2029 (aa) | 830 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.58%, 05/03/2028 (aa) | 770 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH SUB I LLC, 2024 December New Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.58%, 12/31/2031 (aa) | 717 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.33%, 08/31/2028 (aa) | 666 | 666 |
|  |  | 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.81%, 01/18/2028 (aa) | 637 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 9.00%, 04/15/2027 (aa) | 298 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 5.25%), 9.79%, 08/02/2029 (aa) | 527 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.54%, 08/02/2027 (aa) | 64 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., Term D Loan,12/01/2028 (u) | 337 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., Term F Loan, (CME Term SOFR 1 Month + 5.25%), 9.57%, 06/04/2029 (aa) | 213 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco LLC, PIK First Out Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.83%, 09/25/2029 (aa) (bb) | 617 | 532 |
|  |  | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope LLC, Initial Term Loan, 12/17/2029 (u) | 530 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connect Finco Sarl, Amendment No. 4 Term Loan, (Luxembourg), (CME Term SOFR 1 Month + 4.50%), 8.83%, 09/27/2029 (u) (aa) | 562 | 532 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Telecommunications — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Subsea Communications Holding, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.33%, 01/30/2031 (aa) | 447 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc., Fourth Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 7.07%, 11/30/2029 (aa) | 873 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc., Second Amendment Refinancing Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.25%), 9.57%, 11/29/2030 (aa) | 1595 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.79%, 07/01/2031 (aa) | 821 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 2.25%), 6.58%, 09/20/2030 (u) (aa) | 431 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., Term B-3 Refinancing Loan, (CME Term SOFR 1 Month + 4.25%), 8.58%, 03/29/2032 (aa) | 1425 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term A Loan, (CME Term SOFR 1 Month + 6.00%), 10.33%, 06/01/2028 (aa) | 469 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term B-1 Loan, (CME Term SOFR 1 Month + 2.35%), 6.79%, 04/16/2029 (aa) | 378 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; QualityTech LP, Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.81%, 11/04/2031 (aa) | 349 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.44%, 03/09/2027 (aa) | 675 | 641 |
|  |  | 8514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 18321 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAdvantage loyalty IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 6.52%, 04/20/2028 (aa) | 1786 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.58%, 11/25/2031 (aa) | 1227 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyMiles IP Ltd., Initial Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 3.75%), 8.02%, 10/20/2027 (aa) | 211 | 212 |
|  |  | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.58%, 12/21/2028 (aa) | 637 | 636 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 290 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Loan Assignments — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., Term Loan, (CME Term SOFR 1 Month + 7.00%), 11.32%, 01/04/2029 (aa) | 1104 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., 2023 Incremental Term B Loan, (CME Term SOFR 1 Month + 2.25%), 6.58%, 02/06/2030 (aa) | 558 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., Incremental Term B-1 Loan, (CME Term SOFR 1 Month + 2.25%), 6.58%, 02/06/2031 (aa) | 874 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark USA, Inc., Term Loan B, (CME Term SOFR 3 Month + 2.25%), 6.55%, 05/24/2030 (aa) | 279 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Finance US, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.57%, 12/02/2031 (aa) | 1180 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Finance US, Inc., Term Loan B, 12/02/2031 (u) | 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Formula One Management Ltd., Facility B, (United Kingdom), (CME Term SOFR 3 Month + 2.00%), 6.30%, 09/30/2031 (u) (aa) | 518 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Formula One Management Ltd., Incremental Term Facility, (United Kingdom), 09/30/2031 (u) | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light and Wonder International, Inc., Term B-2 Loan, (CME Term SOFR 1 Month + 2.25%), 6.56%, 04/16/2029 (aa) | 278 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP, Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.25%), 8.55%, 08/01/2030 (aa) | 728 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFC Holdings LLC, Incremental Term B-4 Loan (First Lien), (CME Term SOFR 3 Month + 2.25%), 6.57%, 11/21/2031 (aa) | 2611 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Parent LLC, Term Loan B, 05/09/2032 (u) | 530 | 524 |
|  |  | 8892 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc., 2024 New Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.53%, 11/05/2031 (aa) | 723 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HRNI Holdings LLC, Term B Loan, (CME Term SOFR 3 Month + 4.25%), 8.70%, 12/11/2028 (aa) | 754 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's, Inc., 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 3.25%), 7.56%, 06/29/2029 (aa) | 143 | 138 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Retail — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; EG Group Ltd., New Facility B2 (USD), (United Kingdom), (CME Term SOFR 3 Month + 4.25%), 8.58%, 02/07/2028 (aa) | 895 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp., 2025 Incremental Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.33%, 08/04/2031 (aa) | 312 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRB Holding Corp., 2024 Second Replacement Term B Loan, (CME Term SOFR 1 Month + 2.50%), 6.83%, 12/15/2027 (aa) | 1602 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO Building Products, Inc., Term B Loan, (CME Term SOFR 3 Month + 3.00%), 7.30%, 04/30/2032 (aa) | 111 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2022 Other Term B Loan, 06/30/2028 (u) | 450 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 10.43%, 11/15/2029 (u) (aa) | 647 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victra Holdings LLC, Fourth Amendment Incremental Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.55%, 03/31/2029 (aa) | 626 | 625 |
|  |  | 4776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 18975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.55%, 04/01/2032 (aa) | 620 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp., 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.25%), 6.55%, 03/31/2028 (aa) | 641 | 643 |
|  |  | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albion Financing 3 SARL, 2025 Amended U.S. Dollar Term Loan Retired 07/01/2025, (Luxembourg), (CME Term SOFR 3 Month + 3.00%), 7.32%, 08/16/2029 (aa) | 1177 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.18%, 05/12/2028 (aa) | 2017 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anticimex Global AB, Facility B1, (Sweden), (CME Term SOFR 3 Month + 3.40%), 7.66%, 11/16/2028 (aa) | 445 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anticimex Global AB, Facility B6, (Sweden), (CME Term SOFR 3 Month + 3.40%), 7.66%, 11/16/2028 (aa) | 84 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bach Finance Ltd., Eleventh Amendment Dollar Term Loan (First Lien), (Cayman Islands), (CME Term SOFR 3 Month + 3.25%), 7.58%, 01/09/2032 (aa) | 324 | 325 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 291

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Loan Assignments — continued** | | |
| **Commercial Services — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 2031 Dollar Incremental Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 10/16/2031 (aa) | 1399 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, USD Term B-2 Loan, (CME Term SOFR 3 Month + 2.00%), 6.30%, 01/31/2031 (aa) | 852 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conservice Midco LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.33%, 05/13/2030 (aa) | 169 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Homeserve USA Holding Corp., Amendment No.1 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.32%, 10/21/2030 (u) (aa) | 348 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco Corp., Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.33%, 05/04/2028 (u) (aa) | 860 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.50%), 9.83%, 05/30/2029 (aa) | 269 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments LLC, Amendment No. 2 Term Loan, 06/30/2032 (u) | 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Soliant Lower Intermediate LLC, Initial Term Loan, (CME Term SOFR 6 Month + 3.75%), 8.00%, 07/18/2031 (aa) | 290 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Townsquare Media, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.32%, 02/19/2030 (aa) | 363 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.83%, 01/30/2031 (aa) | 761 | 757 |
|  |  | 9514 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Opal Bidco SAS, Facility B2, (France), (CME Term SOFR 6 Month + 3.25%), 7.44%, 04/28/2032 (u) (aa) | 2345 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1440 Foods Topco LLC, Initial Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.33%, 10/31/2031 (aa) | 234 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chobani LLC, 2025 New Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.83%, 10/25/2027 (aa) | 750 | 752 |
|  |  | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auris Luxembourg III S.a r.l., Facility B6, (Luxembourg), (CME Term SOFR 6 Month + 3.75%), 7.88%, 02/28/2029 (aa) | 351 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., Third Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 4.25%), 8.57%, 01/15/2031 (aa) | 509 | 509 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Healthcare — Products — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower LP, Third Amendment Incremental Term Loan, (CME Term SOFR 1 Month + 2.25%), 6.58%, 10/23/2028 (aa) | 3188 | 3190 |
|  |  | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental LLC, 2024 New Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.83%, 04/28/2028 (aa) | 948 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inception Finco S.a r.l., Facility B6, (Luxembourg), (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/18/2031 (u) (aa) | 726 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGC Science Group Holdings Ltd., Facility B3 (USD), (United Kingdom), (CME Term SOFR 1 Month + 4.00%), 8.33%, 01/21/2030 (aa) | 643 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.01%, 05/17/2031 (aa) | 1010 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.82%, 05/19/2031 (aa) | 1191 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiology Partners, Inc., Term B Loan, (CME Term SOFR 3 Month + 3.50%), 8.09%, 01/31/2029 (aa) | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.30%, 09/27/2030 (aa) | 362 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.08%, 12/19/2030 (u) (aa) | 2493 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., Closing Date Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.44%, 06/20/2028 (aa) | 463 | 437 |
|  |  | 7788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 B.C. Ltd., Term Loan B, (Canada), 10/08/2030 (u) | 250 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dechra Pharmaceuticals Holdings Ltd., Facility B1, (United Kingdom), (CME Term SOFR 6 Month + 3.25%), 7.51%, 01/27/2032 (u) (aa) | 424 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVC Acquisition Ltd, Facility B12, (United Kingdom), (CME Term SOFR 3 Month + 3.75%), 8.05%, 12/12/2028 (aa) | 283 | 284 |
|  |  | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 26899 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 292 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Loan Assignments — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy** — **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy—Alternate Sources** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC, Specified Refinancing Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.30%, 05/21/2029 (aa) | 546 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services** — **0.0%**(g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodnight Water Solutions Holdings LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.83%, 06/04/2029 (aa) | 451 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines** — **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazos Delaware II LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.31%, 02/11/2030 (aa) | 453 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPPIB OVM Member U.S. LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 08/20/2031 (aa) | 218 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epic Crude Services, LP, Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.26%, 10/15/2031 (aa) | 868 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.08%, 02/03/2031 (aa) | 1197 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthRiver Midstream Finance LP, Initial Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.25%), 6.55%, 08/16/2030 (aa) | 323 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prairie Acquiror LP, Initial Term B-3 Loan, (CME Term SOFR 1 Month + 4.25%), 8.58%, 08/01/2029 (aa) | 259 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterbridge NDB Operating LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.30%, 05/10/2029 (aa) | 273 | 272 |
|  |  | 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 4579 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial** — **4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks** — **0.0%**(g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orbit Private Holdings I Ltd, 2025 Incremental Term Loan (First Lien), (United Kingdom), (CME Term SOFR 6 Month + 3.75%), 7.92%, 12/11/2028 (aa) | 374 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024-1 Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.33%, 10/31/2031 (aa) | 194 | 195 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Diversified Financial Services** — **continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Edelman Financial Engines Center LLC (The), 2024-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.33%, 04/07/2028 (aa) | 1175 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, Tranche B Incremental Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.08%, 09/15/2031 (aa) | 2662 | 2655 |
| &nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 09/05/2031 (u) (aa) | 642 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; HighTower Holding LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.26%, 02/03/2032 (aa) | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group LLC, Seventh Amendment Extended Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.33%, 12/15/2031 (aa) | 1312 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mermaid Bidco, Inc., Facility B (USD), (CME Term SOFR 3 Month + 3.25%), 7.51%, 07/03/2031 (aa) | 457 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 3.50%), 7.83%, 08/17/2028 (aa) | 843 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osttra Group Ltd., Term Loan (First Lien), (United Kingdom), 05/20/2032 (u) | 355 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osttra Group Ltd., Term Loan (Second Lien), 05/20/2033 (u) | 230 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEX Holdings LLC, Term Loan, (CME Term SOFR 6 Month + 2.75%), 6.97%, 11/26/2031 (aa) | 324 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFS Opco LLC, Amendment No.1 Delayed Draw Term Loan, (CME Term SOFR 3 Month + 4.75%), 9.03%, 04/04/2031 (aa) (bb) (u) | 309 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFS Opco LLC, Amendment No.2 Delayed Draw Term Loan, 04/04/2031 (bb) (u) | 130 | 129 |
|  |  | 8726 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.33%, 11/06/2030 (aa) | 1214 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alera Group, Inc., Initial Term Loan (Second Lien), 05/30/2033 (u) | 3210 | 3269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alera Group, Inc., Term Loan (First Lien), 05/30/2032 (u) | 2140 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.07%, 09/19/2031 (aa) | 3233 | 3233 |
| &nbsp;&nbsp;&nbsp;&nbsp; AssuredPartners, Inc., 2024 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.83%, 02/14/2031 (aa) | 4529 | 4539 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 293

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Loan Assignments — continued** | | |
| **Insurance** — **continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New B-11 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.68%, 08/19/2028 (aa) | 1022 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New B-3 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.69%, 01/31/2028 (aa) | 785 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.69%, 01/20/2029 (aa) | 1689 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New Term B-13 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.58%, 09/19/2030 (aa) | 523 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub International Ltd., 2025 Incremental Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.77%, 06/20/2030 (aa) | 3255 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones DesLauriers Insurance Management, Inc., 2025-1 Repricing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.75%), 7.03%, 03/15/2030 (u) (aa) | 913 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower LLC, 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.33%, 07/02/2031 (aa) | 551 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower LLC, Initial Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.58%, 07/02/2032 (aa) | 1330 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty LLC, 2024 Term Loan, (CME Term SOFR 1 Month + 2.25%), 6.58%, 09/15/2031 (aa) | 239 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc., 2024 Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.33%, 07/31/2031 (aa) | 2822 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 7.05%, 05/06/2031 (aa) | 908 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 9.05%, 05/06/2032 (aa) | 3309 | 3344 |
| &nbsp;&nbsp;&nbsp;&nbsp; USI, Inc., 2024-D Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.55%, 11/21/2029 (aa) | 315 | 315 |
|  |  | 31912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.08%, 07/30/2031 (aa) | 283 | 283 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., Term B-6 Loan, 12/10/2030 (u) | 430 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; KREF Holdings X LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.56%, 03/05/2032 (aa) | 319 | 321 |
|  |  | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 42048 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial** — **2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense** — **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bleriot US Bidco, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 10/31/2030 (aa) | 427 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp., Initial Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.08%, 02/26/2032 (aa) | 434 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., New Tranche J Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.80%, 02/28/2031 (aa) | 1401 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., Tranche I Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 08/24/2028 (aa) | 854 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., Tranche L Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.83%, 01/19/2032 (aa) | 318 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Inc., Tranche K Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.05%, 03/22/2030 (aa) | 308 | 309 |
|  |  | 3748 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chariot Buyer LLC, Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.68%, 11/03/2028 (aa) | 736 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; MI Windows and Doors LLC, Term B-2 Loan, (CME Term SOFR 1 Month + 3.00%), 7.33%, 03/28/2031 (aa) | 437 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.58%, 02/10/2032 (aa) | 2131 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watlow Electric Manufacturing Co., Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.28%, 03/02/2028 (aa) | 285 | 285 |
|  |  | 3587 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Group Holding LLC, Incremental Term B-2 Facility, (CME Term SOFR 3 Month + 2.50%), 6.78%, 07/01/2031 (aa) | 622 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Filtration Group Corp., 2025 Incremental Dollar Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.33%, 10/21/2028 (aa) | 3105 | 3116 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 294 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Loan Assignments — continued |  |  |
| Environmental Control — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, 2025 Incremental Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.51%, 05/06/2032 (aa) | 395 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.76%, 06/21/2028 (u) (aa) | 522 | 522 |
|  |  | 4034 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Systems LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 2.50%), 6.83%, 08/19/2031 (aa) | 325 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/MachineTools — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Safety & Flow LLC, 2025 Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 7.08%, 09/26/2031 (aa) | 213 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery—Construction & Mining — 0.0%** (g)  | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery—Construction & Mining — 0.0%** (g)  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC US Holdings Ltd., Initial Term Loan, (CME Term SOFR 1 Month + 2.25%), 6.57%, 01/27/2031 (u) (aa) | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CPM Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.82%, 09/28/2028 (u) (aa) | 450 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., Incremental Amendment No. 2 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.50%), 11.06%, 05/21/2029 (aa) | 589 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., Incremental Amendment No. 3 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 10.56%, 05/21/2029 (aa) | 1012 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., Incremental Amendment No. 5 Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 8.06%, 05/19/2028 (aa) | 1177 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 6 Month + 4.50%), 8.67%, 02/15/2029 (aa) | 866 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; INNIO Group Holding GmbH, 2025 Amended Facility B (USD) Loan, (Austria), (CME Term SOFR 3 Month + 2.50%), 6.76%, 11/02/2028 (aa) | 169 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc., Amendment No.5 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 7.08%, 08/31/2028 (aa) | 946 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, Facility B (USD), (Germany), (CME Term SOFR 3 Month + 3.00%), 7.24%, 04/30/2030 (u) (aa) | 652 | 654 |
|  |  | 5863 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufactur — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp., Initial Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.43%, 01/02/2032 (aa) | 374 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTI Holdings, Inc., 2024 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.58%, 07/29/2029 (u) (aa) | 2775 | 2772 |
|  |  | 3147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Next Generation, Inc., 2024 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 7.06%, 11/29/2030 (aa) | 3132 | 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAmpac PG Borrower LLC, 2024-1 Refinancing Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.26%, 09/15/2028 (aa) | 363 | 364 |
|  |  | 3506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 25046 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaseya, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.58%, 03/20/2032 (aa) | 653 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaseya, Inc., Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.00%), 9.33%, 03/20/2033 (u) (aa) | 1616 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 03/01/2029 (aa) | 2124 | 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp; X Corp., Tranche B-1 Loan (First Lien), (CME Term SOFR 1 Month + 6.50%), 10.93%, 10/26/2029 (aa) | 1324 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp; X Corp., Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 | 1210 | 1176 |
|  |  | 6801 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altar BidCo, Inc., Initial Term Loan (First Lien), (CME Term SOFR 12 Month + 3.10%), 7.25%, 02/01/2029 (aa) | 319 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icon Parent I, Inc., Initial Term Loan (First Lien), (CME Term SOFR 6 Month + 3.00%), 7.21%, 11/13/2031 (aa) | 1187 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icon Parent I, Inc., Initial Term Loan (Second Lien), (CME Term SOFR 6 Month + 5.00%), 9.21%, 11/12/2032 (aa) | 960 | 967 |
|  |  | 2473 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Systems, Inc., Initial Term Loan (2024) (Second Lien), (CME Term SOFR 3 Month + 4.50%), 8.80%, 02/23/2032 (aa) | 2558 | 2618 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 295

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Loan Assignments — continued** | | |
| **Software — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Systems, Inc., Tranche B-1 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.50%), 6.80%, 02/24/2031 (aa) | 3176 | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning LLC, Amendment No. 5 Incremental Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.33%, 12/11/2028 (aa) | 876 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning LLC, Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.75%), 10.18%, 12/10/2029 (aa) | 396 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.08%, 02/15/2029 (aa) | 1454 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., 2031 Replacement Dollar Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.33%, 07/30/2031 (aa) | 209 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.75%), 10.08%, 07/30/2032 (u) (aa) | 330 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.55%, 07/06/2029 (u) (aa) | 324 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., Seventh Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.80%, 03/29/2029 (aa) | 1867 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., Sixth Amendment Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.05%, 03/21/2031 (aa) | 815 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectWise LLC, Initial Term Loan, (CME Term SOFR 3 Month + 3.50%), 8.06%, 09/29/2028 (aa) | 317 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dye & Durham Corp., Term Loan B, (Canada), (CME Term SOFR 3 Month + 4.25%), 8.65%, 04/11/2031 (aa) | 1063 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; ECi Macola/MAX Holding LLC, 2024 Repricing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.55%, 05/09/2030 (aa) | 317 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.33%, 10/09/2029 (aa) | 2773 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 9.08%, 11/22/2032 (aa) | 1131 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epicor Software Corp., Term F Loan, (CME Term SOFR 1 Month + 2.75%), 7.08%, 05/30/2031 (aa) | 3994 | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Financial Holdings LLC, 2025 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.58%, 09/27/2030 (aa) | 665 | 630 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Software — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Javelin Buyer, Inc., Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.33%, 12/05/2031 (aa) |  | 584 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Javelin Buyer, Inc., Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.25%), 9.58%, 12/06/2032 (aa) |  | 640 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp., Term B-1 Loan, (CME Term SOFR 1 Month + 2.75%), 7.19%, 03/13/2028 (u) (aa) |  | 129 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris Newco LLC, Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.29%, 06/02/2028 (aa) |  | 781 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris Newco LLC, Euro Term Loan (First Lien), (EURIBOR 1 Month + 3.75%), 5.68%, 06/02/2028 (aa) | EUR | 685 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., Initial Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 9.30%, 05/09/2033 (u) (aa) |  | 1765 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., Second Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.55%, 10/26/2030 (u) (aa) |  | 673 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Boost Purchaser LLC, Initial Loan (Second Lien), (CME Term SOFR 3 Month + 5.25%), 9.55%, 07/16/2032 (aa) |  | 320 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Boost Purchaser LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.30%, 07/16/2031 (aa) |  | 533 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.05%, 04/24/2028 (u) (aa) |  | 314 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.56%, 04/24/2028 (aa) |  | 89 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renaissance Holding Corp., 2024-2 Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.28%, 04/05/2030 (aa) |  | 457 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.31%, 02/10/2031 (aa) |  | 3642 | 3654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waystar Technologies, Inc., New Term Loan Facility (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.58%, 10/22/2029 (aa) |  | 551 | 552 |
|  |  |  | 33460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  | 42734 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 296 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| Loan Assignments — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 2.00%), 6.33%, 09/30/2031 (aa) | 1580 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Power Generation LLC, Tranche B-4 Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.58%, 04/14/2029 (aa) | 197 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Renewables LLC, Loan, (CME Term SOFR 3 Month + 2.25%), 6.58%, 12/15/2027 (aa) | 1198 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Generation LLC, Term Loan B, 10/28/2031 (u) | 1385 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewater Generation LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.33%, 08/01/2030 (aa) | 865 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Projects Acquiror LLC, Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.33%, 05/30/2031 (aa) | 524 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; MRP Buyer LLC, Closing Date Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.57%, 06/04/2032 (aa) | 373 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pike Corp., 2028 Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.44%, 01/21/2028 (aa) | 524 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, 2024-1 Incremental Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.81%, 12/13/2031 (aa) | 955 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Initial Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.81%, 05/17/2030 (aa) | 1141 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 8752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments<br>(Cost $190,030) |  | 189685 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Purchased Option Contracts** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Call Option Contracts — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 Years, Maturity Date 08/06/2025, Strike Price 97.64 | 2600 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 Years, Maturity Date 08/06/2025, Strike Price 97.73 | 13100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Put Option Contracts** — **0.00%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 Years, Maturity Date 07/07/2025, Strike Price 95.36 | 6000 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 Years, Maturity Date 07/07/2025, Strike Price 70.00 | 30000 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Option Contracts<br>(Cost $64) |  | 115 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Short-Term Investments — 30.0%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/01/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 (c) |  | 508 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%, 07/02/2025 | HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46%, 07/01/2025 | SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 07/01/2025 (c) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 07/01/2025 (c) | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 (c) |  | 21936 | 21936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 1.55%, 07/02/2025 (c) | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, 0.80%, 07/01/2025 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;1360 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%, 07/01/2025 | JPY | 17963 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.68%, 07/01/2025 |  | 3723 | 3723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 28132 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations** — **27.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/23/2025 (c) (n) |  | 18500 | 18255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 09/25/2025 (c) (n) |  | 24500 | 24254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/09/2025 (c) (n) |  | 21500 | 21251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 10/16/2025 (n) |  | 17000 | 16788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/28/2025 (c) (n) |  | 3500 | 3476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 08/14/2025 (c) (n) |  | 134000 | 133294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/05/2025 (n) |  | 30000 | 29876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 08/21/2025 (n) (gg) |  | 86 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/11/2025 (n) (gg) |  | 370 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 08/12/2025 (n) |  | 16000 | 15920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  |  | 263566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $291,756) |  |  | 291698 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments, Before Short Positions — 127.4%<br>(Cost—$1,234,341)** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments, Before Short Positions — 127.4%<br>(Cost—$1,234,341)** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments, Before Short Positions — 127.4%<br>(Cost—$1,234,341)** | 1238454 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities in Excess of Other Assets — (27.4)%** |  |  | (266490) |
|  **NET ASSETS — 100.0%** |  |  | $971964 |
|  **Short Positions** — **5.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mortgage-Backed Securities — 5.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 07/01/2055 (w) |  | 4500 | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 05/25/2044 (w) |  | 7700 | 6658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 07/01/2055 (w) |  | 20800 | 20383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 7.00%, 07/01/2055 (w) |  | 13635 | 14348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, TBA, 2.50%, 07/01/2055 (w) |  | 7000 | 5954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $50,305) |  |  | 50904 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Securities Sold Short — 5.2% (Proceeds $50,305)** |  |  | 50904 |

---

Percentages indicated are based on net assets.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 297

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** | **Futures contracts outstanding as of June 30, 2025:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **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 | 50 | 09/2026 | EUR | 14453 | 1 |
|  3MO Euro EURIBOR | 336 | 06/2027 | EUR | 96968 | (44) |
|  3MO Euro EURIBOR | 304 | 12/2027 | EUR | 87599 | (40) |
|  ASX SPI 200 Index | 65 | 09/2025 | AUD | 9124 | 6 |
|  Australia 3-Year Bond | 88 | 09/2025 | AUD | 6226 | 14 |
|  Australia 10-Year Bond | 86 | 09/2025 | AUD | 6468 | 20 |
|  Australian Dollar | 132 | 09/2025 | USD | 8610 | 88 |
|  Brent Crude Oil | 34 | 07/2025 | USD | 2544 | (275)(c) |
|  British Pound | 235 | 09/2025 | USD | 19873 | 285 |
|  CAC40 10 Euro | 17 | 07/2025 | EUR | 1535 | 1 |
|  Canadian Dollar | 166 | 09/2025 | USD | 12209 | 22 |
|  Canadian Government 10 Year Bond | 20 | 09/2025 | CAD | 1788 | 4 |
|  Canola | 66 | 11/2025 | CAD | 677 | 11 (c) |
|  Cocoa | 6 | 09/2025 | USD | 556 | (16)(c) |
|  Copper | 69 | 09/2025 | USD | 8492 | 275 (c) |
|  Crude Oil | 37 | 07/2025 | USD | 2634 | (225)(c) |
|  Crude Oil | 23 | 08/2025 | USD | 1654 | (186)(c) |
|  Dax Index | 6 | 09/2025 | EUR | 4164 | 85 |
|  E-mini Russell 2000 Index | 33 | 09/2025 | USD | 3585 | 32 |
|  Euro BOBL | 37 | 09/2025 | EUR | 5151 | (22) |
|  Euro BTP Italian Government Bonds | 165 | 09/2025 | EUR | 23505 | 13 |
|  Euro Bund | 33 | 09/2025 | EUR | 5098 | (39) |
|  Euro Fx | 222 | 09/2025 | USD | 32147 | 697 |
|  Euro STOXX 50 Index | 51 | 09/2025 | EUR | 3190 | 10 |
|  Euro-Oat French Government Bonds | 44 | 09/2025 | EUR | 6469 | (50) |
|  FTSE 100 Index | 67 | 09/2025 | GBP | 8147 | (64) |
|  FTSE MIB Index | 14 | 09/2025 | EUR | 3256 | 31 |
|  Gas Oil | 36 | 07/2025 | USD | 2611 | (173)(c) |
|  Gasoline RBOB | 31 | 07/2025 | USD | 2960 | (262)(c) |
|  Gold 100 oz | 38 | 08/2025 | USD | 12572 | (3)(c) |
|  Hang Seng China Enterprise Index | 67 | 07/2025 | HKD | 3702 | (3) |
|  Hang Seng Index | 32 | 07/2025 | HKD | 4887 | 22 |
|  ICE 3 Month SONIA | 276 | 12/2026 | GBP | 91428 | 83 |
|  ICE 3 Month SONIA | 256 | 09/2027 | GBP | 84740 | 79 |
|  IFSC NIFTY 50 Index | 104 | 07/2025 | USD | 5254 | 71 |
|  Lean Hogs | 51 | 08/2025 | USD | 2121 | 72 (c) |
|  Lean Hogs | 19 | 10/2025 | USD | 704 | (2)(c) |
|  Long Gilt | 26 | 09/2025 | GBP | 3320 | 1 |
|  Mexican Peso | 1150 | 09/2025 | USD | 29713 | 704 |
|  Mini MSCI EAFE Index | 201 | 09/2025 | USD | 26683 | 268 |
|  MSCI Emerging Markets Index | 369 | 09/2025 | USD | 22366 | 392 |
|  NASDAQ 100 E-mini Index | 43 | 09/2025 | USD | 19022 | 666 |
|  New York Harbor ULSD | 30 | 07/2025 | USD | 2970 | (102)(c) |
|  New Zealand Dollar | 131 | 09/2025 | USD | 7931 | 74 |
|  OMXS 30 Index | 12 | 07/2025 | SEK | 315 | 1 |
|  Palladium | 10 | 09/2025 | USD | 1039 | 68 (c) |
|  Platinum | 48 | 10/2025 | USD | 3116 | 107 (c) |
|  Rapeseed Euro | 3 | 10/2025 | EUR | 91 | (5)(c) |
|  S&P 500 E-mini Index | 32 | 09/2025 | USD | 9767 | 239 |
|  S&P Mid 400 E-mini Index | 11 | 09/2025 | USD | 3404 | 34 |
|  S&P Toronto Stock Exchange 60 Index | 37 | 09/2025 | CAD | 8606 | 88 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 298 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  SGX FTSE China A50 Index | 375 | 07/2025 | USD | 5025 | (4) |
|  SGX FTSE Taiwan Index | 44 | 07/2025 | USD | 3159 | 51 |
|  SGX MSCI Singapore Index | 148 | 07/2025 | SGD | 4697 | 89 |
|  SGX Nikkei | 29 | 09/2025 | JPY | 3932 | 141 |
|  Short Euro-BTP | 139 | 09/2025 | EUR | 17708 | (34) |
|  Silver | 68 | 09/2025 | USD | 12296 | 2 (c) |
|  SOFR 3 Month | 31 | 03/2026 | USD | 7499 | (34) |
|  SOFR 3 Month | 75 | 09/2026 | USD | 18142 | 12 |
|  SOFR 3 Month | 135 | 12/2026 | USD | 32672 | 43 |
|  SOFR 3 Month | 503 | 03/2027 | USD | 121623 | 317 |
|  SOFR 3 Month | 196 | 09/2027 | USD | 47371 | 113 |
|  SOFR 3 Month | 308 | 06/2028 | USD | 74427 | 55 |
|  Soybean Oil | 112 | 12/2025 | USD | 3444 | 101 (c) |
|  Swiss Franc | 65 | 09/2025 | USD | 10062 | 278 |
|  TOPIX Index | 27 | 09/2025 | JPY | 5232 | 122 |
|  U.S. Treasury 2 Year Note | 174 | 09/2025 | USD | 36040 | 156 |
|  U.S. Treasury 5 Year Note | 11 | 09/2025 | USD | 1198 | 1 |
|  U.S. Treasury 10 Year Note | 131 | 09/2025 | USD | 14489 | 200 |
|  |  |  |  |  | 4662 |
|  **Short Contracts** |  |  |  |  |  |
|  10YR Japan Government Bond | (13) | 09/2025 | JPY | (12526) | (24) |
|  Coff Robusta 10 Tonne | (10) | 09/2025 | USD | (445) | 83 (c) |
|  Coffee | (8) | 09/2025 | USD | (995) | 95 (c) |
|  Corn | (335) | 12/2025 | USD | (7453) | 325 (c) |
|  Cotton | (46) | 12/2025 | USD | (1535) | (32)(c) |
|  Dollar Index | (14) | 09/2025 | USD | (1381) | 30 |
|  Euro Buxl | (3) | 09/2025 | EUR | (421) | 2 |
|  Euro Schatz | (272) | 09/2025 | EUR | (34368) | 5 |
|  Euro STOXX BANK | (179) | 09/2025 | EUR | (2293) | 238 (c) |
|  Euro STOXX BANK | (47) | 12/2025 | EUR | (582) | 10 (c) |
|  Hard Red Winter Wheat | (187) | 09/2025 | USD | (5142) | 217 (c) |
|  Japanese Yen | (179) | 09/2025 | USD | (15469) | (181) |
|  London Cocoa | (1) | 09/2025 | GBP | (80) | (2)(c) |
|  London Cocoa | (3) | 12/2025 | GBP | (226) | (8)(c) |
|  Natural Gas | (201) | 07/2025 | USD | (7332) | 386 (c) |
|  Red Spring Wheat | (10) | 09/2025 | USD | (316) | 5 (c) |
|  SOFR 3 Month | (331) | 06/2026 | USD | (80214) | 277 |
|  Soybean | (13) | 11/2025 | USD | (665) | (3)(c) |
|  Soybean Meal | (242) | 12/2025 | USD | (7460) | 459 (c) |
|  Sugar | (324) | 09/2025 | USD | (6155) | 276 (c) |
|  U.S. Treasury 2 Year Note | (7) | 09/2025 | USD | (1450) | (6) |
|  U.S. Treasury Long Bond | (341) | 09/2025 | USD | (38236) | (1139) |
|  U.S. Treasury Ultra Bond | (27) | 09/2025 | USD | (3113) | (103) |
|  |  |  |  |  | 910 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 5572 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 299

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  AUD | 252 | USD | 164 | Brown Brothers Harriman & Co. | 07/17/2025 | 2 |
|  AUD | 85 | USD | 56 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  CAD | 80 | USD | 58 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 (c) |
|  CAD | 37 | USD | 27 | Brown Brothers Harriman & Co. | 07/17/2025 | — (c)(h) |
|  CAD | 130 | USD | 95 | Brown Brothers Harriman & Co. | 07/17/2025 | 2 |
|  USD | 36 | CAD | 49 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  EUR | 167 | USD | 191 | Brown Brothers Harriman & Co. | 07/17/2025 | 6 |
|  EUR | 27 | USD | 32 | Brown Brothers Harriman & Co. | 07/17/2025 | — (c)(h) |
|  EUR | 764 | USD | 878 | Brown Brothers Harriman & Co. | 07/17/2025 | 23 |
|  EUR | 41 | USD | 48 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 (c) |
|  EUR | 34 | USD | 40 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 (c) |
|  EUR | 39 | USD | 45 | Brown Brothers Harriman & Co. | 07/17/2025 | 2 (c) |
|  EUR | 50 | USD | 58 | Brown Brothers Harriman & Co. | 07/17/2025 | 2 (c) |
|  EUR | 63 | USD | 73 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  EUR | 70 | USD | 81 | Brown Brothers Harriman & Co. | 07/17/2025 | 2 (c) |
|  EUR | 195 | USD | 226 | Brown Brothers Harriman & Co. | 07/17/2025 | 3 |
|  EUR | 325 | USD | 378 | Brown Brothers Harriman & Co. | 07/17/2025 | 6 |
|  EUR | 110 | USD | 129 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 |
|  EUR | 267 | USD | 310 | Brown Brothers Harriman & Co. | 07/17/2025 | 5 |
|  EUR | 80 | USD | 93 | Brown Brothers Harriman & Co. | 07/17/2025 | 2 |
|  EUR | 46 | USD | 53 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 |
|  EUR | 68 | USD | 78 | Brown Brothers Harriman & Co. | 07/17/2025 | 2 |
|  EUR | 40 | USD | 47 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 |
|  EUR | 100 | USD | 115 | Brown Brothers Harriman & Co. | 07/17/2025 | 3 |
|  EUR | 34 | USD | 39 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 (c) |
|  USD | 82 | GBP | 60 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  GBP | 238 | USD | 324 | Brown Brothers Harriman & Co. | 07/17/2025 | 4 |
|  GBP | 71 | USD | 95 | Brown Brothers Harriman & Co. | 07/17/2025 | 2 |
|  GBP | 36 | USD | 49 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  GBP | 31 | USD | 42 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 (c) |
|  GBP | 28 | USD | 37 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 |
|  USD | 57 | HKD | 447 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 80 | HKD | 623 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 184 | HKD | 1441 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 127 | HKD | 994 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 193 | HKD | 1508 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 65 | HKD | 505 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 107 | HKD | 841 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 52 | HKD | 403 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 867 | HKD | 6776 | Brown Brothers Harriman & Co. | 07/17/2025 | 2 |
|  JPY | 5133 | USD | 36 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  JPY | 22587 | USD | 157 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  JPY | 7984 | USD | 55 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  JPY | 7291 | USD | 50 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  JPY | 11274 | USD | 78 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 |
|  JPY | 9749 | USD | 68 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 121 | JPY | 17433 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  JPY | 18775 | USD | 130 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 63 | JPY | 9023 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 107 | JPY | 15300 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  SGD | 72 | USD | 56 | Brown Brothers Harriman & Co. | 07/17/2025 | 1 |
|  SGD | 47 | USD | 37 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  SGD | 93 | USD | 73 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 79 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 300 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  USD | 2002 | EUR | 1761 | Bank of America, NA | 07/02/2025 | (72) |
|  USD | 254 | AUD | 389 | Brown Brothers Harriman & Co. | 07/17/2025 | (2) |
|  USD | 62 | AUD | 95 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 35 | AUD | 53 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 89 | AUD | 137 | Brown Brothers Harriman & Co. | 07/17/2025 | (2) |
|  USD | 46 | AUD | 72 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 56 | AUD | 87 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 48 | AUD | 73 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 81 | CAD | 111 | Brown Brothers Harriman & Co. | 07/17/2025 | — (c)(h) |
|  CAD | 53 | USD | 39 | Brown Brothers Harriman & Co. | 07/17/2025 | — (c)(h) |
|  CAD | 52 | USD | 38 | Brown Brothers Harriman & Co. | 07/17/2025 | — (c)(h) |
|  CAD | 62 | USD | 46 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  CAD | 59 | USD | 44 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 191 | CAD | 261 | Brown Brothers Harriman & Co. | 07/17/2025 | — (c)(h) |
|  USD | 44 | CAD | 60 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 30 | CAD | 41 | Brown Brothers Harriman & Co. | 07/17/2025 | — (c)(h) |
|  USD | 61 | CAD | 84 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) (c) |
|  USD | 206 | EUR | 177 | Brown Brothers Harriman & Co. | 07/17/2025 | (3) |
|  USD | 163 | EUR | 141 | Brown Brothers Harriman & Co. | 07/17/2025 | (4) |
|  USD | 55 | EUR | 48 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 241 | EUR | 209 | Brown Brothers Harriman & Co. | 07/17/2025 | (6) |
|  USD | 34 | EUR | 29 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 55 | EUR | 47 | Brown Brothers Harriman & Co. | 07/17/2025 | — (c)(h) |
|  USD | 30 | EUR | 26 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) (c) |
|  USD | 55 | EUR | 47 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 466 | EUR | 408 | Brown Brothers Harriman & Co. | 07/17/2025 | (15) (c) |
|  USD | 17 | EUR | 15 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) (c) |
|  USD | 96 | EUR | 84 | Brown Brothers Harriman & Co. | 07/17/2025 | (3) (c) |
|  USD | 155 | EUR | 133 | Brown Brothers Harriman & Co. | 07/17/2025 | (3) |
|  USD | 3299 | EUR | 2886 | Brown Brothers Harriman & Co. | 07/17/2025 | (104) |
|  USD | 271 | EUR | 236 | Brown Brothers Harriman & Co. | 07/17/2025 | (8) |
|  USD | 36 | EUR | 32 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 217 | EUR | 189 | Brown Brothers Harriman & Co. | 07/17/2025 | (7) |
|  USD | 41 | GBP | 30 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 33 | GBP | 24 | Brown Brothers Harriman & Co. | 07/17/2025 | — (c)(h) |
|  USD | 317 | GBP | 235 | Brown Brothers Harriman & Co. | 07/17/2025 | (6) |
|  USD | 149 | GBP | 110 | Brown Brothers Harriman & Co. | 07/17/2025 | (2) |
|  USD | 52 | GBP | 38 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 41 | GBP | 30 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 1505 | GBP | 1115 | Brown Brothers Harriman & Co. | 07/17/2025 | (26) |
|  USD | 251 | GBP | 186 | Brown Brothers Harriman & Co. | 07/17/2025 | (5) (c) |
|  USD | 83 | GBP | 62 | Brown Brothers Harriman & Co. | 07/17/2025 | (2) |
|  USD | 27 | GBP | 20 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 131 | GBP | 97 | Brown Brothers Harriman & Co. | 07/17/2025 | (2) |
|  GBP | 68 | USD | 94 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  HKD | 484 | USD | 62 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  HKD | 1331 | USD | 170 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  HKD | 900 | USD | 115 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  HKD | 693 | USD | 89 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  HKD | 352 | USD | 45 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  HKD | 861 | USD | 110 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  HKD | 2014 | USD | 257 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 885 | JPY | 127612 | Brown Brothers Harriman & Co. | 07/17/2025 | (3) |
|  USD | 119 | JPY | 17455 | Brown Brothers Harriman & Co. | 07/17/2025 | (3) |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 301

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** | **Forward foreign currency exchange contracts outstanding as of June 30, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 73 | JPY | 10556 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 59 | JPY | 8516 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 76 | SEK | 732 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 69 | SGD | 89 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 51 | SGD | 65 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 94 | SGD | 121 | Brown Brothers Harriman & Co. | 07/17/2025 | (1) |
|  USD | 61 | SGD | 78 | Brown Brothers Harriman & Co. | 07/17/2025 | — (h) |
|  USD | 2068 | EUR | 1761 | Barclays Bank plc | 08/04/2025 | (11) |
|  USD | 119 | EUR | 105 | Barclays Bank plc | 08/22/2025 | (5) |
|  USD | 310 | EUR | 271 | Barclays Bank plc | 08/22/2025 | (10) |
|  USD | 749 | EUR | 666 | Barclays Bank plc | 08/22/2025 | (38) |
|  USD | 73 | EUR | 64 | Morgan Stanley & Co. | 08/22/2025 | (3) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (361) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (282) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of June 30, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/ RECEIVE<br>FLOATING 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 | Pay | 12/18/2034 | USD | 3300 | (7) | 18 | 11 |
|  United States SOFR | 3.25% annually | Pay | 03/19/2035 | USD | 4200 | 275 | (115) | 160 |
|  United States SOFR | 3.25% annually | Receive | 06/18/2035 | USD | 4200 | 123 | 33 | 156 |
|  Total | Total | Total | Total | Total | Total | 391 | (64) | 327 |

---

(a) Value of floating rate index as of June 30, 2025 was as follows:

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  United States SOFR | 4.45% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Total Return Swap contracts outstanding as of June 30, 2025: | OTC Total Return Swap contracts outstanding as of June 30, 2025: | OTC Total Return Swap contracts outstanding as of June 30, 2025: | OTC Total Return Swap contracts outstanding as of June 30, 2025: | OTC Total Return Swap contracts outstanding as of June 30, 2025: | OTC Total Return Swap contracts outstanding as of June 30, 2025: | OTC Total Return Swap contracts outstanding as of June 30, 2025: | OTC Total Return Swap contracts outstanding as of June 30, 2025: | OTC Total Return Swap contracts outstanding as of June 30, 2025: | OTC Total Return Swap contracts outstanding as of June 30, 2025: |
| REFERENCE INDEX | FLOATING RATE<br>PAID BY THE FUND | PAYMENT<br>FREQUENCY | COUNTERPARTY | MATURITY DATE | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | UPFRONT<br>PAYMENTS<br>(RECEIPTS)($) | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United States SOFR | quarterly | Morgan Stanley & Co. | 03/20/2026 | USD | 1040 | (—)(h) | 6 | 6 |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United States SOFR | quarterly | Morgan Stanley & Co. | 09/20/2025 | USD | 1350 | (—)(h) | 29 | 29 |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United States SOFR | quarterly | Morgan Stanley & Co. | 12/20/2025 | USD | 1040 | (—)(h) | 6 | 6 |
|  Total | Total | Total | Total | Total | Total | Total | (—)(h) | 41 | 41 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 302 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: | Written Call Option Contracts on Securities as of June 30, 2025: |  |  |
| 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, 4.50%, 09/15/2055 | BofA Securities, Inc. | (2000) | USD | (813) | USD | 96.72 | 09/08/2025 | $(8) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.00%, 08/13/2055 | BofA Securities, Inc. | (12000) | USD | (14478) | USD | 96.98 | 08/06/2025 | (149) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.00%, 08/13/2055 | Citigroup Global Markets, Inc. | (12000) | USD | (11180) | USD | 97.38 | 08/06/2025 | (115) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 08/13/2055 | BofA Securities, Inc. | (2500) | USD | (1021) | USD | 101.42 | 08/06/2025 | (10) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 08/13/2055 | BofA Securities, Inc. | (2500) | USD | (684) | USD | 101.66 | 08/06/2025 | (7) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 08/13/2055 | Citigroup Global Markets, Inc. | (2500) | USD | (501) | USD | 101.83 | 08/06/2025 | (5) |
|  |  |  |  |  |  |  |  | (294) |
|  Total Written Options Contracts (Premiums Received $159) | Total Written Options Contracts (Premiums Received $159) | Total Written Options Contracts (Premiums Received $159) | Total Written Options Contracts (Premiums Received $159) | Total Written Options Contracts (Premiums Received $159) | Total Written Options Contracts (Premiums Received $159) | Total Written Options Contracts (Premiums Received $159) | Total Written Options Contracts (Premiums Received $159) | (294) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of June 30, 2025: |
| 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 | $98 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 622 | 4.25 | 02/20/2035 | 97 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1100 | 415 | 4.27 | 05/01/2035 | 64 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 64 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | 6200 | 61 | 2.50 | 05/29/2026 | 28 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 16900 | 270 | 3.37 | 09/04/2025 | 106 |
|  |  |  |  |  |  | 457 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: |
| 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 | 30000 | 581 | 5.00 | 07/22/2025 | — (h) |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 3000 | 69 | 5.50 | 01/30/2026 | 2 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 633 | 4.26 | 02/13/2035 | 111 |
|  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 | 1100 | 415 | 4.27 | 05/01/2035 | 71 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 60 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 58 | 5.00 | 03/20/2026 | 5 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | 2400 | 47 | 5.00 | 03/30/2026 | 4 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | 2900 | 54 | 5.00 | 03/31/2026 | 5 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | 3900 | 64 | 5.00 | 04/03/2026 | 6 |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | 5100 | 77 | 5.00 | 04/06/2026 | 8 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 29700 | 220 | 5.00 | 10/08/2025 | 2 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | 19000 | 120 | 5.00 | 07/11/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 84300 | 164 | 5.00 | 08/29/2025 | 1 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | 52000 | 150 | 5.00 | 09/30/2025 | 3 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | 37500 | 38 | 5.00 | 09/18/2025 | 1 |
|  |  |  |  |  |  | 390 |
|  Total Purchased Interest Rate Swaptions contracts (Premiums Paid $1,396) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $1,396) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $1,396) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $1,396) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $1,396) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $1,396) | 847 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 303

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025:** | **Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025:** | **Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025:** | **Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025:** | **Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025:** | **Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025:** | **Written Call Interest Rate Swaptions contracts outstanding as of June 30, 2025:** |
| **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 | (3700) | (121) | 3.67 | 08/29/2025 | $(44) |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | (3000) | (38) | 2.98 | 07/03/2025 | (—)(h) |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | (3000) | (42) | 2.75 | 07/07/2025 | (—)(h) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (3300) | (147) | 3.33 | 10/08/2025 | (26) |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | (3000) | (85) | 3.55 | 07/11/2025 | (15) |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | (3800) | (104) | 3.45 | 09/30/2025 | (38) |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank NA | (2000) | (25) | 3.30 | 09/18/2025 | (12) |
|  |  |  |  |  |  | (135) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of June 30, 2025: |
| DESCRIPTION | COUNTERPARTY | NUMBER OF<br>CONTRACTS | NOTIONAL<br>AMOUNT | EXERCISE<br>PRICE | EXPIRATION<br>DATE | VALUE |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (6200) | (72) | 3.94 | 07/07/2025 | (—)(h) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (13000) | (318) | 3.97 | 09/04/2025 | (23) |
|  |  |  |  |  |  | (23) |
|  Total Written Interest Rate Swaptions contracts (Premiums Received $265) | Total Written Interest Rate Swaptions contracts (Premiums Received $265) | Total Written Interest Rate Swaptions contracts (Premiums Received $265) | Total Written Interest Rate Swaptions contracts (Premiums Received $265) | Total Written Interest Rate Swaptions contracts (Premiums Received $265) | Total Written Interest Rate Swaptions contracts (Premiums Received $265) | (158) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 304 SIX CIRCLES TRUST JUNE 30, 2025

------

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| 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 |
| 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 June 30, 2025. 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. |
| 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. |
| REMICS | — Real Estate Mortgage Investment Conduit |
| SOFR | — Secured Overnight Financing Rate |
| SUB | — Step-Up Bond. The interest rate shown is the rate in effect as of June 30, 2025. |
| 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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (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 June 30, 2025. |
| (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 June 30, 2025. 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 June 30, 2025. |
| (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 June 30, 2025. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2025 |
| (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. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| JPY | — Japanese Yen |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — United States Dollar |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 305

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2025 (Unaudited)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles Ultra<br>Short Duration<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $716848 |
|  Foreign currency, at value | 6 |
|  Deposits at broker for futures contracts | 2033 |
|  Deposits at broker for centrally cleared swaps | 2012 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | 4379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 5402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2 |
|  Total Assets | 731574 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | 8742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $33) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 718 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 107 |
|  Total Liabilities | 11650 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $719924 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $723690 |
|  Total distributable earnings (loss) | (3766) |
|  Total Net Assets | $719924 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 72047 |
|  Net Asset Value, offering and redemption price per share (a): | $9.99 |
|  Cost of investments in non-affiliates | $712990 |
|  Cost of foreign currency | 6 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 306 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | Six Circles Tax<br>Aware Ultra<br>Short Duration<br>Fund |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $953246 |
|  Foreign currency, at value | 1 |
|  Deposits at broker for futures contracts | 1670 |
|  Deposits at broker for centrally cleared swaps | 2591 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 6785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3 |
|  Total Assets | 970416 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 4608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | 9895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $30) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 408 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 72 |
|  Total Liabilities | 15686 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $954730 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $961157 |
|  Total distributable earnings (loss) | (6427) |
|  Total Net Assets | $954730 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 96344 |
|  Net Asset Value, offering and redemption price per share (a): | $9.91 |
|  Cost of investments in non-affiliates | $952145 |
|  Cost of foreign currency | 1 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 307

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles U.S.<br>Unconstrained<br>Equity Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $28033765 |
|  Deposits at broker for futures contracts | 5383 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 14383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 15114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 52 |
|  Total Assets | 28069133 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 13551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 8087 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 419 |
|  Total Liabilities | 23207 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $28045926 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $17365762 |
|  Total distributable earnings (loss) | 10680164 |
|  Total Net Assets | $28045926 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1507602 |
|  Net Asset Value, offering and redemption price per share (a): | $18.60 |
|  Cost of investments in non-affiliates | $19183884 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 308 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | Six Circles<br>International<br>Unconstrained<br>Equity Fund |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $17046956 |
|  Foreign currency, at value | 120 |
|  Deposits at broker for futures contracts | 6187 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 64389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 7973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 13379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 109128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | — (a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 129 |
|  Total Assets | 17248302 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 63992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 9293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 200 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 231 |
|  Total Liabilities | 75655 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $17172647 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $13138346 |
|  Total distributable earnings (loss) | 4034301 |
|  Total Net Assets | $17172647 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1314427 |
|  Net Asset Value, offering and redemption price per share (b): | $13.06 |
|  Cost of investments in non-affiliates | $12325988 |
|  Cost of foreign currency | 120 |

---

\* See Note 3.

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 309

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Global Bond<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $15395812 |
|  Repurchase agreements, at value | 20600 |
|  Options contracts purchased, at value | — (a) |
|  Swaptions contracts purchased, at value | 2240 |
|  Foreign currency, at value | 5705 |
|  Deposits at broker for futures contracts | 2450 |
|  Deposits at broker for centrally cleared swaps | 5088 |
|  Deposits at broker for OTC contracts | 1300 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 238526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | 1013573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 15090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 116548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $594) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 49722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $—) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 106 |
|  Total Assets | 16867350 |
|  **LIABILITIES:** |  |
|  Payable for reverse repurchase agreements | 139957 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short, at value | 237979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for OTC contracts | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for delayed delivery securities | 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for repurchase agreements | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 144985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | 1515836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 4189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding options written, at value | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding swaptions written, at value | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 259938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $—) | 47 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 265 |
|  Total Liabilities | 2312273 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $14555077 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $15082486 |
|  Total distributable earnings (loss) | (527409) |
|  Total Net Assets | $14555077 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1703176 |
|  Net Asset Value, offering and redemption price per share (b): | $8.55 |
|  Cost of investments in non-affiliates | $15088496 |
|  Cost of repurchase agreements | 20600 |
|  Cost of options purchased | 24 |
|  Cost of swaptions purchased | 3375 |
|  Cost of foreign currency | 5705 |
|  Proceeds from securities sold short | (234776) |
|  Premiums received from options written | (80) |
|  Premiums received from swaptions written | (312) |

---

\* See Note 3.

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 310 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | **Six Circles**<br> **Tax Aware**<br> **Bond Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $12907538 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 4502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 11549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 147798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 97 |
|  Total Assets | 13071484 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 243650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 3860 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 171 |
|  Total Liabilities | 249070 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $12822414 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $13387612 |
|  Total distributable earnings (loss) | (565198) |
|  Total Net Assets | $12822414 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1339193 |
|  Net Asset Value, offering and redemption price per share (a): | $9.57 |
|  Cost of investments in non-affiliates | $13294950 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 311

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles**<br> **Credit**<br> **Opportunities**<br> **Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $8569613 |
|  Cash | — (a) |
|  Foreign currency, at value | 13 |
|  Deposits at broker for futures contracts | 2031 |
|  Deposits at broker for centrally cleared swaps | 13488 |
|  Deposits at broker for OTC contracts | 199650 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 68385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 5929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 136173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $3,334) | 3670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 38872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $199) | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on unfunded commitments | 1 |
|  Total Assets | 9041950 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for centrally cleared swaps | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for OTC contracts | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 185573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 188746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront receipts of $398) | 370 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 537 |
|  Total Liabilities | 379746 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $8662204 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $8800184 |
|  Total distributable earnings (loss) | (137980) |
|  Total Net Assets | $8662204 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 966039 |
|  Net Asset Value, offering and redemption price per share (b): | $8.97 |
|  Cost of investments in non-affiliates | $8237026 |
|  Cost of foreign currency | 13 |

---

\* See Note 3.

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 312 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | Six Circles<br>Multi-Strategy<br>Fund |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $1238339 |
|  Options contracts purchased, at value | 115 |
|  Swaptions contracts purchased, at value | 847 |
|  Foreign currency, at value | 1 |
|  Deposits at broker for futures contracts | 298 |
|  Deposits at broker for centrally cleared swaps | 325 |
|  Deferred offering costs | 91 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | 437806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 54164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $391) | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $—) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on unfunded commitments | — (a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 31 |
|  Total Assets | 1739640 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short, at value | 50904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for repurchase agreements | 3081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 23328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | 688617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding options written, at value | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding swaptions written, at value | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 361 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 344 |
|  Total Liabilities | 767676 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $971964 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $954932 |
|  Total distributable earnings (loss) | 17032 |
|  Total Net Assets | $971964 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 96082 |
|  Net Asset Value, offering and redemption price per share (b): | $10.12 |
|  Cost of investments in non-affiliates | $1234277 |
|  Cost of options purchased | 64 |
|  Cost of swaptions purchased | 1396 |
|  Cost of foreign currency | 1 |
|  Proceeds from securities sold short | (50305) |
|  Premiums received from options written | (159) |
|  Premiums received from swaptions written | (265) |

---

\* See Note 3.

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 313

------

#### STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 (Unaudited)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Ultra Short<br>Duration Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $16444 |
|  Other Income | 14 |
|  Total investment income | 16458 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 867 |
|  Administration fees | 31 |
|  Custodian and accounting fees | 83 |
|  Professional fees | 40 |
|  Trustees' fees | 16 |
|  Printing and mailing costs | 41 |
|  Registration and filing fees | 2 |
|  Transfer agency fees | 17 |
|  Interest expense | 1 |
|  Other | 16 |
|  Total expenses | 1114 |
|  Less advisory fees waived | (467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 647 |
|  Net investment income (loss) | 15811 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (4505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (515) |
|  Net realized gain (loss) | (2402) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 5584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (2341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (957) |
|  Change in net unrealized appreciation (depreciation) | 2810 |
|  Net realized/unrealized gains (losses) | 408 |
|  Change in net assets resulting from operations | $16219 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 314 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | **Six Circles**<br> **Tax Aware**<br> **Ultra Short**<br> **Duration Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $15616 |
|  Foreign taxes withheld | 1 |
|  Total investment income | 15617 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 1105 |
|  Administration fees | 34 |
|  Custodian and accounting fees | 62 |
|  Professional fees | 38 |
|  Trustees' fees | 17 |
|  Printing and mailing costs | 12 |
|  Registration and filing fees | 8 |
|  Transfer agency fees | 14 |
|  Interest expense | 2 |
|  Other | 15 |
|  Total expenses | 1307 |
|  Less advisory fees waived | (688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 619 |
|  Net investment income (loss) | 14998 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (654) |
|  Net realized gain (loss) | (1083) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1221) |
|  Change in net unrealized appreciation (depreciation) | 2764 |
|  Net realized/unrealized gains (losses) | 1681 |
|  Change in net assets resulting from operations | $16679 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 315

------

#### STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles U.S.<br>Unconstrained<br>Equity Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $1470 |
|  Dividend income from non-affiliates | 159498 |
|  Foreign taxes withheld | (20) |
|  Total investment income | 160948 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 31749 |
|  Administration fees | 193 |
|  Custodian and accounting fees | 287 |
|  Professional fees | 121 |
|  Trustees' fees | 239 |
|  Printing and mailing costs | 148 |
|  Registration and filing fees | 131 |
|  Transfer agency fees | 21 |
|  Interest expense | 8 |
|  Other | 249 |
|  Total expenses | 33146 |
|  Less advisory fees waived | (26672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6474 |
|  Net investment income (loss) | 154474 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 1423924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6052) |
|  Net realized gain (loss) | 1417872 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 224101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4004 |
|  Change in net unrealized appreciation (depreciation) | 228105 |
|  Net realized/unrealized gains (losses) | 1645977 |
|  Change in net assets resulting from operations | $1800451 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 316 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | **Six Circles**<br> **International**<br> **Unconstrained**<br> **Equity Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $2124 |
|  Dividend income from non-affiliates | 410992 |
|  Foreign taxes withheld | (48287) |
|  Other Income | 5 |
|  Total investment income | 364834 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 20744 |
|  Administration fees | 196 |
|  Custodian and accounting fees | 1019 |
|  Professional fees | 105 |
|  Trustees' fees | 148 |
|  Printing and mailing costs | 118 |
|  Registration and filing fees | 115 |
|  Transfer agency fees | 21 |
|  Interest expense | 487 |
|  Other | 230 |
|  Total expenses | 23183 |
|  Less advisory fees waived | (16599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6584 |
|  Net investment income (loss) | 358250 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 265744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 12583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 10886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1045) |
|  Net realized gain (loss) | 288168 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 2732445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 14777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (200) |
|  Change in net unrealized appreciation (depreciation) | 2747990 |
|  Net realized/unrealized gains (losses) | 3036158 |
|  Change in net assets resulting from operations | $3394408 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 317

------

#### STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Global Bond<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $227666 |
|  Foreign taxes withheld | (398) |
|  Other Income | 3 |
|  Total investment income | 227271 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 17275 |
|  Administration fees | 227 |
|  Custodian and accounting fees | 1979 |
|  Professional fees | 94 |
|  Trustees' fees | 126 |
|  Printing and mailing costs | 99 |
|  Registration and filing fees | 200 |
|  Transfer agency fees | 20 |
|  Interest expense | 2662 |
|  Other | 70 |
|  Total expenses | 22752 |
|  Less advisory fees waived | (13324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9428 |
|  Net investment income (loss) | 217843 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 165140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions purchased | (147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 9673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (530255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (363) |
|  Net realized gain (loss) | (356738) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 876591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions purchased | (1137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 7799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (409363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (5032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1498) |
|  Change in net unrealized appreciation (depreciation) | 468067 |
|  Net realized/unrealized gains (losses) | 111329 |
|  Change in net assets resulting from operations | $329172 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 318 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | **Six Circles**<br> **Tax Aware**<br> **Bond Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $216123 |
|  Total investment income | 216123 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 14749 |
|  Administration fees | 187 |
|  Custodian and accounting fees | 497 |
|  Professional fees | 74 |
|  Trustees' fees | 107 |
|  Printing and mailing costs | 51 |
|  Registration and filing fees | 227 |
|  Transfer agency fees | 17 |
|  Interest expense | 1 |
|  Other | 22 |
|  Total expenses | 15932 |
|  Less advisory fees waived | (8576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7356 |
|  Net investment income (loss) | 208767 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (23347) |
|  Net realized gain (loss) | (23347) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (201485) |
|  Change in net unrealized appreciation (depreciation) | (201485) |
|  Net realized/unrealized gains (losses) | (224832) |
|  Change in net assets resulting from operations | $(16065) |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 319

------

#### STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Credit<br>Opportunities<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $298236 |
|  Dividend income from non-affiliates | 843 |
|  Foreign taxes withheld | 351 |
|  Other Income | 36 |
|  Total investment income | 299466 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 31442 |
|  Administration fees | 206 |
|  Custodian and accounting fees | 604 |
|  Professional fees | 110 |
|  Trustees' fees | 102 |
|  Printing and mailing costs | 139 |
|  Registration and filing fees | 195 |
|  Transfer agency fees | 21 |
|  Interest expense | 31 |
|  Other | 29 |
|  Total expenses | 32879 |
|  Less advisory fees waived | (22744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10135 |
|  Net investment income (loss) | 289331 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 9817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 886 |
|  Net realized gain (loss) | 14418 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 312681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (258860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 7629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitments | (1) |
|  Change in net unrealized appreciation (depreciation) | 69492 |
|  Net realized/unrealized gains (losses) | 83910 |
|  Change in net assets resulting from operations | $373241 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 320 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | Six Circles<br>Multi-Strategy<br>Fund |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $25633 |
|  Total investment income | 25633 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 5383 |
|  Administration fees | 36 |
|  Custodian and accounting fees | 262 |
|  Professional fees | 184 |
|  Trustees' fees | 13 |
|  Printing and mailing costs | 6 |
|  Registration and filing fees | 94 |
|  Transfer agency fees | 13 |
|  Offering costs | 208 |
|  Interest expense | 159 |
|  Other | 11 |
|  Total expenses | 6369 |
|  Less advisory fees waived | (3401) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2968 |
|  Net investment income (loss) | 22665 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions purchased | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (12881) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (39) |
|  Net realized gain (loss) | (12033) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions purchased | (549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitments | 1 |
|  Change in net unrealized appreciation (depreciation) | 3317 |
|  Net realized/unrealized gains (losses) | (8716) |
|  Change in net assets resulting from operations | $13949 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 321

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Ultra Short Duration Fund** | **Six Circles Ultra Short Duration Fund** |
|  | **Period Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $15811 | $31547 |
|  Net realized gain (loss) | (2402) | 3401 |
|  Change in net unrealized appreciation (depreciation) | 2810 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 16219 | 36357 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (15740) | (30386) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 36484 | 83280 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 36963 | 89251 |
|  Beginning of period | 682961 | 593710 |
|  End of period | $719924 | $682961 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $73820 | $139018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 15736 | 30378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (53072) | (86116) |
|  **Total change in net assets resulting from capital transactions** | $36484 | $83280 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 7385 | 13972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1576 | 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5310) | (8658) |
|  Change in Shares | 3651 | 8373 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 322 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | Six Circles Tax Aware Ultra Short Duration Fund | Six Circles Tax Aware Ultra Short Duration Fund |
|  | **Period Ended<br>June 30, 2025**<br> (Unaudited) | Year Ended<br>December 31, 2024 |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $14998 | $26470 |
|  Net realized gain (loss) | (1083) | 492 |
|  Change in net unrealized appreciation (depreciation) | 2764 | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 16679 | 26799 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (15016) | (25649) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 157967 | 95764 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 159630 | 96914 |
|  Beginning of period | 795100 | 698186 |
|  End of period | $954730 | $795100 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $228074 | $185462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 14998 | 25632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (85105) | (115330) |
|  **Total change in net assets resulting from capital transactions** | $157967 | $95764 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 23008 | 18750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1515 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8591) | (11669) |
|  Change in Shares | 15932 | 9677 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 323

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles U.S. Unconstrained Equity Fund** | **Six Circles U.S. Unconstrained Equity Fund** |
|  | **Period Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $154474 | $316150 |
|  Net realized gain (loss) | 1417872 | 1706383 |
|  Change in net unrealized appreciation (depreciation) | 228105 | 3344567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 1800451 | 5367100 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders |  | (1618001) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 946143 | (474536) |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 2746594 | 3274563 |
|  Beginning of period | 25299332 | 22024769 |
|  End of period | $28045926 | $25299332 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $2289707 | $3367836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 1614405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1343564) | (5456777) |
|  **Total change in net assets resulting from capital transactions** | $946143 | $(474536) |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 132883 | 198566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 89839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (78490) | (319653) |
|  Change in Shares | 54393 | (31248) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 324 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | Six Circles International<br>Unconstrained Equity Fund | Six Circles International<br>Unconstrained Equity Fund |
|  | **Period Ended<br>June 30, 2025**<br> (Unaudited) | Year Ended<br>December 31, 2024 |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $358250 | $415542 |
|  Net realized gain (loss) | 288168 | (36433) |
|  Change in net unrealized appreciation (depreciation) | 2747990 | (94716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 3394408 | 284393 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders |  | (466722) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | (1174327) | 1370466 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 2220081 | 1188137 |
|  Beginning of period | 14952566 | 13764429 |
|  End of period | $17172647 | $14952566 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1267197 | $2817998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 466044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2441524) | (1913576) |
|  **Total change in net assets resulting from capital transactions** | $(1174327) | $1370466 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 108619 | 248669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 42291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (196750) | (168399) |
|  Change in Shares | (88131) | 122561 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 325

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Global Bond Fund** | **Six Circles Global Bond Fund** |
|  | **Period Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $217843 | $405210 |
|  Net realized gain (loss) | (356738) | 305222 |
|  Change in net unrealized appreciation (depreciation) | 468067 | (194682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 329172 | 515750 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (217626) | (488731) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 818323 | 3405099 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 929869 | 3432118 |
|  Beginning of period | 13625208 | 10193090 |
|  End of period | $14555077 | $13625208 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1659799 | $4567418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 217553 | 488647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1059029) | (1650966) |
|  **Total change in net assets resulting from capital transactions** | $818323 | $3405099 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 195478 | 541374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 25580 | 57827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (124768) | (194952) |
|  Change in Shares | 96290 | 404249 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 326 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | Six Circles Tax Aware Bond Fund | Six Circles Tax Aware Bond Fund |
|  | **Period Ended<br>June 30, 2025**<br> (Unaudited) | Year Ended<br>December 31, 2024 |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $208767 | $332953 |
|  Net realized gain (loss) | (23347) | (7590) |
|  Change in net unrealized appreciation (depreciation) | (201485) | (85200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (16065) | 240163 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (208952) | (333936) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 1465159 | 3610415 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 1240142 | 3516642 |
|  Beginning of period | 11582272 | 8065630 |
|  End of period | $12822414 | $11582272 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $2110550 | $4579503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 208761 | 333762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (854152) | (1302850) |
|  **Total change in net assets resulting from capital transactions** | $1465159 | $3610415 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 219107 | 466687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 21651 | 34105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (88531) | (132825) |
|  Change in Shares | 152227 | 367967 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 327

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** |
|  | **Period Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $289331 | $557689 |
|  Net realized gain (loss) | 14418 | (9498) |
|  Change in net unrealized appreciation (depreciation) | 69492 | 146179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 373241 | 694370 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (293650) | (578645) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 198279 | 4896923 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 277870 | 5012648 |
|  Beginning of period | 8384334 | 3371686 |
|  End of period | $8662204 | $8384334 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $649060 | $7155625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 293420 | 578451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (744201) | (2837153) |
|  **Total change in net assets resulting from capital transactions** | $198279 | $4896923 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 73019 | 810838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 32996 | 65263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (83850) | (317010) |
|  Change in Shares | 22165 | 559091 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 328 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | Six Circles Multi-Strategy Fund\* | Six Circles Multi-Strategy Fund\* |
|  | Period Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $22665 | $7112 |
|  Net realized gain (loss) | (12033) | (7012) |
|  Change in net unrealized appreciation (depreciation) | 3317 | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 13949 | 5106 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders |  | (7220) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 149133 | 810996 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 163082 | 808882 |
|  Beginning of period | 808882 |  |
|  End of period | $971964 | $808882 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $194571 | $906933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 7220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (45438) | (103157) |
|  **Total change in net assets resulting from capital transactions** | $149133 | $810996 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 19936 | 90249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4566) | (10258) |
|  Change in Shares | 15370 | 80712 |

---

\* Six Circles Multi-Strategy Fund was launched on September 18, 2024.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 329

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Return of<br> capital | Total<br> distributions |
|  **Six Circles Ultra Short Duration Fund** |  |  |  |  |  |  |  |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $9.99 | $0.23 | $0.01 | $0.22 | $(0.22) | $— | $— | $(0.22) |
|  Year Ended December 31, 2024 | 9.89 | 0.49 | 0.09 | 0.58 | (0.48) |  |  | (0.48) |
|  Year Ended December 31, 2023 | 9.73 | 0.42 | 0.13 | 0.55 | (0.38) |  | (0.01) | (0.39) |
|  Year Ended December 31, 2022 | 9.95 | 0.14 | (0.13) | 0.01 | (0.23) |  |  | (0.23) |
|  Year Ended December 31, 2021 | 10.03 | 0.07 | (0.06) | 0.01 | (0.09) |  |  | (0.09) |
|  Year Ended December 31, 2020 | 9.99 | 0.15 | 0.05 | 0.20 | (0.16) |  |  | (0.16) |

---

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 330 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net expenses<br> with interest<br> expense | Net expenses,<br> without<br> interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $9.99 | 2.27% | $719924 | 0.19 (e)% | 0.19% | 4.56% | 0.32% | 41.66% |
| 9.99 | 5.96 | 682961 | 0.20 (e) | 0.20 | 4.97 | 0.33 | 77.83 |
| 9.89 | 5.82 | 593710 | 0.19 (e) | 0.19 | 4.24 | 0.32 | 60.63 |
| 9.73 | 0.06 | 567422 | 0.19 | 0.19 | 1.43 | 0.32 | 33.24 |
| 9.95 | 0.15 | 620423 | 0.18 (e) | 0.18 | 0.69 | 0.31 | 66.58 |
| 10.03 | 2.05 | 516528 | 0.17 (e) | 0.17 | 1.47 | 0.31 | 121.23 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 331

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Total<br> distributions |
|  **Six Circles Tax Aware Ultra Short Duration Fund** |  |  |  |  |  |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $9.89 | $0.17 | $0.01 | $0.18 | $(0.16) | $(0.16) |
|  Year Ended December 31, 2024 | 9.87 | 0.36 |  | 0.36 | (0.34) | (0.34) |
|  Year Ended December 31, 2023 | 9.78 | 0.30 | 0.07 | 0.37 | (0.28) | (0.28) |
|  Year Ended December 31, 2022 | 9.97 | 0.10 | (0.14) | (0.04) | (0.15) | (0.15) |
|  Year Ended December 31, 2021 | 10.02 | 0.06 | (0.05) | 0.01 | (0.06) | (0.06) |
|  Year Ended December 31, 2020 | 9.98 | 0.12 | 0.06 | 0.18 | (0.14) | (0.14) |

---

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 332 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net expenses<br> with interest<br> expense | Net expenses,<br> without interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $9.91 | 1.87% | $954730 | 0.14 (e)% | 0.14% | 3.39% | 0.30% | 23.70% |
| 9.89 | 3.74 | 795100 | 0.15 (e) | 0.15 | 3.59 | 0.31 | 51.20 |
| 9.87 | 3.84 | 698186 | 0.15 (e) | 0.15 | 3.09 | 0.30 | 62.66 |
| 9.78 | (0.36) | 564290 | 0.15 | 0.15 | 1.06 | 0.31 | 58.13 |
| 9.97 | 0.08 | 643067 | 0.15 (e) | 0.15 | 0.63 | 0.30 | 49.05 |
| 10.02 | 1.81 | 568826 | 0.14 (e) | 0.14 | 1.22 | 0.30 | 89.21 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 333

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Total<br> distributions |
|  **Six Circles U.S. Unconstrained Equity Fund** |  |  |  |  |  |  |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $17.41 | $0.10 | $1.09 | $1.19 | $— | $— | $— |
|  Year Ended December 31, 2024 | 14.84 | 0.22 | 3.51 | 3.73 | (0.23) | (0.93) | (1.16) |
|  Year Ended December 31, 2023 | 11.52 | 0.19 | 3.31 | 3.50 | (0.17) | (0.01) | (0.18) |
|  Year Ended December 31, 2022 | 15.01 | 0.16 | (3.34) | (3.18) | (0.16) | (0.15) | (0.31) |
|  Year Ended December 31, 2021 | 13.44 | 0.20 | 3.84 | 4.04 | (0.19) | (2.28) | (2.47) |
|  Year Ended December 31, 2020 | 11.12 | 0.20 | 2.87 | 3.07 | (0.21) | (0.54) | (0.75) |

---

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 334 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net<br>expenses (e) | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $18.60 | 6.84% | $28045926 | 0.05% | 1.22% | 0.26% | 33.35% |
| 17.41 | 24.87 | 25299332 | 0.05 | 1.29 | 0.26 | 38.08 |
| 14.84 | 30.43 | 22024769 | 0.06 | 1.40 | 0.27 | 62.51 |
| 11.52 | (21.22) | 14690706 | 0.06 | 1.26 | 0.27 | 48.77 |
| 15.01 | 30.48 | 18337953 | 0.05 | 1.26 | 0.26 | 70.88 |
| 13.44 | 27.64 | 13064418 | 0.06 | 1.71 | 0.27 | 71.32 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 335

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Total<br> distributions |
|  **Six Circles International Unconstrained Equity Fund** | **Six Circles International Unconstrained Equity Fund** |  |  |  |  |  |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $10.66 | $0.25 | $2.15 | $2.40 | $— | $— | $— |
|  Year Ended December 31, 2024 | 10.75 | 0.32 | (0.06) | 0.26 | (0.35) |  | (0.35) |
|  Year Ended December 31, 2023 | 9.30 | 0.28 | 1.48 | 1.76 | (0.31) |  | (0.31) |
|  Year Ended December 31, 2022 | 11.10 | 0.28 | (1.79) | (1.51) | (0.29) |  | (0.29) |
|  Year Ended December 31, 2021 | 9.98 | 0.28 (g) | 1.11 | 1.39 | (0.27) |  | (0.27) |
|  Year Ended December 31, 2020 | 9.59 | 0.22 | 0.37 | 0.59 | (0.16) | (0.04) | (0.20) |

---

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Includes interest expense, which was 0.003% for the period ended June 30, 2025.

(g) Includes income recognized from non-cash dividends which amounted to $0.02 per share and 0.152% of average net assets for the year ended December 31, 2021.

(h) Includes interest expense, which was 0.009% for the year ended December 31, 2021.

(i) Includes interest expense, which was 0.009% for the year ended December 31, 2020.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 336 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net<br>expenses (e) | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $13.06 | 22.51% | $17172647 | 0.08 (f)% | 4.32% | 0.28% | 16.53% |
| 10.66 | 2.28 | 14952566 | 0.08 | 2.77 | 0.28 | 38.63 |
| 10.75 | 18.96 | 13764429 | 0.08 | 2.77 | 0.28 | 77.31 |
| 9.30 | (13.60) | 11380626 | 0.08 | 2.95 | 0.28 | 69.15 |
| 11.10 | 14.04 | 14228563 | 0.10 (h) | 2.61 (g) | 0.30 | 61.71 |
| 9.98 | 6.17 | 8621638 | 0.10 (i) | 2.52 | 0.30 | 104.24 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 337

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Return of<br> capital | Total<br> distributions |
|  **Six Circles Global Bond Fund** | **Six Circles Global Bond Fund** | **Six Circles Global Bond Fund** |  |  |  |  |  |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $8.48 | $0.13 | $0.07 | $0.20 | $(0.13) | $— | $— | $(0.13) |
|  Year Ended December 31, 2024 | 8.48 | 0.28 | 0.05 | 0.33 | (0.33) |  |  | (0.33) |
|  Year Ended December 31, 2023 | 8.10 | 0.26 | 0.38 | 0.64 |  |  | (0.26) | (0.26) |
|  Year Ended December 31, 2022 | 9.87 | 0.15 | (1.02) | (0.87) | (0.90) |  |  | (0.90) |
|  Year Ended December 31, 2021 | 10.20 | 0.09 | (0.17) | (0.08) | (0.25) | — (j) |  | (0.25) |
|  Period Ended December 31, 2020\* | 10.00 | 0.05 | 0.22 | 0.27 | (0.07) |  |  | (0.07) |

---

\* Six Circles Global Bond Fund was launched on May 19, 2020.

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Includes interest expense, which was 0.019% for the six months ended June 30, 2025.

(g) Includes interest expense, which was 0.053% for the year ended December 31, 2024.

(h) Includes interest expense, which was 0.058% for the year ended December 31, 2023.

(i) Includes interest expense, which was 0.006% for the year ended December 31, 2022.

(j) Amount rounds to less than $0.005.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 338 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net expenses<br> with interest<br> expense (e) | Net expenses,<br> without interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $8.55 | 2.40% | $14555077 | 0.12 (f)% | 0.10% | 3.17% | 0.31% | 88.19% |
| 8.48 | 3.95 | 13625208 | 0.16 (g) | 0.11 | 3.29 | 0.35 | 189.59 |
| 8.48 | 8.02 | 10193090 | 0.18 (h) | 0.12 | 3.21 | 0.36 | 167.69 |
| 8.10 | (8.84) | 7909895 | 0.12 (i) | 0.12 | 1.60 | 0.31 | 227.27 |
| 9.87 | (0.74) | 7804063 | 0.11 | 0.11 | 0.86 | 0.30 | 308.56 |
| 10.20 | 2.67 | 6619708 | 0.16 | 0.16 | 0.74 | 0.36 | 198.77 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 339

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Total<br> distributions |
|  **Six Circles Tax Aware Bond Fund** | **Six Circles Tax Aware Bond Fund** | **Six Circles Tax Aware Bond Fund** |  |  |  |  |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $9.76 | $0.17 | $(0.19) | $(0.02) | $(0.17) | $— | $(0.17) |
|  Year Ended December 31, 2024 | 9.85 | 0.32 | (0.09) | 0.23 | (0.32) |  | (0.32) |
|  Year Ended December 31, 2023 | 9.52 | 0.27 | 0.33 | 0.60 | (0.27) |  | (0.27) |
|  Year Ended December 31, 2022 | 10.46 | 0.17 | (0.94) | (0.77) | (0.17) |  | (0.17) |
|  Year Ended December 31, 2021 | 10.45 | 0.11 | 0.01 | 0.12 | (0.11) | — (f) | (0.11) |
|  Period Ended December 31, 2020\* | 10.00 | 0.05 | 0.45 | 0.50 | (0.05) |  | (0.05) |

---

\* Six Circles Tax Aware Bond Fund was launched on May 19, 2020.

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 340 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net<br>expenses (e) | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $9.57 | (0.22)% | $12822414 | 0.12% | 3.54% | 0.27% | 8.87% |
| 9.76 | 2.37 | 11582272 | 0.13 | 3.30 | 0.27 | 12.29 |
| 9.85 | 6.37 | 8065630 | 0.14 | 2.79 | 0.28 | 12.31 |
| 9.52 | (7.41) | 5860578 | 0.14 | 1.71 | 0.28 | 49.51 |
| 10.46 | 1.15 | 6392319 | 0.13 | 1.04 | 0.28 | 13.54 |
| 10.45 | 5.03 | 5029650 | 0.18 | 0.85 | 0.35 | 35.13 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 341

------

#### FINANCIAL HIGHLIGHTS†
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Total<br> distributions |
|  **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** |  |  |  |  |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $8.88 | $0.30 | $0.10 | $0.40 | $(0.31) | $— | $(0.31) |
|  Year Ended December 31, 2024 | 8.76 | 0.62 | 0.12 | 0.74 | (0.62) |  | (0.62) |
|  Year Ended December 31, 2023 | 8.69 | 0.70 | 0.09 | 0.79 | (0.72) |  | (0.72) |
|  Year Ended December 31, 2022 | 10.28 | 0.58 | (1.61) | (1.03) | (0.56) |  | (0.56) |
|  Year Ended December 31, 2021 | 10.29 | 0.34 | 0.01 (f) | 0.35 | (0.35) | (0.01) | (0.36) |
|  Period Ended December 31, 2020\* | 10.00 | 0.13 | 0.28 | 0.41 | (0.12) |  | (0.12) |

---

† Consolidated for years ended December 31, 2023 and December 31, 2024.

\* Six Circles Credit Opportunities Fund was launched on August 19, 2020.

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund's net realized and unrealized gains (losses) presented on the Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund's investments.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 342 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net expenses<br> with interest<br> expense (e) | Net expenses,<br>without interest<br>expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $8.97 | 4.57% | $8662204 | 0.24% | 0.24% | 6.90% | 0.78% | 28.94% |
| 8.88 | 8.65 | 8384334 | 0.26 | 0.26 | 6.91 | 0.79 | 68.92 |
| 8.76 | 9.56 | 3371686 | 0.29 | 0.29 | 8.08 | 0.79 | 51.47 |
| 8.69 | (10.02) | 4461834 | 0.29 | 0.29 | 6.45 | 0.80 | 123.84 |
| 10.28 | 3.42 | 3579429 | 0.25 | 0.25 | 3.26 | 0.81 | 51.33 |
| 10.29 | 4.11 | 1076525 | 0.44 | 0.44 | 3.40 | 1.11 | 11.35 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 343

------

#### CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Total<br> distributions |
|  **Six Circles Multi-Strategy Fund** |  |  |  |  |  |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $10.02 | $0.26 | $(0.16) | $0.10 | $— | $— |
|  Period Ended December 31, 2024\* | 10.00 | 0.13 | (0.02) | 0.11 | (0.09) | (0.09) |

---

\* Six Circles Multi-Strategy Fund was launched on September 18, 2024.

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, which was 0.018% for the six months ended June 30, 2025.

(f) Includes interest expense, which was 0.013% for the year ended December 31, 2024.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 344 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net expenses<br> with interest<br> expense | Net expenses,<br> without interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $10.12 | 1.00% | $971964 | 0.65 (e)% | 0.63% | 5.31% | 1.44% | 327.87% |
| 10.02 | 1.10 | 808882 | 0.69 (f) | 0.68 | 4.69 | 1.45 | 162.07 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 345

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited)

1. Organization

Six Circles Trust (the "Trust") was formed on November 8, 2017, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 8, 2017, as amended and restated June 12, 2018, and further amended to add fund series on September 21, 2018, November 19, 2019, April 13, 2020, March 20, 2024, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following are eight separate series of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report. Each Fund currently offers one class of shares.

---

| | | |
|:---|:---|:---|
| Fund | Commencement of Operations | Diversification Status |
|  Six Circles Ultra Short Duration Fund | July 9, 2018 | Diversified |
|  Six Circles Tax Aware Ultra Short Duration Fund | July 9, 2018 | Diversified |
|  Six Circles U.S. Unconstrained Equity Fund | July 9, 2018 | Non-Diversified |
|  Six Circles International Unconstrained Equity Fund | July 9, 2018 | Non-Diversified |
|  Six Circles Global Bond Fund | May 19, 2020 | Non-Diversified |
|  Six Circles Tax Aware Bond Fund | May 19, 2020 | Diversified |
|  Six Circles Credit Opportunities Fund | August 19, 2020 | Diversified |
|  Six Circles Multi-Strategy Fund | September 18, 2024 | Non-Diversified |

---

The investment objective of each of the Six Circles Ultra Short Duration Fund and the Six Circles Tax Aware Ultra Short Duration Fund is to generate current income consistent with capital preservation.

The investment objective of each of the Six Circles U.S. Unconstrained Equity Fund and the Six Circles International Unconstrained Equity Fund is to provide capital appreciation.

The investment objective of the Six Circles Global Bond Fund, the Six Circles Credit Opportunities Fund and the Six Circles Multi-Strategy Fund is to provide total return.

The investment objective of the Six Circles Tax Aware Bond Fund is to provide after-tax total return.

The investment objective of the Six Circles Multi-Strategy Fund is to provide long-term capital appreciation.

J.P. Morgan Private Investments Inc. ("JPMPI"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as the Funds' investment adviser (the "Adviser"). The Adviser has engaged certain Sub-Advisers (as defined below) to manage the assets of the Funds.

Effective November 8, 2023, the Six Circles Credit Opportunities Fund launched the Six Circles Credit Opportunities Fund (Cayman) Ltd., a whollyowned subsidiary of the Fund organized under the laws of the Cayman Islands. The subsidiary is advised by JPMPI and sub-advised by Pacific Investment Management Company LLC ("PIMCO").

Effective October 8, 2024, the Six Circles Multi-Strategy Fund launched the Six Circles Multi-Strategy Sub-Fund I Ltd. and the Six Circles Multi-Strategy Sub-Fund II Ltd., both which are wholly-owned subsidiaries of the Six Circles Multi-Strategy Fund and organized under the laws of the Cayman Islands. The subsidiaries are advised by JPMPI and sub-advised by AHL Partners LLP and Dynamic Beta Investments LLC, respectively.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

#### Basis of Consolidation
The subsidiaries' investments, as well as any other assets and liabilities of the subsidiaries, where applicable, are reflected in the Six Circles Credit Opportunities Fund and the Six Circles Multi-Strategy Fund's Consolidated Schedule of Portfolio Investments and Consolidated Statement of Assets and Liabilities. All intercompany accounts and transactions have been eliminated in consolidation.

**A. Valuation of Investments —** The valuation of investments is in accordance with 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 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

 <br> 346 SIX CIRCLES TRUST JUNE 30, 2025

------

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.

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.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 347

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#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (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 inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS | $— | $18865 | $— | $18865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS |  | 78727 |  | 78727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 17271 |  | 17271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 9387 |  | 9387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity ABS |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 124258 |  | 124258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 2442 |  | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 11654 |  | 11654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 39298 |  | 39298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 381 |  | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 51333 |  | 51333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 21386 |  | 21386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 10272 |  | 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 39160 |  | 39160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 23060 |  | 23060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 40520 |  | 40520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 27344 |  | 27344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 149172 |  | 149172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 19350 |  | 19350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 21741 |  | 21741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 37005 |  | 37005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 367624 |  | 367624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2031 |  | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 4396 |  | 4396 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 11185 |  | 11185 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 39510 |  | 39510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 24423 |  | 24423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 300 |  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 42440 |  | 42440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 2323 |  | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 23197 |  | 23197 |
|  Total Short-Term Investments |  | 132193 |  | 132193 |
|  **Total Investments in Securities** | $— | $716848 | $— | $716848 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1454 | $— | $— | $1454 |
|  Forward Foreign Currency Exchange contracts |  | 297 |  | 297 |
|  Centrally Cleared Interest Rate Swap contract |  | 34 |  | 34 |
|  **Total Appreciation in Other Financial Instruments** | $1454 | $331 | $— | $1785 |

---

 <br> 348 SIX CIRCLES TRUST JUNE 30, 2025

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#### Six Circles Ultra Short Duration Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(1187) | $— | $— | $(1187) |
|  Forward Foreign Currency Exchange contracts |  | (718) |  | (718) |
|  Centrally Cleared Interest Rate Swap contracts |  | (864) |  | (864) |
|  **Total Depreciation in Other Financial Instruments** | $(1187) | $(1582) | $— | $(2769) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $51540 | $— | $51540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 8411 |  | 8411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 12949 |  | 12949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 2491 |  | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity ABS |  | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 75401 |  | 75401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 3103 |  | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 5723 |  | 5723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 48948 |  | 48948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 595 |  | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 55266 |  | 55266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 3762 |  | 3762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 4060 |  | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 14037 |  | 14037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 7658 |  | 7658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 1101 |  | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 75921 |  | 75921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 4083 |  | 4083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 1212 |  | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 9598 |  | 9598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 117670 |  | 117670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 3011 |  | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2336 |  | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 5347 |  | 5347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 4995 |  | 4995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 632179 |  | 632179 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2299 |  | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 1448 |  | 1448 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 349

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#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

#### Six Circles Tax Aware Ultra Short Duration Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers | $— | $15970 | $— | $15970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 1200 |  | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 17029 |  | 17029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 17577 |  | 17577 |
|  Total Short-Term Investments |  | 51776 |  | 51776 |
|  **Total Investments in Securities** | $— | $953246 | $— | $953246 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1879 | $— | $— | $1879 |
|  Forward Foreign Currency Exchange contracts |  | 53 |  | 53 |
|  Centrally Cleared Interest Rate Swap contract |  | 40 |  | 40 |
|  **Total Appreciation in Other Financial Instruments** | $1879 | $93 | $— | $1972 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(587) | $— | $— | $(587) |
|  Forward Foreign Currency Exchange contracts |  | (408) |  | (408) |
|  Centrally Cleared Interest Rate Swap contracts |  | (1116) |  | (1116) |
|  **Total Depreciation in Other Financial Instruments** | $(587) | $(1524) | $— | $(2111) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | $5561036 | $— | $— | $5561036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 2180173 |  |  | 2180173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 4619703 |  |  | 4619703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 890318 |  |  | 890318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial | 4660896 |  |  | 4660896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 1532858 |  |  | 1532858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 8153242 |  |  | 8153242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 337970 |  |  | 337970 |
|  Total Common Stocks | 27936196 |  |  | 27936196 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 97569 |  | 97569 |
|  **Total Investments in Securities** | $27936196 | $97569 | $— | $28033765 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $2331 | $— | $— | $2331 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(65) | $— | $— | $(65) |

---

#### Six Circles International Unconstrained Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $46270 | $— | $46270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 99035 |  | 99035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 314673 |  |  | 314673 |

---

 <br> 350 SIX CIRCLES TRUST JUNE 30, 2025

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#### Six Circles International Unconstrained Equity Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | $— | $9102 | $— | $9102 |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 1255 |  | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 795962 |  | 795962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 174296 |  | 174296 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 2164576 |  | 2164576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 8096 | 2927202 |  | 2935298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 53509 |  | 53509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 20210 | 146913 |  | 167123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 595057 |  | 595057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 860693 |  | 860693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 17772 |  | 17772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 1029260 |  | 1029260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 16498 | 80430 |  | 96928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 3466 |  | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 17644 |  | 17644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 6733 | 545626 |  | 552359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 89619 | 511561 |  | 601180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2451726 |  | 2451726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 429155 |  | 429155 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 3470 | 3459736 |  | 3463206 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 22817 |  |  | 22817 |
|  Total Common Stocks | 482116 | 16420246 |  | 16902362 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 29346 |  | 29346 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 115248 |  | 115248 |
|  **Total Investments in Securities** | $482116 | $16564840 | $— | $17046956 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $458 | $— | $— | $458 |
|  Forward Foreign Currency Exchange contracts |  | — (a) |  | — (a) |
|  **Total Appreciation in Other Financial Instruments** | $458 | $— (a) | $— | $458 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(387) | $—3 | $— | $(387) |
|  Forward Foreign Currency Exchange contracts |  | (200) |  | (200) |
|  **Total Depreciation in Other Financial Instruments** | $(387) | $(200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(587) |

---

(a) Amount rounds to less than $500.

#### Six Circles Global Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS | $— | $45987 | $1400 | $47387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS |  | 16299 |  | 16299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 62286 | 1400 | 63686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 25469 |  | 25469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 235689 |  | 235689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral Supp CMO |  | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 5870 |  | 5870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 267087 |  | 267087 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 351

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

#### Six Circles Global Bond Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS | $— | $57121 | $— | $57121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 44181 |  | 44181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 119460 |  | 119460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 112698 |  | 112698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 288065 |  | 288065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 95406 |  | 95406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 979470 |  | 979470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 83189 |  | 83189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 148329 |  | 148329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 34457 |  | 34457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 179830 |  | 179830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 2085085 |  | 2085085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 7931509 |  | 7931509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 810538 |  | 810538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional (State/Province) |  | 271394 |  | 271394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 11723 |  | 11723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 1885 |  | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-National |  | 16218 |  | 16218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 18956 |  | 18956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal |  | 34084 |  | 34084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 7862 |  | 7862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 3784 |  | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil&Gas |  | 377 |  | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 9108330 |  | 9108330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 1301444 | 5784 | 1307228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 445777 |  | 445777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 2054 |  | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FGLMC Collateral |  | 12025 |  | 12025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 148522 |  | 148522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA Collateral |  | 2494 |  | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 1912316 | 5784 | 1918100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 6631 |  | 6631 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 13819 |  | 13819 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 1601476 |  | 1601476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Option Contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Option Contract |  | — (a) |  | — (a) |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 20600 |  | 20600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 117861 |  | 117861 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security |  | 4305 |  | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 152311 |  | 152311 |
|  Total Short-Term Investments |  | 295077 |  | 295077 |
|  **Total Investments in Securities** | $— | $15409228 | $7184 | $15416412 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | $— | $237979 | $— | $237979 |

---

 <br> 352 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1523 | $— | $— | $1523 |
|  Forward Foreign Currency Exchange contracts |  | 49722 |  | 49722 |
|  OTC Interest Rate Swaps contracts |  | 68 |  | 68 |
|  Centrally Cleared Interest Rate Swap contracts |  | 5255 |  | 5255 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 1012 |  | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 1228 |  | 1228 |
|  Total Purchased Interest Rate Swaptions contracts |  | 2240 |  | 2240 |
|  **Total Appreciation in Other Financial Instruments** | $1523 | $57285 | $— | $58808 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(1212) | $— | $— | $(1212) |
|  Forward Foreign Currency Exchange contracts |  | (259938) |  | (259938) |
|  OTC Interest Rate Swap contract |  | (47) |  | (47) |
|  Centrally Cleared Interest Rate Swap contracts |  | (7566) |  | (7566) |
|  Written Option contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Option contracts |  | (24) |  | (24) |
|  Written Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Interest Rate Swaption contracts |  | (105) |  | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Put Interest Rate Swaption contracts |  | (58) |  | (58) |
|  Total Written Interest Rate Swaptions contracts |  | (163) |  | (163) |
|  **Total Depreciation in Other Financial Instruments** | $(1212) | $(267738) | $— | $(268950) |

---

(a) Amount rounds to less than $500.

#### Six Circles Tax Aware Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12558422 | $— | $12558422 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 19886 |  | 19886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 329230 |  | 329230 |
|  Total Short-Term Investments |  | 349116 |  | 349116 |
|  **Total Investments in Securities** | $— | $12907538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12907538 |

---

#### Six Circles Credit Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS | $— | $66629 | $— | $66629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS |  | 41490 |  | 41490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 2656 |  | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 305 |  | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food |  | 273 |  | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 310 |  | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 111663 |  | 111663 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 353

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

#### Six Circles Credit Opportunities Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO | $— | $7696 | $— | $7696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 31124 |  | 31124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 2355 |  | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 3054 |  | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 2731 |  | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 4247 |  | 4247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 977 |  | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 5829 |  | 5829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds |  | 19193 |  | 19193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 319149 |  | 319149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 1101245 | 4 | 1101249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 1100015 |  | 1100015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 1209543 |  | 1209543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 14819 |  | 14819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 622598 | 3022 | 625620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 1238703 | 6288 | 1244991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 170 |  | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 754002 |  | 754002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 292371 | 2799 | 295170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 282933 | 274 | 283207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 6935548 | 12387 | 6947935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 691548 |  | 691548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 16691 |  | 16691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 4666 |  | 4666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 712905 |  | 712905 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 93371 |  | 93371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  |  | 704 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 11729 |  |  | 11729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1260 |  |  | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 12989 |  | 704 | 13693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 721 |  | 656 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  |  | 6467 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks | 721 |  | 7123 | 7844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 18335 |  | 18335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 116924 |  | 116924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 47891 |  | 47891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 59922 |  | 59922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 1556 |  | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 2389 |  | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 28629 | 2400 | 31029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  |  | 9677 | 9677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 26429 |  | 26429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 67430 |  | 67430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 2857 |  | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 372362 | 12077 | 384439 |

---

 <br> 354 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | $— | $— | $100 | $100 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 343 |  | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 186338 |  | 186338 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 5699 |  | 5699 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 47270 |  | 47270 |
|  Total Short-Term Investments |  | 239650 |  | 239650 |
|  **Total Investments in Securities** | $13710 | $8523512 | $32391 | $8569613 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $3851 | $— | $— | $3851 |
|  Forward Foreign Currency Exchange contracts |  | 38872 |  | 38872 |
|  Centrally Cleared Interest Rate Swap contracts |  | 3621 |  | 3621 |
|  OTC Credit Default Swaps contracts |  | 528 |  | 528 |
|  Centrally Cleared Credit Default Swaps contracts |  | 5732 |  | 5732 |
|  **Total Appreciation in Other Financial Instruments** | $3851 | $48753 | $— | $52604 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(983) | $— | $— | $(983) |
|  Forward Foreign Currency Exchange contracts |  | (188746) |  | (188746) |
|  Centrally Cleared Interest Rate Swap contracts |  | (4116) |  | (4116) |
|  OTC Credit Default Swaps contracts |  | (101) |  | (101) |
|  Centrally Cleared Credit Default Swaps contracts |  | (762) |  | (762) |
|  **Total Depreciation in Other Financial Instruments** | $(983) | $(193725) | $— | $(194708) |

---

#### Six Circles Multi-Strategy Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS | $— | $62532 | $— | $62532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS |  | 10322 |  | 10322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity ABS |  | 10131 |  | 10131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 3321 |  | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 86306 |  | 86306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 95116 |  | 95116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 155371 |  | 155371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 1189 |  | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 251676 |  | 251676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 1060 |  | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 242 |  | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 4376 |  | 4376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 4470 |  | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 2989 |  | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 831 |  | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 3780 |  | 3780 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 355

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

#### Six Circles Multi-Strategy Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | $— | $174 | $— | $174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 2937 |  | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 1387 |  | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 21186 |  | 21186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 261670 |  | 261670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 66431 |  | 66431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 25073 |  | 25073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 353174 |  | 353174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open End Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds | 43254 |  |  | 43254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 2331 |  | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 17789 | 532 | 18321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 18975 |  | 18975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 26899 |  | 26899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 4579 |  | 4579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 41612 | 436 | 42048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 25046 |  | 25046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 42734 |  | 42734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 8752 |  | 8752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 188717 | 968 | 189685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Option Contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Option Contract |  | 115 |  | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Option Contract |  | — (a) |  | — (a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Option Contacts |  | 115 |  | 115 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 28132 |  | 28132 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 263566 |  | 263566 |
|  Total Short-Term Investments |  | 291698 |  | 291698 |
|  **Total Investments in Securities** | $43254 | $1193932 | $1268 | $1238454 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral | $— | $5954 | $— | $5954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 44950 |  | 44950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 50904 |  | 50904 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $8653 | $— | $— | $8653 |
|  Forward Foreign Currency Exchange contracts |  | 79 |  | 79 |
|  Centrally Cleared Interest Rate Swap contracts |  | 51 |  | 51 |
|  OTC Total Return Swap contracts |  | 41 |  | 41 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 390 |  | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 457 |  | 457 |
|  Total Purchased Interest Rate Swaptions contracts |  | 847 |  | 847 |
|  **Total Appreciation in Other Financial Instruments** | $8653 | $1133 | $— | $9786 |

---

 <br> 356 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(3081) | $— | $— | $(3081) |
|  Forward Foreign Currency Exchange contracts |  | (361) |  | (361) |
|  Centrally Cleared Interest Rate Swap contract |  | (115) |  | (115) |
|  Written Option contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Option contracts |  | (294) |  | (294) |
|  Total Written Option contracts |  | (294) |  | (294) |
|  Written Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Interest Rate Swaption contracts |  | (135) |  | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Put Interest Rate Swaption contracts |  | (23) |  | (23) |
|  Total Written Interest Rate Swaptions contracts |  | (158) |  | (158) |
|  **Total Depreciation in Other Financial Instruments** | $(3081) | $(928) | $— | $(4009) |

---

(a) Amount rounds to less than $500.

There were no significant transfers into or out of level 3 for the period ended June 30, 2025 for the Funds.

**B. Restricted Securities —** Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAV of the Funds.

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments —** The Funds may purchase when-issued securities, including To Be Announced ("TBA") securities, and enter into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchase delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date. Rollover strategies can be employed by the Funds which involves extending the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and starting a new position with a comparable underlying asset that has a later expiration date.

The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a Fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Deposit at broker for delayed delivery securities, if applicable.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of June 30, 2025, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities.

**D. Investments in Cayman Subsidiaries —** As part of its principal investment strategy, the Six Circles Multi-Strategy Fund seeks to gain exposure to the commodity markets by investing up to 25% of its total assets in wholly-owned subsidiaries, which are organized under the laws of the Cayman Islands, as described in Note 1. Generally, the subsidiaries will invest primarily in commodity futures, but may also invest in financial futures and forwards and swap contracts, fixed income securities, pooled investment vehicles, including open-end investment companies, and other investments intended to serve as margin or collateral for such subsidiary's derivative positions. The Fund invests in the subsidiaries in order to gain exposure to the commodities markets within the limitations of the federal tax law, rules and regulations that apply to "regulated investment companies." Unlike the Funds, the subsidiaries may invest without limitation in commodity-linked derivatives; however, the subsidiaries and the Fund, in the aggregate, will comply with applicable requirements for derivatives transactions set forth in Rule 18f-4 under the 1940 Act.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 357

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

As part of its principal investment strategy, the Six Circles Credit Opportunities Fund will seek to purchase certain newly-issued Regulation S securities in its Asia High Yield sleeve through investments in a Cayman subsidiary, as described in Note 1.

In addition, the Six Circles Multi-Strategy and Credit Opportunities Funds and each of their subsidiaries will comply with the same fundamental

investment restrictions on an aggregate basis, and follow the same compliance policies and procedures to the extent those restrictions, policies and procedures are applicable to the investment activities of each of the subsidiaries. The subsidiaries are treated as corporations for U.S. federal income tax purposes. Unlike the Funds, the subsidiaries do not, and will not, seek to qualify as "regulated investment companies" under Subchapter M of Chapter 1 of Subtitle A of the Internal Revenue Code of 1986, as amended (the "Code"). The Six Circles Multi-Strategy and Credit Opportunities Funds are each the sole shareholders of their respective subsidiaries and do not expect shares of the subsidiaries to be offered or sold to other investors. The Funds do not intend to create or acquire primary control of any entity that primarily engages in investment activities, in securities or other assets, other than the entities that are wholly-owned by the Funds. As of June 30, 2025, the net assets of the subsidiaries were $0 representing 0.00% and $35,265,911 representing 3.63% of the Six Circles Credit Opportunities and Six Circles Multi-Strategy Fund's consolidated net assets, respectively.

**E. 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, 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 described under Note 5.

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. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities, if any. As of June 30, 2025 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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | **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** |
|  Chrysaor Bidco S.a r.l. | DDTL Facility (USD) | 10/30/2031 | 3.50% | 3.50% | $5 | $5 | $— | $— | $5 | $5 |
|  GrafTech Global Enterprises, Inc. | Delayed Draw Term Loan | 12/21/2029 | 3.75% | 3.75% | 722 | 724 |  |  | 722 | 724 |
|  Jupiter Buyer, Inc. | Initial Delayed Draw Term Loan | 11/1/2031 | 4.75% | 4.75% | 85 | 86 |  |  | 85 | 86 |
|  SWF Holdings I Corp. | Delayed Draw Term Loan | 12/19/2029 | 2.25% | 2.25% | 486 | 484 |  |  | 486 | 484 |
|  |  |  |  |  | $1298 | $1299 | $— | $— | $1298 | $1299 |
| **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** | **Six Circles Multi-Strategy Fund** |
|  |  |  |  |  | **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** |
|  Kaman Corp. | Delayed Draw Term Loan | 2/26/2032 | 1.00% | 1.00% | $41 | $41 | $— | $— | $41 | $41 |
|  MRP Buyer LLC | Delayed Draw Term Loan | 6/4/2032 | 1.00% | 1.00% | 47 | 47 |  |  | 47 | 47 |
|  |  |  |  |  | $88 | $88 | $— | $— | $88 | $88 |

---

**F. 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

 <br> 358 SIX CIRCLES TRUST JUNE 30, 2025

------

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, as recorded on the Statements of Assets and Liabilities.

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 F(1) — F(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.

*Options Purchased* — Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. 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* — Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. 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 U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity 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 on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. 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

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 359

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

of loss in excess of the amounts shown on the Statements of Assets and Liabilities, 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.

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 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, respectively on the Statements of Assets and 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 on the Statements of Assets and Liabilities 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 and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. 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 on the Statements of Operations. 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.

 <br> 360 SIX CIRCLES TRUST JUNE 30, 2025

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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.

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 and is not reflected on the Statements of Assets and Liabilities. 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 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.

(5) Summary of Derivatives Information

The following tables present the value of derivatives held as of June 30, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

#### Six Circles Ultra Short Duration Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward Foreign<br>Currency Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | Total |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $1454 | $— | $— | $1454 |
|  Foreign exchange contracts | Receivables |  | 297 |  | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $1454 | $297 | $— | $1751 |
| **Gross Liabilities:** |  |  |  |  |  |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | $(1187) | $— | $(863) | $(2050) |
|  Foreign exchange contracts | Payables |  | (718) |  | (718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(1187) | $(718) | $(863) | $(2768) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 361

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#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | Total |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $1879 | $— | $— | $1879 |
|  Foreign exchange contracts | Receivables |  | 53 |  | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $1879 | $53 | $— | $1932 |
| **Gross Liabilities:** |  |  |  |  |  |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | $(587) | $— | $(1106) | $(1693) |
|  Foreign exchange contracts | Payables |  | (408) |  | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(587) | $(408) | $(1106) | $(2101) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

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

---

| | | |
|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |
| Gross Assets: |  | **Futures<br>Contracts** (a) |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $2331 |
| **Gross Liabilities:** |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(65) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

#### Six Circles International Unconstrained Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | Total |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $458 | $— | $458 |
| **Gross Liabilities:** |  |  |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(387) | $— | $(387) |
|  Foreign exchange contracts | Payables |  | (200) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(387) | $(200) | $(587) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

 <br> 362 SIX CIRCLES TRUST JUNE 30, 2025

------

#### Six Circles Global Bond Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |  |  |  |  |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | OTC<br>Swaps | OTC<br>Options<br>Written | OTC<br>Options<br>Purchased | Swaptions<br>Written | Swaptions<br>Purchased | Total |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $1523 | $— | $8495 | $68 | $— | $— (c) | $— | $2240 | $12326 |
|  Foreign exchange contracts | Receivables |  | 49722 |  |  |  |  |  |  | 49722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $1523 | $49722 | $8495 | $68 | $— | $— (c) | $— | $2240 | $62048 |
|  <u>Gross Liabilities:</u> |  |  |  |  |  |  |  |  |  |  |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | $(1212) | $— | $(10212) | $(47) | $(24) | $— | $(163) | $— | $(11658) |
|  Foreign exchange contracts | Payables |  | (259938) |  |  |  |  |  |  | (259938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(1212) | $(259938) | $(10212) | $(47) | $(24) | $— | $(163) | $— | $(271596) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(c) Amount rounds to less than $500.

#### Six Circles Credit Opportunities Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward Foreign<br>Currency<br>Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | OTC<br>Swaps | Total |
|  Credit contracts | Receivables | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12691 | $598 | $13289 |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | 3851 |  | 5779 |  | 9630 |
|  Foreign exchange contracts | Receivables |  | 38872 |  |  | 38872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $3851 | $38872 | $18470 | $598 | $61791 |
| **Gross Liabilities:** |  |  |  |  |  |  |
|  Credit contracts | Payables | $— | $— | $(6176) | $(370) | $(6546) |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | (983) |  | (4485) |  | (5468) |
|  Foreign exchange contracts | Payables |  | (188746) |  |  | (188746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(983) | $(188746) | $(10661) | $(370) | $(200760) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 363

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

#### Six Circles Multi-Strategy Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | OTC<br>Swaps | OTC<br>Options<br>Written | Options<br>Purchased | Swaptions<br>Written | Swaptions<br>Purchased | Total |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $1396 | $— | $327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685 |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257 |  |  | 41 |  |  |  |  | 7298 |
|  Foreign exchange contracts | Receivables |  | 79 |  |  |  |  |  |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $8653 | $79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | $41 | $— | $115 | $— | $847 | $10062 |
| **Gross Liabilities:** |  |  |  |  |  |  |  |  |  |  |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | $(1535) | $— | $— | $— | $(294) | $— | $(158) | $— | $(1987) |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | (1546) |  |  |  |  |  |  |  | (1546) |
|  Foreign exchange contracts | Payables |  | (361) |  |  |  |  |  |  | (361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(3081) | $(361) | $— | $— | $(294) | $— | $(158) | $— | $(3894) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the Funds' gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of June 30, 2025 (amounts in thousands):

#### Six Circles Ultra Short Duration Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $12 | $(12) | $– $|  |
|  Barclays Bank plc | 31 | (31) | – |  |
|  BNP Paribas | 134 | (134) | – |  |
|  Standard Chartered Bank | — (b) |  | – | — (b) |
|  UBS AG LONDON | 120 | (120) | – |  |
|  | $297 | $(297) | $– $| — (b) |

---

 <br> 364 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Posted | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $20 | $(12) | $— | $8 |
|  Barclays Bank plc | 303 | (31) | (206) | 66 |
|  BNP Paribas | 234 | (134) |  | 100 |
|  UBS AG LONDON | 161 | (120) |  | 41 |
|  | $718 | $(297) | $(206) | $215 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Amount rounds to less than $500.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $13 | $(13) | $– $|  |
|  Barclays Bank plc | 37 | (37) | – |  |
|  Deutsche Bank AG | 3 | (3) | – |  |
|  | $53 | $(53) | $– $|  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Posted | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $30 | $(13) | $— | $17 |
|  Barclays Bank plc | 375 | (37) | (256) | 82 |
|  Deutsche Bank AG | 3 | (3) |  |  |
|  Total | $408 | $(53) | $(256) | $99 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 365

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

#### Six Circles International Unconstrained Equity Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) |  | Derivatives<br>Available<br>for offset | Derivatives<br>Available<br>for offset |  | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  UBS AG LONDON | $| (b) | $| (— |)(b) | $| $|
|  | $| (b) | $| (— |)(b) | $| $|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Posted | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $137 | $— | $– $| 137 |
|  Citibank, NA | 1 |  | – | 1 |
|  UBS AG LONDON | 62 | (—)(b) | – | 62 |
|  | $200 | $(—)(b) | $– $| 200 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Amount rounds to less than $500.

#### Six Circles Global Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $1823 | $(1823) | $– $|  |
|  Bank of New York Mellon | 66 | (66) | – |  |
|  Barclays Bank plc | 994 | (994) | – |  |
|  BNP Paribas | 304 | (304) | – |  |
|  BofA Securities, Inc. | — (b) | (—)(b) | – |  |
|  Citibank, NA | 5823 | (5823) | – |  |
|  Deutsche Bank AG | 12102 | (6420) | – | 5682 |
|  Goldman Sachs | 17 | (—)(b) | – | 17 |
|  Goldman Sachs International | 23985 | (23985) | – |  |
|  HSBC Bank plc | 521 | (521) | – |  |
|  Morgan Stanley & Co. | 1792 | (1792) | – |  |
|  Royal Bank of Canada | 1553 | (1553) | – |  |
|  Standard Chartered Bank | 84 | (84) | – |  |
|  UBS AG London | 2752 | (2752) | – |  |
|  Westpac Banking Corp. | 214 | (214) | – |  |
|  | $52030 | $(46331) | $– $| 5699 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Amount rounds to less than $500.

 <br> 366 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $32083 | $(1823) | $(5146) | $25114 |
|  Bank of New York Mellon | 241 | (66) |  | 175 |
|  Barclays Bank plc | 6644 | (994) | (5586) | 64 |
|  BNP Paribas | 3623 | (304) |  | 3319 |
|  BofA Securities, Inc. | 22 |  |  | 22 |
|  Citibank, NA | 16277 | (5823) | (7479) | 2975 |
|  Citigroup Global Markets, Inc. | 2 |  |  | 2 |
|  Deutsche Bank AG | 6420 | (6420) |  |  |
|  Goldman Sachs | — (b) | (—)(b) |  |  |
|  Goldman Sachs International | 148117 | (23985) | (1300) | 122832 |
|  HSBC Bank plc | 8029 | (521) | (2357) | 5151 |
|  Morgan Stanley & Co. | 16555 | (1792) | (83) | 14680 |
|  Royal Bank of Canada | 1577 | (1553) |  | 24 |
|  Standard Chartered Bank | 139 | (84) |  | 55 |
|  Toronto-Dominion Bank (The) | 8 |  |  | 8 |
|  UBS AG London | 12305 | (2752) |  | 9553 |
|  Westpac Banking Corp. | 8130 | (214) |  | 7916 |
|  | $260172 | $(46331) | $(21951) | $191890 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Amount rounds to less than $500.

#### Six Circles Credit Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $120 | $(120) | $– $|  |
|  Barclays Bank plc | 118 | (118) | – |  |
|  Barclays Bank Plc Wholesale | 201 | (28) | – | 173 |
|  Citibank, NA | 38840 | (38840) | – |  |
|  Goldman Sachs | 9 | (9) | – |  |
|  Goldman Sachs International | 22 | (22) | – |  |
|  Morgan Stanley & Co. | 10 | (10) | – |  |
|  Morgan Stanley Capital Service | 80 | (43) | – | 37 |
|  | $39400 | $(39190) | $– $| 210 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 367

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Posted** | **Net Amount Due<br>From Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $3345 | $(120) | $(2771) | $454 |
|  Barclays Bank plc | 755 | (118) |  | 637 |
|  Barclays Bank Plc Wholesale | 28 | (28) |  |  |
|  BNP Paribas | 1019 |  |  | 1019 |
|  Brown Brothers Harriman & Co. | 12505 |  |  | 12505 |
|  Citibank, NA | 170803 | (38840) | (131963) |  |
|  Goldman Sachs | 9 | (9) |  |  |
|  Goldman Sachs International | 22 | (22) |  |  |
|  Morgan Stanley & Co. | 317 | (10) | (81) | 226 |
|  Morgan Stanley Capital Service | 43 | (43) |  |  |
|  UBS AG LONDON | 1 |  |  | 1 |
|  | $188847 | $(39190) | $134815 | $14842 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

#### Six Circles Multi-Strategy Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $792 | $(164) | $– $| 628 |
|  Barclays Bank plc | 8 | (8) | – |  |
|  Bofa Securities, Inc. | 95 | (95) | – |  |
|  Brown Brothers Harriman & Co. | 79 | (79) | – |  |
|  Citigroup Global Markets, Inc. | 20 | (20) | – |  |
|  Morgan Stanley & Co. | 41 | (3) | – | 38 |
|  Wells Fargo Bank NA | 47 | (47) | – |  |
|  | $1082 | $(416) | $– $| 666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Posted | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $164 | $(164) | $– $|  |
|  Barclays Bank plc | 64 | (8) | – | 56 |
|  Bofa Securities, Inc. | 174 | (95) | – | 79 |
|  Brown Brothers Harriman & Co. | 222 | (79) | – | 143 |
|  Citigroup Global Markets, Inc. | 120 | (20) | – | 100 |
|  Morgan Stanley & Co. | 3 | (3) | – |  |
|  Wells Fargo Bank NA | 65 | (47) | – | 18 |
|  | $812 | $(416) | $– $| 396 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

 <br> 368 SIX CIRCLES TRUST JUNE 30, 2025

------

The following tables present the effect of derivatives on the Statements of Operations for the period ended June 30, 2025, by primary underlying risk exposure (amounts in thousands):

#### Six Circles Ultra Short Duration Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Total** |
|  Credit contracts | $— | $— | $1 | $1 |
|  Interest rate contracts | (547) |  | (516) | (1063) |
|  Foreign exchange contracts |  | (4505) |  | (4505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(547) | $(4505) | $(515) | $(5567) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Total** |
|  Credit contracts | $— | $— | $1 | $1 |
|  Interest rate contracts | 494 |  | (958) | (464) |
|  Foreign exchange contracts |  | (2341) |  | (2341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $494 | $(2341) | $(957) | $(2804) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Total** |
|  Credit contracts | $— | $— | $2 | $2 |
|  Interest rate contracts | (244) |  | (656) | (900) |
|  Foreign exchange contracts |  | (471) |  | (471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(244) | $(471) | $(654) | $(1369) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Total** |
|  Credit contracts | $— | $— | $2 | $2 |
|  Interest rate contracts | 1794 |  | (1223) | 571 |
|  Foreign exchange contracts |  | (1153) |  | (1153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1794 | $(1153) | $(1221) | $(580) |

---

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

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Total** |
|  Equity contracts | $(6052) | $(6052) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Total** |
|  Equity contracts | $4004 | $4004 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 369

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

#### Six Circles International Unconstrained Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Total** |
|  Equity contracts | $12583 | $— | $12583 |
|  Foreign exchange contracts |  | (1045) | (1045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $12583 | $(1045) | $11538 |

---

---

| | | | |
|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Total** |
|  Equity contracts | $968 | $— | $968 |
|  Foreign exchange contracts |  | (200) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $968 | $(200) | $768 |

---

#### Six Circles Global Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Options<br>written** | **Options<br>purchased** | **Swaptions<br>written** | **Swaptions<br>purchased** | **Total** |
|  Credit contracts | $— | $— | $2 | $— | $— | $— | $— | $2 |
|  Interest rate contracts | (3473) |  | (365) | 292 | (105) | 250 | (147) | (3548) |
|  Foreign exchange contracts |  | (530255) |  |  |  |  |  | (530255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(3473) | $(530255) | $&nbsp;&nbsp;&nbsp;&nbsp;(363) | $292 | $(105) | $250 | $(147) | $(533801) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| **Derivative Contracts** | **Futures <br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Options<br>written** | **Options <br>purchased** | **Swaptions<br>written** | **Swaptions<br>purchased** | **Total** |
|  Credit contracts | $— | $— | $(2) | $— | $— | $— | $— | $(2) |
|  Interest rate contracts | 418 |  | (1496) | 164 | (24) | 149 | (1137) | (1926) |
|  Foreign exchange contracts |  | (409363) |  |  |  |  |  | (409363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;418 | $(409363) | $(1498) | $164 | $(24) | $149 | $(1137) | $(411291) |

---

#### Six Circles Credit Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Total** |
|  Credit contracts | $— | $— | $868 | $868 |
|  Interest rate contracts | (2826) |  | 18 | &nbsp;&nbsp;&nbsp;&nbsp;(2808) |
|  Foreign exchange contracts |  | 4267 |  | 4267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(2826) | $4267 | $&nbsp;&nbsp;&nbsp;&nbsp;886 | $2327 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Total |
|  Credit contracts | $— | $— | $4036 | $4036 |
|  Interest rate contracts | 6047 |  | 3593 | 9640 |
|  Foreign exchange contracts |  | (258860) |  | (258860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $6047 | $(258860) | $7629 | $(245184) |

---

 <br> 370 SIX CIRCLES TRUST JUNE 30, 2025

------

#### Six Circles Multi-Strategy Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | **Options**<br> **written** | Options<br>purchased | Swaptions<br>written | Swaptions<br>purchased | Total |
|  Interest rate contracts | $(12881) | $— | $(39) | $91 | $(56) | $143 | $(58) | $(12800) |
|  Foreign exchange contracts |  | (606) |  |  |  |  |  | (606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(12881) | $(606) | $(39) | $91 | $(56) | $143 | $(58) | $(13406) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Options<br>written | Options<br>purchased | Swaptions<br>written | Swaptions<br>purchased | Total |
|  Equity contracts | $2494 | $— | $— | $— | $— | $— | $— | $2494 |
|  Interest rate contracts | (1955) |  | 57 | (154) | 51 | 107 | (549) | (2443) |
|  Foreign exchange contracts |  | (449) |  |  |  |  |  | (449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;539 | $(449) | $57 | $(154) | $51 | $107 | $(549) | $(398) |

---

#### Derivatives Volume
The table below discloses the volume of the Funds' options, futures contracts, forward foreign currency exchange contracts and swaps activity during the period ended June 30, 2025 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivative Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Circles<br>Ultra Short<br>Duration Fund | Six Circles<br>Tax Aware<br>Ultra Short<br>Duration Fund | Six Circles U.S.<br>Unconstrained<br>Equity Fund | Six Circles<br>International<br>Unconstrained<br>Equity Fund | Six Circles<br>Global<br>Bond Fund | Six Circles<br>Credit<br>Opportunities<br>Fund | Six Circles<br>Multi-Strategy<br>Fund |
|  **Futures Contracts:** |  |  |  |  |  |  |  |
|  Average Notional Amount Long | $178786 | $219301 | $64421 | $134588 | $124894 | $609609 | $804326 |
|  Average Notional Amount Short | 146287 | 36988 |  |  | 306642 | 35965 | 559331 |
|  **Forward Foreign Currency Exchange:** |  |  |  |  |  |  |  |
|  Average Principal Amount Purchased | 10148 | 10406 |  | 17407 <sup>(a)</sup> | 5717128 | 727236 | 5701 |
|  Average Principal Amount Sold | 84735 | 31650 |  | 26087 <sup>(a)</sup> | 16174777 | 2825805 | 16190 |
|  **Credit Default Swaps:** |  |  |  |  |  |  |  |
|  Average Notional Amount — Buy Protection |  |  |  |  | 5223 <sup>(b)</sup> | 55881 |  |
|  Average Notional Amount — Sell Protection | 650 <sup>(c)</sup> | 1200 <sup>(c)</sup> |  |  |  | 378501 |  |
|  **Interest Rate Swaps:** |  |  |  |  |  |  |  |
|  Average Notional Amount | 61708 | 77864 |  |  | 392518 | 352505 | 8700 |
|  **Total Return Swaps:** |  |  |  |  |  |  |  |
|  Average Notional Amount |  |  |  |  |  |  | 2804 |
|  **Over the Counter Options:** |  |  |  |  |  |  |  |
|  Average Number of Contracts Written |  |  |  |  | 30550 <sup>(c)</sup> |  | 10214 |
|  Average Number of Contracts Purchased |  |  |  |  | 25917 |  | 33783 |
|  **Over the Counter Swaptions:** |  |  |  |  |  |  |  |
|  Average Number of Contracts Written |  |  |  |  | 34567 |  | 29100 |
|  Average Number of Contracts Purchased |  |  |  |  | 158700 |  | 128650 |

---

(a) Positions were open for 1 month during the period.

(b) Positions were open for 3 months during the period.

(c) Positions were open for 5 months during the period.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 371

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

**G. Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within the Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency. Currency gains or losses may be realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**H. Short Sales** — The Funds may engage in short sales as part of their normal investment activities. In a short sale, the Funds sell securities they do not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the custodian is recorded as Restricted cash on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as Interest income or Interest expense, respectively, on securities sold short on the Statements of Operations. The Funds are obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security's price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Funds are also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. The Funds will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds will record a realized gain if the price of the borrowed security declines between those dates.

**I. Security Transactions, Investment Income and Expense Allocation** — Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date or corporate action date at fair value. Six Circles Credit Opportunities Fund may receive income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest income on the Statements of Operations.

Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

The Funds are charged for those expenses of the Trust that are directly attributable to each Fund. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

**J. Repurchase Agreements** — The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds' policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, shall equal at least 100% of the principal amount of the repurchase transaction. The repurchase agreements further authorize the Funds to demand additional collateral in the event that the dollar value of the collateral falls below 100%. The Funds will make payments for such securities only upon physical delivery or upon evidence of book entry transfer to the account of the custodian.

Repurchase Agreements outstanding at period end, if any, are listed after each Fund's SOI.

The Funds' repurchase agreements are not subject to master netting arrangements.

 <br> 372 SIX CIRCLES TRUST JUNE 30, 2025

------

**K. Reverse Repurchase Agreements** — In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

Reverse repurchase agreements outstanding at period end, if any, are listed after each Fund's SOI.

The Six Circles Global Bond Fund and Six Circles The Multi-Strategy Fund had an average amount of borrowings outstanding during the period ended June 30, 2025 of $115,302,629 at a weighted average interest rate of 4.460% and $6,105,444 at a weighted average interest rate of 4.451%, accordingly.

**L. Segment Reporting** — During the reporting period, the Funds adopted the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The adoption of this new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. The Chief Operating Decision Maker (CODM) is identified as the Fund management team, which comprises the Chief Investment Officer team, the named portfolio managers of the Adviser, and the officers of the Trust, including the Principal Executive Officer and the Principal Financial Officer. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The CODM utilizes performance indicators such as profit, loss, income, expenses, and performance returns. These operating measures are reflected in the financial reporting, including, but not limited to, the Statement of Assets and Liabilities, the Statement of Operations, and the Financial Highlights. These reports are among the many inputs used by the CODM to assess performance and make strategic decisions.

**M. Federal Income Tax** — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of Subchapter M of the Code applicable to regulated investment companies. Each Fund intends to distribute to shareholders, substantially all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary.

The Funds follow the provisions of FASB Codification Section 740 ("ASC Section 740") "Accounting for Uncertainty in Income Taxes" which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50 percent likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax returns for all open years, and has concluded that no provision for federal income tax is required in the Funds' financial statements. At June 30, 2025 the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds' federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**N. Foreign Tax** — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

**O. Distributions to Shareholders** — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized capital gains are generally declared and paid according to the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Net Investment Income | Net Investment Income | Net Realized Capital Gains | Net Realized Capital Gains |
|  Six Circles Ultra Short Duration Fund |  | Monthly |  | Annual |
|  Six Circles Tax Aware Ultra Short Duration Fund |  | Monthly |  | Annual |
|  Six Circles U.S. Unconstrained Equity Fund |  | Annual |  | Annual |
|  Six Circles International Unconstrained Equity Fund |  | Annual |  | Annual |
|  Six Circles Global Bond Fund |  | Monthly |  | Annual |
|  Six Circles Tax Aware Bond Fund |  | Monthly |  | Annual |
|  Six Circles Credit Opportunities Fund |  | Monthly |  | Annual |
|  Six Circles Multi-Strategy Fund |  | Monthly |  | Annual |

---

Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from GAAP. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 373

------

AS OF JUNE 30, 2025 (Unaudited) (continued)

Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Fund financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statement of Changes in Net Assets and have been recorded to paid-in capital.

**P. Sale-buyback Transactions** — A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected in the payable for investments purchased on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions. Sale-buyback transactions are governed by Master Securities Forward Transaction Agreements ("Master Forward Agreements"), which are agreements between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of sale-buyback transactions as of period end, if any, is disclosed in a Fund's Schedule of Investments.

For the period ended June 30, 2025, there were no sale-buyback transactions.

3. Fees and Other Transactions with Affiliates

**A. Investment Advisory Fees** — The Adviser serves as the Funds' investment adviser pursuant to an investment advisory agreement (the "Investment Advisory Agreement"). Under the terms of the Investment Advisory Agreement, the Adviser generally manages the Funds' investments in accordance with the stated policies of each Fund, subject to the supervision of the Board. For the services provided to the Funds, the Adviser is entitled to a fee, accrued daily and paid monthly, at the annual rate of 0.25% of the average daily net assets of each Fund except the Six Circles Credit Opportunities Fund and the Six Circles Multi-Strategy Fund. The fee for the Six Circles Credit Opportunities Fund is 0.75% of the average daily net assets and 1.25% of the average daily net assets for the Multi-Strategy Fund.

The Adviser selects and oversees professional money managers (the "Sub-Advisers") who are responsible for investing the assets of the Funds under sub-advisory agreements (the "Sub-Advisory Agreements"). Pursuant to each respective Sub-Advisory Agreement, the Adviser agrees to pay each Sub-Adviser a sub-advisory fee from its investment advisory fees. BlackRock Investment Management, LLC ("BlackRock"), Royal Bank of Canada Global Asset Management (UK) ("RBC GAM (UK)"), Insight North America LLC ("Insight"), Capital International, Inc. ("Capital Group"), Goldman Sachs Asset Management, L.P. ("Goldman"), Muzinich & Co. ("Muzinich"), Nuveen Asset Management, LLC ("Nuveen") , Pacific Investment Management Company LLC ("PIMCO"), PGIM, Inc. ("PGIM"), Allspring Global Investments, LLC ("Allspring"), Lord Abbett & Co. LLC ("Lord Abbett") AHL Partners LLP ("AHL"), T. Rowe Price Associates Inc. ("T. Rowe Price") and Dynamic Beta Investments LLC ("DBi") currently serve as the Sub-Advisers to the Funds. The Sub-Advisers are paid a management fee by the Adviser pursuant to their individually negotiated Sub-Advisory Agreements.

On October 5, 2018, the Adviser entered into an agreement to allow Russell Investments Implementation Services, LLC ("Russell") to provide stand-by interim sub-advisory services, as well as transition management services, for each Fund, to be utilized as needed in certain transitional circumstances involving a Fund Sub-Adviser. Russell is paid a minimum per fund annual flat fee and/or a monthly fee equal to a percentage of daily net assets to the extent assets are allocated to Russell as interim Sub-Adviser. During the reporting period, the Funds have not allocated assets to Russell.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3F and reflected on the Statement of Operations.

**B. Administration and Accounting Fees** — Pursuant to an Administrative Agency Agreement, Brown Brothers Harriman & Co. (the "Administrator") provides certain administration and fund accounting services to the Funds.

**C. Distribution Fees** — Pursuant to a Distribution Agreement, Foreside Fund Services, LLC (the "Distributor"), will serve as the Funds' principal underwriter and acts as the agent of the Funds in connection with the continuous offering of shares of each Fund. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Funds. The Distributor does not receive compensation from the Funds, but instead is compensated by the Adviser for certain distribution-related expenses.

**D. Custodian** — Pursuant to a Custodian Agreement, Brown Brothers Harriman & Co. serves as the custodian (the "Custodian") for each of the Funds and is responsible for holding portfolio securities and cash and maintaining the books of account and records of portfolio transactions.

**E. Transfer Agent** — Pursuant to a Transfer Agency and Service Agreement, DST Asset Manager Solutions, Inc. (the "Transfer Agent") serves as each Fund's transfer and dividend disbursing agent. The Transfer Agent is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts.

 <br> 374 SIX CIRCLES TRUST JUNE 30, 2025

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**F. Waivers and Reimbursements** — The Adviser has contractually agreed through at least April 30, 2026, to waive any management fees that exceed the aggregate management fees the Adviser is contractually required to pay each Fund's Sub-Advisers. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. Such waivers are not subject to reimbursement by the Funds. The Adviser has also contractually agreed through at least April 30, 2026 to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to short sales, brokerage fees, interest on borrowings, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the following percentages of the average daily net assets of each Fund (the "Expense Cap"):

---

| | |
|:---|:---|
| Fund Name | Expense Cap |
|  Six Circles Ultra Short Duration Fund | 0.40% |
|  Six Circles Tax Aware Ultra Short Duration Fund | 0.40% |
|  Six Circles U.S. Unconstrained Equity Fund | 0.45% |
|  Six Circles International Unconstrained Equity Fund | 0.50% |
|  Six Circles Global Bond Fund | 0.40% |
|  Six Circles Tax Aware Bond Fund | 0.40% |
|  Six Circles Credit Opportunities Fund | 0.95% |
|  Six Circles Multi-Strategy Fund | 1.45% |

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An expense reimbursement by a Fund's Adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the Adviser. Repayment must be limited to amounts that would not cause a Fund's operating expenses (taking into account any reimbursements or waiver by the Adviser and repayments by the Fund) to exceed the Expense Cap in effect at the time of the reimbursement by the Adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through April 30, 2026, at which time the Adviser and/or its affiliates will determine whether to renew or revise it.

For the period ended June 30, 2025, there were no amounts reimbursed by the Adviser, nor were there amounts available for potential future recoupment by the Adviser.

**G. Cross Trades** — The Funds may participate in purchase and sale transactions with other Six Circles Funds. These cross trades are executed in accordance with procedures adopted by the Trust's Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security. During the period ended June 30, 2025 the aggregate value of purchases and sale cross trades with other Six Circles Funds were as follows (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | **Realized**<br> **gain/loss** |
|  Six Circles U.S. Unconstrained Equity Fund | $383 | $89 | $3 |
|  Six Circles International Unconstrained Equity Fund | 10 | 3724 | (325) |

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4. Investment Transactions

During the period ended June 30, 2025 purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases<br>(excluding U.S.<br>Government) | Sales<br>(excluding U.S.<br>Government) | Purchases<br>of U.S.<br>Government | Sales<br>of U.S.<br>Government |
|  Six Circles Ultra Short Duration Fund | $175328 | $101498 | $79560 | $118328 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 321183 | 151510 | 44495 | 45906 |
|  Six Circles U.S. Unconstrained Equity Fund | 9684631 | 8604722 |  |  |
|  Six Circles International Unconstrained Equity Fund | 2721310 | 3487349 |  |  |
|  Six Circles Global Bond Fund | 3720685 | 4348005 | 9028631 | 8345816 |
|  Six Circles Tax Aware Bond Fund | 2919236 | 1037353 |  | 22 |
|  Six Circles Credit Opportunities Fund | 2601161 | 2257568 | 73338 | 88248 |
|  Six Circles Multi-Strategy Fund | 228441 | 74256 | 2672609 | 2595309 |

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5. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Since Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, and Six Circles Multi-Strategy Fund are non-diversified, they may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in Funds' shares being more sensitive to economic results among those issuing the securities.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 375

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AS OF JUNE 30, 2025 (Unaudited) (continued)

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 and Six Circles Credit Opportunities Fund invest in foreign issuers and foreign securities (including depositary receipts) which are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of a Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other instruments are not traded "delivery versus payment," a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit a Fund's ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets." Emerging market countries typically have less-established economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Additionally, investors may have substantial difficulties bringing legal actions to enforce or protect investors' rights, which can increase the risks of loss.

Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets countries.

The Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund invest a portion of their assets in the Asia Pacific region. The small size of securities markets and the low trading volume in some countries in the Asia Pacific Region may lead to a lack of liquidity. Also, some Asia Pacific economies and financial markets have been extremely volatile in recent years. Many of the countries in the region are developing, both politically and economically. They may have relatively unstable governments and economies based on only a few commodities or industries. The share prices of companies in the region tend to be volatile and there is a significant possibility of loss. Also, some companies in the region may have less established product markets or a small management group and they may be more vulnerable to political or economic conditions, like nationalization. In addition, some countries have restricted the flow of money in and out of the country.

Certain of the currencies in the Asia Pacific region have experienced extreme volatility relative to the U.S. dollar. For example, Thailand, Indonesia, the Philippines and South Korea have had currency crises and have sought help from the International Monetary Fund. Holding securities in currencies that are devalued (or in companies whose revenues are substantially in currencies that are devalued) will likely decrease the value of a Fund's holdings.

The trading volume on some Asia Pacific region stock exchanges is much lower than in the United States, and Asia Pacific region securities of some companies are less liquid and more volatile than similar U.S. securities. In addition, brokerage commissions on regional stock exchanges are fixed and are generally higher than the negotiated commissions in the United States. The imposition of tariffs or other trade barriers, or a downturn in the economy of a significant trading partner could adversely impact Asia Pacific companies. If a Fund concentrates in the Asia Pacific region, such Fund's performance may be more volatile than that of a fund that invests globally. If Asia Pacific securities fall out of favor, it may cause a fund that concentrates in the Asia Pacific region to underperform funds that do not concentrate in the Asia Pacific region.

The Six Circles International Unconstrained Equity Fund performance may be affected by political, social and economic conditions in Europe, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns, and fiscal and monetary controls imposed on member countries of the European Union.

The Six Circles International Unconstrained Equity Fund and Six Circles Credit Opportunities Fund may have investments in Mainland China, Hong Kong and Taiwan that are subject to significant legal, regulatory, monetary and economic risks, as well as the potential for regional and global conflicts, including actions that are contrary to the interests of the U.S.

As of June 30, 2025, the Six Circles International Unconstrained Equity Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

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| | | | |
|:---|:---|:---|:---|
| France | Germany | Switzerland | United Kingdom |
| 12.6% | 17.3% | 14.3% | 20.2% |

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 <br> 376 SIX CIRCLES TRUST JUNE 30, 2025

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As of June 30, 2025, the Six Circles Global Bond Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

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| | |
|:---|:---|
| China | Japan |
|  13.8% | 11.5% |

---

As of June 30, 2025 a significant portion of the Six Circles International Unconstrained Equity and Six Circles Global Bond Funds' net assets consisted of securities that were denominated in foreign currencies. Changes in foreign currency exchange rates will affect the value of a Fund's securities and the price of a Fund's shares. Generally, when the value of the U.S. dollar rises relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates. Devaluation of a currency by a country's government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Overnight bank deposits of foreign currency can result in negative interest rates based on monetary policies in that respective country. Currency markets generally are not as regulated as securities markets, may be riskier than other types of investments and may increase the volatility of a Fund. Although a Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. A Fund may also hedge from one foreign currency to another. In addition, a Fund's use of currency hedging may not be successful, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower a Fund's potential returns.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund are subject to risks associated with mortgage-related and asset backed securities, including certain municipal housing authority obligations, collateralized loan obligations and collateralized debt obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market or other assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Funds may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the Funds may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of either rising or declining interest rates, the Funds may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Funds may exhibit additional volatility. Mortgage-related and other asset backed securities may be issued by private issuers or issued, or guaranteed, by government or government-sponsored entities. The mortgage loans underlying privately issued mortgage-related securities may not be subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have government or government-sponsored entity guarantees. There is no government or government-sponsored entity guarantee for such privately issued investments and thus a Fund faces an increased risk of loss with respect to such privately issued investments.

The Funds may be subject to the risks associated with investments in derivatives, including futures, options, swaps and forward contracts, which may be riskier than other types of investments and may increase the volatility of a Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed a Fund's original investment. The Funds may be more volatile than if a Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of a Fund's portfolio securities. Certain derivatives expose a Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose a Fund to risks of mispricing or improper valuation. Derivatives also can expose a Fund to derivative liquidity risk, which includes the risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of a Fund's counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Derivatives also subject a Fund to liquidity risk because the liquidity of derivatives is often based on the liquidity of the underlying instruments. In addition, the possible lack of a liquid secondary market for derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make derivatives more difficult for a Fund to value accurately.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts and forward foreign currency exchange contracts.

The Funds may be subject to the risks associated with investments in instruments including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protection under the federal securities laws and lack of publicly available information. A Fund will not have direct recourse against the borrower when a Fund invests in a loan participation. High yield securities and loans that are deemed to be liquid at the time of purchase may become illiquid.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 377

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AS OF JUNE 30, 2025 (Unaudited) (continued)

The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/ or under unfavorable conditions, can increase the volatility of a Fund's NAV per share. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability and infectious disease epidemics or pandemics. The effects that any future pandemic or other global event can have upon public health and business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund's arbitrage and pricing mechanisms, exacerbate preexisting political, social and economic risks to a Fund, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which a Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund's investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental response impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

The Funds may also invest in shares of other investment companies and ETFs. ETFs are ownership interests in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks many of which are designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. Shareholders bear both their proportionate share of a Fund's expenses and similar expenses of the underlying investment company or ETF when a Fund invests in shares of another investment company or ETF. A Fund is subject to the risks associated with the ETF's or investment company's investments. ETFs, investment companies and other investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies. The price and movement of an ETF or closed-end fund designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their NAV (also known as a discount). Certain ETFs or closed-end funds traded on exchanges may be thinly-traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer.

The Six Circles U.S. Unconstrained Equity Fund may invest in companies in the healthcare sector which may be subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market. Several legislative proposals concerning healthcare have been considered by the U.S. Congress in recent years and it is unclear what proposals will ultimately be enacted, if any, and what effect they may have on companies in the healthcare sector.

The Six Circles U.S. Unconstrained Equity Fund may invest in technology companies which may face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

The Six Circles Ultra Short Duration Fund, Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund may invest in financial services companies that are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and

 <br> 378 SIX CIRCLES TRUST JUNE 30, 2025

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interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

The Funds' investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. A Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. A Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may increase or decrease interest rates or the timing, frequency, or magnitude of such increases or decreases. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments. A Fund's investments may be subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. If an issuer's or a counterparty's financial condition worsens, their credit quality may deteriorate. Prices of a Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of a Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

The Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Tax Aware Bond Fund are subject to municipal obligations risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality's financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease a Fund's income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. For example, the current COVID-19 pandemic has significantly stressed the financial resources of many municipalities, which may impair their ability to meet their financial obligations and harm the value of a Fund's investments. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to a Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of a Fund's investments. In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality's debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of a Fund's investments.

The Six Circles Credit Opportunities Fund and the Six Circles Multi-Strategy Fund are indirectly exposed to the risks associated with the subsidiaries' investments. There can be no assurance that the investment objective of the Funds' or the subsidiaries will be achieved. The subsidiaries are not registered under the 1940 Act, and are not subject to all the investor protections of the 1940 Act.

6. Income Taxes and Distributions to Shareholders

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary differences and permanent reclassifications have no effect on net assets. For the fiscal year ended December 31, 2024, the Funds made permanent book-to-tax reclassifications primarily related to investments partnerships, real estate investment trusts ("REITs"), taxable overdistributions, non-deductible offering costs, income and gains or losses derived from Cayman funds, investments in passive foreign investment companies ("PFICs"), investments in swap contracts, foreign currency contracts, callable bonds, debt to equity perpetual bond investments, defaulted bonds, and distribution reclasses.

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2025 were as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate**<br> **Tax Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Six Circles Ultra Short Duration Fund | $712957 | $7008 | $(4134) | $2874 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 952115 | 4509 | (3547) | 962 |
|  Six Circles U.S. Unconstrained Equity Fund | 19183884 | 9306920 | (454773) | 8852147 |
|  Six Circles International Unconstrained Equity Fund | 12325988 | 5497841 | (777002) | 4720839 |
|  Six Circles Global Bond Fund | 14877920 | 839024 | (748059) | 90965 |
|  Six Circles Tax Aware Bond Fund | 13294950 | 52823 | (440235) | (387412) |
|  Six Circles Credit Opportunities Fund | 8240161 | 479170 | (288687) | 190483 |
|  Six Circles Multi-Strategy Fund | 1185399 | 16400 | (8196) | 8204 |

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 <br> JUNE 30, 2025 SIX CIRCLES TRUST 379

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As of December 31, 2024, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

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| | | |
|:---|:---|:---|
|  | Capital Loss Carryforward Character | Capital Loss Carryforward Character |
|  | Short-Term | Long-Term |
|  Six Circles Ultra Short Duration Fund | $3418 | $1653 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 2049 | 4864 |
|  Six Circles International Unconstrained Equity Fund | 251709 | 670388 |
|  Six Circles Global Bond Fund | 395422 | 83280 |
|  Six Circles Tax Aware Bond Fund | 50002 | 100997 |
|  Six Circles Credit Opportunities Fund | 119945 | 195337 |

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During the year ended December 31, 2024, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

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| | | |
|:---|:---|:---|
|  | Capital Loss Utilized | Capital Loss Utilized |
|  | Short-Term | Long-Term |
|  Six Circles Ultra Short Duration Fund | $1318 | $621 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 464 |  |
|  Six Circles International Unconstrained Equity Fund | 88504 |  |
|  Six Circles Tax Aware Bond Fund | 2947 |  |
|  Six Circles Credit Opportunities Fund | 22221 |  |

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Specified ordinary losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended December 31, 2024, the Funds deferred to January 1, 2025 the following specified ordinary losses (amounts in thousands):

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| | |
|:---|:---|
|  | **Specified**<br> **Ordinary Loss** |
|  Six Circles Multi-Strategy Fund | $118 |

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7. Ownership Concentration

As of June 30, 2025, the Funds each had one affiliated omnibus account for the benefit of its clients which owned approximately 99% of its outstanding shares.

8. New Accounting Pronouncement

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The Funds evaluated the impact of this ASU and concluded that "contractual restrictions" are not considered when measuring the fair value of the securities; therefore, these amendments did not have any impact on the Funds' financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

9. Subsequent Events

The Funds have evaluated subsequent events through the date of issuance of this report and have determined that there are no material events that require disclosure.

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#### BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)

#### ANNUAL APPROVAL OF THE CONTINUATION OF THE ADVISORY, SUB-ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS
**Materials Requested Prior to the Meeting.** Prior to the Meeting, Ropes & Gray LLP ("Ropes & Gray" or "Independent Legal Counsel"), counsel to the Independent Trustees, had prepared letters on behalf of the Independent Trustees requesting information from J.P. Morgan Private Investments Inc. ("JPMPI" or the "Adviser") and each Sub-Adviser and Sub-Sub-Adviser (each as defined below) in connection with the proposed continuance for an additional one-year term of (i) the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and JPMPI for the Six Circles U.S. Unconstrained Equity Fund (the "U.S. Equity Fund"), the Six Circles International Unconstrained Equity Fund (the "International Equity Fund"), the Six Circles Tax Aware Ultra Short Duration Fund (the "Tax Aware Fund"), the Six Circles Ultra Short Duration Fund (the "Ultra Short Fund"), the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (the "MEP U.S. Fund"), the Six Circles Managed Equity Portfolio International Unconstrained Fund (the "MEP International Fund"), the Six Circles Global Bond Fund (the "Global Bond Fund"), the Six Circles Tax Aware Bond Fund (the "Tax Aware Bond Fund"), the Six Circles Credit Opportunities Fund (the "Credit Opportunities Fund") and the Six Circles Multi-Strategy Fund (the "Multi-Strategy Fund") (collectively the "Funds"), (ii) the Sub-Advisory Agreements in respect of the Funds between JPMPI and each of AHL Partners LLP ("AHL"), Allspring Global Investments, LLC ("Allspring"), BlackRock Investment Management, LLC ("BlackRock"), Capital International Inc. ("Capital"), Dynamic Beta Investments LLC ("DBI"), Goldman Sachs Asset Management, L.P. ("GSAM"), Insight North America LLC ("Insight"), Lord, Abbett & Co. LLC ("Lord Abbett"), Muzinich & Co., Inc. ("Muzinich"), Nuveen Asset Management, LLC ("Nuveen"), PGIM, Inc. ("PGIM"), Pacific Investment Management Company LLC ("PIMCO"), RBC Global Asset Management (UK) Limited ("RBC GAM (UK)"), Russell Investments Implementation Services LLC ("RIIS") (in the case of RIIS, as a stand-by, interim Sub-Adviser) and T. Rowe Price Associates, Inc. ("TRowePrice") (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") and (iii) the Sub-Sub-Advisory Agreements between BlackRock and BlackRock International Limited ("BIL"), Blackrock and BlackRock (Singapore) Limited ("BSL"), PGIM and PGIM Limited ("PGIML") and RBC GAM(UK) and RBC Global Asset Management (US) Inc. ("RBC GAM(US)") (each of BIL, BSL, PGIML and RBC GAM(US), a "Sub-Sub-Adviser" and collectively, the "Sub-Sub-Advisers; each Sub-Adviser and its affiliated Sub-Sub-Adviser(s), as applicable, are sometimes collectively referred to herein as a single Sub-Adviser) (each of the Advisory Agreement, the Sub-Advisory Agreements and the Sub-Sub-Advisory Agreements, an "Agreement" and, collectively, the "Agreements").

The requests were designed to address the requirement under Section 15(c) of the 1940 Act that the Trustees request and evaluate, and that the Adviser and each Sub-Adviser furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements. JPMPI and each Sub-Adviser (on behalf of itself and its affiliated Sub-Sub-Advisers, as applicable) responded to the information requests and provided memoranda and related materials and exhibits for consideration by the Trustees, which were provided to the Trustees in advance of the Meeting and included in the Meeting Materials (together, the "15(c) Materials").

Set forth below is a summary of the material factors evaluated by the Trustees that formed the basis for the Board's approval of the continuation of the Agreements. The Trustees' conclusions as to the approval of the continuation of the Agreements were based on a comprehensive consideration of all information provided to the Trustees. In deciding whether to approve the continuation of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

**Materials Reviewed.** In considering the approval of the continuation of the Agreements, the Trustees reviewed the 15(c) Materials and related exhibits and other information which included, among other items, (i) the terms of the Agreements, (ii) comparative fee and expense information and comparative performance information of comparable 1940 Act funds developed by Broadridge Financial Solutions/Lipper ("Broadridge") and of any comparable funds or accounts managed by the Adviser or a Sub-Adviser, (iii) performance of the Funds compared to applicable benchmarks/indices, (iv) fee schedules and composite performance information with respect to the J.P. Morgan managed accounts and related strategies that invest in the Funds, (v) descriptions of various services and functions performed by the Adviser for the Funds, such as portfolio management, compliance monitoring, risk management, valuation and administrative, accounting, legal and other services, and descriptions of the portfolio management services provided by each Sub-Adviser to the Funds, (vi) the estimated costs to the Adviser of providing such services, (vii) information regarding the Adviser's and each Sub-Adviser's compliance policies and procedures applicable to the Funds, (viii) balance sheet and/or other financial information regarding the Adviser and each Sub-Adviser, (ix) information regarding the Adviser's corporate organizational structure and biographical information of key personnel of the Adviser and its affiliates who provide services to the Funds and similar information for each Sub-Adviser, (x) information regarding estimated profitability to the Adviser from its relationship with the Funds, (xi) information regarding potential economies of scale, and

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#### BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)

(xii) information regarding potential ancillary or "fall out" benefits to the Adviser and its affiliates or a Sub-Adviser and its affiliates from their relationships with the Funds. The Trustees also reviewed a memorandum prepared by Independent Legal Counsel regarding the responsibilities of the Trustees in considering the approval of the continuation of the Agreements under applicable law.

**Review Process.** Following the Independent Trustees' receipt and review of the 15(c) Materials, they held an initial meeting via video conference on May 20, 2025, during which representatives from the Adviser (sometimes referred to herein as "management") presented to the Trustees regarding the 15(c) Materials and the related proposed continuance of the Agreements, as well the Funds' administration- and distribution-related contracts, and responded to various questions from the Independent Trustees. The Independent Trustees held a subsequent video meeting on May 24, 2025 with Independent Legal Counsel to consider the 15(c) Materials and management's presentations and related deliberations during the initial meeting with management held on May 20. The Independent Trustees formulated a number of questions and requests for follow-up information from management, which Independent Legal Counsel subsequently communicated to the Adviser in writing. The Adviser responded to each of the various follow-up questions and requests either in writing or orally at the Meeting. The Independent Trustees and Independent Legal Counsel held additional executive sessions in connection with the Meeting, one of which included the interested Chair of the Board and other representatives of the Adviser. The Trustees also received written and oral presentations during the Board's regular meetings throughout the year on matters related to the Agreements. As indicated, at several points during the review process, Independent Trustees discussed the proposed continuation of the Agreements during executive sessions held with Independent Legal Counsel at which no representatives of management were present.

**Nature, Extent and Quality of Services.** The Trustees considered the depth and quality of the investment management processes of JPMPI and the Sub-Advisers and Sub-Sub-Advisers, including the experience and capabilities of each entity's senior management, investment and other personnel, and the overall financial strength and stability of the organizations. The Trustees also considered the nature, extent and quality of the various services JPMPI provides under the Advisory Agreement, including with respect to its selection, evaluation and oversight of each Sub-Adviser and Sub-Sub-Adviser, as well as the administrative and other services JPMPI provides to the Funds, including oversight of the Fund's administrator and other service providers. In this regard, the Trustees noted JPMPI's continuing investments in technology and other resources to support its investment management, compliance, accounting, risk management and

other services on behalf of the Funds, as well as JPMPI's continuing efforts to attract and retain qualified personnel to provide services to the Funds and maintain and enhance its related resources and systems. The Trustees also considered JPMPI's policies, procedures and systems designed to promote the Funds' compliance with applicable laws and regulations and to conduct effective oversight of each Sub-Adviser, Sub-Sub-Adviser and other Fund service providers, and its processes and communications to keep the Trustees informed about matters relevant to the Funds and their shareholders.

The Trustees also considered the sub-advisory services provided by each Sub-Adviser and Sub-Sub-Adviser to the Funds under the applicable Agreements, including information about the investment personnel of each entity who are responsible for providing services under the applicable Sub-Advisory Agreement or Sub-Sub-Advisory Agreement. The Trustees reviewed the nature and quality of the investment management, research, trading, risk management, compliance and other capabilities of each Sub-Adviser and Sub-Sub-Adviser and the experience and capabilities of the entity's portfolio management and other personnel who provide services to the Funds. Among other information, the Trustees also took into account certifications received from JPMPI and each Sub-Adviser confirming the adequacy of its compliance program and code of ethics.

Among other information, the Trustees noted that, to date, RIIS had not been called upon to act as an interim Sub-Adviser to any Fund under its Sub- Advisory Agreement (the "RIIS Interim Sub-Advisory Agreement"). In considering the proposed continuance of the RIIS Interim Sub-Advisory Agreement, the Trustees noted that, in September 2024, the Board approved an amendment to the RIIS Interim Sub-Advisory Agreement pursuant to which RIIS is paid a minimum annual flat fee per Fund for agreeing to maintain capacity to potentially serve as an interim Sub-Adviser. It was further noted that to the extent a Fund pays RIIS fees for actual portfolio or transition management services provided by RIIS to a Fund during a year in excess of the minimum fee, the minimum fee would not be billed for that Fund for that year. Prior to this amendment, RIIS was paid a sub-advisory fee with respect to a Fund only if it actually served as an interim Sub-Adviser to the Fund. The Trustees also considered that the arrangement with RIIS was beneficial to the Funds as RIIS has the ability to cover both fixed income and equity strategies and the capacity to handle a large volume of assets in the event there was a disruption in services from sub-advisers such as BlackRock managing a large portion of assets.

**Investment Performance.** As part of their review of the services provided by JPMPI and each Sub-Adviser, the Trustees reviewed the performance of each of the Funds, including in reference to a Broadridge report which contained, among other information, comparisons of each Fund's total return invest-

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ment performance for 1-, 3- and 5-year (as applicable) and since inception periods ended December 31, 2024 to a performance group and performance universe of peer funds selected by Broadridge and to the Fund's benchmark index. In reviewing the comparative information, the Trustees took into account JPMPI's explanation that the peer funds selected by Broadridge, and the applicable benchmarks, do not provide particularly apt comparisons, given each Fund's intended role as a completion portfolio for the broader J.P. Morgan managed account portfolios and the bespoke and highly tailored structures of the Funds' portfolios. The Trustees considered JPMPI's view that since the role of the Funds is to enhance the relative performance of the total managed account portfolios in which they are held, the Trustees should also take into account and evaluate the performance of the Funds in the context of the broader portfolios they are intended to complete and on the basis of whether the Funds serve their intended purposes. In this regard, the Board received representations from JPMPI's Chief Investment Officer ("CIO") team regarding the utility of the Funds in serving their intended purposes, including how they have served to enhance access to investment ideas and have increased portfolio efficiency for the managed account strategies that invest in the Funds.

The Trustees also considered information provided with the 15(c) Materials and throughout the year by JPMPI with respect to its diligence, selection process and monitoring of the performance of the Funds' Sub-Advisers and Sub-Sub-Advisers on behalf of the applicable Funds. In this regard, the Trustees received and took into account supplemental information regarding the performance of individual sleeves of the Funds' portfolios managed by a Sub-Adviser or Sub-Sub-Adviser in comparison to performance benchmark(s), which included customized benchmarks in certain cases. In addition, the Trustees received and reviewed composite performance information for J.P. Morgan managed account portfolios that invest in the Funds, along with related performance attribution information. The Trustees also considered the results of reviews of the performance of the Sub-Advisers and Sub-Sub-Advisers by the J.P. Morgan Investment Performance Governance Committee ("IPGC"), a separate committee within JPMorgan responsible for providing ongoing oversight of third-party investment strategies, and related reports provided by IPGC to the Board throughout the year. The Trustees took into account indications from IPGC that it has been satisfied with the performance of each Sub-Adviser, and that the Funds have to date served and continue to serve their intended purposes as completion portfolios for JPMorgan separate account strategies.

**Fees and Total Expenses.** In considering the fees and expenses of each Fund, the Trustees took into account a number of factors, including the type and complexity of the services provided to the Funds under the Agreements, the estimated cost of providing such services, the risks assumed by JPMPI in serving as

investment adviser to the Funds and providing such services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to investors in the Funds. The Trustees noted that the advisory fee rate payable to JPMPI under the Advisory Agreement is the same for all Funds, with the exception of the Credit Opportunities Fund and the Multi-Strategy Fund, each of which has a higher advisory fee rate to account for the higher cost sub-advisers and strategies within the Fund. They also took into account JPMPI's explanation that each Fund receives substantially similar investment management services from JPMPI, including asset allocation, investment oversight and other management services. In addition, the Trustees took into account that the Adviser had contractually agreed to (i) reimburse expenses for the Funds to the extent the total expense ratio for each Fund exceeds a certain specified limit and (ii) waive any advisory fees that exceed the aggregate sub-advisory fees JPMPI is contractually required to pay to the Sub-Advisers, and that JPMPI was proposing to continue those arrangements for an additional year. In this regard, the Trustees took into account that, all other things being equal, the amendment to the RIIS Interim Sub-Advisory Agreement adopted in September 2024 results in JPMPI paying higher amounts of sub-advisory fees, and therefore waiving correspondingly lesser amounts of its advisory fees, for each Fund than it did prior to the amendment. The Trustees also took into account that the per Fund annual minimum fee paid is relatively small in comparison to each Fund's total expenses and would be credited to offset any fees paid by a Fund to RIIS for actual portfolio or transition management services provided by RIIS to the Fund during a calendar year.

The Trustees reviewed the advisory fees and total expenses of each Fund (each as a percentage of average net assets) in comparison to the average and median fees and expenses of peer funds within two peer expense groups and an expense universe identified by Broadridge. They noted that two expense groups were identified by Broadridge for each Fund, one of which included institutional 1940 Act funds, and the other only pure index exchange-traded funds ("ETFs") in light of the Funds' index-based strategies, and that the expense universe identified by Broadridge included a broader group of institutional 1940 Act funds. The Trustees took into account that each Fund was in the 1st quintile (*i.e.*, having among the lowest fees/expenses) for actual management fees and total expenses in comparison to the Broadridge expense group and expense universe for institutional 1940 Act funds as well as the expense group including only ETFs, with the exception of (i) the Ultra Short Fund, which was in the 2<sup>nd</sup> quintile in the expense group for institutional 1940 Act funds and in the 3<sup>rd</sup> and 4<sup>th</sup> quintiles for actual management fees and total expenses, respectively, in the expense group including only ETFs, (ii) the Tax Aware Bond Fund, which was in the 2<sup>nd</sup> quintile for both actual management fees and total expenses in the expense group including only

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(Unaudited) (continued)

ETFs and (iii) the Multi-Strategy Fund, which ranked second among only one other fund for total expenses in the expense group including only ETFs. The Trustees noted that all Funds were in the 1<sup>st</sup> quintile for contractual management fees in comparison to the Broadridge expense group and universe for institutional 1940 Act funds and the expense group including only ETFs, with the exception of the Credit Opportunities Fund, which was in the 5<sup>th</sup> quintile of both expense groups and the expense universe, and the Multi-Strategy Fund, which was in the 3<sup>rd</sup> quintile of the expense group for institutional 1940 Act funds and ranked second among only one other fund in the expense group including only ETFs. They took into account, however, that with respect to actual management fees, the Credit Opportunities Fund and the Multi-Strategy Fund were each in the 1<sup>st</sup> quintile of both the expense groups and the expense universe after taking into account the fee waivers observed for the Fund.

The Trustees also considered information regarding the sub-advisory fee rates paid to each Sub-Adviser under the Sub-Advisory Agreements and found them to be reasonable. In this regard, the Trustees took into account that the Adviser, and not the Funds, pays each Sub-Adviser for its services to the Funds out of the advisory fees that the Adviser receives from the Funds under the Advisory Agreement, and further that the Adviser does not retain any such advisory fees. The Trustees also considered that the fees paid to each Sub-Sub-Adviser are paid by the applicable Sub-Adviser out of the sub-advisory fees it receives from the Adviser.

The Trustees also reviewed the fee rates of funds or accounts, if any, managed by a Sub-Adviser with comparable investment objectives and strategies to those of a Fund or portfolio sleeve of a Fund sub-advised by the Sub-Adviser. In doing so, the Trustees took into account the Adviser's views regarding the limitations of fee comparisons to other funds and separately managed accounts that are not registered under the 1940 Act and/or are not publicly offered, in light of the differences in the types and scope of services provided to the Funds compared to those provided to such other funds and accounts. Further, the Trustees took into account the differing levels of services provided and resulting limitations of fee comparisons with respect to other funds or accounts for which a Sub-Adviser serves as primary investment adviser, as opposed to fees charged where a Sub-Adviser serves only in a sub-advisory capacity, as in the case of the Funds. The Trustees also noted management's representation that JPMPI does not manage any funds or accounts with comparable investment objectives and strategies as those of the Funds, and similar representations from applicable Sub-Advisers indicating that such Sub-Adviser does not manage any comparable funds or accounts with respect to a Fund or portfolio sleeve it sub-advises. Additionally, the Trustees noted the most-favored nation fee provisions agreed to in the applicable Sub-Advisory Agreements by AHL, Allspring,

BlackRock, Capital, DBI, GSAM, Insight, Lord Abbett, Muzinich, Nuveen, PGIM, PIMCO, RBC GAM (UK), RIIS and TRowePrice, which help ensure that sub-advisory fee rates charged by each such Sub-Adviser with respect to the Funds are no higher than the fees the Sub-Adviser charges to similar clients.

**Adviser Costs, Level of Profits and Economies of Scale.** The Trustees considered the estimated profits realized by the Adviser from the Advisory Agreement and in connection with the operation of the Funds based on profitability information included in the 15(c) Materials. Among other information, the Trustees considered the Funds' operating expenses and estimated costs to the Adviser of providing services to the Funds. They also considered the impact of the expense limitation agreement and fee waiver agreement observed by JPMPI with respect to each Fund on the Adviser's estimated profitability. The Trustees took into account that JPMPI's estimates indicated that the Adviser has been unprofitable with respect to each of the Funds from inception through December 31, 2024. The Trustees also took into account that, although the Adviser has not realized direct profits with respect to the Funds, J.P. Morgan and its affiliates could be profitable with respect to the managed accounts that invest in the Funds and received related information and input from the Adviser in this regard.

The Trustees further noted that the advisory fee rates paid to the Adviser do not have break points, but due to the Funds' fee waiver arrangements, the Adviser does not retain any portion of the advisory fees paid by the Funds and also observes expense limitation arrangements for each Fund, which may allow the Funds to benefit from economies of scale. The Trustees took into account that the Sub-Advisory Agreements with AHL, Allspring, BlackRock, GSAM, Insight, Lord Abbett, Muzinich, Nuveen, PGIM, PIMCO, RBC GAM (UK), RIIS and TRowePrice each include breakpoints to their sub-advisory fee rates at certain assets levels.

**Ancillary Benefits.** The Trustees also considered whether the Adviser and/or the Sub-Advisers or any of their affiliates may receive other ancillary or "fall out" benefits as a result of their relationships with the Funds. The Trustees considered that the Funds benefit the Adviser and its affiliates by enhancing the current discretionary product offering to J.P. Morgan Private Bank, J.P. Morgan Securities and Chase Wealth Management clients. The Trustees considered that the Funds serve to expand JPMPI's CIO investment opportunities, expand their capacity to invest, and reduce unintended portfolio dispersion. The Trustees also considered that, apart from the Adviser, which does not retain any fees under the Advisory Agreement for managing the Funds, the Funds do not engage any JPMPI affiliates as Fund service providers. The Trustees noted that the Funds utilize unaffiliated/third-party service providers for administration, custody, audit and other services. In this regard, the Trustees took into account the Adviser's representation that no JPMPI affiliate directly profits financially from the Funds them-

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selves. The Trustees considered that the Adviser and/or its affiliates do receive portfolio management fees ("PMFs") outside of the Funds based on funds held in the Adviser's discretionary client accounts, including with respect to assets attributable to shares of the Funds held in such accounts. The Trustees took into account, however, the Adviser's representation that it or its affiliates would receive these PMFs independent of whether the discretionary accounts allocated investments to the Funds or allocated the same assets to a third-party fund or other investment.

The Trustees also took into account that none of the Sub-Advisers are affiliated with any of the Funds' other service providers, and therefore do not benefit from those contractual relationships. The Trustees also considered portfolio trading practices of RIIS, noting the relatively low trading costs that RIIS expects to incur in completing portfolio transactions for the Funds, should the services be used. Additionally, the Trustees considered that RIIS may receive ancillary benefits of receiving fees from serving as transition manager to the Funds under the Implementation Services Agreement between the Adviser and RIIS. In this regard, the Trustees noted that those transition management fees are not contingent on RIIS serving as an interim Sub-Adviser for the Funds and would be for services that are distinct from any actual sub-advisory services RIIS provides or its agreement to standby to serve as interim sub-adviser, and further that RIIS has not to date actually served as an interim Sub-Adviser for any Fund. The Trustees also considered the proprietary nature of the Funds and whether any benefits result to the Adviser by placing assets of J.P. Morgan managed account clients into the Funds. In addition, the Trustees considered whether the Adviser or its affiliates benefit from the Funds' portfolio trading practices, noting that while the Adviser is affiliated with broker-dealers, no broker-dealer affiliate ordinarily executes portfolio transactions on behalf of the Funds.

The Trustees also took into account that, although the Adviser does not retain any of the advisory fees it receives from the Funds and has to date been unprofitable with respect to its management of the Funds themselves, that the Adviser and its affiliates receive fees for managing the J.P. Morgan managed accounts that invest in the Funds. In this regard, the Trustees discussed with management possible approaches to estimating any imputed profitability to the Adviser or J.P. Morgan from their operation of the Funds taking into account the managed account fees they receive that are attributable to assets invested in the Funds and related expenses, and reviewed related information provided by the Adviser. In this regard, the Trustees took into account the Adviser's representation that J.P. Morgan would continue to receive the same level of fees from its managed accounts whether the accounts invested in the Funds or in other funds and/or individual securities.

**Conclusions.** After reviewing and considering these and other factors described herein, the Trustees concluded, in their reasonable business judgment, within the context of their overall conclusions regarding the Agreements and based on information provided and related representations made by the Adviser and Sub-Advisers, that they were satisfied that the fees payable under the Agreements represent reasonable compensation in light of the nature, extent and quality of services provided by the Adviser or Sub-Adviser/Sub-Sub-Adviser, as applicable, and that based on the information provided and taking into account the various assumptions made, the estimated profitability of the Adviser (if any) did not appear to be excessive. Based on their evaluation of factors that they deemed to be material, including, but not limited to, those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the terms of the Agreements are fair and reasonable to each Fund, and approved the continuance of each Agreement for an additional one-year term.

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#### APPROVAL OF NEW SUB-ADVISORY AGREEMENT WITH MELLON INVESTMENTS CORPORATION FOR SIX CIRCLES CREDIT OPPORTUNITIES FUND
**Materials Requested Prior to the Meeting***.* Prior to the Meeting, Ropes & Gray LLP ("Ropes & Gray" or "Independent Legal Counsel"), counsel to the Independent Trustees, had prepared letters on behalf of the Independent Trustees requesting information from J.P. Morgan Private Investments Inc. ("JPMPI" or the "Adviser") and Mellon Investments Corporation ("Mellon") in connection with a proposed new Sub-Advisory Agreement (the "Proposed Mellon Sub-Advisory Agreement" or the "Proposed Agreement") between the Adviser and Mellon with respect to the Six Circles Credit Opportunities Fund (the "Fund") series of the Trust. Pursuant to the Proposed Agreement, Mellon would serve as sub-adviser to a sleeve of the Fund's portfolio designed to replicate the overall risk characteristics (*i.e.*, beta) of a select group of U.S. investment grade corporate bond indices (the "Mellon Sleeve"). It was noted that the Proposed Mellon Sub-Advisory Agreement would have an initial term of two years.

The requests were designed to address the requirement under Section 15(c) of the 1940 Act that the Trustees request and evaluate, and that the Adviser and Mellon furnish, such information as may be reasonably necessary to evaluate the terms of the Proposed Mellon Sub-Advisory Agreement. The Adviser and Mellon responded to the information requests and provided memoranda and related materials and exhibits for consideration by the Trustees, which were provided to the Trustees in advance of the Meeting and included in the Meeting Materials (together, the "15(c) Materials"). As applicable, certain of the 15(c) Materials were provided by the Adviser in connection with the Board's contemporaneous 2025 annual review and approval of the continuance of the Adviser's investment advisory agreement with the Trust (the "Advisory Agreement") and other sub-advisory agreements for the Fund and other series of the Trust, which also took place at the Meeting.

Set forth below is a summary of the material factors evaluated by the Trustees that formed the basis for the Board's approval of the Proposed Mellon Sub-Advisory Agreement relating to the Fund and the Mellon Sleeve. The Trustees' conclusions as to the approval of the Proposed Agreement were based on a comprehensive consideration of all information provided to the Trustees. In deciding whether to approve the Proposed Agreement, the Trustees did not identify any single factor or particular information that, in isolation, was controlling. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

**Materials Reviewed.** In considering the Proposed Mellon Sub-Advisory Agreement for approval, the Trustees reviewed the 15(c) Materials and related exhibits and other information which included, among other items, the terms of the Proposed Agreement, comparative fee and expense information, comparative performance information, fee schedules and compo-

site performance information with respect to the J.P. Morgan managed accounts and related strategies that may invest in the Fund, descriptions of various portfolio management and other services and functions to be performed by the Adviser and Mellon for the Mellon Sleeve of the Fund, information regarding the Adviser's and Mellon's compliance policies and procedures applicable to the Fund and the Mellon Sleeve, balance sheet and/or other financial information regarding JPMPI and Mellon, information regarding estimated profitability to JPMPI from its relationship with the Fund taking into account the Mellon Sleeve, information regarding potential economies of scale, and information regarding potential ancillary or "fall out" benefits to the Adviser and its affiliates or Mellon and its affiliates from their relationships with the Fund and the Mellon Sleeve. The Trustees also reviewed a memorandum prepared by Independent Legal Counsel regarding the responsibilities of the Trustees in considering the approval of advisory and sub-advisory agreements under applicable law.

**Review Process.** Following receipt and review of the 15(c) Materials, the Independent Trustees and Ropes & Gray held a video call, during which the 15(c) Materials and the related Proposed Agreement were considered and discussed. The Trustees also received presentations from representatives of the Adviser and Mellon regarding the Mellon Sleeve and the Proposed Agreement at the Meeting, during which management representatives responded to questions and any outstanding follow-up requests regarding the 15(c) Materials. As part of the review process, the Independent Trustees discussed the Proposed Mellon Sub-Advisory Agreement during executive sessions held with Independent Legal Counsel at which no representatives of management were present.

**Nature, Extent and Quality of Services.** The Trustees considered the depth and quality of the investment management process of Mellon to be used for the Mellon Sleeve of the Fund, including the experience and capabilities of Mellon's senior management, investment and other personnel, and the overall financial strength and stability of Mellon. The Trustees reviewed the nature and quality of Mellon's investment management, trading, risk management, compliance capabilities and resources, research capabilities, and the experience and capabilities of its portfolio management personnel who would be responsible for the Mellon Sleeve of the Fund. The Trustees also considered and approved the compliance program and code of ethics of Mellon based on the review and input from the Fund's Chief Compliance Officer. The Board noted the certificates received from Mellon regarding its compliance program and code of ethics, which represented that Mellon has compliance policies and procedures in place that are reasonably designed to prevent violations of the U.S. federal securities laws and that Mellon has adopted a code of ethics that includes provisions reasonably necessary to prevent access persons from engaging in certain specified conduct and violating the code of ethics.

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**Investment Performance.** The Mellon Sleeve had no performance history to be reviewed by the Trustees. In considering the Proposed Agreement, the Trustees did, however, consider performance information regarding relevant funds and/or client accounts managed by Mellon that have comparable investment objectives, strategies and risks to those of the Mellon Sleeve. The Trustees also considered information provided with the 15(c) Materials by the Adviser with respect to its diligence and selection process of Mellon as a proposed sub-adviser to the Fund for the Mellon Sleeve.

**Fees and Total Expenses.** The Trustees considered comparative fee and expense information relating to the Fund provided in connection with the Board's approval of the Advisory Agreement and other sub-advisory agreements for the Fund at the Meeting. In doing so, the Trustees took into account a number of factors, including the type and complexity of the services to be provided to the Fund and the Mellon Sleeve, the estimated cost of providing such services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to investors in the Fund. The Trustees considered, as further noted below, that JPMPI has agreed to waive any advisory fees that exceed the aggregate sub-advisory fees JPMPI is contractually required to pay to the Fund's sub-advisers, such that the level of actual management fees payable by the Fund to JPMPI will vary over time based on the blended rate of the differing sub-advisory fee rates payable to the sub-advisers and how the Fund's assets are allocated from time to time for investment among the sub-advisers. Taking this and other information into account, the Trustees noted that the Fund's estimated actual management fees and total expenses (net of waivers), assuming and taking into account the addition of the Mellon Sleeve, would continue to be significantly below the average and median fees and expenses of peer funds in both the Broadridge peer group and peer universe provided in connection with the Board's approval of the Advisory Agreement at the Meeting.

The Trustees considered various other information regarding the proposed sub-advisory fee rate to be paid to Mellon under the Proposed Mellon Sub-Advisory Agreement with respect to the Mellon Sleeve and found the proposed rate to be reasonable, taking into account the complexity of investment program and strategies to be used for the Mellon Sleeve, among other information. In this regard, the Trustees noted that the Adviser, and not the Fund, will pay Mellon for its services to the Fund out of the advisory fees the Adviser receives from the Fund under the Advisory Agreement. The Trustees also took into account that the Adviser has contractually agreed to (i) reimburse expenses to the Fund to the extent its total expense ratio exceeds 0.95% of the Fund's average daily net assets and (ii) waive any advisory fees that exceed the aggregate sub-advisory fees the Adviser is contractually required to pay to the sub-advisers to the Fund (such that the

Adviser does not retain any advisory fees it receives from the Fund), and that these arrangements would remain in place and continue to apply following approval of the Proposed Agreement and the addition of the Mellon Sleeve. In addition, the Trustees reviewed the fee rates charged by Mellon to funds or accounts with comparable investment objectives and strategies as those of the Mellon Sleeve identified by Mellon, noting the Adviser's views regarding the limitations of fee comparisons to other funds and separately managed accounts that are not registered under the 1940 Act and/or are not publicly offered, in light of the differences in the types and scope of services provided to the Fund compared to those provided to such other funds and accounts. Additionally, the Trustees noted the most-favored nations fee provision to be observed by Mellon included in the Proposed Agreement, which will help to ensure that sub-advisory fee rates paid to Mellon with respect to the Fund are no higher than the rates Mellon charges to similar clients.

**Adviser Costs, Level of Profits and Economies of Scale.** The Trustees considered the estimated profits to be realized by the Adviser with respect to the Mellon Sleeve of the Fund based on profitability information included in the 15(c) Materials and related materials discussed during the Meeting. Among other information, the Trustees considered the Fund's operating expenses and the estimated cost to the Adviser of providing services to the Fund. They also considered the impact of the expense limitation agreement and fee waiver agreement observed by the Adviser with respect to the Fund on its estimated profitability and that such arrangements would apply to the Mellon Sleeve. The Trustees took into account that JPMPI's estimates indicate that it has been unprofitable to date with respect to the Fund and will continue to be unprofitable for at least the upcoming year following the addition of the Mellon Sleeve. The Trustees also took into account that, although JPMPI has not realized direct profits with respect to the Fund, J.P. Morgan and its affiliates could be profitable with respect to the managed accounts that invest in the Fund and the Trustees received related information and input from JPMPI in this regard.

The Trustees also took into account that the Adviser does not retain any of the advisory fees it receives from the Fund and has to date been unprofitable with respect to its management of the Fund itself, and that this is expected to continue following the addition of the Mellon Sleeve. The Trustee noted, however, that the Adviser and its affiliates receive fees for managing the J.P. Morgan managed accounts that invest in the Fund. In this regard, the Trustees discussed with management possible approaches to estimating any imputed profitability to the Adviser or J.P. Morgan from their operation of the Fund taking into account the managed account fees they receive that are attributable to assets invested in the Fund and related expenses, and reviewed related information provided by the Adviser. In this regard, the Trustees took into account the

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 387

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(Unaudited) (continued)

Adviser's representation that J.P. Morgan would continue to receive the same level of fees from its managed accounts whether the accounts invested in the Fund or in other funds and/or individual securities.

The Trustees further noted that the advisory fee rates paid by the Fund to the Adviser do not have breakpoints, but due to the Fund's fee waiver arrangements, JPMPI does not retain any portion of the advisory fees paid by the Fund and also observes expense limitation arrangements for the Fund, which may allow the Fund to benefit from economies of scale. The Trustees also took into account that the sub-advisory fee rate to be paid to Mellon under the Proposed Agreement does not include breakpoints.

**Ancillary Benefits.** The Trustees also considered whether the Adviser and/or Mellon or any of their affiliates may receive other ancillary or "fall out" benefits as a result of their relationships with the Fund and the Mellon Sleeve. The Trustees considered that the Fund (including with the addition of the Mellon Sleeve) benefits the Adviser and its affiliates by enhancing the current discretionary product offerings to J.P. Morgan Private Bank, J.P. Morgan Securities and Chase Wealth Management clients. The Trustees considered that the Fund and the Mellon Sleeve serves to expand JPMPI's CIO investment opportunities, expand their capacity to invest, and reduce unintended portfolio dispersion. The Trustees also considered that, apart from the Adviser, which does not retain any fees under the Advisory Agreement for managing the Fund, the Fund does not engage any JPMPI affiliates as Fund service providers. The Trustees noted that the Fund utilizes unaffiliated/third-party service providers for administration, custody, audit and other services. In this regard, the Trustees took into account the Adviser's representation that no JPMPI affiliate directly profits financially from the Fund itself.

The Trustees also considered that the Adviser and/or its affiliates do receive portfolio management fees ("PMFs") outside of the Fund based on funds held in the Adviser's discretionary client accounts, including with respect to assets attributable to shares of the Fund held in such accounts. The Trustees took into account, however, the Adviser's representation that it or its affiliates would receive these PMFs independent of whether the discretionary accounts allocated investments to the Fund or allocated the same assets to a third-party fund or other investments.

The Trustees additionally considered that Mellon is not affiliated with any of the Fund's service providers, and therefore does not benefit from those contractual relationships. The Trustees also considered the proprietary nature of the Fund and whether any benefits result to the Adviser by placing assets of J.P. Morgan managed account clients into the Fund. In addition, the Trustees considered whether the Adviser or its affiliates benefit from the Fund's portfolio trading practices, noting that while the Adviser is affiliated with broker-dealers, no broker-dealer affiliate ordinarily executes portfolio transactions on behalf of the Fund.

**Conclusions.** After reviewing and considering these and other factors described herein, the Trustees concluded, in their reasonable business judgment, within the context of their overall conclusions regarding the Proposed Mellon Sub-Advisory Agreement and based on information provided and related representations made by the Adviser and Mellon, that they were satisfied that the fees payable to Mellon under the Proposed Agreement with respect to the Mellon Sleeve of the Fund represent reasonable compensation in light of the nature, extent and quality of services to be provided by Mellon and that based on the information provided and taking into account the various assumptions made, the estimated profitability of the Adviser with respect to the Mellon Sleeve (if any) did not appear to be excessive. Based on their evaluation of factors that they deemed to be material, including, but not limited to, those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the terms of the Proposed Mellon Sub-Advisory Agreement are fair and reasonable to the Fund, and approved the Proposed Agreement.

 <br> 388 SIX CIRCLES TRUST JUNE 30, 2025

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#### APPROVAL OF AMENDMENT TO SUB-ADVISORY AGREEMENT WITH INSIGHT INVESTMENTS CORPORATION FOR SIX CIRCLES CREDIT OPPORTUNITIES FUND
(Unaudited)

**Materials Requested Prior to the Meeting***.* Prior to the Meeting, Ropes & Gray LLP ("Ropes & Gray" or "Independent Legal Counsel"), counsel to the Independent Trustees, had prepared letters on behalf of the Independent Trustees requesting information from J.P. Morgan Private Investments Inc. ("JPMPI" or the "Adviser") and Insight North America, LLC ("Insight") in connection with a proposed amendment (the "Proposed Insight Amendment" or "Proposed Amendment") to the Sub-Advisory Agreement between the Adviser and Insight (the "Insight Sub-Advisory Agreement") to add the Six Circles Credit Opportunities Fund (the "Fund") series of the Trust and retain Insight as sub-adviser to a new sleeve of the Fund's portfolio that will invest in global aggregate investment grade and global high yield debt strategies (the "Insight Sleeve").

The requests were designed to address the requirement under Section 15(c) of the 1940 Act that the Trustees request and evaluate, and that the Adviser and Insight furnish, such information as may be reasonably necessary to evaluate the terms of the Proposed Insight Amendment. The Adviser and Insight responded to the information requests and provided memoranda and related materials and exhibits for consideration by the Trustees, which were provided to the Trustees in advance of the Meeting and included in the Meeting Materials (together, the "15(c) Materials"). As applicable, certain of the 15(c) Materials were provided by the Adviser and Insight in connection with the Board's contemporaneous 2025 annual review and approval of the continuance of the Adviser's investment advisory agreement with the Trust (the "Advisory Agreement") and the Insight Sub-Advisory Agreement with respect to other series of the Trust, as well as which also took place at the Meeting.

Set forth below is a summary of the material factors evaluated by the Trustees that formed the basis for the Board's approval of the Proposed Insight Amendment relating to the Fund and the Insight Sleeve. The Trustees' conclusions as to the approval of the Proposed Amendment were based on a comprehensive consideration of all information provided to the Trustees. In deciding whether to approve the Proposed Insight Amendment, the Trustees did not identify any single factor or particular information that, in isolation, was controlling. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

**Materials Reviewed.** In considering the Proposed Insight Amendment for approval, the Trustees reviewed the 15(c) Materials and related exhibits and other information which included, among other items, the terms of the Proposed Insight Amendment, comparative fee and expense information, comparative performance information, fee schedules and composite performance information with respect to the J.P. Morgan managed accounts and related strategies that invest in the

Fund, descriptions of various portfolio management and other services and functions to be performed by the Adviser and Insight for the Insight Sleeve, information regarding the Adviser's and Insight's compliance policies and procedures applicable to the Fund and the Insight Sleeve, balance sheet and/or other financial information regarding JPMPI and Insight, information regarding estimated profitability to JPMPI from its relationship with the Fund taking into account the Insight Sleeve of the Fund, information regarding potential economies of scale, and information regarding potential ancillary or "fall out" benefits to the Adviser and its affiliates or Insight and its affiliates from their relationships with the Fund and the Insight Sleeve. The Trustees also reviewed a memorandum prepared by Independent Legal Counsel regarding the responsibilities of the Trustees in considering the approval of advisory and sub-advisory agreements under applicable law.

**Review Process.** Following receipt and review of the 15(c) Materials, the Independent Trustees and Ropes & Gray held a video call, during which the 15(c) Materials and the related Proposed Insight Amendment were considered and discussed. The Trustees also received presentations from representatives of the Adviser and Insight regarding the Insight Sleeve and the Proposed Insight Amendment at the Meeting, during which management representatives responded to questions and any outstanding follow-up requests regarding the 15(c) Materials. As part of the review process, the Independent Trustees discussed the Proposed Insight Amendment during executive sessions held with Independent Legal Counsel at which no representatives of management were present.

**Nature, Extent and Quality of Services.** The Trustees considered the depth and quality of the investment management process of Insight to be used for the Insight Sleeve of the Fund, including the experience and capabilities of Insight's senior management, investment and other personnel, and the overall financial strength and stability of Insight. The Trustees reviewed the nature and quality of Insight's investment management, trading, risk management, compliance capabilities and resources, research capabilities, and the experience and capabilities of its portfolio management personnel who would be responsible for the Insight Sleeve of the Fund. The Trustees noted that they previously reviewed and approved the compliance program and code of ethics of Insight based on the review and input from the Fund's Chief Compliance Officer, who had represented that no material changes had been made to the firm's program as it would be applied to services for the Insight Sleeve under the Proposed Agreement. The Board noted the certificates previously received from Insight regarding its compliance program and code of ethics, which represented that Insight has compliance policies and procedures in place that are reasonably designed to prevent violations of the U.S. federal securities laws and that Insight has adopted a code of ethics that includes provisions reasonably necessary to prevent access persons from engaging in certain specified conduct and violating the code of ethics.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 389

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(Unaudited) (continued)

**Investment Performance.** The Insight Sleeve had no performance history to be reviewed by the Trustees. In considering the Proposed Insight Amendment, the Trustees did, however, consider performance information regarding relevant funds and client accounts managed by Insight that have comparable investment objectives, strategies and risks to those of the Insight Sleeve. The Trustees also considered information provided with the 15(c) Materials and throughout the year by the Adviser with respect to its diligence, selection and monitoring of the performance of Insight, as an existing sub-adviser for another series of the Trust. The Trustees also considered the results of the reviews of the performance of Insight by the J.P. Morgan Investment Performance Governance Committee ("IPGC"), a separate committee within JPM responsible for providing ongoing oversight of third party investment strategies, and related reports provided by IPGC to the Board throughout the year. The Board took into account indications from IPGC that it has been satisfied with the performance of Insight as sub-adviser for another series of the Trust.

**Fees and Total Expenses.** The Trustees considered comparative fee and expense information relating to the Fund provided in connection with the Board's approval of the Advisory Agreement and other sub-advisory agreements for the Fund at the Meeting. In doing so, the Trustees took into account a number of factors, including the type and complexity of the services to be provided to the Fund and the Insight Sleeve, the estimated cost of providing such services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to investors in the Fund. The Trustees considered, as further noted below, that JPMPI has agreed to waive any advisory fees that exceed the aggregate sub-advisory fees JPMPI is contractually required to pay to the Fund's sub-advisers, such that the level of actual management fees payable by the Fund to JPMPI will vary over time based on the blended rate of the differing sub-advisory fee rates payable to the sub-advisers and how the Fund's assets are allocated from time to time for investment among the sub-advisers. Taking this and other information into account, the Trustees noted that the Fund's estimated actual management fees and total expenses (net of waivers), assuming and taking into account the addition of Insight Mellon Sleeve, would continue to be significantly below the average and median fees and expenses of peer funds in both the Broadridge peer group and peer universe provided in connection with the Board's approval of the Advisory Agreement at the Meeting.

The Trustees considered various other information regarding the proposed sub-advisory fee rate to be paid to Insight under the Proposed Insight Amendment with respect to the Insight Sleeve and found the proposed rate to be reasonable, taking into account the complexity of investment program and strategies to be used for the Insight Sleeve, among other information. In this regard, the Trustees noted that the Adviser,

and not the Fund, will pay Insight for its services to the Fund out of the advisory fees the Adviser receives from the Fund under the Advisory Agreement. The Trustees also took into account that the Adviser has contractually agreed to (i) reimburse expenses to the Fund to the extent its total expense ratio exceeds 0.95% of the Fund's average daily net assets and (ii) waive any advisory fees that exceed the aggregate sub-advisory fees the Adviser is contractually required to pay to the sub-advisers to the Fund (such that the Adviser does not retain any advisory fees it receives from the Fund), and that these arrangements would continue to remain in place and apply following approval of the Proposed Amendment and the addition of the Insight Sleeve. In addition, the Trustees reviewed the fee rates charged by Insight to funds or accounts with comparable investment objectives and strategies as those of the Insight Sleeve identified by Insight, noting the Adviser's views regarding the limitations of fee comparisons to other funds and separately managed accounts that are not registered under the 1940 Act and/or are not publicly offered, in light of the differences in the types and scope of services provided to the Fund compared to those provided to such other funds and accounts. Additionally, the Trustees noted the most-favored nations fee provision to be observed by Insight included in the Insight Sub-Advisory Amendment and the Proposed Insight Amendment, which will help to ensure that sub-advisory fee rates paid to Insight with respect to the Fund are no higher than the rates Insight charges to similar clients.

**Adviser Costs, Level of Profits and Economies of Scale.** The Trustees considered the estimated profits to be realized by the Adviser with respect to the Insight Sleeve of the Fund based on profitability information included in the 15(c) Materials and related materials discussed during the Meeting. Among other information, the Trustees considered the Fund's operating expenses and the estimated cost to the Adviser of providing services to the Fund. They also considered the impact of the expense limitation agreement and fee waiver agreement observed by the Adviser with respect to the Fund on its estimated profitability and that such arrangements would apply to the Insight Sleeve. The Trustees took into account that JPMPI's estimates indicate that it has been unprofitable to date with respect to the Fund and will continue to be unprofitable for at least the upcoming year following the addition of the Insight Sleeve. The Trustees also took into account that, although JPMPI has not realized direct profits with respect to the Fund, J.P. Morgan and its affiliates could be profitable with respect to the managed accounts that invest in the Fund and the Trustees received related information and input from JPMPI in this regard.

The Trustees also took into account that the Adviser does not retain any of the advisory fees it receives from the Fund and has to date been unprofitable with respect to its management of the Fund itself, and that this is expected to continue follow-

 <br> 390 SIX CIRCLES TRUST JUNE 30, 2025

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ing the addition of the Insight Sleeve. The Trustee noted, however, that the Adviser and its affiliates receive fees for managing the J.P. Morgan managed accounts that invest in the Fund. In this regard, the Trustees discussed with management possible approaches to estimating any imputed profitability to the Adviser or J.P. Morgan from their operation of the Fund taking into account the managed account fees they receive that are attributable to assets invested in the Fund and related expenses, and reviewed related information provided by the Adviser. In this regard, the Trustees took into account the Adviser's representation that J.P. Morgan would continue to receive the same level of fees from its managed accounts whether the accounts invested in the Fund or in other funds and/or individual securities.

The Trustees further noted that the advisory fee rates paid by the Fund to the Adviser do not have breakpoints, but due to the Fund's fee waiver arrangements, JPMPI does not retain any portion of the advisory fees paid by the Fund and also observes expense limitation arrangements for the Fund, which may allow the Fund to benefit from economies of scale. The Trustees also took into account that the sub-advisory fee rate to be paid to Insight under the Proposed Insight Amendment does not include breakpoints.

**Ancillary Benefits.** The Trustees also considered whether the Adviser and/or Insight or any of their affiliates may receive other ancillary or "fall out" benefits as a result of their relationships with the Fund and the Insight Sleeve. The Trustees considered that the Fund (including with the addition of the Insight Sleeve) benefits the Adviser and its affiliates by enhancing the current discretionary product offerings to J.P. Morgan Private Bank, J.P. Morgan Securities and Chase Wealth Management clients. The Trustees considered that the Fund and the Insight Sleeve serves to expand JPMPI's CIO investment opportunities, expand their capacity to invest, and reduce unintended portfolio dispersion. The Trustees also considered that, apart from the Adviser, which does not retain any fees under the Advisory Agreement for managing the Fund, the Fund does not engage any JPMPI affiliates as Fund service providers. The Trustees noted that the Fund utilizes unaffiliated/third-party service providers for administration, custody, audit and other services. In this regard, the Trustees took into account the Adviser's representation that no JPMPI affiliate directly profits financially from the Fund itself.

The Trustees also considered that the Adviser and/or its affiliates do receive portfolio management fees ("PMFs") outside of the Fund based on funds held in the Adviser's discretionary client accounts, including with respect to assets attributable to shares of the Fund held in such accounts. The Trustees took into account, however, the Adviser's representation that it or its affiliates would receive these PMFs independent of whether the discretionary accounts allocated investments to the Fund or allocated the same assets to a third-party fund or other investments.

The Trustees additionally considered that Insight is not affiliated with any of the Fund's service providers, and therefore does not benefit from those contractual relationships. The Trustees also considered the proprietary nature of the Fund and whether any benefits result to the Adviser by placing assets of J.P. Morgan managed account clients into the Fund. In addition, the Trustees considered whether the Adviser or its affiliates benefit from the Fund's portfolio trading practices, noting that while the Adviser is affiliated with broker-dealers, no broker-dealer affiliate ordinarily executes portfolio transactions on behalf of the Fund.

**Conclusions.** After reviewing and considering these and other factors described herein, the Trustees concluded, in their reasonable business judgment, within the context of their overall conclusions regarding the Proposed Insight Amendment and based on information provided and related representations made by the Adviser and Insight, that they were satisfied that the fees payable to Insight under the Proposed Amendment with respect to the Insight Sleeve of the Fund represent reasonable compensation in light of the nature, extent and quality of services to be provided by Insight and that based on the information provided and taking into account the various assumptions made, the estimated profitability of the Adviser with respect to the Insight Sleeve (if any) did not appear to be excessive. Based on their evaluation of factors that they deemed to be material, including, but not limited to, those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the terms of the Proposed Insight Amendment are fair and reasonable to the Fund, and approved the Proposed Insight Amendment.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 391

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#### APPROVAL OF NEW SUB-ADVISORY AGREEMENT WITH CAPITAL FUND MANAGEMENT S.A. FOR SIX CIRCLES MULTI-STRATEGY FUND
(Unaudited)

**Materials Requested Prior to the Meeting***.* Prior to the Meeting, Ropes & Gray LLP ("Ropes & Gray" or "Independent Legal Counsel"), counsel to the Independent Trustees, had prepared letters on behalf of the Independent Trustees requesting information from J.P. Morgan Private Investments Inc. ("JPMPI" or the "Adviser") and Capital Fund Management S.A. ("CFM") in connection with a proposed new Sub-Advisory Agreement (the "Proposed CFM Sub-Advisory Agreement" or the "Proposed Agreement") between the Adviser and CFM with respect to the Six Circles Multi-Strategy Fund (the "Fund") series of the Trust. Pursuant to the Proposed Agreement, CFM would serve as sub-adviser to a new sleeve of the Fund's portfolio managed in accordance with CFM's multi-strategy absolute return investment program known as "Cumulus" (the "CFM Sleeve"). It was noted that the Proposed CFM Sub-Advisory Agreement would have an initial term of two years.

The requests were designed to address the requirement under Section 15(c) of the 1940 Act that the Trustees request and evaluate, and that the Adviser and CFM furnish, such information as may be reasonably necessary to evaluate the terms of the Proposed CFM Sub-Advisory Agreement. The Adviser and CFM responded to the information requests and provided memoranda and related materials and exhibits for consideration by the Trustees, which were provided to the Trustees in advance of the Meeting and included in the Meeting Materials (together, the "15(c) Materials"). As applicable, certain of the 15(c) Materials were provided by the Adviser in connection with the Board's contemporaneous 2025 annual review and approval of the continuance of the advisory agreement between the Adviser and the Trust (the "Advisory Agreement") and other sub-advisory agreements for the Fund and other series of the Trust, which also took place at the Meeting.

Set forth below is a summary of the material factors evaluated by the Trustees that formed the basis for the Board's approval of the Proposed CFM Sub-Advisory Agreement relating to the Fund and the CFM Sleeve. The Trustees' conclusions as to the approval of the Proposed Agreement were based on a comprehensive consideration of all information provided to the Trustees. In deciding whether to approve the Proposed Agreement, the Trustees did not identify any single factor or particular information that, in isolation, was controlling. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

**Materials Reviewed.** In considering the Proposed CFM Sub-Advisory Agreement for approval, the Trustees reviewed the 15(c) Materials and related exhibits and other information which included, among other items, the terms of the Proposed Agreement, comparative fee and expense information, comparative performance information, fee schedules and compo-

site performance information with respect to the J.P. Morgan managed accounts and related strategies that may invest in the Fund, descriptions of various portfolio management and other services and functions to be performed by the Adviser and CFM for the CFM Sleeve of the Fund, information regarding the Adviser's and CFM's compliance policies and procedures applicable to the Fund and the CFM Sleeve, balance sheet and/or other financial information regarding JPMPI and CFM, information regarding estimated profitability to JPMPI from its relationship with the Fund taking into account the CFM Sleeve, information regarding potential economies of scale, and information regarding potential ancillary or "fall out" benefits to the Adviser and its affiliates or CFM and its affiliates from their relationships with the Fund and the CFM Sleeve. The Trustees also reviewed a memorandum prepared by Independent Legal Counsel regarding the responsibilities of the Trustees in considering the approval of advisory and sub-advisory agreements under applicable law.

**Review Process.** Following receipt and review of the 15(c) Materials, the Independent Trustees and Ropes & Gray held a video call, during which the 15(c) Materials and the related Proposed CFM Sub-Advisory Agreement were considered and discussed. The Trustees also received presentations from representatives of the Adviser and CFM regarding the CFM Sleeve and the Proposed Agreement at the Meeting, during which management representatives responded to questions and any outstanding follow-up requests regarding the 15(c) Materials. As part of the review process, the Independent Trustees discussed the Proposed Agreement during executive sessions held with Independent Legal Counsel at which no representatives of management were present.

**Nature, Extent and Quality of Services.** The Trustees considered the depth and quality of the investment management process of CFM to be used for the CFM Sleeve of the Fund, including the experience and capabilities of CFM's senior management, investment and other personnel, and the overall financial strength and stability of CFM. The Trustees reviewed the nature and quality of CFM's investment management, trading, risk management, compliance capabilities and resources, research capabilities, and the experience and capabilities of its portfolio management personnel who would be responsible for the CFM Sleeve of the Fund. The Trustees also considered and approved the compliance program and code of ethics of CFM based on the review and input from the Fund's Chief Compliance Officer. The Board noted the certificates received from CFM regarding its compliance program and code of ethics, which represented that CFM has compliance policies and procedures in place that are reasonably designed to prevent violations of the U.S. federal securities laws and that CFM has adopted a code of ethics that includes provisions reasonably necessary to prevent access persons from engaging in certain specified conduct and violating the code of ethics.

 <br> 392 SIX CIRCLES TRUST JUNE 30, 2025

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**Investment Performance.** The CFM Sleeve had no performance history to be reviewed by the Trustees. In considering the Proposed Agreement, the Trustees did, however, consider performance information regarding relevant funds and/or client accounts managed by CFM that have comparable investment objectives, strategies and risks to those of the CFM Sleeve. In doing so, the Trustees considered that CFM's Cumulus strategy to be used for the CFM Sleeve began live trading as of January 1, 2025 and thus had a relatively short actual performance history. The Trustees also considered hypothetical performance of the Cumulous strategy provided by CFM for the period January 1, 2014 through December 31, 2024, taking into account that this information represented back-tested returns based on CFM's internal models and were not based on actual trading results.

The Trustees also considered information provided with the 15(c) Materials by the Adviser with respect to its diligence and selection process of CFM as a proposed sub-adviser to the Fund for the CFM Sleeve.

**Fees and Total Expenses.** In considering the Proposed Agreement, the Trustees took into account that the contractual advisory fee rate payable to the Adviser with respect to the Fund under the Advisory Agreement of 1.25% of the Fund's average daily net assets is higher than the contractual advisory fee rates of other series of the Trust, taking into account that the Fund has complex investment strategies and correspondingly higher sub-advisory fee rates than that of the other series of the Trust. They also took into account JPMPI's indication at the time of the Board's initial approval of the Advisory Agreement for the Fund in June 2024, that the Fund would look to add more complex and potentially higher cost investment strategies and possible additional sub-advisers, such as the CFM Sleeve and CFM, over the course of the Fund's initial year of operations and thereafter.

Additionally, the Trustees considered comparative fee and expense information relating to the Fund provided in connection with the Board's approval of the Advisory Agreement and other sub-advisory agreements for the Fund at the Meeting. In doing so, the Trustees took into account a number of factors, including the type and complexity of the services to be provided to the Fund and the CFM Sleeve, the estimated cost of providing such services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to investors in the Fund. The Trustees considered, as further noted below, that JPMPI has agreed to waive any advisory fees that exceed the aggregate sub-advisory fees JPMPI is contractually required to pay to the Fund's sub-advisers, such that the level of actual management fees payable by the Fund to JPMPI will vary over time based on the blended rate of the differing sub-advisory fee rates payable to the sub-advisers and how the Fund's assets are allocated from time to time for

investment among the sub-advisers. Taking this and other information into account, the Trustees noted that the Fund's estimated actual management fees and total expenses (net of waivers), assuming and taking into account the addition of the CFM Sleeve, would continue to be significantly below the average and median fees and expenses of peer funds in both the Broadridge peer group and peer universe provided in connection with the Board's approval of the Advisory Agreement at the Meeting.

The Trustees considered various other information regarding the proposed sub-advisory fee rate to be paid to CFM under the Proposed CFM Sub-Advisory Agreement with respect to the CFM Sleeve and found the proposed rate to be reasonable, taking into account the complexity of investment program and strategies to be used for the CFM Sleeve, among other information. In this regard, the Trustees noted that the Adviser, and not the Fund, will pay CFM for its services to the Fund out of the advisory fees the Adviser receives from the Fund under the Advisory Agreement. The Trustees also took into account that the Adviser has contractually agreed to (i) reimburse expenses to the Fund to the extent its total expense ratio exceeds 1.45% of the Fund's average daily net assets and (ii) waive any advisory fees that exceed the aggregate sub-advisory fees the Adviser is contractually required to pay to the sub-advisers to the Fund (such that the Adviser does not retain any advisory fees it receives from the Fund), and that these arrangements would remain in place and continue to apply following approval of the Proposed Agreement and the addition of the CFM Sleeve. In addition, the Trustees reviewed the fee rates charged by CFM to funds or accounts with comparable investment objectives and strategies as those of the CFM Sleeve identified by CFM, noting the Adviser's views regarding the limitations of fee comparisons to other funds and separately managed accounts that are not registered under the 1940 Act and/or are not publicly offered, in light of the differences in the types and scope of services provided to the Fund compared to those provided to such other funds and accounts. Additionally, the Trustees noted the most-favored nations fee provision to be observed by CFM included in the Proposed Agreement, which will help to ensure that sub-advisory fee rates paid to CFM with respect to the Fund are no higher than the rates CFM charges to similar clients.

**Adviser Costs, Level of Profits and Economies of Scale.** The Trustees considered the estimated profits to be realized by the Adviser with respect to the CFM Sleeve of the Fund based on profitability information included in the 15(c) Materials and related materials discussed during the Meeting. Among other information, the Trustees considered the Fund's operating expenses and the estimated cost to the Adviser of providing services to the Fund. They also considered the impact of the expense limitation agreement and fee waiver agreement observed by the Adviser with respect to the Fund on its estimated profitability and that such arrangements would apply to

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 393

------

(Unaudited) (continued)

the CFM Sleeve. The Trustees took into account that JPMPI's estimates indicate that it has been unprofitable to date with respect to the Fund and will continue to be unprofitable for at least the upcoming year following the addition of the CFM Sleeve. The Trustees also took into account that, although JPMPI has not realized direct profits with respect to the Fund, J.P. Morgan and its affiliates could be profitable with respect to the managed accounts that invest in the Fund and the Trustees received related information and input from JPMPI in this regard.

The Trustees also took into account that the Adviser does not retain any of the advisory fees it receives from the Fund and has to date been unprofitable with respect to its management of the Fund itself, and that this is expected to continue following the addition of the CFM Sleeve. The Trustee noted, however, that the Adviser and its affiliates receive fees for managing the J.P. Morgan managed accounts that invest in the Fund. In this regard, the Trustees discussed with management possible approaches to estimating any imputed profitability to the Adviser or J.P. Morgan from their operation of the Fund taking into account the managed account fees they receive that are attributable to assets invested in the Fund and related expenses, and reviewed related information provided by the Adviser. In this regard, the Trustees took into account the Adviser's representation that J.P. Morgan would continue to receive the same level of fees from its managed accounts whether the accounts invested in the Fund or in other funds and/or individual securities.

The Trustees further noted that the advisory fee rates paid by the Fund to the Adviser do not have breakpoints, but due to the Fund's fee waiver arrangements, JPMPI does not retain any portion of the advisory fees paid by the Fund and also observes expense limitation arrangements for the Fund, which may allow the Fund to benefit from economies of scale. The Trustees also took into account that the sub-advisory fee rate to be paid to CFM under the Proposed Agreement includes breakpoints at certain asset levels.

**Ancillary Benefits.** The Trustees also considered whether the Adviser and/or CFM or any of their affiliates may receive other ancillary or "fall out" benefits as a result of their relationships with the Fund and the CFM Sleeve. The Trustees considered that the Fund (including with the addition of the CFM Sleeve) benefits the Adviser and its affiliates by enhancing the current discretionary product offerings to J.P. Morgan Private Bank, J.P. Morgan Securities and Chase Wealth Management clients. The Trustees considered that the Fund and the CFM Sleeve serves to expand JPMPI's CIO investment opportunities, expand their capacity to invest, and reduce unintended portfolio dispersion. The Trustees also considered that, apart from the Adviser, which does not retain any fees under the Advisory Agreement

for managing the Fund, the Fund does not engage any JPMPI affiliates as Fund service providers. The Trustees noted that the Fund utilizes unaffiliated/third-party service providers for administration, custody, audit and other services. In this regard, the Trustees took into account the Adviser's representation that no JPMPI affiliate directly profits financially from the Fund itself.

The Trustees also considered that the Adviser and/or its affiliates do receive portfolio management fees ("PMFs") outside of the Fund based on funds held in the Adviser's discretionary client accounts, including with respect to assets attributable to shares of the Fund held in such accounts. The Trustees took into account, however, the Adviser's representation that it or its affiliates would receive these PMFs independent of whether the discretionary accounts allocated investments to the Fund or allocated the same assets to a third-party fund or other investments.

The Trustees additionally considered that CFM is not affiliated with any of the Fund's service providers, and therefore does not benefit from those contractual relationships. The Trustees also considered the proprietary nature of the Fund and whether any benefits result to the Adviser by placing assets of J.P. Morgan managed account clients into the Fund. In addition, the Trustees considered whether the Adviser or its affiliates benefit from the Fund's portfolio trading practices, noting that while the Adviser is affiliated with broker-dealers, no broker-dealer affiliate ordinarily executes portfolio transactions on behalf of the Fund.

**Conclusions.** After reviewing and considering these and other factors described herein, the Trustees concluded, in their reasonable business judgment, within the context of their overall conclusions regarding the Proposed CFM Sub-Advisory Agreement and based on information provided and related representations made by the Adviser and CFM, that they were satisfied that the fees payable to CFM under the Proposed Agreement with respect to the CFM Sleeve of the Fund represent reasonable compensation in light of the nature, extent and quality of services to be provided by CFM and that based on the information provided and taking into account the various assumptions made, the estimated profitability of the Adviser with respect to the CFM Sleeve (if any) did not appear to be excessive. Based on their evaluation of factors that they deemed to be material, including, but not limited to, those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the terms of the Proposed CFM Sub-Advisory Agreement are fair and reasonable to the Fund, and approved the Proposed Agreement.

 <br> 394 SIX CIRCLES TRUST JUNE 30, 2025

------

![LOGO](g902277g18a32.jpg)

Feb 2019

 <br> <u>FACTS</u>   <u>WHAT DOES SIX CIRCLES TRUST\* DO WITH YOUR PERSONAL INFORMATION?</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;What? | The types of personal information we may collect and share depend on the product or service you have with us. This information can include:<br>◾ Social Security number<br>◾ account balances and transaction history<br>◾ investment experience and risk tolerance<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Six Circles Trust, chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Reasons we can share your personal information | Does Six Circles<br>Trust share? | Can you limit this<br>sharing? |
| &nbsp;&nbsp;&nbsp; **For our everyday business purposes —**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our marketing purposes —**<br> to offer our products and services to you | No | We don't share |
| &nbsp;&nbsp;&nbsp;For joint marketing with other financial companies | No | We don't share |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;&nbsp;For nonaffiliates to market to you | No | We don't share |

---

\* Six Circles Trust and its fund series do not currently, nor are they expected to, collect personal non-public information from individuals, since holdings are held on the books of each fund on an omnibus basis by financial intermediaries. To the extent Six Circles Trust does get access to personal information through its affiliates or otherwise, this statement would apply. 

 <br> <u>Questions?</u>   <u>Call 212-464-2070 to speak with a Managed Solutions & Strategies Investor Relations representative. We accept operator relay calls.</u>

------

![LOGO](g902277g18a32.jpg)

 <br> <u> Page 2</u>    

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Who we are | &nbsp;&nbsp;&nbsp;Who we are |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | Six Circles Trust |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;What we do | &nbsp;&nbsp;&nbsp;What we do |
| &nbsp;&nbsp;&nbsp;How does Six Circles Trust protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We only authorize our personnel to access information about you when they need it to do their work for us. We require companies working for us to protect your information. |
| &nbsp;&nbsp;&nbsp;How does Six Circles Trust collect my personal information? | We may collect your personal information, for example, when you<br>◾ open an account or make a wire transfer<br>◾ direct us to buy securities or direct us to sell your securities<br>◾ provide your account information<br>|
| &nbsp;&nbsp;&nbsp;Why can't I limit all sharing? | Federal law gives you the right to limit only<br>◾ sharing for affiliates' everyday business purposes – information about your creditworthiness<br>◾ affiliates from using your information to market to you<br>◾ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Definitions | &nbsp;&nbsp;&nbsp;Definitions |
| &nbsp;&nbsp;&nbsp;Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>*◾ Our affiliates include companies with the Chase or J.P. Morgan name including J.P. Morgan Private Investments Inc., our investment adviser.* |
| &nbsp;&nbsp;&nbsp;Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>*◾ We do not share with nonaffiliates so they can market to you* |
| &nbsp;&nbsp;&nbsp;Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>*◾ We don't jointly market*<br>|

---

------

*For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. The Six Circles Funds are not intended to be standalone investments. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.* 

The Six Circles Funds are distributed by Foreside Fund Services, LLC a member of FINRA.

***Contact Six Circles Funds collect at 1-212-464-2070 for a fund prospectus. You can also visit us at www.sixcirclesfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the Six Circles Funds before investing. The prospectus contains this and other information about the Six Circles Funds. Read the prospectus carefully before investing.***

The Six Circles Funds file complete schedules of their fund holdings for the first and third quarters of their fiscal year with the SEC on Form N-PORT. The Six Circles Funds' Forms N-PORT are available on the SEC's website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the Six Circles Funds' website at www.sixcirclesfunds.com/literature.

A description of the Six Circles Funds' policies and procedures with respect to the disclosure of the Six Circles Funds' holdings is available in the prospectuses and Statements of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling collect 1-212-464-2070 or on the Six Circles Funds' website at www.sixcirclesfunds.com. A description of such policies and procedures is in the Statement of Additional Information available on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser, and the Adviser in turn has delegated such authority to the Sub-Advisers. A copy of the Six Circles Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Six Circles Funds' website at www.sixcirclesfunds.com no later than August 31 of each year. The Six Circles Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

<sup>©</sup>JPMorgan Chase & Co. 2025. All rights reserved. June 30, 2025.

------

## Semi-Annual Report

## SIX CIRCLES<sup>®</sup> FUNDS
June 30, 2025

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

Six Circles Managed Equity Portfolio International Unconstrained Fund

![LOGO](g9369906covlogo.jpg)

------

#### CONTENTS

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#toc936990_1) | 1 |
| [Financial Statements](#toc936990_2) | 26 |
| [Financial Highlights](#toc936990_3) | 32 |
| [Notes to Financial Statements](#toc936990_4) | 36 |
| [Board Approval of Investment Advisory Agreements](#toc936990_4a) | 49 |
| Privacy Policy — Located at the back of this Semi Annual Report |  |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.** 

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

**For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan representative or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully.** The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. The Six Circles Funds are not intended to be standalone investments.

------

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 24 | 6834 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 19 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 89 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 51 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 26 | 6912 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 23 | 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde plc | 54 | 25558 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 46 | 2661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., (Canada) | 47 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 18 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 7 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 26 | 8807 |
|  |  | 65648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 68 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 30 | 3902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 4 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 14 | 1834 |
|  |  | 7063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd., (Canada) | 48 | 5747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc., (Canada), Class A | 40 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp., (Canada) | 165 | 3425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp., (Canada) | 42 | 3096 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., (Canada) (a) | 68 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp., (Canada) | 18 | 3036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 145 | 6272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., (Canada), Class A (a) | 72 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp., (Canada) | 118 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc., (Canada) | 10 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp., (Canada), Class Common S | 67 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 115 | 6674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp., (Canada) | 34 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., (Canada), Class B | 45 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp., (Canada) | 43 | 3911 |
|  |  | 40853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 116763 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications** — **19.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 53 | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A (a) | 227 | 16320 |
|  |  | 20139 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet** — **16.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a) | 229 | 30298 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 2669 | 470371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 2271 | 402806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a) | 5684 | 1246951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 59 | 341588 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 54 | 9609 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a) | 183 | 45197 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 256 | 19086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 54 | 9120 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. (a) | 24 | 6937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 217 | 6373 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A (a) | 45 | 8044 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc., (Uruguay) (a) | 26 | 67829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 1004 | 741306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a) | 186 | 249377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 279 | 57119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A (a) | 263 | 9443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc., Class A (a) | 33 | 4902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A (a) | 84 | 7898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., (Canada), Class A (a) | 117 | 13459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 482 | 4185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 659 | 61525 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 24 | 6879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C (a) | 16 | 1135 |
|  |  | 3821437 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media** — **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A (a) | 22 | 8858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 915 | 32669 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 6 | 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 56 | 3143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 53 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp-Liberty Formula One, Class C (a) | 58 | 6019 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 143 | 4243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quebecor, Inc., (Canada), Class B | 15 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp., (Canada) | 15 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 453 | 56168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a) | 633 | 7250 |
|  |  | 127039 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications** — **2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a) | 434 | 44443 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 1771 | 51253 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc., (Canada) | 7 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 3655 | 253579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 354 | 18640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 140 | 5591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 68 | 28452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., (Canada), Class B | 34 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp., (Canada) | 48 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 244 | 58140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 1025 | 44363 |
|  |  | 506413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 4475028 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 1

------

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical** — **8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 25 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. (a) | 13 | 1024 |
|  |  | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. (a) | 26 | 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc., (Canada), Class A | 14 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 250 | 17782 |
|  |  | 21190 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers** — **1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 23 | 7648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 1359 | 14749 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 335 | 16483 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 94 | 8926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A (a) | 257 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a) | 979 | 310972 |
|  |  | 362315 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv plc, (Ireland) (a) | 52 | 3532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc., (Canada) | 26 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc. (a) | 83 | 849 |
|  |  | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 125 | 6126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 174 | 7308 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 47 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 5 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toromont Industries Ltd., (Canada) | 8 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 5 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 7 | 6775 |
|  |  | 26207 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A (a) | 87 | 3715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment plc (a) | 36 | 10404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a) | 44 | 6727 |
|  |  | 20846 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders** — **1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 828 | 106702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 692 | 76547 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc. (a) | 9 | 63399 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 591 | 62300 |
|  |  | 308948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (a) | 511 | 14366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. (a) | 91 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 112 | 35148 |
|  |  | 51352 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 106 | 28292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A | 20 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 59 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 104 | 28423 |
|  |  | 62051 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail** — **4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc., (Canada) | 73 | 3614 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. (a) | 4 | 12996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 44 | 2922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a) | 13 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., (Canada), Class A | 5 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., Class A (a) | 27 | 9040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc., Class A (a) | 291 | 16355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 81 | 80298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 28 | 6007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 12 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 27 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc. (a) | 23 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc., (Canada) | 27 | 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 6 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 30 | 6501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 30 | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 219 | 80201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 121 | 26902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc., (Canada) (a) | 23 | 5504 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 158 | 46114 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a) | 182 | 16364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc., (Canada) | 30 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 69 | 8843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 251 | 22964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 53 | 5224 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 492 | 60705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 106 | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. (a) | 9 | 4390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 5892 | 576168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 27 | 4351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 57 | 8483 |
|  |  | 1033027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 1893547 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical** — **16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture** — **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 177 | 10374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 69 | 3622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 20 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 679 | 123585 |
|  |  | 139161 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 2 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages** — **1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 42 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 2693 | 190560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 50 | 8113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 406 | 13432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 49 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp. (a) | 231 | 14452 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 452 | 59638 |
|  |  | 289688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology** — **1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | 48 | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 204 | 56875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. (a) | 57 | 7107 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. (a) | 69 | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 82 | 6128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 462 | 51237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc. (a) | 47 | 4532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 60 | 4086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 40 | 20856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | 29 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp. (a) | 14 | 4127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 95 | 42149 |
|  |  | 217453 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services** — **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 65 | 20095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Class A (a) | 65 | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., Class A | 18 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc. (a) | 19 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 61 | 13684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. (a) | 8 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp., (Canada) | 39 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 20 | 5227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 28 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 22 | 10842 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. (a) | 113 | 8412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 23 | 8719 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 18 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 68 | 3821 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 38 | 20021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A (a) | 56 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 35 | 3123 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Class B | 21 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 11 | 7972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A | 21 | 6641 |
|  |  | 126122 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care** — **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 80 | 7309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 25 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 215 | 4499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 1023 | 162985 |
|  |  | 176835 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 62 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 40 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd., (Canada), Class A | 12 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 52 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd., (Canada) | 6 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 13 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 36 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker Co. (The) | 5 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellanova | 37 | 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 139 | 3599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 85 | 6133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd., (Canada) | 14 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 16 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro, Inc., (Canada) | 20 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 160 | 10764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc., (Canada) | 24 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 54 | 4111 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Company | 1 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 46 | 2559 |
|  |  | 46072 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products** — **4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 782 | 106300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 89 | 10476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. (a) | 7 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc. (a) | 214 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 68 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a) | 2455 | 263680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) (a) | 17 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 1457 | 287736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. (a) | 89 | 6998 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 69 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc. (a) | 29 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. (a) | 12 | 6310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp. (a) | 11 | 3401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. (a) | 137 | 74437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic plc, (Ireland) | 215 | 18714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc. (a) | 47 | 7967 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 22 | 5600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 38 | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp. (a) | 16 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS plc | 12 | 2907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 237 | 93803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 176 | 71410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a) | 16 | 5679 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 21 | 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 26 | 2415 |
|  |  | 991893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services** — **1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a) | 184 | 10008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 32 | 10444 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc. (a) | 2 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 88 | 34177 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 3

------

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 21 | 8133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 47 | 11438 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. (a) | 56 | 8837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 7 | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. (a) | 20 | 6106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 12 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 953 | 297259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 5 | 970 |
|  |  | 391667 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 10 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 20 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 6 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 33 | 4279 |
|  |  | 8743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals** — **5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 655 | 121662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 46 | 7987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 1112 | 51463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 29 | 4826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 23 | 6810 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 3573 | 246482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc. (a) | 58 | 5069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 434 | 338664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 1323 | 202027 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 14 | 10449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 1372 | 108576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. (a) | 34 | 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 3135 | 75994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 509 | 4545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Class A | 240 | 37449 |
|  |  | 1226319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 3613953 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy** — **4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Coal** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co. (a) | 9 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | 44 | 7248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc. (a) | 18 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spruce Power Holding Corp. (a) | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure LP | 27 | 221 |
|  |  | 7514 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas** — **3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd., (Canada) | 56 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., (Canada) | 201 | 6323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc., (Canada) | 131 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 898 | 128517 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 693 | 62149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 398 | 10102 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 336 | 10691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 102 | 14074 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 299 | 35708 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 311 | 18123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 116 | 13531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 2349 | 253245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 154 | 21362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd., (Canada) | 17 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 167 | 27678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 377 | 15851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 215 | 25671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc., (Canada) | 119 | 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 10 | 10931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil Corp., (Canada) | 34 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 167 | 22424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitecap Resources, Inc., (Canada), Class Common S | 119 | 797 |
|  |  | 687586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co., Class A | 542 | 20762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 494 | 10059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 743 | 25118 |
|  |  | 55939 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines** — **0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 117 | 28600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., (Canada) | 209 | 9469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp., (Canada) | 22 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 1061 | 31185 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 324 | 26485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp., (Canada), Class Common S | 56 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 112 | 19474 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp., (Canada) | 100 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 646 | 40605 |
|  |  | 163488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 914665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial** — **9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks** — **3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 2908 | 137623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada) | 69 | 7689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 95 | 8676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), (Canada) | 119 | 6600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada) | 90 | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 389 | 33109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 124 | 5539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 358 | 14720 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 3 | 5406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 38 | 27150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 342 | 5737 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 4 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 490 | 8535 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 34 | 6686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 148 | 20893 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, (Canada) | 37 | 3862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 37 | 4647 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 172 | 32098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 230 | 5417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada) | 136 | 17870 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 47 | 4987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), (Canada) | 168 | 12346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 220 | 9455 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 646 | 29248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 3745 | 300063 |
|  |  | 714751 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 70 | 22401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 13 | 6672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 1569 | 222546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 29 | 4941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 2 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A | 39 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 810 | 172240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 12 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 213 | 19428 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., Class A | 47 | 12978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A (a) | 82 | 28737 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial, Inc., (Canada) | 8 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 49 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 76 | 13989 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 10 | 3640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 151 | 84941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 79 | 7106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 32 | 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 70 | 4691 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 34 | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd., (Canada) | 27 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 16 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 258 | 91711 |
|  |  | 717602 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 87 | 9149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 38 | 7584 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 9 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 82 | 7027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon plc, (United Kingdom), Class A | 21 | 7471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd., (Bermuda) | 50 | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 31 | 9925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 156 | 75835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 31 | 3485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd., (Switzerland) | 43 | 12422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 20 | 2959 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 35 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 2 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd., (Bermuda) | 6 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., (Canada) | 2 | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 39 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco, Inc., (Canada) | 27 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 43 | 5498 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc., (Canada) | 9 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp., (Canada) | 17 | 3967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 36 | 3309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp., (Canada) | 165 | 5282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc. (a) | 2 | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 54 | 11853 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 107 | 8590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada, (Canada) | 53 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 44 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 105 | 28116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 41 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc., (Canada) | 55 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 32 | 8428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson plc, (United Kingdom) | 12 | 3525 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley Corp. | 45 | 3276 |
|  |  | 252924 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 142 | 21276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp., (Canada) | 131 | 8082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 41 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 74 | 9778 |
|  |  | 41241 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A (a) | 38 | 5365 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. (a) | 39 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstService Corp., (Canada) | 4 | 686 |
|  |  | 9208 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS** — **1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 18 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 33 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 863 | 190830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 143 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 14 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 19 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 10 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 47 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 39 | 6811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 42 | 33718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 4 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 36 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 6 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 24 | 3522 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 5

------

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 27 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 86 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 55 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 32 | 3324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 100 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 12 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 108 | 11391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 17 | 4904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 121 | 6947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 13 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., Class A | 9 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 39 | 6217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 9 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 26 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 49 | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc., Class A | 157 | 5109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 78 | 12018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 81 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 29 | 1790 |
|  |  | 325013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 2060739 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial** — **5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense** — **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The) (a) | 184 | 38477 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc., (Canada) (a) | 29 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 58 | 16967 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 261 | 67180 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 8 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 9 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 94 | 17570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 45 | 11390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 51 | 23524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 33 | 16685 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 333 | 48619 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 13 | 20039 |
|  |  | 266230 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. (a) | 17 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 126 | 9243 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH plc | 85 | 7842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc | 103 | 10861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 4 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 8 | 4292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 22 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 12 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies plc, (Ireland) | 35 | 15140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 17 | 4517 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Fraser Timber Co. Ltd., (Canada) | 5 | 381 |
|  |  | 59672 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment** — **0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment** — **0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 33 | 5919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. plc, (Ireland) | 60 | 21543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 89 | 11879 |
|  |  | 39341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics** — **1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion plc, (Ireland) | 9 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 498 | 49175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc., (Canada) (a) | 11 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 55 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd., (Switzerland) | 33 | 6831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 1005 | 233956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., Class B | 7 | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 46 | 9934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. (a) | 65 | 10721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | 6 | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp. (a) | 14 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity plc, (Ireland) | 125 | 21073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 97 | 7373 |
|  |  | 354961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction** — **0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction** — **0.0%** (g) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 21 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 7 | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 31 | 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stantec, Inc., (Canada) | 11 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Group LP | 8 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc., (Canada) | 12 | 2547 |
|  |  | 13908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc., (Canada) | 20 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair plc, (United Kingdom) | 22 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Cycle Corp. (a) | 6 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., Class A | 39 | 9566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 43 | 4312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc., (Canada) | 47 | 8813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 68 | 15515 |
|  |  | 41561 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 7 | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining** — **0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining** — **0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 76 | 29470 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 43 | 22537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 55 | 7035 |
|  |  | 59042 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified** — **1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 104 | 10711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 17 | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV, (United Kingdom) | 1592 | 20635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 483 | 245647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 19 | 3470 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 6 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 16 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 7 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 62 | 5119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 18 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 6 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 53 | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 17 | 5497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 163 | 11556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 31 | 6385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 38 | 4907 |
|  |  | 329382 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers** — **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers** — **0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 84 | 12825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. (a) | 18 | 14907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 6 | 2264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 40 | 9899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 21 | 14742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | 18 | 9159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 35 | 2811 |
|  |  | 66607 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor plc, (Switzerland) | 377 | 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 47 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Inc., (Canada), Class B | 14 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 16 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 14 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock plc, (Ireland) | 69 | 2957 |
|  |  | 14180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 4 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation** — **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co., (Canada) | 51 | 5336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd., (Canada) | 89 | 7082 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 21 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 330 | 10769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 25 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 41 | 9410 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 21 | 3018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 41 | 10473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 28 | 4580 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International, Inc., (Canada) | 8 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 99 | 22810 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 127 | 12822 |
|  |  | 91874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 1339914 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology** — **33.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers** — **7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture plc, (Ireland), Class A | 200 | 59906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 6125 | 1256599 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc., (Canada), Class A | 19 | 2020 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 165 | 12914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A (a) | 104 | 53198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 132 | 16194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 271 | 28676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | 24 | 9582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 558 | 11403 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 392 | 9599 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 300 | 88385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 20 | 3128 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 82 | 8693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc., Class A (a) | 50 | 4981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A (a) | 124 | 7164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 88 | 12649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. (a) | 206 | 10115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 149 | 9538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | 43 | 13542 |
|  |  | 1618286 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business Equip** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A (a) | 21 | 6411 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors** — **13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a) | 716 | 101563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 220 | 52284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 356 | 65170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1970 | 543142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 59 | 4767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 1915 | 42901 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 58 | 52218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 561 | 54650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 545 | 42159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 231 | 16269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 495 | 61019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 21 | 15017 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 11054 | 1746415 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV, (Netherlands) | 110 | 24136 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp. (a) | 182 | 9538 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 486 | 77473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 65 | 5863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 401 | 83187 |
|  |  | 2997771 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software** — **13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 178 | 68948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. (a) | 49 | 3883 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc. (a) | 36 | 12565 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a) | 151 | 52967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., (Australia), Class A (a) | 69 | 13917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 89 | 27577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 52 | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 24 | 5942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a) | 114 | 35209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 101 | 19688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc., (Canada) | 2 | 7077 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 7

------

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A (a) | 119 | 15922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The), (Canada) (a) | 8 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Inc., Class A (a) | 79 | 6176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 125 | 6897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 62 | 9922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp. (a) | 10 | 18466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 67 | 5482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 64 | 11052 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | 20 | 11192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 118 | 93073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 6 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 3745 | 1862768 |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Class A (a) | 104 | 42091 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A (a) | 25 | 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A | 10 | 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A (a) | 103 | 7878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp., (Canada) | 25 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 709 | 155072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 901 | 122759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 47 | 6872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 7 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. (a) | 47 | 8052 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A (a) | 133 | 14034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 46 | 25934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 405 | 110392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc., Class A (a) | 108 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 87 | 89600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 102 | 22827 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 42 | 3473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 64 | 32832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a) | 45 | 10930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A (a) | 49 | 6035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. (a) | 18 | 10840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A (a) | 19 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A (a) | 98 | 23577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., Class A (a) | 103 | 8062 |
|  |  | 3017819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 7640287 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities** — **2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric** — **2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 206 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALLETE, Inc. | 17 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 91 | 5523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 106 | 10221 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 221 | 22886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 23 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 21 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 13 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 262 | 9630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class A | 10 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 24 | 762 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 108 | 7512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 149 | 14987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 126 | 40593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 344 | 19459 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 84 | 11109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 322 | 38021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 155 | 7988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera, Inc., (Canada) | 29 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 178 | 14828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 87 | 6011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 148 | 9397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 416 | 18078 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 226 | 9115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc., (Canada) | 48 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B | 4 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. (a) | 50 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd., (Canada) (e) | 32 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc., Class Rights | 16 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 10 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 826 | 57320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 18 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 83 | 13332 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 58 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc., Class A (a) | 18 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 17 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 11 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 889 | 12399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 34 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 32 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 304 | 10292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 197 | 16606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 264 | 20015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 455 | 41764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp. (a) | 11 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 27 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 5 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 137 | 26486 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 125 | 12992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 233 | 15894 |
|  |  | 503315 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd., (Canada) | 29 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 59 | 9065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities Ltd., (Canada), Class A | 13 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 7 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 56 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 25 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 29 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 174 | 7015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 11 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 17 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 2 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 17 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 17 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 62 | 2269 |
|  |  | 28886 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 8 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 11 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 75 | 10461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 3 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 17 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd., (Cayman Islands) | 4 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 89 | 3298 |
| &nbsp;&nbsp;&nbsp;&nbsp; H2O America | 9 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 5 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water Co. (The) | 4 | 134 |
|  |  | 16511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 548712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $16,495,645) |  | 22603608 |
|  | NUMBER OF<br>WARRANTS |  |
|  **Warrant** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada), expiring 03/31/2040 (a)<br>(Cost $0) | 1 |  |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT ($) | VALUE ($) |
|  **Short-Term Investments** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 3.68%, 07/01/2025 | 9296 | 9296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman, 3.68%, 07/01/2025 | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 3.68%, 07/01/2025 | 19219 | 19219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/02/2025<br> CAD | 98 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 | 8401 | 8401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, 3.68%, 07/01/2025 | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 3.68%, 07/01/2025 | 7456 | 7456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.68%, 07/01/2025 | 30415 | 30415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $75,184) |  | 75184 |
|  **Total Investments — 100.0%<br>(Cost — $16,570,829)** |  | 22678792 |
|  **Liabilities in Excess of Other Assets — (0.0)%** (g) | **Liabilities in Excess of Other Assets — (0.0)%** (g) | (15364) |
|  **NET ASSETS — 100.0%** |  | $22663428 |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | 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** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  CME Micro E-mini Russell 2000 Index | 37 | 09/2025 | USD | 404 | 2 |
|  E-mini Consumer Discretionary Select Sector Index | 9 | 09/2025 | USD | 1979 | 16 |
|  E-mini Consumer Staples Select Sector Index | 3 | 09/2025 | USD | 247 | — (h) |
|  E-mini Energy Select Sector Index | 14 | 09/2025 | USD | 1277 | (23) |
|  E-mini Financial Select Sector Index | 2 | 09/2025 | USD | 320 | 6 |
|  E-mini Health Care Select Sector Index | 13 | 09/2025 | USD | 1780 | 4 |
|  E-mini Industrial Select Sector Index | 10 | 09/2025 | USD | 1478 | 23 |
|  E-mini Russell 1000 Value Index | 1 | 09/2025 | USD | 96 | — (h) |
|  E-mini Russell 2000 Index | 2 | 09/2025 | USD | 217 | 2 |
|  E-mini Technology Select Sector Index | 17 | 09/2025 | USD | 4300 | 81 |
|  E-mini Utilities Select Sector Index | 14 | 09/2025 | USD | 1153 | 10 |
|  Micro E-mini NASDAQ 100 Index | 122 | 09/2025 | USD | 5501 | 85 |
|  Micro E-mini S&P 500 Index | 27 | 09/2025 | USD | 832 | 12 |
|  S&P 500 E-mini Index | 60 | 09/2025 | USD | 18489 | 273 |
|  S&P Mid 400 E-mini Index | 1 | 09/2025 | USD | 304 | 8 |
|  S&P Toronto Stock Exchange 60 Index | 4 | 09/2025 | CAD | 933 | 7 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 506 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 9

------

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (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 JUNE 30, 2025

---

| | |
|:---|:---|
| 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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares or principal/ $500. |
| CAD | — Canadian Dollar |
| USD | — United States Dollar |

---

#### Summary of Investments by Industry, June 30, 2025
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| INDUSTRY | PERCENTAGE |
|  Internet | 16.9% |
|  Software | 13.3% |
|  Semiconductors | 13.2% |
|  Computers | 7.2% |
|  Pharmaceuticals | 5.4% |
|  Retail | 4.6% |
|  Healthcare — Products | 4.4% |
|  Banks | 3.2% |
|  Diversified Financial Services | 3.2% |
|  Oil & Gas | 3.0% |
|  Telecommunications | 2.2% |
|  Electric | 2.2% |
|  Healthcare — Services | 1.7% |
|  Auto Manufacturers | 1.6% |
|  Electronics | 1.6% |
|  Machinery — Diversified | 1.4% |
|  REITS | 1.4% |
|  Home Builders | 1.4% |
|  Beverages | 1.3% |
|  Aerospace/Defense | 1.2% |
|  Insurance | 1.1% |
|  Biotechnology | 1.0% |
|  Others (Each less than 1.0%) | 7.2% |
|  Short-Term Investments | 0.3% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 10 SIX CIRCLES TRUST JUNE 30, 2025

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — 98.1%** | **Common Stocks — 98.1%** | **Common Stocks — 98.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Australia — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 365 | 6995 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Group | 161 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 69 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. | 24 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 627 | 15078 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | 54 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 169 | 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. | 47 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 8 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 166 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 206 | 25100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 65 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 60 | 9449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 246 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 208 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group REIT | 251 | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | 290 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) | 277 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 45 | 6722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Pvt Ltd. | 337 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 377 | 9769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 167 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. | 213 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | 7 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | 92 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 185 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. | 7 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reece Ltd. | 28 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 46 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santos Ltd. | 407 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group REIT | 638 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGH Ltd. | 25 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sigma Healthcare Ltd. | 571 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 57 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. | 552 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland REIT | 295 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 133 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 498 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 384 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. REIT | 476 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. | 29 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | 140 | 7816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. | 421 | 9389 |
| &nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 25 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 235 | 3630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | 151 | 3091 |
|  |  | 157001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Austria** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 208 | 17747 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG | 55 | 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund AG | 41 | 3176 |
|  |  | 23936 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Belgium** — **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 100 | 6798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA, Class B | 30 | 3415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | 56 | 4806 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 156 | 16060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA | 11 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syensqo SA | 22 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 54 | 10539 |
|  |  | 46826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Brazil** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA | 257 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; B3 SA — Brasil Bolsa Balcao | 284 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA | 82 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual SA | 65 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil SA | 97 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; BB Seguridade Participacoes SA | 36 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRF SA | 26 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caixa Seguridade Participacoes S/A | 31 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA | 62 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Registered) | 25 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPFL Energia SA | 15 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA | 39 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energisa SA | 16 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eneva SA (a) | 40 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie Brasil Energia SA | 9 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equatorial Energia SA | 67 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS NV, Class A (a) | 22 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klabin SA | 42 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Localiza Rent a Car SA | 52 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motiva Infraestrutura de Mobilidade SA | 57 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natura & Co. Holding SA (a) | 56 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd./Cayman Islands, Class A (a) | 172 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA — Petrobras | 200 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRIO SA (a) | 44 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil SA | 67 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz SA (e) | 41 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rumo SA | 67 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzano SA | 39 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil SA | 42 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIM SA | 44 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTVS SA | 28 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA | 42 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA (Registered) | 195 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibra Energia SA | 52 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEG SA | 91 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc., Class A | 21 | 420 |
|  |  | 15474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chile** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta plc | 329 | 8185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Chile | 2414 | 365 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 11

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chile** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones SA | 5 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Chile | 3397 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencosud SA | 69 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresas CMPC SA | 58 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresas Copec SA | 20 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Americas SA | 1281 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Chile SA | 1425 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Falabella SA | 32 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group SA | 12579 | 255 |
|  |  | 10069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **China — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Silergy Corp. | 17 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | 326 | 569 |
|  |  | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colombia — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA | 13 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interconexion Electrica SA ESP | 23 | 110 |
|  |  | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Czech Republic — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CEZ A/S | 9 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komercni Banka A/S | 4 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moneta Money Bank A/S (e) | 16 | 109 |
|  |  | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Denmark — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller — Maersk A/S, Class A | 1 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller — Maersk A/S, Class B | 2 | 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 8 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 467 | 19069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant A/S (a) | 5 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 95 | 22871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (a) | 60 | 12476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 4188 | 290203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes) B, Class B | 107 | 7683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S (a) (e) | 101 | 4354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 44 | 7680 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 44 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 228 | 5902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 471 | 7078 |
|  |  | 386539 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Egypt — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank — Egypt (CIB) | 122 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Co. SAE | 29 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talaat Moustafa Group | 15 | 17 |
|  |  | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Finland** — **1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 52 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 273 | 5116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 159 | 10456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ | 288 | 3734 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Finland** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 124 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 2127 | 31554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 46 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 1640 | 17646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ, Class R | 177 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 162 | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 236 | 5567 |
|  |  | 88443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **France** — **13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris SA | 16 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 366 | 75483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 277 | 57988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (a) | 160 | 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (e) | 42 | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA | 17 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 1199 | 58892 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 3 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 689 | 61793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore SE | 258 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 89 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas SA | 149 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA, Class A | 209 | 24609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 718 | 13591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA | 9 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE | 163 | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 32 | 4516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 1100 | 25849 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 18 | 4914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo SE | 27 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE | 140 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 17 | 45637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA | 16 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA | 40 | 8621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 122 | 16390 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 585 | 250499 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 146 | 76529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 7333 | 111673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 83 | 9410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA | 70 | 3219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA | 104 | 3192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 168 | 54786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 470 | 45535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 2 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 255 | 68481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 488 | 27889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE | 25 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 43 | 12766 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 769 | 46982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA | 380 | 13552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 231 | 34035 |
|  |  | 1196015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany** — **16.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG | 91 | 21218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 261 | 106079 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 12 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 271 | 13406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG | 416 | 12539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 105 | 9369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf AG | 241 | 30327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 110 | 7259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG | 601 | 18952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro AG (a) | 55 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA | 23 | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | 422 | 20039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Registered) | 1253 | 37139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 127 | 41638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Registered) | 531 | 4510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 853 | 39523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 5103 | 186780 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 1351 | 24902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG | 78 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | 13 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 25 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG | 131 | 9161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE | 41 | 12893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG | 41 | 9571 |
| &nbsp;&nbsp;&nbsp;&nbsp; KION Group AG | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse AG | 64 | 6237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 262 | 15267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 55 | 7100 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 48 | 21249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 91 | 58790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE | 64 | 9244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational AG | 5 | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 40 | 84138 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 381 | 15914 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 1153 | 352497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (e) | 27 | 3769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 675 | 173503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (a) | 1094 | 127837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (e) | 20 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG, Class A | 40 | 4229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 44 | 5649 |
|  |  | 1506048 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Greece — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Bank SA | 46 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurobank Ergasias Services and Holdings SA | 162 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA | 9 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; JUMBO SA | 7 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metlen Energy & Metals SA | 6 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA | 47 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPAP SA | 11 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA | 55 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Power Corp. SA | 10 | 164 |
|  |  | 2825 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hong Kong** — **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 1320 | 11955 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 465 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 241 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 334 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 77 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 201 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR | 8 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 266 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | 93 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 183 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | 459 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 1362 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 148 | 7960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 139 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd. | 20 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 323 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | 183 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | 170 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential plc | 1766 | 22105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 448 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 164 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 180 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A | 44 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 180 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Registered) (e) | 1038 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Holdings Ltd. (The) | 130 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 209 | 593 |
|  |  | 68011 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hungary — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MOL Hungarian Oil & Gas plc | 22 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt | 12 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt | 7 | 212 |
|  |  | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp; **India** — **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB India Ltd. | 3 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Enterprises Ltd. | 8 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd. | 28 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Power Ltd. (a) | 31 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkem Laboratories Ltd. | 2 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambuja Cements Ltd. | 32 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; APL Apollo Tubes Ltd. | 9 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. | 6 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashok Leyland Ltd. | 76 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asian Paints Ltd. | 21 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astral Ltd. | 7 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; AU Small Finance Bank Ltd. (e) | 19 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurobindo Pharma Ltd. (a) | 14 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avenue Supermarts Ltd. (a) (e) | 9 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Bank Ltd. | 123 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. | 3 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. | 150 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finserv Ltd. | 21 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Holdings & Investment Ltd. | 2 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balkrishna Industries Ltd. | 5 | 130 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 13

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **India** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Baroda | 57 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. | 196 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Forge Ltd. | 14 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Heavy Electricals Ltd. | 56 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. | 78 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | 138 | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bosch Ltd. | —(h) | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Britannia Industries Ltd. | 6 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canara Bank | 104 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; CG Power & Industrial Solutions Ltd. | 31 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cholamandalam Investment and Finance Co. Ltd. | 24 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipla Ltd./India | 31 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal India Ltd. | 103 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive India Ltd. | 7 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Container Corp. Of India Ltd | 14 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel International Ltd. | 6 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins India Ltd. | 8 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dabur India Ltd. | 29 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Divi's Laboratories Ltd. | 6 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. | 2 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLF Ltd. | 42 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Reddy's Laboratories Ltd. | 30 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eicher Motors Ltd. | 7 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (a) | 259 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; FSN E-Commerce Ventures Ltd. (a) | 63 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; GAIL India Ltd. | 119 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMR Airports Ltd. (a) | 148 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Godrej Consumer Products Ltd. | 24 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Godrej Properties Ltd. (a) | 8 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grasim Industries Ltd. | 15 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Havells India Ltd. | 13 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCL Technologies Ltd. | 51 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. (e) | 5 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. | 304 | 7082 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Life Insurance Co. Ltd. (e) | 50 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hero MotoCorp. Ltd. | 6 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindalco Industries Ltd. | 74 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. | 11 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindustan Petroleum Corp. Ltd. | 49 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindustan Unilever Ltd. | 44 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor India Ltd. (a) | 8 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. | 283 | 4780 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Lombard General Insurance Co. Ltd. (e) | 13 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Prudential Life Insurance Co. Ltd. (e) | 16 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDFC First Bank Ltd. (a) | 194 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Hotels Co. Ltd./The, Class A | 48 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Oil Corp. Ltd. | 145 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Railway Catering & Tourism Corp. Ltd. | 14 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indus Towers Ltd. (a) | 75 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndusInd Bank Ltd. (a) | 30 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Info Edge India Ltd. | 18 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. | 178 | 3331 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **India** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. (a) (e) | 10 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC Ltd. | 162 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jindal Stainless Ltd. | 18 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jindal Steel & Power Ltd. | 21 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jio Financial Services Ltd. (a) | 156 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSW Energy Ltd. | 24 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSW Steel Ltd. | 34 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jubilant Foodworks Ltd. | 20 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalyan Jewellers India Ltd. | 23 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kotak Mahindra Bank Ltd. | 59 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Larsen & Toubro Ltd. | 36 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTIMindtree Ltd. (e) | 4 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lupin Ltd. | 12 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macrotech Developers Ltd. (e) | 17 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 50 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mankind Pharma Ltd. (a) | 7 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marico Ltd. | 27 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. | 7 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. | 42 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mphasis Ltd. | 6 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; MRF Ltd. | — (h) | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. | 6 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle India Ltd. | 19 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; NHPC Ltd. | 163 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMDC Ltd. | 174 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTPC Ltd. | 234 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oberoi Realty Ltd. | 7 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. | 174 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil India Ltd. | 29 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Financial Services Software Ltd. | 1 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Page Industries Ltd. | —(h) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; PB Fintech Ltd. (a) | 19 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persistent Systems Ltd. | 6 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronet LNG Ltd. | 44 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Mills Ltd./The | 10 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; PI Industries Ltd. | 4 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pidilite Industries Ltd. | 9 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polycab India Ltd. | 3 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. | 85 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Grid Corp. of India Ltd | 250 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Estates Projects Ltd. | 9 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Punjab National Bank | 126 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rail Vikas Nigam Ltd. (Registered) | 23 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; REC Ltd. | 76 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. | 327 | 5717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samvardhana Motherson International Ltd. | 182 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Cards & Payment Services Ltd. | 16 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Life Insurance Co. Ltd. (e) | 25 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shree Cement Ltd. | — (h) | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shriram Finance Ltd. | 77 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Ltd. | 5 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solar Industries India Ltd. | 2 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sona Blw Precision Forgings Ltd. (e) | 25 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; SRF Ltd. | 7 | 260 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 14 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **India** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Bank of India | 96 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. | 52 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sundaram Finance Ltd. | 3 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supreme Industries Ltd. | 3 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzlon Energy Ltd. (a) | 537 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Communications Ltd. | 7 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | 49 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consumer Products Ltd. | 33 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Elxsi Ltd. | 2 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Ltd. | 109 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Power Co. Ltd./The | 89 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Steel Ltd. | 404 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tech Mahindra Ltd. | 29 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermax Ltd. | 3 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Co. Ltd. (a) | 19 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Torrent Pharmaceuticals Ltd. | 6 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Torrent Power Ltd. | 10 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trent Ltd. | 10 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tube Investments of India Ltd. | 6 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. | 13 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; UltraTech Cement Ltd. | 6 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Bank of India Ltd. | 85 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Spirits Ltd. | 15 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPL Ltd. | 24 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varun Beverages Ltd. | 76 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vedanta Ltd. | 77 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Idea Ltd. (a) | 1564 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voltas Ltd. | 12 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd. | 146 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yes Bank Ltd. (a) | 750 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zydus Lifesciences Ltd. | 14 | 159 |
|  |  | 85275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indonesia** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamtri Resources Indonesia Tbk. PT | 535 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amman Mineral Internasional PT (a) | 350 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk. PT | 1086 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk. PT | 2977 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk. PT | 2003 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk. PT | 801 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk. PT | 3660 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barito Pacific Tbk. PT (a) | 1019 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chandra Asri Pacific Tbk. PT | 464 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Indonesia Tbk. PT | 438 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoTo Gojek Tokopedia Tbk. PT, Class A (a) | 47938 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indofood CBP Sukses Makmur Tbk. PT | 101 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indofood Sukses Makmur Tbk. PT | 259 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalbe Farma Tbk. PT | 1277 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumber Alfaria Trijaya Tbk. PT | 1048 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk. PT | 2658 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Tractors Tbk. PT | 91 | 120 |
|  |  | 5513 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ireland** — **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 86 | 10055 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc | 1411 | 11648 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ireland** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc | 663 | 9454 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC plc | 46 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian plc | 428 | 22062 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries plc, CDI (a) | 71 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group plc | 72 | 6127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings plc | 395 | 11201 |
|  |  | 75449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy** — **3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA | 151 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BPM SpA | 774 | 9029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio On Spa (a) (bb) | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SPA | 670 | 6083 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiaSorin SpA | 1 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 4895 | 46454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 829 | 13388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 46 | 22409 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 412 | 9137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generali | 584 | 20783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA (e) | 101 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 10243 | 59005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA | 189 | 10655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | 337 | 7836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 124 | 7083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi SpA (e) | 329 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (e) | 312 | 6712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA | 131 | 9281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA | 49 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 1213 | 7342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA (a) | 3906 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna — Rete Elettrica Nazionale | 854 | 8782 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 949 | 63656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA | 243 | 4804 |
|  |  | 323380 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan** — **6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 106 | 7873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 103 | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 27 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 72 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 126 | 3409 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. | 22 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 199 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 171 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 92 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 249 | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 83 | 2960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 79 | 3218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 130 | 3759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 48 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 108 | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) | 79 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 90 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 93 | 4861 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 15

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Concordia Financial Group Ltd. | 140 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 54 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 45 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 488 | 3707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 238 | 5514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 37 | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 8 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 77 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 185 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 263 | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 28 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 13 | 3762 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 126 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 36 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 376 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 131 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 26 | 9052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 19 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 155 | 3365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 35 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 244 | 5912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 31 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 2 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 635 | 18447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 585 | 5645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoshizaki Corp. | 15 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 48 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 63 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 117 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. | 21 | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 123 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 75 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 165 | 8625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 21 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 137 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | 248 | 2675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 248 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 27 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 166 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 79 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 58 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) | 133 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp; KAO Corp. | 65 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 48 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 425 | 7299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 27 | 10795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 95 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 107 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 21 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 124 | 4104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 14 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 137 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. | 177 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 33 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. | 11 | 1475 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 395 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3, Inc. | 61 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 34 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 196 | 3951 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 47 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 34 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 52 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 189 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 474 | 9463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 263 | 5665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 148 | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 123 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 444 | 11113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 1589 | 21658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 342 | 6970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 367 | 3551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 48 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 331 | 9186 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 34 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 178 | 3988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 232 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 170 | 4963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 46 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIDEC Corp., | 116 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 153 | 14693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. REIT | 1 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 132 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | 24 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. | 133 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone Corp. | 4142 | 4428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 60 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (a) | 308 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | 28 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 11 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 97 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 414 | 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 53 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Data Group Corp. | 39 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 90 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 45 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. | 159 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omron Corp. | 24 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 51 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 5 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 150 | 3455 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 161 | 3640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 50 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 32 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 61 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 53 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 324 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (a) | 210 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 195 | 11467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 234 | 2894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 289 | 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ricoh Co. Ltd. | 74 | 699 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 16 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanrio Co. Ltd. | 25 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 38 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 11 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. | 22 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 59 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 53 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 82 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | 307 | 4935 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 45 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 32 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 11 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 250 | 8242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 104 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 56 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 8 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 3963 | 6138 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 132 | 9626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 124 | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 852 | 22157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 81 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 151 | 3905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 100 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 34 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 511 | 12875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 90 | 2380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 43 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 19 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 216 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 70 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 68 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 22 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 221 | 6811 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 270 | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 185 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 29 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 15 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 255 | 10786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 62 | 11893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 46 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. | 40 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 69 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 33 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 192 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 23 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 1313 | 22617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 88 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc./Japan | 18 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 155 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 62 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yakult Honsha Co. Ltd. | 36 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 129 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 32 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. | 13 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 56 | 601 |
|  |  | 567367 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kuwait — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boubyan Bank KSCP | 83 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Bank KSCP | 116 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait Finance House KSCP | 595 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mabanee Co. KPSC | 29 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile Telecommunications Co. KSCP | 106 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Kuwait SAKP | 446 | 1457 |
|  |  | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Luxembourg** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 392 | 12435 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVC Capital Partners plc (e) | 142 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE | 7 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinet Investments SCA | 7 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 119 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zabka Group SA (a) | 13 | 78 |
|  |  | 18405 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Macau — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd. (a) | 295 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Malaysia** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMB Holdings Bhd. | 136 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axiata Group Bhd. | 120 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; CelcomDigi Bhd. | 190 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIMB Group Holdings Bhd. | 432 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gamuda Bhd. | 248 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting Bhd. | 93 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Leong Bank Bhd. | 36 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHH Healthcare Bhd. | 118 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; IOI Corp. Bhd. | 148 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuala Lumpur Kepong Bhd. | 29 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malayan Banking Bhd. | 292 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxis Bhd. | 142 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISC Bhd. | 77 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; MR DIY Group M Bhd. (e) | 144 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Malaysia Bhd. | 3 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Chemicals Group Bhd. | 163 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Dagangan Bhd. | 13 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Gas Bhd. | 43 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPB Group Bhd. | 28 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Press Metal Aluminium Holdings Bhd. | 199 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Bank Bhd. | 781 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; QL Resources Bhd. | 71 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; RHB Bank Bhd. | 98 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; SD Guthrie Bhd. | 121 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sime Darby Bhd. | 127 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunway Bhd. | 139 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telekom Malaysia Bhd. | 72 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaga Nasional Bhd. | 140 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp; YTL Corp. Bhd. | 145 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; YTL Power International Bhd. | 145 | 137 |
|  |  | 5992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mexico** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa SAB de CV, Class A | 201 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV | 978 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arca Continental SAB de CV | 29 | 312 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 17

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mexico** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV | 781 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa SAB de CV | 27 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion SA de CV REIT | 148 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de CV | 94 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gruma SAB de CV, Class B | 9 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte SAB de CV, Class B | 15 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV, Class B | 21 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste SAB de CV, Class B | 10 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Bimbo SAB de CV | 68 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Carso SAB de CV | 29 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Comercial Chedraui SA de CV | 17 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, Class O | 136 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Inbursa SAB de CV, Class O | 94 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Mexico SAB de CV | 167 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrias Penoles SAB de CV (a) | 12 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, Class A | 84 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis Property Mexico SA de CV REIT | 54 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de Infraestructura SAB de CV | 11 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualitas Controladora SAB de CV | 12 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV | 281 | 929 |
|  |  | 9358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Netherlands** — **5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA GDR (e) | 312 | 8522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (a) (e) | 17 | 31320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 891 | 6453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel NV | 52 | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (a) | 4 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 38 | 24389 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 320 | 256041 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV | 101 | 6717 |
| &nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV | 66 | 9846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (e) | 53 | 9118 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR NV | 60 | 6013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 238 | 12696 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD NV | 28 | 3745 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 2130 | 46693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 1416 | 6906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 50 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEPI Rockcastle NV (a) | 29 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 181 | 12055 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV (a) | 13 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad NV | 51 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 732 | 7328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV | 400 | 12992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 111 | 18606 |
|  |  | 489543 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Zealand** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auckland International Airport Ltd. | 208 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contact Energy Ltd. | 99 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 72 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infratil Ltd. | 113 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. | 161 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (a) | 18 | 2133 |
|  |  | 6553 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Norway** — **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 92 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 607 | 16775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 315 | 7961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 137 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 205 | 7962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 1174 | 6723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 224 | 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 50 | 1856 |
|  |  | 50600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Peru — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Minas Buenaventura SAA, ADR | 8 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 4 | 811 |
|  |  | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Philippines — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayala Corp. | 14 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayala Land, Inc. | 363 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of the Philippine Islands | 123 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDO Unibank, Inc. | 136 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. | 53 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jollibee Foods Corp. | 22 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manila Electric Co. | 16 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank & Trust Co. | 103 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; PLDT, Inc. | 3 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Investments Corp. | 12 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings, Inc. | 521 | 217 |
|  |  | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Poland** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu SA (a) (e) | 35 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Millennium SA (a) | 35 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki SA | 10 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Budimex SA | 1 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC SA (a) | 3 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD Projekt SA | 3 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dino Polska SA (a) (e) | 3 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; InPost SA (a) | 106 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; KGHM Polska Miedz SA (a) | 7 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPP SA | —(h) | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; mBank SA (a) | 1 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORLEN SA | 31 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGE Polska Grupa Energetyczna SA (a) | 49 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA | 47 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen SA | 33 | 578 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 18 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Poland** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Polska SA | 2 | 325 |
|  |  | 7125 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Portugal** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA | 1908 | 8291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA | 157 | 2874 |
|  |  | 11165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Qatar — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rayan Bank | 324 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barwa Real Estate Co. | 105 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Bank PSQC (The) | 174 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dukhan Bank | 114 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industries Qatar QSC | 81 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesaieed Petrochemical Holding Co. | 246 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooredoo QPSC | 44 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Electricity & Water Co. QSC | 19 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Fuel QSC | 26 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Gas Transport Co. Ltd. | 148 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar International Islamic Bank QSC | 57 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Islamic Bank QPSC | 95 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar National Bank QPSC | 248 | 1181 |
|  |  | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Saudi Arabia** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACWA Power Co. (a) | 8 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ades Holding Co. | 15 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank | 105 | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Co. for Co-operative Insurance (a) | 3 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alinma Bank | 66 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Almarai Co. JSC | 26 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arab National Bank | 48 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arabian Internet & Communications Services Co. | 1 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank AlBilad | 39 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Al-Jazira (a) | 37 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Saudi Fransi | 66 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative Insurance Co. | 4 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Co. for Cooperative Insurance/The | 4 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallah Healthcare Co. | 2 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dar Al Arkan Real Estate Development Co. (a) | 30 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Sulaiman Al Habib Medical Services Group Co. | 5 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elm Co. | 1 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etihad Etisalat Co. | 20 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabal Omar Development Co. (a) | 31 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jarir Marketing Co. | 36 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makkah Construction & Development Co. | 6 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mouwasat Medical Services Co. | 6 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nahdi Medical Co. | 2 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riyad Bank | 79 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; SABIC Agri-Nutrients Co. | 13 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sahara International Petrochemical Co. | 22 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAL Saudi Logistics Services | 2 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Mining Co. (a) | 71 | 1020 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Saudi Arabia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. (e) | 325 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Aramco Base Oil Co. | 2 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Awwal Bank | 54 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Basic Industries Corp. | 48 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electricity Co. | 45 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Industrial Investment Group | 14 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Investment Bank (The) | 35 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Kayan Petrochemical Co. (a) | 38 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi National Bank (The) | 158 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Research & Media Group (a) | 2 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Tadawul Group Holding Co. | 3 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Telecom Co. | 107 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yanbu National Petrochemical Co. | 16 | 131 |
|  |  | 16470 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Singapore** — **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 450 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust REIT | 713 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | 289 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 264 | 9306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting Singapore Ltd. | 724 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A (a) | 293 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. | 175 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 421 | 5392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR (a) | 47 | 7545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | 110 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. | 181 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 102 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. | 197 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 915 | 2759 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 156 | 4415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. | 235 | 530 |
|  |  | 39608 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Africa** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Absa Group Ltd. | 47 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Pharmacare Holdings Ltd. | 21 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bid Corp. Ltd. | 19 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bidvest Group Ltd. | 17 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. | 5 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. | 12 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Ltd. | 31 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstRand Ltd. | 271 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | 48 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining Co. Ltd. | 32 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impala Platinum Holdings Ltd. (a) | 50 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kumba Iron Ore Ltd. | 3 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 92 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd., Class N | 9 | 2753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nedbank Group Ltd. | 26 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd. | 232 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; OUTsurance Group Ltd. | 44 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pepkor Holdings Ltd. (e) | 125 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remgro Ltd. | 30 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanlam Ltd. | 100 | 499 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 19

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Africa** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd. (a) | 32 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoprite Holdings Ltd. | 26 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. | 71 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | 11 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodacom Group Ltd. | 32 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Holdings Ltd./South Africa | 52 | 152 |
|  |  | 13630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea** — **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alteogen, Inc. (a) | 2 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp. | 2 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celltrion, Inc. | 9 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; CJ CheilJedang Corp. | — (h) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. | 3 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. | 2 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doosan Bobcat, Inc. | 3 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doosan Enerbility Co. Ltd. (a) | 24 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopro BM Co. Ltd. (a) | 3 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopro Co. Ltd. | 5 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group, Inc. | 15 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanjin Kal Corp. | 1 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | 4 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Semiconductor Co. Ltd. | 2 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. | 2 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Ocean Co. Ltd. (a) | 6 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Systems Co. Ltd. | 4 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Co. Ltd. | 2 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. | 1 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. | 1 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; HLB, Inc. (a) | 6 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; HMM Co. Ltd. | 14 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; HYBE Co. Ltd. (a) | 1 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Glovis Co. Ltd. | 2 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 3 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. | 7 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | 4 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank of Korea | 14 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kakao Corp. | 16 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; KakaoBank Corp. | 9 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 20 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. | 13 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Aerospace Industries Ltd. | 4 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. | 13 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Investment Holdings Co. Ltd. | 2 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Zinc Co. Ltd. | — (h) | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Air Lines Co. Ltd. | 10 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krafton, Inc. (a) | 2 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. | 5 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Chem Ltd. | 3 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Corp. | 4 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Display Co. Ltd. (a) | 18 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Electronics, Inc. | 5 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Energy Solution Ltd. (a) | 2 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG H&H Co. Ltd. | 1 | 126 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Innotek Co. Ltd. | 1 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Uplus Corp. | 12 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; LS Electric Co. Ltd. | 1 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritz Financial Group, Inc. | 5 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Securities Co. Ltd. | 12 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. | 8 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. | 9 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Corp | 1 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO Future M Co. Ltd. (a) | 2 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO Holdings, Inc. | 4 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Posco International Corp. | 3 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd. (a) (e) | 1 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. | 4 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electro-Mechanics Co. Ltd. | 3 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 254 | 11238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. Ltd. | 2 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Heavy Industries Co. Ltd. (a) | 39 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Life Insurance Co. Ltd. | 4 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung SDI Co. Ltd. | 3 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung SDS Co. Ltd. | 2 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samyang Foods Co. Ltd. | — (h) | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | 23 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Biopharmaceuticals Co. Ltd. (a) | 2 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 29 | 6313 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Innovation Co. Ltd. | 4 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Square Co. Ltd. (a) | 5 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | 3 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK, Inc. | 2 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKC Co. Ltd. (a) | 1 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; S-Oil Corp. | 3 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Group, Inc. | 36 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuhan Corp. | 3 | 223 |
|  |  | 48461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain** — **3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA | 15 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | 83 | 5741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (e) | 350 | 9333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 3901 | 60069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell SA | 3659 | 11649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 10256 | 84931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA | 454 | 5927 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 2671 | 23144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA (e) | 180 | 7009 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis SA | 190 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA | 196 | 6195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA (a) | 18 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 3495 | 67246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. SA | 205 | 4387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA | 435 | 6369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica SA | 1342 | 7061 |
|  |  | 304113 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 20 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden** — **3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB, Class B | 122 | 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 135 | 5705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 468 | 14636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 1255 | 20292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 725 | 10325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beijer Ref AB, Class B | 179 | 2820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (a) | 237 | 7415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 309 | 6721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 180 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 251 | 8412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 23 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class A | 82 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class C | 104 | 3776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 126 | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment AB Latour, Class B | 70 | 1846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 1172 | 34717 |
| &nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B | 51 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB, Class B | 109 | 4433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 704 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB, Class B | 149 | 8358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 498 | 11433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB, Class B | 228 | 3421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A | 1074 | 18724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 158 | 3678 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 158 | 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA (a) | 56 | 42884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB SCA, Class B | 184 | 2399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 989 | 13246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 575 | 15240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (a) | 12 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 199 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 859 | 3089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trelleborg AB, Class B | 94 | 3492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 741 | 20862 |
|  |  | 295320 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland** — **13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 738 | 44214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 30 | 2669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding AG (Registered) | 28 | 6644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise (Registered) | 20 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut AG (Registered) | 6 | 6562 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKW AG | 13 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 2 | 26983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Registered) | — (h) | 30011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Class A | 286 | 54075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (a) | 543 | 28352 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG | 56 | 6008 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG (Registered) | 2 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 50 | 7320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Registered) | 16 | 12286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Registered) | 3 | 13598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore plc (a) | 8560 | 33357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helvetia Holding AG (Registered) | 25 | 5871 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG (a) | 158 | 11754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 140 | 9510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG (Registered) | 23 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Registered) | 4 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 4408 | 438316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 805 | 97768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 15 | 20098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 311 | 101875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG | 177 | 9706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 19 | 7063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Registered) | 11 | 3987 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Registered) | 75 | 7641 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIG Group AG (a) | 93 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG (Registered) | 46 | 12597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG (Registered) | 3 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding AG | 7 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) | 15 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Registered) | 19 | 19685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 204 | 35317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG (Registered) | 9 | 6695 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Registered) | 2226 | 75584 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group AG (e) | 13 | 5358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 99 | 69317 |
|  |  | 1231076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan** — **2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. | 26 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acer, Inc. | 156 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantech Co. Ltd. | 27 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtac International Group | 8 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | 4 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. | 171 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia Cement Corp. | 123 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. | 17 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asustek Computer, Inc. | 38 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; AUO Corp. (a) | 360 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catcher Technology Co. Ltd. | 32 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay Financial Holding Co. Ltd. | 512 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chailease Holding Co. Ltd. | 86 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chang Hwa Commercial Bank Ltd. | 318 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheng Shin Rubber Industry Co. Ltd. | 103 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Airlines Ltd. | 172 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Steel Corp. | 608 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chunghwa Telecom Co. Ltd. | 204 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compal Electronics, Inc. | 216 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTBC Financial Holding Co. Ltd. | 896 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. | 105 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; E Ink Holdings, Inc. | 44 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.Sun Financial Holding Co. Ltd. | 773 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co. Ltd. (a) | 11 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. | 17 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; eMemory Technology, Inc. | 4 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eva Airways Corp. | 141 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd | 56 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far Eastern New Century Corp. | 157 | 177 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 21

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Far EasTone Telecommunications Co. Ltd. | 103 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Feng TAY Enterprise Co. Ltd. | 30 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Holding Co. Ltd. | 613 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Formosa Chemicals & Fibre Corp. | 195 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Formosa Plastics Corp. | 213 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Electric Co. Ltd. | 8 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fubon Financial Holding Co. Ltd. | 440 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gigabyte Technology Co. Ltd. | 28 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Unichip Corp. | 5 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | 15 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 671 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotai Motor Co. Ltd. (a) | 16 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hua Nan Financial Holdings Co. Ltd. | 498 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innolux Corp. | 413 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Games System Co. Ltd. | 15 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventec Corp. | 140 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. | 5 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; KGI Financial Holding Co. Ltd. | 822 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Largan Precision Co. Ltd. | 6 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lite-On Technology Corp. | 109 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotes Co. Ltd. | 5 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 82 | 3514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mega Financial Holding Co. Ltd. | 637 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro-Star International Co. Ltd. | 38 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nan Ya Plastics Corp. | 266 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nien Made Enterprise Co. Ltd. | 8 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. | 30 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegatron Corp. | 103 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; PharmaEssentia Corp. (a) | 15 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pou Chen Corp. (a) | 128 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; President Chain Store Corp. | 33 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Computer, Inc. | 145 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | 25 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ruentex Development Co. Ltd. | 68 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Commercial & Savings Bank Ltd./The | 200 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin Kong Financial Holding Co. Ltd. (a) | 775 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; SinoPac Financial Holdings Co. Ltd. | 596 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synnex Technology International Corp. | 69 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taishin Financial Holding Co. Ltd. | 602 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Business Bank | 361 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Cooperative Financial Holding Co. Ltd. | 549 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan High Speed Rail Corp. | 86 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Mobile Co. Ltd. | 90 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 4477 | 163718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCC Group Holdings Co. Ltd. | 350 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unimicron Technology Corp. | 67 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uni-President Enterprises Corp. | 249 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp. | 606 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard International Semiconductor Corp. | 55 | 189 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voltronic Power Technology Corp. | 4 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wan Hai Lines Ltd. | 42 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wistron Corp. | 142 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wiwynn Corp. | 6 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPG Holdings Ltd. | 83 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yageo Corp. | 24 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. | 90 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuanta Financial Holding Co. Ltd. (a) | 562 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding Ltd. | 39 | 134 |
|  |  | 205027 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Thailand** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL, NVDR | 54 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airports of Thailand PCL, NVDR | 221 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Dusit Medical Services PCL, NVDR | 573 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital PCL, NVDR | 34 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pattana PCL, NVDR | 110 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL, NVDR | 211 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP ALL PCL, NVDR | 302 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP AXTRA PCL, NVDR | 98 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Thailand PCL, NVDR | 161 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Development PCL, NVDR (a) | 257 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Product Center PCL, NVDR | 274 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL, NVDR | 33 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank PCL, NVDR | 200 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minor International PCL, NVDR | 192 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT Exploration & Production PCL, NVDR | 81 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT Oil & Retail Business PCL, NVDR | 151 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT PCL, NVDR | 551 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCB X PCL, NVDR | 46 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siam Cement PCL (The), NVDR | 40 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMBThanachart Bank PCL, NVDR | 1629 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; True Corp. PCL (a), NVDR | 546 | 187 |
|  |  | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Turkey — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akbank TAS | 161 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret A/S | 70 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIM Birlesik Magazalar A/S | 23 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek A/S | 44 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eregli Demir ve Celik Fabrikalari TAS (a) | 152 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Otomotiv Sanayi A/S | 31 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haci Omer Sabanci Holding A/S | 50 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; KOC Holding A/S | 43 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasus Hava Tasimaciligi A/S (a) | 12 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasa Polyester Sanayi A/S (a) | 690 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turk Hava Yollari AO | 29 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri A/S | 68 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Is Bankasi A/S, Class C | 380 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Petrol Rafinerileri A/S | 51 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Sise ve Cam Fabrikalari A/S | 64 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi A/S (a) | 147 | 117 |
|  |  | 2321 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 22 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Arab Emirates** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC | 157 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC | 78 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi National Oil Co. for Distribution PJSC | 169 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADNOC Drilling Co. PJSC | 172 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adnoc Gas plc | 329 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 207 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Americana Restaurants International PLC — Foreign Co. | 128 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dubai Electricity & Water Authority PJSC | 322 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dubai Islamic Bank PJSC | 155 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Development PJSC | 54 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 356 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC | 102 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC | 187 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC | 237 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiply Group PJSC (a) | 199 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health plc (a) (bb) | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salik Co. PJSC | 102 | 168 |
|  |  | 7401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom** — **17.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group plc | 659 | 37287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group plc | 177 | 7968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American plc | 934 | 27542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti Plc | 27 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group plc | 201 | 12906 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc | 657 | 91424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group plc (e) | 320 | 3625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva plc | 1804 | 15333 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc | 3895 | 101095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc | 9680 | 44730 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP plc | 6026 | 30024 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group plc, Class A | 2175 | 5790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl plc | 153 | 4884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica plc | 3445 | 7643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International plc | 40 | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo plc | 5540 | 139689 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK plc | 1744 | 33248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc | 23025 | 118339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals plc | 70 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 11962 | 144700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa plc | 480 | 5316 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | 580 | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group plc | 75 | 4874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group plc | 3955 | 13838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc | 40712 | 42809 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group plc | 323 | 47180 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G plc | 1541 | 5447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries plc | 1652 | 12028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi plc | 134 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc | 3356 | 49262 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc | 5468 | 38400 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings plc | 473 | 4279 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX plc | 861 | 46652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial plc | 1180 | 5693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto plc | 942 | 54841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc | 10963 | 145292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders plc | 485 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent plc | 185 | 6957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell plc | 3635 | 126814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew plc | 50 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group plc | 157 | 4842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax Group plc | 34 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE plc | 758 | 19091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc | 1366 | 22612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever plc | 1517 | 92553 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group plc | 467 | 7326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group plc | 7261 | 7772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise plc, Class A (a) | 455 | 6502 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP plc | 393 | 2765 |
|  |  | 1615027 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd. (a) | 158 | 7896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 5 | 472 |
|  |  | 8368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $6,986,638) |  | 8962734 |
|  **Preferred Stocks** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Brazil** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA | 284 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA | 14 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais | 88 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Paranaense de Energia — Copel, Class B | 56 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau SA | 69 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA | 286 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itausa SA | 315 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA — Petrobras | 248 | 1435 |
|  |  | 5518 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chile — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, Class B (a) | 8 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colombia — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA | 23 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 20 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Ing hc F Porsche AG (e) | 41 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE | 56 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG | 2 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG | 75 | 7910 |
|  |  | 14245 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 23

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **<br>SHARES** | **VALUE ($)** |
|  **Preferred Stocks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. |  | 3 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. |  | 44 | 1606 |
|  |  |  | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $20,923) |  |  | 22288 |
|  | **NUMBER OF**<br> **WARRANTS** | **NUMBER OF**<br> **WARRANTS** |  |
|  **Warrant** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada), expiring 03/31/2040 (a) (bb)<br>(Cost $0) |  | — (h) |  |
|  | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** |  |
|  **Short-Term Investments — 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/01/2025 | AUD | 1763 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 13954 | 13954 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 0.67%, 07/01/2025 | DKK | 18167 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31%), 07/01/2025 | CHF | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%, 07/02/2025 | HKD | 3602 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46%, 07/01/2025 | SGD | 554 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67%, 07/01/2025 | DKK | 1110 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 07/01/2025 | EUR | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2025 | NZD | 17 | 10 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT ($)** | **PRINCIPAL**<br> **AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 07/01/2025 | NOK | 2136 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 07/01/2025 | GBP | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 07/01/2025 | ZAR | 1678 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 07/01/2025 | EUR | 44318 | 52204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 07/01/2025 | GBP | 12585 | 17275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 14173 | 14173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/02/2025 | CAD | 133 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 2065 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31%), 07/01/2025 | CHF | 7792 | 9820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/01/2025 | SEK | 9318 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 312 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%, 07/01/2025 | JPY | 1093599 | 7594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 07/01/2025 |  | 390 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.68%, 07/01/2025 |  | 53876 | 53876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $178,161) |  |  | 178161 |
|  **Total Investments — 100.2%<br>(Cost — $7,185,722)** |  |  | **9163183** |
|  **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | **(14322)** |
|  **NET ASSETS — 100.0%** |  |  | **$9148861** |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: | Futures contracts outstanding as of June 30, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | 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** | **Long Contracts** |  |  |  |  |
|  ASX SPI 200 Index | 17 | 09/2025 | AUD | 2389 | (1) |
|  Euro STOXX 50 Index | 579 | 09/2025 | EUR | 35992 | 340 |
|  FTSE 100 Index | 129 | 09/2025 | GBP | 15505 | 59 |
|  Mini-DAX | 4 | 09/2025 | EUR | 559 | 8 |
|  MSCI Emerging Markets Index | 246 | 09/2025 | USD | 15211 | (40) |
|  OMX Copenhagen 25 Index | 63 | 07/2025 | DKK | 1713 | (14) |
|  SGX MSCI Singapore Index | 27 | 07/2025 | SGD | 859 | 14 |
|  STOXX Europe 600 Index | 320 | 09/2025 | EUR | 10155 | 71 |
|  TOPIX Index | 32 | 09/2025 | JPY | 6218 | 128 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 565 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 24 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: | Forward foreign currency exchange contracts outstanding as of June 30, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) |
|  CHF | 161 | USD | 202 | UBS AG London | 07/01/2025 | 2 |
|  DKK | 517 | USD | 81 | UBS AG London | 07/01/2025 | — (h) |
|  GBP | 328 | USD | 449 | BNP Paribas | 07/01/2025 | 1 |
|  NOK | 511 | USD | 51 | UBS AG London | 07/01/2025 | — (h) |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 3 |
|  USD | 149 | EUR | 127 | BNP Paribas | 07/01/2025 | (1) |
|  Total unrealized depreciation  | Total unrealized depreciation  | Total unrealized depreciation  | Total unrealized depreciation  | Total unrealized depreciation  |  | (1) |
|  Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation |  | 2 |

---

#### Summary of Investments by Industry, June 30, 2025
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| INDUSTRY | PERCENTAGE |
|  Banks | 14.2% |
|  Pharmaceuticals | 8.2% |
|  Insurance | 6.4% |
|  Food | 5.8% |
|  Aerospace/Defense | 5.7% |
|  Semiconductors | 5.6% |
|  Cosmetics/Personal Care | 5.4% |
|  Telecommunications | 4.3% |
|  Software | 4.1% |
|  Electric | 3.4% |
|  Oil & Gas | 3.0% |
|  Miscellaneous Manufacturers | 2.2% |
|  Commercial Services | 2.2% |
|  Machinery — Construction & Mining | 2.1% |
|  Beverages | 1.9% |
|  Mining | 1.8% |
|  Chemicals | 1.8% |
|  Apparel | 1.7% |
|  Diversified Financial Services | 1.8% |
|  Auto Manufacturers | 1.7% |
|  Building Materials | 1.1% |
|  Retail | 1.1% |
|  Transportation | 1.1% |
|  Electrical Components & Equipment | 1.1% |
|  Engineering & Construction | 1.1% |
|  Others (Each less than 1.0%) | 9.3% |
|  Short-Term Investments | 1.9% |

---

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| ADR | — American Depositary Receipt |
| ASX | — Australian Stock Exchange |
| CDI | — CHESS Depository Interests |
| CVA | — Dutch Certification |
| GDR | — Global Depositary Receipt |
| NVDR | — Non-Voting Depository 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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares or principal/ $500. |
| (bb) | — Security has been valued using significant unobservable inputs. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| DKK | — Danish Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — United States Dollar |
| ZAR | — South African Rand |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> JUNE 30, 2025 SIX CIRCLES TRUST 25

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2025 (Unaudited)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Managed Equity<br>Portfolio U.S.<br>Unconstrained<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $22678792 |
|  Foreign currency, at value | — (a) |
|  Deposits at broker for futures contracts | 4279 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 20935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 11637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 203 |
|  Total Assets | 22716318 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 40436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 11164 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 248 |
|  Total Liabilities | 52890 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $22663428 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $16951715 |
|  Total distributable earnings (loss) | 5711713 |
|  Total Net Assets | $22663428 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1034627 |
|  Net Asset Value, offering and redemption price per share (b): | $21.90 |
|  Cost of investments in non-affiliates | $16570829 |
|  Cost of foreign currency | — (a) |

---

\* See Note 3.

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 26 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | Six Circles<br>Managed<br>Equity Portfolio<br>International<br>Unconstrained<br>Fund |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $9163183 |
|  Foreign currency, at value | 16561 |
|  Deposits at broker for futures contracts | 6375 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 25418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 7010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 33161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 25 |
|  Total Assets | 9251972 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 99914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 1 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 135 |
|  Total Liabilities | 103111 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $9148861 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $7323547 |
|  Total distributable earnings (loss) | 1825314 |
|  Total Net Assets | $9148861 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 586314 |
|  Net Asset Value, offering and redemption price per share (a): | $15.60 |
|  Cost of investments in non-affiliates | $7185722 |
|  Cost of foreign currency | 16561 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 27

------

#### STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 (Unaudited)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Managed Equity<br>Portfolio U.S.<br>Unconstrained<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $1340 |
|  Dividend income from non-affiliates | 129054 |
|  Foreign taxes withheld | (548) |
|  Other Income | — (a) |
|  Total investment income | 129846 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 25020 |
|  Administration fees | 198 |
|  Custodian and accounting fees | 431 |
|  Professional fees | 92 |
|  Trustees' fees | 169 |
|  Printing and mailing costs | 76 |
|  Registration and filing fees | 375 |
|  Transfer agency fees | 14 |
|  Interest expense | 49 |
|  Other | 208 |
|  Total expenses | 26632 |
|  Less advisory fees waived | (21018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5614 |
|  Net investment income (loss) | 124232 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 31306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (7113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (354) |
|  Net realized gain (loss) | 24256 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 1113599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2 |
|  Change in net unrealized appreciation (depreciation) | 1114528 |
|  Net realized/unrealized gains (losses) | 1138784 |
|  Change in net assets resulting from operations | $1263016 |

---

(a) Amount rounds to less than $500.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 28 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | |
|:---|:---|
|  | Six Circles<br>Managed<br>Equity Portfolio<br>International<br>Unconstrained<br>Fund |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $1140 |
|  Dividend income from non-affiliates | 183232 |
|  Foreign taxes withheld | (21091) |
|  Other Income | 2669 |
|  Total investment income | 165950 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 9211 |
|  Administration fees | 194 |
|  Custodian and accounting fees | 881 |
|  Professional fees | 57 |
|  Trustees' fees | 68 |
|  Printing and mailing costs | 33 |
|  Registration and filing fees | 121 |
|  Transfer agency fees | 14 |
|  Interest expense | 20 |
|  Other | 113 |
|  Total expenses | 10712 |
|  Less advisory fees waived | (7371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3341 |
|  Net investment income (loss) | 162609 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 5547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 7035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 5895 |
|  Net realized gain (loss) | 17009 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 1231043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 2 |
|  Change in net unrealized appreciation (depreciation) | 1236888 |
|  Net realized/unrealized gains (losses) | 1253897 |
|  Change in net assets resulting from operations | $1416506 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 29

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Managed Equity Portfolio<br>U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio<br>U.S. Unconstrained Fund** |
|  | **Period Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $124232 | $191770 |
|  Net realized gain (loss) | 24256 | 123524 |
|  Change in net unrealized appreciation (depreciation) | 1114528 | 2811270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 1263016 | 3126564 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders |  | (191282) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 2368774 | 5919920 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 3631790 | 8855202 |
|  Beginning of period | 19031638 | 10176436 |
|  End of period | $22663428 | $19031638 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $3739104 | $6874857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 190586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1370330) | (1145523) |
|  **Total change in net assets resulting from capital transactions** | $2368774 | $5919920 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 183963 | 360557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 8927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (68420) | (58381) |
|  Change in Shares | 115543 | 311103 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 30 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | Six Circles Managed Equity Portfolio<br>International Unconstrained Fund | Six Circles Managed Equity Portfolio<br>International Unconstrained Fund |
|  | **Period Ended<br>June 30, 2025**<br> (Unaudited) | Year Ended<br>December 31, 2024 |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $162609 | $162963 |
|  Net realized gain (loss) | 17009 | (87419) |
|  Change in net unrealized appreciation (depreciation) | 1236888 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 1416506 | 79863 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders |  | (181887) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 1455788 | 1536304 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 2872294 | 1434280 |
|  Beginning of period | 6276567 | 4842287 |
|  End of period | $9148861 | $6276567 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1874845 | $2202227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 181220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (419057) | (847143) |
|  **Total change in net assets resulting from capital transactions** | $1455788 | $1536304 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 128832 | 161289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 13615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (29968) | (62575) |
|  Change in Shares | 98864 | 112329 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 31

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Total<br> distributions |
|  **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $20.71 | $0.13 | $1.06 | $1.19 | $— | $— | $— |
|  Year Ended December 31, 2024 | 16.74 | 0.25 | 3.93 | 4.18 | (0.21) |  | (0.21) |
|  Year Ended December 31, 2023 | 13.12 | 0.22 | 3.59 | 3.81 | (0.19) |  | (0.19) |
|  Year Ended December 31, 2022 | 16.70 | 0.20 | (3.58) | (3.38) | (0.18) | (0.02) | (0.20) |
|  Year Ended December 31, 2021 | 13.74 | 0.19 | 3.46 | 3.65 | (0.15) | (0.54) | (0.69) |
|  Year Ended December 31, 2020 | 11.00 | 0.21 | 2.99 | 3.20 | (0.20) | (0.26) | (0.46) |

---

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 32 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net<br> expenses (e) | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $21.90 | 5.75% | $22663428 | 0.06% | 1.24% | 0.27% | 12.88% |
| 20.71 | 24.94 | 19031638 | 0.06 | 1.27 | 0.27 | 24.36 |
| 16.74 | 29.09 | 10176436 | 0.06 | 1.48 | 0.27 | 32.74 |
| 13.12 | (20.26) | 6201022 | 0.07 | 1.38 | 0.28 | 49.13 |
| 16.70 | 26.68 | 5113135 | 0.07 | 1.19 | 0.28 | 26.74 |
| 13.74 | 29.09 | 2081512 | 0.09 | 1.79 | 0.30 | 54.88 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 33

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Total<br> distributions |
|  **Six Circles Managed Equity Portfolio International Unconstrained Fund** | **Six Circles Managed Equity Portfolio International Unconstrained Fund** | **Six Circles Managed Equity Portfolio International Unconstrained Fund** |  |  |  |  |  |
|  Six Months Ended June 30, 2025 (Unaudited) | $12.88 | $0.31 | $2.41 | $2.72 | $— | $— | $— |
|  Year Ended December 31, 2024 | 12.91 | 0.37 | (0.02) | 0.35 | (0.38) |  | (0.38) |
|  Year Ended December 31, 2023 | 11.00 | 0.32 | 1.88 | 2.20 | (0.29) |  | (0.29) |
|  Year Ended December 31, 2022 | 12.95 | 0.34 | (1.96) | (1.62) | (0.33) |  | (0.33) |
|  Year Ended December 31, 2021 | 11.03 | 0.34 (g) | 1.83 | 2.17 | (0.25) |  | (0.25) |
|  Year Ended December 31, 2020 | 10.28 | 0.21 | 0.74 | 0.95 | (0.20) |  | (0.20) |

---

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Includes interest expense, which was 0.006% for the year ended December 31, 2022.

(g) Includes income recognized from non-cash dividends which amounted to $0.007 per share and 0.051% of average net assets for the period ended June 30, 2025.

(h) Includes interest expense, which was 0.009% for the year ended December 31, 2021.

(i) Includes income recognized from non-cash dividends which amounted to $0.02 per share and 0.134% of average net assets for the year ended December 31, 2021.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 34 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (c)(d) | Net assets,<br> end of<br> period (000's) | Net<br>expenses,<br> with<br> interest<br> expense | Net<br> expenses,<br> without<br> interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate (c) |
| $15.60 | 21.12% | $9148861 | 0.09 %(e) | 0.09% | 4.41 %(g) | 0.29% | 27.24% |
| 12.88 | 2.62 | 6276567 | 0.10 (e) | 0.10 | 2.73 | 0.30 | 26.38 |
| 12.91 | 20.05 | 4842287 | 0.11 (e) | 0.11 | 2.62 | 0.31 | 42.84 |
| 11.00 | (12.54) | 3191667 | 0.14 (f) | 0.13 | 3.08 | 0.34 | 81.90 |
| 12.95 | 19.76 | 2990488 | 0.12 (h) | 0.11 | 2.70 (i) | 0.32 | 32.44 |
| 11.03 | 9.25 | 1388623 | 0.20 | 0.19 | 2.22 | 0.40 | 91.56 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 35

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited)

1. Organization

Six Circles Trust (the "Trust") was formed on November 8, 2017, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 8, 2017, as amended and restated June 12, 2018, and further amended to add fund series on September 21, 2018, November 19, 2019, April 13, 2020 and March 20, 2024, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund are two separate series of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report. The Funds are classified as "non-diversified" funds. Each Fund currently offers one class of shares. The Funds commenced operations on April 10, 2019.

The investment objective of each of the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund is to provide capital appreciation.

J.P. Morgan Private Investments Inc. ("JPMPI"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as the Funds' investment adviser (the "Adviser"). The Adviser has engaged a Sub-Adviser (as defined below) to manage the assets of the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments** — The valuation of investments is in accordance with 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 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.

 <br> 36 SIX CIRCLES TRUST JUNE 30, 2025

------

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.

Exchange-traded futures contracts and options are generally valued on the basis of available market quotations. 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.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs") (amounts in thousands):

#### Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $116763 | $— | $— | $116763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 4475028 |  |  | 4475028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 1893547 |  |  | 1893547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 3613953 |  |  | 3613953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 914665 |  |  | 914665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial | 2060739 |  |  | 2060739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 1339914 |  |  | 1339914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 7640287 |  |  | 7640287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 548712 |  |  | 548712 |
|  Total Common Stocks | 22603608 |  |  | 22603608 |
|  Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology |  |  |  |  |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 75184 |  | 75184 |
|  **Total Investments in Securities** | $22603608 | $75184 | $— | $22678792 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $529 | $— | $— | $529 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Future contract | $(23) | $— | $— | $(23) |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 37

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

#### Six Circles Managed Equity Portfolio International Unconstrained Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $157001 | $— | $157001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 23936 |  | 23936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 46826 |  | 46826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 15474 |  |  | 15474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 1884 | 8185 |  | 10069 |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 776 |  | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia | 110 | 164 |  | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | 523 | 302 |  | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 386539 |  | 386539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Egypt | 18 | 225 |  | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 88443 |  | 88443 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 1196015 |  | 1196015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 3879 | 1502169 |  | 1506048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 819 | 2006 |  | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 2658 | 65353 |  | 68011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary | 212 | 1149 |  | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 1018 | 84257 |  | 85275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 5513 |  | 5513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 10055 | 65394 |  | 75449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 323380 |  | 323380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 567367 |  | 567367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait | 83 | 3517 |  | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 231 | 18174 |  | 18405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 616 |  | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 511 | 5481 |  | 5992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 9358 |  |  | 9358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 224 | 489319 |  | 489543 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 1560 | 4993 |  | 6553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 7962 | 42638 |  | 50600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 951 |  |  | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines | 831 | 1363 |  | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 7125 |  | 7125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 11165 |  | 11165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar | 1361 | 2103 |  | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 1292 | 15178 |  | 16470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 9017 | 30591 |  | 39608 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 3181 | 10449 |  | 13630 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 48461 |  | 48461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 6195 | 297918 |  | 304113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 42884 | 252436 |  | 295320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 1231076 |  | 1231076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 409 | 204618 |  | 205027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand | 307 | 4389 |  | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey | 291 | 2030 |  | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 2039 | 5362 |  | 7401 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 1615027 |  | 1615027 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 8368 |  |  | 8368 |
|  Total Common Stocks | 133705 | 8829029 |  | 8962734 |

---

 <br> 38 SIX CIRCLES TRUST JUNE 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | $5518 | $— | $— | $5518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 296 |  |  | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia |  | 263 |  | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 14245 |  | 14245 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 1966 |  | 1966 |
|  Total Preferred Stocks | 5814 | 16474 |  | 22288 |
|  Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada |  |  |  |  |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 178161 |  | 178161 |
|  **Total Investments in Securities** | $139519 | $9023664 | $— | $9163183 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $620 | $— | $— | $620 |
|  Forward Foreign Currency Exchange contracts |  | 3 |  | 3 |
|  **Total Appreciation in Other Financial Instruments** | $620 | $3 | $— | $623 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(55) | $— | $— | $(55) |
|  Forward Foreign Currency contract |  | (1) |  | (1) |
|  **Total Depreciation in Other Financial Instruments** | $(55) | $(1) | $— | $(56) |

---

There were no significant transfers into or out of level 3 for the period ended June 30, 2025 for the Funds.

**B. Restricted Securities** — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAV of the Funds.

As of June 30, 2025 the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

**C. Derivatives** — The Funds used derivative instruments including futures, 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, as recorded on the Statements of Assets and Liabilities.

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(2) below describe the various derivatives used by the Funds.

**(1) Futures Contracts** — The Funds used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 39

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#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

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 on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. 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 equity price risk. 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 in excess of the amounts shown on the Statements of Assets and Liabilities, 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).

**(2) Forward Foreign Currency Exchange Contracts** — The Funds 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.

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. As of June 30, 2025, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

(3) Summary of Derivatives Information

The following tables present the value of derivatives held as of June 30, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

#### Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

---

| | | |
|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |
| Gross Assets: |  | **Futures<br>Contracts** (a) |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $529 |
| **Gross Liabilities:** |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(23) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

 <br> 40 SIX CIRCLES TRUST JUNE 30, 2025

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#### Six Circles Managed Equity Portfolio International Unconstrained Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward Foreign<br>Currency Exchange<br>Contracts | Total |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $620 | $— | $620 |
|  Foreign exchange contracts | Receivables |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $620 | $3 | $623 |
| **Gross Liabilities:** |  |  |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(55) | $— | $(55) |
|  Foreign exchange contracts | Payables |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(55) | $(1) | $(56) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the Funds' gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of June 30, 2025 (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of**<br> **Derivative Assets<br>Subject to Netting**<br> **Arrangements**<br> **Presented on the**<br> **Statements of**<br> **Assets and<br>Liabilities** (a) | **Derivatives<br>Available**<br> **for offset** | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  BNP Paribas | $1 | $(1) | $– $|  |
|  UBS AG LONDON | 2 |  | – | 2 |
|  | $3 | $(1) | $– $| 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of**<br> **Derivative Liabilities**<br> **Subject to Netting**<br> **Arrangements**<br> **Presented on the**<br> **Statements of**<br> **Assets and**<br> **Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Posted | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  BNP Paribas | $1 | $(1) | $– $|  |
|  | $1 | $(1) | $– $|  |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the period ended June 30, 2025, by primary underlying risk exposure (amounts in thousands):

#### Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

---

| | | | |
|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Total |
|  Equity contracts | $(7113) | $— | $(7113) |
|  Foreign exchange contracts |  | (354) | (354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(7113) | $(354) | $(7467) |

---

---

| | |
|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts |
|  Equity contracts | $927 |

---

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 41

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#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

#### Six Circles Managed Equity Portfolio International Unconstrained Fund

---

| | | | |
|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Total |
|  Equity contracts | $(1468) | $— | $(1468) |
|  Foreign exchange contracts |  | 5895 | 5895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(1468) | $5895 | $4427 |

---

---

| | | | |
|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Total |
|  Equity contracts | $918 | $— | $918 |
|  Foreign exchange contracts |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $918 | $2 | $920 |

---

#### Derivatives Volume
The table below discloses the volume of the Funds' futures contracts and forward foreign currency exchange contracts activity during the period ended June 30, 2025 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivative Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

---

| | | |
|:---|:---|:---|
|  | Six Circles<br>Managed Equity<br>Portfolio U.S.<br>Unconstrained<br>Fund | Six Circles<br>Managed Equity<br>Portfolio<br>International<br>Unconstrained<br>Fund |
|  **Futures Contracts:** |  |  |
|  Average Notional Amount Long | $50766 | $78295 |
|  Average Notional Amount Short |  |  |
|  **Forward Foreign Currency Exchange:** |  |  |
|  Average Principal Amount Purchased |  | 610 (a) |
|  Average Principal Amount Sold |  | 149 (b) |

---

(a) Positions were open for 2 months during the period.

(b) Positions were open for 1 month during the period.

**D. Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within the Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency. Currency gains or losses may be realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**E. Security Transactions, Investment Income and Expense Allocation** — Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the

 <br> 42 SIX CIRCLES TRUST JUNE 30, 2025

------

dividend. Non-cash dividends, if any, are recorded on the ex-dividend date or corporate action date at fair value. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

The Funds are charged for those expenses of the Trust that are directly attributable to each Fund. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

**F. Segment Reporting —** The Chief Operating Decision Maker (CODM) is identified as the Fund management team, which comprises the Chief Investment Officer team, the named portfolio managers of the Adviser, and the officers of the Trust, including the Principal Executive Officer and the Principal Financial Officer. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The CODM utilizes performance indicators such as profit, loss, income, expenses, and performance returns. These operating measures are reflected in the financial reporting, including, but not limited to, the Statement of Assets and Liabilities, the Statement of Operations, and the Financial Highlights. These reports are among the many inputs used by the CODM to assess performance and make strategic decisions.

**G. Federal Income Tax** — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") applicable to regulated investment companies. Each Fund intends to distribute to shareholders, substantially all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary.

The Funds follow the provisions of FASB Codification Section 740 ("ASC Section 740") "Accounting for Uncertainty in Income Taxes" which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50 percent likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax returns for all open periods, and has concluded that no provision for federal income tax is required in the Funds' financial statements. At June 30, 2025 the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds' federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**H. Foreign Tax** — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

**I. Distributions to Shareholders** — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized capital gains are generally declared and paid according to the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Net Investment Income | Net Investment Income | Net Realized Capital Gains | Net Realized Capital Gains |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund |  | Annual |  | Annual |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund |  | Annual |  | Annual |

---

Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from GAAP. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character.

Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Fund financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statement of Changes in Net Assets and have been recorded to paid-in capital.

3. Fees and Other Transactions with Affiliates

**A. Investment Advisory Fees** — The Adviser serves as the Funds' investment adviser pursuant to an investment advisory agreement (the "Investment Advisory Agreement"). Under the terms of the Investment Advisory Agreement, the Adviser generally manages the Funds' investments in accordance with the stated policies of each Fund, subject to the supervision of the Funds' Board of Trustees. For the services provided to the Funds, the Adviser is entitled to a fee, accrued daily and paid monthly, at the annual rate of 0.25% of the average daily net assets of each Fund.

The Adviser selects and oversees professional money managers (the "Sub-Advisers") who are responsible for investing the assets of the Funds under sub-advisory agreements (the "Sub-Advisory Agreements"). Pursuant to each respective Sub-Advisory Agreement, the Adviser agrees to pay each Sub-Adviser a sub-advisory fee from its investment advisory fees. BlackRock Investment Management, LLC ("BlackRock") currently serves as the Sub-Adviser to the Funds. The Sub-Adviser is paid a management fee by the Adviser pursuant to their individually negotiated Sub-Advisory Agreement.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 43

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#### NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2025 (Unaudited) (continued)

The Adviser engaged Russell Investments Implementation Services, LLC ("Russell") to provide stand-by interim sub-advisory services, as well as transition management services, for each Fund, to be utilized as needed in certain transitional circumstances involving a Fund Sub-Adviser. Russell is paid a minimum per fund annual flat fee and/or a monthly fee equal to a percentage of daily net assets to the extent assets are allocated to Russell as interim Sub-Adviser. During the reporting period, the Funds have not allocated assets to Russell.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3F and reflected on the Statement of Operations.

**B. Administration and Accounting Fees** — Pursuant to an Administrative Agency Agreement, Brown Brothers Harriman & Co. (the "Administrator") provides certain administration and fund accounting services to the Funds.

**C. Distribution Fees** — Pursuant to a Distribution Agreement, Foreside Fund Services, LLC (the "Distributor"), will serve as the Funds' principal underwriter and acts as the agent of the Funds in connection with the continuous offering of shares of each Fund. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Funds. The Distributor does not receive compensation from the Funds, but instead is compensated by the Adviser for certain distribution-related expenses.

**D. Custodian** — Pursuant to a Custodian Agreement, Brown Brothers Harriman & Co. serves as the custodian (the "Custodian") for each of the Funds and is responsible for holding portfolio securities and cash and maintaining the books of account and records of portfolio transactions.

**E. Transfer Agent** — Pursuant to a Transfer Agency and Service Agreement, DST Asset Manager Solutions, Inc. (the "Transfer Agent") serves as each Fund's transfer and dividend disbursing agent. The Transfer Agent is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts.

**F. Waivers and Reimbursements** — The Adviser has contractually agreed through at least April 30, 2026, to waive any management fees that exceed the aggregate management fees the Adviser is contractually required to pay each Fund's Sub-Adviser. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. Such waivers are not subject to reimbursement by the Funds. The Adviser has also contractually agreed through at least April 30, 2026, to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to short sales, brokerage fees, interest on borrowings, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the following percentages of the average daily net assets of each Fund (the "Expense Cap"):

---

| | |
|:---|:---|
| Fund | Expense Cap |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | 0.45% |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 0.50% |

---

An expense reimbursement by a Fund's Adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the Adviser. Repayment must be limited to amounts that would not cause a Fund's operating expenses (taking into account any reimbursements or waiver by the Adviser and repayments by the Fund) to exceed the Expense Cap in effect at the time of the reimbursement by the Adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through April 30, 2026, at which time the Adviser and/or its affiliates will determine whether to renew or revise it.

For the period ended June 30, 2025, there were no amounts reimbursed by the Adviser, nor were there amounts available for potential future recoupment by the Adviser.

**G. Cross Trades** — The Funds may participate in purchase and sale transactions with other Six Circles Funds. These cross trades are executed in accordance with procedures adopted by the Trust's Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security.

During the period ended June 30, 2025, the aggregate value of purchase and sale cross trades with other Six Circles Funds were as follows (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | **Realized**<br> **gain/loss** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $89 | $383 | $(28) |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 3724 | 10 |  |

---

4. Investment Transactions

During the period ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases<br>(excluding U.S.<br>Government) | Sales<br>(excluding U.S.<br>Government) | Purchases<br>of U.S.<br>Government | Sales<br>of U.S.<br>Government |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $5097836 | $2609627 | $– $|  |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 3584787 | 2010126 | – |  |

---

 <br> 44 SIX CIRCLES TRUST JUNE 30, 2025

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5. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Since the Funds are non-diversified, they may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in a Funds' shares being more sensitive to economic results among those issuing the securities.

The Six Circles Managed Equity Portfolio International Unconstrained Fund invests in foreign issuers and foreign securities (including depositary receipts) which are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other instruments are not traded "delivery versus payment," the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets." Emerging market countries typically have less-established economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Additionally, investors may have substantial difficulties bringing legal actions to enforce or protect investors' rights, which can increase the risks of loss.

Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. In addition, the Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets countries.

The Six Circles Managed Equity Portfolio International Unconstrained Fund performance may be affected by political, social and economic conditions in Europe, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns, and fiscal and monetary controls imposed on member countries of the European Union.

As of June 30, 2025, the Six Circles Managed Equity Portfolio International Unconstrained Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

---

| | | | |
|:---|:---|:---|:---|
| France | Germany | Switzerland | United Kingdom |
| 13.1% | 16.6% | 13.5% | 17.6% |

---

As of June 30, 2025, a significant portion of the Six Circles Managed Equity Portfolio International Unconstrained Fund net assets consisted of securities that were denominated in foreign currencies. Changes in foreign currency exchange rates will affect the value of the Fund's securities and the price of the Fund's shares. Generally, when the value of the U.S. dollar rises relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates. Devaluation of a currency by a country's government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Overnight bank deposits of foreign currency can result in negative interest rates based on monetary policies in that respective country. Currency markets generally are not as regulated as securities markets, may be riskier than other types of investments and may increase the volatility of the Fund. Although the Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. In addition, the Fund's use of currency hedging may not be successful, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund's potential returns.

The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 45

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AS OF JUNE 30, 2025 (Unaudited) (continued)

more portfolio positions, or selling such positions at an unfavorable time and/ or under unfavorable conditions, can increase the volatility of a Fund's NAV per share. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability and infectious disease epidemics or pandemics. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which a Fund invests. The effects that any future pandemic or other global event can have upon public health and business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund's arbitrage and pricing mechanisms, exacerbate preexisting political, social and economic risks to a Fund, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which a Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund's investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental response impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

The Funds may also invest in shares of other investment companies and ETFs. ETFs are ownership interests in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks many of which are designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. Shareholders bear both their proportionate share of a Fund's expenses and similar expenses of the underlying investment company or ETF when a Fund invests in shares of another investment company or ETF. A Fund is subject to the risks associated with the ETF's or investment company's investments. ETFs, investment companies and other investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies. The price and movement of an ETF or closed-end fund designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their NAV (also known as a discount). Certain ETFs or closed-end funds traded on exchanges may be thinly-traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer.

The Funds may be subject to risks associated with investments in derivatives, including futures, options, swaps and forward contracts, which may be riskier than other types of investments and may increase the volatility of a Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed a Fund's original investment. The Funds may be more volatile than if a Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of a Fund's portfolio securities. Certain derivatives expose a Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose a Fund to risks of mispricing or improper valuation. Derivatives also can expose a Fund to derivative liquidity risk, which includes the risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of a Fund's counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Derivatives also subject a Fund to liquidity risk because the liquidity of derivatives is often based on the liquidity of the underlying instruments. In addition, the possible lack of a liquid secondary market for derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make derivatives more difficult for a Fund to value accurately.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap contracts and forward foreign currency exchange contracts.

The Six Circles Managed Equity Portfolio U.S. Unconstrained Fund may invest in companies in the healthcare sector which may be subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can

 <br> 46 SIX CIRCLES TRUST JUNE 30, 2025

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become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market. Several legislative proposals concerning healthcare have been considered by the U.S. Congress in recent years and it is unclear what proposals will ultimately be enacted, if any, and what effect they may have on companies in the healthcare sector.

The Six Circles Managed Equity Portfolio U.S. Unconstrained Fund may invest in technology companies which may face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

The Six Circles Managed Equity Portfolio International Unconstrained Fund may invest in financial services companies that are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

6. Income Taxes and Distributions to Shareholders

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary differences and permanent reclassifications have no effect on net assets. For the fiscal year ended December 31, 2024, the Funds made permanent book-to-tax reclassifications primarily related to investments in passive foreign investment companies ("PFICs"), real estate investment trusts ("REITs"), foreign currency gain/loss, and taxable overdistributions.

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2025 were as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate**<br> **Tax Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $16570829 | $6537587 | $(429118) | $6108469 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 7185722 | 2327181 | (349153) | 1978028 |

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As of December 31, 2024, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

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| | | |
|:---|:---|:---|
|  | Capital Loss Carryforward Character | Capital Loss Carryforward Character |
|  | Short-Term | Long-Term |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $— | $89620 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 47198 | 101734 |

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During the year ended December 31, 2024, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

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| | | |
|:---|:---|:---|
|  | Capital Loss Utilized | Capital Loss Utilized |
|  | Short-Term | Long-Term |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $156595 | $50984 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 31742 |  |

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 <br> JUNE 30, 2025 SIX CIRCLES TRUST 47

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AS OF JUNE 30, 2025 (Unaudited) (continued)

Specified ordinary losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended December 31, 2024, the Funds deferred to January 1, 2025 the following specified ordinary losses (amounts in thousands):

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| | |
|:---|:---|
|  | **Specified**<br> **Ordinary Loss** |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | $2979 |

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7. Ownership Concentration

As of June 30, 2025, the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund each had one affiliated omnibus account for the benefit of its clients which owned approximately 99% of its outstanding shares.

8. New Accounting Pronouncement

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The Funds evaluated the impact of this ASU and concluded that "contractual restrictions" are not considered when measuring the fair value of the securities; therefore, these amendments did not have any impact on the Funds' financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

9. Subsequent Events

The Funds have evaluated subsequent events through the date of issuance of this report and have determined that there are no material events that require disclosure.

 <br> 48 SIX CIRCLES TRUST JUNE 30, 2025

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#### BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(unaudited)

#### ANNUAL APPROVAL OF THE CONTINUATION OF THE ADVISORY, SUB-ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS
**Materials Requested Prior to the Meeting**. Prior to the Meeting, Ropes & Gray LLP ("Ropes & Gray" or "Independent Legal Counsel"), counsel to the Independent Trustees, had prepared letters on behalf of the Independent Trustees requesting information from J.P. Morgan Private Investments Inc. ("JPMPI" or the "Adviser") and each Sub-Adviser and Sub-Sub-Adviser (each as defined below) in connection with the proposed continuance for an additional one-year term of (i) the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and JPMPI for the Six Circles U.S. Unconstrained Equity Fund (the "U.S. Equity Fund"), the Six Circles International Unconstrained Equity Fund (the "International Equity Fund"), the Six Circles Tax Aware Ultra Short Duration Fund (the "Tax Aware Fund"), the Six Circles Ultra Short Duration Fund (the "Ultra Short Fund"), the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (the "MEP U.S. Fund"), the Six Circles Managed Equity Portfolio International Unconstrained Fund (the "MEP International Fund"), the Six Circles Global Bond Fund (the "Global Bond Fund"), the Six Circles Tax Aware Bond Fund (the "Tax Aware Bond Fund"), the Six Circles Credit Opportunities Fund (the "Credit Opportunities Fund") and the Six Circles Multi-Strategy Fund (the "Multi-Strategy Fund") (collectively the "Funds"), (ii) the Sub-Advisory Agreements in respect of the Funds between JPMPI and each of AHL Partners LLP ("AHL"), Allspring Global Investments, LLC ("Allspring"), BlackRock Investment Management, LLC ("BlackRock"), Capital International Inc. ("Capital"), Dynamic Beta Investments LLC ("DBI"), Goldman Sachs Asset Management, L.P. ("GSAM"), Insight North America LLC ("Insight"), Lord, Abbett & Co. LLC ("Lord Abbett"), Muzinich & Co., Inc. ("Muzinich"), Nuveen Asset Management, LLC ("Nuveen"), PGIM, Inc. ("PGIM"), Pacific Investment Management Company LLC ("PIMCO"), RBC Global Asset Management (UK) Limited ("RBC GAM (UK)"), Russell Investments Implementation Services LLC ("RIIS") (in the case of RIIS, as a stand-by, interim Sub-Adviser) and T. Rowe Price Associates, Inc. ("TRowePrice") (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") and (iii) the Sub-Sub-Advisory Agreements between BlackRock and BlackRock International Limited ("BIL"), Blackrock and BlackRock (Singapore) Limited ("BSL"), PGIM and PGIM Limited ("PGIML") and RBC GAM(UK) and RBC Global Asset Management (US) Inc. ("RBC GAM(US)") (each of BIL, BSL, PGIML and RBC GAM(US), a "Sub-Sub-Adviser" and collectively, the "Sub-Sub-Advisers; each Sub-Adviser and its affiliated Sub-Sub-Adviser(s), as applicable, are sometimes collectively referred to herein as a single Sub-Adviser) (each of the Advisory Agreement, the Sub-Advisory Agreements and the Sub-Sub-Advisory Agreements, an "Agreement" and, collectively, the "Agreements").

The requests were designed to address the requirement under Section 15(c) of the 1940 Act that the Trustees request and

evaluate, and that the Adviser and each Sub-Adviser furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements. JPMPI and each Sub-Adviser (on behalf of itself and its affiliated Sub-Sub-Advisers, as applicable) responded to the information requests and provided memoranda and related materials and exhibits for consideration by the Trustees, which were provided to the Trustees in advance of the Meeting and included in the Meeting Materials (together, the "15(c) Materials").

Set forth below is a summary of the material factors evaluated by the Trustees that formed the basis for the Board's approval of the continuation of the Agreements. The Trustees' conclusions as to the approval of the continuation of the Agreements were based on a comprehensive consideration of all information provided to the Trustees. In deciding whether to approve the continuation of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

**Materials Reviewed**. In considering the approval of the continuation of the Agreements, the Trustees reviewed the 15(c) Materials and related exhibits and other information which included, among other items, (i) the terms of the Agreements, (ii) comparative fee and expense information and comparative performance information of comparable 1940 Act funds developed by Broadridge Financial Solutions/Lipper ("Broadridge") and of any comparable funds or accounts managed by the Adviser or a Sub-Adviser, (iii) performance of the Funds compared to applicable benchmarks/indices, (iv) fee schedules and composite performance information with respect to the J.P. Morgan managed accounts and related strategies that invest in the Funds, (v) descriptions of various services and functions performed by the Adviser for the Funds, such as portfolio management, compliance monitoring, risk management, valuation and administrative, accounting, legal and other services, and descriptions of the portfolio management services provided by each Sub-Adviser to the Funds, (vi) the estimated costs to the Adviser of providing such services, (vii) information regarding the Adviser's and each Sub-Adviser's compliance policies and procedures applicable to the Funds, (viii) balance sheet and/or other financial information regarding the Adviser and each Sub-Adviser, (ix) information regarding the Adviser's corporate organizational structure and biographical information of key personnel of the Adviser and its affiliates who provide services to the Funds and similar information for each Sub-Adviser, (x) information regarding estimated profitability to the Adviser from its relationship with the Funds, (xi) information regarding potential economies of scale, and (xii) information regarding potential ancillary or "fall out" benefits to the Adviser and its affiliates or a Sub-Adviser and its

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 49

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#### BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)

affiliates from their relationships with the Funds. The Trustees also reviewed a memorandum prepared by Independent Legal Counsel regarding the responsibilities of the Trustees in considering the approval of the continuation of the Agreements under applicable law.

**Review Process***.* Following the Independent Trustees' receipt and review of the 15(c) Materials, they held an initial meeting via video conference on May 20, 2025, during which representatives from the Adviser (sometimes referred to herein as "management") presented to the Trustees regarding the 15(c) Materials and the related proposed continuance of the Agreements, as well the Funds' administration- and distribution-related contracts, and responded to various questions from the Independent Trustees. The Independent Trustees held a subsequent video meeting on May 24, 2025 with Independent Legal Counsel to consider the 15(c) Materials and management's presentations and related deliberations during the initial meeting with management held on May 20. The Independent Trustees formulated a number of questions and requests for follow-up information from management, which Independent Legal Counsel subsequently communicated to the Adviser in writing. The Adviser responded to each of the various follow-up questions and requests either in writing or orally at the Meeting. The Independent Trustees and Independent Legal Counsel held additional executive sessions in connection with the Meeting, one of which included the interested Chair of the Board and other representatives of the Adviser. The Trustees also received written and oral presentations during the Board's regular meetings throughout the year on matters related to the Agreements. As indicated, at several points during the review process, Independent Trustees discussed the proposed continuation of the Agreements during executive sessions held with Independent Legal Counsel at which no representatives of management were present.

**Nature, Extent and Quality of Services.** The Trustees considered the depth and quality of the investment management processes of JPMPI and the Sub-Advisers and Sub-Sub-Advisers, including the experience and capabilities of each entity's senior management, investment and other personnel, and the overall financial strength and stability of the organizations. The Trustees also considered the nature, extent and quality of the various services JPMPI provides under the Advisory Agreement, including with respect to its selection, evaluation and oversight of each Sub-Adviser and Sub-Sub-Adviser, as well as the administrative and other services JPMPI provides to the Funds, including oversight of the Fund's administrator and other service providers. In this regard, the Trustees noted JPMPI's continuing investments in technology and other resources to support its investment management, compliance, accounting, risk management and other services on behalf of the Funds, as well as JPMPI's continuing efforts to attract and retain qualified personnel to

provide services to the Funds and maintain and enhance its related resources and systems. The Trustees also considered JPMPI's policies, procedures and systems designed to promote the Funds' compliance with applicable laws and regulations and to conduct effective oversight of each Sub-Adviser, Sub-Sub-Adviser and other Fund service providers, and its processes and communications to keep the Trustees informed about matters relevant to the Funds and their shareholders.

The Trustees also considered the sub-advisory services provided by each Sub-Adviser and Sub-Sub-Adviser to the Funds under the applicable Agreements, including information about the investment personnel of each entity who are responsible for providing services under the applicable Sub-Advisory Agreement or Sub-Sub-Advisory Agreement. The Trustees reviewed the nature and quality of the investment management, research, trading, risk management, compliance and other capabilities of each Sub-Adviser and Sub-Sub-Adviser and the experience and capabilities of the entity's portfolio management and other personnel who provide services to the Funds. Among other information, the Trustees also took into account certifications received from JPMPI and each Sub-Adviser confirming the adequacy of its compliance program and code of ethics.

Among other information, the Trustees noted that, to date, RIIS had not been called upon to act as an interim Sub-Adviser to any Fund under its Sub-Advisory Agreement (the "RIIS Interim Sub-Advisory Agreement"). In considering the proposed continuance of the RIIS Interim Sub-Advisory Agreement, the Trustees noted that, in September 2024, the Board approved an amendment to the RIIS Interim Sub-Advisory Agreement pursuant to which RIIS is paid a minimum annual flat fee per Fund for agreeing to maintain capacity to potentially serve as an interim Sub-Adviser. It was further noted that to the extent a Fund pays RIIS fees for actual portfolio or transition management services provided by RIIS to a Fund during a year in excess of the minimum fee, the minimum fee would not be billed for that Fund for that year. Prior to this amendment, RIIS was paid a sub-advisory fee with respect to a Fund only if it actually served as an interim Sub-Adviser to the Fund. The Trustees also considered that the arrangement with RIIS was beneficial to the Funds as RIIS has the ability to cover both fixed income and equity strategies and the capacity to handle a large volume of assets in the event there was a disruption in services from sub-advisers such as BlackRock managing a large portion of assets.

**Investment Performance.** As part of their review of the services provided by JPMPI and each Sub-Adviser, the Trustees reviewed the performance of each of the Funds, including in reference to a Broadridge report which contained, among other information, comparisons of each Fund's total return investment performance for 1-, 3- and 5-year (as applicable) and since inception periods ended December 31, 2024 to a

 <br> 50 SIX CIRCLES TRUST JUNE 30, 2025

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performance group and performance universe of peer funds selected by Broadridge and to the Fund's benchmark index. In reviewing the comparative information, the Trustees took into account JPMPI's explanation that the peer funds selected by Broadridge, and the applicable benchmarks, do not provide particularly apt comparisons, given each Fund's intended role as a completion portfolio for the broader J.P. Morgan managed account portfolios and the bespoke and highly tailored structures of the Funds' portfolios. The Trustees considered JPMPI's view that since the role of the Funds is to enhance the relative performance of the total managed account portfolios in which they are held, the Trustees should also take into account and evaluate the performance of the Funds in the context of the broader portfolios they are intended to complete and on the basis of whether the Funds serve their intended purposes. In this regard, the Board received representations from JPMPI's Chief Investment Officer ("CIO") team regarding the utility of the Funds in serving their intended purposes, including how they have served to enhance access to investment ideas and have increased portfolio efficiency for the managed account strategies that invest in the Funds.

The Trustees also considered information provided with the 15(c) Materials and throughout the year by JPMPI with respect to its diligence, selection process and monitoring of the performance of the Funds' Sub-Advisers and Sub-Sub-Advisers on behalf of the applicable Funds. In this regard, the Trustees received and took into account supplemental information regarding the performance of individual sleeves of the Funds' portfolios managed by a Sub-Adviser or Sub-Sub-Adviser in comparison to performance benchmark(s), which included customized benchmarks in certain cases. In addition, the Trustees received and reviewed composite performance information for J.P. Morgan managed account portfolios that invest in the Funds, along with related performance attribution information. The Trustees also considered the results of reviews of the performance of the Sub-Advisers and Sub-Sub-Advisers by the J.P. Morgan Investment Performance Governance Committee ("IPGC"), a separate committee within JPMorgan responsible for providing ongoing oversight of third-party investment strategies, and related reports provided by IPGC to the Board throughout the year. The Trustees took into account indications from IPGC that it has been satisfied with the performance of each Sub-Adviser, and that the Funds have to date served and continue to serve their intended purposes as completion portfolios for JPMorgan separate account strategies.

**Fees and Total Expenses.** In considering the fees and expenses of each Fund, the Trustees took into account a number of factors, including the type and complexity of the services provided to the Funds under the Agreements, the estimated cost of providing such services, the risks assumed by JPMPI in serving as investment adviser to the Funds and providing such services, the impact on potential returns from different levels of fees,

the competitive marketplace for financial products, and the attractiveness of potential returns to investors in the Funds. The Trustees noted that the advisory fee rate payable to JPMPI under the Advisory Agreement is the same for all Funds, with the exception of the Credit Opportunities Fund and the Multi-Strategy Fund, each of which has a higher advisory fee rate to account for the higher cost sub-advisers and strategies within the Fund. They also took into account JPMPI's explanation that each Fund receives substantially similar investment management services from JPMPI, including asset allocation, investment oversight and other management services. In addition, the Trustees took into account that the Adviser had contractually agreed to (i) reimburse expenses for the Funds to the extent the total expense ratio for each Fund exceeds a certain specified limit and (ii) waive any advisory fees that exceed the aggregate sub-advisory fees JPMPI is contractually required to pay to the Sub-Advisers, and that JPMPI was proposing to continue those arrangements for an additional year. In this regard, the Trustees took into account that, all other things being equal, the amendment to the RIIS Interim Sub-Advisory Agreement adopted in September 2024 results in JPMPI paying higher amounts of sub-advisory fees, and therefore waiving correspondingly lesser amounts of its advisory fees, for each Fund than it did prior to the amendment. The Trustees also took into account that the per Fund annual minimum fee paid is relatively small in comparison to each Fund's total expenses and would be credited to offset any fees paid by a Fund to RIIS for actual portfolio or transition management services provided by RIIS to the Fund during a calendar year.

The Trustees reviewed the advisory fees and total expenses of each Fund (each as a percentage of average net assets) in comparison to the average and median fees and expenses of peer funds within two peer expense groups and an expense universe identified by Broadridge. They noted that two expense groups were identified by Broadridge for each Fund, one of which included institutional 1940 Act funds, and the other only pure index exchange-traded funds ("ETFs") in light of the Funds' index-based strategies, and that the expense universe identified by Broadridge included a broader group of institutional 1940 Act funds. The Trustees took into account that each Fund was in the 1st quintile (*i.e.*, having among the lowest fees/expenses) for actual management fees and total expenses in comparison to the Broadridge expense group and expense universe for institutional 1940 Act funds as well as the expense group including only ETFs, with the exception of (i) the Ultra Short Fund, which was in the 2<sup>nd</sup> quintile in the expense group for institutional 1940 Act funds and in the 3<sup>rd</sup> and 4<sup>th</sup> quintiles for actual management fees and total expenses, respectively, in the expense group including only ETFs, (ii) the Tax Aware Bond Fund, which was in the 2<sup>nd</sup> quintile for both actual management fees and total expenses in the expense group including only ETFs and (iii) the Multi-Strategy Fund, which ranked second among only one other fund for total expenses in the expense

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 51

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(Unaudited) (continued)

group including only ETFs. The Trustees noted that all Funds were in the 1<sup>st</sup> quintile for contractual management fees in comparison to the Broadridge expense group and universe for institutional 1940 Act funds and the expense group including only ETFs, with the exception of the Credit Opportunities Fund, which was in the 5<sup>th</sup> quintile of both expense groups and the expense universe, and the Multi-Strategy Fund, which was in the 3<sup>rd</sup> quintile of the expense group for institutional 1940 Act funds and ranked second among only one other fund in the expense group including only ETFs. They took into account, however, that with respect to actual management fees, the Credit Opportunities Fund and the Multi-Strategy Fund were each in the 1<sup>st</sup> quintile of both the expense groups and the expense universe after taking into account the fee waivers observed for the Fund.

The Trustees also considered information regarding the sub-advisory fee rates paid to each Sub-Adviser under the Sub-Advisory Agreements and found them to be reasonable. In this regard, the Trustees took into account that the Adviser, and not the Funds, pays each Sub-Adviser for its services to the Funds out of the advisory fees that the Adviser receives from the Funds under the Advisory Agreement, and further that the Adviser does not retain any such advisory fees. The Trustees also considered that the fees paid to each Sub-Sub-Adviser are paid by the applicable Sub-Adviser out of the sub-advisory fees it receives from the Adviser.

The Trustees also reviewed the fee rates of funds or accounts, if any, managed by a Sub-Adviser with comparable investment objectives and strategies to those of a Fund or portfolio sleeve of a Fund sub-advised by the Sub-Adviser. In doing so, the Trustees took into account the Adviser's views regarding the limitations of fee comparisons to other funds and separately managed accounts that are not registered under the 1940 Act and/or are not publicly offered, in light of the differences in the types and scope of services provided to the Funds compared to those provided to such other funds and accounts. Further, the Trustees took into account the differing levels of services provided and resulting limitations of fee comparisons with respect to other funds or accounts for which a Sub-Adviser serves as primary investment adviser, as opposed to fees charged where a Sub-Adviser serves only in a sub-advisory capacity, as in the case of the Funds. The Trustees also noted management's representation that JPMPI does not manage any funds or accounts with comparable investment objectives and strategies as those of the Funds, and similar representations from applicable Sub-Advisers indicating that such Sub-Adviser does not manage any comparable funds or accounts with respect to a Fund or portfolio sleeve it sub-advises. Additionally, the Trustees noted the most-favored nation fee provisions agreed to in the applicable Sub-Advisory Agreements by AHL, Allspring, BlackRock, Capital, DBI, GSAM, Insight, Lord Abbett, Muzinich, Nuveen, PGIM, PIMCO, RBC GAM (UK), RIIS and TRowePrice, which help ensure that sub- advisory fee rates charged by each

such Sub-Adviser with respect to the Funds are no higher than the fees the Sub-Adviser charges to similar clients.

**Adviser Costs, Level of Profits and Economies of Scale.** The Trustees considered the estimated profits realized by the Adviser from the Advisory Agreement and in connection with the operation of the Funds based on profitability information included in the 15(c) Materials. Among other information, the Trustees considered the Funds' operating expenses and estimated costs to the Adviser of providing services to the Funds. They also considered the impact of the expense limitation agreement and fee waiver agreement observed by JPMPI with respect to each Fund on the Adviser's estimated profitability. The Trustees took into account that JPMPI's estimates indicated that the Adviser has been unprofitable with respect to each of the Funds from inception through December 31, 2024. The Trustees also took into account that, although the Adviser has not realized direct profits with respect to the Funds, J.P. Morgan and its affiliates could be profitable with respect to the managed accounts that invest in the Funds and received related information and input from the Adviser in this regard.

The Trustees further noted that the advisory fee rates paid to the Adviser do not have break points, but due to the Funds' fee waiver arrangements, the Adviser does not retain any portion of the advisory fees paid by the Funds and also observes expense limitation arrangements for each Fund, which may allow the Funds to benefit from economies of scale. The Trustees took into account that the Sub-Advisory Agreements with AHL, Allspring, BlackRock, GSAM, Insight, Lord Abbett, Muzinich, Nuveen, PGIM, PIMCO, RBC GAM (UK), RIIS and TRowePrice each include breakpoints to their sub-advisory fee rates at certain assets levels.

**Ancillary Benefits.** The Trustees also considered whether the Adviser and/or the Sub-Advisers or any of their affiliates may receive other ancillary or "fall out" benefits as a result of their relationships with the Funds. The Trustees considered that the Funds benefit the Adviser and its affiliates by enhancing the current discretionary product offering to J.P. Morgan Private Bank, J.P. Morgan Securities and Chase Wealth Management clients. The Trustees considered that the Funds serve to expand JPMPI's CIO investment opportunities, expand their capacity to invest, and reduce unintended portfolio dispersion. The Trustees also considered that, apart from the Adviser, which does not retain any fees under the Advisory Agreement for managing the Funds, the Funds do not engage any JPMPI affiliates as Fund service providers. The Trustees noted that the Funds utilize unaffiliated/third-party service providers for administration, custody, audit and other services. In this regard, the Trustees took into account the Adviser's representation that no JPMPI affiliate directly profits financially from the Funds themselves. The Trustees considered that the Adviser and/or its affiliates do receive portfolio management fees ("PMFs") outside of the Funds

 <br> 52 SIX CIRCLES TRUST JUNE 30, 2025

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based on funds held in the Adviser's discretionary client accounts, including with respect to assets attributable to shares of the Funds held in such accounts. The Trustees took into account, however, the Adviser's representation that it or its affiliates would receive these PMFs independent of whether the discretionary accounts allocated investments to the Funds or allocated the same assets to a third-party fund or other investment.

The Trustees also took into account that none of the Sub-Advisers are affiliated with any of the Funds' other service providers, and therefore do not benefit from those contractual relationships. The Trustees also considered portfolio trading practices of RIIS, noting the relatively low trading costs that RIIS expects to incur in completing portfolio transactions for the Funds, should the services be used. Additionally, the Trustees considered that RIIS may receive ancillary benefits of receiving fees from serving as transition manager to the Funds under the Implementation Services Agreement between the Adviser and RIIS. In this regard, the Trustees noted that those transition management fees are not contingent on RIIS serving as an interim Sub-Adviser for the Funds and would be for services that are distinct from any actual sub-advisory services RIIS provides or its agreement to standby to serve as interim sub-adviser, and further that RIIS has not to date actually served as an interim Sub-Adviser for any Fund. The Trustees also considered the proprietary nature of the Funds and whether any benefits result to the Adviser by placing assets of J.P. Morgan managed account clients into the Funds. In addition, the Trustees considered whether the Adviser or its affiliates benefit from the Funds' portfolio trading practices, noting that while the Adviser is affiliated with broker-dealers, no broker-dealer affiliate ordinarily executes portfolio transactions on behalf of the Funds.

The Trustees also took into account that, although the Adviser does not retain any of the advisory fees it receives from the Funds and has to date been unprofitable with respect to its management of the Funds themselves, that the Adviser and its affiliates receive fees for managing the J.P. Morgan managed accounts that invest in the Funds. In this regard, the Trustees discussed with management possible approaches to estimating any imputed profitability to the Adviser or J.P. Morgan from their operation of the Funds taking into account the managed account fees they receive that are attributable to assets invested in the Funds and related expenses, and reviewed related information provided by the Adviser. In this regard, the Trustees took into account the Adviser's representation that J.P. Morgan would continue to receive the same level of fees from its managed accounts whether the accounts invested in the Funds or in other funds and/or individual securities.

**Conclusions.** After reviewing and considering these and other factors described herein, the Trustees concluded, in their reasonable business judgment, within the context of their overall conclusions regarding the Agreements and based on information provided and related representations made by the Adviser and Sub-Advisers, that they were satisfied that the fees payable under the Agreements represent reasonable compensation in light of the nature, extent and quality of services provided by the Adviser or Sub-Adviser/Sub-Sub-Adviser, as applicable, and that based on the information provided and taking into account the various assumptions made, the estimated profitability of the Adviser (if any) did not appear to be excessive. Based on their evaluation of factors that they deemed to be material, including, but not limited to, those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the terms of the Agreements are fair and reasonable to each Fund, and approved the continuance of each Agreement for an additional one-year term.

 <br> JUNE 30, 2025 SIX CIRCLES TRUST 53

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![LOGO](g936990g18a32.jpg)

Feb 2019

 <br> <u>FACTS</u>   <u>WHAT DOES SIX CIRCLES TRUST\* DO WITH YOUR PERSONAL INFORMATION?</u>

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| &nbsp;&nbsp;&nbsp;Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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| &nbsp;&nbsp;&nbsp;What? | The types of personal information we may collect and share depend on the product or service you have with us. This information can include:<br>◾ Social Security number<br>◾ account balances and transaction history<br>◾ investment experience and risk tolerance<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

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| &nbsp;&nbsp;&nbsp;How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Six Circles Trust, chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Reasons we can share your personal information | Does Six Circles<br>Trust share? | Can you limit this<br>sharing? |
| &nbsp;&nbsp;&nbsp; **For our everyday business purposes —**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our marketing purposes —**<br> to offer our products and services to you | No | We don't share |
| &nbsp;&nbsp;&nbsp;For joint marketing with other financial companies | No | We don't share |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;&nbsp;For nonaffiliates to market to you | No | We don't share |

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\* Six Circles Trust and its fund series do not currently, nor are they expected to, collect personal non-public information from individuals, since holdings are held on the books of each fund on an omnibus basis by financial intermediaries. To the extent Six Circles Trust does get access to personal information through its affiliates or otherwise, this statement would apply. 

 <br> <u>Questions?</u>   <u>Call 212-464-2070 to speak with a Managed Solutions & Strategies Investor Relations representative. We accept operator relay calls.</u>

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![LOGO](g936990g18a32.jpg)

 <br> <u> Page 2</u>    

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Who we are | &nbsp;&nbsp;&nbsp;Who we are |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | Six Circles Trust |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;What we do | &nbsp;&nbsp;&nbsp;What we do |
| &nbsp;&nbsp;&nbsp;How does Six Circles Trust protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We only authorize our personnel to access information about you when they need it to do their work for us. We require companies working for us to protect your information. |
| &nbsp;&nbsp;&nbsp;How does Six Circles Trust collect my personal information? | We may collect your personal information, for example, when you<br>◾ open an account or make a wire transfer<br>◾ direct us to buy securities or direct us to sell your securities<br>◾ provide your account information<br>|
| &nbsp;&nbsp;&nbsp;Why can't I limit all sharing? | Federal law gives you the right to limit only<br>◾ sharing for affiliates' everyday business purposes – information about your creditworthiness<br>◾ affiliates from using your information to market to you<br>◾ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Definitions | &nbsp;&nbsp;&nbsp;Definitions |
| &nbsp;&nbsp;&nbsp;Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>*◾ Our affiliates include companies with the Chase or J.P. Morgan name including J.P. Morgan Private Investments Inc., our investment adviser.* |
| &nbsp;&nbsp;&nbsp;Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>*◾ We do not share with nonaffiliates so they can market to you* |
| &nbsp;&nbsp;&nbsp;Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>*◾ We don't jointly market* |

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*For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. The Six Circles Funds are not intended to be standalone investments. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.* 

The Six Circles Funds are distributed by Foreside Fund Services, LLC a member of FINRA.

***Contact Six Circles Funds collect at 1-212-464-2070 for a fund prospectus. You can also visit us at www.sixcirclesfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the Six Circles Funds before investing. The prospectus contains this and other information about the Six Circles Funds. Read the prospectus carefully before investing.***

The Six Circles Funds file complete schedules of their fund holdings for the first and third quarters of their fiscal year with the SEC on Form N-PORT. The Six Circles Funds' Forms N-PORT are available on the SEC's website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the Six Circles Funds' website at www.sixcirclesfunds.com/literature.

A description of the Six Circles Funds' policies and procedures with respect to the disclosure of the Six Circles Funds' holdings is available in the prospectuses and Statements of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling collect 1-212-464-2070 or on the Six Circles Funds' website at www.sixcirclesfunds.com. A description of such policies and procedures is in the Statement of Additional Information available on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser, and the Adviser in turn has delegated such authority to the Sub-Advisers. A copy of the Six Circles Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Six Circles Funds' website at www.sixcirclesfunds.com no later than August 31 of each year. The Six Circles Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

<sup>©</sup>JPMorgan Chase & Co. 2025. All rights reserved. June 30, 2025.

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in and/or disagreements with Accountants during the period covered by this report.

#### Item 9. Proxy Disclosures for Open-End Management Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Companies.
The aggregate renumeration paid to all Trustees is included within the financial statements under Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The basis for approval of the Investment Advisory Contracts is included within the financial statements under Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees since the Fund last provided disclosure in response to this item.

#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive and financial officers have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective, as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's period covered by this report, that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d902259dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | There has been no change to the Registrant's independent public accountant during the reporting period. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d902259dex99906cert.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant) Six Circles Trust | (Registrant) Six Circles Trust |
|  By: | (Signature and Title) |
| /s/ Gregory McNeil | /s/ Gregory McNeil |
| Gregory McNeil | Gregory McNeil |
| Title: | President - Principal Executive Officer |
| Date: | September 3, 2025 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | (Signature and Title) |
| /s/ Gregory McNeil | /s/ Gregory McNeil |
| Gregory McNeil | Gregory McNeil |
| Title: | President - Principal Executive Officer |
| Date: | September 3, 2025 |
| By: | (Signature and Title) |
| /s/ Tricia Larkin | /s/ Tricia Larkin |
| Tricia Larkin | Tricia Larkin |
| Title: | Treasurer – Principal Financial Officer |
| Date: | September 3, 2025 |

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## Ex-99.Cert

Exhibit 13(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT** 

**AND SECTION 302 OF THE SARBANES-OXLEY ACT** 

I, Gregory McNeil, certify that:

1. I have reviewed this report on Form N-CSR of Six Circles Trust on
behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S.
Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund, and Six Circles Multi-Strategy Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the internal control over financial reporting.

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| | |
|:---|:---|
| Date: September 3, 2025 | /s/ Gregory McNeil |
|  | Gregory McNeil, President |
|  | (Principal Executive Officer) |

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Exhibit 13(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT** 

**AND SECTION 302 OF THE SARBANES-OXLEY ACT** 

I, Tricia Larkin, certify that:

1. I have reviewed this report on Form N-CSR of Six Circles Trust on
behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S.
Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund, and Six Circles Multi-Strategy Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the internal control over financial reporting.

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| | |
|:---|:---|
| Date: September 3, 2025 | /s/ Tricia Larkin |
|  | Tricia Larkin, Treasurer |
|  | (Principal Financial Officer) |

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## Exhibit 99.906

Exhibit 13(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND

SECTION 906 OF THE SARBANES-OXLEY ACT

I, Gregory McNeil**,** President (Principal Executive Officer) of Six Circles Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S. Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund, and Six Circles Multi-Strategy Fund for the semi-annual period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: September 3, 2025 | /s/ Gregory McNeil |
|  | Gregory McNeil, President |
|  | (Principal Executive Officer) |

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Exhibit 13(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND

SECTION 906 OF THE SARBANES-OXLEY ACT

I, Tricia Larkin**,** Treasurer (Principal Financial Officer) of Six Circles Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S. Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund, and Six Circles Multi-Strategy Fund for the semi-annual period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: September 3, 2025 | /s/ Tricia Larkin |
|  | Tricia Larkin, Treasurer |
|  | (Principal Financial Officer) |

---