# EDGAR Filing Document

**Accession Number:** 0001724826
**File Stem:** 0001003715-25-001298
**Filing Date:** 2025-11
**Character Count:** 2458324
**Document Hash:** c2f8a2eecdc5f4c43799ec2fdf08672e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-25-001298.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001003715-25-001298

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23325
- **FILM NUMBER:** 251516518

**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 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           |

## Nport-Ex

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** — **16.0%** |  |  |  |
|  **Automobile ABS — 10.3%** |  |  |  |
| Auto ABS Spanish Loans FT, (Spain), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.85%), 2.75%, 09/28/2038 (aa) | EUR | 695 | 819 |
| AutoFlorence Srl, (Italy), |  |  |  |
| Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 2.59%, 12/24/2044 (aa) | EUR | 151 | 177 |
| Series 2, Class B, Reg. S, (EURIBOR 1 Month + 0.75%), 2.66%, 12/24/2044 (aa) | EUR | 31 | 37 |
| Series 3, Class A, Reg. S, (EURIBOR 1 Month + 0.95%), 2.82%, 12/25/2046 (aa) | EUR | 547 | 646 |
| Series 3, Class B, Reg. S, (EURIBOR 1 Month + 2.35%), 4.22%, 12/25/2046 (aa) | EUR | 55 | 65 |
| Autonoria Spain 2022 FT, (Spain), |  |  |  |
| Series 2022-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.84%), 2.71%, 01/25/2040 (aa) | EUR | 333 | 392 |
| Series 2022-SP, Class B, Reg. S, (EURIBOR 1 Month + 2.00%), 3.87%, 01/26/2040 (aa) | EUR | 42 | 50 |
| Autonoria Spain 2023 FT, (Spain), |  |  |  |
| Series 2023-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 2.57%, 09/30/2041 (aa) | EUR | 434 | 511 |
| Series 2023-SP, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.02%, 09/30/2041 (aa) | EUR | 62 | 73 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e) |  | 1500 | 1552 |
| Bavarian Sky 5 plc, (United Kingdom), Series UK5, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.62%), 4.59%, 04/20/2031 (aa) | GBP | 108 | 145 |
| BofA Auto Trust, Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (e) |  | 951 | 952 |
| Capital One Prime Auto Receivables Trust, Series 2023-2, Class A3, 5.82%, 06/15/2028 |  | 867 | 879 |
| Cardiff Auto Receivables Securitisation plc, (United Kingdom), Series 2024-1, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.40%), 5.37%, 08/20/2031 (aa) | GBP | 264 | 357 |
| CarMax Auto Owner Trust, |  |  |  |
| Series 2023-3, Class A3, 5.28%, 05/15/2028 |  | 793 | 799 |
| Series 2023-4, Class A3, 6.00%, 07/17/2028 |  | 1447 | 1466 |
| Series 2024-1, Class A2A, 5.30%, 03/15/2027 |  | 121 | 121 |
| Series 2024-1, Class A3, 4.92%, 10/16/2028 |  | 474 | 477 |
| Series 2024-2, Class A2A, 5.65%, 05/17/2027 |  | 173 | 173 |
| Series 2025-1, Class A3, 4.84%, 01/15/2030 |  | 500 | 507 |
| Series 2025-2, Class A2A, 4.59%, 07/17/2028 |  | 2000 | 2009 |
| Cars Alliance Auto Leases France, (France), |  |  |  |
| Series 2023-1FRV, Class A, Reg. S, (EURIBOR 1 Month + 0.65%), 2.58%, 10/21/2038 (aa) | EUR | 448 | 526 |
| Series 2023-1FRV, Class B, Reg. S, (EURIBOR 1 Month + 1.30%), 3.23%, 10/21/2038 (aa) | EUR | 400 | 473 |
| Carvana Auto Receivables Trust, |  |  |  |
| Series 2023-P1, Class A4, 5.94%, 01/10/2029 (e) |  | 1000 | 1018 |
| Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) |  | 900 | 905 |
| Series 2024-P3, Class A2, 4.61%, 11/10/2027 |  | 193 | 193 |
| Series 2024-P4, Class A3, 4.64%, 01/10/2030 |  | 400 | 403 |
| Citizen Irish Auto Receivables Trust 2023 DAC, (Ireland), |  |  |  |
| Series 2023-1, Class A, Reg. S, (EURIBOR 1 Month + 0.77%), 2.66%, 12/15/2032 (aa) | EUR | 152 | 179 |
| Series 2023-1, Class B, Reg. S, (EURIBOR 1 Month + 1.40%), 3.29%, 12/15/2032 (aa) | EUR | 121 | 143 |
| Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) |  | 1049 | 1056 |
| E-Carat DE, (Luxembourg), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.45%), 2.32%, 11/25/2035 (aa) | EUR | 732 | 860 |
| Enterprise Fleet Financing LLC, Series 2023-1, Class A2, 5.51%, 01/22/2029 (e) |  | 172 | 173 |
| FCT Autonoria DE 2023, (France), Series 2023-DE, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.02%, 01/26/2043 (aa) | EUR | 120 | 141 |
| Finance Ireland Auto Receivables No. DAC, (Ireland), Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.68%), 2.56%, 11/14/2034 (aa) | EUR | 849 | 999 |
| Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e) | CAD | 2000 | 1447 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Automobile ABS — continued** |  |  |  |
| Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 4.77%, 02/15/2027 (aa) |  | 370 | 370 |
| Ford Credit Auto Owner Trust, |  |  |  |
| Series 2022-D, Class A3, 5.27%, 05/17/2027 |  | 31 | 31 |
| Series 2024-1, Class A, SUB, 4.87%, 08/15/2036 (e) |  | 789 | 808 |
| Series 2024-C, Class A2A, 4.32%, 08/15/2027 |  | 922 | 923 |
| Series 2024-C, Class A3, 4.07%, 07/15/2029 |  | 829 | 831 |
| Series 2025-B, Class A2A, 3.88%, 06/15/2028 |  | 1500 | 1500 |
| Ford Credit Auto Owner Trust / Ford Credit, Series 2025-1, Class A, SUB, 4.86%, 08/15/2037 (e) |  | 960 | 985 |
| Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A2, (United States 30 Day Average SOFR + 1.25%), 5.62%, 05/15/2028 (e) (aa) |  | 1290 | 1297 |
| GM Financial Automobile Leasing Trust, |  |  |  |
| Series 2024-3, Class A2A, 4.29%, 01/20/2027 |  | 1067 | 1068 |
| Series 2025-1, Class A2A, 4.54%, 05/20/2027 |  | 1827 | 1831 |
| Series 2025-2, Class A2A, 4.55%, 07/20/2027 |  | 800 | 803 |
| GM Financial Consumer Automobile Receivables Trust, |  |  |  |
| Series 2023-2, Class A3, 4.47%, 02/16/2028 |  | 232 | 233 |
| Series 2023-4, Class A3, 5.78%, 08/16/2028 |  | 874 | 884 |
| Series 2024-1, Class A3, 4.85%, 12/18/2028 |  | 940 | 946 |
| Series 2024-4, Class A2A, 4.53%, 10/18/2027 |  | 534 | 535 |
| Series 2024-4, Class A3, 4.40%, 08/16/2029 |  | 2554 | 2572 |
| GMF Floorplan Owner Revolving Trust, |  |  |  |
| Series 2023-1, Class A1, 5.34%, 06/15/2028 (e) |  | 1000 | 1009 |
| Series 2024-4A, Class A1, 4.73%, 11/15/2029 (e) |  | 945 | 958 |
| Golden Bar Securitisation Srl, (Italy), Series 2023-2, Class B, Reg. S, (EURIBOR 3 Month + 2.90%), 4.93%, 09/22/2043 (aa) | EUR | 228 | 274 |
| Harley-Davidson Motorcycle Trust, |  |  |  |
| Series 2024-A, Class A2, 5.65%, 02/16/2027 |  | 23 | 23 |
| Series 2024-B, Class A2, 4.62%, 08/16/2027 |  | 619 | 619 |
| Series 2025-A, Class A2A, 4.71%, 07/17/2028 |  | 500 | 502 |
| Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e) |  | 1700 | 1710 |
| Hill FL 2024-1BV, (Netherlands), Series 2024-1FL, Class B, Reg. S, (EURIBOR 1 Month + 1.10%), 3.01%, 02/18/2032 (aa) | EUR | 154 | 181 |
| 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 | 535 | 629 |
| Honda Auto Receivables Owner Trust, Series 2025-3, Class A3, 4.04%, 02/21/2030 |  | 1895 | 1899 |
| Hyundai Auto Lease Securitization Trust, |  |  |  |
| Series 2025-B, Class A2A, 4.58%, 09/15/2027 (e) |  | 1100 | 1105 |
| Series 2025-C, Class A2A, 4.37%, 01/18/2028 (e) |  | 1000 | 1005 |
| Hyundai Auto Receivables Trust, |  |  |  |
| Series 2023-A, Class A3, 4.58%, 04/15/2027 |  | 167 | 167 |
| Series 2024-A, Class A3, 4.99%, 02/15/2029 |  | 3197 | 3229 |
| Series 2024-B, Class A3, 4.84%, 03/15/2029 |  | 1787 | 1807 |
| Series 2024-C, Class A3, 4.41%, 05/15/2029 |  | 1921 | 1936 |
| Koromo Italy Srl, (Italy), Series 1, Class A, Reg. S, (EURIBOR 1 Month + 0.80%), 2.69%, 02/26/2035 (aa) | EUR | 60 | 71 |
| LT Autorahoitus V DAC, (Ireland), Series 5, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 2.81%, 05/18/2035 (aa) | EUR | 400 | 470 |
| LT Rahoitus 2025-1 DAC, (Ireland), Series 6, Class A, Reg. S, (EURIBOR 1 Month + 0.54%), 2.45%, 07/18/2036 (aa) | EUR | 474 | 557 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Automobile ABS — continued** |  |  |  |
| MBarc Credit Canada, Inc., (Canada), Series 2024-AA, Class A2, 5.30%, 10/15/2026 (e) | CAD | 33 | 24 |
| Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A, 4.57%, 12/15/2026 |  | 317 | 317 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3, 4.51%, 11/15/2027 |  | 372 | 373 |
| Metro Finance Trust, (Australia), Series 2024-1, Class A, Reg. S, (BBSW ASX Australian 1 Month + 1.25%), 4.79%, 09/17/2030 (aa) | AUD | 336 | 223 |
| Nissan Auto Lease Trust, |  |  |  |
| Series 2024-B, Class A3, 4.92%, 11/15/2027 |  | 500 | 506 |
| Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.82%, 11/15/2027 (aa) |  | 933 | 934 |
| Series 2025-B, Class A2A, 4.44%, 03/15/2028 |  | 2195 | 2206 |
| OneMain Direct Auto Receivables Trust, Series 2022-1A, Class A2, (United States 30 Day Average SOFR + 1.60%), 5.97%, 03/14/2029 (e) (aa) |  | 186 | 187 |
| Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e) |  | 660 | 660 |
| Panorama Auto Trust, (Australia), Series 2025-1, Class A, Reg. S, (BBSW ASX Australian 1 Month + 0.97%), 4.51%, 03/15/2033 (aa) | AUD | 453 | 300 |
| Pony SA, (Luxembourg), |  |  |  |
| Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.52%), 2.40%, 01/14/2033 (aa) | EUR | 647 | 761 |
| Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.85%), 2.73%, 01/14/2033 (aa) | EUR | 97 | 114 |
| Porsche Financial Auto Securitization Trust, Series 2024-1A, Class A3, 4.44%, 01/22/2030 (e) |  | 2049 | 2060 |
| Red & Black Auto Germany UG, (Germany), |  |  |  |
| Series 8, Class B, Reg. S, (EURIBOR 1 Month + 0.75%), 2.63%, 09/15/2030 (aa) | EUR | 37 | 43 |
| Series 10, Class B, Reg. S, (EURIBOR 1 Month + 1.20%), 3.08%, 09/15/2032 (aa) | EUR | 71 | 84 |
| Red & Black Auto Italy Srl, (Italy), |  |  |  |
| Series 2, Class A1, Reg. S, (EURIBOR 1 Month + 1.00%), 2.90%, 07/28/2034 (aa) | EUR | 353 | 417 |
| Series 2, Class B, Reg. S, (EURIBOR 1 Month + 1.80%), 3.70%, 07/28/2034 (aa) | EUR | 74 | 87 |
| RevoCar UG, (Germany), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.56%), 2.49%, 02/21/2037 (aa) | EUR | 405 | 476 |
| SBNA Auto Lease Trust, |  |  |  |
| Series 2024-B, Class A3, 5.56%, 11/22/2027 (e) |  | 1000 | 1007 |
| Series 2024-C, Class A3, 4.56%, 02/22/2028 (e) |  | 900 | 902 |
| SFS Auto Receivables Securitization Trust, |  |  |  |
| Series 2024-2A, Class A3, 5.33%, 11/20/2029 (e) |  | 1000 | 1012 |
| Series 2025-2A, Class A3, 4.44%, 12/20/2030 (e) |  | 885 | 892 |
| Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A2, 4.14%, 06/20/2028 (e) |  | 1100 | 1101 |
| Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, 4.65%, 05/25/2038 (e) |  | 1596 | 1627 |
| Toyota Auto Receivables Owner Trust, |  |  |  |
| Series 2022-C, Class A3, 3.76%, 04/15/2027 |  | 216 | 215 |
| Series 2023-A, Class A3, 4.63%, 09/15/2027 |  | 96 | 96 |
| Series 2024-A, Class A3, 4.83%, 10/16/2028 |  | 4109 | 4137 |
| Toyota Lease Owner Trust, Series 2025-A, Class A2A, 4.58%, 07/20/2027 (e) |  | 1615 | 1620 |
| Volkswagen Auto Loan Enhanced Trust, |  |  |  |
| Series 2023-2, Class A2A, 5.72%, 03/22/2027 |  | 125 | 125 |
| Series 2023-2, Class A2B, (United States 30 Day Average SOFR + 0.63%), 5.02%, 03/22/2027 (aa) |  | 343 | 343 |
| World Omni Auto Receivables Trust, Series 2024-B, Class A2A, 5.48%, 09/15/2027 |  | 69 | 69 |
| Total Automobile ABS |  |  | 77409 |
| **Credit Card ABS — 2.0%** |  |  |  |
| American Express Credit Account Master Trust, |  |  |  |
| Series 2023-2, Class A, 4.80%, 05/15/2030 |  | 900 | 920 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Credit Card ABS — continued** |  |  |  |
| Series 2024-2, Class A, 5.24%, 04/15/2031 |  | 1990 | 2077 |
| Series 2025-1, Class A, 4.56%, 12/17/2029 |  | 2210 | 2243 |
| BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, 04/15/2028 |  | 1485 | 1486 |
| Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95%, 10/15/2027 |  | 535 | 535 |
| Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1, 5.23%, 12/08/2027 |  | 1600 | 1603 |
| Compartment BL Consumer Credit 2024, (Luxembourg), |  |  |  |
| Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.63%), 2.50%, 09/25/2041 (aa) | EUR | 321 | 377 |
| Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 2.77%, 09/25/2041 (aa) | EUR | 292 | 344 |
| Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e) |  | 1500 | 1464 |
| Golden Credit Card Trust, (Canada), Series 2022-1A, Class A, 1.97%, 01/15/2029 (e) |  | 1000 | 974 |
| Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e) |  | 600 | 601 |
| Newday Funding Master Issuer plc, (United Kingdom), Series 2025-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 0.00%, 04/15/2033 (aa) | GBP | 599 | 809 |
| NewDay Funding, (United Kingdom), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.18%), 5.15%, 03/15/2032 (aa) | GBP | 534 | 724 |
| Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/2029 |  | 1000 | 1012 |
| Total Credit Card ABS |  |  | 15169 |
| **Other ABS — 2.3%** |  |  |  |
| Asimi Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.00%), 4.97%, 09/16/2031 (aa) | GBP | 8 | 11 |
| Brignole Co., (Italy), Series 2024, Class A, Reg. S, (EURIBOR 1 Month + 0.78%), 2.67%, 02/24/2042 (aa) | EUR | 361 | 426 |
| CNH Equipment Trust, |  |  |  |
| Series 2024-A, Class A3, 4.77%, 06/15/2029 |  | 479 | 483 |
| Series 2024-C, Class A3, 4.03%, 01/15/2030 |  | 275 | 276 |
| Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e) |  | 1179 | 1181 |
| DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e) |  | 933 | 936 |
| Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (CME Term SOFR 3 Month + 1.21%), 5.54%, 07/18/2030 (e) (aa) |  | 441 | 441 |
| GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e) |  | 318 | 319 |
| Kubota Credit Owner Trust, |  |  |  |
| Series 2025-1A, Class A2, 4.61%, 12/15/2027 (e) |  | 296 | 297 |
| Series 2025-1A, Class A3, 4.67%, 06/15/2029 (e) |  | 599 | 608 |
| Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 5.61%, 10/15/2032 (e) (aa) |  | 248 | 248 |
| OneMain Financial Issuance Trust, Series 2023-2A, Class A2, (United States 30 Day Average SOFR + 1.50%), 5.87%, 09/15/2036 (e) (aa) |  | 1452 | 1467 |
| Pagaya Ai Debt Grantor Trust, Series 2025-6, Class A1, 4.25%, 09/15/2026 (e) |  | 2100 | 2100 |
| PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e) |  | 1000 | 1008 |
| Rockford Tower CLO 2017-3 Ltd., (Cayman Islands), Series 2017-3A, Class A, (CME Term SOFR 3 Month + 1.45%), 5.78%, 10/20/2030 (e) (aa) |  | 51 | 51 |
| SC Germany SA Compartment Consumer, (Germany), Series 2025-1, Class B, Reg. S, (EURIBOR 1 Month + 0.95%), 2.83%, 12/14/2038 (aa) | EUR | 200 | 236 |
| SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (EURIBOR 1 Month + 1.75%), 3.63%, 11/14/2034 (aa) | EUR | 61 | 72 |
| TAGUS—Sociedade de Titularizacao de Creditos SA / Viriato Finance No. 1, (Portugal), Series 1, Class B, Reg. S, (EURIBOR 1 Month + 0.95%), 2.85%, 10/28/2040 (aa) | EUR | 147 | 172 |
| TCI-Symphony CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class AR2, (CME Term SOFR 3 Month + 1.28%), 5.60%, 10/13/2032 (e) (aa) |  | 138 | 139 |
| Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e) |  | 435 | 438 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Other ABS — continued** |  |  |  |
| Verizon Master Trust, |  |  |  |
| Series 2024-1, Class A1A, 5.00%, 12/20/2028 |  | 1700 | 1703 |
| Series 2024-1, Class A1B, (United States 30 Day Average SOFR + 0.65%), 5.03%, 12/20/2028 (aa) |  | 1578 | 1579 |
| Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 5.06%, 08/20/2030 (aa) |  | 1000 | 1005 |
| Series 2025-1, Class A, 4.71%, 01/21/2031 |  | 1500 | 1526 |
| VOYA CLO 2017-2, (Cayman Islands), Series 2017-2A, Class A1R, (CME Term SOFR 3 Month + 1.24%), 5.56%, 06/07/2030 (e) (aa) |  | 17 | 17 |
| Youni Italy Srl, (Italy), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.88%), 2.75%, 04/25/2034 (aa) | EUR | 333 | 392 |
| Total Other ABS |  |  | 17131 |
| **Student Loan ABS — 1.4%** |  |  |  |
| ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) |  | 520 | 466 |
| Navient Private Education Loan Trust, |  |  |  |
| Series 2016-AA, Class A2A, 3.91%, 12/15/2045 (e) |  | 357 | 356 |
| Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 4.98%, 12/15/2059 (aa) |  | 82 | 82 |
| Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 5.16%, 11/15/2068 (e) (aa) |  | 935 | 932 |
| Navient Private Education Refi Loan Trust, |  |  |  |
| Series 2019-D, Class A2B, (CME Term SOFR 1 Month + 1.16%), 5.31%, 12/15/2059 (e) (aa) |  | 177 | 177 |
| Series 2019-GA, Class A, 2.40%, 10/15/2068 (e) |  | 76 | 74 |
| Series 2020-IA, Class A1B, (CME Term SOFR 1 Month + 1.11%), 5.26%, 04/15/2069 (e) (aa) |  | 110 | 109 |
| Series 2021-DA, Class A, (Prime Rate + -1.99%), 5.51%, 04/15/2060 (e) (aa) |  | 246 | 245 |
| Navient Student Loan Trust, Series 2019-BA, Class A2B, (CME Term SOFR 1 Month + 1.09%), 5.24%, 12/15/2059 (e) (aa) |  | 107 | 107 |
| Nelnet Student Loan Trust, |  |  |  |
| Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 5.37%, 06/27/2067 (e) (aa) |  | 439 | 440 |
| Series 2021-CA, Class AFL, (CME Term SOFR 1 Month + 0.85%), 4.99%, 04/20/2062 (e) (aa) |  | 519 | 518 |
| Series 2025-BA, Class A1A, 4.84%, 05/17/2055 (e) |  | 500 | 503 |
| Series 2025-CA, Class A1B, (United States 30 Day Average SOFR + 1.35%), 0.00%, 06/22/2065 (e) (aa) |  | 900 | 900 |
| Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (CME Term SOFR 1 Month + 1.36%), 5.52%, 07/25/2051 (e) (aa) |  | 31 | 31 |
| SMB Private Education Loan Trust, |  |  |  |
| Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 0.94%), 5.09%, 09/15/2037 (e) (aa) |  | 260 | 260 |
| Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) |  | 221 | 208 |
| Series 2021-A, Class A2A1, (CME Term SOFR 1 Month + 0.84%), 4.99%, 01/15/2053 (e) (aa) |  | 1235 | 1223 |
| Series 2021-A, Class APL, 0.00%, 01/15/2053 (e) (z) |  | 136 | 134 |
| Series 2021-D, Class A1B, (CME Term SOFR 1 Month + 0.71%), 4.86%, 03/17/2053 (e) (aa) |  | 111 | 110 |
| Series 2022-B, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.82%, 02/16/2055 (e) (aa) |  | 1080 | 1089 |
| Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 6.22%, 05/16/2050 (e) (aa) |  | 159 | 162 |
| Series 2022-D, Class A1B, (United States 30 Day Average SOFR + 1.80%), 6.17%, 10/15/2058 (e) (aa) |  | 1678 | 1708 |
| Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e) |  | 123 | 126 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Student Loan ABS — continued** |  |  |  |
| Series 2023-D, Class A1B, (United States 30 Day Average SOFR + 1.65%), 6.02%, 09/15/2053 (e) (aa) |  | 734 | 746 |
| Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.82%, 03/15/2056 (e) (aa) |  | 164 | 166 |
| Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 4.95%, 11/20/2061 (e) (aa) |  | 60 | 60 |
| Total Student Loan ABS |  |  | 10932 |
| Total Asset-Backed Securities<br>(Cost $118,814) |  |  | 120641 |
| **Certificates of Deposit** — **0.3%** |  |  |  |
| **Financial** — **0.3%** |  |  |  |
| **Banks** — **0.3%** |  |  |  |
| Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 4.43%, 09/14/2026 (aa) | AUD | 500 | 332 |
| MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 4.46%, 02/17/2026 (aa) | AUD | 800 | 530 |
| Sumitomo Mitsui Banking Corp., (Japan), (BBSW ASX Australian 3 Month + 1.10%), 4.79%, 11/07/2025 (aa) | AUD | 2400 | 1590 |
| Total Financial |  |  | 2452 |
| Total Certificates of Deposit<br>(Cost $2,405) |  |  | 2452 |
| **Collateralized Mortgage Obligations** — **7.0%** |  |  |  |
| **Agency Collateral CMO — 5.5%** |  |  |  |
| FHLMC REMICS, |  |  |  |
| Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 5.25%, 04/15/2049 (aa) |  | 368 | 369 |
| Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 5.51%, 12/25/2054 (aa) |  | 610 | 612 |
| Series 5493, Class FK, (United States 30 Day Average SOFR + 1.15%), 5.51%, 01/25/2055 (aa) |  | 619 | 621 |
| Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 5.56%, 02/25/2055 (aa) |  | 333 | 334 |
| Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 5.36%, 02/25/2055 (aa) |  | 736 | 738 |
| Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 5.36%, 02/25/2055 (aa) |  | 724 | 726 |
| Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 5.31%, 03/25/2055 (aa) |  | 1783 | 1767 |
| Series 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 5.31%, 03/25/2055 (aa) |  | 682 | 685 |
| Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.23%, 04/25/2055 (aa) |  | 1402 | 1402 |
| Series 5532, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.31%, 04/25/2055 (aa) |  | 1472 | 1474 |
| Series 5534, Class FM, (United States 30 Day Average SOFR + 0.93%), 5.29%, 05/25/2055 (aa) |  | 1316 | 1320 |
| Series 5546, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.36%, 06/25/2055 (aa) |  | 1322 | 1329 |
| Series 5548, Class AF, (United States 30 Day Average SOFR + 1.00%), 5.36%, 06/25/2055 (aa) |  | 1434 | 1441 |
| Series 5549, Class CF, (United States 30 Day Average SOFR + 1.00%), 5.36%, 10/25/2052 (aa) |  | 960 | 940 |
| Series 5549, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.61%, 06/25/2055 (aa) |  | 1357 | 1366 |
| Series 5560, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.36%, 06/25/2055 (aa) |  | 577 | 581 |
| Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 5.56%, 08/25/2055 (aa) |  | 1189 | 1195 |
| Series 5565, Class FA, (United States 30 Day Average SOFR + 1.15%), 5.51%, 08/25/2055 (aa) |  | 784 | 787 |
| Series 5565, Class FB, (United States 30 Day Average SOFR + 0.95%), 5.31%, 08/25/2055 (aa) |  | 496 | 496 |
| Series 5567, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.36%, 08/25/2055 (aa) |  | 1170 | 1176 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| FNMA REMICS, |  |  |
| Series 2016-3, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.82%, 02/25/2046 (aa) | 616 | 613 |
| Series 2018-82, Class W, 6.36%, 11/25/2058 (z) | 174 | 178 |
| Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 5.26%, 05/25/2050 (aa) | 971 | 968 |
| Series 2022-8, Class D, 2.00%, 08/25/2038 | 872 | 816 |
| Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.15%, 01/25/2051 (aa) | 721 | 722 |
| Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 5.46%, 12/25/2054 (aa) | 356 | 355 |
| Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 5.46%, 06/25/2054 (aa) | 645 | 647 |
| Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 5.46%, 01/25/2055 (aa) | 751 | 752 |
| Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 5.51%, 01/25/2055 (aa) | 898 | 902 |
| Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 5.41%, 01/25/2055 (aa) | 902 | 903 |
| Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 5.56%, 02/25/2055 (aa) | 333 | 335 |
| Series 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.61%, 02/25/2055 (aa) | 427 | 430 |
| Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.31%, 11/25/2053 (aa) | 701 | 703 |
| Series 2025-18, Class FM, (United States 30 Day Average SOFR + 0.90%), 5.26%, 09/25/2054 (aa) | 3656 | 3660 |
| GNMA, |  |  |
| Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 5.12%, 12/20/2064 (aa) | 523 | 523 |
| Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 5.45%, 01/20/2067 (aa) | 536 | 541 |
| Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.82%, 08/20/2065 (aa) | 153 | 153 |
| Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.81%, 05/20/2044 (aa) | 225 | 221 |
| Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.89%, 06/20/2071 (aa) | 1323 | 1353 |
| Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 746 | 661 |
| Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.74%, 01/20/2072 (aa) | 680 | 668 |
| Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2073 (aa) | 488 | 489 |
| Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 5.39%, 05/20/2073 (aa) | 1582 | 1598 |
| Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 4.69%, 09/20/2073 (aa) | 616 | 613 |
| Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.49%, 11/20/2073 (aa) | 458 | 464 |
| Series 2024-13, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.34%, 01/20/2054 (aa) | 133 | 134 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Agency Collateral CMO** — **continued** |  |  |  |
| Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2074 (aa) |  | 954 | 957 |
| Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.32%, 01/20/2074 (aa) |  | 913 | 917 |
| Series 2025-H, Class BOS, (United States 30 Day Average SOFR + 0.77%), 5.16%, 07/20/2065 (e) (aa) |  | 250 | 250 |
| Series 2025-HX, Class HX, (United States 30 Day Average SOFR + 0.78%), 4.92%, 10/01/2055 (e) (aa) |  | 250 | 250 |
| Total Agency Collateral CMO |  |  | 41135 |
| **Agency Collateral PAC CMO** — **0.1%** |  |  |  |
| FHLMC REMICS, Series 5584, Class DF, (United States 30 Day Average SOFR + 0.90%), 5.25%, 10/25/2055 (aa) |  | 500 | 500 |
| GNMA, |  |  |  |
| Series 2017-121, Class PE, 3.00%, 07/20/2046 |  | 76 | 75 |
| Series 2025-89, Class PF, (United States 30 Day Average SOFR + 0.95%), 5.34%, 05/20/2055 (aa) |  | 296 | 298 |
| Total Agency Collateral PAC CMO |  |  | 873 |
| **WL Collateral CMO — 1.4%** |  |  |  |
| Atlas Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 4.82%, 09/20/2061 (aa) | GBP | 439 | 594 |
| Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.89%, 12/28/2049 (e) (aa) | GBP | 534 | 719 |
| Braccan Mortgage Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.84%), 4.83%, 02/15/2067 (aa) | GBP | 735 | 993 |
| Citadel plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.02%), 4.99%, 04/28/2060 (aa) | GBP | 731 | 987 |
| CSMC Trust, Series 2021-RPL4, Class A1, 4.14%, 12/27/2060 (e) (z) |  | 234 | 233 |
| Dutch Property Finance BV, (Netherlands), Series 2022-1, Class A, Reg. S, (EURIBOR 3 Month + 0.75%), 2.70%, 10/28/2059 (aa) | EUR | 566 | 666 |
| Economic Master Issuer plc, (United Kingdom), Series 2023-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.56%), 4.53%, 06/25/2074 (aa) | GBP | 204 | 274 |
| FIRSTMAC MORTGAGE FUNDING TRUST NO. 4, (Australia), Series 2024-4, Class A1, Reg. S, (BBSW ASX Australian 1 Month + 1.08%), 4.62%, 02/18/2056 (aa) | AUD | 346 | 229 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 204 | 192 |
| Holmes Master Issuer plc, (United Kingdom), Series 2023-1X, Class A1, Reg. S, (SONIA Interest Rate Benchmark + 0.58%), 4.57%, 10/15/2072 (aa) | GBP | 666 | 898 |
| Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 5.75%, 07/25/2061 (e) |  | 912 | 911 |
| MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 233 | 214 |
| New Residential Mortgage Loan Trust, |  |  |  |
| Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 76 | 74 |
| Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 205 | 196 |
| Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 253 | 242 |
| Progress Trust, (Australia), Series 2020-1, Class A, (BBSW ASX Australian 1 Month + 1.00%), 4.54%, 01/21/2051 (aa) | AUD | 270 | 179 |
| SAPPHIRE XXXII SERIES TRUST, (Australia), Series 2025-1, Class A1L, Reg. S, (BBSW ASX Australian 1 Month + 1.10%), 4.64%, 06/14/2066 (aa) | AUD | 1050 | 696 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **WL Collateral CMO** — **continued** |  |  |  |
| Silverstone Master Issuer plc, (United Kingdom), Series 2023-1, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.50%), 4.55%, 01/21/2070 (aa) | GBP | 635 | 856 |
| Starwood Mortgage Residential Trust, |  |  |  |
| Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 83 | 81 |
| Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z) |  | 50 | 47 |
| Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 128 | 121 |
| Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 4.98%, 07/20/2053 (e) (aa) | GBP | 721 | 972 |
| Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 5.27%, 05/25/2058 (e) (aa) |  | 141 | 144 |
| Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.26%, 02/09/2053 (aa) | AUD | 204 | 135 |
| Total WL Collateral CMO |  |  | 10653 |
| Total Collateralized Mortgage Obligations<br>(Cost $52,393) |  |  | 52661 |
| **Commercial Mortgage-Backed Securities** — **2.4%** |  |  |  |
| **Commercial MBS** — **2.4%** |  |  |  |
| ARES Trust, Series 2025-IND3, Class A, (CME Term SOFR 1 Month + 1.50%), 5.65%, 04/15/2042 (e) (aa) |  | 405 | 405 |
| BAY Mortgage Trust, Series 2025-LIVN, Class A, (CME Term SOFR 1 Month + 1.80%), 5.95%, 05/15/2035 (e) (aa) |  | 514 | 515 |
| BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, 12/15/2057 |  | 500 | 522 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z) |  | 500 | 521 |
| BMP, Series 2024-MF23, Class A, (CME Term SOFR 1 Month + 1.37%), 5.52%, 06/15/2041 (e) (aa) |  | 690 | 691 |
| BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.51%, 09/15/2036 (e) (aa) |  | 500 | 484 |
| BX Commercial Mortgage Trust, |  |  |  |
| Series 2022-CSMO, Class A, (CME Term SOFR 1 Month + 2.11%), 6.26%, 06/15/2027 (e) (aa) |  | 800 | 804 |
| Series 2024-BRBK, Class A, (CME Term SOFR 1 Month + 2.88%), 7.03%, 10/15/2041 (e) (aa) |  | 241 | 243 |
| Series 2024-MF, Class A, (CME Term SOFR 1 Month + 1.44%), 5.59%, 02/15/2039 (e) (aa) |  | 947 | 948 |
| Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.59%, 02/15/2039 (e) (aa) |  | 850 | 851 |
| Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.54%, 03/15/2041 (e) (aa) |  | 310 | 310 |
| BX Trust, |  |  |  |
| Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.59%, 04/15/2041 (e) (aa) |  | 118 | 119 |
| Series 2024-PAT, Class A, (CME Term SOFR 1 Month + 2.09%), 6.24%, 03/15/2041 (e) (aa) |  | 270 | 270 |
| Series 2024-VLT4, Class A, (CME Term SOFR 1 Month + 1.49%), 5.64%, 06/15/2041 (e) (aa) |  | 400 | 400 |
| CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 5.14%, 02/15/2039 (e) (aa) |  | 530 | 522 |
| COMM Mortgage Trust, Series 2024-WCL1, Class A, (CME Term SOFR 1 Month + 1.84%), 5.99%, 06/15/2041 (e) (aa) |  | 420 | 419 |
| CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.79%, 08/15/2041 (e) (aa) |  | 220 | 220 |
| CSMC, Series 2021-BHAR, Class A, (CME Term SOFR 1 Month + 1.26%), 5.42%, 11/15/2038 (e) (aa) |  | 699 | 694 |
| ELM Trust, |  |  |  |
| Series 2024-ELM, Class A10, 5.99%, 06/10/2039 (e) (z) |  | 800 | 808 |
| Series 2024-ELM, Class A15, 5.99%, 06/10/2039 (e) (z) |  | 800 | 805 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (CME Term SOFR 1 Month + 1.35%), 5.50%, 03/15/2042 (e) (aa) |  | 624 | 624 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** |
| **Commercial Mortgage-Backed Securities** — **continued** |  |  |  |
| **Commercial MBS** — **continued** |  |  |  |
| INV Mortgage Trust, Series 2024-IND, Class A, (CME Term SOFR 1 Month + 1.74%), 5.89%, 11/15/2041 (e) (aa) |  | 190 | 189 |
| LUX, Series 2023-LION, Class A, (CME Term SOFR 1 Month + 2.69%), 6.84%, 08/15/2040 (e) (aa) |  | 185 | 187 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 09/10/2039 (e) |  | 255 | 243 |
| MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.22%, 12/15/2034 (e) (aa) |  | 1130 | 1130 |
| Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 5.27%, 05/15/2036 (e) (aa) |  | 700 | 379 |
| MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.56%, 03/15/2039 (e) (aa) |  | 1100 | 1100 |
| PRM5 Trust, Series 2025-PRM5, Class A, 4.62%, 03/10/2033 (e) (z) |  | 504 | 503 |
| SCG Commercial Mortgage Trust, Series 2025-DLFN, Class A, (CME Term SOFR 1 Month + 1.20%), 5.35%, 03/15/2035 (e) (aa) |  | 285 | 284 |
| SMRT, Series 2022-MINI, Class A, (CME Term SOFR 1 Month + 1.00%), 5.15%, 01/15/2039 (e) (aa) |  | 350 | 350 |
| Taurus 2025-2 UK DAC, (Ireland), Series 2025-UK2X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.50%), 5.49%, 02/18/2035 (aa) | GBP | 308 | 415 |
| Thunder Logistics DAC, (Ireland), Series 2024-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.50%), 3.54%, 11/17/2036 (aa) | EUR | 299 | 351 |
| UK Logistics DAC, (Ireland), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.65%), 5.64%, 05/17/2034 (aa) | GBP | 202 | 272 |
| Vita Scientia DAC, (Ireland), Series 2022-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.30%), 3.32%, 02/27/2033 (aa) | EUR | <br>1000 | 1178 |
| WEST Trust, Series 2025-ROSE, Class A, 5.45%, 04/10/2035 (e) (z) |  | 438 | 444 |
| Total Commercial MBS |  |  | 18200 |
| Total Commercial Mortgage-Backed Securities<br>(Cost $18,314) |  |  | 18200 |
| **Corporate Bonds** — **51.4%** |  |  |  |
| **Basic Materials** — **0.9%** |  |  |  |
| **Iron/Steel** — **0.2%** |  |  |  |
| Steel Dynamics, Inc., 1.65%, 10/15/2027 |  | 1310 | 1246 |
| **Mining** — **0.7%** |  |  |  |
| Glencore Funding LLC, |  |  |  |
| 1.63%, 04/27/2026 (e) |  | 2900 | 2856 |
| 3.88%, 10/27/2027 (e) |  | 747 | 741 |
| 6.13%, 10/06/2028 (e) |  | 1935 | 2032 |
|  |  |  | 5629 |
| Total Basic Materials |  |  | 6875 |
| **Communications** — **5.1%** |  |  |  |
| **Internet** — **0.1%** |  |  |  |
| Uber Technologies, Inc., 4.50%, 08/15/2029 (e) |  | 400 | 399 |
| **Media** — **0.6%** |  |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |  |
| 2.25%, 01/15/2029 |  | 830 | 772 |
| 4.20%, 03/15/2028 |  | 1285 | 1279 |
| Comcast Corp., |  |  |  |
| 3.15%, 03/01/2026 |  | 1402 | 1397 |
| 5.35%, 11/15/2027 |  | 865 | 889 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Media** — **continued** |  |  |
| Fox Corp., 4.71%, 01/25/2029 | 300 | 304 |
|  |  | 4641 |
| **Telecommunications** — **4.4%** |  |  |
| AT&T, Inc., |  |  |
| 1.70%, 03/25/2026 | 1610 | 1591 |
| 2.30%, 06/01/2027 | 3045 | 2956 |
| 2.95%, 07/15/2026 | 1410 | 1397 |
| KT Corp., (South Korea), 4.38%, 01/03/2029 (e) | 1500 | 1507 |
| NTT Finance Corp., (Japan), |  |  |
| 1.16%, 04/03/2026 (e) | 4585 | 4513 |
| 5.10%, 07/02/2027 (e) | 1100 | 1118 |
| Ooredoo International Finance Ltd., (Bermuda), 5.00%, 10/19/2025 (e) | 900 | 900 |
| Rogers Communications, Inc., (Canada), 3.20%, 03/15/2027 | 2210 | 2179 |
| Sprint LLC, 7.63%, 03/01/2026 | 4000 | 4009 |
| T-Mobile USA, Inc., |  |  |
| 1.50%, 02/15/2026 | 540 | 534 |
| 2.25%, 02/15/2026 | 6270 | 6221 |
| 3.75%, 04/15/2027 | 3415 | 3395 |
| 4.80%, 07/15/2028 | 1535 | 1563 |
| Verizon Communications, Inc., 3.00%, 03/22/2027 | 1370 | 1351 |
|  |  | 33234 |
| Total Communications |  | 38274 |
| **Consumer Cyclical** — **3.6%** |  |  |
| **Auto Manufacturers** — **3.2%** |  |  |
| American Honda Finance Corp., |  |  |
| (United States SOFR + 0.73%), 4.93%, 03/08/2027 (aa) | 1100 | 1102 |
| (United States SOFR + 0.73%), 4.98%, 08/13/2027 (aa) | 2000 | 2004 |
| BMW US Capital LLC, |  |  |
| (SOFR Compounded Index + 0.78%), 4.94%, 03/19/2027 (e) (aa) | 200 | 201 |
| (SOFR Compounded Index + 0.80%), 5.06%, 08/13/2026 (e) (aa) | 1900 | 1906 |
| (SOFR Compounded Index + 0.92%), 5.07%, 03/21/2028 (e) (aa) | 200 | 201 |
| Daimler Truck Finance North America LLC, 4.65%, 10/12/2030 (e) | 2100 | 2103 |
| Ford Motor Credit Co. LLC, |  |  |
| 2.70%, 08/10/2026 | 1150 | 1131 |
| 3.38%, 11/13/2025 | 2245 | 2241 |
| 5.80%, 03/05/2027 | 1900 | 1920 |
| (United States SOFR + 2.95%), 7.15%, 03/06/2026 (aa) | 300 | 302 |
| Hyundai Capital America, |  |  |
| Reg. S, (United States SOFR + 1.04%), 5.19%, 06/24/2027 (aa) | 100 | 101 |
| Reg. S, (United States SOFR + 1.50%), 5.84%, 01/08/2027 (aa) | 900 | 909 |
| Mercedes-Benz Finance North America LLC, |  |  |
| 4.88%, 07/31/2026 (e) | 1120 | 1127 |
| 4.90%, 01/09/2026 (e) | 2080 | 2083 |
| (United States SOFR + 0.63%), 4.93%, 07/31/2026 (e) (aa) | 1400 | 1404 |
| Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e) | 900 | 867 |
| Toyota Motor Credit Corp., 4.80%, 01/05/2026 | 3265 | 3270 |
| Volkswagen Group of America Finance LLC, |  |  |
| 4.90%, 08/14/2026 (e) | 600 | 603 |
| (United States SOFR + 0.83%), 4.98%, 03/20/2026 (e) (aa) | 500 | 501 |
| (United States SOFR + 1.06%), 5.31%, 08/14/2026 (e) (aa) | 480 | 482 |
|  |  | 24458 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Leisure Time** — **0.3%** |  |  |
| Royal Caribbean Cruises Ltd., (Liberia), 5.50%, 08/31/2026 (e) | 2000 | 2008 |
| **Lodging** — **0.1%** |  |  |
| Las Vegas Sands Corp., 5.90%, 06/01/2027 | 650 | 663 |
| Total Consumer Cyclical |  | 27129 |
| **Consumer Non-cyclical** — **6.7%** |  |  |
| **Agriculture** — **2.9%** |  |  |
| Altria Group, Inc., 4.88%, 02/04/2028 | 4540 | 4614 |
| BAT Capital Corp., |  |  |
| 3.22%, 09/06/2026 | 3525 | 3498 |
| 3.56%, 08/15/2027 | 2455 | 2431 |
| 4.70%, 04/02/2027 | 2750 | 2768 |
| BAT International Finance plc, (United Kingdom), 1.67%, 03/25/2026 | 2700 | 2667 |
| Imperial Brands Finance plc, (United Kingdom), |  |  |
| 3.50%, 07/26/2026 (e) | 200 | 199 |
| 4.50%, 06/30/2028 (e) | 200 | 201 |
| Japan Tobacco, Inc., (Japan), 4.85%, 05/15/2028 (e) | 1850 | 1880 |
| Philip Morris International, Inc., |  |  |
| 4.13%, 04/28/2028 | 975 | 977 |
| 4.38%, 11/01/2027 | 870 | 877 |
| 5.13%, 11/17/2027 | 1985 | 2028 |
|  |  | 22140 |
| **Beverages** — **0.1%** |  |  |
| Keurig Dr Pepper, Inc., (United States SOFR + 0.58%), 4.83%, 11/15/2026 (aa) | 600 | 600 |
| **Biotechnology** — **0.3%** |  |  |
| Amgen, Inc., 2.20%, 02/21/2027 | 1640 | 1601 |
| Illumina, Inc., 5.80%, 12/12/2025 | 300 | 300 |
|  |  | 1901 |
| **Commercial Services** — **0.3%** |  |  |
| Global Payments, Inc., 1.20%, 03/01/2026 | 2500 | 2467 |
| **Food** — **0.4%** |  |  |
| Conagra Brands, Inc., 4.85%, 11/01/2028 | 1000 | 1011 |
| Mars, Inc., 4.45%, 03/01/2027 (e) | 2040 | 2054 |
|  |  | 3065 |
| **Healthcare** - **Services** — **2.4%** |  |  |
| Elevance Health, Inc., 1.50%, 03/15/2026 | 1875 | 1854 |
| HCA, Inc., |  |  |
| 3.13%, 03/15/2027 | 8470 | 8352 |
| 5.00%, 03/01/2028 | 1040 | 1059 |
| (United States SOFR + 0.87%), 5.09%, 03/01/2028 (aa) | 700 | 705 |
| 5.38%, 09/01/2026 | 2000 | 2009 |
| 5.88%, 02/15/2026 | 1400 | 1402 |
| Humana, Inc., 1.35%, 02/03/2027 | 900 | 867 |
| Roche Holdings, Inc., 2.63%, 05/15/2026 (e) | 1866 | 1850 |
|  |  | 18098 |
| **Pharmaceuticals** — **0.3%** |  |  |
| Bayer US Finance II LLC, 4.25%, 12/15/2025 (e) | 2200 | 2198 |
| Total Consumer Non-cyclical |  | 50469 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Energy** — **4.5%** |  |  |  |
| **Oil & Gas** — **1.9%** |  |  |  |
| BP Capital Markets America, Inc., 3.02%, 01/16/2027 |  | 955 | 945 |
| Canadian Natural Resources Ltd., (Canada), 3.85%, 06/01/2027 |  | 1300 | 1292 |
| Diamondback Energy, Inc., 5.20%, 04/18/2027 |  | 4855 | 4925 |
| EQT Corp., |  |  |  |
| 3.90%, 10/01/2027 |  | 2560 | 2543 |
| 5.70%, 04/01/2028 |  | 1325 | 1370 |
| 6.50%, 07/01/2027 |  | 1906 | 1951 |
| Occidental Petroleum Corp., 5.00%, 08/01/2027 |  | 830 | 839 |
|  |  |  | 13865 |
| **Pipelines** — **2.6%** |  |  |  |
| Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 |  | 4390 | 4438 |
| Enbridge, Inc., (Canada), 5.25%, 04/05/2027 |  | 1295 | 1315 |
| ONEOK, Inc., 5.55%, 11/01/2026 |  | 2220 | 2248 |
| Sabine Pass Liquefaction LLC, |  |  |  |
| 4.20%, 03/15/2028 |  | 1215 | 1214 |
| 5.00%, 03/15/2027 |  | 7610 | 7657 |
| 5.88%, 06/30/2026 |  | 973 | 976 |
| Targa Resources Corp., 5.20%, 07/01/2027 |  | 1990 | 2022 |
|  |  |  | 19870 |
| Total Energy |  |  | 33735 |
| **Financial** — **20.6%** |  |  |  |
| **Banks** — **17.7%** |  |  |  |
| ABN AMRO Bank NV, (Netherlands), |  |  |  |
| (SOFR Compounded Index + 1.00%), 5.21%, 12/03/2028 (e) (aa) |  | 300 | 301 |
| (CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa) |  | 1900 | 1901 |
| Banco Santander SA, (Spain), (United States SOFR + 1.12%), 5.45%, 07/15/2028 (aa) |  | 1000 | 1006 |
| Bank of America Corp., |  |  |  |
| (CME Term SOFR 3 Month + 1.77%), 3.71%, 04/24/2028 (aa) |  | 1105 | 1098 |
| (United States SOFR + 1.11%), 4.62%, 05/09/2029 (aa) |  | 875 | 886 |
| (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) |  | 2815 | 2856 |
| (United States SOFR + 1.29%), 5.08%, 01/20/2027 (aa) |  | 3785 | 3792 |
| (United States SOFR + 1.34%), 5.93%, 09/15/2027 (aa) |  | 4360 | 4432 |
| (United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa) |  | 1290 | 1345 |
| Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 5.06%, 09/10/2027 (aa) |  | 300 | 301 |
| Bank of Queensland Ltd., (Australia), (BBSW ASX Australian 3 Month + 1.10%), 4.81%, 10/29/2025 (aa) | AUD | 700 | 464 |
| Banque Federative du Credit Mutuel SA, (France), 5.90%, 07/13/2026 (e) |  | 1300 | 1318 |
| Barclays plc, (United Kingdom), |  |  |  |
| (United States SOFR + 2.21%), 5.83%, 05/09/2027 (aa) |  | 500 | 504 |
| (United States SOFR + 1.88%), 6.06%, 09/13/2027 (aa) |  | 500 | 505 |
| (CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa) |  | 1100 | 1103 |
| BNP Paribas SA, (France), (United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa) |  | 800 | 793 |
| BPCE SA, (France), |  |  |  |
| (United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa) |  | 1000 | 1000 |
| (SOFR Compounded Index + 1.98%), 6.29%, 10/19/2027 (e) (aa) |  | 800 | 810 |
| Canadian Imperial Bank of Commerce, (Canada), |  |  |  |
| 4.88%, 01/14/2030 (e) |  | 1000 | 1035 |
| (United States SOFR + 0.80%), 5.00%, 09/08/2028 (aa) |  | 200 | 200 |
| (United States SOFR + 0.72%), 5.05%, 01/13/2028 (aa) |  | 1000 | 1001 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks** — **continued** |  |  |  |
| Citibank NA, |  |  |  |
| 4.58%, 05/29/2027 |  | 4300 | 4339 |
| 4.93%, 08/06/2026 |  | 625 | 630 |
| (SOFR Compounded Index + 1.06%), 5.26%, 12/04/2026 (aa) |  | 800 | 806 |
| Citigroup, Inc., |  |  |  |
| (CME Term SOFR 3 Month + 1.41%), 3.52%, 10/27/2028 (aa) |  | 1670 | 1648 |
| (CME Term SOFR 3 Month + 1.65%), 3.67%, 07/24/2028 (aa) |  | 1250 | 1239 |
| (United States SOFR + 1.14%), 4.64%, 05/07/2028 (aa) |  | 6115 | 6157 |
| (United States SOFR + 0.87%), 4.79%, 03/04/2029 (aa) |  | 850 | 861 |
| Cooperatieve Rabobank UA, (Netherlands), (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa) |  | 2100 | 2043 |
| Credit Agricole SA, (France), |  |  |  |
| (United States SOFR + 0.87%), 5.05%, 03/11/2027 (e) (aa) |  | 1400 | 1406 |
| Reg. S, (United States SOFR + 0.87%), 5.05%, 03/11/2027 (aa) |  | 500 | 502 |
| Deutsche Bank AG, (Germany), |  |  |  |
| (United States SOFR + 1.87%), 2.13%, 11/24/2026 (f) (aa) |  | 1300 | 1295 |
| (United States SOFR + 1.22%), 5.47%, 11/16/2027 (aa) |  | 500 | 502 |
| (United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa) |  | 1100 | 1124 |
| DNB Bank ASA, (Norway), (SOFR Compounded Index + 1.95%), 5.90%, 10/09/2026 (e) (aa) |  | 600 | 600 |
| Goldman Sachs Bank USA, |  |  |  |
| (United States SOFR + 0.75%), 4.99%, 05/21/2027 (aa) |  | 2000 | 2006 |
| (United States SOFR + 0.78%), 5.28%, 03/18/2027 (aa) |  | 2110 | 2119 |
| (United States SOFR + 0.75%), 5.41%, 05/21/2027 (aa) |  | 1030 | 1038 |
| Goldman Sachs Group, Inc. (The), |  |  |  |
| (United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa) |  | 2525 | 2509 |
| (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 2325 | 2271 |
| (United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) |  | 985 | 964 |
| (United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa) |  | 2040 | 2025 |
| (United States SOFR + 1.32%), 4.94%, 04/23/2028 (aa) |  | 7050 | 7133 |
| (United States SOFR + 1.77%), 6.48%, 10/24/2029 (aa) |  | 840 | 894 |
| HSBC Holdings plc, (United Kingdom), (United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa) |  | 2990 | 3030 |
| ING Bank Australia Ltd., (Australia), (BBSW ASX Australian 3 Month + 0.98%), 4.56%, 12/08/2025 (aa) | AUD | 700 | 464 |
| ING Groep NV, (Netherlands), (SOFR Compounded Index + 1.01%), 5.16%, 04/01/2027 (aa) |  | 500 | 501 |
| Intesa Sanpaolo SpA, (Italy), 7.00%, 11/21/2025 (e) |  | 1000 | 1004 |
| Lloyds Banking Group plc, (United Kingdom), (SOFR Compounded Index + 1.56%), 5.84%, 08/07/2027 (aa) |  | 800 | 807 |
| Morgan Stanley, |  |  |  |
| (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) |  | 1330 | 1356 |
| (United States SOFR + 1.01%), 5.65%, 04/13/2028 (aa) |  | 2165 | 2214 |
| (United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) |  | 1265 | 1318 |
| Morgan Stanley Bank NA, |  |  |  |
| (United States SOFR + 0.68%), 4.45%, 10/15/2027 (aa) |  | 1010 | 1012 |
| (United States SOFR + 1.08%), 4.95%, 01/14/2028 (aa) |  | 4825 | 4873 |
| (United States SOFR + 0.93%), 4.97%, 07/14/2028 (aa) |  | 1095 | 1111 |
| (United States SOFR + 0.69%), 5.01%, 10/15/2027 (aa) |  | 2500 | 2506 |
| (United States SOFR + 0.87%), 5.50%, 05/26/2028 (aa) |  | 1090 | 1114 |
| 5.88%, 10/30/2026 |  | 1465 | 1494 |
| Morgan Stanley Private Bank NA, (United States SOFR + 0.77%), 4.47%, 07/06/2028 (aa) |  | 1125 | 1131 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks** — **continued** |  |  |  |
| National Australia Bank Ltd., (Australia), 4.75%, 12/10/2025 |  | 1450 | 1451 |
| National Bank of Canada, (Canada), |  |  |  |
| (SOFR Compounded Index + 0.90%), 5.05%, 03/25/2027 (aa) |  | 1000 | 1001 |
| (SOFR Compounded Index + 1.03%), 5.38%, 07/02/2027 (aa) |  | 900 | 903 |
| NatWest Group plc, (United Kingdom), (CMT Index 1 Year + 2.85%), 7.47%, 11/10/2026 (aa) |  | 1200 | 1204 |
| NatWest Markets plc, (United Kingdom), |  |  |  |
| (United States SOFR + 0.90%), 5.15%, 05/17/2027 (e) (aa) |  | 1000 | 1006 |
| 5.42%, 05/17/2027 (e) |  | 700 | 715 |
| Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 4.90%, 03/19/2027 (e) (aa) |  | 1200 | 1206 |
| PNC Bank NA, (United States SOFR + 0.50%), 4.78%, 01/15/2027 (aa) |  | 2000 | 2003 |
| Royal Bank of Canada, (Canada), |  |  |  |
| (SOFR Compounded Index + 0.82%), 4.97%, 03/27/2028 (aa) |  | 2300 | 2308 |
| (SOFR Compounded Index + 0.72%), 5.03%, 10/18/2027 (aa) |  | 200 | 201 |
| (SOFR Compounded Index + 1.08%), 5.39%, 07/20/2026 (aa) |  | 2000 | 2011 |
| Santander Holdings USA, Inc., (United States SOFR + 1.23%), 6.12%, 05/31/2027 (aa) |  | 965 | 975 |
| Santander UK Group Holdings plc, (United Kingdom), (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 1000 | 1003 |
| Shinhan Bank Co. Ltd., (South Korea), Reg. S, (BBSW ASX Australian 3 Month + 1.95%), 5.54%, 11/16/2025 (aa) | AUD | 3000 | 1989 |
| Societe Generale SA, (France), (CMT Index 1 Year + 1.10%), 1.49%, 12/14/2026 (e) (aa) |  | 400 | 398 |
| Standard Chartered plc, (United Kingdom), (CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa) |  | 400 | 396 |
| Sumitomo Mitsui Financial Group, Inc., (Japan), (United States SOFR + 1.30%), 5.63%, 07/13/2026 (aa) |  | 400 | 403 |
| Sumitomo Mitsui Trust Bank Ltd., (Japan), |  |  |  |
| (United States SOFR + 1.15%), 5.33%, 09/14/2026 (e) (aa) |  | 300 | 302 |
| Reg. S, (United States SOFR + 1.15%), 5.33%, 09/14/2026 (aa) |  | 1300 | 1310 |
| Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.03%, 03/04/2026 (aa) | AUD | 500 | 331 |
| Swedbank AB, (Sweden), 6.14%, 09/12/2026 (e) |  | 2400 | 2445 |
| Synchrony Bank, 5.63%, 08/23/2027 |  | 1460 | 1491 |
| UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.50%), 4.05%, 02/26/2026 (aa) | AUD | 900 | 596 |
| UBS Group AG, (Switzerland), |  |  |  |
| (SOFR Compounded Index + 0.98%), 1.31%, 02/02/2027 (e) (aa) |  | 1300 | 1287 |
| (CMT Index 1 Year + 1.60%), 6.33%, 12/22/2027 (e) (aa) |  | 1435 | 1471 |
| US Bancorp, (United States SOFR + 1.66%), 4.55%, 07/22/2028 (aa) |  | 1400 | 1411 |
| Wells Fargo & Co., |  |  |  |
| (United States SOFR + 0.78%), 5.08%, 01/24/2028 (aa) |  | 1000 | 1002 |
| (United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa) |  | 3180 | 3253 |
| Series W, (United States SOFR + 0.78%), 4.90%, 01/24/2028 (aa) |  | 5025 | 5072 |
|  |  |  | 133841 |
| **Diversified Financial Services** — **1.2%** |  |  |  |
| Air Lease Corp., 2.88%, 01/15/2026 |  | 300 | 299 |
| Aircastle Ltd., (Bermuda), 4.25%, 06/15/2026 |  | 1000 | 999 |
| American Express Co., (United States SOFR + 0.93%), 5.04%, 07/26/2028 (aa) |  | 2140 | 2177 |
| Aviation Capital Group LLC, 4.88%, 10/01/2025 (e) |  | 1200 | 1200 |
| Capital One Financial Corp., (United States SOFR + 0.86%), 1.88%, 11/02/2027 (aa) |  | 2115 | 2061 |
| Nomura Holdings, Inc., (Japan), 5.71%, 01/09/2026 |  | 1200 | 1205 |
| Synchrony Financial, (United States SOFR + 1.40%), 5.02%, 07/29/2029 (aa) |  | 1315 | 1326 |
|  |  |  | 9267 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Insurance** — **1.7%** |  |  |  |
| Arthur J Gallagher & Co., 4.60%, 12/15/2027 |  | 885 | 894 |
| Athene Global Funding, (SOFR Compounded Index + 1.00%), 5.16%, 09/18/2028 (e) (aa) |  | 2200 | 2205 |
| F&G Global Funding, 1.75%, 06/30/2026 (e) |  | 1900 | 1863 |
| Jackson National Life Global Funding, |  |  |  |
| (United States SOFR + 0.95%), 5.13%, 09/12/2028 (e) (aa) |  | 400 | 402 |
| 5.60%, 04/10/2026 (e) |  | 700 | 705 |
| MassMutual Global Funding II, 5.10%, 04/09/2027 (e) |  | 835 | 848 |
| New York Life Global Funding, 5.45%, 09/18/2026 (e) |  | 3790 | 3844 |
| Protective Life Global Funding, 4.34%, 09/13/2027 (e) |  | 1320 | 1327 |
| Sammons Financial Group Global Funding, (United States SOFR + 0.85%), 5.06%, 09/02/2027 (e) (aa) |  | 300 | 300 |
|  |  |  | 12388 |
| Total Financial |  |  | 155496 |
| **Industrial** — **3.3%** |  |  |  |
| **Aerospace/Defense** — **2.2%** |  |  |  |
| BAE Systems plc, (United Kingdom), 5.00%, 03/26/2027 (e) |  | 4020 | 4067 |
| Boeing Co. (The), 2.20%, 02/04/2026 |  | 2700 | 2679 |
| L3Harris Technologies, Inc., |  |  |  |
| 4.40%, 06/15/2028 |  | 425 | 428 |
| 5.40%, 01/15/2027 |  | 3890 | 3954 |
| Northrop Grumman Corp., 3.25%, 01/15/2028 |  | 745 | 733 |
| RTX Corp., |  |  |  |
| 2.65%, 11/01/2026 |  | 2000 | 1969 |
| 3.13%, 05/04/2027 |  | 1055 | 1040 |
| 5.75%, 11/08/2026 |  | 1580 | 1607 |
|  |  |  | 16477 |
| **Engineering & Construction** — **0.2%** |  |  |  |
| Sydney Airport Finance Co. Pty Ltd, (Australia), Reg. S, 3.63%, 04/28/2026 |  | 1700 | 1692 |
| **Machinery** - **Construction & Mining** — **0.2%** |  |  |  |
| Caterpillar Financial Services Corp., 3.60%, 08/12/2027 |  | 1475 | 1469 |
| **Miscellaneous Manufacturers** — **0.0% (g)** |  |  |  |
| Dyno Nobel Ltd., (Australia), Reg. S, 4.30%, 03/18/2026 | AUD | 700 | 463 |
| **Packaging & Containers** — **0.3%** |  |  |  |
| Berry Global, Inc., |  |  |  |
| 1.57%, 01/15/2026 |  | 1300 | 1289 |
| 4.88%, 07/15/2026 (e) |  | 838 | 838 |
|  |  |  | 2127 |
| **Transportation** — **0.4%** |  |  |  |
| CSX Corp., 2.60%, 11/01/2026 |  | 680 | 670 |
| Norfolk Southern Corp., 2.90%, 06/15/2026 |  | 1255 | 1244 |
| United Parcel Service, Inc., 3.05%, 11/15/2027 |  | 1180 | 1161 |
|  |  |  | 3075 |
| Total Industrial |  |  | 25303 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Technology** — **3.4%** |  |  |
| **Computers** — **0.4%** |  |  |
| Dell International LLC / EMC Corp., |  |  |
| 4.90%, 10/01/2026 | 1600 | 1609 |
| 6.02%, 06/15/2026 | 1000 | 1008 |
|  |  | 2617 |
| **Semiconductors** — **1.1%** |  |  |
| Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.88%, 01/15/2027 | 1000 | 999 |
| Broadcom, Inc., |  |  |
| 3.15%, 11/15/2025 | 3375 | 3370 |
| 3.46%, 09/15/2026 | 1740 | 1732 |
| 5.05%, 07/12/2027 | 1165 | 1185 |
| NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 4.40%, 06/01/2027 | 1060 | 1064 |
|  |  | 8350 |
| **Software** — **1.9%** |  |  |
| Oracle Corp., |  |  |
| 1.65%, 03/25/2026 | 2690 | 2659 |
| 2.65%, 07/15/2026 | 3490 | 3449 |
| 2.80%, 04/01/2027 | 2380 | 2334 |
| 3.25%, 11/15/2027 | 1100 | 1081 |
| Synopsys, Inc., 4.55%, 04/01/2027 | 2965 | 2983 |
| VMware LLC, 1.40%, 08/15/2026 | 1990 | 1946 |
|  |  | 14452 |
| Total Technology |  | 25419 |
| **Utilities** — **3.3%** |  |  |
| **Electric** — **3.3%** |  |  |
| DTE Electric Co., 4.25%, 05/14/2027 | 130 | 131 |
| Duke Energy Corp., |  |  |
| 2.65%, 09/01/2026 | 2489 | 2459 |
| 5.00%, 12/08/2027 | 2885 | 2939 |
| Edison International, 4.13%, 03/15/2028 | 1280 | 1257 |
| Enel Finance International NV, (Netherlands), 1.63%, 07/12/2026 (e) | 500 | 490 |
| Eversource Energy, 5.45%, 03/01/2028 | 1100 | 1130 |
| FirstEnergy Corp., Series B, 3.90%, 07/15/2027 | 3655 | 3633 |
| FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 (e) | 1146 | 1172 |
| FirstEnergy Transmission LLC, 2.87%, 09/15/2028 (e) | 715 | 687 |
| Fortis, Inc., (Canada), 3.06%, 10/04/2026 | 300 | 297 |
| Jersey Central Power & Light Co., 4.30%, 01/15/2026 (e) | 300 | 300 |
| National Rural Utilities Cooperative Finance Corp., 4.75%, 02/07/2028 | 1195 | 1213 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| 3.55%, 05/01/2027 | 1545 | 1533 |
| 4.85%, 02/04/2028 | 865 | 880 |
| Pacific Gas and Electric Co., |  |  |
| 2.95%, 03/01/2026 | 1500 | 1489 |
| 3.15%, 01/01/2026 | 1000 | 997 |
| Southern California Edison Co., |  |  |
| 4.40%, 09/06/2026 | 1195 | 1197 |
| 4.90%, 06/01/2026 | 800 | 802 |
| Series 20C, 1.20%, 02/01/2026 | 1400 | 1384 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Electric** — **continued** |  |  |
| Southern Co. (The), 5.11%, 08/01/2027 | 1105 | 1124 |
| Total Utilities |  | 25114 |
| Total Corporate Bonds<br>(Cost $385,316) |  | 387814 |
| **Foreign Government Security** — **0.2%** |  |  |
| **Sovereign** — **0.2%** |  |  |
| Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e)<br> (Cost $1,927) | 2000 | 2043 |
| **Mortgage-Backed Security** — **0.6%** |  |  |
| **UMBS Collateral** — **0.6%** |  |  |
| FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 11/01/2050 (w)<br> (Cost $4,441) | 4400 | 4435 |
| **U.S. Treasury Obligations** — **1.5%** |  |  |
| **Sovereign** — **1.5%** |  |  |
| U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029 (ii) | 1316 | 1359 |
| U.S. Treasury Note, 1.63%, 02/15/2026 | 10000 | 9914 |
| Total Sovereign |  | 11273 |
| Total U.S. Treasury Obligations<br>(Cost $11,221) |  | 11273 |
| **Short-Term Investments** — **19.8%** |  |  |
| **Certificates of Deposit** — **4.7%** |  |  |
| Bayerische Landesbank, (Germany), 4.30%, 03/12/2026 (n) | 4500 | 4504 |
| BNP Paribas SA, (France), 4.21%, 03/10/2026 (n) | 3125 | 3126 |
| Landesbank Hessen-Thueringen Girozentrale, 4.33%, 03/12/2026 (n) | 4000 | 4003 |
| Mizuho Bank Ltd., 4.34%, 03/13/2026 (n) | 4000 | 4003 |
| Natixis SA, (France) |  |  |
| 4.21%, 03/10/2026 (n) | 4000 | 4001 |
| 4.40%, 01/26/2026 (n) | 5000 | 5004 |
| Raiffeisen-Boerenleen Bank B.A., (Netherlands), 4.57%, 10/20/2025 (n) | 4500 | 4501 |
| Standard Chartered Bank, 4.60%, 01/15/2026 (n) | 2395 | 2397 |
| Toronto-Dominion Bank (The), 4.50%, 10/07/2025 (n) | 4000 | 4000 |
| Total Certificates of Deposit |  | 35539 |
| **Commercial Papers** — **1.6%** |  |  |
| Air Lease Corp., 4.58%, 10/14/2025 (e) (n) | 1900 | 1897 |
| BofA Securities, Inc., 4.44%, 02/25/2026 (e) (n) | 2000 | 1967 |
| Canadian Imperial Bank of Commerce, 4.55%, 02/12/2026 (e) (n) | 2500 | 2462 |
| Eversource Energy, 4.52%, 10/07/2025 (e) (n) | 2200 | 2198 |
| Standard Chartered Bank, 4.60%, 02/11/2026 (e) (n) | 4000 | 3939 |
| Total Commercial Papers |  | 12463 |
| **Foreign Government Securities** — **3.4%** |  |  |
| Canadian Treasury Bills, (Canada) |  |  |
| 2.40%, 02/11/2026 (n) CAD | 14760 | 10511 |
| 2.62%, 01/28/2026 (n) CAD | 21000 | 14969 |
| Total Foreign Government Securities |  | 25480 |
| **Repurchase Agreement** — **0.8%** |  |  |
| BNP Paribas SA, 4.25%, dated 9/30/2025, due 10/01/2025, repurchase price $6,300, collateralized by U.S. Treasury Inflation Indexed Note, 2.13%, due 04/15/2029, with a value of $6,231 | 6300 | 6300 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** |
| **Short-Term Investments** — **continued** |  |  |  |
| **Time Deposits** — **2.6%** |  |  |  |
| Australia & New Zealand Banking Group Ltd., 2.35%, 10/01/2025 | AUD | 83 | 55 |
| Brown Brothers Harriman & Co., 1.49%, 10/01/2025 | NZD | — (h) | — (h) |
| Citibank NA, |  |  |  |
| 0.79%, 10/01/2025 | EUR | 395 | 463 |
| 2.92%, 10/01/2025 | GBP | 181 | 244 |
| 3.44%, 10/01/2025 |  | 18447 | 18447 |
| Royal Bank of Canada, 1.33%, 10/01/2025 | CAD | 103 | 74 |
| Sumitomo Mitsui Banking Corp., |  |  |  |
| 0.12%, 10/01/2025 | JPY | 77 | — (h) |
| 3.44%, 10/01/2025 |  | 188 | 188 |
| Sumitomo Mitsui Trust Bank Ltd., 3.44%, 10/01/2025 |  | 187 | 187 |
| Total Time Deposits |  |  | 19658 |
| **U.S. Treasury Obligations** — **6.7%** |  |  |  |
| U.S. Treasury Bills |  |  |  |
| 3.81%, 05/14/2026 (n) |  | 10000 | 9773 |
| 3.98%, 03/19/2026 (n) |  | 16000 | 15720 |
| 4.07%, 02/19/2026 (n) |  | 4550 | 4483 |
| 4.26%, 10/21/2025 (n) |  | 16000 | 15964 |
| 4.27%, 10/16/2025 (n) |  | 4400 | 4393 |
| Total U.S. Treasury Obligations |  |  | 50333 |
| Total Short-Term Investments<br> (Cost $149,853) |  |  | 149773 |
| **Total Investments** — **99.2%<br>(Cost** - **$744,684)** |  |  | **749292** |
| **Other Assets in Excess of Liabilities** — **0.8%** |  |  | **5481** |
| **NET ASSETS** — **100.0%** |  |  | $**754773** |

---

Percentages indicated are based on net assets.

**Futures contracts outstanding as of September 30, 2025:** 

**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 | 36 | 12/2025 | AUD | 2711 | (11) |
|  Canada Government 5 Year Bond | 90 | 12/2025 | CAD | 7371 | 87 |
|  Long Gilt | 9 | 12/2025 | GBP | 1094 | 5 |
|  U.S. Treasury 5 Year Note | 1049 | 12/2025 | USD | 114333 | 214 |
|  |  |  |  |  | 295 |
|  **Short Contracts** |  |  |  |  |  |
|  U.S. Treasury 2 Year Note | (583) | 12/2025 | USD | (121443) | (53) |
|  U.S. Treasury 5 Year Note | (133) | 12/2025 | USD | (14537) | 14 |
|  U.S. Treasury 10 Year Note | (88) | 12/2025 | USD | (9856) | (44) |
|  U.S. Treasury Ultra Bond | (22) | 12/2025 | USD | (2579) | (63) |
|  U.S. Ultra Treasury 10 Year Note | (19) | 12/2025 | USD | (2187) | — (h) |
|  |  |  |  |  | (146) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 149 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  AUD | 641 | USD | 419 | Barclays Bank plc | 10/02/2025 | 6 |
|  USD | 1572 | CAD | 2171 | Barclays Bank plc | 10/02/2025 | 12 |
|  USD | 1847 | GBP | 1373 | Barclays Bank plc | 11/04/2025 | — (h) |
|  USD | 1491 | AUD | 2235 | UBS AG London | 12/17/2025 | 11 |
|  USD | 77 | EUR | 65 | BNP Paribas | 12/17/2025 | — (h) |
|  USD | 14924 | EUR | 12618 | Citibank, NA | 12/17/2025 | 43 |
|  USD | 7606 | GBP | 5586 | Citibank, NA | 12/17/2025 | 92 |
|  USD | 160 | CAD | 220 | Citibank, NA | 01/28/2026 | 2 |
|  USD | 15177 | CAD | 20780 | Citibank, NA | 01/28/2026 | 163 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 329 |
|  USD | 7482 | AUD | 11456 | Barclays Bank plc | 10/02/2025 | (98) |
|  GBP | 805 | USD | 1087 | Barclays Bank plc | 10/02/2025 | (4) |
|  USD | 2929 | GBP | 2178 | Barclays Bank plc | 10/02/2025 | (1) |
|  USD | 7149 | AUD | 10815 | Barclays Bank plc | 11/04/2025 | (11) |
|  USD | 10659 | CAD | 14760 | BNP Paribas | 02/11/2026 | (11) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (125) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | 204 |

---

**Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2025:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  SONIA Interest Rate Benchmark | 3.75%<br>annually | Pay | 09/17/2030 | GBP | 1900 | (9) | (1) | (10) |
|  United States SOFR | 3.86%<br>annually | Receive | 02/28/2029 | USD | 5200 |  | (71) | (71) |
|  United States SOFR | 3.30%<br>annually | Receive | 02/28/2030 | USD | 17841 | (7) | 22 | 15 |
|  United States SOFR | 3.33%<br>annually | Receive | 02/28/2030 | USD | 58219 | (354) | 346 | (8) |
| Total | Total | Total | Total | Total | Total | (370) | 296 | (74) |

---

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
|  SONIA Interest Rate Benchmark | 3.97% |
|  United States SOFR | 4.24% |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 SEPTEMBER 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 September 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. |
| (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 September 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 September 30, 2025. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |
| (ii) | Approximately $41 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 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 — 7.4%** |  |  |
| **Automobile ABS — 4.9%** |  |  |
| Avis Budget Rental Car Funding AESOP LLC, |  |  |
| Series 2024-1A, Class A, 5.36%, 06/20/2030 (e) | 2000 | 2069 |
| BofA Auto Trust, |  |  |
| Series 2024-1A, Class A3, 5.35%, 11/15/2028 (e) | 1500 | 1515 |
| Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (e) | 1141 | 1142 |
| Capital One Prime Auto Receivables Trust, Series 2023-2, Class A3, 5.82%, 06/15/2028 | 954 | 967 |
| CarMax Auto Owner Trust, |  |  |
| Series 2023-3, Class A3, 5.28%, 05/15/2028 | 793 | 799 |
| Series 2023-4, Class A3, 6.00%, 07/17/2028 | 2170 | 2199 |
| Series 2024-1, Class A2A, 5.30%, 03/15/2027 | 139 | 139 |
| Series 2024-2, Class A2A, 5.65%, 05/17/2027 | 211 | 212 |
| Series 2025-1, Class A3, 4.84%, 01/15/2030 | 500 | 508 |
| Series 2025-2, Class A2A, 4.59%, 07/17/2028 | 2500 | 2511 |
| Carvana Auto Receivables Trust, |  |  |
| Series 2023-P1, Class A4, 5.94%, 01/10/2029 (e) | 1000 | 1018 |
| Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) | 1000 | 1006 |
| Series 2024-P3, Class A2, 4.61%, 11/10/2027 | 193 | 193 |
| Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 500 | 504 |
| Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) | 1160 | 1168 |
| Enterprise Fleet Financing LLC, Series 2024-4, Class A2, 4.69%, 07/20/2027 (e) | 266 | 267 |
| Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e) CAD | 2300 | 1665 |
| Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 4.77%, 02/15/2027 (aa) | 370 | 370 |
| Ford Credit Auto Owner Trust, |  |  |
| Series 2024-B, Class A2A, 5.40%, 04/15/2027 | 521 | 522 |
| Series 2024-C, Class A2A, 4.32%, 08/15/2027 | 1230 | 1231 |
| Series 2025-B, Class A2A, 3.88%, 06/15/2028 | 1800 | 1800 |
| GM Financial Automobile Leasing Trust, |  |  |
| Series 2023-3, Class A3, 5.38%, 11/20/2026 | 561 | 561 |
| Series 2024-3, Class A2A, 4.29%, 01/20/2027 | 955 | 955 |
| Series 2025-1, Class A2A, 4.54%, 05/20/2027 | 2101 | 2106 |
| Series 2025-2, Class A2A, 4.55%, 07/20/2027 | 1000 | 1004 |
| GM Financial Consumer Automobile Receivables Trust, |  |  |
| Series 2023-4, Class A3, 5.78%, 08/16/2028 | 1049 | 1061 |
| Series 2024-4, Class A2A, 4.53%, 10/18/2027 | 534 | 535 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34%, 06/15/2028 (e) | 1100 | 1110 |
| Harley-Davidson Motorcycle Trust, |  |  |
| Series 2024-A, Class A2, 5.65%, 02/16/2027 | 23 | 23 |
| Series 2024-B, Class A2, 4.62%, 08/16/2027 | 825 | 825 |
| Series 2025-A, Class A2A, 4.71%, 07/17/2028 | 600 | 602 |
| Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e) | 2000 | 2012 |
| Hyundai Auto Lease Securitization Trust, |  |  |
| Series 2025-B, Class A2A, 4.58%, 09/15/2027 (e) | 1400 | 1406 |
| Series 2025-C, Class A2A, 4.37%, 01/18/2028 (e) | 1400 | 1407 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48%, 04/17/2028 | 890 | 896 |
| MBarc Credit Canada, Inc., (Canada), Series 2024-AA, Class A2, 5.30%, 10/15/2026 (e) CAD | 52 | 38 |
| Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A, 4.57%, 12/15/2026 | 348 | 348 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3, 4.51%, 11/15/2027 | 447 | 447 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Automobile ABS — continued** |  |  |
| Nissan Auto Lease Trust, |  |  |
| Series 2024-B, Class A3, 4.92%, 11/15/2027 | 600 | 607 |
| Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.82%, 11/15/2027 (aa) | 1119 | 1121 |
| Oscar US Funding XV LLC, (Japan), Series 2023-1A, Class A3, 5.81%, 12/10/2027 (e) | 846 | 850 |
| Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e) | 660 | 660 |
| SBNA Auto Lease Trust, |  |  |
| Series 2024-B, Class A3, 5.56%, 11/22/2027 (e) | 1000 | 1007 |
| Series 2024-C, Class A3, 4.56%, 02/22/2028 (e) | 900 | 902 |
| SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3, 5.33%, 11/20/2029 (e) | 1200 | 1214 |
| Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A2, 4.14%, 06/20/2028 (e) | 1400 | 1401 |
| Toyota Auto Receivables Owner Trust, |  |  |
| Series 2022-C, Class A3, 3.76%, 04/15/2027 | 270 | 269 |
| Series 2023-A, Class A3, 4.63%, 09/15/2027 | 96 | 96 |
| Toyota Lease Owner Trust, Series 2025-A, Class A2A, 4.58%, 07/20/2027 (e) | 2099 | 2106 |
| Volkswagen Auto Loan Enhanced Trust, Series 2023-2, Class A2A, 5.72%, 03/22/2027 | 192 | 192 |
| World Omni Auto Receivables Trust, Series 2024-B, Class A2A, 5.48%, 09/15/2027 | 82 | 82 |
| Total Automobile ABS |  | 47648 |
| **Credit Card ABS — 0.9%** |  |  |
| Citibank Credit Card Issuance Trust, |  |  |
| Series 2017-A6, Class A6, (CME Term SOFR 1 Month + 0.88%), 5.03%, 05/14/2029 (aa) | 2000 | 2018 |
| Series 2023-A1, Class A1, 5.23%, 12/08/2027 | 2300 | 2304 |
| Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e) | 1600 | 1562 |
| Golden Credit Card Trust, (Canada), Series 2022-1A, Class A, 1.97%, 01/15/2029 (e) | 1000 | 974 |
| Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e) | 600 | 601 |
| Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/2029 | 1000 | 1011 |
| Total Credit Card ABS |  | 8470 |
| **Other ABS — 1.1%** |  |  |
| Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e) | 1572 | 1575 |
| DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e) | 1119 | 1123 |
| GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e) | 318 | 319 |
| Pagaya Ai Debt Grantor Trust, Series 2025-6, Class A1, 4.25%, 09/15/2026 (e) | 2700 | 2700 |
| PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e) | 1000 | 1008 |
| Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e) | 522 | 526 |
| Verizon Master Trust, |  |  |
| Series 2024-1, Class A1A, 5.00%, 12/20/2028 | 2000 | 2004 |
| Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 5.06%, 08/20/2030 (aa) | 1100 | 1105 |
| Total Other ABS |  | 10360 |
| **Student Loan ABS — 0.5%** |  |  |
| ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) | 567 | 508 |
| Navient Private Education Loan Trust, |  |  |
| Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 4.98%, 12/15/2059 (aa) | 137 | 137 |
| Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 5.16%, 11/15/2068 (e) (aa) | 534 | 533 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Student Loan ABS — continued** |  |  |  |
| Nelnet Student Loan Trust, |  |  |  |
| Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 5.37%, 06/27/2067 (e) (aa) |  | 498 | 498 |
| Series 2025-BA, Class A1A, 4.84%, 05/17/2055 (e) |  | 700 | 705 |
| Series 2025-CA, Class A1B, (United States 30 Day Average SOFR + 1.35%), 0.00%, 06/22/2065 (e) (aa) |  | 1200 | 1200 |
| SMB Private Education Loan Trust, |  |  |  |
| Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) |  | 252 | 238 |
| Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 6.22%, 05/16/2050 (e) (aa) |  | 213 | 216 |
| Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e) |  | 123 | 125 |
| Series 2023-D, Class A1B, (United States 30 Day Average SOFR + 1.65%), 6.02%, 09/15/2053 (e) (aa) |  | 807 | 821 |
| Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.82%, 03/15/2056 (e) (aa) |  | 164 | 166 |
| Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 4.95%, 11/20/2061 (e) (aa) |  | 60 | 60 |
| Total Student Loan ABS |  |  | 5207 |
| Total Asset-Backed Securities<br>(Cost $71,462) |  |  | 71685 |
| **Certificates of Deposit** — **0.3%** |  |  |  |
| **Financial** — **0.3%** |  |  |  |
| **Banks** — **0.3%** |  |  |  |
| Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 4.43%, 09/14/2026 (aa) | AUD | 600 | 399 |
| MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 4.46%, 02/17/2026 (aa) | AUD | 1700 | 1127 |
| Sumitomo Mitsui Banking Corp., (Japan), (BBSW ASX Australian 3 Month + 1.10%), 4.79%, 11/07/2025 (aa) | AUD | 2400 | 1589 |
| Total Financial |  |  | 3115 |
| Total Certificates of Deposit<br>(Cost $3,035) |  |  | 3115 |
| **Collateralized Mortgage Obligations — 5.9%** |  |  |  |
| **Agency Collateral CMO — 5.3%** |  |  |  |
| FHLMC REMICS, |  |  |  |
| Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 5.25%, 04/15/2049 (aa) |  | 368 | 369 |
| Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 5.51%, 12/25/2054 (aa) |  | 686 | 689 |
| Series 5493, Class FK, (United States 30 Day Average SOFR + 1.15%), 5.51%, 01/25/2055 (aa) |  | 707 | 710 |
| Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 5.56%, 02/25/2055 (aa) |  | 416 | 418 |
| Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 5.36%, 02/25/2055 (aa) |  | 828 | 830 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 5.36%, 02/25/2055 (aa) | 815 | 816 |
| Series 5516, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.26%, 03/25/2055 (aa) | 1597 | 1601 |
| Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 5.31%, 03/25/2055 (aa) | 2050 | 2032 |
| Series 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 5.31%, 03/25/2055 (aa) | 767 | 770 |
| Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.23%, 04/25/2055 (aa) | 1776 | 1777 |
| Series 5532, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.31%, 04/25/2055 (aa) | 1932 | 1935 |
| Series 5534, Class FM, (United States 30 Day Average SOFR + 0.93%), 5.29%, 05/25/2055 (aa) | 1786 | 1791 |
| Series 5546, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.36%, 06/25/2055 (aa) | 1795 | 1804 |
| Series 5549, Class CF, (United States 30 Day Average SOFR + 1.00%), 5.36%, 10/25/2052 (aa) | 1344 | 1315 |
| Series 5549, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.61%, 06/25/2055 (aa) | 1842 | 1854 |
| Series 5560, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.36%, 06/25/2055 (aa) | 962 | 968 |
| Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 5.56%, 08/25/2055 (aa) | 1585 | 1593 |
| Series 5565, Class FA, (United States 30 Day Average SOFR + 1.15%), 5.51%, 08/25/2055 (aa) | 1176 | 1180 |
| Series 5565, Class FB, (United States 30 Day Average SOFR + 0.95%), 5.31%, 08/25/2055 (aa) | 496 | 496 |
| Series 5567, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.36%, 08/25/2055 (aa) | 1462 | 1470 |
| FNMA REMICS, |  |  |
| Series 2018-82, Class W, 6.36%, 11/25/2058 (z) | 174 | 178 |
| Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 5.26%, 05/25/2050 (aa) | 1082 | 1078 |
| Series 2022-8, Class D, 2.00%, 08/25/2038 | 921 | 861 |
| Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.15%, 01/25/2051 (aa) | 721 | 722 |
| Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 5.46%, 12/25/2054 (aa) | 444 | 444 |
| Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 5.46%, 06/25/2054 (aa) | 726 | 728 |
| Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 5.46%, 01/25/2055 (aa) | 844 | 846 |
| Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 5.51%, 01/25/2055 (aa) | 988 | 992 |
| Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 5.41%, 01/25/2055 (aa) | 992 | 993 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 5.56%, 02/25/2055 (aa) | 333 | 335 |
| Series 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.61%, 02/25/2055 (aa) | 513 | 516 |
| Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.31%, 11/25/2053 (aa) | 788 | 791 |
| Series 2025-18, Class FM, (United States 30 Day Average SOFR + 0.90%), 5.26%, 09/25/2054 (aa) | 5942 | 5948 |
| Series 2025-35, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.36%, 05/25/2055 (aa) | 1490 | 1498 |
| Series 2025-35, Class FM, (United States 30 Day Average SOFR + 1.05%), 5.41%, 05/25/2055 (aa) | 289 | 292 |
| GNMA, |  |  |
| Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 5.12%, 12/20/2064 (aa) | 523 | 523 |
| Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 5.45%, 01/20/2067 (aa) | 536 | 541 |
| Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.82%, 08/20/2065 (aa) | 153 | 153 |
| Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.81%, 05/20/2044 (aa) | 265 | 260 |
| Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.89%, 06/20/2071 (aa) | 1406 | 1437 |
| Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 746 | 661 |
| Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.74%, 01/20/2072 (aa) | 777 | 764 |
| Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2073 (aa) | 390 | 391 |
| Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 5.39%, 05/20/2073 (aa) | 1862 | 1880 |
| Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 4.69%, 09/20/2073 (aa) | 870 | 865 |
| Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.49%, 11/20/2073 (aa) | 458 | 464 |
| Series 2024-13, Class FA, (United States 30 Day Average SOFR + 0.95%), 5.34%, 01/20/2054 (aa) | 200 | 201 |
| Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2074 (aa) | 954 | 957 |
| Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.32%, 01/20/2074 (aa) | 1096 | 1101 |
| Total Agency Collateral CMO |  | 50838 |
| **Agency Collateral PAC CMO — 0.1%** |  |  |
| FHLMC REMICS, Series 5584, Class DF, (United States 30 Day Average SOFR + 0.90%), 5.25%, 10/25/2055 (aa) | 500 | 500 |
| GNMA, |  |  |
| Series 2017-121, Class PE, 3.00%, 07/20/2046 | 91 | 90 |
| Series 2025-89, Class PF, (United States 30 Day Average SOFR + 0.95%), 5.34%, 05/20/2055 (aa) | 494 | 496 |
| Total Agency Collateral PAC CMO |  | 1086 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **WL Collateral CMO — 0.5%** |  |  |  |
| Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.89%, 12/28/2049 (e) (aa) | GBP | 801 | 1079 |
| CSMC Trust, Series 2021-RPL4, Class A1, 4.14%, 12/27/2060 (e) (z) |  | 234 | 233 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 163 | 153 |
| Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 5.75%, 07/25/2061 (e) |  | 972 | 972 |
| MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 272 | 249 |
| New Residential Mortgage Loan Trust, |  |  |  |
| Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 76 | 74 |
| Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 184 | 175 |
| Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 269 | 257 |
| Progress Trust, (Australia), Series 2020-1, Class A, (BBSW ASX Australian 1 Month + 1.00%), 4.54%, 01/21/2051 (aa) | AUD | 338 | 224 |
| Starwood Mortgage Residential Trust, |  |  |  |
| Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 99 | 97 |
| Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 144 | 136 |
| Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 4.98%, 07/20/2053 (e) (aa) | GBP | 793 | 1069 |
| Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 5.27%, 05/25/2058 (e) (aa) |  | 141 | 145 |
| Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.26%, 02/09/2053 (aa) | AUD | 245 | 162 |
| Total WL Collateral CMO |  |  | 5025 |
| Total Collateralized Mortgage Obligations<br>(Cost $56,998) |  |  | 56949 |
| **Commercial Mortgage-Backed Securities** — **0.2%** |  |  |  |
| **Commercial MBS — 0.2%** |  |  |  |
| AREIT Trust, (Cayman Islands), Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 5.64%, 01/20/2037 (e) (aa) |  | 471 | 470 |
| BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.51%, 09/15/2036 (e) (aa) |  | 500 | 484 |
| MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.22%, 12/15/2034 (e) (aa) |  | 900 | 900 |
| Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 5.27%, 05/15/2036 (e) (aa) |  | 700 | 379 |
| Total Commercial MBS |  |  | 2233 |
| Total Commercial Mortgage-Backed Securities<br>(Cost $2,571) |  |  | 2233 |
| **Corporate Bonds** — **13.9%** |  |  |  |
| **Communications** — **0.5%** |  |  |  |
| **Internet** — **0.1%** |  |  |  |
| Uber Technologies, Inc., 4.50%, 08/15/2029 (e) |  | 500 | 499 |
| **Media** — **0.0% (g)** |  |  |  |
| Fox Corp., 4.71%, 01/25/2029 |  | 400 | 405 |
| **Telecommunications** — **0.4%** |  |  |  |
| KT Corp., (South Korea), 4.38%, 01/03/2029 (e) |  | 1300 | 1306 |
| NTT Finance Corp., (Japan), 1.16%, 04/03/2026 (e) |  | 1300 | 1279 |
| Ooredoo International Finance Ltd., (Bermuda), 5.00%, 10/19/2025 (e) |  | 1100 | 1100 |
|  |  |  | 3685 |
| Total Communications |  |  | 4589 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Consumer Cyclical** — **2.3%** |  |  |
| **Auto Manufacturers** — **2.0%** |  |  |
| American Honda Finance Corp., |  |  |
| (United States SOFR + 0.73%), 4.93%, 03/08/2027 (aa) | 1800 | 1803 |
| (United States SOFR + 0.73%), 4.98%, 08/13/2027 (aa) | 2200 | 2204 |
| BMW US Capital LLC, |  |  |
| (SOFR Compounded Index + 0.78%), 4.94%, 03/19/2027 (e) (aa) | 200 | 201 |
| (SOFR Compounded Index + 0.80%), 5.06%, 08/13/2026 (e) (aa) | 2200 | 2207 |
| (SOFR Compounded Index + 0.92%), 5.07%, 03/21/2028 (e) (aa) | 300 | 302 |
| Daimler Truck Finance North America LLC, 4.65%, 10/12/2030 (e) | 2800 | 2804 |
| Ford Motor Credit Co. LLC, |  |  |
| 5.80%, 03/05/2027 | 2500 | 2526 |
| (United States SOFR + 2.95%), 7.15%, 03/06/2026 (aa) | 300 | 302 |
| Hyundai Capital America, |  |  |
| (United States SOFR + 1.04%), 5.19%, 06/24/2027 (e) (aa) | 300 | 302 |
| Reg. S, (United States SOFR + 1.50%), 5.84%, 01/08/2027 (aa) | 2235 | 2257 |
| Mercedes-Benz Finance North America LLC, (United States SOFR + 0.63%), 4.93%, 07/31/2026 (e) (aa) | 1800 | 1805 |
| Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e) | 1000 | 964 |
| Volkswagen Group of America Finance LLC, |  |  |
| 4.90%, 08/14/2026 (e) | 1000 | 1005 |
| (United States SOFR + 0.83%), 4.98%, 03/20/2026 (e) (aa) | 600 | 601 |
| (United States SOFR + 1.06%), 5.31%, 08/14/2026 (e) (aa) | 200 | 201 |
|  |  | 19484 |
| **Leisure Time** — **0.3%** |  |  |
| Royal Caribbean Cruises Ltd., (Liberia), 5.50%, 08/31/2026 (e) | 2700 | 2711 |
| Total Consumer Cyclical |  | 22195 |
| **Consumer Non-cyclical** — **1.0%** |  |  |
| **Agriculture** — **0.2%** |  |  |
| BAT International Finance plc, (United Kingdom), 1.67%, 03/25/2026 | 1900 | 1877 |
| Imperial Brands Finance plc, (United Kingdom), 4.50%, 06/30/2028 (e) | 200 | 201 |
|  |  | 2078 |
| **Beverages** — **0.1%** |  |  |
| Keurig Dr Pepper, Inc., (United States SOFR + 0.58%), 4.83%, 11/15/2026 (aa) | 800 | 800 |
| **Biotechnology** — **0.0% (g)** |  |  |
| Illumina, Inc., 5.80%, 12/12/2025 | 400 | 401 |
| **Food** — **0.1%** |  |  |
| Conagra Brands, Inc., 4.85%, 11/01/2028 | 1200 | 1213 |
| **Healthcare—Services** — **0.3%** |  |  |
| HCA, Inc., 5.88%, 02/15/2026 | 2700 | 2703 |
| **Pharmaceuticals** — **0.3%** |  |  |
| Bayer US Finance II LLC, 4.25%, 12/15/2025 (e) | 2500 | 2498 |
| Total Consumer Non-cyclical |  | 9693 |
| **Energy** — **0.1%** |  |  |
| **Pipelines** — **0.1%** |  |  |
| ONEOK, Inc., 5.85%, 01/15/2026 | 700 | 702 |
| Total Energy |  | 702 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Financial** — **7.9%** |  |  |  |
| **Banks** — **6.8%** |  |  |  |
| ABN AMRO Bank NV, (Netherlands), |  |  |  |
| (SOFR Compounded Index + 1.00%), 5.21%, 12/03/2028 (e) (aa) |  | 300 | 301 |
| (SOFR Compounded Index + 1.78%), 5.94%, 09/18/2027 (e) (aa) |  | 100 | 101 |
| Reg. S, (SOFR Compounded Index + 1.78%), 5.94%, 09/18/2027 (aa) |  | 200 | 202 |
| (CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa) |  | 2200 | 2201 |
| Banco Santander SA, (Spain), (United States SOFR + 1.12%), 5.45%, 07/15/2028 (aa) |  | 400 | 403 |
| Bank of America Corp., (United States SOFR + 1.01%), 1.20%, 10/24/2026 (aa) |  | 1000 | 998 |
| Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 5.06%, 09/10/2027 (aa) |  | 400 | 402 |
| Bank of Queensland Ltd., (Australia), (BBSW ASX Australian 3 Month + 1.10%), 4.81%, 10/29/2025 (aa) | AUD | 1000 | 662 |
| Banque Federative du Credit Mutuel SA, (France), |  |  |  |
| (SOFR Compounded Index + 1.07%), 5.32%, 02/16/2028 (e) (aa) |  | 1000 | 1008 |
| 5.90%, 07/13/2026 (e) |  | 1500 | 1521 |
| Barclays plc, (United Kingdom), |  |  |  |
| 4.38%, 01/12/2026 |  | 700 | 700 |
| (United States SOFR + 2.21%), 5.83%, 05/09/2027 (aa) |  | 400 | 404 |
| (United States SOFR + 1.88%), 6.06%, 09/13/2027 (aa) |  | 300 | 303 |
| (CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa) |  | 1357 | 1360 |
| BNP Paribas SA, (France), (United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa) |  | 900 | 892 |
| BPCE SA, (France), |  |  |  |
| (United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa) |  | 300 | 300 |
| (United States SOFR + 2.10%), 5.98%, 01/18/2027 (e) (aa) |  | 2000 | 2007 |
| Canadian Imperial Bank of Commerce, (Canada), |  |  |  |
| 4.88%, 01/14/2030 (e) |  | 1100 | 1139 |
| (United States SOFR + 0.80%), 5.00%, 09/08/2028 (aa) |  | 200 | 200 |
| (United States SOFR + 0.72%), 5.05%, 01/13/2028 (aa) |  | 1600 | 1601 |
| Citibank NA, (SOFR Compounded Index + 1.06%), 5.26%, 12/04/2026 (aa) |  | 1200 | 1209 |
| Cooperatieve Rabobank UA, (Netherlands), |  |  |  |
| (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa) |  | 2400 | 2335 |
| (SOFR Compounded Index + 0.90%), 5.25%, 10/05/2026 (aa) |  | 250 | 252 |
| Credit Agricole SA, (France), |  |  |  |
| (United States SOFR + 0.87%), 5.05%, 03/11/2027 (e) (aa) |  | 1700 | 1708 |
| Reg. S, (United States SOFR + 0.87%), 5.05%, 03/11/2027 (aa) |  | 500 | 502 |
| Deutsche Bank AG, (Germany), |  |  |  |
| (United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa) (f) |  | 1936 | 1929 |
| (United States SOFR + 1.22%), 5.47%, 11/16/2027 (aa) |  | 700 | 703 |
| (United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa) |  | 1200 | 1226 |
| DNB Bank ASA, (Norway), (SOFR Compounded Index + 1.95%), 5.90%, 10/09/2026 (e) (aa) |  | 700 | 700 |
| Goldman Sachs Bank USA, (United States SOFR + 0.75%), 4.99%, 05/21/2027 (aa) |  | 702 | 704 |
| Goldman Sachs Group, Inc. (The), |  |  |  |
| (United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa) |  | 1700 | 1690 |
| (United States SOFR + 0.79%), 4.98%, 12/09/2026 (aa) |  | 400 | 400 |
| HSBC Holdings plc, (United Kingdom), |  |  |  |
| (United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa) |  | 1000 | 1014 |
| (United States SOFR + 3.03%), 7.34%, 11/03/2026 (aa) |  | 1000 | 1002 |
| ING Bank Australia Ltd., (Australia), (BBSW ASX Australian 3 Month + 0.98%), 4.56%, 12/08/2025 (aa) | AUD | 900 | 596 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| ING Groep NV, (Netherlands), (SOFR Compounded Index + 1.01%), 5.16%, 04/01/2027 (aa) |  | 500 | 501 |
| Intesa Sanpaolo SpA, (Italy), 7.00%, 11/21/2025 (e) |  | 2800 | 2810 |
| Lloyds Banking Group plc, (United Kingdom), (SOFR Compounded Index + 1.56%), 5.84%, 08/07/2027 (aa) |  | 1100 | 1109 |
| Morgan Stanley Bank NA, (United States SOFR + 0.69%), 5.01%, 10/15/2027 (aa) |  | 2800 | 2806 |
| National Bank of Canada, (Canada), |  |  |  |
| (SOFR Compounded Index + 0.90%), 5.05%, 03/25/2027 (aa) |  | 1300 | 1302 |
| (SOFR Compounded Index + 1.03%), 5.38%, 07/02/2027 (aa) |  | 1100 | 1104 |
| NatWest Markets plc, (United Kingdom), (United States SOFR + 0.90%), 5.15%, 05/17/2027 (e) (aa) |  | 1300 | 1307 |
| Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 4.90%, 03/19/2027 (e) (aa) |  | 1200 | 1206 |
| Oversea-Chinese Banking Corp. Ltd., (Singapore), (BBSW ASX Australian 3 Month + 0.78%), 4.37%, 05/18/2026 (aa) | AUD | 1000 | 663 |
| PNC Bank NA, (United States SOFR + 0.50%), 4.78%, 01/15/2027 (aa) |  | 2300 | 2303 |
| Royal Bank of Canada, (Canada), |  |  |  |
| (SOFR Compounded Index + 0.82%), 4.97%, 03/27/2028 (aa) |  | 2900 | 2910 |
| (SOFR Compounded Index + 0.72%), 5.03%, 10/18/2027 (aa) |  | 200 | 200 |
| (SOFR Compounded Index + 0.79%), 5.09%, 07/23/2027 (aa) |  | 300 | 301 |
| Santander Holdings USA, Inc., (United States SOFR + 1.23%), 6.12%, 05/31/2027 (aa) |  | 1600 | 1617 |
| Santander UK Group Holdings plc, (United Kingdom), (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 800 | 802 |
| Shinhan Bank Co. Ltd., (South Korea), Reg. S, (BBSW ASX Australian 3 Month + 1.95%), 5.54%, 11/16/2025 (aa) | AUD | 3500 | 2320 |
| Societe Generale SA, (France), (CMT Index 1 Year + 1.10%), 1.49%, 12/14/2026 (e) (aa) |  | 1000 | 994 |
| Sumitomo Mitsui Financial Group, Inc., (Japan), (United States SOFR + 1.30%), 5.63%, 07/13/2026 (aa) |  | 700 | 705 |
| Sumitomo Mitsui Trust Bank Ltd., (Japan), |  |  |  |
| (United States SOFR + 1.15%), 5.33%, 09/14/2026 (e) (aa) |  | 200 | 202 |
| Reg. S, (United States SOFR + 1.15%), 5.33%, 09/14/2026 (aa) |  | 1600 | 1612 |
| Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.03%, 03/04/2026 (aa) | AUD | 600 | 397 |
| Swedbank AB, (Sweden), 6.14%, 09/12/2026 (e) |  | 2900 | 2954 |
| UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.50%), 4.05%, 02/26/2026 (aa) | AUD | 1300 | 861 |
| UBS Group AG, (Switzerland), (SOFR Compounded Index + 0.98%), 1.31%, 02/02/2027 (e) (aa) |  | 1700 | 1682 |
| Wells Fargo & Co., (United States SOFR + 0.78%), 5.08%, 01/24/2028 (aa) |  | 500 | 501 |
|  |  |  | 65844 |
| **Diversified Financial Services — 0.4%** |  |  |  |
| Air Lease Corp., 2.88%, 01/15/2026 |  | 400 | 398 |
| Aircastle Ltd., (Bermuda), 4.25%, 06/15/2026 |  | 1200 | 1199 |
| Aviation Capital Group LLC, 4.88%, 10/01/2025 (e) |  | 1400 | 1400 |
| Nomura Holdings, Inc., (Japan), (United States SOFR + 1.25%), 5.61%, 07/02/2027 (aa) |  | 500 | 504 |
|  |  |  | 3501 |
| **Insurance** — **0.7%** |  |  |  |
| Athene Global Funding, (SOFR Compounded Index + 1.00%), 5.16%, 09/18/2028 (e) (aa) |  | 2900 | 2907 |
| F&G Global Funding, 1.75%, 06/30/2026 (e) |  | 2500 | 2451 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Insurance** — **continued** |  |  |  |
| Jackson National Life Global Funding, (United States SOFR + 0.95%), 5.13%, 09/12/2028 (e) (aa) |  | 1500 | 1506 |
| Sammons Financial Group Global Funding, (United States SOFR + 0.85%), 5.06%, 09/02/2027 (e) (aa) |  | 400 | 401 |
|  |  |  | 7265 |
| Total Financial |  |  | 76610 |
| **Industrial** — **1.0%** |  |  |  |
| **Aerospace/Defense** — **0.4%** |  |  |  |
| Boeing Co. (The), 2.20%, 02/04/2026 |  | 3500 | 3473 |
| Rolls-Royce plc, (United Kingdom), 3.63%, 10/14/2025 (e) |  | 500 | 500 |
|  |  |  | 3973 |
| **Engineering & Construction** — **0.2%** |  |  |  |
| Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 3.63%, 04/28/2026 |  | 2100 | 2091 |
| **Miscellaneous Manufacturers** — **0.1%** |  |  |  |
| Dyno Nobel Ltd., (Australia), Reg. S, 4.30%, 03/18/2026 | AUD | 800 | 529 |
| **Packaging & Containers** — **0.3%** |  |  |  |
| Berry Global, Inc., |  |  |  |
| 1.57%, 01/15/2026 |  | 1900 | 1884 |
| 4.88%, 07/15/2026 (e) |  | 977 | 977 |
|  |  |  | 2861 |
| Total Industrial |  |  | 9454 |
| **Technology** — **0.2%** |  |  |  |
| **Computers** — **0.1%** |  |  |  |
| Dell International LLC / EMC Corp., 6.02%, 06/15/2026 |  | 1200 | 1210 |
| **Semiconductors** — **0.1%** |  |  |  |
| Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.88%, 01/15/2027 |  | 1000 | 999 |
| Total Technology |  |  | 2209 |
| **Utilities** — **0.9%** |  |  |  |
| **Electric** — **0.9%** |  |  |  |
| Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026 |  | 1000 | 1007 |
| Electricite de France SA, (France), 3.63%, 10/13/2025 (e) |  | 1000 | 1000 |
| Enel Finance International NV, (Netherlands), 1.63%, 07/12/2026 (e) |  | 700 | 686 |
| Evergy Kansas Central, Inc., 4.70%, 03/13/2028 |  | 600 | 607 |
| Fortis, Inc., (Canada), 3.06%, 10/04/2026 |  | 400 | 395 |
| Jersey Central Power & Light Co., 4.30%, 01/15/2026 (e) |  | 400 | 400 |
| Pacific Gas and Electric Co., |  |  |  |
| 2.95%, 03/01/2026 |  | 1100 | 1092 |
| 3.15%, 01/01/2026 |  | 1350 | 1346 |
| Southern California Edison Co., |  |  |  |
| 4.90%, 06/01/2026 |  | 1100 | 1104 |
| Series 20C, 1.20%, 02/01/2026 |  | 1800 | 1779 |
| Total Utilities |  |  | 9416 |
| Total Corporate Bonds<br>(Cost $134,291) |  |  | 134868 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** | **VALUE ($)** |
| **Foreign Government Securities** — **0.6%** |  |  |
| **Banks — 0.3%** |  |  |
| Korea Development Bank (The), (South Korea), (United States SOFR + 0.76%), 5.05%, 02/03/2030 (aa) (aa) | 3000 | 3019 |
| **Sovereign — 0.3%** |  |  |
| Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e) | 2300 | 2349 |
| Total Foreign Government Securities<br>(Cost $5,226) |  | 5368 |
| **Mortgage-Backed Security — 0.5%** | **Mortgage-Backed Security — 0.5%** |  |
| **UMBS Collateral — 0.5%** |  |  |
| FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 11/01/2050 (w)<br>(Cost $5,059) | 5000 | 5040 |
| **Municipal Bonds** — **67.8% (t)** |  |  |
| **Alabama** — **0.1%** |  |  |
| County of Jefferson Sewer Revenue, Warrants, Rev., 5.00%, 10/01/2026 | 1250 | 1279 |
| **Alaska** — **0.2%** |  |  |
| State of Alaska |  |  |
| Series B, GO, 5.00%, 08/01/2026 | 690 | 705 |
| Series B, GO, 5.00%, 08/01/2027 | 750 | 785 |
|  |  | 1490 |
| **Arizona** — **1.1%** |  |  |
| Arizona Board of Regents, Series A, Rev., VRDO, 2.60%, 10/07/2025 (z) | 10715 | 10715 |
| **California** — **1.5%** |  |  |
| Los Angeles Department of Water & Power, Series A, Rev., 5.00%, 07/01/2027 | 8415 | 8759 |
| State of California, GO, 5.00%, 08/01/2028 (w) | 5000 | 5369 |
|  |  | 14128 |
| **Colorado** — **1.0%** |  |  |
| City & County of Denver Airport System Revenue, Series D, Rev., AMT, 5.25%, 11/15/2027 | 1500 | 1577 |
| Colorado Health Facilities Authority, Series D, Rev., VRDO, 3.75%, 10/01/2025 (z) | 8500 | 8500 |
|  |  | 10077 |
| **Connecticut** — **2.6%** |  |  |
| Connecticut Housing Finance Authority, Series B3, Rev., VRDO, 2.89%, 10/07/2025 (z) | 5585 | 5585 |
| Connecticut State Health and Educational Facilities Authority, Quinnipiac University |  |  |
| Rev., 5.00%, 07/01/2027 | 1500 | 1563 |
| Rev., 5.00%, 07/01/2028 | 1700 | 1810 |
| State of Connecticut, Series D, GO, 5.00%, 08/15/2028 (w) | 14000 | 14951 |
| State of Connecticut Special Tax Revenue, Series D, Rev., 5.00%, 11/01/2025 | 1250 | 1252 |
|  |  | 25161 |
| **District of Columbia** — **2.4%** |  |  |
| District of Columbia |  |  |
| Rev., VRDO, LOC: Wells Fargo Bank NA, 2.98%, 10/07/2025 (z) | 2325 | 2325 |
| Series A, GO, 5.00%, 08/01/2027 | 5000 | 5233 |
| Metropolitan Washington Airports Authority Aviation Revenue |  |  |
| Rev., AMT, 5.00%, 10/01/2025 | 9425 | 9425 |
| Series A, Rev., AMT, 5.00%, 10/01/2025 | 1665 | 1665 |
| Series A, Rev., AMT, 5.00%, 10/01/2026 | 2805 | 2863 |
| Series B, Rev., 5.00%, 10/01/2025 | 1030 | 1030 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **District of Columbia** — **continued** |  |  |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2026 | 1250 | 1273 |
|  |  | 23814 |
| **Florida** — **6.2%** |  |  |
| City of Jacksonville, Series B, Rev., 5.00%, 10/01/2025 | 1250 | 1250 |
| City of Jacksonville FL, Series A, Rev., 5.00%, 10/01/2025 | 1500 | 1500 |
| County of Lee FL Airport Revenue, Series A, Rev., AMT, 5.00%, 10/01/2025 | 1000 | 1000 |
| County of Miami-Dade Seaport Department, Senior Bonds, Series A, Rev., AMT, 5.00%, 10/01/2025 | 1500 | 1500 |
| Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., 2.91%, 11/15/2037 (z) | 2800 | 2800 |
| Hillsborough County Industrial Development Authority, Baycare Health System, Rev., VRDO, LIQ: Royal Bank of Canada, 3.65%, 10/01/2025 (z) | 7500 | 7500 |
| Mid-Bay Bridge Authority, Rev., 5.00%, 10/01/2027 | 3000 | 3129 |
| Orlando Utilities Commission, Series 1, Rev., VRDO, 2.97%, 10/07/2025 (z) | 25060 | 25060 |
| Sarasota County School Board, Master Lease Program, COP, 5.00%, 07/01/2026 | 1250 | 1272 |
| State of Florida Lottery Revenue, Series A, Rev., 5.00%, 07/01/2027 | 4895 | 5120 |
| The School Board of Miami-Dade County, Series A, COP, 5.00%, 05/01/2026 | 10000 | 10132 |
|  |  | 60263 |
| **Georgia** — **0.6%** |  |  |
| Municipal Electric Authority of Georgia, General Resolution Project, Rev., 5.00%, 01/01/2026 | 625 | 629 |
| Municipal Electric Authority of Georgia, Project One Subordinated |  |  |
| Rev., 5.00%, 01/01/2026 | 4000 | 4023 |
| Rev., 5.00%, 01/01/2027 | 1000 | 1032 |
|  |  | 5684 |
| **Guam — 0.2%** |  |  |
| Guam Government Waterworks Authority, Series A, Rev., 5.00%, 07/01/2026 | 350 | 355 |
| Territory of Guam, Series G, Rev., 5.00%, 01/01/2028 | 1335 | 1390 |
|  |  | 1745 |
| **Idaho** — **0.2%** |  |  |
| Idaho Health Facilities Authority, St. Luke's Health System Project, Series C, Rev., LOC: U.S. Bank NA, 3.45%, 03/01/2048 (z) | 2000 | 2000 |
| **Illinois** — **4.3%** |  |  |
| Chicago Midway International Airport, Senior, Series C, Rev., AMT, 5.00%, 01/01/2026 | 3000 | 3015 |
| Chicago O'Hare International Airport, Senior Lien O'Hare International, Rev., AMT, 5.00%, 01/01/2026 | 3500 | 3519 |
| Chicago Transit Authority Sales Tax Receipts Fund, Series A, Rev., 5.00%, 12/01/2027 | 2250 | 2365 |
| City of Chicago, Wastewater Transmission Revenue, Second Lien, Series B, Rev., 5.00%, 01/01/2026 | 1300 | 1307 |
| Illinois Finance Authority, Rev., VRDO, LOC: Northern Trust Co., 2.85%, 10/07/2025 (z) | 1770 | 1770 |
| Illinois Municipal Electric Agency, Series A, Rev., 5.00%, 02/01/2028 | 5000 | 5276 |
| Metropolitan Water Reclamation District of Greater Chicago |  |  |
| Series C, GO, 5.00%, 12/01/2027 | 12940 | 13640 |
| Series D, GO, 5.00%, 12/01/2027 | 8310 | 8760 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Illinois** — **continued** |  |  |
| State of Illinois, Series A, GO, 5.00%, 10/01/2025 | 2465 | 2465 |
|  |  | 42117 |
| **Indiana** — **2.7%** |  |  |
| Indiana Finance Authority |  |  |
| Series A, Rev., 5.00%, 02/01/2027 | 7400 | 7629 |
| Series A, Rev., 5.00%, 02/01/2028 | 2350 | 2476 |
| Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 3.85%, 10/01/2025 (z) | 8000 | 8000 |
| Indianapolis Local Public Improvement Bond Bank |  |  |
| Rev., AMT, 5.00%, 01/01/2028 | 6230 | 6523 |
| Series A, Rev., 5.00%, 06/01/2026 | 1800 | 1828 |
|  |  | 26456 |
| **Louisiana** — **1.8%** |  |  |
| Louisiana State Citizens Property Insurance Corp., Series A, Rev., 5.00%, 06/01/2026 | 16000 | 16245 |
| State of Louisiana, Series C, GO, 5.00%, 12/01/2026 | 1340 | 1379 |
|  |  | 17624 |
| **Maryland** — **0.2%** |  |  |
| County of Baltimore, Consolidated Public Improvement, Series A, GO, 5.00%, 07/01/2027 | 2000 | 2092 |
| **Massachusetts** — **1.0%** |  |  |
| Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 2.50%, 10/07/2025 (z) | 5700 | 5700 |
| Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 5.00%, 07/01/2026 | 4000 | 4053 |
|  |  | 9753 |
| **Michigan** — **0.8%** |  |  |
| Michigan State Building Authority, Facilities Program, Series II, Rev., 5.00%, 10/15/2025 | 5500 | 5506 |
| Wayne County Airport Authority, Series B, Rev., AMT, 5.00%, 12/01/2027 | 1810 | 1890 |
|  |  | 7396 |
| **Minnesota** — **2.8%** |  |  |
| City of Rochester MN |  |  |
| Series A, Rev., VRDO, 2.75%, 10/07/2025 (z) | 23000 | 23000 |
| Series B, Rev., VRDO, 2.75%, 10/07/2025 (z) | 3900 | 3900 |
|  |  | 26900 |
| **Mississippi** — **0.1%** |  |  |
| Mississippi Development Bank, Desoto County Highway Project, Series A, Rev., 5.00%, 01/01/2027 | 1000 | 1029 |
| **Missouri** — **2.7%** |  |  |
| City of Kansas City, Series A, GO, 5.00%, 02/01/2026 | 900 | 907 |
| Curators of the University of Missouri (The), Rev., 5.00%, 11/01/2026 | 7000 | 7188 |
| Health & Educational Facilities Authority of the State of Missouri, Series F, Rev., VRDO, 3.85%, 10/01/2025 (z) | 16600 | 16600 |
| Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Rev., 5.00%, 01/01/2027 | 1530 | 1575 |
|  |  | 26270 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Nebraska** — **0.2%** |  |  |
| Public Power Generation Agency, Whelan Energy Center Unit, Rev., 5.00%, 01/01/2027 | 2000 | 2061 |
| **New Hampshire — 0.1%** |  |  |
| New Hampshire Health and Education Facilities Authority Act, Rev., VRDO, LOC: TD Bank NA, 2.87%, 10/07/2025 (z) | 1410 | 1410 |
| **New Jersey** — **1.9%** |  |  |
| Casino Reinvestment Development Authority, Inc. |  |  |
| Series A, Rev., 5.00%, 11/01/2026 | 1000 | 1023 |
| Series A, Rev., 5.00%, 11/01/2027 | 1400 | 1465 |
| Series B, Rev., 5.00%, 11/01/2026 | 500 | 512 |
| Series B, Rev., 5.00%, 11/01/2027 | 520 | 544 |
| New Jersey Economic Development Authority, Rev., 5.00%, 03/01/2026 | 500 | 505 |
| New Jersey Educational Facilities Authority, Series A, Rev., 5.00%, 08/01/2027 | 2000 | 2090 |
| New Jersey Educational Facilities Authority, Montclair State University, Rev., 5.00%, 07/01/2026 | 1000 | 1018 |
| New Jersey Higher Education Student Assistance Authority, Senior, Series A, Rev., AMT, 5.00%, 12/01/2025 | 575 | 577 |
| State of New Jersey, GO, 5.00%, 06/01/2027 | 9950 | 10350 |
|  |  | 18084 |
| **New Mexico** — **0.2%** |  |  |
| University of New Mexico (The), Rev., VRDO, 2.70%, 10/07/2025 (z) | 1835 | 1835 |
| **New York** — **11.5%** |  |  |
| City of New York NY, Series B, GO, VRDO, 3.85%, 10/01/2025 (z) | 3500 | 3500 |
| City of New York, Fiscal 2017, Series A, GO, VRDO, 3.65%, 10/01/2025 (z) | 9000 | 9000 |
| City of New York, Fiscal Year 2018, Series B5, GO, VRDO, 3.85%, 10/01/2025 (z) | 10000 | 10000 |
| Metropolitan Transportation Authority, Climate Bond Certified, Rev., 5.00%, 11/15/2027 | 3600 | 3776 |
| New York City Municipal Water Finance Authority, Second General Resolution |  |  |
| Rev., VRDO, 3.50%, 10/01/2025 (z) | 4325 | 4325 |
| Rev., VRDO, 3.65%, 10/01/2025 (z) | 10000 | 10000 |
| New York City Transitional Finance Authority, Rev., 5.00%, 11/01/2027 | 20850 | 21971 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated, Series E1, Rev., 5.00%, 11/01/2025 | 7000 | 7013 |
| New York State Housing Finance Agency, Rev., VRDO, LOC: TD Bank NA, 2.80%, 10/07/2025 (z) | 11620 | 11620 |
| Port Authority of New York & New Jersey, Series 242, Rev., AMT, 5.00%, 12/01/2025 | 5000 | 5015 |
| Triborough Bridge & Tunnel Authority, Rev., BAN, 5.00%, 03/15/2027 | 10000 | 10364 |
| Triborough Bridge & Tunnel Authority, Subordinated Bond, Series A, Rev., BAN, 5.00%, 02/01/2028 | 14820 | 15719 |
|  |  | 112303 |
| **North Carolina** — **1.4%** |  |  |
| City of Raleigh NC, Rev., 5.00%, 10/01/2026 | 7250 | 7438 |
| Cumberland County Industrial Facilities and Pollution Control Financing Authority, Project Aero, Rev., AMT, 3.75%, 12/01/2027 (z) | 4000 | 4000 |
| North Carolina Medical Care Commission, FirstHealth of the Carolinas, Rev., VRDO, LOC: Truist Bank, 3.67%, 10/01/2025 (z) | 2030 | 2030 |
|  |  | 13468 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Ohio** — **5.3%** |  |  |
| Capital Facilities Lease-Appropriation Bonds, Adult Correctional Building Fund Projects, Rev., 5.00%, 10/01/2027 | 3250 | 3417 |
| County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 2.87%, 10/07/2025 (z) | 1200 | 1200 |
| County of Hamilton, TriHealth, Inc. Obligated Group, Rev., VRDO, 3.62%, 10/01/2025 (z) | 9420 | 9420 |
| Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 3.45%, 10/01/2025 (z) | 4500 | 4500 |
| Ohio State University (The), Multiyear Debt Issuance |  |  |
| Rev., VRDO, 2.58%, 10/07/2025 (z) | 11600 | 11600 |
| Rev., VRDO, 2.87%, 10/07/2025 (z) | 6000 | 6000 |
| State of Ohio, Rev., VRDO, 2.87%, 10/07/2025 (z) | 14000 | 14000 |
| State of Ohio, Mental Health Facilities Improvement, Rev., 5.00%, 02/01/2026 | 1500 | 1512 |
|  |  | 51649 |
| **Oklahoma — 0.4%** |  |  |
| Oklahoma Municipal Power Authority, Power Supply System, Series A, Rev., 5.00%, 01/01/2026 | 3500 | 3519 |
| **Oregon** — **0.4%** |  |  |
| Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2028 | 3750 | 3991 |
| **Pennsylvania** — **4.3%** |  |  |
| City of Philadelphia, Series C, GO, 5.00%, 08/01/2027 | 3250 | 3396 |
| City of Philadelphia Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2026 | 2500 | 2538 |
| City of Philadelphia Airport Revenue, Private Activity |  |  |
| Rev., AMT, 5.00%, 07/01/2026 | 9755 | 9904 |
| Series B, Rev., AMT, 5.00%, 07/01/2027 | 1000 | 1036 |
| Series B, Rev., AMT, 5.00%, 07/01/2028 | 860 | 907 |
| City of Philadelphia Water & Wastewater Revenue, Series B, Rev., 5.00%, 09/01/2026 | 2550 | 2605 |
| Commonwealth of Pennsylvania |  |  |
| GO, 5.00%, 09/15/2026 | 2000 | 2048 |
| Series A, GO, 5.00%, 08/15/2027 | 10000 | 10483 |
| Northampton County General Purpose Authority, St. Luke's University Health Network, Rev., 5.00%, 08/15/2026 | 5000 | 5091 |
| Philadelphia Authority for Industrial Development, Cultural and Commercial Corridors Program, Rev., 5.00%, 12/01/2027 (w) | 2075 | 2186 |
| Philadelphia Authority for Industrial Development, Rebuild Project, Series A, Rev., 5.00%, 12/01/2027 (w) | 1750 | 1844 |
|  |  | 42038 |
| **Texas** — **2.1%** |  |  |
| City of Houston TX Combined Utility System Revenue, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 3.12%, 10/07/2025 (aa) | 6000 | 6000 |
| City of San Antonio, Tax Notes, GO, 5.00%, 02/01/2026 | 1035 | 1044 |
| Clifton Higher Education Finance Corp., Rev., PSF-GTD, 5.00%, 02/15/2028 | 1150 | 1207 |
| Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2026 | 1000 | 1020 |
| Dallas Fort Worth International Airport, Series A1, Rev., AMT, 5.00%, 11/01/2027 (w) | 7000 | 7291 |
| Harris County Hospital District, GO, 5.00%, 02/15/2028 | 1700 | 1795 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Texas** — **continued** |  |  |
| Lower Colorado River Authority, LCRA Transmission Services, Rev., 5.00%, 05/15/2026 | 1000 | 1014 |
| North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 5.00%, 01/01/2027 | 1000 | 1031 |
|  |  | 20402 |
| **Utah** — **0.5%** |  |  |
| State of Utah, GO, 5.00%, 07/01/2026 | 5000 | 5095 |
| **Virginia** — **1.5%** |  |  |
| Norfolk Economic Development Authority, Sentara Healthcare Obligated Group |  |  |
| Series A, Rev., VRDO, 2.85%, 10/07/2025 (z) | 5800 | 5800 |
| Series B, Rev., VRDO, 2.75%, 10/07/2025 (z) | 8135 | 8135 |
| Winchester Economic Development Authority, Valley Health System, Series A, Rev., 5.00%, 01/01/2027 | 800 | 823 |
|  |  | 14758 |
| **Washington** — **4.7%** |  |  |
| Central Puget Sound Regional Transit Authority, Green Bonds, Series S1, Rev., 5.00%, 11/01/2025 | 5000 | 5010 |
| Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 2.87%, 10/07/2025 (z) | 17340 | 17340 |
| Port of Seattle WA, GO, 5.00%, 06/01/2027 | 7300 | 7620 |
| Port of Seattle, Intermediate Lien, Series B, Rev., AMT, 5.00%, 07/01/2027 | 7000 | 7262 |
| State of Washington, Series R-2023B, GO, 5.00%, 07/01/2027 | 8000 | 8354 |
|  |  | 45586 |
| **Wisconsin** — **0.8%** |  |  |
| Public Finance Authority |  |  |
| Rev., 5.00%, 11/15/2026 | 275 | 280 |
| Rev., 5.00%, 11/15/2027 | 285 | 296 |
| Public Finance Authority, Renown Regional Medical Center Project |  |  |
| Rev., 5.00%, 06/01/2027 | 1000 | 1036 |
| Rev., 5.00%, 06/01/2028 | 1000 | 1056 |
| State of Wisconsin, Series 2024-2, GO, 5.00%, 05/01/2027 | 5000 | 5202 |
|  |  | 7870 |
| Total Municipal Bonds<br>(Cost $658,163) |  | 660062 |
| **U.S. Treasury Obligation** — **0.1%** |  |  |
| **Sovereign — 0.1%** |  |  |
| U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029 (ii)<br>(Cost $1,421) | 1420 | 1466 |
| **Short-Term Investments — 5.8%** |  |  |
| **Commercial Paper** — **0.3%** |  |  |
| Campbell's Company (The), 4.54%, 11/19/2025 (e) (n) | 2900 | 2882 |
| **Municipal Bonds** — **1.6% (t)** |  |  |
| Public Finance Authority, Rev., 5.00%, 11/15/2025 | 365 | 366 |
| South Carolina Public Service Authority, Series B, Rev., 5.00%, 12/01/2025 | 7500 | 7526 |
| The Monmouth County Improvement Authority, Governmental Pooled Loan Project Notes, Rev., CNTY GTD, 4.00%, 03/13/2026 | 8000 | 8044 |
| Total Municipal Bonds |  | 15936 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** |
| **Short-Term Investments — continued** |  |  |  |
| **Repurchase Agreement** — **0.7%** |  |  |  |
| BNP Paribas SA, 4.25%, dated 9/30/2025 due 10/01/2025, repurchase price $6,900 collateralized by U.S. Treasury Inflation Indexed Note, 2.13%, due 04/15/2029, with a value of $6,824 |  | 6900 | 6900 |
| **Time Deposits** — **3.2%** |  |  |  |
| Australia & New Zealand Banking Group Ltd. |  |  |  |
| 2.35%, 10/01/2025 | AUD | 44 | 29 |
| 3.44%, 10/01/2025 |  | 30553 | 30553 |
| Citibank NA |  |  |  |
| 0.79%, 10/01/2025 | EUR | 109 | 128 |
| 2.92%, 10/01/2025 | GBP | 84 | 113 |
| Royal Bank of Canada, 1.33%, 10/01/2025 | CAD | 164 | 118 |
| Sumitomo Mitsui Banking Corp., 0.12%, 10/01/2025 | JPY | 1007 | 7 |
| Sumitomo Mitsui Trust Bank Ltd., 3.44%, 10/01/2025 |  | 142 | 142 |
| Total Time Deposits |  |  | 31090 |
| Total Short-Term Investments<br> (Cost $56,806) |  |  | 56808 |
| **Total Investments — 102.5%<br>(Cost - $995,032)** |  |  | **997594** |
| **Liabilities in Excess of Other Assets — (2.5)%** |  |  | **(24747)** |
| **NET ASSETS — 100.0%** |  |  | $**972847** |

---

Percentages indicated are based on net assets.

**Futures contracts outstanding as of September 30, 2025:** 

**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 | 47 | 12/2025 | AUD | 3540 | (14) |
|  Canadian Government 5 Year Bond | 117 | 12/2025 | CAD | 9581 | 114 |
|  Long Gilt | 13 | 12/2025 | GBP | 1580 | 8 |
|  U.S. Treasury 5 Year Note | 1359 | 12/2025 | USD | 148121 | 275 |
|  |  |  |  |  | 383 |
|  **Short Contracts** |  |  |  |  |  |
|  U.S. Treasury 2 Year Note | (174) | 12/2025 | USD | (36267) | 6 |
|  U.S. Treasury 10 Year Note | (101) | 12/2025 | USD | (11312) | (51) |
|  U.S. Treasury Ultra Bond | (29) | 12/2025 | USD | (3401) | (80) |
|  U.S. Ultra Treasury 10 Year Note | (28) | 12/2025 | USD | (3218) | (5) |
|  |  |  |  |  | (130) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 253 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  AUD | 748 | USD | 489 | Barclays Bank plc | 10/02/2025 | 6 |
|  USD | 1860 | CAD | 2568 | Barclays Bank plc | 10/02/2025 | 15 |
|  EUR | 145 | USD | 170 | Barclays Bank plc | 10/02/2025 | — (h) |
|  USD | 2319 | GBP | 1724 | Barclays Bank plc | 11/04/2025 | — (h) |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 21 |
|  USD | 10004 | AUD | 15317 | Barclays Bank plc | 10/02/2025 | (131) |
|  USD | 169 | EUR | 145 | Barclays Bank plc | 10/02/2025 | (1) |
|  GBP | 906 | USD | 1223 | Barclays Bank plc | 10/02/2025 | (5) |
|  USD | 3536 | GBP | 2630 | Barclays Bank plc | 10/02/2025 | (1) |
|  USD | 9631 | AUD | 14569 | Barclays Bank plc | 11/04/2025 | (14) |
|  USD | 170 | EUR | 145 | Barclays Bank plc | 11/04/2025 | — (h) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (152) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | (131) |

---

**Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2025:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/<br>RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  SONIA Interest Rate Benchmark | 3.75%<br>annually | Pay | 09/17/2030 | GBP | 2300 | (11) | (2) | (13) |
|  United States SOFR | 3.86%<br>annually | Receive | 02/28/2029 | USD | 6000 |  | (82) | (82) |
|  United States SOFR | 3.30%<br>annually | Receive | 02/28/2030 | USD | 23138 | (9) | 29 | 20 |
|  United States SOFR | 3.33%<br>annually | Receive | 02/28/2030 | USD | 75502 | (459) | 449 | (10) |
| Total |  |  |  |  |  | (479) | 394 | (85) |

---

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
|  SONIA Interest Rate Benchmark | 3.97% |
|  United States SOFR | 4.24% |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 SEPTEMBER 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 September 30, 2025. |
|  TBA | To Be Announced |
|  VRDO | Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of September 30, 2025. |
| (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 September 30, 2025. |
| (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 September 30, 2025. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 (continued)** 

---

| | |
|:---|:---|
| (ii) | Approximately $53 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 |
|  USD | United States Dollar |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 99.7%** |  |  |
|  **Communications — 20.6%** |  |  |
|  **Internet — 18.4%** |  |  |
|  Alphabet, Inc., Class A | 2842 | 690853 |
|  Alphabet, Inc., Class C | 2399 | 584281 |
|  Amazon.com, Inc. (a) | 8395 | 1843213 |
|  AppLovin Corp., Class A (a) | 700 | 502830 |
|  Booking Holdings, Inc. | 124 | 668716 |
|  CDW Corp. | 49 | 7813 |
|  eBay, Inc. | 405 | 36837 |
|  F5, Inc. (a) | 21 | 6871 |
|  Gen Digital, Inc. | 236 | 6689 |
|  GoDaddy, Inc., Class A (a) | 53 | 7193 |
|  MercadoLibre, Inc., (Uruguay) (a) | 40 | 93683 |
|  Meta Platforms, Inc., Class A | 1060 | 778553 |
|  Netflix, Inc. (a) | 182 | 217968 |
|  Palo Alto Networks, Inc. (a) | 296 | 60262 |
|  Pinterest, Inc., Class A (a) | 290 | 9333 |
|  Reddit, Inc., Class A (a) | 51 | 11679 |
|  Robinhood Markets, Inc., Class A (a) | 353 | 50530 |
|  Snap, Inc., Class A (a) | 524 | 4041 |
|  VeriSign, Inc. | 31 | 8731 |
|  |  | 5590076 |
|  **Media** — **0.0% (g)** |  |  |
|  FactSet Research Systems, Inc. | 12 | 3362 |
|  **Telecommunications** — **2.2%** |  |  |
|  Arista Networks, Inc. (a) | 396 | 57723 |
|  Cisco Systems, Inc. | 6540 | 447452 |
|  Corning, Inc. | 302 | 24755 |
|  Motorola Solutions, Inc. | 62 | 28393 |
|  T-Mobile US, Inc. | 501 | 119817 |
|  |  | 678140 |
|  Total Communications |  | 6271578 |
|  **Consumer Cyclical** — **8.0%** |  |  |
|  **Auto Manufacturers** — **1.1%** |  |  |
|  Tesla, Inc. (a) | 791 | 351838 |
|  **Auto Parts & Equipment** — **0.0% (g)** |  |  |
|  Titan International, Inc. (a) | 240 | 1818 |
|  **Home Builders** — **2.8%** |  |  |
|  DR Horton, Inc. | 1866 | 316151 |
|  Lennar Corp., Class A | 1531 | 193022 |
|  NVR, Inc. (a) | 19 | 155157 |
|  PulteGroup, Inc. | 1328 | 175406 |
|  |  | 839736 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
|  **Retail** — **4.1%** |  |  |
|  Star Group LP | 7 | 82 |
|  Walmart, Inc. | 12086 | 1245541 |
|  |  | 1245623 |
|  Total Consumer Cyclical |  | 2439015 |
|  **Consumer Non-cyclical** — **17.2%** |  |  |
|  **Agriculture** — **0.3%** |  |  |
|  Philip Morris International, Inc. | 653 | 105876 |
|  **Beverages** — **1.1%** |  |  |
|  Brown-Forman Corp., Class B | 37 | 990 |
|  Coca-Cola Co. (The) | 4205 | 278884 |
|  Constellation Brands, Inc., Class A | 30 | 4051 |
|  Keurig Dr Pepper, Inc. | 259 | 6608 |
|  Molson Coors Beverage Co., Class B | 36 | 1610 |
|  Monster Beverage Corp. (a) | 147 | 9883 |
|  PepsiCo., Inc. | 275 | 38655 |
|  |  | 340681 |
|  **Biotechnology** — **0.7%** |  |  |
|  Alnylam Pharmaceuticals, Inc. (a) | 48 | 21932 |
|  Amgen, Inc. | 198 | 55973 |
|  Biogen, Inc. (a) | 54 | 7575 |
|  BioMarin Pharmaceutical, Inc. (a) | 71 | 3822 |
|  Gilead Sciences, Inc. | 459 | 50933 |
|  Illumina, Inc. (a) | 42 | 3965 |
|  Incyte Corp. (a) | 61 | 5148 |
|  Regeneron Pharmaceuticals, Inc. | 39 | 22016 |
|  United Therapeutics Corp. (a) | 16 | 6629 |
|  Vertex Pharmaceuticals, Inc. (a) | 95 | 37098 |
|  |  | 215091 |
|  **Commercial Services** — **0.5%** |  |  |
|  Affirm Holdings, Inc., Class A (a) | 88 | 6449 |
|  Block, Inc., Class A (a) | 264 | 19055 |
|  Cadiz, Inc. (a) | 19 | 89 |
|  Corpay, Inc. (a) | 22 | 6385 |
|  Global Payments, Inc. | 100 | 8290 |
|  Moody's Corp. | 59 | 28124 |
|  PayPal Holdings, Inc. (a) | 453 | 30374 |
|  S&P Global, Inc. | 116 | 56513 |
|  Toast, Inc., Class A (a) | 276 | 10091 |
|  |  | 165370 |
|  **Cosmetics/Personal Care** — **0.4%** |  |  |
|  Procter & Gamble Co. (The) | 746 | 114588 |
|  **Healthcare - Products** — **6.1%** |  |  |
|  Agilent Technologies, Inc. | 75 | 9617 |
|  Boston Scientific Corp. (a) | 5677 | 554270 |
|  Danaher Corp. | 3079 | 610359 |
|  Natera, Inc. (a) | 48 | 7702 |
|  Revvity, Inc. | 31 | 2725 |
|  Stryker Corp. | 179 | 66240 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
|  **Healthcare - Products** — **continued** |  |  |
|  Thermo Fisher Scientific, Inc. | 1212 | 587807 |
|  Waters Corp. (a) | 16 | 4707 |
|  West Pharmaceutical Services, Inc. | 19 | 4971 |
|  |  | 1848398 |
|  **Healthcare - Services** — **1.8%** |  |  |
|  IQVIA Holdings, Inc. (a) | 46 | 8667 |
|  UnitedHealth Group, Inc. | 1548 | 534576 |
|  |  | 543243 |
|  **Pharmaceuticals** — **6.3%** |  |  |
|  AbbVie, Inc. | 652 | 150867 |
|  Bristol-Myers Squibb Co. | 1587 | 71591 |
|  CVS Health Corp. | 7021 | 529293 |
|  Eli Lilly & Co. | 620 | 473074 |
|  Johnson & Johnson | 1878 | 348255 |
|  Merck & Co., Inc. | 1948 | 163492 |
|  Neurocrine Biosciences, Inc. (a) | 37 | 5126 |
|  Pfizer, Inc. | 4434 | 112979 |
|  Viatris, Inc. | 910 | 9009 |
|  Zoetis, Inc., Class A | 346 | 50564 |
|  |  | 1914250 |
|  Total Consumer Non-cyclical |  | 5247497 |
|  **Energy** — **3.2%** |  |  |
|  **Coal** — **0.0% (g)** |  |  |
|  Hallador Energy Co. (a) | 7 | 143 |
|  **Energy - Alternate Sources** — **0.0% (g)** |  |  |
|  First Solar, Inc. (a) | 41 | 9120 |
|  Montauk Renewables, Inc. (a) | 17 | 35 |
|  XPLR Infrastructure LP | 22 | 224 |
|  |  | 9379 |
|  **Oil & Gas** — **2.5%** |  |  |
|  Chevron Corp. | 1121 | 174008 |
|  ConocoPhillips | 722 | 68259 |
|  Coterra Energy, Inc. | 436 | 10320 |
|  Devon Energy Corp. | 349 | 12225 |
|  Diamondback Energy, Inc. | 108 | 15514 |
|  EOG Resources, Inc. | 312 | 34980 |
|  EQT Corp. | 338 | 18413 |
|  Expand Energy Corp. | 129 | 13720 |
|  Exxon Mobil Corp. | 2463 | 277759 |
|  Marathon Petroleum Corp. | 176 | 33847 |
|  Occidental Petroleum Corp. | 422 | 19943 |
|  Phillips 66 | 233 | 31679 |
|  Texas Pacific Land Corp. | 11 | 10432 |
|  Valero Energy Corp. | 179 | 30483 |
|  |  | 751582 |
|  **Oil & Gas Services** — **0.2%** |  |  |
|  Baker Hughes Co., Class A | 566 | 27592 |
|  Halliburton Co. | 491 | 12089 |
|  Schlumberger NV | 858 | 29478 |
|  |  | 69159 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
|  **Pipelines — 0.5%** |  |  |
|  Cheniere Energy, Inc. | 127 | 29790 |
|  Kinder Morgan, Inc. | 1143 | 32363 |
|  ONEOK, Inc. | 357 | 26054 |
|  Targa Resources Corp. | 124 | 20779 |
|  Williams Cos., Inc. (The) | 698 | 44216 |
|  |  | 153202 |
|  Total Energy |  | 983465 |
|  **Financial** — **15.3%** |  |  |
|  **Banks** — **6.3%** |  |  |
|  Bank of America Corp. | 6833 | 352513 |
|  Bank of New York Mellon Corp. (The) | 351 | 38245 |
|  Citigroup, Inc. | 1041 | 105650 |
|  Citizens Financial Group, Inc. | 333 | 17720 |
|  Fifth Third Bancorp | 549 | 24451 |
|  First Citizens BancShares, Inc., Class A | 8 | 14122 |
|  Goldman Sachs Group, Inc. (The) | 126 | 100490 |
|  Huntington Bancshares, Inc. | 1060 | 18302 |
|  KeyCorp. | 2961 | 55348 |
|  M&T Bank Corp. | 105 | 20768 |
|  Morgan Stanley | 506 | 80438 |
|  Northern Trust Corp. | 90 | 12088 |
|  PNC Financial Services Group, Inc. (The) | 375 | 75356 |
|  Regions Financial Corp. | 673 | 17755 |
|  State Street Corp. | 172 | 19919 |
|  Truist Financial Corp. | 684 | 31281 |
|  US Bancorp | 1512 | 73089 |
|  Wells Fargo & Co. | 10325 | 865482 |
|  |  | 1923017 |
|  **Diversified Financial Services** — **4.9%** |  |  |
|  American Express Co. | 237 | 78710 |
|  Ameriprise Financial, Inc. | 39 | 19117 |
|  Apollo Global Management, Inc. | 1813 | 241646 |
|  Ares Management Corp., Class A | 75 | 12060 |
|  Blackrock, Inc. | 55 | 64150 |
|  Capital One Financial Corp. | 1887 | 401156 |
|  Cboe Global Markets, Inc. | 35 | 8705 |
|  Charles Schwab Corp. (The) | 689 | 65810 |
|  CME Group, Inc., Class A | 132 | 35664 |
|  Coinbase Global, Inc., Class A (a) | 85 | 28678 |
|  Interactive Brokers Group, Inc., Class A | 150 | 10354 |
|  Intercontinental Exchange, Inc. | 211 | 35490 |
|  LPL Financial Holdings, Inc. | 28 | 9217 |
|  Mastercard, Inc., Class A | 336 | 191190 |
|  Nasdaq, Inc. | 152 | 13478 |
|  Raymond James Financial, Inc. | 68 | 11659 |
|  SoFi Technologies, Inc. (a) | 722 | 19076 |
|  Synchrony Financial | 259 | 18372 |
|  T Rowe Price Group, Inc. | 75 | 7651 |
|  Tradeweb Markets, Inc., Class A | 37 | 4122 |
|  Visa, Inc., Class A | 667 | 227542 |
|  |  | 1503847 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
|  **Insurance — 2.5%** |  |  |
|  Aflac, Inc. | 274 | 30617 |
|  Allstate Corp. (The) | 141 | 30342 |
|  American Financial Group, Inc. | 19 | 2717 |
|  American International Group, Inc. | 314 | 24665 |
|  Aon plc, (United Kingdom), Class A | 74 | 26453 |
|  Arch Capital Group Ltd., (Bermuda) | 154 | 13935 |
|  Arthur J Gallagher & Co. | 103 | 31963 |
|  Berkshire Hathaway, Inc., Class B (a) | 525 | 263953 |
|  Brown & Brown, Inc. | 101 | 9513 |
|  Chubb Ltd., (Switzerland) | 162 | 45676 |
|  Cincinnati Financial Corp. | 53 | 8322 |
|  Equitable Holdings, Inc. | 104 | 5297 |
|  Erie Indemnity Co., Class A | 7 | 2227 |
|  Everest Group Ltd., (Bermuda) | 13 | 4658 |
|  Fidelity National Financial, Inc. | 82 | 4977 |
|  Hartford Insurance Group, Inc. (The) | 171 | 22778 |
|  Loews Corp. | 58 | 5773 |
|  Markel Group, Inc. (a) | 4 | 8175 |
|  Marsh & McLennan Cos., Inc. | 180 | 36235 |
|  MetLife, Inc. | 325 | 26808 |
|  Principal Financial Group, Inc. | 73 | 6032 |
|  Progressive Corp. (The) | 242 | 59857 |
|  Prudential Financial, Inc. | 203 | 21049 |
|  Travelers Cos., Inc. (The) | 117 | 32690 |
|  Willis Towers Watson plc, (United Kingdom) | 37 | 12818 |
|  WR Berkley Corp. | 101 | 7775 |
|  |  | 745305 |
|  **Private Equity** — **0.3%** |  |  |
|  Blackstone, Inc. | 268 | 45843 |
|  Carlyle Group, Inc. (The) | 73 | 4591 |
|  KKR & Co., Inc. | 300 | 38946 |
|  |  | 89380 |
|  **REITS** — **1.3%** |  |  |
|  American Tower Corp. | 1896 | 364677 |
|  Annaly Capital Management, Inc. | 643 | 13002 |
|  |  | 377679 |
|  Total Financial |  | 4639228 |
|  **Industrial** — **4.7%** |  |  |
|  **Aerospace/Defense** — **0.8%** |  |  |
|  Boeing Co. (The) (a) | 158 | 34066 |
|  General Dynamics Corp. | 53 | 17970 |
|  General Electric Co. | 221 | 66586 |
|  Howmet Aerospace, Inc. | 84 | 16512 |
|  L3Harris Technologies, Inc. | 39 | 11930 |
|  Lockheed Martin Corp. | 43 | 21408 |
|  Northrop Grumman Corp. | 28 | 17118 |
|  RTX Corp. | 279 | 46752 |
|  TransDigm Group, Inc. | 12 | 15503 |
|  |  | 247845 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
|  **Electronics** — **1.5%** |  |  |
|  Amphenol Corp., Class A | 450 | 55722 |
|  Honeywell International, Inc. | 1667 | 350860 |
|  Jabil, Inc. | 40 | 8684 |
|  Keysight Technologies, Inc. (a) | 64 | 11223 |
|  Mettler-Toledo International, Inc. (a) | 5 | 6730 |
|  TE Connectivity plc, (Ireland) | 110 | 24233 |
|  Trimble, Inc. (a) | 89 | 7251 |
|  |  | 464703 |
|  **Environmental Control** — **0.0% (g)** |  |  |
|  Pure Cycle Corp. (a) | 5 | 53 |
|  **Machinery - Diversified** — **2.3%** |  |  |
|  AGCO Corp. | 298 | 31940 |
|  Alamo Group, Inc. | 48 | 9235 |
|  CNH Industrial NV, (United Kingdom) | 4115 | 44650 |
|  Deere & Co. | 1211 | 553556 |
|  Lindsay Corp. | 51 | 7161 |
|  Toro Co. (The) | 464 | 35382 |
|  |  | 681924 |
|  **Miscellaneous Manufacturers** — **0.1%** |  |  |
|  Axon Enterprise, Inc. (a) | 16 | 11759 |
|  Teledyne Technologies, Inc. (a) | 17 | 10218 |
|  Textron, Inc. | 37 | 3145 |
|  |  | 25122 |
|  **Shipbuilding** — **0.0% (g)** |  |  |
|  Huntington Ingalls Industries, Inc. | 8 | 2353 |
|  Total Industrial |  | 1422000 |
|  **Technology** — **29.5%** |  |  |
|  **Computers** — **5.9%** |  |  |
|  Accenture plc, (Ireland), Class A | 230 | 56785 |
|  Apple, Inc. | 5554 | 1414159 |
|  Cognizant Technology Solutions Corp., Class A | 182 | 12215 |
|  Crowdstrike Holdings, Inc., Class A (a) | 110 | 54181 |
|  Dell Technologies, Inc., Class C | 120 | 16987 |
|  EPAM Systems, Inc. (a) | 2 | 228 |
|  Fortinet, Inc. (a) | 288 | 24238 |
|  Gartner, Inc. (a) | 28 | 7471 |
|  Hewlett Packard Enterprise Co. | 488 | 11983 |
|  HP, Inc. | 350 | 9542 |
|  International Business Machines Corp. | 344 | 96962 |
|  NetApp, Inc. | 75 | 8829 |
|  Okta, Inc., Class A (a) | 57 | 5251 |
|  Pure Storage, Inc., Class A (a) | 107 | 8984 |
|  Seagate Technology Holdings plc | 79 | 18560 |
|  Super Micro Computer, Inc. (a) | 189 | 9040 |
|  Western Digital Corp. | 130 | 15577 |
|  Zscaler, Inc. (a) | 42 | 12664 |
|  |  | 1783656 |
|  **Office/Business Equipment** — **0.0% (g)** |  |  |
|  Zebra Technologies Corp., Class A (a) | 19 | 5603 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
|  **Semiconductors — 11.6%** |  |  |
|  Advanced Micro Devices, Inc. (a) | 661 | 106931 |
|  Analog Devices, Inc. | 202 | 49654 |
|  Applied Materials, Inc. | 327 | 67005 |
|  Broadcom, Inc. | 1828 | 602976 |
|  Entegris, Inc. | 58 | 5387 |
|  Intel Corp. (a) | 1777 | 59624 |
|  KLA Corp. | 54 | 58160 |
|  Lam Research Corp. | 521 | 69782 |
|  Marvell Technology, Inc. | 1297 | 109076 |
|  Microchip Technology, Inc. | 220 | 14129 |
|  Micron Technology, Inc. | 455 | 76191 |
|  Monolithic Power Systems, Inc. | 20 | 18011 |
|  NVIDIA Corp. | 11383 | 2123827 |
|  NXP Semiconductors NV, (Netherlands) | 103 | 23524 |
|  ON Semiconductor Corp. (a) | 171 | 8449 |
|  QUALCOMM, Inc. | 441 | 73368 |
|  Skyworks Solutions, Inc. | 4 | 311 |
|  Teradyne, Inc. | 65 | 8955 |
|  Texas Instruments, Inc. | 371 | 68113 |
|  |  | 3543473 |
|  **Software** — **12.0%** |  |  |
|  Adobe, Inc. (a) | 188 | 66431 |
|  Akamai Technologies, Inc. (a) | 54 | 4089 |
|  Atlassian Corp., (Australia), Class A (a) | 70 | 11137 |
|  Autodesk, Inc. (a) | 95 | 30205 |
|  Bentley Systems, Inc., Class B | 66 | 3407 |
|  Cadence Design Systems, Inc. (a) | 121 | 42546 |
|  Cloudflare, Inc., Class A (a) | 106 | 22825 |
|  Datadog, Inc., Class A (a) | 128 | 18277 |
|  DocuSign, Inc., Class A (a) | 84 | 6037 |
|  Dynatrace, Inc. (a) | 126 | 6117 |
|  Fair Isaac Corp. (a) | 11 | 16224 |
|  Fidelity National Information Services, Inc. | 221 | 14594 |
|  Fiserv, Inc. (a) | 262 | 33727 |
|  HubSpot, Inc. (a) | 21 | 9755 |
|  Intuit, Inc. | 124 | 84543 |
|  Jack Henry & Associates, Inc. | 22 | 3231 |
|  Microsoft Corp. | 4767 | 2469322 |
|  MongoDB, Inc., Class A (a) | 28 | 8687 |
|  MSCI, Inc., Class A | 28 | 15658 |
|  Nutanix, Inc., Class A (a) | 106 | 7848 |
|  Oracle Corp. | 751 | 211166 |
|  Palantir Technologies, Inc., Class A (a) | 1005 | 183357 |
|  PTC, Inc. (a) | 53 | 10789 |
|  Roper Technologies, Inc. | 48 | 23745 |
|  Salesforce, Inc. | 424 | 100555 |
|  Samsara, Inc., Class A (a) | 118 | 4382 |
|  ServiceNow, Inc. (a) | 92 | 84628 |
|  Snowflake, Inc., Class A (a) | 109 | 24487 |
|  Strategy, Inc., Class A (a) | 109 | 35050 |
|  Synopsys, Inc. (a) | 82 | 40633 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
|  **Software** — **continued** |  |  |
|  Twilio, Inc., Class A (a) | 52 | 5224 |
|  Tyler Technologies, Inc. (a) | 19 | 10023 |
|  Workday, Inc., Class A (a) | 96 | 23040 |
|  Zoom Communications, Inc., Class A (a) | 102 | 8439 |
|  |  | 3640178 |
|  Total Technology |  | 8972910 |
|  **Utilities** — **1.2%** |  |  |
|  **Electric** — **1.1%** |  |  |
|  AES Corp. (The) | 178 | 2336 |
|  ALLETE, Inc. | 15 | 980 |
|  Alliant Energy Corp. | 64 | 4335 |
|  Ameren Corp. | 69 | 7188 |
|  American Electric Power Co., Inc. | 134 | 15027 |
|  Avista Corp. | 21 | 779 |
|  Black Hills Corp. | 18 | 1119 |
|  CenterPoint Energy, Inc. | 163 | 6325 |
|  Clearway Energy, Inc., Class A | 8 | 220 |
|  Clearway Energy, Inc., Class C | 21 | 594 |
|  CMS Energy Corp. | 75 | 5481 |
|  Consolidated Edison, Inc. | 90 | 9042 |
|  Constellation Energy Corp. | 78 | 25781 |
|  Dominion Energy, Inc. | 213 | 13025 |
|  DTE Energy Co. | 52 | 7329 |
|  Duke Energy Corp. | 194 | 24044 |
|  Edison International | 96 | 5315 |
|  Entergy Corp. | 112 | 10398 |
|  Evergy, Inc. | 58 | 4383 |
|  Eversource Energy | 92 | 6529 |
|  Exelon Corp. | 252 | 11361 |
|  FirstEnergy Corp. | 137 | 6277 |
|  Genie Energy Ltd., Class B | 3 | 45 |
|  Hawaiian Electric Industries, Inc. (a) | 43 | 474 |
|  IDACORP, Inc. | 14 | 1793 |
|  MGE Energy, Inc. | 9 | 763 |
|  NextEra Energy, Inc. | 515 | 38847 |
|  Northwestern Energy Group, Inc. | 15 | 900 |
|  NRG Energy, Inc. | 49 | 7927 |
|  OGE Energy Corp. | 50 | 2330 |
|  Oklo, Inc., Class A (a) | 26 | 2875 |
|  Ormat Technologies, Inc. | 14 | 1389 |
|  Otter Tail Corp. | 9 | 777 |
|  PG&E Corp. | 550 | 8292 |
|  Pinnacle West Capital Corp. | 30 | 2666 |
|  Portland General Electric Co. | 27 | 1202 |
|  PPL Corp. | 185 | 6860 |
|  Public Service Enterprise Group, Inc. | 125 | 10411 |
|  Sempra | 163 | 14675 |
|  Southern Co. (The) | 275 | 26035 |
|  Talen Energy Corp. (a) | 10 | 4107 |
|  TXNM Energy, Inc. | 24 | 1349 |
|  Unitil Corp. | 4 | 209 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
|  **Electric — continued** |  |  |
|  Vistra Corp. | 85 | 16618 |
|  WEC Energy Group, Inc. | 80 | 9148 |
|  Xcel Energy, Inc. | 144 | 11628 |
|  |  | 339188 |
|  **Gas — 0.1%** |  |  |
|  Atmos Energy Corp. | 40 | 6770 |
|  Chesapeake Utilities Corp. | 6 | 776 |
|  MDU Resources Group, Inc. | 48 | 864 |
|  National Fuel Gas Co. | 22 | 1986 |
|  New Jersey Resources Corp. | 25 | 1210 |
|  NiSource, Inc. | 118 | 5100 |
|  Northwest Natural Holding Co. | 10 | 451 |
|  ONE Gas, Inc. | 16 | 1269 |
|  RGC Resources, Inc. | 2 | 41 |
|  Southwest Gas Holdings, Inc. | 14 | 1135 |
|  Spire, Inc. | 15 | 1195 |
|  UGI Corp. | 54 | 1787 |
|  |  | 22584 |
|  **Water** — **0.0% (g)** |  |  |
|  American States Water Co. | 10 | 698 |
|  American Water Works Co., Inc. | 49 | 6775 |
|  Artesian Resources Corp., Class A | 2 | 72 |
|  California Water Service Group | 15 | 691 |
|  Consolidated Water Co. Ltd., (Cayman Islands) | 4 | 125 |
|  Essential Utilities, Inc. | 70 | 2809 |
|  Middlesex Water Co. | 5 | 253 |
|  SJW Group | 8 | 384 |
|  York Water Co. (The) | 3 | 103 |
|  |  | 11910 |
|  Total Utilities |  | 373682 |
| Total Common Stocks<br>(Cost $19,559,704) |  | 30349375 |
|  | **PRINCIPAL<br>AMOUNT ($)** |  |
|  **Short-Term Investments** — **0.3%** |  |  |
|  **Time Deposits** — **0.3%** |  |  |
|  Australia & New Zealand Banking Group Ltd., 3.44%, 10/01/2025 | 3624 | 3624 |
|  Brown Brothers Harriman & Co., 3.44%, 10/01/2025 | — (h) | — (h) |
|  Citibank NA, 3.44%, 10/01/2025 | 30882 | 30882 |
|  Royal Bank of Canada, 3.44%, 10/01/2025 | 1836 | 1836 |
|  Skandinaviska Enskilda Banken AB, 3.44%, 10/01/2025 | 607 | 607 |
|  Sumitomo Mitsui Banking Corp., 3.44%, 10/01/2025 | 19175 | 19175 |
|  Sumitomo Mitsui Trust Bank Ltd., 3.44%, 10/01/2025 | 20193 | 20193 |
|  Total Short-Term Investments<br> (Cost $76,317) |  | 76317 |
|  **Total Investments — 100.0%**<br> **(Cost - $19,636,021)** |  | **30425692** |
|  **Other Assets in Excess of Liabilities — 0.0% (g)** |  | **14287** |
|  **NET ASSETS — 100.0%** |  | $**30439979** |

---

Percentages indicated are based on net assets.

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

**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 | 32 | 12/2025 | USD | 390 | 3 |
|  E-mini Consumer Staples Select Sector Index | 3 | 12/2025 | USD | 242 | (3) |
|  E-mini Energy Select Sector Index | 26 | 12/2025 | USD | 2423 | 29 |
|  E-mini Financial Select Sector Index | 34 | 12/2025 | USD | 5687 | 4 |
|  E-mini Health Care Select Sector Index | 23 | 12/2025 | USD | 3209 | 49 |
|  E-mini Industrial Select Sector Index | 18 | 12/2025 | USD | 2806 | 15 |
|  E-mini Russell 1000 Growth Index | 11 | 12/2025 | USD | 2571 | 47 |
|  E-mini Russell 1000 Value Index | 5 | 12/2025 | USD | 502 | 3 |
|  E-mini Russell 2000 Index | 1 | 12/2025 | USD | 121 | 2 |
|  E-mini Technology Select Sector Index | 43 | 12/2025 | USD | 11913 | 416 |
|  E-mini Utilities Select Sector Index | 11 | 12/2025 | USD | 952 | 23 |
|  Micro E-mini NASDAQ 100 Index | 58 | 12/2025 | USD | 2825 | 64 |
|  Micro E-mini S&P 500 Index | 16 | 12/2025 | USD | 533 | 6 |
|  NASDAQ 100 E-mini Index | 6 | 12/2025 | USD | 2918 | 70 |
|  S&P 500 E-mini Index | 100 | 12/2025 | USD | 33358 | 335 |
|  S&P MidCap 400 E-mini Index | 4 | 12/2025 | USD | 1331 | (17) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 1046 |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

---

| |
|:---|
| AS OF SEPTEMBER 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/principal or $500. |
| USD – United States Dollar |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Summary of Investments by Industry, September 30, 2025** 

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENTAGE** |
|  Internet | 18.4% |
|  Software | 12.0% |
|  Semiconductors | 11.6% |
|  Banks | 6.3% |
|  Pharmaceuticals | 6.3% |
|  Healthcare - Products | 6.1% |
|  Computers | 5.9% |
|  Diversified Financial Services | 4.9% |
|  Retail | 4.1% |
|  Home Builders | 2.8% |
|  Insurance | 2.5% |
|  Oil & Gas | 2.5% |
|  Machinery - Diversified | 2.3% |
|  Telecommunications | 2.2% |
|  Healthcare - Services | 1.8% |
|  Electronics | 1.5% |
|  REITS | 1.3% |
|  Auto Manufacturers | 1.1% |
|  Electric | 1.1% |
|  Beverages | 1.1% |
|  Others (Each less than 1.0%) | 3.9% |
|  Short-Term Investments | 0.3% |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **98.5%** | **Common Stocks** — **98.5%** | **Common Stocks** — **98.5%** |
|  **Austria** — **0.3%** |  |  |
|  Erste Group Bank AG | 410 | 40270 |
|  OMV AG | 141 | 7522 |
|  Verbund AG | 44 | 3206 |
|  |  | 50998 |
|  **Belgium** — **0.6%** |  |  |
|  Ageas SA | 199 | 13808 |
|  Anheuser-Busch InBev SA | 136 | 8144 |
|  D'ieteren Group | 3 | 535 |
|  Elia Group SA, Class B | 28 | 3207 |
|  Groupe Bruxelles Lambert NV | 107 | 9565 |
|  KBC Group NV | 305 | 36605 |
|  Lotus Bakeries NV | — (h) | 519 |
|  Sofina SA | 20 | 5929 |
|  Syensqo SA | 45 | 3616 |
|  UCB SA | 102 | 28538 |
|  |  | 110466 |
|  **Canada** — **1.9%** |  |  |
|  Agnico Eagle Mines Ltd. | 67 | 11206 |
|  Alamos Gold, Inc., Class A | 55 | 1932 |
|  Alimentation Couche-Tard, Inc. | 100 | 5350 |
|  AltaGas Ltd. | 40 | 1219 |
|  ARC Resources Ltd. | 78 | 1414 |
|  AtkinsRealis Group, Inc. | 22 | 1583 |
|  Bank of Montreal | 95 | 12376 |
|  Bank of Nova Scotia (The) | 165 | 10648 |
|  Barrick Mining Corp. | 226 | 7408 |
|  BCE, Inc. | 9 | 221 |
|  Bombardier, Inc., Class B (a) | 12 | 1628 |
|  Brookfield Corp. | 181 | 12410 |
|  CAE, Inc. (a) | 40 | 1194 |
|  Cameco Corp. | 58 | 4829 |
|  Canadian Imperial Bank of Commerce | 123 | 9860 |
|  Canadian National Railway Co. | 71 | 6650 |
|  Canadian Natural Resources Ltd. | 277 | 8849 |
|  Canadian Pacific Kansas City Ltd. | 122 | 9073 |
|  Canadian Tire Corp. Ltd., Class A | 7 | 792 |
|  Canadian Utilities Ltd., Class A | 18 | 490 |
|  CCL Industries, Inc., Class B | 20 | 1104 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Canada** — **continued** |  |  |
|  Celestica, Inc. (a) | 15 | 3741 |
|  Cenovus Energy, Inc. | 179 | 3046 |
|  CGI, Inc. | 26 | 2348 |
|  Constellation Software, Inc. | 3 | 7226 |
|  Descartes Systems Group, Inc. (The) (a) | 11 | 1071 |
|  Dollarama, Inc. | 37 | 4834 |
|  Element Fleet Management Corp. | 53 | 1373 |
|  Emera, Inc. | 39 | 1890 |
|  Empire Co. Ltd., Class A | 17 | 605 |
|  Enbridge, Inc. | 288 | 14542 |
|  Fairfax Financial Holdings Ltd. | 3 | 4572 |
|  First Quantum Minerals Ltd. (a) | 93 | 2114 |
|  FirstService Corp. | 5 | 1025 |
|  Fortis, Inc. | 66 | 3372 |
|  Franco-Nevada Corp. | 25 | 5669 |
|  George Weston Ltd. | 23 | 1401 |
|  GFL Environmental, Inc. | 33 | 1547 |
|  Gildan Activewear, Inc., Class A | 19 | 1086 |
|  Great-West Lifeco, Inc. | 37 | 1492 |
|  Hydro One Ltd. (e) | 44 | 1552 |
|  iA Financial Corp., Inc. | 12 | 1393 |
|  IGM Financial, Inc. | 11 | 394 |
|  Imperial Oil Ltd. | 24 | 2141 |
|  Intact Financial Corp. | 24 | 4587 |
|  Ivanhoe Mines Ltd., Class A (a) | 99 | 1051 |
|  Keyera Corp. | 30 | 1018 |
|  Kinross Gold Corp. | 162 | 4025 |
|  Loblaw Cos. Ltd. | 79 | 3052 |
|  Lundin Gold, Inc. | 14 | 922 |
|  Lundin Mining Corp., Class Common S | 90 | 1346 |
|  Magna International, Inc. | 35 | 1671 |
|  Manulife Financial Corp. | 226 | 7035 |
|  Metro, Inc. | 27 | 1840 |
|  National Bank of Canada | 52 | 5500 |
|  Nutrien Ltd. | 64 | 3785 |
|  Open Text Corp. | 34 | 1267 |
|  Pan American Silver Corp. | 56 | 2175 |
|  Pembina Pipeline Corp., Class Common S | 77 | 3105 |
|  Power Corp. of Canada | 74 | 3200 |
|  Restaurant Brands International, Inc. | 41 | 2643 |
|  Rogers Communications, Inc., Class B | 48 | 1655 |
|  Royal Bank of Canada | 186 | 27468 |
|  Saputo, Inc. | 33 | 796 |
|  Shopify, Inc., Class A (a) | 161 | 23965 |
|  Stantec, Inc. | 15 | 1625 |
|  Sun Life Financial, Inc. | 75 | 4474 |
|  Suncor Energy, Inc. | 162 | 6792 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Canada** — **continued** |  |  |
|  TC Energy Corp. | 137 | 7471 |
|  Teck Resources Ltd., Class B | 62 | 2702 |
|  TELUS Corp. | 67 | 1052 |
|  TFI International, Inc. | 10 | 914 |
|  Thomson Reuters Corp. | 21 | 3232 |
|  TMX Group Ltd. | 37 | 1403 |
|  Toromont Industries Ltd. | 11 | 1193 |
|  Toronto-Dominion Bank (The) | 227 | 18188 |
|  Tourmaline Oil Corp. | 49 | 2095 |
|  Wheaton Precious Metals Corp. | 60 | 6714 |
|  Whitecap Resources, Inc., Class Common S | 164 | 1250 |
|  WSP Global, Inc. | 17 | 3386 |
|  |  | 343267 |
|  **Chile** — **0.1%** |  |  |
|  Antofagasta plc | 365 | 13560 |
|  **China** — **0.0% (g)** |  |  |
|  Silergy Corp. | 103 | 877 |
|  **Denmark** — **2.9%** |  |  |
|  AP Moller - Maersk A/S, Class A | 3 | 5298 |
|  AP Moller - Maersk A/S, Class B | 4 | 6969 |
|  Carlsberg A/S, Class B | 13 | 1525 |
|  Coloplast A/S, Class B | 17 | 1489 |
|  Danske Bank A/S | 889 | 37977 |
|  Demant A/S (a) | 11 | 394 |
|  DSV A/S | 186 | 37070 |
|  Genmab A/S (a) | 78 | 23914 |
|  Novo Nordisk A/S, Class B | 6254 | 348260 |
|  Novonesis (Novozymes) B, Class B | 213 | 13105 |
|  Orsted A/S (a) (e) | 337 | 5869 |
|  Pandora A/S | 115 | 15090 |
|  ROCKWOOL A/S, Class B | 88 | 3263 |
|  Tryg A/S | 447 | 11337 |
|  Vestas Wind Systems A/S | 915 | 17406 |
|  |  | 528966 |
|  **Finland** — **1.0%** |  |  |
|  Elisa OYJ | 107 | 5615 |
|  Fortum OYJ | 289 | 5485 |
|  Kesko OYJ, Class B | 39 | 833 |
|  Kone OYJ, Class B | 309 | 21047 |
|  Metso OYJ | 601 | 8278 |
|  Neste OYJ | 59 | 1084 |
|  Nokia OYJ | 713 | 3430 |
|  Nordea Bank Abp | 4158 | 68460 |
|  Orion OYJ, Class B | 88 | 6760 |
|  Sampo OYJ, Class A | 3221 | 37031 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Finland** — **continued** |  |  |
|  Stora Enso OYJ, Class R | 353 | 3890 |
|  UPM-Kymmene OYJ | 319 | 8736 |
|  Wartsila OYJ Abp | 457 | 13715 |
|  |  | 184364 |
|  **France** — **12.4%** |  |  |
|  Accor SA | 27 | 1291 |
|  Aeroports de Paris SA | 32 | 4178 |
|  Air Liquide SA | 350 | 72860 |
|  Airbus SE | 540 | 126049 |
|  Alstom SA (a) | 314 | 8216 |
|  Amundi SA (e) | 81 | 6477 |
|  Arkema SA | 34 | 2153 |
|  AXA SA | 2357 | 113007 |
|  BioMerieux | 5 | 730 |
|  BNP Paribas SA | 1353 | 123785 |
|  Bollore SE | 519 | 2946 |
|  Bouygues SA | 174 | 7858 |
|  Bureau Veritas SA | 310 | 9737 |
|  Capgemini SE | 22 | 3246 |
|  Carrefour SA | 82 | 1250 |
|  Cie de Saint-Gobain SA | 408 | 44253 |
|  Cie Generale des Etablissements Michelin SCA | 91 | 3295 |
|  Covivio SA REIT | 7 | 492 |
|  Credit Agricole SA | 1412 | 27827 |
|  Danone SA | 89 | 7781 |
|  Dassault Aviation SA | 18 | 6057 |
|  Dassault Systemes SE | 92 | 3097 |
|  Edenred SE | 320 | 7614 |
|  Eiffage SA | 62 | 8001 |
|  Engie SA | 1169 | 25127 |
|  EssilorLuxottica SA | 41 | 13492 |
|  FDJ UNITED | 15 | 490 |
|  Gecina SA REIT | 6 | 612 |
|  Getlink SE | 274 | 5048 |
|  Hermes International SCA | 46 | 113871 |
|  Ipsen SA | 30 | 4050 |
|  Kering SA | 109 | 36477 |
|  Klepierre SA REIT | 30 | 1179 |
|  Legrand SA | 238 | 39594 |
|  L'Oreal SA | 892 | 387535 |
|  LVMH Moet Hennessy Louis Vuitton SE | 366 | 224976 |
|  Orange SA | 8089 | 131217 |
|  Pernod Ricard SA | 28 | 2713 |
|  Publicis Groupe SA | 171 | 16498 |
|  Renault SA | 127 | 5217 |
|  Rexel SA | 205 | 6743 |
|  Safran SA | 327 | 116081 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **France** — **continued** |  |  |
|  Sanofi SA | 893 | 84545 |
|  Sartorius Stedim Biotech | 4 | 838 |
|  Schneider Electric SE | 498 | 140192 |
|  Societe Generale SA | 958 | 63808 |
|  Sodexo SA | 13 | 800 |
|  Teleperformance SE | 49 | 3635 |
|  Thales SA | 84 | 26589 |
|  TotalEnergies SE | 1975 | 120287 |
|  Unibail-Rodamco-Westfield REIT | 17 | 1750 |
|  Veolia Environnement SA | 402 | 13721 |
|  Vinci SA | 449 | 62440 |
|  |  | 2241725 |
|  **Germany** — **17.0%** |  |  |
|  adidas AG | 250 | 52958 |
|  Allianz SE (Registered) | 513 | 216025 |
|  BASF SE | 539 | 26947 |
|  Bayer AG (Registered) | 794 | 26423 |
|  Bayerische Motoren Werke AG | 185 | 18647 |
|  Beiersdorf AG | 362 | 37828 |
|  Brenntag SE | 193 | 11557 |
|  Commerzbank AG | 1024 | 38771 |
|  Continental AG | 15 | 1007 |
|  Covestro AG (a) | 107 | 7316 |
|  CTS Eventim AG & Co. KGaA | 47 | 4621 |
|  Daimler Truck Holding AG | 747 | 30882 |
|  Delivery Hero SE, Class A (a) (e) | 27 | 782 |
|  Deutsche Bank AG (Registered) | 2461 | 87159 |
|  Deutsche Boerse AG | 250 | 67012 |
|  Deutsche Lufthansa AG (Registered) | 942 | 7993 |
|  Deutsche Post AG | 1509 | 67420 |
|  Deutsche Telekom AG (Registered) | 11265 | 383785 |
|  E.ON SE | 1436 | 27053 |
|  Evonik Industries AG | 157 | 2729 |
|  Fresenius Medical Care AG | 30 | 1599 |
|  Fresenius SE & Co. KGaA | 58 | 3247 |
|  GEA Group AG | 230 | 17033 |
|  Hannover Rueck SE | 80 | 24220 |
|  Heidelberg Materials AG | 81 | 18296 |
|  Henkel AG & Co. KGaA | 14 | 1043 |
|  Hensoldt AG | 99 | 12958 |
|  Infineon Technologies AG | 180 | 7050 |
|  Knorr-Bremse AG | 114 | 10701 |
|  LEG Immobilien SE | 11 | 845 |
|  Mercedes-Benz Group AG | 475 | 29919 |
|  Merck KGaA | 105 | 13559 |
|  MTU Aero Engines AG | 85 | 39018 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Germany** — **continued** |  |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 174 | 110886 |
|  Nemetschek SE | 158 | 20663 |
|  Rational AG | 8 | 6150 |
|  Rheinmetall AG | 72 | 168778 |
|  RWE AG | 405 | 18022 |
|  SAP SE | 2860 | 765713 |
|  Scout24 SE (e) | 56 | 7063 |
|  Siemens AG | 1195 | 322581 |
|  Siemens Energy AG (a) | 2883 | 338994 |
|  Siemens Healthineers AG (e) | 47 | 2545 |
|  Symrise AG, Class A | 80 | 6978 |
|  Talanx AG | 85 | 11372 |
|  Vonovia SE | 104 | 3263 |
|  Zalando SE (a) (e) | 32 | 974 |
|  |  | 3080385 |
|  **Hong Kong** — **0.3%** |  |  |
|  Prudential plc | 4259 | 59632 |
|  **Ireland** — **0.9%** |  |  |
|  AerCap Holdings NV | 160 | 19357 |
|  AIB Group plc | 2834 | 25836 |
|  Bank of Ireland Group plc | 1279 | 21181 |
|  DCC plc | 120 | 7703 |
|  Experian plc | 1128 | 56680 |
|  Kerry Group plc, Class A | 22 | 1978 |
|  Kingspan Group plc | 141 | 11814 |
|  Ryanair Holdings plc | 774 | 22624 |
|  |  | 167173 |
|  **Italy** — **4.8%** |  |  |
|  Banca Mediolanum SpA | 297 | 5971 |
|  Banca Monte dei Paschi di Siena SpA | 2612 | 23119 |
|  Banco BPM SpA | 1507 | 22622 |
|  BPER Banca SPA | 1939 | 21567 |
|  Davide Campari-Milano NV | 81 | 513 |
|  Enel SpA | 5204 | 49318 |
|  Eni SpA | 1965 | 34384 |
|  Ferrari NV | 83 | 40158 |
|  FinecoBank Banca Fineco SpA | 815 | 17689 |
|  Generali | 1135 | 44595 |
|  Infrastrutture Wireless Italiane SpA (e) | 208 | 2448 |
|  Intesa Sanpaolo SpA | 18943 | 125387 |
|  Leonardo SpA | 368 | 23524 |
|  Moncler SpA | 341 | 20079 |
|  Nexi SpA (e) | 735 | 4167 |
|  Poste Italiane SpA (e) | 608 | 14456 |
|  Prysmian SpA | 255 | 25417 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Italy** — **continued** |  |  |
|  Recordati Industria Chimica e Farmaceutica SpA | 93 | 5686 |
|  Snam SpA | 1288 | 7732 |
|  Telecom Italia SpA (a) | 8567 | 4489 |
|  Terna - Rete Elettrica Nazionale | 900 | 9131 |
|  UniCredit SpA | 4781 | 363836 |
|  Unipol Assicurazioni SpA | 474 | 10200 |
|  |  | 876488 |
|  **Japan** — **5.1%** |  |  |
|  Advantest Corp. | 163 | 16108 |
|  Aeon Co. Ltd. | 472 | 5732 |
|  AGC, Inc. | 41 | 1340 |
|  Aisin Corp. | 110 | 1903 |
|  Ajinomoto Co., Inc. | 192 | 5504 |
|  ANA Holdings, Inc. | 33 | 645 |
|  Asahi Group Holdings Ltd. | 305 | 3653 |
|  Asahi Kasei Corp. | 263 | 2063 |
|  Asics Corp. | 148 | 3881 |
|  Astellas Pharma, Inc. | 382 | 4159 |
|  Bandai Namco Holdings, Inc. | 125 | 4169 |
|  Bridgestone Corp. | 122 | 5615 |
|  Canon, Inc. | 184 | 5378 |
|  Capcom Co. Ltd. | 73 | 1985 |
|  Central Japan Railway Co. | 165 | 4722 |
|  Chiba Bank Ltd. (The) | 121 | 1271 |
|  Chubu Electric Power Co., Inc. | 145 | 2014 |
|  Chugai Pharmaceutical Co. Ltd. | 143 | 6327 |
|  Concordia Financial Group Ltd. | 219 | 1680 |
|  Dai Nippon Printing Co. Ltd. | 84 | 1433 |
|  Daifuku Co. Ltd. | 69 | 2192 |
|  Dai-ichi Life Holdings, Inc. | 743 | 5845 |
|  Daiichi Sankyo Co. Ltd. | 363 | 8168 |
|  Daikin Industries Ltd. | 56 | 6455 |
|  Daito Trust Construction Co. Ltd. | 62 | 1349 |
|  Daiwa House Industry Co. Ltd. | 120 | 4292 |
|  Daiwa Securities Group, Inc. | 285 | 2313 |
|  Denso Corp. | 371 | 5342 |
|  Disco Corp. | 20 | 6145 |
|  East Japan Railway Co. | 205 | 5012 |
|  Eisai Co. Ltd. | 55 | 1868 |
|  ENEOS Holdings, Inc. | 576 | 3645 |
|  FANUC Corp. | 199 | 5730 |
|  Fast Retailing Co. Ltd. | 41 | 12331 |
|  Fuji Electric Co. Ltd. | 29 | 1924 |
|  FUJIFILM Holdings Corp. | 238 | 5921 |
|  Fujikura Ltd. | 53 | 5204 |
|  Fujitsu Ltd. | 374 | 8778 |
|  Hankyu Hanshin Holdings, Inc. | 51 | 1507 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Japan** — **continued** |  |  |
|  Hikari Tsushin, Inc. | 4 | 1031 |
|  Hitachi Ltd. | 974 | 25799 |
|  Honda Motor Co. Ltd. | 842 | 8686 |
|  Hoya Corp. | 73 | 10108 |
|  Hulic Co. Ltd. | 96 | 1046 |
|  Idemitsu Kosan Co. Ltd. | 172 | 1177 |
|  IHI Corp. | 217 | 4041 |
|  Inpex Corp. | 186 | 3351 |
|  Isuzu Motors Ltd. | 113 | 1418 |
|  ITOCHU Corp. | 253 | 14373 |
|  Japan Airlines Co. Ltd. | 31 | 620 |
|  Japan Exchange Group, Inc. | 209 | 2337 |
|  Japan Post Bank Co. Ltd. | 381 | 4665 |
|  Japan Post Holdings Co. Ltd. | 377 | 3738 |
|  Japan Post Insurance Co. Ltd. | 42 | 1179 |
|  Japan Tobacco, Inc. | 255 | 8363 |
|  JFE Holdings, Inc. | 124 | 1517 |
|  Kajima Corp. | 89 | 2603 |
|  Kansai Electric Power Co., Inc. (The) | 200 | 2858 |
|  KAO Corp. | 99 | 4323 |
|  Kawasaki Heavy Industries Ltd. | 32 | 2119 |
|  Kawasaki Kisen Kaisha Ltd. | 74 | 1051 |
|  KDDI Corp. | 668 | 10647 |
|  Keyence Corp. | 41 | 15424 |
|  Kikkoman Corp. | 144 | 1223 |
|  Kirin Holdings Co. Ltd. | 165 | 2412 |
|  Kobe Bussan Co. Ltd. | 31 | 863 |
|  Komatsu Ltd. | 202 | 7041 |
|  Konami Group Corp. | 22 | 3102 |
|  Kubota Corp. | 206 | 2592 |
|  Kyocera Corp. | 271 | 3636 |
|  Kyowa Kirin Co. Ltd. | 50 | 785 |
|  Lasertec Corp. | 17 | 2312 |
|  LY Corp. | 603 | 1936 |
|  M3, Inc. | 94 | 1517 |
|  Makita Corp. | 50 | 1614 |
|  Marubeni Corp. | 299 | 7458 |
|  MatsukiyoCocokara & Co. | 71 | 1432 |
|  MEIJI Holdings Co. Ltd. | 51 | 1049 |
|  MINEBEA MITSUMI, Inc. | 76 | 1426 |
|  Mitsubishi Chemical Group Corp. | 289 | 1658 |
|  Mitsubishi Corp. | 684 | 16304 |
|  Mitsubishi Electric Corp. | 404 | 10381 |
|  Mitsubishi Estate Co. Ltd. | 226 | 5183 |
|  Mitsubishi HC Capital, Inc. | 184 | 1522 |
|  Mitsubishi Heavy Industries Ltd. | 681 | 17826 |
|  Mitsubishi UFJ Financial Group, Inc. | 2437 | 39306 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Japan** — **continued** |  |  |
|  Mitsui & Co. Ltd. | 525 | 13034 |
|  Mitsui Fudosan Co. Ltd. | 559 | 6090 |
|  Mitsui OSK Lines Ltd. | 73 | 2204 |
|  Mizuho Financial Group, Inc. | 534 | 17961 |
|  MonotaRO Co. Ltd. | 54 | 783 |
|  MS&AD Insurance Group Holdings, Inc. | 274 | 6194 |
|  Murata Manufacturing Co. Ltd. | 353 | 6696 |
|  NEC Corp. | 276 | 8818 |
|  Nexon Co. Ltd. | 69 | 1519 |
|  NIDEC Corp., | 176 | 3128 |
|  Nintendo Co. Ltd. | 235 | 20297 |
|  Nippon Building Fund, Inc. REIT | 2 | 1561 |
|  Nippon Paint Holdings Co. Ltd. | 203 | 1382 |
|  Nippon Sanso Holdings Corp. | 37 | 1303 |
|  Nippon Steel Corp. | 1020 | 4201 |
|  Nippon Yusen KK | 92 | 3150 |
|  Nissan Motor Co. Ltd. (a) | 468 | 1139 |
|  Nissin Foods Holdings Co. Ltd. | 41 | 770 |
|  Nitori Holdings Co. Ltd. | 84 | 1624 |
|  Nitto Denko Corp. | 149 | 3532 |
|  Nomura Holdings, Inc. | 640 | 4691 |
|  Nomura Research Institute Ltd. | 81 | 3106 |
|  NTT, Inc. | 6357 | 6645 |
|  Obayashi Corp. | 139 | 2281 |
|  Obic Co. Ltd. | 69 | 2405 |
|  Olympus Corp. | 241 | 3041 |
|  Oracle Corp. Japan | 8 | 817 |
|  Oriental Land Co. Ltd. | 228 | 5496 |
|  ORIX Corp. | 248 | 6498 |
|  Osaka Gas Co. Ltd. | 77 | 2224 |
|  Otsuka Corp. | 48 | 1004 |
|  Otsuka Holdings Co. Ltd. | 94 | 4986 |
|  Pan Pacific International Holdings Corp. | 404 | 2657 |
|  Panasonic Holdings Corp. | 496 | 5386 |
|  Rakuten Group, Inc. (a) | 318 | 2061 |
|  Recruit Holdings Co. Ltd. | 283 | 15188 |
|  Renesas Electronics Corp. | 359 | 4129 |
|  Resona Holdings, Inc. | 441 | 4499 |
|  Ryohin Keikaku Co. Ltd. | 107 | 2137 |
|  Sanrio Co. Ltd. | 38 | 1770 |
|  SBI Holdings, Inc. | 59 | 2582 |
|  SCREEN Holdings Co. Ltd. | 17 | 1549 |
|  SCSK Corp. | 33 | 997 |
|  Secom Co. Ltd. | 89 | 3250 |
|  Sekisui Chemical Co. Ltd. | 80 | 1489 |
|  Sekisui House Ltd. | 128 | 2906 |
|  Seven & i Holdings Co. Ltd. | 443 | 5943 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Japan** — **continued** |  |  |
|  SG Holdings Co. Ltd. | 69 | 710 |
|  Shimadzu Corp. | 51 | 1281 |
|  Shimano, Inc. | 16 | 1788 |
|  Shin-Etsu Chemical Co. Ltd. | 359 | 11742 |
|  Shionogi & Co. Ltd. | 160 | 2812 |
|  Shiseido Co. Ltd. | 85 | 1453 |
|  SMC Corp. | 12 | 3802 |
|  SoftBank Corp. | 6096 | 8966 |
|  SoftBank Group Corp. | 203 | 25627 |
|  Sompo Holdings, Inc. | 188 | 5812 |
|  Sony Financial Group, Inc. (a) | 1307 | 1449 |
|  Sony Group Corp. | 1307 | 37575 |
|  Subaru Corp. | 124 | 2533 |
|  Sumitomo Corp. | 232 | 6704 |
|  Sumitomo Electric Industries Ltd. | 151 | 4288 |
|  Sumitomo Metal Mining Co. Ltd. | 52 | 1668 |
|  Sumitomo Mitsui Financial Group, Inc. | 784 | 22065 |
|  Sumitomo Mitsui Trust Group, Inc. | 137 | 3968 |
|  Sumitomo Realty & Development Co. Ltd. | 66 | 2894 |
|  Suntory Beverage & Food Ltd. | 30 | 938 |
|  Suzuki Motor Corp. | 335 | 4876 |
|  Sysmex Corp. | 107 | 1324 |
|  T&D Holdings, Inc. | 104 | 2552 |
|  Taisei Corp. | 33 | 2261 |
|  Takeda Pharmaceutical Co. Ltd. | 338 | 9930 |
|  TDK Corp. | 414 | 5988 |
|  Terumo Corp. | 284 | 4677 |
|  TIS, Inc. | 45 | 1478 |
|  Toho Co. Ltd. | 24 | 1530 |
|  Tokio Marine Holdings, Inc. | 391 | 16527 |
|  Tokyo Electron Ltd. | 95 | 16876 |
|  Tokyo Gas Co. Ltd. | 67 | 2382 |
|  Tokyo Metro Co. Ltd. | 61 | 703 |
|  Tokyu Corp. | 105 | 1282 |
|  TOPPAN Holdings, Inc. | 51 | 1309 |
|  Toray Industries, Inc. | 296 | 1885 |
|  Toyota Industries Corp. | 34 | 3869 |
|  Toyota Motor Corp. | 2014 | 38686 |
|  Toyota Tsusho Corp. | 147 | 4061 |
|  Trend Micro, Inc. | 27 | 1472 |
|  Unicharm Corp. | 233 | 1513 |
|  West Japan Railway Co. | 90 | 1976 |
|  Yakult Honsha Co. Ltd. | 53 | 867 |
|  Yamaha Motor Co. Ltd. | 195 | 1458 |
|  Yokogawa Electric Corp. | 49 | 1398 |
|  Zensho Holdings Co. Ltd. | 21 | 1352 |
|  ZOZO, Inc. | 95 | 871 |
|  |  | 924956 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Luxembourg** — **0.1%** |  |  |
|  ArcelorMittal SA | 284 | 10262 |
|  CVC Capital Partners plc (e) | 276 | 4826 |
|  Eurofins Scientific SE | 16 | 1199 |
|  Tenaris SA | 50 | 893 |
|  |  | 17180 |
|  **Mexico** — **0.0% (g)** |  |  |
|  Fresnillo plc | 204 | 6500 |
|  **Netherlands** — **5.0%** |  |  |
|  ABN AMRO Bank NV, CVA GDR (e) | 775 | 24856 |
|  Adyen NV (a) (e) | 34 | 53946 |
|  Aegon Ltd. | 1758 | 14176 |
|  Akzo Nobel NV | 103 | 7372 |
|  Argenx SE (a) | 8 | 6202 |
|  ASM International NV | 52 | 31613 |
|  ASML Holding NV | 441 | 429673 |
|  ASR Nederland NV | 209 | 14200 |
|  BE Semiconductor Industries NV | 82 | 12253 |
|  Euronext NV (e) | 104 | 15594 |
|  EXOR NV | 125 | 12192 |
|  Ferrovial SE | 466 | 26772 |
|  Heineken Holding NV | 18 | 1237 |
|  Heineken NV | 40 | 3096 |
|  IMCD NV | 54 | 5555 |
|  ING Groep NV | 4017 | 105308 |
|  JDE Peet's NV | 24 | 896 |
|  Koninklijke Ahold Delhaize NV | 125 | 5059 |
|  Koninklijke KPN NV | 2921 | 14020 |
|  Koninklijke Philips NV | 105 | 2877 |
|  NN Group NV | 355 | 25005 |
|  Prosus NV (a) | 180 | 12762 |
|  QIAGEN NV | 30 | 1326 |
|  Randstad NV | 98 | 4196 |
|  Stellantis NV | 1327 | 12321 |
|  Universal Music Group NV | 825 | 23834 |
|  Wolters Kluwer NV | 217 | 29570 |
|  |  | 895911 |
|  **Norway** — **0.5%** |  |  |
|  Aker BP ASA | 44 | 1116 |
|  DNB Bank ASA | 1186 | 32317 |
|  Equinor ASA | 738 | 18005 |
|  Gjensidige Forsikring ASA | 265 | 7802 |
|  Kongsberg Gruppen ASA | 398 | 12715 |
|  Mowi ASA | 64 | 1360 |
|  Norsk Hydro ASA | 841 | 5716 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Norway** — **continued** |  |  |
|  Orkla ASA | 98 | 1026 |
|  Salmar ASA | 9 | 472 |
|  Telenor ASA | 461 | 7657 |
|  Yara International ASA | 101 | 3693 |
|  |  | 91879 |
|  **Poland** — **0.0% (g)** |  |  |
|  InPost SA (a) | 225 | 2771 |
|  **Portugal** — **0.2%** |  |  |
|  Banco Comercial Portugues SA, Class R | 11083 | 9839 |
|  EDP SA | 2004 | 9512 |
|  Galp Energia SGPS SA | 402 | 7624 |
|  Jeronimo Martins SGPS SA | 40 | 967 |
|  |  | 27942 |
|  **South Korea** — **1.4%** |  |  |
|  Samsung Electronics Co. Ltd. | 4241 | 254243 |
|  Samsung Electronics Co. Ltd. (Registered), GDR | 2 | 2494 |
|  |  | 256737 |
|  **Spain** — **3.5%** |  |  |
|  Acciona SA | 16 | 3148 |
|  ACS Actividades de Construccion y Servicios SA | 163 | 13072 |
|  Aena SME SA (e) | 682 | 18634 |
|  Amadeus IT Group SA | 62 | 4899 |
|  Banco Bilbao Vizcaya Argentaria SA | 7664 | 147685 |
|  Banco de Sabadell SA | 6684 | 26091 |
|  Banco Santander SA | 19795 | 207732 |
|  Bankinter SA | 891 | 14083 |
|  CaixaBank SA | 5184 | 54757 |
|  Cellnex Telecom SA (e) | 371 | 12865 |
|  EDP Renovaveis SA | 199 | 2628 |
|  Endesa SA | 205 | 6544 |
|  Grifols SA | 39 | 572 |
|  Iberdrola SA | 4060 | 76862 |
|  Industria de Diseno Textil SA | 151 | 8336 |
|  Redeia Corp. SA | 245 | 4722 |
|  Repsol SA | 1115 | 19824 |
|  Telefonica SA | 2763 | 14221 |
|  |  | 636675 |
|  **Sweden** — **3.3%** |  |  |
|  AddTech AB, Class B | 237 | 7696 |
|  Alfa Laval AB | 261 | 11937 |
|  Assa Abloy AB, Class B | 910 | 31676 |
|  Atlas Copco AB, Class A | 2438 | 41346 |
|  Atlas Copco AB, Class B | 1422 | 21392 |
|  Beijer Ref AB, Class B | 351 | 5485 |
|  Boliden AB (a) | 172 | 7005 |
|  Epiroc AB, Class A | 598 | 12655 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Sweden** — **continued** |  |  |
|  Epiroc AB, Class B | 356 | 6738 |
|  EQT AB | 495 | 17151 |
|  Essity AB, Class B | 82 | 2136 |
|  Evolution AB (e) | 19 | 1605 |
|  Fastighets AB Balder, Class B (a) | 104 | 743 |
|  H & M Hennes & Mauritz AB, Class B | 79 | 1481 |
|  Hexagon AB, Class B | 285 | 3398 |
|  Holmen AB, Class B | 46 | 1749 |
|  Industrivarden AB, Class A | 154 | 6133 |
|  Industrivarden AB, Class C | 212 | 8420 |
|  Indutrade AB | 247 | 5692 |
|  Investment AB Latour, Class B | 134 | 3191 |
|  Investor AB, Class B | 2302 | 72056 |
|  L E Lundbergforetagen AB, Class B | 102 | 5285 |
|  Lifco AB, Class B | 212 | 7184 |
|  Nibe Industrier AB, Class B | 1373 | 5425 |
|  Saab AB, Class B | 291 | 17889 |
|  Sagax AB, Class B | 29 | 603 |
|  Sandvik AB | 967 | 27019 |
|  Securitas AB, Class B | 445 | 6704 |
|  Skandinaviska Enskilda Banken AB, Class A | 2011 | 39437 |
|  Skanska AB, Class B | 309 | 8021 |
|  SKF AB, Class B | 311 | 7724 |
|  Spotify Technology SA (a) | 115 | 79976 |
|  Svenska Cellulosa AB SCA, Class B | 370 | 4892 |
|  Svenska Handelsbanken AB, Class A | 1933 | 25225 |
|  Swedbank AB, Class A | 1130 | 34122 |
|  Swedish Orphan Biovitrum AB (a) | 28 | 856 |
|  Tele2 AB, Class B | 411 | 7007 |
|  Telefonaktiebolaget LM Ericsson, Class B | 381 | 3159 |
|  Telia Co. AB | 1772 | 6759 |
|  Trelleborg AB, Class B | 186 | 6942 |
|  Volvo AB, Class B | 1442 | 41463 |
|  |  | 605377 |
|  **Switzerland** — **12.2%** |  |  |
|  ABB Ltd. (Registered) | 1424 | 103057 |
|  Alcon AG | 69 | 5181 |
|  Amrize Ltd. (a) | 309 | 15121 |
|  Avolta AG | 12 | 640 |
|  Baloise Holding AG (Registered) | 55 | 13606 |
|  Banque Cantonale Vaudoise (Registered) | 40 | 4752 |
|  Barry Callebaut AG (Registered) | 9 | 12029 |
|  Belimo Holding AG (Registered) | 9 | 9338 |
|  BKW AG | 13 | 2873 |
|  Chocoladefabriken Lindt & Spruengli AG | 2 | 35225 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | — (h) | 39423 |
|  Cie Financiere Richemont SA, Class A | 786 | 150868 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **Switzerland** — **continued** |  |  |
|  Coca-Cola HBC AG (a) | 1154 | 54438 |
|  DSM-Firmenich AG | 113 | 9615 |
|  EMS-Chemie Holding AG (Registered) | 4 | 3040 |
|  Galderma Group AG | 106 | 18706 |
|  Geberit AG (Registered) | 31 | 23259 |
|  Givaudan SA (Registered) | 6 | 22802 |
|  Glencore plc (a) | 9374 | 43172 |
|  Helvetia Holding AG (Registered) | 50 | 12176 |
|  Holcim AG (a) | 309 | 26326 |
|  Julius Baer Group Ltd. | 272 | 18965 |
|  Kuehne + Nagel International AG (Registered) | 44 | 8207 |
|  Logitech International SA (Registered) | 21 | 2267 |
|  Lonza Group AG (Registered) | 10 | 6446 |
|  Nestle SA (Registered) | 6325 | 580847 |
|  Novartis AG (Registered) | 1536 | 197525 |
|  Partners Group Holding AG | 30 | 39501 |
|  Roche Holding AG | 594 | 197970 |
|  Sandoz Group AG | 337 | 20120 |
|  Schindler Holding AG | 37 | 13941 |
|  Schindler Holding AG (Registered) | 21 | 7779 |
|  SGS SA (Registered) | 150 | 15621 |
|  SIG Group AG (a) | 183 | 1896 |
|  Sika AG (Registered) | 92 | 20747 |
|  Sonova Holding AG (Registered) | 7 | 1894 |
|  STMicroelectronics NV | 94 | 2655 |
|  Straumann Holding AG (Registered) | 15 | 1631 |
|  Swatch Group AG (The) | 42 | 7961 |
|  Swiss Life Holding AG (Registered) | 38 | 41086 |
|  Swiss Prime Site AG (Registered) | 11 | 1559 |
|  Swiss Re AG | 397 | 73791 |
|  Swisscom AG (Registered) | 19 | 14126 |
|  UBS Group AG (Registered) | 4221 | 173559 |
|  VAT Group AG (e) | 25 | 9826 |
|  Zurich Insurance Group AG | 195 | 139115 |
|  |  | 2204682 |
|  **Taiwan** — **2.7%** |  |  |
|  Alchip Technologies Ltd. | 24 | 2792 |
|  ASE Technology Holding Co. Ltd. | 1025 | 5597 |
|  eMemory Technology, Inc. | 20 | 1331 |
|  Global Unichip Corp. | 27 | 1196 |
|  Globalwafers Co. Ltd. | 81 | 1247 |
|  Jentech Precision Industrial Co. Ltd. | 26 | 2074 |
|  MediaTek, Inc. | 471 | 20427 |
|  Novatek Microelectronics Corp. | 179 | 2513 |
|  Realtek Semiconductor Corp. | 151 | 2734 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 10248 | 445151 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4 | 1121 |
|  United Microelectronics Corp. | 3499 | 5264 |
|  Vanguard International Semiconductor Corp. | 338 | 1138 |
|  |  | 492585 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **United Arab Emirates** — **0.0%** |  |  |
|  NMC Health plc (a) (bb) | 116 |  |
|  **United Kingdom** — **22.3%** |  |  |
|  3i Group plc | 1605 | 88492 |
|  Admiral Group plc | 430 | 19407 |
|  Anglo American plc | 1034 | 38997 |
|  Ashtead Group plc | 524 | 35134 |
|  Associated British Foods plc | 147 | 4061 |
|  AstraZeneca plc | 1748 | 267831 |
|  Auto Trader Group plc (e) | 930 | 9883 |
|  Aviva plc | 5035 | 46573 |
|  BAE Systems plc | 8751 | 243598 |
|  Barclays plc | 23324 | 120011 |
|  Barratt Redrow plc | 619 | 3258 |
|  BP plc | 20323 | 116686 |
|  British American Tobacco plc | 6881 | 365982 |
|  BT Group plc | 6403 | 16472 |
|  Bunzl plc | 403 | 12723 |
|  Centrica plc | 2208 | 4958 |
|  Coca-Cola Europacific Partners plc | 32 | 2883 |
|  Compass Group plc | 776 | 26443 |
|  Diageo plc | 11775 | 281737 |
|  Entain plc | 279 | 3302 |
|  GSK plc | 4604 | 98865 |
|  Haleon plc | 10129 | 45584 |
|  Halma plc | 174 | 8077 |
|  Hikma Pharmaceuticals plc | 186 | 4279 |
|  HSBC Holdings plc | 28767 | 405992 |
|  Imperial Brands plc | 353 | 14989 |
|  Informa plc | 1393 | 17259 |
|  InterContinental Hotels Group plc | 67 | 8152 |
|  International Consolidated Airlines Group SA | 1119 | 5858 |
|  Intertek Group plc | 194 | 12349 |
|  J Sainsbury plc | 793 | 3565 |
|  JD Sports Fashion plc | 1168 | 1504 |
|  Kingfisher plc | 804 | 3350 |
|  Land Securities Group plc REIT | 319 | 2503 |
|  Legal & General Group plc | 9445 | 30336 |
|  Lloyds Banking Group plc | 98751 | 111745 |
|  London Stock Exchange Group plc | 784 | 89930 |
|  M&G plc | 3751 | 12793 |
|  Marks & Spencer Group plc | 940 | 4614 |
|  Melrose Industries plc | 3697 | 30439 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **continued** | **Common Stocks** — **continued** | **Common Stocks** — **continued** |
|  **United Kingdom** — **continued** |  |  |
|  Mondi plc | 410 | 5666 |
|  National Grid plc | 2240 | 32189 |
|  NatWest Group plc | 13358 | 94349 |
|  Next plc | 53 | 8914 |
|  Pearson plc | 269 | 3830 |
|  Phoenix Group Holdings plc | 1155 | 10022 |
|  Reckitt Benckiser Group plc | 310 | 23903 |
|  RELX plc | 2254 | 107681 |
|  Rentokil Initial plc | 3107 | 15737 |
|  Rio Tinto plc | 1043 | 68734 |
|  Rolls-Royce Holdings plc | 24543 | 394513 |
|  Sage Group plc (The) | 443 | 6570 |
|  Schroders plc | 1195 | 6064 |
|  Segro plc REIT | 587 | 5190 |
|  Severn Trent plc | 124 | 4313 |
|  Shell plc | 7550 | 269104 |
|  Smith & Nephew plc | 380 | 6898 |
|  Smiths Group plc | 407 | 12911 |
|  Spirax Group plc | 91 | 8371 |
|  SSE plc | 506 | 11867 |
|  Standard Chartered plc | 3259 | 63244 |
|  Tesco plc | 3000 | 17983 |
|  Unilever plc | 3093 | 182809 |
|  United Utilities Group plc | 312 | 4817 |
|  Vodafone Group plc | 20825 | 24218 |
|  Whitbread plc | 80 | 3454 |
|  Wise plc, Class A (a) | 1099 | 15323 |
|  WPP plc | 1147 | 5716 |
|  |  | 4035004 |
|  **United States** — **0.0% (g)** |  |  |
|  Brookfield Asset Management Ltd., Class A | 54 | 3080 |
|  Brookfield Renewable Corp. | 18 | 632 |
|  RB Global, Inc. | 25 | 2661 |
|  |  | 6373 |
|  Total Common Stocks<br> (Cost $12,631,657) |  | 17862473 |
|  **Preferred Stocks** — **0.1%** |  |  |
|  **Germany** — **0.1%** |  |  |
|  Bayerische Motoren Werke AG | 36 | 3384 |
|  Dr Ing hc F Porsche AG (e) | 76 | 3668 |
|  Henkel AG & Co. KGaA | 22 | 1767 |
|  Porsche Automobil Holding SE | 102 | 4005 |
|  Sartorius AG | 4 | 873 |
|  Volkswagen AG | 135 | 14685 |
|  Total Preferred Stocks<br> (Cost $27,937) |  | 28382 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **NUMBER OF<br>RIGHTS** | **NUMBER OF<br>RIGHTS** | **VALUE ($)** |
|  **Right** — **0.0% (g)** | **Right** — **0.0% (g)** | **Right** — **0.0% (g)** |  |
|  **Belgium** — **0.0% (g)** |  |  |  |
|  Sofina SA, expiring 10/08/2025 (a)<br> (Cost $-) |  | 15 | 32 |
|  | **PRINCIPAL**<br>**AMOUNT ($)** | **PRINCIPAL**<br>**AMOUNT ($)** |  |
|  **Short-Term Investments** — **0.8%** |  |  |  |
|  **Time Deposits** — **0.8%** |  |  |  |
|  Australia & New Zealand Banking Group Ltd., 3.44%, 10/01/2025 |  | 3816 | 3816 |
|  Brown Brothers Harriman & Co., |  |  |  |
|  (0.60%), 10/01/2025 | CHF | 6305 | 7920 |
|  0.65%, 10/01/2025 | DKK | 29310 | 4610 |
|  0.79%, 10/01/2025 | EUR | — (h) | — (h) |
|  0.82%, 10/01/2025 | SEK | 31274 | 3322 |
|  2.64%, 10/01/2025 | NOK | 8573 | 859 |
|  3.44%, 10/01/2025 |  | — (h) | — (h) |
|  Citibank NA, |  |  |  |
|  0.79%, 10/01/2025 | EUR | 47407 | 55658 |
|  2.92%, 10/01/2025 | GBP | 25991 | 34956 |
|  3.44%, 10/01/2025 |  | 16590 | 16590 |
|  Royal Bank of Canada, |  |  |  |
|  1.33%, 10/01/2025 | CAD | 2975 | 2138 |
|  3.44%, 10/01/2025 |  | 4342 | 4342 |
|  Skandinaviska Enskilda Banken AB, 3.44%, 10/01/2025 |  | 15 | 15 |
|  Sumitomo Mitsui Banking Corp., |  |  |  |
|  0.12%, 10/01/2025 | JPY | 737744 | 4989 |
|  3.44%, 10/01/2025 |  | 1879 | 1879 |
|  Sumitomo Mitsui Trust Bank Ltd., 3.44%, 10/01/2025 |  | 3387 | 3387 |
|  Total Short-Term Investments<br> (Cost $144,481) |  |  | 144481 |
|  **Total Investments** — **99.4%**<br> **(Cost** - **$12,804,075)** |  |  | **18035368** |
|  **Other Assets in Excess of Liabilities** — **0.6%** |  |  | **103944** |
|  **NET ASSETS** — **100.0%** |  |  | $**18139312** |

---

Percentages indicated are based on net assets.

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

**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 | 814 | 12/2025 | EUR | 52075 | 879 |
|  FTSE 100 Index | 260 | 12/2025 | GBP | 32643 | 252 |
|  Mini-DAX | 4 | 12/2025 | EUR | 562 | 2 |
|  OMX Copenhagen 25 Index | 46 | 10/2025 | DKK | 1215 | (36) |
|  S&P Toronto Stock Exchange 60 Index | 11 | 12/2025 | CAD | 2743 | 59 |
|  FTSE Taiwan Index | 13 | 10/2025 | USD | 1125 | (13) |
|  STOXX Europe 600 Index | 331 | 12/2025 | EUR | 10802 | 70 |
|  TOPIX Index | 72 | 12/2025 | JPY | 15222 | 71 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 1284 |

---

**Forward foreign currency exchange contracts outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  EUR | 499 | USD | 585 | BNP Paribas | 10/01/2025 | 1 |
|  EUR | 564 | USD | 661 | BNP Paribas | 10/01/2025 | 1 |
|  EUR | 501 | USD | 587 | BNP Paribas | 10/01/2025 | 1 |
|  GBP | 715 | USD | 960 | UBS AG London | 10/01/2025 | 2 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 5 |
|  USD | 961 | EUR | 819 | Citibank, NA | 10/01/2025 | (1) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | 4 |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| 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/principal or $500. |
| (bb) | Security has been valued using significant unobservable inputs. |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 (continued)** 

---

| | |
|:---|:---|
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| SEK | Swedish Krona |
| USD | United States Dollar |

---

**Summary of Investments by Industry, September 30, 2025** 

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENTAGE** |
|  Banks | 16.8% |
|  Pharmaceuticals | 7.6% |
|  Semiconductors | 7.1% |
|  Aerospace/Defense | 6.7% |
|  Insurance | 6.6% |
|  Software | 4.5% |
|  Food | 4.1% |
|  Telecommunications | 3.8% |
|  Cosmetics/Personal Care | 3.7% |
|  Oil & Gas | 3.5% |
|  Machinery - Construction & Mining | 2.5% |
|  Apparel | 2.4% |
|  Commercial Services | 2.2% |
|  Agriculture | 2.2% |
|  Miscellaneous Manufacturers | 2.1% |
|  Beverages | 2.0% |
|  Electrical Components & Equipment | 1.7% |
|  Electric | 1.7% |
|  Auto Manufacturers | 1.5% |
|  Retail | 1.5% |
|  Diversified Financial Services | 1.4% |
|  Mining | 1.3% |
|  Chemicals | 1.2% |
|  Building Materials | 1.1% |
|  Transportation | 1.0% |
|  Engineering & Construction | 1.0% |
|  Others (Each less than 1.0%) | 8.0% |
|  Short-Term Investments | 0.8% |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 — 105.3%** |  |  |  |
| **Asset-Backed Securities** — **0.5%** |  |  |  |
| **Automobile ABS — 0.1%** |  |  |  |
| Credit Acceptance Auto Loan Trust, |  |  |  |
| Series 2023-3A, Class C, 7.62%, 12/15/2033 (e) |  | 2750 | 2848 |
| Series 2023-5A, Class C, 7.30%, 04/17/2034 (e) |  | 2250 | 2329 |
| Drive Auto Receivables Trust, |  |  |  |
| Series 2024-2, Class C, 4.67%, 05/17/2032 |  | 770 | 773 |
| Series 2024-2, Class D, 4.94%, 05/17/2032 |  | 2500 | 2511 |
| Exeter Automobile Receivables Trust, Series 2024-3A, Class C, 5.70%, 07/16/2029 |  | 1046 | 1061 |
| GM Financial Consumer Automobile Receivables Trust, |  |  |  |
| Series 2023-1, Class A3, 4.66%, 02/16/2028 |  | 909 | 911 |
| Series 2023-1, Class A4, 4.59%, 07/17/2028 |  | 230 | 232 |
| Series 2024-2, Class A3, 5.10%, 03/16/2029 |  | 1175 | 1186 |
| Series 2024-2, Class B, 5.28%, 10/16/2029 |  | 850 | 866 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class D, 5.14%, 02/17/2032 |  | 2950 | 2971 |
| Westlake Automobile Receivables Trust, Series 2023-4A, Class C, 6.64%, 11/15/2028 (e) |  | 325 | 332 |
| Total Automobile ABS |  |  | 16020 |
| **Other ABS — 0.4%** |  |  |  |
| AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.46%, 12/02/2034 (e) (aa) |  | 2100 | 2101 |
| Anchorage Capital CLO 28 Ltd., (Cayman Islands), Series 2024-28A, Class A, (CME Term SOFR 3 Month + 1.70%), 6.03%, 04/20/2037 (e) (aa) |  | 2000 | 2007 |
| Apex Credit CLO 2024-I Ltd., (Bermuda), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.80%), 6.13%, 04/20/2036 (e) (aa) |  | 1000 | 1005 |
| Avant Loans Funding Trust, Series 2025-REV1, Class B, 5.42%, 05/15/2034 (e) |  | 250 | 252 |
| Bain Capital Credit CLO 2022-2 Ltd., (Jersey, Channel Islands), Series 2022-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.48%, 04/22/2035 (e) (aa) |  | 3000 | 3004 |
| BlueMountain CLO 2016-3 Ltd., (Cayman Islands), Series 2016-3A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 5.41%, 11/15/2030 (e) (aa) |  | 356 | 356 |
| Cedar Funding VI CLO Ltd., (Cayman Islands), Series 2016-6A, Class ARR, (CME Term SOFR 3 Month + 1.31%), 5.64%, 04/20/2034 (e) (aa) |  | 1000 | 1001 |
| CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 5.53%, 10/24/2030 (e) (aa) |  | 838 | 839 |
| Diameter Capital CLO 6 Ltd., (Cayman Islands), Series 2024-6A, Class A1, (CME Term SOFR 3 Month + 1.61%), 5.93%, 04/15/2037 (e) (aa) |  | 2700 | 2712 |
| Dryden 27 R Euro CLO 2017 DAC, (Ireland), Series 2017-27A, Class AR, (EURIBOR 3 Month + 0.66%), 2.69%, 04/15/2033 (e) (aa) | EUR | 5444 | 6371 |
| Flatiron CLO 19 Ltd., (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.18%), 5.37%, 11/16/2034 (e) (aa) |  | 829 | 830 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Other ABS — continued** |  |  |
| Generate CLO 3 Ltd., (Cayman Islands), Series 3A, Class A2R, (CME Term SOFR 3 Month + 1.83%), 6.16%, 10/20/2036 (e) (aa) | 2400 | 2417 |
| ICG US CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class ARR, (CME Term SOFR 3 Month + 1.10%), 5.43%, 01/20/2035 (e) (aa) | 2065 | 2072 |
| KKR CLO 28 Ltd., (Cayman Islands), Series 28A, Class AR, (CME Term SOFR 3 Month + 1.44%), 5.76%, 02/09/2035 (e) (aa) | 1100 | 1104 |
| Northwoods Capital 25 Ltd., (Cayman Islands), Series 2021-25A, Class AR, (CME Term SOFR 3 Month + 1.12%), 4.86%, 07/20/2034 (e) (aa) | 2400 | 2397 |
| Octagon Investment Partners 39 Ltd., (Cayman Islands), Series 2018-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.48%, 10/20/2030 (e) (aa) | 1158 | 1158 |
| Palmer Square CLO 2015-1 Ltd., (Cayman Islands), Series 2015-1A, Class A1A5, (CME Term SOFR 3 Month + 1.05%), 5.26%, 05/21/2034 (e) (aa) | 8000 | 8005 |
| Regatta XIX Funding Ltd., (Cayman Islands), Series 2022-1A, Class A1, (CME Term SOFR 3 Month + 1.32%), 5.65%, 04/20/2035 (e) (aa) | 1000 | 1000 |
| Romark CLO V Ltd., (Cayman Islands), Series 2021-5A, Class AR, (CME Term SOFR 3 Month + 1.19%), 5.48%, 01/15/2035 (e) (aa) | 2500 | 2508 |
| Shackleton 2019-XIV CLO Ltd., (Cayman Islands), Series 2019-14A, Class A1RR, (CME Term SOFR 3 Month + 1.20%), 5.53%, 07/20/2034 (e) (aa) | 2000 | 2002 |
| Sound Point CLO XXIII, (Cayman Islands), Series 2019-2A, Class AR, (CME Term SOFR 3 Month + 1.43%), 5.75%, 07/15/2034 (e) (aa) | 500 | 501 |
| Sycamore Tree CLO 2023-2 Ltd., (Cayman Islands), Series 2023-2A, Class AR, (CME Term SOFR 3 Month + 1.68%), 6.01%, 01/20/2037 (e) (aa) | 1600 | 1607 |
| TCW CLO 2024-1 Ltd., (Cayman Islands), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.60%), 5.92%, 01/16/2037 (e) (aa) | 700 | 703 |
| Trinitas CLO XVII Ltd., (Cayman Islands), Series 2021-17A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.31%, 10/20/2034 (e) (aa) | 3600 | 3596 |
| Upstart Securitization Trust, Series 2025-3, Class B, 5.02%, 09/20/2035 (e) | 800 | 799 |
| Venture 33 CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (CME Term SOFR 3 Month + 1.32%), 5.64%, 07/15/2031 (e) (aa) | 234 | 234 |
| Voya CLO 2017-1 Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 5.53%, 04/17/2030 (e) (aa) | 280 | 280 |
| Wellfleet CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class A1R, (CME Term SOFR 3 Month + 1.18%), 5.51%, 04/20/2034 (e) (aa) | 1400 | 1401 |
| Total Other ABS |  | 52262 |
| Total Asset-Backed Securities<br>(Cost $68,297) |  | 68282 |
| **Collateralized Mortgage Obligations** — **1.7%** |  |  |
| **Agency Collateral PAC CMO — 0.0% (g)** |  |  |
| FHLMC REMICS, |  |  |
| Series 4056, Class GS, IF, IO, (6.54% - United States 30 Day Average SOFR), 2.16%,<br> 12/15/2041 (aa) | 268 | 25 |
| Series 4134, Class PI, IO, 3.00%, 11/15/2042 | 370 | 37 |
| Series 4147, Class JI, IO, 3.50%, 12/15/2032 | 3014 | 213 |
| Series 4881, Class IK, IO, 4.00%, 05/15/2049 | 1390 | 268 |
| Series 5013, Class IQ, IO, 3.50%, 09/25/2050 | 4136 | 690 |
| Series 5045, Class DI, IO, 2.50%, 11/25/2050 | 2423 | 335 |
| Series 5056, Class PI, IO, 2.50%, 12/25/2050 | 7177 | 966 |
| Series 5065, Class IG, IO, 3.00%, 01/25/2051 | 2885 | 524 |
| Series 5109, Class IE, IO, 2.50%, 05/25/2051 | 884 | 113 |
| Series 5210, Class AI, IO, 3.50%, 01/25/2042 | 3326 | 371 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Agency Collateral PAC CMO — continued** |  |  |
| FNMA REMICS, |  |  |
| Series 2018-77, Class PF, (United States 30 Day Average SOFR + 0.41%), 4.77%, 10/25/2048 (aa) | 1650 | 1595 |
| Series 2020-86, Class PI, IO, 2.50%, 12/25/2050 | 2823 | 427 |
| Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051 | 812 | 141 |
| Series 2021-47, Class PI, IO, 2.50%, 07/25/2051 | 565 | 68 |
| Total Agency Collateral PAC CMO |  | 5773 |
| **Agency Collateral Supp CMO — 0.0% (g)** |  |  |
| FNMA REMICS, Series 2014-34, Class US, IF, (8.37% - United States 30 Day Average SOFR), 0.00%, 06/25/2044 (aa) (aa) | 67 | 61 |
| **Agency Collateral CMO — 1.5%** |  |  |
| FHLMC REMICS, |  |  |
| Series 3404, Class SA, IF, IO, (5.89% - United States 30 Day Average SOFR), 1.51%,<br> 01/15/2038 (aa) | 800 | 63 |
| Series 3680, Class SA, IF, IO, (4.89% - United States 30 Day Average SOFR), 0.51%,<br> 06/15/2040 (aa) | 1792 | 124 |
| Series 4023, Class S, IF, IO, (6.14% - United States 30 Day Average SOFR), 1.76%,<br> 03/15/2042 (aa) | 828 | 90 |
| Series 4165, Class TI, IO, 3.00%, 12/15/2042 | 329 | 16 |
| Series 4368, Class CZ, SUB, 3.75%, 11/15/2041 | 2131 | 2066 |
| Series 4598, Class IK, IO, 3.50%, 03/15/2046 | 485 | 79 |
| Series 4710, Class EI, IO, 3.50%, 11/15/2031 | 1826 | 96 |
| Series 4751, Class EF, (United States 30 Day Average SOFR + 0.36%), 4.74%, 05/15/2041 (aa) | 1871 | 1843 |
| Series 4764, Class WF, (United States 30 Day Average SOFR + 0.41%), 4.79%, 02/15/2048 (aa) | 3959 | 3827 |
| Series 4790, Class F, (United States 30 Day Average SOFR + 0.30%), 4.68%, 10/15/2043 (aa) | 1414 | 1385 |
| Series 4825, Class SE, IF, IO, (6.09% - United States 30 Day Average SOFR), 1.71%,<br> 09/15/2048 (aa) | 3289 | 458 |
| Series 4830, Class IL, IO, 4.50%, 04/15/2048 | 1416 | 338 |
| Series 4888, Class IB, IO, 4.00%, 03/15/2047 | 261 | 41 |
| Series 4930, Class IP, IO, 3.50%, 09/25/2048 | 4082 | 472 |
| Series 4990, Class MI, IO, 4.00%, 07/25/2050 | 3441 | 756 |
| Series 5003, Class AS, IF, IO, (5.99% - United States 30 Day Average SOFR), 1.63%,<br> 08/25/2050 (aa) | 6203 | 935 |
| Series 5016, Class PI, IO, 3.00%, 09/25/2050 | 9180 | 1602 |
| Series 5023, Class BI, IO, 2.00%, 10/25/2050 | 18360 | 2400 |
| Series 5034, Class MI, IO, 2.00%, 11/25/2050 | 1749 | 236 |
| Series 5034, Class YI, IO, 4.00%, 11/25/2050 | 2206 | 424 |
| Series 5038, Class MI, IO, 4.00%, 11/25/2050 | 900 | 189 |
| Series 5047, Class CI, IO, 2.00%, 12/25/2050 | 1529 | 173 |
| Series 5051, Class IP, IO, 3.00%, 12/25/2050 | 9121 | 1566 |
| Series 5062, Class EI, IO, 2.00%, 01/25/2051 | 3284 | 386 |
| Series 5069, Class DI, IO, 3.50%, 02/25/2041 | 987 | 136 |
| Series 5069, Class LI, IO, 2.50%, 02/25/2051 | 12682 | 1787 |
| Series 5071, Class IN, IO, 4.00%, 08/25/2050 | 4630 | 973 |
| Series 5081, Class EI, IO, 2.50%, 03/25/2051 | 17188 | 2326 |
| Series 5087, Class IL, IO, 3.00%, 03/25/2051 | 1700 | 279 |
| Series 5124, Class LI, IO, 4.50%, 07/25/2051 | 8781 | 2149 |
| Series 5157, Class IA, IO, 3.00%, 10/25/2051 | 41963 | 6496 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 5202, Class UI, IO, 3.50%, 01/25/2052 | 3388 | 556 |
| Series 5227, Class EI, IO, 4.00%, 04/25/2050 | 3272 | 278 |
| Series 5229, Class KI, IO, 4.50%, 08/25/2049 | 691 | 111 |
| Series 5383, Class AF, (United States 30 Day Average SOFR + 1.00%), 5.35%, 08/15/2048 (aa) | 673 | 677 |
| FHLMC STRIPs, |  |  |
| Series 365, Class C2, IO, 4.00%, 06/15/2049 | 3111 | 688 |
| Series 399, Class C29, IO, 2.00%, 06/25/2052 | 8710 | 1085 |
| Series 399, Class C30, IO, 2.00%, 06/25/2051 | 67999 | 8349 |
| FNMA Interest STRIP, |  |  |
| Series 379, Class S56, IF, IO, (7.79% - United States 30 Day Average SOFR), 3.43%,<br> 05/25/2037 (aa) | 283 | 42 |
| Series 405, Class 1, PO, Zero Coupon, 10/25/2040 | 235 | 187 |
| Series 406, Class 23, IO, 6.00%, 11/25/2040 (z) | 105 | 22 |
| Series 413, Class C32, IO, 4.00%, 11/25/2039 | 1108 | 168 |
| Series 429, Class 161, IO, 2.00%, 03/25/2051 | 2541 | 265 |
| Series 429, Class 162, IO, 2.00%, 03/25/2051 | 1973 | 206 |
| Series 429, Class 163, IO, 2.00%, 02/25/2051 | 461 | 47 |
| Series 429, Class 164, IO, 2.00%, 03/25/2051 | 874 | 93 |
| FNMA REMICS, |  |  |
| Series 2007-30, Class JS, IF, IO, (6.33% - United States 30 Day Average SOFR), 1.97%, 04/25/2037 (aa) | 1105 | 137 |
| Series 2012-35, Class SP, IF, IO, (6.39% - United States 30 Day Average SOFR), 2.03%, 04/25/2042 (aa) | 1705 | 215 |
| Series 2012-53, Class IO, IO, 3.50%, 05/25/2027 | 104 | 1 |
| Series 2012-135, Class SB, IF, IO, (5.99% - United States 30 Day Average SOFR), 1.63%, 12/25/2042 (aa) | 752 | 88 |
| Series 2013-30, Class CA, 1.50%, 04/25/2043 | 1074 | 906 |
| Series 2013-109, Class BO, PO, Zero coupon, 07/25/2043 | 411 | 236 |
| Series 2014-47, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.81%, 08/25/2054 (aa) | 1813 | 1776 |
| Series 2016-26, Class SY, IF, (6.77% - United States 30 Day Average SOFR), 0.00%,<br> 11/25/2042 (aa) | 514 | 336 |
| Series 2016-40, Class EF, (United States 30 Day Average SOFR + 0.56%), 4.91%, 07/25/2046 (aa) | 431 | 429 |
| Series 2016-63, Class AS, IF, IO, (5.89% - United States 30 Day Average SOFR), 1.53%, 09/25/2046 (aa) | 1171 | 145 |
| Series 2016-68, Class WI, IO, 1.77%, 10/25/2046 (z) | 2887 | 233 |
| Series 2016-71, Class NI, IO, 3.50%, 04/25/2046 | 594 | 69 |
| Series 2017-97, Class BF, (United States 30 Day Average SOFR + 0.41%), 4.77%, 12/25/2047 (aa) | 3733 | 3630 |
| Series 2018-67, Class HF, (United States 30 Day Average SOFR + 0.41%), 4.77%, 09/25/2048 (aa) | 2044 | 1981 |
| Series 2018-67, Class SH, IF, IO, (6.09% - United States 30 Day Average SOFR), 1.73%, 09/25/2048 (aa) | 2561 | 342 |
| Series 2019-47, Class SI, IO, 1.80%, 08/25/2049 (z) | 8288 | 904 |
| Series 2019-48, Class IB, IO, 0.65%, 06/25/2039 (z) | 16649 | 292 |
| Series 2019-53, Class IA, IO, 1.78%, 09/25/2049 (z) | 16984 | 1574 |
| Series 2019-68, Class US, IF, IO, (5.89% - United States 30 Day Average SOFR), 1.53%, 11/25/2049 (aa) | 5677 | 746 |
| Series 2019-78, Class DI, IO, 4.50%, 11/25/2049 | 462 | 85 |
| Series 2020-29, Class SA, IO, 1.52%, 05/25/2050 (z) | 3668 | 223 |
| Series 2020-33, Class IO, IO, 1.45%, 05/25/2050 (z) | 8358 | 513 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 2020-42, Class CI, IO, 3.00%, 06/25/2050 | 10790 | 1572 |
| Series 2020-60, Class BI, IO, 3.50%, 09/25/2050 | 9700 | 1702 |
| Series 2020-68, Class CI, IO, 3.00%, 10/25/2050 | 7337 | 1303 |
| Series 2020-74, Class PI, IO, 2.00%, 12/25/2049 | 8680 | 1044 |
| Series 2020-89, Class IG, IO, 3.00%, 12/25/2050 | 1284 | 218 |
| Series 2020-89, Class IM, IO, 2.00%, 12/25/2050 | 8804 | 1147 |
| Series 2020-89, Class LI, IO, 3.00%, 12/25/2050 | 10013 | 1710 |
| Series 2021-3, Class TI, IO, 2.50%, 02/25/2051 | 2326 | 395 |
| Series 2021-8, Class WI, IO, 1.97%, 03/25/2051 (z) | 9284 | 763 |
| Series 2021-8, Class YF, (United States 30 Day Average SOFR + 0.20%), 4.55%, 03/25/2061 (aa) | 6015 | 6031 |
| Series 2021-36, Class YI, IO, 1.98%, 06/25/2061 (z) | 10827 | 878 |
| Series 2022-52, Class IH, IO, 3.00%, 03/25/2051 | 9069 | 1563 |
| Series 2024-10, Class AF, (United States 30 Day Average SOFR + 0.90%), 5.25%, 12/25/2050 (aa) | 1857 | 1852 |
| Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.15%, 01/25/2051 (aa) | 4687 | 4695 |
| GNMA, |  |  |
| Series 2015-H03, Class FA, (CME Term SOFR 1 Month + 0.61%), 4.97%, 12/20/2064 (aa) | 13 | 13 |
| Series 2015-H33, Class FA, (CME Term SOFR 1 Month + 0.77%), 5.13%, 12/20/2065 (aa) | 4203 | 4206 |
| Series 2017-H03, Class HA, 3.00%, 01/20/2067 | 1989 | 1951 |
| Series 2018-H01, Class FA, (CME Term SOFR 1 Year + 0.87%), 5.10%, 01/20/2068 (aa) | 1985 | 1996 |
| Series 2019-65, Class ID, IO, 4.00%, 02/20/2049 | 988 | 122 |
| Series 2019-H02, Class JA, 3.50%, 12/20/2068 | 1684 | 1617 |
| Series 2019-H06, Class PT, 3.50%, 01/20/2069 (z) | 1485 | 1438 |
| Series 2019-H08, Class FE, (CME Term SOFR 1 Month + 0.76%), 5.12%, 01/20/2069 (aa) | 4664 | 4637 |
| Series 2019-H15, Class GA, 2.25%, 08/20/2069 | 89 | 87 |
| Series 2019-H16, Class FD, (CME Term SOFR 1 Month + 0.91%), 5.27%, 10/20/2069 (aa) | 2068 | 2075 |
| Series 2020-142, Class LI, IO, 2.50%, 09/20/2050 | 8993 | 1288 |
| Series 2020-142, Class MT, IF, IO, (6.04% - CME Term SOFR 1 Month), 0.05%, 07/20/2047 (aa) | 10511 | 19 |
| Series 2020-142, Class TN, IF, IO, (6.09% - CME Term SOFR 1 Month), 0.10%, 09/20/2047 (aa) | 14028 | 55 |
| Series 2020-176, Class FW, (CME Term SOFR 1 Month + 0.41%), 4.00%, 11/20/2050 (aa) | 2315 | 2073 |
| Series 2020-H12, Class F, (CME Term SOFR 1 Month + 0.61%), 4.97%, 07/20/2070 (aa) | 1332 | 1319 |
| Series 2020-H13, Class FA, (CME Term SOFR 1 Month + 0.56%), 4.92%, 07/20/2070 (aa) | 8404 | 8285 |
| Series 2020-H14, Class FH, (CME Term SOFR 1 Month + 1.36%), 5.72%, 08/20/2070 (aa) | 6718 | 6832 |
| Series 2020-H15, Class FH, (CME Term SOFR 1 Month + 1.16%), 5.52%, 07/20/2070 (aa) | 2454 | 2483 |
| Series 2020-H15, Class FK, (CME Term SOFR 1 Month + 1.36%), 5.72%, 04/20/2070 (aa) | 4411 | 4477 |
| Series 2020-H16, Class FN, (CME Term SOFR 1 Month + 1.36%), 5.72%, 09/20/2070 (aa) | 1657 | 1685 |
| Series 2021-23, Class GI, IO, 2.00%, 02/20/2051 | 9944 | 1175 |
| Series 2021-44, Class TF, (United States 30 Day Average SOFR + 0.30%), 4.00%, 03/20/2051 (aa) | 2186 | 1975 |
| Series 2021-122, Class IT, IO, 2.50%, 07/20/2051 | 10001 | 1488 |
| Series 2021-206, Class IG, IO, 2.50%, 09/20/2051 | 8184 | 736 |
| Series 2021-223, Class QI, IO, 2.50%, 10/20/2051 | 8844 | 917 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 2021-H03, Class ML, 6.58%, 01/20/2071 (z) | 4330 | 4363 |
| Series 2021-H05, Class FJ, (United States 30 Day Average SOFR + 0.75%), 5.14%, 03/20/2071 (aa) | 232 | 231 |
| Series 2021-H12, Class DF, (United States 30 Day Average SOFR + 1.50%), 5.89%, 08/20/2071 (aa) | 1958 | 2003 |
| Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 5.89%, 09/20/2071 (aa) | 7584 | 7753 |
| Series 2021-H15, Class HB, 1.25%, 09/20/2065 | 103 | 96 |
| Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 5.89%, 09/20/2071 (aa) | 9828 | 10056 |
| Series 2022-H09, Class FA, (United States 30 Day Average SOFR + 0.67%), 5.06%, 04/20/2072 (aa) | 773 | 767 |
| Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2073 (aa) | 2807 | 2811 |
| Series 2023-H02, Class FL, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2073 (aa) | 8130 | 8174 |
| Series 2023-H02, Class JF, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2073 (aa) | 6505 | 6537 |
| Series 2023-H03, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.26%, 02/20/2073 (aa) | 11396 | 11437 |
| Series 2023-H09, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.19%, 04/20/2073 (aa) | 1741 | 1743 |
| Series 2023-H11, Class FC, (United States 30 Day Average SOFR + 1.10%), 5.49%, 05/20/2073 (aa) | 8230 | 8348 |
| Series 2023-H11, Class FD, (United States 30 Day Average SOFR + 1.15%), 5.54%, 05/20/2073 (aa) | 1414 | 1429 |
| Series 2023-H15, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.39%, 03/20/2073 (aa) | 1997 | 2007 |
| Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.49%, 11/20/2073 (aa) | 4577 | 4641 |
| Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2074 (aa) | 2863 | 2872 |
| Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.32%, 01/20/2074 (aa) | 5023 | 5045 |
| Series 2024-H02, Class FJ, (United States 30 Day Average SOFR + 1.00%), 5.39%, 12/20/2073 (aa) | 3827 | 3846 |
| Series 2024-H07, Class FC, (United States 30 Day Average SOFR + 0.65%), 5.04%, 02/20/2074 (aa) | 1977 | 1975 |
| Series 2024-H11, Class FD, (United States 30 Day Average SOFR + 0.90%), 5.29%, 07/20/2074 (aa) | 2997 | 3005 |
| Series 2025-79, Class NA, 3.50%, 11/20/2049 | 3182 | 3096 |
| Total Agency Collateral CMO |  | 231403 |
| **WL Collateral CMO — 0.2%** |  |  |
| Citigroup Mortgage Loan Trust, |  |  |
| Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z) | 5176 | 4292 |
| Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 5.00%,<br> 05/25/2051 (e) (aa) | 366 | 339 |
| GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z) | 942 | 782 |
| IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e) | 1259 | 1229 |
| MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z) | 1173 | 1148 |
| 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) | 1613 | 1496 |
| OBX Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 10/25/2051 (e) (aa) | 386 | 360 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **WL Collateral CMO — continued** |  |  |
| PMT Loan Trust, |  |  |
| Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%,<br> 07/25/2051 (e) (aa) | 7570 | 7047 |
| Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z) | 3598 | 2991 |
| PRET Trust, Series 2024-RPL1, Class A1, 3.90%, 10/25/2063 (e) (z) | 798 | 773 |
| PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e) | 3688 | 3696 |
| PRPM Trust, Series 2024-NQM2, Class A1, SUB, 6.33%, 06/25/2069 (e) | 763 | 780 |
|  Total WL Collateral CMO |  | 24933 |
|  Total Collateralized Mortgage Obligations<br>(Cost $276,851) |  | 262170 |
| **Commercial Mortgage-Backed Securities** — **0.4%** |  |  |
| **Commercial MBS — 0.4%** |  |  |
| AREIT LLC, (Bermuda), Series 2023-CRE8, Class A, (CME Term SOFR 1 Month + 2.11%), 6.25%, 08/17/2041 (e) (aa) | 1498 | 1498 |
| BANK, |  |  |
| Series 2017-BNK7, Class AS, 3.75%, 09/15/2060 | 750 | 734 |
| Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z) | 500 | 498 |
| Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z) | 1235 | 1235 |
| Barclays Commercial Mortgage Trust, |  |  |
| Series 2019-C5, Class A4, 3.06%, 11/15/2052 | 1000 | 951 |
| Series 2019-C5, Class ASB, 2.99%, 11/15/2052 | 393 | 386 |
| BBCMS Mortgage Trust, |  |  |
| Series 2020-C6, Class ASB, 2.60%, 02/15/2053 | 523 | 507 |
| Series 2020-C7, Class A5, 2.04%, 04/15/2053 | 210 | 188 |
| BCP Trust, Series 2021-330N, Class A, (CME Term SOFR 1 Month + 0.91%), 5.06%,<br> 06/15/2038 (e) (aa) | 2800 | 2478 |
| Benchmark Mortgage Trust, |  |  |
| Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z) | 350 | 318 |
| Series 2020-B17, Class A5, 2.29%, 03/15/2053 | 500 | 449 |
| Series 2020-B20, Class A5, 2.03%, 10/15/2053 | 750 | 660 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.77%, 06/15/2056 | 832 | 877 |
| BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.51%, 09/15/2036 (e) (aa) | 4600 | 4455 |
| BX Commercial Mortgage Trust, Series 2021-21M, Class A, (CME Term SOFR 1 Month + 0.84%), 4.99%, 10/15/2036 (e) (aa) | 893 | 892 |
| CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050 | 340 | 338 |
| CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050 | 1100 | 1083 |
| Citigroup Commercial Mortgage Trust, |  |  |
| Series 2015-GC33, Class AS, 4.11%, 09/10/2058 | 145 | 144 |
| Series 2019-GC41, Class AS, 3.02%, 08/10/2056 | 250 | 230 |
| CSMC, Series 2020-FACT, Class A, (CME Term SOFR 1 Month + 1.96%), 6.12%,<br> 10/15/2037 (e) (aa) | 2100 | 2079 |
| FHLMC Multifamily Structured Pass Through Certificates, |  |  |
| Series K057, Class A2, 2.57%, 07/25/2026 | 781 | 772 |
| Series K063, Class A2, 3.43%, 01/25/2027 (z) | 1000 | 994 |
| Series K071, Class A2, 3.29%, 11/25/2027 | 500 | 494 |
| Series K073, Class A2, 3.35%, 01/25/2028 | 1000 | 988 |
| Series K075, Class A2, 3.65%, 02/25/2028 (z) | 500 | 497 |
| Series K094, Class A2, 2.90%, 06/25/2029 | 112 | 108 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** |
| **Commercial Mortgage-Backed Securities** — **continued** |  |  |  |
| **Commercial MBS — continued** |  |  |  |
| Series K103, Class A2, 2.65%, 11/25/2029 |  | 500 | 475 |
| Series K108, Class A2, 1.52%, 03/25/2030 |  | 304 | 274 |
| Series K117, Class A2, 1.41%, 08/25/2030 |  | 1500 | 1327 |
| Series K118, Class A2, 1.49%, 09/25/2030 |  | 500 | 443 |
| Series K755, Class A2, 5.20%, 02/25/2031 |  | 2000 | 2099 |
| Series KJ50, Class A2, 4.23%, 10/25/2034 (z) |  | 5900 | 5832 |
| Series Q034, Class APT2, 2.87%, 07/25/2054 (z) |  | 5640 | 5360 |
| Series K-152, Class A2, 3.78%, 11/25/2032 (z) |  | 2500 | 2422 |
| Series K-161, Class A2, 4.90%, 10/25/2033 (z) |  | 1500 | 1557 |
| FNMA-ACES, |  |  |  |
| Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z) |  | 314 | 310 |
| Series 2016-M5, Class A2, 2.47%, 04/25/2026 |  | 392 | 388 |
| Series 2017-M11, Class A2, 2.98%, 08/25/2029 |  | 831 | 798 |
| Series 2017-M12, Class A2, 3.16%, 06/25/2027 (z) |  | 82 | 80 |
| Series 2017-M13, Class A2, 3.03%, 09/25/2027 (z) |  | 448 | 440 |
| Series 2018-M8, Class A2, 3.42%, 06/25/2028 (z) |  | 789 | 778 |
| Series 2020-M46, Class A2, 1.32%, 05/25/2030 |  | 976 | 876 |
| GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 |  | 250 | 237 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |
| Series 2016-C29, Class A4, 3.33%, 05/15/2049 |  | 500 | 496 |
| Series 2016-C31, Class A5, 3.10%, 11/15/2049 |  | 500 | 493 |
| Series 2016-C32, Class A4, 3.72%, 12/15/2049 |  | 1000 | 992 |
| UBS Commercial Mortgage Trust, |  |  |  |
| Series 2018-C11, Class AS, 4.49%, 06/15/2051 (z) |  | 1463 | 1434 |
| Series 2018-C11, Class ASB, 4.12%, 06/15/2051 |  | 355 | 353 |
| Series 2018-C12, Class A5, 4.30%, 08/15/2051 |  | 1380 | 1367 |
| Wells Fargo Commercial Mortgage Trust, |  |  |  |
| Series 2017-C39, Class A5, 3.42%, 09/15/2050 |  | 1000 | 978 |
| Series 2017-C40, Class A4, 3.58%, 10/15/2050 |  | 550 | 543 |
| Series 2018-C44, Class A5, 4.21%, 05/15/2051 |  | 1000 | 994 |
| Series 2021-C60, Class A4, 2.34%, 08/15/2054 |  | 550 | 489 |
| Total Commercial MBS |  |  | 55688 |
| Total Commercial Mortgage-Backed Securities<br> (Cost $58,413) |  |  | 55688 |
| **Corporate Bonds** — **13.8%** |  |  |  |
| **Basic Materials** — **0.3%** |  |  |  |
| **Chemicals** — **0.2%** |  |  |  |
| Air Products and Chemicals, Inc., |  |  |  |
| 2.05%, 05/15/2030 |  | 85 | 78 |
| 2.80%, 05/15/2050 |  | 5 | 3 |
| 3.25%, 06/16/2032 | EUR | 5800 | 6783 |
| 4.00%, 03/03/2035 | EUR | 900 | 1090 |
| CF Industries, Inc., 4.50%, 12/01/2026 (e) |  | 1800 | 1803 |
| Dow Chemical Co. (The), 5.25%, 11/15/2041 |  | 600 | 553 |
| DuPont de Nemours, Inc., |  |  |  |
| 4.73%, 11/15/2028 |  | 854 | 861 |
| 5.32%, 11/15/2038 |  | 24 | 25 |
| 5.42%, 11/15/2048 |  | 297 | 293 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Chemicals — continued** |  |  |  |
| Ecolab, Inc., |  |  |  |
| 1.30%, 01/30/2031 |  | 26 | 22 |
| 2.13%, 02/01/2032 |  | 75 | 66 |
| 2.70%, 12/15/2051 |  | 2 | 1 |
| FMC Corp., 5.65%, 05/18/2033 |  | 1665 | 1665 |
| Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027 | EUR | 100 | 115 |
| LANXESS AG, (Germany), Reg. S, 0.63%, 12/01/2029 | EUR | 100 | 106 |
| Linde Finance BV, (Netherlands), |  |  |  |
| Reg. S, 0.25%, 05/19/2027 | EUR | 200 | 227 |
| Reg. S, 0.55%, 05/19/2032 | EUR | 800 | 796 |
| Linde plc, (Ireland), |  |  |  |
| Reg. S, 0.00%, 09/30/2026 | EUR | 500 | 574 |
| Reg. S, 1.00%, 09/30/2051 | EUR | 200 | 123 |
| LYB International Finance BV, (Netherlands), 4.88%, 03/15/2044 |  | 30 | 26 |
| LYB International Finance III LLC, 5.50%, 03/01/2034 |  | 85 | 85 |
| Nutrien Ltd., (Canada), |  |  |  |
| 5.25%, 03/12/2032 |  | 1000 | 1031 |
| 5.40%, 06/21/2034 |  | 820 | 845 |
| PPG Industries, Inc., 1.20%, 03/15/2026 |  | 5 | 5 |
| RPM International, Inc., |  |  |  |
| 2.95%, 01/15/2032 |  | 50 | 45 |
| 3.75%, 03/15/2027 |  | 190 | 189 |
| 4.55%, 03/01/2029 |  | 50 | 50 |
| Sherwin-Williams Co. (The), 4.80%, 09/01/2031 |  | 20 | 20 |
| Syensqo SA, (Belgium), Reg. S, 2.75%, 12/02/2027 | EUR | 200 | 236 |
| Yara International ASA, (Norway), 3.15%, 06/04/2030 (e) |  | 2000 | 1878 |
|  |  |  | 19594 |
| **Forest Products & Paper — 0.0% (g)** |  |  |  |
| Georgia-Pacific LLC, 8.88%, 05/15/2031 |  | 10 | 12 |
| **Iron/Steel — 0.0% (g)** |  |  |  |
| Steel Dynamics, Inc., 3.25%, 01/15/2031 |  | 2640 | 2495 |
| **Mining** — **0.1%** |  |  |  |
| Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039 |  | 920 | 977 |
| BHP Billiton Finance USA Ltd., (Australia), |  |  |  |
| 4.75%, 02/28/2028 |  | 10 | 10 |
| 5.25%, 09/08/2030 |  | 9 | 9 |
| 5.30%, 02/21/2035 |  | 2450 | 2550 |
| Freeport-McMoRan, Inc., |  |  |  |
| 4.13%, 03/01/2028 |  | 1500 | 1491 |
| 5.40%, 11/14/2034 |  | 4 | 4 |
| 5.45%, 03/15/2043 |  | 30 | 29 |
| Kinross Gold Corp., (Canada), |  |  |  |
| 4.50%, 07/15/2027 |  | 2500 | 2510 |
| 6.25%, 07/15/2033 |  | 1070 | 1168 |
| Newmont Corp. / Newcrest Finance Pty Ltd, 5.35%, 03/15/2034 |  | 450 | 469 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Mining** — **continued** |  |  |  |
| Norsk Hydro ASA, (Norway), Reg. S, 2.00%, 04/11/2029 | EUR | 800 | 913 |
| Rio Tinto Finance USA Ltd., (Australia), 2.75%, 11/02/2051 |  | 26 | 16 |
| Rio Tinto Finance USA plc, (United Kingdom), |  |  |  |
| 4.50%, 03/14/2028 |  | 115 | 116 |
| 4.88%, 03/14/2030 |  | 800 | 820 |
| 5.00%, 03/14/2032 |  | 720 | 740 |
| 5.25%, 03/14/2035 |  | 190 | 196 |
| 5.75%, 03/14/2055 |  | 50 | 52 |
| Silfin NV, (Belgium), Reg. S, 5.13%, 07/17/2030 | EUR | 2500 | 3098 |
| Southern Copper Corp., |  |  |  |
| 5.25%, 11/08/2042 |  | 127 | 123 |
| 5.88%, 04/23/2045 |  | 60 | 62 |
| Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031 |  | 2705 | 2411 |
|  |  |  | 17764 |
| Total Basic Materials |  |  | 39865 |
| **Communications — 0.8%** |  |  |  |
| **Advertising — 0.0% (g)** |  |  |  |
|  Omnicom Group, Inc., 5.30%, 11/01/2034 |  | 50 | 51 |
|  Publicis Groupe SA, (France), Reg. S, 3.38%, 06/12/2032 | EUR | 1400 | 1644 |
|  |  |  | 1695 |
| **Internet — 0.2%** |  |  |  |
| Alibaba Group Holding Ltd., (Cayman Islands), 5.25%, 05/26/2035 (e) |  | 175 | 183 |
| Alphabet, Inc., |  |  |  |
| 1.90%, 08/15/2040 |  | 700 | 478 |
| 2.25%, 08/15/2060 |  | 25 | 14 |
| 3.38%, 05/06/2037 | EUR | 3000 | 3474 |
| 3.88%, 05/06/2045 | EUR | 1400 | 1622 |
| 5.30%, 05/15/2065 |  | 40 | 40 |
| AppLovin Corp., |  |  |  |
| 5.38%, 12/01/2031 |  | 100 | 103 |
| 5.50%, 12/01/2034 |  | 60 | 62 |
| Booking Holdings, Inc., |  |  |  |
| 0.50%, 03/08/2028 | EUR | 4500 | 5035 |
| 1.80%, 03/03/2027 | EUR | 1500 | 1747 |
| 3.63%, 11/12/2028 | EUR | 339 | 410 |
| 4.13%, 05/09/2038 | EUR | 2000 | 2387 |
| 4.50%, 11/15/2031 | EUR | 1869 | 2353 |
| Expedia Group, Inc., 4.63%, 08/01/2027 |  | 700 | 705 |
| Meta Platforms, Inc., |  |  |  |
| 4.55%, 08/15/2031 |  | 95 | 97 |
| 5.55%, 08/15/2064 |  | 255 | 253 |
| Netflix, Inc., |  |  |  |
| Reg. S, 3.63%, 06/15/2030 | EUR | 4601 | 5585 |
| 5.40%, 08/15/2054 |  | 20 | 20 |
| Prosus NV, (Netherlands), |  |  |  |
| Reg. S, 1.29%, 07/13/2029 | EUR | 741 | 814 |
| Reg. S, 1.54%, 08/03/2028 | EUR | 1000 | 1132 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Internet — continued** |  |  |  |
| Reg. S, 1.99%, 07/13/2033 | EUR | 3637 | 3738 |
| Reg. S, 2.09%, 01/19/2030 | EUR | 1000 | 1122 |
| Reg. S, 4.34%, 07/15/2035 | EUR | 1300 | 1537 |
| Uber Technologies, Inc., 5.35%, 09/15/2054 |  | 15 | 15 |
| VeriSign, Inc., |  |  |  |
| 2.70%, 06/15/2031 |  | 79 | 71 |
| 4.75%, 07/15/2027 |  | 27 | 27 |
| 5.25%, 06/01/2032 |  | 70 | 72 |
|  |  |  | 33096 |
| **Media — 0.1%** |  |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |  |
| 3.50%, 03/01/2042 |  | 914 | 658 |
| 3.70%, 04/01/2051 |  | 894 | 590 |
| 5.13%, 07/01/2049 |  | 1245 | 1027 |
| Comcast Corp., |  |  |  |
| 0.25%, 09/14/2029 | EUR | 3100 | 3292 |
| 1.50%, 02/15/2031 |  | 90 | 78 |
| 1.88%, 02/20/2036 | GBP | 575 | 555 |
| 1.95%, 01/15/2031 |  | 2875 | 2555 |
| 2.94%, 11/01/2056 |  | 35 | 21 |
| 3.20%, 07/15/2036 |  | 5 | 4 |
| 4.25%, 10/15/2030 |  | 160 | 160 |
| 5.10%, 06/01/2029 |  | 20 | 21 |
| Cox Communications, Inc., 5.45%, 09/01/2034 (e) |  | 985 | 981 |
| FactSet Research Systems, Inc., |  |  |  |
| 2.90%, 03/01/2027 |  | 955 | 937 |
| 3.45%, 03/01/2032 |  | 47 | 43 |
| Fox Corp., |  |  |  |
| 5.48%, 01/25/2039 |  | 95 | 95 |
| 5.58%, 01/25/2049 |  | 8 | 8 |
| 6.50%, 10/13/2033 |  | 140 | 154 |
| Informa plc, (United Kingdom), |  |  |  |
| Reg. S, 3.13%, 07/05/2026 | GBP | 1100 | 1463 |
| Reg. S, 3.63%, 10/23/2034 | EUR | 1148 | 1342 |
| Pearson Funding plc, (United Kingdom), Reg. S, 5.38%, 09/12/2034 | GBP | 1100 | 1446 |
| RAI-Radiotelevisione Italiana SpA, (Italy), Reg. S, 4.38%, 07/10/2029 | EUR | 100 | 122 |
| TDF Infrastructure SASU, (France), |  |  |  |
| Reg. S, 1.75%, 12/01/2029 | EUR | 2300 | 2548 |
| Reg. S, 3.63%, 12/16/2030 | EUR | 1700 | 1993 |
| Time Warner Cable LLC, |  |  |  |
| 4.50%, 09/15/2042 |  | 270 | 217 |
| 5.50%, 09/01/2041 |  | 800 | 732 |
|  |  |  | 21042 |
| **Telecommunications — 0.5%** |  |  |  |
| America Movil SAB de CV, (Mexico), |  |  |  |
| 2.13%, 03/10/2028 | EUR | 1300 | 1511 |
| 4.38%, 08/07/2041 | GBP | 1500 | 1661 |
| 4.70%, 07/21/2032 |  | 200 | 200 |
| 5.00%, 10/27/2026 | GBP | 1200 | 1623 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Telecommunications** — **continued** |  |  |  |
| AT&T, Inc., |  |  |  |
| 1.70%, 03/25/2026 |  | 62 | 61 |
| 2.05%, 05/19/2032 | EUR | 200 | 217 |
| 3.50%, 06/01/2041 |  | 2140 | 1709 |
| 3.65%, 06/01/2051 |  | 1800 | 1301 |
| 4.25%, 06/01/2043 | GBP | 200 | 209 |
| 4.30%, 12/15/2042 |  | 12 | 10 |
| 5.40%, 02/15/2034 |  | 1280 | 1330 |
| 5.70%, 11/01/2054 |  | 73 | 72 |
| 7.00%, 04/30/2040 | GBP | 400 | 576 |
| Cisco Systems, Inc., |  |  |  |
| 5.10%, 02/24/2035 |  | 71 | 74 |
| 5.50%, 02/24/2055 |  | 20 | 20 |
| Corning, Inc., 5.45%, 11/15/2079 |  | 15 | 14 |
| Deutsche Telekom International Finance BV, (Netherlands), 8.75%, 06/15/2030 |  | 50 | 59 |
| Elisa OYJ, (Finland), Reg. S, 2.88%, 05/14/2030 | EUR | 1875 | 2183 |
| Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), Reg. S, 0.88%, 05/17/2033 | EUR | 1600 | 1566 |
| Motorola Solutions, Inc., |  |  |  |
| 2.75%, 05/24/2031 |  | 120 | 109 |
| 5.40%, 04/15/2034 |  | 1180 | 1224 |
| NBN Co. Ltd., (Australia), |  |  |  |
| Reg. S, 4.13%, 03/15/2029 | EUR | 2000 | 2450 |
| Reg. S, 5.35%, 03/06/2035 | AUD | 500 | 339 |
| NTT Finance Corp., (Japan), |  |  |  |
| 2.91%, 03/16/2029 (e) | EUR | 1900 | 2240 |
| Reg. S, 4.09%, 07/16/2037 | EUR | 700 | 844 |
| 4.57%, 07/16/2027 (e) |  | 1080 | 1088 |
| 4.88%, 07/16/2030 (e) |  | 1395 | 1418 |
| Optus Finance Pty Ltd., (Australia), Reg. S, 1.00%, 06/20/2029 | EUR | 1400 | 1527 |
| Orange SA, (France), |  |  |  |
| Reg. S, 3.25%, 01/15/2032 | GBP | 1100 | 1347 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.65%), 3.88%, 03/24/2032 (x) (aa) | EUR | 3000 | 3499 |
| 9.00%, 03/01/2031 |  | 120 | 146 |
| OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026 | EUR | 100 | 116 |
| Proximus SADP, (Belgium), |  |  |  |
| Reg. S, 0.75%, 11/17/2036 | EUR | 200 | 179 |
| Reg. S, 3.75%, 03/27/2034 | EUR | 300 | 357 |
| Reg. S, 3.75%, 04/08/2035 | EUR | 200 | 234 |
| Reg. S, 4.00%, 03/08/2030 | EUR | 200 | 245 |
| Reg. S, 4.13%, 11/17/2033 | EUR | 300 | 367 |
| Rogers Communications, Inc., (Canada), 5.30%, 02/15/2034 |  | 1550 | 1572 |
| SES SA, (Luxembourg), |  |  |  |
| Reg. S, 3.50%, 01/14/2029 | EUR | 100 | 119 |
| Reg. S, 4.13%, 06/24/2030 | EUR | 5000 | 5999 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Telecommunications** — **continued** |  |  |  |
| Sprint Capital Corp., |  |  |  |
| 6.88%, 11/15/2028 |  | 2621 | 2820 |
| 8.75%, 03/15/2032 |  | 90 | 109 |
| Swisscom AG, (Switzerland), Reg. S, 0.13%, 09/15/2032 | CHF | 430 | 520 |
| Swisscom Finance BV, (Netherlands), Reg. S, 3.88%, 05/29/2044 | EUR | 2875 | 3265 |
| Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.00%, 05/26/2029 | EUR | 1315 | 1435 |
| Telefonica Emisiones SA, (Spain), 7.05%, 06/20/2036 |  | 166 | 187 |
| Telekom Finanzmanagement GmbH, (Austria), Reg. S, 1.50%, 12/07/2026 | EUR | 200 | 233 |
| Telenor ASA, (Norway), Reg. S, 3.38%, 04/01/2032 | EUR | 8575 | 10217 |
| Telia Co. AB, (Sweden), Reg. S, 2.13%, 02/20/2034 | EUR | 700 | 747 |
| Telstra Group Ltd., (Australia), |  |  |  |
| Reg. S, 1.00%, 04/23/2030 | EUR | 1025 | 1113 |
| Reg. S, 3.75%, 05/04/2031 | EUR | 3500 | 4266 |
| T-Mobile USA, Inc., |  |  |  |
| 3.30%, 02/15/2051 |  | 10 | 7 |
| 3.60%, 11/15/2060 |  | 324 | 220 |
| 3.88%, 04/15/2030 |  | 3575 | 3506 |
| 4.38%, 04/15/2040 |  | 12 | 11 |
| 4.50%, 04/15/2050 |  | 100 | 84 |
| 5.15%, 04/15/2034 |  | 10 | 10 |
| 5.25%, 06/15/2055 |  | 200 | 186 |
| 5.50%, 01/15/2055 |  | 105 | 101 |
| Verizon Communications, Inc., |  |  |  |
| 1.68%, 10/30/2030 |  | 8 | 7 |
| 2.10%, 03/22/2028 |  | 115 | 110 |
| 2.50%, 04/08/2031 | GBP | 1000 | 1189 |
| 2.55%, 03/21/2031 |  | 437 | 397 |
| 2.65%, 11/20/2040 |  | 950 | 687 |
| 2.99%, 10/30/2056 |  | 130 | 80 |
| 3.88%, 03/01/2052 |  | 370 | 284 |
| 4.02%, 12/03/2029 |  | 2 | 2 |
| 4.78%, 02/15/2035 |  | 20 | 20 |
|  |  |  | 71628 |
| Total Communications |  |  | 127461 |
| **Consumer Cyclical** — **0.8%** |  |  |  |
| **Airlines — 0.0% (g)** |  |  |  |
| Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational), 4.75%, 10/20/2028 (e) |  | 2780 | 2796 |
| Southwest Airlines Co., 5.13%, 06/15/2027 |  | 1150 | 1164 |
| United Airlines, Inc., |  |  |  |
| 4.38%, 04/15/2026 (e) |  | 525 | 523 |
| 4.63%, 04/15/2029 (e) |  | 360 | 355 |
|  |  |  | 4838 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Apparel — 0.0% (g)** |  |  |  |
| LVMH Moet Hennessy Louis Vuitton SE, (France), Reg. S, 1.13%, 02/11/2027 | GBP | 1200 | 1550 |
| Tapestry, Inc., |  |  |  |
| 5.10%, 03/11/2030 |  | 55 | 57 |
| 5.50%, 03/11/2035 |  | 155 | 158 |
|  |  |  | 1765 |
| **Auto Manufacturers** — **0.4%** |  |  |  |
| American Honda Finance Corp., |  |  |  |
| 1.50%, 10/19/2027 | GBP | 2300 | 2911 |
| 2.85%, 06/27/2028 | EUR | 2000 | 2355 |
| 3.30%, 03/21/2029 | EUR | 2700 | 3213 |
| 3.75%, 10/25/2027 | EUR | 3300 | 3969 |
| 3.95%, 03/19/2032 | EUR | 1900 | 2290 |
| Cummins, Inc., 5.45%, 02/20/2054 |  | 22 | 22 |
| Ford Motor Co., 3.25%, 02/12/2032 |  | 700 | 612 |
| Ford Motor Credit Co. LLC, |  |  |  |
| 3.62%, 07/27/2028 | EUR | 5475 | 6438 |
| 4.00%, 11/13/2030 |  | 545 | 509 |
| 4.45%, 02/14/2030 | EUR | 875 | 1048 |
| 4.95%, 05/28/2027 |  | 3065 | 3060 |
| 5.73%, 09/05/2030 |  | 280 | 282 |
| 5.88%, 11/07/2029 |  | 1800 | 1832 |
| 6.80%, 11/07/2028 |  | 200 | 209 |
| 7.35%, 03/06/2030 |  | 1120 | 1199 |
| General Motors Co., |  |  |  |
| 5.20%, 04/01/2045 |  | 560 | 504 |
| 6.60%, 04/01/2036 |  | 520 | 562 |
| General Motors Financial Co., Inc., |  |  |  |
| 2.35%, 02/26/2027 |  | 10 | 10 |
| 2.70%, 08/20/2027 |  | 1450 | 1410 |
| 2.70%, 06/10/2031 |  | 585 | 523 |
| 5.00%, 04/09/2027 |  | 1120 | 1130 |
| 5.35%, 01/07/2030 |  | 3200 | 3279 |
| Hyundai Capital America, |  |  |  |
| 4.25%, 09/18/2028 (e) |  | 345 | 344 |
| 4.88%, 11/01/2027 (e) |  | 1815 | 1836 |
| 4.90%, 06/23/2028 (e) |  | 2295 | 2328 |
| 5.00%, 01/07/2028 (e) |  | 1750 | 1775 |
| 6.50%, 01/16/2029 (e) |  | 1085 | 1150 |
| Mercedes-Benz Group AG, (Germany), Reg. S, 1.13%, 11/06/2031 | EUR | 15 | 16 |
| RCI Banque SA, (France), Reg. S, 1.13%, 01/15/2027 | EUR | 800 | 922 |
| Stellantis Finance US, Inc., 2.69%, 09/15/2031 (e) |  | 635 | 544 |
| Volkswagen Bank GmbH, (Germany), Reg. S, 4.63%, 05/03/2031 | EUR | 2500 | 3092 |
| Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026 | GBP | 1000 | 1311 |
| Volkswagen Group of America Finance LLC, |  |  |  |
| 4.55%, 09/11/2028 (e) |  | 1140 | 1144 |
| 5.30%, 03/22/2027 (e) |  | 1540 | 1560 |
| Volkswagen International Finance NV, (Netherlands), |  |  |  |
| Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa) | EUR | 2000 | 2301 |
| Reg. S, 4.25%, 03/29/2029 | EUR | 1500 | 1827 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Auto Manufacturers** — **continued** |  |  |  |
| Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa) | EUR | 25 | 29 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.49%), 5.99%, 11/15/2033 (x) (aa) | EUR | 200 | 244 |
| Volkswagen Leasing GmbH, (Germany), Reg. S, 0.38%, 07/20/2026 | EUR | 1500 | 1732 |
| Volvo Treasury AB, (Sweden), Reg. S, 3.13%, 08/26/2027 | EUR | 269 | 319 |
|  |  |  | 59841 |
| **Auto Parts & Equipment** — **0.1%** |  |  |  |
| BorgWarner, Inc., 1.00%, 05/19/2031 | EUR | 1088 | 1125 |
| Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040 | EUR | 300 | 224 |
| Magna International, Inc., (Canada), 4.38%, 03/17/2032 | EUR | 3000 | 3694 |
| Pirelli & C SpA, (Italy), Reg. S, 3.88%, 07/02/2029 | EUR | 1848 | 2236 |
| Robert Bosch GmbH, (Germany), Reg. S, 4.00%, 06/02/2035 | EUR | 4500 | 5409 |
| Robert Bosch Investment Nederland BV, (Netherlands), Reg. S, 4.00%, 05/28/2037 | EUR | 2800 | 3316 |
|  |  |  | 16004 |
| **Distribution/Wholesale — 0.0% (g)** |  |  |  |
| LKQ Corp., 5.75%, 06/15/2028 |  | 55 | 57 |
| **Entertainment** — **0.1%** |  |  |  |
| ITV plc, (United Kingdom), Reg. S, 4.25%, 06/19/2032 | EUR | 2188 | 2609 |
| Smithsonian Institution, |  |  |  |
| 1.51%, 09/01/2026 |  | 25 | 25 |
| 1.61%, 09/01/2027 |  | 35 | 33 |
| 1.87%, 09/01/2029 |  | 1000 | 918 |
| 1.97%, 09/01/2031 |  | 200 | 172 |
| Universal Music Group NV, (Netherlands), |  |  |  |
| Reg. S, 3.75%, 06/30/2032 | EUR | 3700 | 4435 |
| Reg. S, 4.00%, 06/13/2031 | EUR | 1608 | 1959 |
|  |  |  | 10151 |
| **Food Service — 0.0% (g)** |  |  |  |
| Compass Group plc, (United Kingdom), Reg. S, 2.00%, 07/03/2029 | GBP | 2500 | 3088 |
| **Home Builders — 0.0% (g)** |  |  |  |
| Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031 | GBP | 172 | 196 |
| DR Horton, Inc., 5.50%, 10/15/2035 |  | 190 | 197 |
| MDC Holdings, Inc., 6.00%, 01/15/2043 |  | 5 | 5 |
| NVR, Inc., 3.00%, 05/15/2030 |  | 112 | 106 |
| PulteGroup, Inc., |  |  |  |
| 6.38%, 05/15/2033 |  | 24 | 26 |
| 7.88%, 06/15/2032 |  | 30 | 35 |
|  |  |  | 565 |
| **Leisure Time — 0.0%** (**g)** |  |  |  |
| Amadeus IT Group SA, (Spain), |  |  |  |
| Reg. S, 2.88%, 05/20/2027 | EUR | 500 | 591 |
| Reg. S, 3.38%, 03/25/2030 | EUR | 1500 | 1785 |
| Royal Caribbean Cruises Ltd., (Liberia), 5.38%, 01/15/2036 (w) |  | 46 | 46 |
|  |  |  | 2422 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Lodging — 0.1%** |  |  |  |
| Hyatt Hotels Corp., |  |  |  |
| 4.38%, 09/15/2028 |  | 10 | 10 |
| 5.25%, 06/30/2029 |  | 275 | 282 |
| 5.75%, 03/30/2032 |  | 30 | 31 |
| Las Vegas Sands Corp., 5.63%, 06/15/2028 |  | 1680 | 1718 |
| Marriott International, Inc., |  |  |  |
| 5.00%, 10/15/2027 |  | 745 | 758 |
| 5.25%, 10/15/2035 |  | 75 | 76 |
| 5.35%, 03/15/2035 |  | 68 | 70 |
| 5.45%, 09/15/2026 |  | 87 | 88 |
| 5.50%, 04/15/2037 |  | 764 | 781 |
| Series HH, 2.85%, 04/15/2031 |  | 624 | 574 |
| Whitbread Group plc, (United Kingdom), Reg. S, 2.38%, 05/31/2027 | GBP | 1000 | 1292 |
|  |  |  | 5680 |
| **Retail** — **0.1%** |  |  |  |
| Alimentation Couche-Tard, Inc., (Canada), 5.27%, 02/12/2034 (e) |  | 560 | 573 |
| AutoNation, Inc., 4.75%, 06/01/2030 |  | 1300 | 1308 |
| AutoZone, Inc., |  |  |  |
| 1.65%, 01/15/2031 |  | 2595 | 2260 |
| 4.75%, 02/01/2033 |  | 650 | 651 |
| 5.20%, 08/01/2033 |  | 25 | 26 |
| 5.40%, 07/15/2034 |  | 30 | 31 |
| Darden Restaurants, Inc., |  |  |  |
| 4.35%, 10/15/2027 |  | 20 | 20 |
| 4.55%, 10/15/2029 |  | 55 | 55 |
| 6.30%, 10/10/2033 |  | 20 | 22 |
| Dick's Sporting Goods, Inc., |  |  |  |
| 3.15%, 01/15/2032 |  | 13 | 12 |
| 4.10%, 01/15/2052 |  | 30 | 22 |
| Ferguson Enterprises, Inc., 5.00%, 10/03/2034 |  | 90 | 91 |
| Genuine Parts Co., 4.95%, 08/15/2029 |  | 910 | 926 |
| Home Depot, Inc. (The), 4.20%, 04/01/2043 |  | 800 | 697 |
| McDonald's Corp., 4.60%, 05/26/2045 |  | 20 | 18 |
| O'Reilly Automotive, Inc., |  |  |  |
| 3.90%, 06/01/2029 |  | 2 | 2 |
| 4.20%, 04/01/2030 |  | 8 | 8 |
| 4.70%, 06/15/2032 |  | 6 | 6 |
| Walmart, Inc., 4.90%, 04/28/2035 |  | 120 | 123 |
| Wesfarmers Ltd., (Australia), |  |  |  |
| Reg. S, 0.95%, 10/21/2033 | EUR | 3200 | 3116 |
| Reg. S, 3.28%, 06/10/2032 | EUR | 6075 | 7141 |
|  |  |  | 17108 |
| Total Consumer Cyclical |  |  | 121519 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Consumer Non-cyclical** — **1.8%** |  |  |  |
| **Agriculture** — **0.5%** |  |  |  |
| Altria Group, Inc., |  |  |  |
| 3.13%, 06/15/2031 | EUR | 7100 | 8240 |
| 3.40%, 05/06/2030 |  | 50 | 48 |
| 3.40%, 02/04/2041 |  | 75 | 58 |
| 3.70%, 02/04/2051 |  | 110 | 79 |
| 3.88%, 09/16/2046 |  | 95 | 73 |
| 4.00%, 02/04/2061 |  | 60 | 45 |
| 4.88%, 02/04/2028 |  | 70 | 71 |
| 5.80%, 02/14/2039 |  | 6 | 6 |
| 5.95%, 02/14/2049 |  | 6 | 6 |
| 6.20%, 11/01/2028 |  | 75 | 79 |
| 6.20%, 02/14/2059 |  | 28 | 29 |
| BAT Capital Corp., |  |  |  |
| 2.26%, 03/25/2028 |  | 101 | 97 |
| 3.56%, 08/15/2027 |  | 646 | 639 |
| 4.54%, 08/15/2047 |  | 104 | 87 |
| 4.76%, 09/06/2049 |  | 5 | 4 |
| 5.83%, 02/20/2031 |  | 65 | 69 |
| 6.00%, 02/20/2034 |  | 15 | 16 |
| 6.34%, 08/02/2030 |  | 85 | 92 |
| 7.08%, 08/02/2043 |  | 60 | 68 |
| 7.08%, 08/02/2053 |  | 15 | 17 |
| BAT International Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 2.25%, 06/26/2028 | GBP | 860 | 1087 |
| Reg. S, 2.25%, 01/16/2030 | EUR | 4977 | 5660 |
| Reg. S, 4.13%, 04/12/2032 | EUR | 4300 | 5214 |
| 4.45%, 03/16/2028 |  | 20 | 20 |
| 5.93%, 02/02/2029 |  | 1825 | 1917 |
| Reg. S, 6.00%, 11/24/2034 | GBP | 600 | 823 |
| 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 | 2344 |
| Bunge Finance Europe BV, (Netherlands), Reg. S, 1.00%, 09/24/2028 | EUR | 2050 | 2288 |
| Bunge Ltd Finance Corp., 5.15%, 08/04/2035 |  | 1895 | 1917 |
| Cargill, Inc., |  |  |  |
| 2.13%, 04/23/2030 (e) |  | 1500 | 1374 |
| 4.76%, 11/23/2045 (e) |  | 375 | 345 |
| Imperial Brands Finance Netherlands BV, (Netherlands), |  |  |  |
| Reg. S, 1.75%, 03/18/2033 | EUR | 840 | 856 |
| Reg. S, 5.25%, 02/15/2031 | EUR | 5738 | 7311 |
| Imperial Brands Finance plc, (United Kingdom), 5.50%, 02/01/2030 (e) |  | 2000 | 2076 |
| JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 (e) |  | 960 | 1010 |
| JT International Financial Services BV, (Netherlands), Reg. S, 1.00%, 11/26/2029 | EUR | 1952 | 2123 |
| Louis Dreyfus Co. Finance BV, (Netherlands), Reg. S, 3.50%, 10/22/2031 | EUR | 1500 | 1771 |
| Philip Morris International, Inc., |  |  |  |
| 1.45%, 08/01/2039 | EUR | 3800 | 3226 |
| 1.75%, 11/01/2030 |  | 204 | 181 |
| 1.88%, 11/06/2037 | EUR | 1000 | 936 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Agriculture — continued** |  |  |  |
| 3.25%, 06/06/2032 | EUR | 800 | 933 |
| 3.75%, 01/15/2031 | EUR | 6850 | 8264 |
| 4.63%, 11/01/2029 (jj) |  | 4050 | 4111 |
| 4.75%, 11/01/2031 |  | 75 | 76 |
| 4.90%, 11/01/2034 |  | 3 | 3 |
| 5.13%, 02/13/2031 |  | 635 | 657 |
| 5.25%, 02/13/2034 |  | 38 | 39 |
| 5.38%, 02/15/2033 |  | 81 | 85 |
| 5.63%, 09/07/2033 |  | 50 | 53 |
| 5.75%, 11/17/2032 |  | 5 | 5 |
| 6.38%, 05/16/2038 |  | 105 | 118 |
| Reynolds American, Inc., 5.85%, 08/15/2045 |  | 90 | 89 |
| Scandinavian Tobacco Group A/S, (Denmark), Reg. S, 4.88%, 09/12/2029 | EUR | 3696 | 4508 |
| Sudzucker International Finance BV, (Netherlands), Reg. S, 5.13%, 10/31/2027 | EUR | 500 | 609 |
|  |  |  | 71852 |
| **Beverages — 0.1%** |  |  |  |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
| 4.70%, 02/01/2036 |  | 1700 | 1678 |
| 4.90%, 02/01/2046 |  | 1533 | 1435 |
| Anheuser-Busch InBev SA, (Belgium), Reg. S, 2.75%, 03/17/2036 | EUR | 10 | 11 |
| Anheuser-Busch InBev Worldwide, Inc., 4.35%, 06/01/2040 |  | 5 | 5 |
| CCEP Finance Ireland DAC, (Ireland), Reg. S, 0.50%, 09/06/2029 | EUR | 300 | 323 |
| Coca-Cola Co. (The), |  |  |  |
| 1.38%, 03/15/2031 |  | 20 | 17 |
| 2.60%, 06/01/2050 |  | 20 | 13 |
| 2.88%, 05/05/2041 |  | 15 | 12 |
| 3.00%, 03/05/2051 |  | 230 | 157 |
| 3.45%, 03/25/2030 |  | 105 | 102 |
| 5.40%, 05/13/2064 |  | 550 | 547 |
| Coca-Cola Europacific Partners plc, (United Kingdom), |  |  |  |
| Reg. S, 1.13%, 04/12/2029 | EUR | 1000 | 1112 |
| Reg. S, 3.13%, 06/03/2031 | EUR | 227 | 267 |
| Coca-Cola HBC Finance BV, (Netherlands), Reg. S, 1.63%, 05/14/2031 | EUR | 893 | 972 |
| Diageo Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 1.25%, 03/28/2033 | GBP | 3000 | 3172 |
| Reg. S, 2.75%, 06/08/2038 | GBP | 625 | 628 |
| JDE Peet's NV, (Netherlands), Reg. S, 4.50%, 01/23/2034 | EUR | 2400 | 2939 |
| PepsiCo., Inc., |  |  |  |
| 0.75%, 10/14/2033 | EUR | 1350 | 1313 |
| 1.40%, 02/25/2031 |  | 35 | 30 |
| 4.20%, 07/18/2052 |  | 45 | 37 |
| 4.65%, 02/15/2053 |  | 3 | 3 |
|  |  |  | 14773 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Biotechnology — 0.0% (g)** |  |  |  |
| Amgen, Inc., |  |  |  |
| 3.35%, 02/22/2032 |  | 10 | 9 |
| 4.05%, 08/18/2029 |  | 39 | 39 |
| 4.40%, 05/01/2045 |  | 35 | 30 |
| 5.60%, 03/02/2043 |  | 615 | 623 |
| 5.65%, 03/02/2053 |  | 450 | 449 |
| Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 |  | 70 | 65 |
| Gilead Sciences, Inc., |  |  |  |
| 1.65%, 10/01/2030 |  | 160 | 142 |
| 4.00%, 09/01/2036 |  | 315 | 293 |
| 4.80%, 04/01/2044 |  | 265 | 248 |
| 5.10%, 06/15/2035 |  | 10 | 10 |
| Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050 |  | 75 | 47 |
| Royalty Pharma plc, (United Kingdom), 4.45%, 03/25/2031 |  | 47 | 47 |
|  |  |  | 2002 |
| **Commercial Services** — **0.4%** |  |  |  |
| AA Bond Co. Ltd., (Jersey), Reg. S, 6.85%, 07/31/2031 | GBP | 100 | 141 |
| Abertis France SAS, (France), Reg. S, 2.50%, 05/04/2027 | EUR | 1600 | 1872 |
| Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026 | GBP | 4400 | 5834 |
| Automatic Data Processing, Inc., |  |  |  |
| 1.25%, 09/01/2030 |  | 22 | 19 |
| 1.70%, 05/15/2028 |  | 2 | 2 |
| Autoroutes du Sud de la France SA, (France), Reg. S, 1.25%, 01/18/2027 | EUR | 3900 | 4515 |
| Ayvens SA, (France), Reg. S, 3.88%, 01/24/2028 | EUR | 1100 | 1327 |
| Bureau Veritas SA, (France), Reg. S, 3.13%, 11/15/2031 | EUR | 900 | 1056 |
| Central Nippon Expressway Co. Ltd., (Japan), Reg. S, 0.89%, 12/10/2025 |  | 200 | 199 |
| East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026 | JPY | 100000 | 669 |
| Equifax, Inc., |  |  |  |
| 2.35%, 09/15/2031 |  | 50 | 44 |
| 3.10%, 05/15/2030 |  | 1800 | 1703 |
| 5.10%, 12/15/2027 |  | 90 | 92 |
| ERAC USA Finance LLC, |  |  |  |
| 4.50%, 02/15/2045 (e) |  | 400 | 354 |
| 4.60%, 05/01/2028 (e) |  | 1100 | 1115 |
| 4.90%, 05/01/2033 (e) |  | 865 | 880 |
| 7.00%, 10/15/2037 (e) |  | 800 | 933 |
| Experian Finance plc, (United Kingdom), Reg. S, 3.25%, 04/07/2032 | GBP | 425 | 522 |
| Fiserv Funding ULC, (Ireland), 2.88%, 06/15/2028 | EUR | 1000 | 1179 |
| Global Payments, Inc., 4.88%, 03/17/2031 | EUR | 2050 | 2529 |
| Johns Hopkins University, Series A, 2.81%, 01/01/2060 |  | 600 | 351 |
| Massachusetts Institute of Technology, |  |  |  |
| 3.89%, 07/01/2116 |  | 663 | 472 |
| 4.68%, 07/01/2114 |  | 50 | 43 |
| Moody's Corp., |  |  |  |
| 0.95%, 02/25/2030 | EUR | 500 | 541 |
| 1.75%, 03/09/2027 | EUR | 1125 | 1310 |
| President and Fellows of Harvard College, 2.52%, 10/15/2050 |  | 10 | 6 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Commercial Services** — **continued** |  |  |  |
| Quanta Services, Inc., |  |  |  |
| 2.35%, 01/15/2032 |  | 60 | 53 |
| 2.90%, 10/01/2030 |  | 45 | 42 |
| 3.05%, 10/01/2041 |  | 30 | 22 |
| RELX Capital, Inc., |  |  |  |
| 4.75%, 03/27/2030 |  | 75 | 77 |
| 4.75%, 05/20/2032 |  | 610 | 621 |
| 5.25%, 03/27/2035 |  | 235 | 242 |
| RELX Finance BV, (Netherlands), |  |  |  |
| Reg. S, 0.50%, 03/10/2028 | EUR | 500 | 559 |
| Reg. S, 0.88%, 03/10/2032 | EUR | 9000 | 9171 |
| S&P Global, Inc., |  |  |  |
| 2.30%, 08/15/2060 |  | 266 | 139 |
| 2.45%, 03/01/2027 |  | 35 | 34 |
| 5.25%, 09/15/2033 |  | 35 | 37 |
| SGS Nederland Holding BV, (Netherlands), Reg. S, 0.13%, 04/21/2027 | EUR | 2500 | 2830 |
| Transurban Finance Co. Pty Ltd., (Australia), |  |  |  |
| Reg. S, 1.45%, 05/16/2029 | EUR | 7000 | 7830 |
| Reg. S, 3.00%, 04/08/2030 | EUR | 100 | 117 |
| Reg. S, 4.23%, 04/26/2033 | EUR | 1450 | 1786 |
| Trustees of Columbia University in the City of New York (The), Series 2024, 4.36%, 10/01/2035 |  | 300 | 294 |
| Trustees of Princeton University (The), 4.20%, 03/01/2052 |  | 1295 | 1096 |
| University of Oxford, (United Kingdom), Reg. S, 2.54%, 12/08/2117 | GBP | 1500 | 917 |
| University of Southern California, 4.98%, 10/01/2053 |  | 656 | 619 |
| Verisk Analytics, Inc., 5.50%, 06/15/2045 |  | 28 | 28 |
| Volkswagen Financial Services AG, (Germany), Reg. S, 2.25%, 10/16/2026 | EUR | 10 | 12 |
| Washington University (The), |  |  |  |
| 4.35%, 04/15/2122 |  | 255 | 197 |
| Series 2022, 3.52%, 04/15/2054 |  | 900 | 662 |
| Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036 | GBP | 225 | 290 |
| Wellcome Trust Ltd. (The), (United Kingdom), |  |  |  |
| Reg. S, 1.50%, 07/14/2071 | GBP | 1500 | 663 |
| Reg. S, 2.52%, 02/07/2118 | GBP | 200 | 120 |
| West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026 | JPY | 200000 | 1350 |
|  |  |  | 57516 |
| **Cosmetics/Personal Care — 0.0% (g)** |  |  |  |
| Colgate-Palmolive Co., 3.70%, 08/01/2047 |  | 20 | 16 |
| Kenvue, Inc., 5.00%, 03/22/2030 |  | 36 | 37 |
| Procter & Gamble Co. (The), |  |  |  |
| 1.88%, 10/30/2038 | EUR | 325 | 322 |
| 4.55%, 01/29/2034 |  | 565 | 573 |
| 4.88%, 05/11/2027 | EUR | 425 | 520 |
| Reckitt Benckiser Treasury Services Nederland BV, (Netherlands), Reg. S, 0.75%, 05/19/2030 | EUR | 200 | 214 |
|  |  |  | 1682 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Food** — **0.1%** |  |  |  |
| Campbell's Company (The), 5.40%, 03/21/2034 |  | 39 | 40 |
| Danone SA, (France), Reg. S, 3.48%, 05/03/2030 | EUR | 1400 | 1684 |
| Hershey Co. (The), |  |  |  |
| 4.75%, 02/24/2030 |  | 40 | 41 |
| 4.95%, 02/24/2032 |  | 40 | 41 |
| Hormel Foods Corp., 1.70%, 06/03/2028 |  | 4 | 4 |
| ITM Entreprises SASU, (France), Reg. S, 4.13%, 01/29/2030 | EUR | 4400 | 5285 |
| JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg), |  |  |  |
| 3.00%, 05/15/2032 |  | 575 | 515 |
| 5.75%, 04/01/2033 |  | 741 | 774 |
| Kellanova, 0.50%, 05/20/2029 | EUR | 1885 | 2034 |
| Kraft Heinz Foods Co., 5.40%, 03/15/2035 |  | 20 | 21 |
| Mars, Inc., |  |  |  |
| 2.38%, 07/16/2040 (e) |  | 1200 | 859 |
| 5.00%, 03/01/2032 (e) |  | 395 | 404 |
| 5.20%, 03/01/2035 (e) |  | 885 | 905 |
| 5.80%, 05/01/2065 (e) |  | 255 | 260 |
| Mondelez International, Inc., 1.50%, 02/04/2031 |  | 1000 | 866 |
| Nestle Holdings, Inc., 4.00%, 09/24/2048 (e) |  | 750 | 621 |
| Pilgrim's Pride Corp., |  |  |  |
| 3.50%, 03/01/2032 |  | 35 | 32 |
| 6.25%, 07/01/2033 |  | 115 | 123 |
| REWE International Finance BV, (Netherlands), Reg. S, 4.88%, 09/13/2030 | EUR | 2400 | 3025 |
| Sysco Corp., |  |  |  |
| 3.15%, 12/14/2051 |  | 70 | 47 |
| 5.40%, 03/23/2035 |  | 130 | 134 |
| Tesco Corporate Treasury Services plc, (United Kingdom), |  |  |  |
| Reg. S, 1.88%, 11/02/2028 | GBP | 1300 | 1623 |
| Reg. S, 2.75%, 04/27/2030 | GBP | 825 | 1014 |
|  |  |  | 20352 |
| **Healthcare - Products** — **0.2%** |  |  |  |
| Abbott Laboratories, 4.90%, 11/30/2046 |  | 151 | 145 |
| Agilent Technologies, Inc., 3.05%, 09/22/2026 |  | 35 | 35 |
| American Medical Systems Europe BV, (Netherlands), |  |  |  |
| 1.88%, 03/08/2034 | EUR | 2000 | 2091 |
| 3.50%, 03/08/2032 | EUR | 4600 | 5505 |
| Boston Scientific Corp., 6.50%, 11/15/2035 |  | 15 | 17 |
| EssilorLuxottica SA, (France), Reg. S, 2.88%, 03/05/2029 | EUR | 800 | 945 |
| GE HealthCare Technologies, Inc., 4.80%, 08/14/2029 |  | 32 | 33 |
| Medtronic Global Holdings SCA, (Luxembourg), |  |  |  |
| 1.75%, 07/02/2049 | EUR | 600 | 442 |
| 3.00%, 10/15/2028 | EUR | 3400 | 4036 |
| 3.38%, 10/15/2034 | EUR | 4200 | 4933 |
| Medtronic, Inc., |  |  |  |
| 2.95%, 10/15/2030 | EUR | 5400 | 6345 |
| 4.15%, 10/15/2053 | EUR | 1020 | 1149 |
| 4.20%, 10/15/2045 | EUR | 1250 | 1463 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Healthcare - Products** — **continued** |  |  |  |
| Smith & Nephew plc, (United Kingdom), 2.03%, 10/14/2030 |  | 45 | 40 |
| STERIS Irish FinCo.UnLtd Co., (Ireland), 2.70%, 03/15/2031 |  | 150 | 137 |
| Stryker Corp., |  |  |  |
| 1.00%, 12/03/2031 | EUR | 1300 | 1347 |
| 3.38%, 12/11/2028 | EUR | 2200 | 2641 |
| Thermo Fisher Scientific, Inc., 1.88%, 10/01/2049 | EUR | 900 | 677 |
| Zimmer Biomet Holdings, Inc., |  |  |  |
| 2.60%, 11/24/2031 |  | 16 | 15 |
| 5.20%, 09/15/2034 |  | 55 | 56 |
|  |  |  | 32052 |
| **Healthcare - Services** — **0.2%** |  |  |  |
| Advocate Health & Hospitals Corp., 3.39%, 10/15/2049 |  | 35 | 25 |
| AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051 |  | 750 | 471 |
| Ascension Health, 3.95%, 11/15/2046 |  | 40 | 33 |
| Cigna Group (The), |  |  |  |
| 2.38%, 03/15/2031 |  | 58 | 52 |
| 3.40%, 03/15/2051 |  | 75 | 52 |
| 4.80%, 08/15/2038 |  | 135 | 129 |
| 4.80%, 07/15/2046 |  | 20 | 18 |
| 4.90%, 12/15/2048 |  | 820 | 736 |
| 6.00%, 01/15/2056 |  | 350 | 363 |
| Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 |  | 1000 | 863 |
| CommonSpirit Health, 3.91%, 10/01/2050 |  | 50 | 37 |
| Elevance Health, Inc., |  |  |  |
| 3.60%, 03/15/2051 |  | 865 | 619 |
| 5.65%, 06/15/2054 |  | 2405 | 2363 |
| Eurofins Scientific SE, (Luxembourg), Reg. S, 4.75%, 09/06/2030 | EUR | 2200 | 2753 |
| Fresenius Medical Care AG, (Germany), Reg. S, 1.50%, 05/29/2030 | EUR | 159 | 174 |
| Hackensack Meridian Health, Inc., Series 2020, 2.68%, 09/01/2041 |  | 1335 | 951 |
| HCA, Inc., |  |  |  |
| 3.13%, 03/15/2027 |  | 2560 | 2524 |
| 3.63%, 03/15/2032 |  | 170 | 159 |
| 4.13%, 06/15/2029 |  | 250 | 248 |
| 5.13%, 06/15/2039 |  | 28 | 27 |
| 5.45%, 09/15/2034 |  | 20 | 21 |
| 5.60%, 04/01/2034 |  | 13 | 14 |
| 6.00%, 04/01/2054 |  | 35 | 35 |
| 6.10%, 04/01/2064 |  | 21 | 21 |
| Health Care Service Corp. A Mutual Legal Reserve Co, |  |  |  |
| 2.20%, 06/01/2030 (e) |  | 1400 | 1266 |
| 5.20%, 06/15/2029 (e) |  | 405 | 416 |
| 5.88%, 06/15/2054 (e) |  | 265 | 260 |
| Icon Investments Six DAC, (Ireland), 5.85%, 05/08/2029 |  | 615 | 642 |
| IQVIA, Inc., 6.25%, 02/01/2029 |  | 950 | 1000 |
| Kaiser Foundation Hospitals, |  |  |  |
| 4.15%, 05/01/2047 |  | 1200 | 1003 |
| Series 2021, 3.00%, 06/01/2051 |  | 50 | 33 |
| Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 |  | 1085 | 1077 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Healthcare - Services** — **continued** |  |  |  |
| Mayo Clinic, |  |  |  |
| 3.77%, 11/15/2043 |  | 30 | 25 |
| Series 2021, 3.20%, 11/15/2061 |  | 440 | 285 |
| Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052 |  | 15 | 12 |
| Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050 |  | 1500 | 936 |
| MyMichigan Health, Series 2020, 3.41%, 06/01/2050 |  | 1495 | 1061 |
| New York and Presbyterian Hospital (The), |  |  |  |
| 2.26%, 08/01/2040 |  | 1090 | 762 |
| 4.02%, 08/01/2045 |  | 20 | 17 |
| OhioHealth Corp., |  |  |  |
| 2.30%, 11/15/2031 |  | 830 | 741 |
| 2.83%, 11/15/2041 |  | 370 | 274 |
| Series 2020, 3.04%, 11/15/2050 |  | 535 | 368 |
| PeaceHealth Obligated Group, |  |  |  |
| Series 2020, 1.38%, 11/15/2025 |  | 700 | 697 |
| Series 2020, 3.22%, 11/15/2050 |  | 745 | 482 |
| Piedmont Healthcare, Inc., |  |  |  |
| Series 2032, 2.04%, 01/01/2032 |  | 470 | 403 |
| Series 2042, 2.72%, 01/01/2042 |  | 450 | 320 |
| Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051 |  | 50 | 30 |
| Roche Holdings, Inc., |  |  |  |
| 4.99%, 03/08/2034 (e) |  | 1950 | 2013 |
| 5.59%, 11/13/2033 (e) |  | 1650 | 1772 |
| Sentara Health, Series 2021, 2.93%, 11/01/2051 |  | 2365 | 1510 |
| Texas Health Resources, 2.33%, 11/15/2050 |  | 750 | 428 |
| Trinity Health Corp., Series 2021, 2.63%, 12/01/2040 |  | 230 | 168 |
| UnitedHealth Group, Inc., |  |  |  |
| 2.00%, 05/15/2030 |  | 160 | 145 |
| 3.70%, 08/15/2049 |  | 1100 | 823 |
| 5.20%, 04/15/2063 |  | 1200 | 1099 |
| 5.38%, 04/15/2054 |  | 125 | 120 |
| 5.75%, 07/15/2064 |  | 925 | 920 |
| Universal Health Services, Inc., 2.65%, 10/15/2030 |  | 92 | 83 |
|  |  |  | 33879 |
| **Household Products/Wares — 0.0% (g)** |  |  |  |
| Henkel AG & Co. KGaA, (Germany), Reg. S, 0.50%, 11/17/2032 | EUR | 100 | 99 |
| Kimberly-Clark Corp., |  |  |  |
| 2.88%, 02/07/2050 |  | 25 | 16 |
| 3.10%, 03/26/2030 |  | 8 | 8 |
| 3.20%, 04/25/2029 |  | 40 | 39 |
| Reckitt Benckiser Treasury Services plc, (United Kingdom), |  |  |  |
| Reg. S, 1.75%, 05/19/2032 | GBP | 2175 | 2432 |
|  |  |  | 2594 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Pharmaceuticals** — **0.3%** |  |  |  |
| AbbVie, Inc., |  |  |  |
| 3.20%, 11/21/2029 (jj) |  | 4960 | 4786 |
| 4.05%, 11/21/2039 |  | 34 | 31 |
| 4.40%, 11/06/2042 |  | 5 | 5 |
| 4.50%, 05/14/2035 |  | 255 | 250 |
| 4.88%, 03/15/2030 |  | 225 | 232 |
| 4.95%, 03/15/2031 |  | 10 | 10 |
| 5.05%, 03/15/2034 |  | 10 | 10 |
| 5.35%, 03/15/2044 |  | 10 | 10 |
| 5.50%, 03/15/2064 |  | 210 | 210 |
| AstraZeneca Finance LLC, 4.90%, 03/03/2030 |  | 110 | 113 |
| AstraZeneca plc, (United Kingdom), |  |  |  |
| 1.38%, 08/06/2030 |  | 105 | 92 |
| 2.13%, 08/06/2050 |  | 3 | 2 |
| 4.38%, 11/16/2045 |  | 8 | 7 |
| Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029 | EUR | 600 | 678 |
| Bristol-Myers Squibb Co., 6.40%, 11/15/2063 |  | 820 | 905 |
| Cardinal Health, Inc., |  |  |  |
| 4.37%, 06/15/2047 |  | 15 | 13 |
| 4.50%, 11/15/2044 |  | 5 | 4 |
| 5.35%, 11/15/2034 |  | 165 | 169 |
| 5.45%, 02/15/2034 |  | 23 | 24 |
| Cencora, Inc., |  |  |  |
| 2.70%, 03/15/2031 |  | 65 | 59 |
| 2.88%, 05/22/2028 | EUR | 1000 | 1181 |
| 3.45%, 12/15/2027 |  | 5 | 5 |
| 3.63%, 05/22/2032 | EUR | 3921 | 4655 |
| 4.25%, 03/01/2045 |  | 21 | 18 |
| 4.30%, 12/15/2047 |  | 2 | 2 |
| CVS Health Corp., |  |  |  |
| 5.05%, 03/25/2048 |  | 1200 | 1067 |
| 5.45%, 09/15/2035 |  | 115 | 117 |
| 5.70%, 06/01/2034 |  | 95 | 99 |
| 6.20%, 09/15/2055 |  | 38 | 39 |
| (CMT Index 5 Year + 2.89%), 7.00%, 03/10/2055 (aa) |  | 215 | 226 |
| Eli Lilly & Co., |  |  |  |
| 2.50%, 09/15/2060 |  | 145 | 82 |
| 4.88%, 02/27/2053 |  | 270 | 252 |
| 4.95%, 02/27/2063 |  | 100 | 92 |
| 5.50%, 02/12/2055 |  | 87 | 89 |
| 5.55%, 10/15/2055 |  | 90 | 93 |
| 5.65%, 10/15/2065 |  | 190 | 196 |
| GlaxoSmithKline Capital plc, (United Kingdom), |  |  |  |
| 5.25%, 12/19/2033 | GBP | 640 | 885 |
| Reg. S, 5.25%, 04/10/2042 | GBP | 150 | 188 |
| Johnson & Johnson, |  |  |  |
| 1.15%, 11/20/2028 | EUR | 1000 | 1134 |
| 1.30%, 09/01/2030 |  | 135 | 120 |
| 2.10%, 09/01/2040 |  | 2 | 2 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Pharmaceuticals** — **continued** |  |  |  |
| 3.35%, 02/26/2037 | EUR | 2200 | 2556 |
| 3.60%, 02/26/2045 | EUR | 1500 | 1696 |
| 3.75%, 03/03/2047 |  | 1605 | 1315 |
| McKesson Corp., |  |  |  |
| 1.63%, 10/30/2026 | EUR | 2000 | 2331 |
| 3.13%, 02/17/2029 | GBP | 1925 | 2480 |
| 5.10%, 07/15/2033 |  | 80 | 83 |
| Merck & Co., Inc., |  |  |  |
| 2.35%, 06/24/2040 |  | 150 | 108 |
| 4.90%, 05/17/2044 |  | 265 | 251 |
| 5.15%, 05/17/2063 |  | 205 | 193 |
| Novartis Capital Corp., 2.75%, 08/14/2050 |  | 45 | 30 |
| Novartis Finance SA, (Luxembourg), Reg. S, 0.63%, 09/20/2028 | EUR | 1000 | 1116 |
| Pfizer Investment Enterprises Pte Ltd., (Singapore), |  |  |  |
| 4.45%, 05/19/2028 |  | 55 | 55 |
| 5.34%, 05/19/2063 |  | 6 | 6 |
| Pfizer Netherlands International Finance BV, (Netherlands), |  |  |  |
| 2.88%, 05/19/2029 | EUR | 2000 | 2362 |
| 3.25%, 05/19/2032 | EUR | 2700 | 3188 |
| 4.25%, 05/19/2045 | EUR | 1200 | 1432 |
| Takeda US Financing, Inc., 5.20%, 07/07/2035 |  | 2050 | 2084 |
| Viatris, Inc., 3.85%, 06/22/2040 |  | 2200 | 1679 |
| Zoetis, Inc., 4.70%, 02/01/2043 |  | 28 | 26 |
|  |  |  | 41143 |
| Total Consumer Non-cyclical |  |  | 277845 |
| **Energy** — **0.6%** |  |  |  |
| **Oil & Gas** — **0.3%** |  |  |  |
| Aker BP ASA, (Norway), |  |  |  |
| 3.10%, 07/15/2031 (e) |  | 1885 | 1724 |
| 3.75%, 01/15/2030 (e) |  | 2000 | 1931 |
| 5.60%, 06/13/2028 (e) |  | 795 | 820 |
| 6.00%, 06/13/2033 (e) |  | 910 | 955 |
| BP Capital Markets plc, (United Kingdom), |  |  |  |
| Reg. S, 2.27%, 07/03/2026 | GBP | 2000 | 2650 |
| Reg. S, (EUR Swap Rate 5 Year + 3.52%), 3.25%, 03/22/2026 (x) (aa) | EUR | 1900 | 2233 |
| Reg. S, (EUR Swap Rate 5 Year + 3.78%), 3.63%, 03/22/2029 (x) (aa) | EUR | 1300 | 1526 |
| Canadian Natural Resources Ltd., (Canada), |  |  |  |
| 5.00%, 12/15/2029 (e) |  | 37 | 38 |
| 5.40%, 12/15/2034 (e) |  | 2705 | 2755 |
| Cepsa Finance SA, (Spain), Reg. S, 4.13%, 04/11/2031 | EUR | 400 | 482 |
| CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037 |  | 10 | 12 |
| ConocoPhillips Co., |  |  |  |
| 5.00%, 01/15/2035 |  | 1130 | 1144 |
| 5.55%, 03/15/2054 |  | 10 | 10 |
| 5.65%, 01/15/2065 |  | 1200 | 1176 |
| 5.70%, 09/15/2063 |  | 535 | 530 |
| Continental Resources, Inc., 4.90%, 06/01/2044 |  | 5 | 4 |
| Coterra Energy, Inc., 5.60%, 03/15/2034 |  | 17 | 17 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Oil & Gas** — **continued** |  |  |  |
| Diamondback Energy, Inc., |  |  |  |
| 3.13%, 03/24/2031 |  | 400 | 372 |
| 5.15%, 01/30/2030 |  | 30 | 31 |
| 5.20%, 04/18/2027 |  | 30 | 30 |
| 5.40%, 04/18/2034 |  | 10 | 10 |
| 5.75%, 04/18/2054 |  | 640 | 616 |
| 6.25%, 03/15/2033 |  | 1770 | 1906 |
| EOG Resources, Inc., |  |  |  |
| 4.38%, 04/15/2030 |  | 10 | 10 |
| 4.95%, 04/15/2050 |  | 23 | 21 |
| 5.65%, 12/01/2054 |  | 25 | 25 |
| 5.95%, 07/15/2055 |  | 420 | 439 |
| EQT Corp., |  |  |  |
| 4.75%, 01/15/2031 |  | 120 | 120 |
| 6.38%, 04/01/2029 |  | 55 | 57 |
| Equinor ASA, (Norway), |  |  |  |
| Reg. S, 1.38%, 05/22/2032 | EUR | 825 | 866 |
| 1.75%, 01/22/2026 |  | 200 | 199 |
| 2.38%, 05/22/2030 |  | 30 | 28 |
| 3.25%, 11/18/2049 |  | 30 | 22 |
| 3.63%, 04/06/2040 |  | 1800 | 1529 |
| 3.70%, 04/06/2050 |  | 15 | 12 |
| Reg. S, 6.88%, 03/11/2031 | GBP | 150 | 222 |
| Exxon Mobil Corp., |  |  |  |
| 0.84%, 06/26/2032 | EUR | 1050 | 1061 |
| 1.41%, 06/26/2039 | EUR | 700 | 599 |
| Occidental Petroleum Corp., |  |  |  |
| 5.38%, 01/01/2032 |  | 705 | 717 |
| 6.63%, 09/01/2030 |  | 350 | 375 |
| ORLEN SA, (Poland), |  |  |  |
| Reg. S, 1.13%, 05/27/2028 | EUR | 1300 | 1463 |
| Reg. S, 3.63%, 07/02/2032 | EUR | 4200 | 4904 |
| Ovintiv, Inc., 5.65%, 05/15/2028 |  | 715 | 737 |
| Pioneer Natural Resources Co., 1.90%, 08/15/2030 |  | 1050 | 943 |
| Santos Finance Ltd., (Australia), 6.88%, 09/19/2033 (e) |  | 320 | 352 |
| Saudi Arabian Oil Co., (Saudi Arabia), 4.75%, 06/02/2030 (e) |  | 2240 | 2269 |
| Shell Finance US, Inc., 4.13%, 05/11/2035 |  | 198 | 190 |
| Shell International Finance BV, (Netherlands), |  |  |  |
| Reg. S, 0.50%, 11/08/2031 | EUR | 735 | 743 |
| 3.88%, 11/13/2028 |  | 2 | 2 |
| 6.38%, 12/15/2038 |  | 15 | 17 |
| TotalEnergies SE, (France), Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa) | EUR | 1700 | 1927 |
| Valero Energy Corp., 6.63%, 06/15/2037 |  | 135 | 150 |
| Var Energi ASA, (Norway), |  |  |  |
| 5.00%, 05/18/2027 (e) |  | 1600 | 1614 |
| 5.88%, 05/22/2030 (e) |  | 2095 | 2178 |
| 6.50%, 05/22/2035 (e) |  | 1640 | 1742 |
|  |  |  | 46505 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Pipelines — 0.3%** |  |  |  |
| Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/2029 |  | 8 | 8 |
| Cheniere Energy Partners LP, 4.00%, 03/01/2031 |  | 139 | 134 |
| Cheniere Energy, Inc., 5.65%, 04/15/2034 |  | 120 | 124 |
| Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e) |  | 1330 | 1240 |
| Columbia Pipelines Operating Co. LLC, |  |  |  |
| 5.93%, 08/15/2030 (e) |  | 185 | 196 |
| 6.04%, 11/15/2033 (e) |  | 280 | 299 |
| DCP Midstream Operating LP, |  |  |  |
| 3.25%, 02/15/2032 |  | 5 | 5 |
| 5.13%, 05/15/2029 |  | 1500 | 1534 |
| Enbridge, Inc., (Canada), 5.95%, 04/05/2054 |  | 70 | 72 |
| Energy Transfer LP, |  |  |  |
| 4.20%, 04/15/2027 |  | 5800 | 5793 |
| 5.40%, 10/01/2047 |  | 95 | 87 |
| 5.55%, 02/15/2028 |  | 1210 | 1246 |
| 6.05%, 12/01/2026 |  | 1710 | 1742 |
| 6.20%, 04/01/2055 |  | 295 | 296 |
| 6.40%, 12/01/2030 |  | 620 | 672 |
| 6.55%, 12/01/2033 |  | 230 | 252 |
| Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) |  | 1490 | 1495 |
| Enterprise Products Operating LLC, |  |  |  |
| 4.20%, 01/31/2050 |  | 40 | 33 |
| 5.10%, 02/15/2045 |  | 1700 | 1612 |
| (CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (aa) |  | 600 | 596 |
| 5.55%, 02/16/2055 |  | 558 | 552 |
| Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (aa) |  | 70 | 70 |
| Erdoel-Lagergesellschaft mbH, (Austria), Reg. S, 2.75%, 03/20/2028 | EUR | 200 | 235 |
| Kinder Morgan Energy Partners LP, 4.70%, 11/01/2042 |  | 850 | 747 |
| Kinder Morgan, Inc., |  |  |  |
| 1.75%, 11/15/2026 |  | 40 | 39 |
| 4.80%, 02/01/2033 |  | 100 | 100 |
| 5.00%, 02/01/2029 |  | 30 | 31 |
| 5.95%, 08/01/2054 |  | 45 | 45 |
| MPLX LP, |  |  |  |
| 2.65%, 08/15/2030 |  | 1506 | 1383 |
| 4.13%, 03/01/2027 |  | 48 | 48 |
| 4.50%, 04/15/2038 |  | 30 | 27 |
| 4.70%, 04/15/2048 |  | 1272 | 1064 |
| 4.90%, 04/15/2058 |  | 30 | 25 |
| 4.95%, 03/14/2052 |  | 865 | 738 |
| 5.00%, 03/01/2033 |  | 780 | 780 |
| 5.40%, 04/01/2035 |  | 580 | 585 |
| 5.40%, 09/15/2035 |  | 1375 | 1378 |
| 5.50%, 06/01/2034 |  | 22 | 22 |
| 5.50%, 02/15/2049 |  | 60 | 56 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Pipelines — continued** |  |  |  |
| ONEOK, Inc., |  |  |  |
| 3.40%, 09/01/2029 |  | 87 | 84 |
| 3.95%, 03/01/2050 |  | 15 | 11 |
| 4.45%, 09/01/2049 |  | 680 | 547 |
| 5.05%, 04/01/2045 |  | 35 | 31 |
| 5.65%, 11/01/2028 |  | 301 | 312 |
| 5.85%, 01/15/2026 |  | 19 | 19 |
| 6.05%, 09/01/2033 |  | 1123 | 1191 |
| 6.25%, 10/15/2055 |  | 1570 | 1594 |
| 6.35%, 01/15/2031 |  | 4 | 4 |
| Plains All American Pipeline LP / PAA Finance Corp., 3.55%, 12/15/2029 |  | 90 | 87 |
| Targa Resources Corp., |  |  |  |
| 4.20%, 02/01/2033 |  | 100 | 95 |
| 4.95%, 04/15/2052 |  | 335 | 287 |
| 5.20%, 07/01/2027 |  | 965 | 980 |
| 5.50%, 02/15/2035 |  | 985 | 1003 |
| 6.13%, 03/15/2033 |  | 285 | 303 |
| 6.13%, 05/15/2055 |  | 60 | 60 |
| Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 |  | 505 | 482 |
| Western Midstream Operating LP, |  |  |  |
| 4.05%, 02/01/2030 |  | 1012 | 989 |
| 4.50%, 03/01/2028 |  | 1200 | 1202 |
| 4.65%, 07/01/2026 |  | 480 | 480 |
| 5.25%, 02/01/2050 |  | 7 | 6 |
| 6.15%, 04/01/2033 |  | 140 | 148 |
| Williams Cos., Inc. (The), |  |  |  |
| 3.50%, 11/15/2030 |  | 1900 | 1816 |
| 4.63%, 06/30/2030 |  | 1360 | 1372 |
| 5.15%, 03/15/2034 |  | 2015 | 2046 |
| 5.30%, 08/15/2028 |  | 2350 | 2423 |
| 5.30%, 08/15/2052 |  | 30 | 28 |
| 5.80%, 11/15/2043 |  | 5 | 5 |
| 5.80%, 11/15/2054 |  | 400 | 401 |
|  |  |  | 43367 |
| Total Energy |  |  | 89872 |
| **Financial — 6.4%** |  |  |  |
| **Banks — 4.4%** |  |  |  |
| ABN AMRO Bank NV, (Netherlands), |  |  |  |
| Reg. S, 0.40%, 09/17/2041 | EUR | 100 | 72 |
| Reg. S, 1.25%, 01/10/2033 | EUR | 100 | 105 |
| Reg. S, 1.38%, 01/12/2037 | EUR | 100 | 97 |
| Reg. S, 1.45%, 04/12/2038 | EUR | 100 | 94 |
| Reg. S, 2.38%, 04/07/2028 | EUR | 100 | 118 |
| (CMT Index 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (aa) |  | 2100 | 2101 |
| Achmea Bank NV, (Netherlands), |  |  |  |
| Reg. S, 2.50%, 06/25/2030 | EUR | 100 | 117 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 3.00%, 01/31/2030 | EUR | 100 | 119 |
| AIB Group plc, (Ireland), Reg. S, (EUR Swap Rate 1 Year + 1.30%), 2.25%, 04/04/2028 (aa) | EUR | 1000 | 1170 |
| Aktia Bank OYJ, (Finland), Reg. S, 3.00%, 10/22/2029 | EUR | 100 | 119 |
| AMCO - Asset Management Co. SpA, (Italy), |  |  |  |
| Reg. S, 0.75%, 04/20/2028 | EUR | 363 | 406 |
| Reg. S, 3.25%, 04/02/2030 | EUR | 200 | 237 |
| Reg. S, 4.63%, 02/06/2027 | EUR | 200 | 242 |
| ANZ New Zealand Int'l Ltd., (New Zealand), Reg. S, 0.20%, 09/23/2027 | EUR | 6000 | 6739 |
| Argenta Spaarbank NV, (Belgium), Reg. S, 2.88%, 02/03/2032 | EUR | 100 | 117 |
| Arkea Public Sector SCF SA, (France), Reg. S, 3.11%, 02/28/2029 | EUR | 100 | 119 |
| ASB Bank Ltd., (New Zealand), |  |  |  |
| Reg. S, 0.25%, 09/08/2028 | EUR | 1000 | 1098 |
| Reg. S, 0.50%, 09/24/2029 | EUR | 1000 | 1075 |
| ASN Bank NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 03/03/2028 | EUR | 2500 | 2785 |
| Reg. S, 1.00%, 03/08/2028 | EUR | 100 | 114 |
| Reg. S, 3.63%, 10/21/2031 | EUR | 100 | 119 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.90%), 4.13%, 11/27/2035 (aa) | EUR | 100 | 119 |
| Reg. S, 4.63%, 11/23/2027 | EUR | 600 | 730 |
| Reg. S, 4.88%, 03/07/2030 | EUR | 600 | 754 |
| Australia & New Zealand Banking Group Ltd., (Australia), |  |  |  |
| Reg. S, 2.48%, 06/04/2029 | EUR | 100 | 117 |
| Reg. S, (EUR Swap Rate 5 Year + 2.15%), 5.10%, 02/03/2033 (aa) | EUR | 4000 | 4917 |
| Banca Monte dei Paschi di Siena SpA, (Italy), |  |  |  |
| Reg. S, 0.88%, 10/08/2026 | EUR | 100 | 116 |
| Reg. S, 3.50%, 04/23/2029 | EUR | 100 | 121 |
| Banco Bilbao Vizcaya Argentaria SA, (Spain), |  |  |  |
| Reg. S, 3.13%, 07/15/2030 | EUR | 5100 | 5993 |
| Reg. S, 3.75%, 08/26/2035 | EUR | 2900 | 3424 |
| Banco BPI SA, (Portugal), Reg. S, 3.63%, 07/04/2028 | EUR | 1600 | 1934 |
| Banco BPM SpA, (Italy), |  |  |  |
| Reg. S, 3.38%, 01/21/2030 | EUR | 2472 | 2955 |
| Reg. S, 3.38%, 01/24/2030 | EUR | 100 | 120 |
| Banco de Sabadell SA, (Spain), |  |  |  |
| Reg. S, 1.75%, 05/30/2029 | EUR | 100 | 114 |
| Reg. S, 3.25%, 06/05/2034 | EUR | 100 | 119 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 09/13/2030 (aa) | EUR | 1600 | 1969 |
| Banco di Desio e della Brianza SpA, (Italy), Reg. S, 4.00%, 03/13/2028 | EUR | 1700 | 2066 |
| Banco Santander SA, (Spain), |  |  |  |
| Reg. S, 0.10%, 02/27/2032 | EUR | 100 | 99 |
| Reg. S, 1.13%, 10/25/2028 | EUR | 100 | 113 |
| Reg. S, 1.63%, 10/22/2030 | EUR | 100 | 109 |
| Reg. S, 2.50%, 05/13/2030 | EUR | 100 | 117 |
| Reg. S, 2.88%, 07/14/2033 | EUR | 100 | 117 |
| Reg. S, 3.13%, 05/28/2029 | EUR | 100 | 120 |
| Reg. S, 3.25%, 05/27/2032 | EUR | 3800 | 4473 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 5.13%, 01/25/2030 | GBP | 1000 | 1369 |
| 5.29%, 08/18/2027 |  | 1400 | 1427 |
| 5.44%, 07/15/2031 |  | 4200 | 4409 |
| (CMT Index 1 Year + 1.45%), 5.54%, 03/14/2030 (aa) |  | 5015 | 5195 |
| Banco Santander Totta SA, (Portugal), |  |  |  |
| Reg. S, 1.25%, 09/26/2027 | EUR | 100 | 115 |
| Reg. S, 3.38%, 04/19/2028 | EUR | 1800 | 2164 |
| Bank of America Corp., |  |  |  |
| (United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa) |  | 1415 | 1387 |
| (United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa) |  | 1500 | 1421 |
| (United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa) |  | 1000 | 887 |
| (CME Term SOFR 3 Month + 1.25%), 2.50%, 02/13/2031 (aa) |  | 3300 | 3055 |
| (United States SOFR + 1.05%), 2.55%, 02/04/2028 (aa) |  | 5 | 5 |
| (United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa) |  | 2605 | 2335 |
| (United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa) |  | 1700 | 1253 |
| (United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa) |  | 2150 | 1959 |
| (United States SOFR + 1.33%), 2.97%, 02/04/2033 (aa) |  | 140 | 128 |
| (United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa) |  | 10 | 8 |
| (CME Term SOFR 3 Month + 1.30%), 3.42%, 12/20/2028 (aa) |  | 1240 | 1221 |
| (CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa) |  | 660 | 654 |
| (CMT Index 5 Year + 2.00%), 3.85%, 03/08/2037 (aa) |  | 132 | 123 |
| (CME Term SOFR 3 Month + 1.33%), 3.97%, 03/05/2029 (aa) |  | 100 | 100 |
| (CME Term SOFR 3 Month + 1.58%), 4.08%, 04/23/2040 (aa) |  | 3 | 3 |
| (CME Term SOFR 3 Month + 3.41%), 4.08%, 03/20/2051 (aa) |  | 10 | 8 |
| (United States SOFR + 1.83%), 4.57%, 04/27/2033 (aa) |  | 155 | 155 |
| (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) |  | 7 | 7 |
| (United States SOFR + 1.63%), 5.20%, 04/25/2029 (aa) |  | 30 | 31 |
| (United States SOFR + 1.74%), 5.52%, 10/25/2035 (aa) |  | 1750 | 1792 |
| (United States SOFR + 1.70%), 5.74%, 02/12/2036 (aa) |  | 450 | 468 |
| (United States SOFR + 1.84%), 5.87%, 09/15/2034 (aa) |  | 1000 | 1071 |
| (CMT Index 5 Year + 2.35%), 6.25%, 07/26/2030 (x) (aa) |  | 120 | 122 |
| Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa) |  | 1305 | 1190 |
| Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa) |  | 90 | 66 |
| Series TT, (CMT Index 5 Year + 3.23%), 6.13%, 04/27/2027 (x) (aa) |  | 40 | 40 |
| Bank of Montreal, (Canada), Reg. S, 2.75%, 10/13/2026 | EUR | 100 | 118 |
| Bank of New York Mellon Corp. (The), |  |  |  |
| (United States SOFR + 1.51%), 4.71%, 02/01/2034 (aa) |  | 10 | 10 |
| (SOFR Compounded Index + 1.80%), 5.80%, 10/25/2028 (aa) |  | 9 | 9 |
| (United States SOFR + 1.60%), 6.32%, 10/25/2029 (aa) |  | 2 | 2 |
| Series F, (CME Term SOFR 3 Month + 3.39%), 4.63%, 09/20/2026 (x) (aa) |  | 195 | 194 |
| Bank of New Zealand, (New Zealand), |  |  |  |
| Reg. S, 2.55%, 06/29/2027 | EUR | 100 | 118 |
| Reg. S, 3.71%, 12/20/2028 | EUR | 1150 | 1396 |
| Bank of Nova Scotia (The), (Canada), |  |  |  |
| Reg. S, 0.01%, 01/14/2027 | EUR | 100 | 114 |
| Reg. S, 0.38%, 03/26/2030 | EUR | 100 | 106 |
| Reg. S, 2.52%, 06/18/2029 | EUR | 100 | 117 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Bank of Queensland Ltd., (Australia), |  |  |  |
| Reg. S, 1.84%, 06/09/2027 | EUR | 7600 | 8848 |
| Reg. S, 3.30%, 07/30/2029 | EUR | 1988 | 2382 |
| Bankinter SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.10%), 3.50%, 09/10/2032 (aa) | EUR | 2400 | 2865 |
| Banque Federative du Credit Mutuel SA, (France), |  |  |  |
| Reg. S, 0.63%, 11/03/2028 | EUR | 1000 | 1100 |
| Reg. S, 0.75%, 01/17/2030 | EUR | 1000 | 1067 |
| Reg. S, 1.13%, 11/19/2031 | EUR | 600 | 610 |
| Reg. S, 1.25%, 05/26/2027 | EUR | 1000 | 1152 |
| Reg. S, 1.25%, 06/03/2030 | EUR | 1000 | 1077 |
| Reg. S, 1.38%, 07/16/2028 | EUR | 3000 | 3411 |
| Reg. S, 1.88%, 11/04/2026 | EUR | 1200 | 1399 |
| Reg. S, 1.88%, 06/18/2029 | EUR | 1000 | 1124 |
| Reg. S, 2.50%, 05/25/2028 | EUR | 1500 | 1744 |
| Reg. S, 2.63%, 11/06/2029 | EUR | 500 | 578 |
| Reg. S, 3.63%, 09/14/2032 | EUR | 3000 | 3588 |
| Reg. S, (EUR Swap Rate 5 Year + 2.20%), 3.88%, 06/16/2032 (aa) | EUR | 4400 | 5240 |
| Barclays plc, (United Kingdom), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.85%), 0.88%, 01/28/2028 (aa) | EUR | 2000 | 2299 |
| (United States SOFR + 1.34%), 4.84%, 09/10/2028 (aa) |  | 1320 | 1333 |
| (United States SOFR + 1.23%), 5.37%, 02/25/2031 (aa) |  | 410 | 423 |
| (United States SOFR + 1.59%), 5.79%, 02/25/2036 (aa) |  | 2085 | 2176 |
| (United States SOFR + 1.83%), 5.86%, 08/11/2046 (aa) |  | 340 | 349 |
| (United States SOFR + 2.98%), 6.22%, 05/09/2034 (aa) |  | 1800 | 1937 |
| (United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa) |  | 1120 | 1143 |
| Basellandschaftliche Kantonalbank, (Switzerland), |  |  |  |
| Reg. S, 0.05%, 01/28/2031 | CHF | 1000 | 1221 |
| Reg. S, 0.25%, 01/25/2027 | CHF | 900 | 1129 |
| Reg. S, 0.38%, 05/13/2030 | CHF | 100 | 125 |
| Bausparkasse Schwaebisch Hall AG, (Germany), Reg. S, 2.00%, 05/17/2034 | EUR | 100 | 109 |
| BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria), Reg. S, 0.10%, 05/12/2031 | EUR | 100 | 101 |
| Bayerische Landesbank, (Germany), |  |  |  |
| Reg. S, 0.05%, 04/30/2031 | EUR | 50 | 51 |
| Reg. S, 0.13%, 02/10/2028 | EUR | 600 | 665 |
| Reg. S, 0.13%, 11/02/2029 | EUR | 50 | 53 |
| Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.38%, 11/22/2032 (aa) | EUR | 100 | 113 |
| Reg. S, 2.13%, 09/01/2031 | EUR | 50 | 57 |
| Reg. S, 2.75%, 05/28/2032 | EUR | 40 | 47 |
| Reg. S, 3.00%, 02/18/2030 | EUR | 300 | 355 |
| Reg. S, 3.00%, 10/10/2031 | EUR | 100 | 118 |
| Reg. S, 3.63%, 08/04/2032 | EUR | 300 | 360 |
| Reg. S, 3.75%, 02/07/2029 | EUR | 600 | 724 |
| Reg. S, 4.25%, 06/21/2027 | EUR | 400 | 484 |
| Belfius Bank SA, (Belgium), |  |  |  |
| Reg. S, 0.13%, 02/08/2028 | EUR | 600 | 667 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 1.30%), 1.25%, 04/06/2034 (aa) | EUR | 100 | 110 |
| Reg. S, 3.13%, 01/30/2031 | EUR | 400 | 472 |
| Reg. S, 3.25%, 10/18/2027 | EUR | 100 | 119 |
| Reg. S, 3.38%, 05/28/2030 | EUR | 600 | 711 |
| Reg. S, 3.38%, 02/20/2031 | EUR | 200 | 236 |
| Reg. S, 3.75%, 01/22/2029 | EUR | 100 | 120 |
| Reg. S, 4.13%, 09/12/2029 | EUR | 100 | 123 |
| Reg. S, (EUR Swap Rate 5 Year + 2.20%), 4.88%, 06/11/2035 (aa) | EUR | 500 | 617 |
| Reg. S, (EUR Swap Rate 5 Year + 2.45%), 5.25%, 04/19/2033 (aa) | EUR | 100 | 123 |
| BNP Paribas SA, (France), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 0.73%), 0.50%, 02/19/2028 (aa) | EUR | 1000 | 1142 |
| Reg. S, (EURIBOR 3 Month + 0.83%), 0.50%, 01/19/2030 (aa) | EUR | 200 | 217 |
| Reg. S, (EUR Swap Rate 5 Year + 1.17%), 0.88%, 08/31/2033 (aa) | EUR | 1000 | 1098 |
| Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa) | EUR | 1500 | 1721 |
| Reg. S, 1.50%, 05/25/2028 | EUR | 269 | 308 |
| Reg. S, 1.88%, 12/14/2027 | GBP | 2000 | 2541 |
| Reg. S, 2.25%, 01/11/2027 | EUR | 500 | 585 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.60%), 2.50%, 03/31/2032 (aa) | EUR | 3400 | 3966 |
| Reg. S, 3.38%, 01/23/2026 | GBP | 600 | 804 |
| (United States SOFR + 1.92%), 5.91%, 11/19/2035 (e) (aa) |  | 2600 | 2695 |
| BPCE SA, (France), |  |  |  |
| Reg. S, 0.25%, 01/14/2031 | EUR | 1900 | 1929 |
| Reg. S, 1.00%, 10/05/2028 | EUR | 500 | 560 |
| Reg. S, 4.00%, 11/29/2032 | EUR | 4300 | 5259 |
| (United States SOFR + 2.87%), 5.75%, 07/19/2033 (e) (aa) |  | 1000 | 1040 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.65%)5.75%, 06/01/2033 (aa) | EUR | 2900 | 3639 |
| (United States SOFR + 1.85%), 5.94%, 05/30/2035 (e) (aa) |  | 1425 | 1493 |
| (United States SOFR + 2.59%), 7.00%, 10/19/2034 (e) (aa) |  | 1500 | 1673 |
| BPER Banca SpA, (Italy), Reg. S, 3.75%, 10/22/2028 | EUR | 100 | 122 |
| Caisse Centrale du Credit Immobilier de France SA, (France), Reg. S, 2.63%, 01/18/2028 | EUR | 200 | 236 |
| Caixa Geral de Depositos SA, (Portugal), Reg. S, (EUR Swap Rate 1 Year + 2.75%), 5.75%, 10/31/2028 (aa) | EUR | 100 | 125 |
| CaixaBank SA, (Spain), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 0.90%), 0.50%, 02/09/2029 (aa) | EUR | 1500 | 1677 |
| Reg. S, (EURIBOR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa) | EUR | 2100 | 2396 |
| Reg. S, 1.25%, 01/11/2027 | EUR | 200 | 232 |
| Reg. S, 3.38%, 06/26/2035 | EUR | 6500 | 7568 |
| Reg. S, 4.25%, 09/06/2030 | EUR | 1900 | 2363 |
| (United States SOFR + 2.08%), 6.68%, 09/13/2027 (e) (aa) |  | 500 | 511 |
| (United States SOFR + 2.77%), 6.84%, 09/13/2034 (e) (aa) |  | 295 | 329 |
| Caja Rural de Navarra SCC, (Spain), |  |  |  |
| Reg. S, 0.75%, 02/16/2029 | EUR | 2000 | 2208 |
| Reg. S, 3.00%, 04/26/2027 | EUR | 100 | 119 |
| Cajamar Caja Rural SCC, (Spain), |  |  |  |
| Reg. S, 3.38%, 02/16/2028 | EUR | 2100 | 2512 |
| Reg. S, 3.38%, 07/25/2029 | EUR | 3500 | 4202 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Canadian Imperial Bank of Commerce, (Canada), |  |  |  |
| Reg. S, 0.01%, 04/30/2029 | EUR | 4000 | 4290 |
| Reg. S, (EURIBOR 3 Month + 1.12%)3.25%, 07/16/2031 (aa) | EUR | 5000 | 5878 |
| Cie de Financement Foncier SA, (France), |  |  |  |
| Reg. S, 0.38%, 04/09/2027 | EUR | 100 | 114 |
| Reg. S, 0.60%, 10/25/2041 | EUR | 100 | 75 |
| Reg. S, 1.90%, 06/16/2028 | CHF | 50 | 65 |
| Reg. S, 2.38%, 03/15/2030 | EUR | 100 | 116 |
| Reg. S, 2.63%, 10/29/2029 | EUR | 100 | 117 |
| Reg. S, 3.13%, 04/24/2027 | EUR | 100 | 119 |
| Reg. S, 3.13%, 06/06/2030 | EUR | 100 | 120 |
| Reg. S, 3.38%, 09/16/2031 | EUR | 100 | 120 |
| Reg. S, 3.88%, 04/25/2055 | EUR | 20 | 23 |
| Citibank NA, 4.91%, 05/29/2030 |  | 250 | 257 |
| Citigroup, Inc., |  |  |  |
| (United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa) |  | 3100 | 3041 |
| (United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa) |  | 1060 | 956 |
| (United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa) |  | 3600 | 3313 |
| (United States SOFR + 1.38%), 2.90%, 11/03/2042 (aa) |  | 5 | 4 |
| (United States SOFR + 1.35%), 3.06%, 01/25/2033 (aa) |  | 1030 | 939 |
| (United States SOFR + 1.94%), 3.79%, 03/17/2033 (aa) |  | 10 | 9 |
| (EURIBOR 3 Month + 1.58%), 4.11%, 04/29/2036 (aa) | EUR | 4642 | 5618 |
| (CME Term SOFR 3 Month + 2.10%), 4.28%, 04/24/2048 (aa) |  | 20 | 17 |
| (United States SOFR + 1.14%), 4.64%, 05/07/2028 (aa) |  | 80 | 80 |
| (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) |  | 1485 | 1524 |
| (United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa) |  | 10 | 10 |
| (United States SOFR + 1.47%), 5.33%, 03/27/2036 (aa) |  | 950 | 971 |
| (United States SOFR + 2.06%), 5.83%, 02/13/2035 (aa) |  | 780 | 809 |
| (United States SOFR + 1.83%), 6.02%, 01/24/2036 (aa) |  | 3740 | 3918 |
| Citizens Financial Group, Inc., (United States SOFR + 2.01%), 5.84%, 01/23/2030 (aa) |  | 145 | 151 |
| Clydesdale Bank plc, (United Kingdom), |  |  |  |
| Reg. S, 2.50%, 06/22/2027 | EUR | 5000 | 5881 |
| Reg. S, 3.75%, 08/22/2028 | EUR | 1800 | 2181 |
| Comerica, Inc., (United States SOFR + 2.16%), 5.98%, 01/30/2030 (aa) |  | 708 | 737 |
| Commerzbank AG, (Germany), |  |  |  |
| Reg. S, 2.50%, 09/17/2030 | EUR | 80 | 94 |
| Reg. S, 2.63%, 09/03/2029 | EUR | 25 | 30 |
| Reg. S, 2.75%, 01/11/2027 | EUR | 200 | 236 |
| Reg. S, 2.75%, 12/20/2029 | EUR | 160 | 189 |
| Reg. S, 2.75%, 01/09/2031 | EUR | 100 | 118 |
| Commonwealth Bank of Australia, (Australia), |  |  |  |
| Reg. S, 2.86%, 02/26/2032 | EUR | 100 | 117 |
| Reg. S, 3.77%, 08/31/2027 | EUR | 100 | 121 |
| Cooperatieve Rabobank UA, (Netherlands), |  |  |  |
| Reg. S, 0.01%, 11/27/2040 | EUR | 100 | 70 |
| Reg. S, 0.13%, 12/01/2031 | EUR | 100 | 100 |
| Reg. S, 0.88%, 02/08/2028 | EUR | 100 | 114 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, (EURIBOR 3 Month + 1.18%), 0.88%, 05/05/2028 (aa) | EUR | 700 | 801 |
| Reg. S, 1.38%, 02/03/2027 | EUR | 25 | 29 |
| Reg. S, 3.06%, 02/01/2034 | EUR | 200 | 237 |
| Reg. S, (EUR Swap Rate 5 Year + 1.95%), 3.88%, 11/30/2032 (aa) | EUR | 2100 | 2511 |
| Reg. S, (EURIBOR 3 Month + 1.55%), 4.63%, 01/27/2028 (aa) | EUR | 5700 | 6873 |
| Reg. S, 5.25%, 05/23/2041 | GBP | 50 | 64 |
| Credit Agricole Italia SpA, (Italy), |  |  |  |
| Reg. S, 0.13%, 03/15/2033 | EUR | 100 | 94 |
| Reg. S, 3.50%, 01/15/2030 | EUR | 100 | 121 |
| Reg. S, 3.50%, 03/11/2036 | EUR | 100 | 119 |
| Series 15Y, Reg. S, 1.00%, 09/30/2031 | EUR | 2100 | 2204 |
| Credit Agricole SA, (France), |  |  |  |
| Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa) | GBP | 600 | 778 |
| (USD Semi-annual Swap Rate 5 Year + 1.64%), 4.00%, 01/10/2033 (e) (aa) |  | 2700 | 2660 |
| (United States SOFR + 1.36%), 4.82%, 09/25/2033 (e) (aa) |  | 1440 | 1431 |
| Reg. S, (EUR Swap Rate 5 Year + 2.25%), 5.50%, 08/28/2033 (aa) | EUR | 3000 | 3750 |
| Reg. S, (UK Gilts 1 Year + 2.60%), 5.75%, 11/29/2027 (aa) | GBP | 3000 | 4087 |
| Credit Mutuel Arkea SA, (France), |  |  |  |
| Reg. S, 3.38%, 09/19/2027 | EUR | 3000 | 3583 |
| Reg. S, 4.25%, 12/01/2032 | EUR | 3600 | 4457 |
| Crelan SA, (Belgium), Reg. S, 5.75%, 01/26/2028 | EUR | 900 | 1128 |
| Danske Bank A/S, (Denmark), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.88%), 0.75%, 06/09/2029 (aa) | EUR | 468 | 521 |
| Reg. S, 3.13%, 06/06/2031 | EUR | 100 | 119 |
| (CMT Index 1 Year + 0.85%)4.42%, 09/12/2031 (e) (aa) |  | 2725 | 2700 |
| (CMT Index 1 Year + 0.95%), 5.43%, 03/01/2028 (e) (aa) |  | 1090 | 1109 |
| Danske Hypotek AB, (Sweden), Series 2812, Reg. S, 3.50%, 12/20/2028 | SEK | 2000 | 219 |
| Danske Kiinnitysluottopankki OYJ, (Finland), Reg. S, 3.50%, 01/29/2029 | EUR | 100 | 121 |
| DBS Bank Ltd., (Singapore), Reg. S, 2.43%, 01/03/2029 | EUR | 100 | 117 |
| DekaBank Deutsche Girozentrale, (Germany), |  |  |  |
| Reg. S, 3.13%, 06/19/2030 | EUR | 200 | 235 |
| Reg. S, 3.25%, 02/08/2029 | EUR | 100 | 120 |
| Reg. S, 3.38%, 07/02/2027 | EUR | 200 | 238 |
| Reg. S, 4.13%, 08/03/2028 | EUR | 100 | 122 |
| Deutsche Bank AG, (Germany), |  |  |  |
| Reg. S, 0.13%, 01/21/2030 | EUR | 75 | 79 |
| (United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa) |  | 2950 | 2939 |
| Reg. S, 2.25%, 09/20/2027 | EUR | 100 | 117 |
| (United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) |  | 200 | 196 |
| (United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa) |  | 200 | 196 |
| Reg. S, 3.13%, 10/19/2026 | EUR | 100 | 119 |
| (United States SOFR + 2.76%), 3.73%, 01/14/2032 (aa) |  | 3960 | 3715 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.30%), 4.00%, 06/24/2032 (aa) | EUR | 2300 | 2733 |
| Deutsche Kreditbank AG, (Germany), |  |  |  |
| Reg. S, 1.63%, 05/05/2032 | EUR | 50 | 55 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 2.88%, 03/21/2036 | EUR | 50 | 58 |
| Reg. S, 3.00%, 07/02/2030 | EUR | 100 | 119 |
| Reg. S, 3.25%, 06/12/2045 | EUR | 20 | 23 |
| Deutsche Pfandbriefbank AG, (Germany), |  |  |  |
| Reg. S, 0.63%, 08/30/2027 | EUR | 100 | 114 |
| Reg. S, 2.63%, 05/30/2029 | EUR | 70 | 82 |
| Reg. S, 2.88%, 01/24/2028 | EUR | 130 | 154 |
| DNB Bank ASA, (Norway), Reg. S, (EURIBOR 3 Month + 0.90%), 3.13%, 05/20/2031 (aa) | EUR | 3574 | 4212 |
| DNB Boligkreditt A/S, (Norway), |  |  |  |
| Reg. S, 0.01%, 05/12/2028 | EUR | 5000 | 5528 |
| Reg. S, 2.38%, 06/10/2030 | EUR | 100 | 116 |
| Reg. S, 2.63%, 09/27/2029 | EUR | 100 | 118 |
| Reg. S, 2.88%, 03/12/2029 | EUR | 100 | 119 |
| DZ HYP AG, (Germany), |  |  |  |
| Reg. S, 0.01%, 10/26/2026 | EUR | 50 | 57 |
| Reg. S, 0.01%, 11/12/2027 | EUR | 40 | 45 |
| Reg. S, 0.01%, 10/27/2028 | EUR | 25 | 27 |
| Reg. S, 2.63%, 04/30/2031 | EUR | 20 | 23 |
| Reg. S, 3.00%, 10/29/2027 | EUR | 50 | 60 |
| Reg. S, 3.00%, 05/31/2032 | EUR | 50 | 60 |
| Reg. S, 3.00%, 11/30/2032 | EUR | 100 | 119 |
| Series 1234, Reg. S, 0.01%, 03/29/2030 | EUR | 30 | 31 |
| Series 1279, Reg. S, 3.00%, 05/31/2035 | EUR | 120 | 141 |
| Eika Boligkreditt A/S, (Norway), |  |  |  |
| Reg. S, 0.01%, 03/12/2027 | EUR | 100 | 114 |
| Reg. S, 2.75%, 05/26/2032 | EUR | 100 | 117 |
| Equitable Bank, (Canada), Reg. S, 3.50%, 05/28/2027 | EUR | 100 | 119 |
| Erste Group Bank AG, (Austria), |  |  |  |
| Reg. S, 0.01%, 09/11/2029 | EUR | 100 | 106 |
| Reg. S, 0.50%, 01/12/2037 | EUR | 100 | 86 |
| Reg. S, 3.13%, 10/14/2027 | EUR | 100 | 119 |
| Eurocaja Rural SCC, (Spain), Reg. S, 0.13%, 09/22/2031 | EUR | 2300 | 2293 |
| Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 3.13%, 05/30/2029 | EUR | 110 | 131 |
| Fifth Third Bancorp, |  |  |  |
| (SOFR Compounded Index + 2.13%), 4.77%, 07/28/2030 (aa) |  | 11 | 11 |
| (United States SOFR + 1.49%), 4.90%, 09/06/2030 (aa) |  | 120 | 122 |
| (United States SOFR + 1.84%), 5.63%, 01/29/2032 (aa) |  | 5 | 5 |
| (United States SOFR + 2.34%), 6.34%, 07/27/2029 (aa) |  | 1415 | 1492 |
| First Abu Dhabi Bank PJSC, (United Arab Emirates), |  |  |  |
| Reg. S, 0.13%, 02/16/2026 | EUR | 1000 | 1162 |
| Reg. S, 0.88%, 12/09/2025 | GBP | 200 | 267 |
| First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa) |  | 1460 | 1503 |
| FNB Corp., (SOFR Compounded Index + 1.93%), 5.72%, 12/11/2030 (aa) |  | 6 | 6 |
| Goldman Sachs Group, Inc. (The), |  |  |  |
| Reg. S, 0.25%, 01/26/2028 | EUR | 1000 | 1115 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 0.88%, 05/09/2029 | EUR | 370 | 406 |
| (United States SOFR + 0.80%), 1.43%, 03/09/2027 (aa) |  | 40 | 40 |
| (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 1570 | 1533 |
| (United States SOFR + 1.09%), 1.99%, 01/27/2032 (aa) |  | 41 | 36 |
| 2.60%, 02/07/2030 |  | 1895 | 1776 |
| (United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa) |  | 2809 | 2549 |
| (United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa) |  | 80 | 72 |
| Reg. S, 3.13%, 07/25/2029 | GBP | 1500 | 1909 |
| (United States SOFR + 1.58%), 5.56%, 11/19/2045 (aa) |  | 1550 | 1573 |
| (United States SOFR + 1.55%), 5.85%, 04/25/2035 (aa) |  | 5050 | 5381 |
| (United States SOFR + 1.77%), 6.48%, 10/24/2029 (aa) |  | 20 | 21 |
| 6.75%, 10/01/2037 |  | 20 | 22 |
| Hamburg Commercial Bank AG, (Germany), Reg. S, 3.38%, 02/01/2028 | EUR | 50 | 60 |
| Hamburger Sparkasse AG, (Germany), Reg. S, 0.75%, 03/30/2027 | EUR | 100 | 115 |
| HSBC Holdings plc, (United Kingdom), |  |  |  |
| (United States SOFR + 1.29%), 1.59%, 05/24/2027 (aa) |  | 200 | 197 |
| (United States SOFR + 1.29%), 2.21%, 08/17/2029 (aa) |  | 3130 | 2957 |
| (GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa) | GBP | 225 | 284 |
| (CME Term SOFR 3 Month + 1.87%), 3.97%, 05/22/2030 (aa) |  | 200 | 197 |
| (United States SOFR + 1.57%), 5.24%, 05/13/2031 (aa) |  | 900 | 926 |
| (SONIA Interest Rate Benchmark + 2.12%), 6.80%, 09/14/2031 (aa) | GBP | 3200 | 4643 |
| Reg. S, 7.00%, 04/07/2038 | GBP | 300 | 428 |
| Huntington Bancshares, Inc., |  |  |  |
| (United States SOFR + 1.28%), 5.27%, 01/15/2031 (aa) |  | 30 | 31 |
| (SOFR Compounded Index + 1.87%), 5.71%, 02/02/2035 (aa) |  | 2110 | 2200 |
| (United States SOFR + 2.02%), 6.21%, 08/21/2029 (aa) |  | 235 | 247 |
| HYPO NOE Landesbank fuer Niederoesterreich und Wien AG, (Austria), |  |  |  |
| Reg. S, 3.00%, 04/16/2032 | EUR | 100 | 118 |
| Reg. S, 3.25%, 02/27/2031 | EUR | 300 | 352 |
| Hypo Vorarlberg Bank AG, (Austria), |  |  |  |
| Reg. S, 1.63%, 05/11/2028 | EUR | 100 | 115 |
| Reg. S, 2.75%, 05/13/2032 | EUR | 100 | 116 |
| Iccrea Banca SpA, (Italy), Reg. S, 3.88%, 01/12/2029 | EUR | 100 | 122 |
| ING Bank NV, (Netherlands), |  |  |  |
| Reg. S, 0.13%, 12/08/2031 | EUR | 100 | 100 |
| Reg. S, 0.75%, 02/18/2029 | EUR | 100 | 111 |
| Reg. S, 2.50%, 02/21/2030 | EUR | 100 | 117 |
| Reg. S, 3.00%, 05/21/2034 | EUR | 100 | 118 |
| ING Belgium SA, (Belgium), |  |  |  |
| Reg. S, 0.01%, 02/20/2030 | EUR | 100 | 105 |
| Reg. S, 1.50%, 05/19/2029 | EUR | 100 | 113 |
| ING Groep NV, (Netherlands), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 0.68%), 0.25%, 02/18/2029 (aa) | EUR | 4000 | 4433 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.15%), 0.88%, 06/09/2032 (aa) | EUR | 1000 | 1140 |
| Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa) | GBP | 1900 | 2378 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| (United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa) |  | 1265 | 1249 |
| Reg. S, (EUR Swap Rate 5 Year + 2.50%), 4.13%, 08/24/2033 (aa) | EUR | 2500 | 3009 |
| (United States SOFR + 1.61%), 5.53%, 03/25/2036 (aa) |  | 1200 | 1245 |
| (United States SOFR + 1.77%), 5.55%, 03/19/2035 (aa) |  | 200 | 208 |
| ING-DiBa AG, (Germany), Reg. S, 0.01%, 10/07/2028 | EUR | 200 | 219 |
| Intesa Sanpaolo SpA, (Italy), |  |  |  |
| Reg. S, 0.38%, 09/14/2026 | EUR | 100 | 116 |
| Reg. S, (SONIA Interest Rate Benchmark + 2.59%), 6.50%, 03/14/2029 (aa) | GBP | 1700 | 2377 |
| 7.00%, 11/21/2025 (e) |  | 1060 | 1064 |
| (CMT Index 1 Year + 3.90%), 7.78%, 06/20/2054 (e) (aa) |  | 850 | 1018 |
| 7.80%, 11/28/2053 (e) |  | 2130 | 2630 |
| Investec plc, (United Kingdom), |  |  |  |
| Reg. S, (UK Gilts 1 Year + 1.50%), 1.88%, 07/16/2028 (aa) | GBP | 1500 | 1916 |
| Reg. S, (UK Gilts 5 Year + 2.05%), 2.63%, 01/04/2032 (aa) | GBP | 1000 | 1307 |
| Investitionsbank Berlin, (Germany), |  |  |  |
| Series 208, 0.05%, 03/02/2035 | EUR | 100 | 89 |
| Series 215, 0.01%, 07/01/2031 | EUR | 200 | 201 |
| Series 216, 0.01%, 07/15/2027 | EUR | 500 | 564 |
| Series 222, Reg. S, 2.75%, 10/04/2027 | EUR | 700 | 829 |
| Series 226, Reg. S, 3.13%, 03/01/2033 | EUR | 900 | 1073 |
| Series 237, Reg. S, 2.25%, 09/28/2029 | EUR | 100 | 116 |
| Series 276, 0.01%, 11/22/2029 | EUR | 200 | 212 |
| KBC Bank NV, (Belgium), Reg. S, 3.13%, 02/22/2027 | EUR | 100 | 119 |
| KeyCorp., |  |  |  |
| (SOFR Compounded Index + 1.23%), 5.12%, 04/04/2031 (aa) |  | 900 | 924 |
| (SOFR Compounded Index + 2.42%), 6.40%, 03/06/2035 (aa) |  | 520 | 565 |
| Kookmin Bank, (South Korea), Reg. S, 0.05%, 10/19/2026 | EUR | 1800 | 2065 |
| Kreditanstalt fuer Wiederaufbau, (Germany), |  |  |  |
| Reg. S, 0.00%, 03/31/2027 | EUR | 500 | 569 |
| Reg. S, 0.00%, 04/30/2027 | EUR | 1530 | 1739 |
| Reg. S, 0.00%, 12/15/2027 | EUR | 3740 | 4188 |
| Reg. S, 0.00%, 09/15/2028 | EUR | 1325 | 1457 |
| Reg. S, 0.00%, 11/09/2028 | EUR | 1490 | 1631 |
| Reg. S, 0.00%, 06/15/2029 | EUR | 1084 | 1168 |
| Reg. S, 0.00%, 09/17/2030 | EUR | 1108 | 1153 |
| Reg. S, 0.00%, 01/10/2031 | EUR | 3310 | 3405 |
| Reg. S, 0.00%, 09/15/2031 | EUR | 2000 | 2015 |
| Reg. S, 0.01%, 05/05/2027 | EUR | 520 | 591 |
| Reg. S, 0.05%, 09/29/2034 | EUR | 980 | 896 |
| Reg. S, 0.13%, 01/09/2032 | EUR | 1830 | 1839 |
| Reg. S, 0.38%, 04/23/2030 | EUR | 360 | 385 |
| Reg. S, 0.38%, 05/20/2036 | EUR | 948 | 852 |
| 0.50%, 09/15/2027 | EUR | 500 | 569 |
| 0.63%, 01/07/2028 | EUR | 720 | 817 |
| Reg. S, 0.75%, 01/15/2029 | EUR | 3550 | 3964 |
| Reg. S, 0.88%, 07/04/2039 | EUR | 2380 | 2082 |
| Reg. S, 1.13%, 09/15/2032 | EUR | 900 | 952 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 1.13%, 05/09/2033 | EUR | 550 | 573 |
| Reg. S, 1.13%, 03/31/2037 | EUR | 3040 | 2900 |
| Reg. S, 1.13%, 06/15/2037 | EUR | 1200 | 1140 |
| Reg. S, 1.25%, 06/30/2027 | EUR | 8160 | 9440 |
| Reg. S, 1.38%, 06/07/2032 | EUR | 1500 | 1621 |
| Reg. S, 1.38%, 07/31/2035 | EUR | 202 | 206 |
| Reg. S, 2.00%, 11/15/2029 | EUR | 500 | 578 |
| Reg. S, 2.13%, 07/31/2028 | EUR | 1000 | 1171 |
| Reg. S, 2.38%, 08/05/2027 | EUR | 5040 | 5943 |
| Reg. S, 2.38%, 04/11/2028 | EUR | 3089 | 3641 |
| Reg. S, 2.38%, 10/04/2029 | EUR | 700 | 821 |
| Reg. S, 2.50%, 10/09/2030 | EUR | 1000 | 1176 |
| Reg. S, 2.50%, 10/15/2031 | EUR | 2790 | 3256 |
| Reg. S, 2.63%, 04/26/2029 | EUR | 2490 | 2951 |
| Reg. S, 2.63%, 01/10/2034 | EUR | 1500 | 1735 |
| Reg. S, 2.75%, 10/01/2027 | EUR | 750 | 891 |
| Reg. S, 2.75%, 03/15/2028 | EUR | 650 | 773 |
| Reg. S, 2.75%, 05/15/2030 | EUR | 525 | 625 |
| Reg. S, 2.75%, 02/20/2031 | EUR | 1100 | 1304 |
| Reg. S, 2.75%, 02/14/2033 | EUR | 700 | 823 |
| Reg. S, 2.75%, 01/17/2035 | EUR | 2043 | 2369 |
| Reg. S, 2.88%, 12/28/2029 | EUR | 1280 | 1530 |
| Reg. S, 2.88%, 03/31/2032 | EUR | 2100 | 2495 |
| Reg. S, 2.88%, 06/07/2033 | EUR | 500 | 591 |
| Reg. S, 3.13%, 10/10/2028 | EUR | 800 | 962 |
| Reg. S, 3.13%, 06/07/2030 | EUR | 2200 | 2660 |
| Reg. S, 3.25%, 03/24/2031 | EUR | 1510 | 1837 |
| 4.70%, 06/02/2037 | CAD | 140 | 106 |
| Reg. S, 4.88%, 03/15/2037 | GBP | 825 | 1102 |
| 5.00%, 03/16/2026 |  | 200 | 201 |
| 5.75%, 06/07/2032 | GBP | 1300 | 1880 |
| La Banque Postale SA, (France), |  |  |  |
| Reg. S, 0.75%, 06/23/2031 | EUR | 300 | 307 |
| Reg. S, (EUR Swap Rate 5 Year + 1.23%), 0.75%, 08/02/2032 (aa) | EUR | 100 | 113 |
| Reg. S, (EURIBOR 3 Month + 0.78%), 1.00%, 02/09/2028 (aa) | EUR | 400 | 460 |
| Reg. S, 1.38%, 04/24/2029 | EUR | 200 | 223 |
| Reg. S, 3.50%, 06/13/2030 | EUR | 400 | 482 |
| Reg. S, (EURIBOR 3 Month + 1.30%), 3.50%, 04/01/2031 (aa) | EUR | 200 | 236 |
| Reg. S, 4.00%, 05/03/2028 | EUR | 400 | 484 |
| Reg. S, 4.38%, 01/17/2030 | EUR | 200 | 247 |
| Reg. S, (EUR Swap Rate 5 Year + 2.85%), 5.50%, 03/05/2034 (aa) | EUR | 300 | 374 |
| Landesbank Baden-Wuerttemberg, (Germany), |  |  |  |
| Reg. S, 0.01%, 07/07/2028 | EUR | 180 | 198 |
| Reg. S, 0.25%, 07/21/2028 | EUR | 200 | 221 |
| Reg. S, 0.38%, 02/18/2027 | EUR | 200 | 228 |
| Reg. S, 0.38%, 02/28/2028 | EUR | 200 | 223 |
| Reg. S, 0.38%, 05/07/2029 | EUR | 300 | 323 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 0.38%, 02/21/2031 | EUR | 400 | 407 |
| Reg. S, 0.38%, 04/21/2031 | EUR | 600 | 608 |
| Reg. S, 0.50%, 11/05/2029 | EUR | 600 | 641 |
| Reg. S, 1.75%, 05/10/2032 | EUR | 50 | 55 |
| Reg. S, 2.75%, 03/12/2031 | EUR | 100 | 118 |
| Reg. S, 3.00%, 09/26/2031 | EUR | 60 | 72 |
| Reg. S, 3.00%, 01/10/2033 | EUR | 50 | 59 |
| Reg. S, 3.00%, 05/25/2035 | EUR | 50 | 59 |
| Reg. S, 3.13%, 11/13/2029 | EUR | 50 | 60 |
| Reg. S, 3.25%, 09/27/2027 | EUR | 50 | 60 |
| 3.50%, 03/21/2030 | EUR | 300 | 360 |
| Landesbank Hessen-Thueringen Girozentrale, (Germany), |  |  |  |
| Reg. S, 0.01%, 07/19/2027 | EUR | 100 | 113 |
| Reg. S, 0.38%, 06/04/2029 | EUR | 300 | 322 |
| Reg. S, 0.63%, 01/12/2027 | EUR | 100 | 115 |
| Reg. S, 2.63%, 08/24/2027 | EUR | 200 | 235 |
| Reg. S, 2.88%, 02/06/2034 | EUR | 100 | 117 |
| Reg. S, 3.00%, 03/05/2032 | EUR | 700 | 824 |
| Reg. S, 3.38%, 02/26/2031 | EUR | 200 | 238 |
| Reg. S, 4.00%, 02/04/2030 | EUR | 300 | 370 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 4.50%, 09/15/2032 (aa) | EUR | 100 | 120 |
| Landeskreditbank Baden-Wuerttemberg Foerderbank, (Germany), |  |  |  |
| Reg. S, 0.38%, 02/25/2027 | EUR | 400 | 458 |
| Reg. S, 0.75%, 03/16/2032 | EUR | 200 | 207 |
| Reg. S, 2.38%, 07/04/2030 | EUR | 500 | 582 |
| Reg. S, 2.75%, 02/16/2028 | EUR | 500 | 593 |
| Series 5614, Reg. S, 0.01%, 01/20/2031 | EUR | 700 | 715 |
| Landwirtschaftliche Rentenbank, (Germany), |  |  |  |
| Reg. S, 0.00%, 09/22/2027 | EUR | 300 | 338 |
| Reg. S, 0.00%, 07/19/2028 | EUR | 1500 | 1654 |
| Reg. S, 0.00%, 12/13/2028 | EUR | 720 | 786 |
| Reg. S, 0.00%, 11/27/2029 | EUR | 820 | 871 |
| Reg. S, 0.01%, 11/26/2040 | EUR | 200 | 142 |
| Reg. S, 0.05%, 12/18/2029 | EUR | 2140 | 2275 |
| Reg. S, 0.05%, 01/31/2031 | EUR | 800 | 822 |
| Reg. S, 0.10%, 03/08/2027 | EUR | 1180 | 1347 |
| Reg. S, 0.38%, 02/14/2028 | EUR | 1140 | 1281 |
| Reg. S, 0.50%, 02/28/2029 | EUR | 400 | 441 |
| Reg. S, 0.63%, 02/20/2030 | EUR | 1090 | 1183 |
| Reg. S, 0.63%, 10/31/2036 | EUR | 825 | 746 |
| Reg. S, 2.50%, 05/11/2032 | EUR | 100 | 116 |
| Reg. S, 2.63%, 07/08/2032 | EUR | 400 | 468 |
| Reg. S, 2.75%, 02/16/2032 | EUR | 1000 | 1179 |
| Reg. S, 2.75%, 01/17/2033 | EUR | 300 | 352 |
| Reg. S, 2.88%, 07/09/2031 | EUR | 300 | 357 |
| Reg. S, 3.00%, 11/14/2034 | EUR | 700 | 828 |
| Reg. S, 3.25%, 09/06/2030 | EUR | 600 | 727 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| LFA Foerderbank Bayern, (Germany), |  |  |  |
| Series 171, 1.00%, 03/01/2028 | EUR | 200 | 228 |
| Series 219, 2.88%, 02/01/2029 | EUR | 300 | 356 |
| Series 1174, 0.75%, 01/04/2027 | EUR | 200 | 231 |
| Series 1180, 0.75%, 04/01/2031 | EUR | 400 | 422 |
| Lloyds Bank plc, (United Kingdom), |  |  |  |
| Reg. S, 6.00%, 02/08/2029 | GBP | 100 | 141 |
| Reg. S, 6.50%, 09/17/2040 | GBP | 300 | 430 |
| Lloyds Banking Group plc, (United Kingdom), |  |  |  |
| (UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa) | GBP | 1900 | 2485 |
| (ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/07/2028 (aa) |  | 1050 | 1036 |
| (CMT Index 1 Year + 1.60%), 6.07%, 06/13/2036 (aa) |  | 1700 | 1785 |
| Reg. S, (UK Gilts 5 Year + 3.10%), 6.63%, 06/02/2033 (aa) | GBP | 2600 | 3624 |
| Luzerner Kantonalbank AG, (Switzerland), |  |  |  |
| Reg. S, 0.10%, 09/15/2031 | CHF | 1050 | 1277 |
| Reg. S, 0.35%, 02/05/2027 | CHF | 500 | 628 |
| M&T Bank Corp., |  |  |  |
| (United States SOFR + 0.93%), 4.83%, 01/16/2029 (aa) |  | 55 | 56 |
| (CMT Index 5 Year + 1.43%), 5.40%, 07/30/2035 (aa) |  | 76 | 77 |
| (United States SOFR + 2.26%), 6.08%, 03/13/2032 (aa) |  | 71 | 75 |
| (United States SOFR + 2.80%), 7.41%, 10/30/2029 (aa) |  | 105 | 114 |
| Macquarie Bank Ltd., (Australia), Reg. S, 2.78%, 02/25/2030 | EUR | 100 | 118 |
| Mediobanca Banca di Credito Finanziario SpA, (Italy), Reg. S, 3.00%, 09/04/2031 | EUR | 100 | 118 |
| Mediocredito Centrale—Banca Del Mezzogiorno SpA, (Italy), Reg. S, 3.75%, 09/20/2029 | EUR | 600 | 727 |
| Mitsubishi UFJ Financial Group, Inc., (Japan), |  |  |  |
| (CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa) |  | 780 | 763 |
| (CMT Index 1 Year + 0.80%), 4.53%, 09/12/2031 (aa) |  | 1195 | 1200 |
| (CMT Index 5 Year + 0.93%), 5.19%, 09/12/2036 (aa) |  | 725 | 736 |
| (CMT Index 1 Year + 1.90%), 5.35%, 09/13/2028 (aa) |  | 3450 | 3527 |
| (CMT Index 1 Year + 1.27%), 5.62%, 04/24/2036 (aa) |  | 2225 | 2335 |
| Mizuho Financial Group, Inc., (Japan), |  |  |  |
| (CME Term SOFR 3 Month + 1.39%), 3.15%, 07/16/2030 (aa) |  | 930 | 892 |
| (CMT Index 1 Year + 1.65%), 5.78%, 07/06/2029 (aa) |  | 460 | 479 |
| Morgan Stanley, |  |  |  |
| (United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa) |  | 39 | 38 |
| (United States SOFR + 1.03%), 1.79%, 02/13/2032 (aa) |  | 39 | 34 |
| (United States SOFR + 1.00%), 2.48%, 01/21/2028 (aa) |  | 2 | 2 |
| (United States SOFR + 1.20%), 2.51%, 10/20/2032 (aa) |  | 25 | 22 |
| 2.63%, 03/09/2027 | GBP | 1425 | 1870 |
| (United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa) |  | 1075 | 1005 |
| (EURIBOR 3 Month + 1.32%), 3.52%, 05/22/2031 (aa) | EUR | 3600 | 4299 |
| 3.95%, 04/23/2027 |  | 17 | 17 |
| (United States SOFR + 1.10%), 4.65%, 10/18/2030 (aa) |  | 4215 | 4262 |
| (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) |  | 30 | 31 |
| (United States SOFR + 1.45%), 5.17%, 01/16/2030 (aa) |  | 1225 | 1259 |
| (SONIA Interest Rate Benchmark + 1.46%), 5.21%, 10/24/2035 (aa) | GBP | 2200 | 2908 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| (United States SOFR + 1.11%), 5.23%, 01/15/2031 (aa) |  | 95 | 98 |
| (United States SOFR + 1.87%), 5.25%, 04/21/2034 (aa) |  | 190 | 196 |
| (United States SOFR + 1.88%), 5.42%, 07/21/2034 (aa) |  | 990 | 1032 |
| (United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa) |  | 510 | 527 |
| (United States SOFR + 1.71%), 5.52%, 11/19/2055 (aa) |  | 210 | 212 |
| (United States SOFR + 1.42%), 5.59%, 01/18/2036 (aa) |  | 1400 | 1466 |
| (United States SOFR + 1.58%), 5.83%, 04/19/2035 (aa) |  | 550 | 586 |
| (United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) |  | 110 | 115 |
| Muenchener Hypothekenbank eG, (Germany), |  |  |  |
| Reg. S, 0.01%, 11/02/2040 | EUR | 50 | 35 |
| Reg. S, 0.13%, 02/01/2029 | EUR | 50 | 54 |
| Reg. S, 1.00%, 04/18/2039 | EUR | 50 | 44 |
| Reg. S, 2.50%, 07/04/2028 | EUR | 50 | 59 |
| Reg. S, 2.75%, 03/06/2035 | EUR | 50 | 57 |
| Reg. S, 3.00%, 02/01/2034 | EUR | 50 | 59 |
| Series 2057, Reg. S, 3.00%, 07/11/2031 | EUR | 25 | 30 |
| National Australia Bank Ltd., (Australia), |  |  |  |
| Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa) | GBP | 1425 | 1858 |
| Reg. S, 2.13%, 05/24/2028 | EUR | 500 | 581 |
| Reg. S, 2.35%, 08/30/2029 | EUR | 100 | 116 |
| Reg. S, 3.15%, 02/05/2031 | EUR | 1800 | 2151 |
| National Bank of Canada, (Canada), Reg. S, 0.01%, 03/25/2028 | EUR | 100 | 111 |
| Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030 | EUR | 100 | 103 |
| NatWest Group plc, (United Kingdom), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 0.89%), 0.67%, 09/14/2029 (aa) | EUR | 2000 | 2208 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.60%)5.76%, 02/28/2034 (aa) | EUR | 2500 | 3156 |
| NatWest Markets plc, (United Kingdom), 5.02%, 03/21/2030 (e) |  | 2300 | 2362 |
| NIBC Bank NV, (Netherlands), Reg. S, 0.13%, 04/21/2031 | EUR | 100 | 101 |
| Norddeutsche Landesbank-Girozentrale, (Germany), |  |  |  |
| Reg. S, 0.25%, 10/28/2026 | EUR | 20 | 23 |
| Reg. S, 2.88%, 05/14/2027 | EUR | 50 | 60 |
| Reg. S, 3.25%, 02/04/2028 | EUR | 200 | 237 |
| Reg. S, 3.63%, 09/11/2029 | EUR | 500 | 601 |
| Reg. S, 4.88%, 07/11/2028 | EUR | 100 | 124 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.95%), 5.63%, 08/23/2034 (aa) | EUR | 100 | 124 |
| Nordea Hypotek AB, (Sweden), |  |  |  |
| Series 5537, Reg. S, 1.00%, 06/16/2027 | SEK | 2000 | 208 |
| Series 5538, Reg. S, 3.50%, 09/20/2028 | SEK | 2000 | 219 |
| Series 5540, Reg. S, 3.00%, 11/26/2030 | SEK | 2000 | 215 |
| Nordea Kiinnitysluottopankki OYJ, (Finland), |  |  |  |
| Reg. S, 2.38%, 04/04/2028 | EUR | 100 | 117 |
| Reg. S, 2.50%, 09/14/2032 | EUR | 100 | 115 |
| Reg. S, 3.00%, 01/31/2031 | EUR | 150 | 179 |
| Novo Banco SA, (Portugal), Reg. S, 2.75%, 02/04/2030 | EUR | 100 | 118 |
| NRW Bank, (Germany), |  |  |  |
| Reg. S, 0.00%, 02/18/2030 | EUR | 400 | 420 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 0.00%, 09/23/2030 | EUR | 500 | 516 |
| Reg. S, 0.00%, 02/03/2031 | EUR | 300 | 306 |
| Reg. S, 0.00%, 07/28/2031 | EUR | 138 | 139 |
| Reg. S, 0.10%, 07/09/2035 | EUR | 680 | 601 |
| Reg. S, 0.38%, 05/16/2029 | EUR | 750 | 817 |
| Reg. S, 0.50%, 06/17/2041 | EUR | 100 | 75 |
| 0.63%, 02/23/2027 | EUR | 700 | 805 |
| 0.63%, 01/04/2028 | EUR | 110 | 124 |
| Reg. S, 0.75%, 06/30/2028 | EUR | 760 | 855 |
| 1.20%, 03/28/2039 | EUR | 100 | 90 |
| 1.25%, 05/13/2049 | EUR | 87 | 61 |
| Reg. S, 2.50%, 02/13/2032 | EUR | 300 | 347 |
| 2.75%, 02/21/2029 | EUR | 500 | 593 |
| Reg. S, 2.75%, 05/15/2031 | EUR | 1502 | 1771 |
| Reg. S, 2.88%, 04/05/2033 | EUR | 600 | 705 |
| Reg. S, 2.88%, 07/25/2034 | EUR | 300 | 350 |
| Reg. S, 2.88%, 09/26/2039 | EUR | 170 | 188 |
| Reg. S, 3.00%, 05/31/2030 | EUR | 173 | 207 |
| Reg. S, 3.00%, 06/04/2035 | EUR | 600 | 703 |
| Series 1W1, 0.13%, 02/04/2030 | EUR | 300 | 318 |
| Nykredit Realkredit A/S, (Denmark), |  |  |  |
| Series 13H\*, Reg. S, 1.00%, 01/01/2027 | DKK | 1600 | 249 |
| Series 13H, Reg. S, 1.00%, 07/01/2027 | DKK | 2900 | 448 |
| Series 13H, Reg. S, 1.00%, 01/01/2028 | DKK | 200 | 31 |
| Series 13H, Reg. S, 1.00%, 07/01/2028 | DKK | 400 | 61 |
| Series 13H, Reg. S, 1.00%, 07/01/2029 | DKK | 650 | 97 |
| Series 13H, Reg. S, 1.00%, 07/01/2030 | DKK | 450 | 66 |
| Series SDO, Reg. S, 1.00%, 01/01/2029 | DKK | 700 | 106 |
| Oesterreichische Kontrollbank AG, (Austria), |  |  |  |
| Reg. S, 0.00%, 10/08/2026 | EUR | 150 | 173 |
| Reg. S, 1.50%, 07/13/2027 | EUR | 300 | 348 |
| Reg. S, 3.13%, 11/15/2028 | EUR | 200 | 240 |
| OP Corporate Bank plc, (Finland), Reg. S, 4.13%, 04/18/2027 | EUR | 3000 | 3613 |
| OP Mortgage Bank, (Finland), |  |  |  |
| Reg. S, 0.63%, 02/15/2029 | EUR | 100 | 110 |
| Reg. S, 1.00%, 10/05/2027 | EUR | 100 | 114 |
| Reg. S, 3.00%, 07/17/2031 | EUR | 100 | 119 |
| Permanent TSB Group Holdings plc, (Ireland), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 07/10/2030 (aa) | EUR | 200 | 244 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 04/25/2028 (aa) | EUR | 300 | 373 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 06/30/2029 (aa) | EUR | 300 | 385 |
| Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland), |  |  |  |
| Reg. S, 0.00%, 02/26/2030 | CHF | 650 | 802 |
| Series 671, Reg. S, 0.25%, 04/15/2030 | CHF | 30 | 37 |
| Series 676, Reg. S, 0.25%, 04/26/2034 | CHF | 100 | 121 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Series 678, Reg. S, 0.00%, 08/26/2049 | CHF | 100 | 98 |
| Series 683, Reg. S, 0.00%, 02/25/2028 | CHF | 370 | 462 |
| Series 684, Reg. S, 0.00%, 05/10/2045 | CHF | 125 | 129 |
| Series 689, Reg. S, 0.25%, 10/06/2042 | CHF | 40 | 44 |
| Series 692, Reg. S, 0.13%, 08/17/2040 | CHF | 60 | 67 |
| Series 697, Reg. S, 0.00%, 05/20/2041 | CHF | 250 | 270 |
| Series 706, Reg. S, 0.13%, 08/19/2031 | CHF | 160 | 196 |
| Series 723, Reg. S, 2.25%, 07/05/2052 | CHF | 10 | 16 |
| Series 742, Reg. S, 1.75%, 07/07/2033 | CHF | 50 | 68 |
| Series 743, Reg. S, 1.75%, 07/09/2038 | CHF | 50 | 70 |
| Series 745, Reg. S, 1.75%, 12/23/2033 | CHF | 30 | 41 |
| Series 748, Reg. S, 1.63%, 03/15/2034 | CHF | 40 | 54 |
| Series 751, Reg. S, 1.25%, 05/28/2030 | CHF | 40 | 52 |
| Series 754, Reg. S, 1.38%, 04/24/2054 | CHF | 10 | 14 |
| Series 755, Reg. S, 1.50%, 07/13/2027 | CHF | 100 | 129 |
| Series 764, Reg. S, 0.88%, 03/10/2032 | CHF | 100 | 128 |
| Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland), |  |  |  |
| Series 483, Reg. S, 0.00%, 01/27/2027 | CHF | 270 | 338 |
| Series 490, Reg. S, 0.50%, 02/20/2032 | CHF | 150 | 188 |
| Series 516, Reg. S, 0.13%, 03/23/2032 | CHF | 100 | 122 |
| Series 524, Reg. S, 0.00%, 06/21/2028 | CHF | 50 | 62 |
| Series 528, Reg. S, 0.00%, 03/15/2030 | CHF | 150 | 185 |
| Series 530, Reg. S, 0.00%, 03/18/2033 | CHF | 370 | 444 |
| Series 531, Reg. S, 0.00%, 02/15/2036 | CHF | 365 | 423 |
| Series 534, Reg. S, 0.00%, 03/13/2028 | CHF | 50 | 63 |
| Series 550, Reg. S, 1.10%, 04/18/2028 | CHF | 130 | 167 |
| Series 568, Reg. S, 1.80%, 12/12/2034 | CHF | 80 | 110 |
| Series 576, Reg. S, 1.85%, 07/19/2038 | CHF | 50 | 70 |
| Series 585, Reg. S, 1.50%, 04/02/2031 | CHF | 100 | 132 |
| Series 588, Reg. S, 1.45%, 11/03/2032 | CHF | 50 | 67 |
| Series 589, Reg. S, 1.50%, 06/23/2036 | CHF | 30 | 40 |
| Series 594, Reg. S, 1.45%, 08/02/2034 | CHF | 30 | 40 |
| Series 600, Reg. S, 0.90%, 10/26/2035 | CHF | 40 | 51 |
| Piraeus Bank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 3.00%, 12/03/2028 (aa) | EUR | 1400 | 1650 |
| PNC Financial Services Group, Inc. (The), |  |  |  |
| (United States SOFR + 1.42%), 5.37%, 07/21/2036 (aa) |  | 75 | 77 |
| (United States SOFR + 2.28%), 6.88%, 10/20/2034 (aa) |  | 760 | 861 |
| Raiffeisen Bausparkasse Gesellschaft mbH, (Austria), Reg. S, 3.38%, 07/10/2029 | EUR | 100 | 120 |
| Raiffeisen Landesbank Vorarlberg mit Revisionsverband eGen, (Austria), Series 9, Reg. S, 3.00%, 01/25/2027 | EUR | 100 | 118 |
| Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 3.25%, 01/11/2030 | EUR | 100 | 120 |
| Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 1.25%, 04/26/2027 | EUR | 100 | 115 |
| Raiffeisen-Landesbank Steiermark AG, (Austria), Reg. S, 2.38%, 06/14/2028 | EUR | 100 | 117 |
| Raiffeisen-Landesbank Tirol AG, (Austria), Reg. S, 3.00%, 01/24/2028 | EUR | 100 | 119 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Regions Financial Corp., (United States SOFR + 2.06%), 5.50%, 09/06/2035 (aa) |  | 140 | 144 |
| Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e) |  | 2000 | 2110 |
| Royal Bank of Canada, (Canada), |  |  |  |
| Reg. S, 0.01%, 10/05/2028 | EUR | 100 | 109 |
| Reg. S, 0.01%, 01/27/2031 | EUR | 500 | 506 |
| Reg. S, 1.50%, 09/15/2027 | EUR | 100 | 116 |
| Reg. S, 2.38%, 09/13/2027 | EUR | 150 | 176 |
| Reg. S, 2.75%, 02/04/2030 | EUR | 100 | 118 |
| (SOFR Compounded Index + 0.81%), 4.72%, 03/27/2028 (aa) |  | 135 | 136 |
| Santander UK Group Holdings plc, (United Kingdom), |  |  |  |
| (SOFR Compounded Index + 1.07%), 4.32%, 09/22/2029 (aa) |  | 465 | 464 |
| (SOFR Compounded Index + 1.58%), 5.14%, 09/22/2036 (aa) |  | 580 | 574 |
| (United States SOFR + 2.60%), 6.53%, 01/10/2029 (aa) |  | 2500 | 2617 |
| (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 2200 | 2206 |
| Santander UK plc, (United Kingdom), |  |  |  |
| Reg. S, 0.05%, 01/12/2027 | EUR | 100 | 114 |
| Reg. S, 1.13%, 03/12/2027 | EUR | 100 | 116 |
| Reg. S, 5.25%, 02/16/2029 | GBP | 100 | 138 |
| Skandinaviska Enskilda Banken AB, (Sweden), |  |  |  |
| Series 581, Reg. S, 0.50%, 12/16/2026 | SEK | 2000 | 209 |
| Series 601, Reg. S, 3.00%, 12/06/2027 | SEK | 4000 | 431 |
| Series 604, Reg. S, 3.00%, 12/17/2030 | SEK | 2000 | 215 |
| Slovenska Sporitelna A/S, (Slovakia), Reg. S, 2.75%, 01/30/2029 | EUR | 100 | 118 |
| Societe Generale SA, (France), |  |  |  |
| Reg. S, 1.25%, 06/12/2030 | EUR | 5000 | 5395 |
| Reg. S, 4.00%, 11/16/2027 | EUR | 3000 | 3633 |
| Reg. S, (EURIBOR 3 Month + 1.90%), 4.88%, 11/21/2031 (aa) | EUR | 200 | 251 |
| (United States SOFR + 1.42%), 5.25%, 05/22/2029 (e) (aa) |  | 2350 | 2390 |
| Reg. S, (EUR Swap Rate 5 Year + 3.10%), 5.25%, 09/06/2032 (aa) | EUR | 200 | 245 |
| (United States SOFR + 1.73%), 5.44%, 10/03/2036 (e) (w) (aa) |  | 2100 | 2096 |
| Reg. S, 6.25%, 06/22/2033 | GBP | 2000 | 2849 |
| (CMT Index 1 Year + 2.95%), 7.13%, 01/19/2055 (e) (aa) |  | 250 | 267 |
| S-Pankki OYJ, (Finland), Reg. S, 3.00%, 04/16/2030 | EUR | 100 | 119 |
| SpareBank 1 Boligkreditt A/S, (Norway), |  |  |  |
| Reg. S, 0.01%, 09/22/2027 | EUR | 100 | 112 |
| Reg. S, 0.13%, 05/12/2031 | EUR | 100 | 102 |
| Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 112 |
| Sparebank 1 Oestlandet, (Norway), Reg. S, 1.75%, 04/27/2027 | EUR | 1000 | 1161 |
| Sparkasse Hannover, (Germany), Reg. S, 2.75%, 05/24/2032 | EUR | 30 | 35 |
| SR-Boligkreditt A/S, (Norway), |  |  |  |
| Reg. S, 1.63%, 03/15/2028 | EUR | 100 | 115 |
| Reg. S, 2.50%, 06/11/2030 | EUR | 100 | 117 |
| Stadshypotek AB, (Sweden), |  |  |  |
| Reg. S, 3.63%, 06/20/2028 | SEK | 2000 | 220 |
| Series 1592, Reg. S, 1.00%, 03/01/2027 | SEK | 2000 | 209 |
| Series 1593, Reg. S, 2.50%, 12/01/2027 | SEK | 2000 | 214 |
| Series 1594, Reg. S, 2.00%, 09/01/2028 | SEK | 3000 | 315 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Series 1596, Reg. S, 2.50%, 02/01/2030 | SEK | 2000 | 211 |
| Standard Chartered plc, (United Kingdom), |  |  |  |
| (CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa) |  | 1200 | 1188 |
| (CMT Index 1 Year + 1.05%), 5.55%, 01/21/2029 (e) (aa) |  | 555 | 569 |
| Sumitomo Mitsui Banking Corp., (Japan), Reg. S, 0.41%, 11/07/2029 | EUR | 2100 | 2247 |
| Sumitomo Mitsui Trust Bank Ltd., (Japan), Reg. S, 0.01%, 10/15/2027 | EUR | 2000 | 2233 |
| Sveriges Sakerstallda Obligationer AB, (Sweden), |  |  |  |
| Reg. S, 1.75%, 02/10/2032 | EUR | 100 | 110 |
| Reg. S, 2.63%, 02/25/2030 | EUR | 100 | 117 |
| Series 148, Reg. S, 0.25%, 06/09/2027 | SEK | 2000 | 206 |
| Series 151, Reg. S, 1.00%, 06/12/2030 | SEK | 2000 | 197 |
| Swedbank AB, (Sweden), |  |  |  |
| Reg. S, 1.30%, 02/17/2027 | EUR | 1000 | 1157 |
| Reg. S, (UK Gilts 1 Year + 1.00%), 1.38%, 12/08/2027 (aa) | GBP | 1500 | 1947 |
| Reg. S, (EUR Swap Rate 5 Year + 2.15%), 3.63%, 08/23/2032 (aa) | EUR | 549 | 653 |
| Toronto-Dominion Bank (The), (Canada), |  |  |  |
| Reg. S, 1.95%, 04/08/2030 | EUR | 1051 | 1177 |
| Reg. S, 2.78%, 09/03/2027 | EUR | 200 | 237 |
| Reg. S, 2.86%, 04/15/2031 | EUR | 2200 | 2589 |
| Reg. S, 3.19%, 02/16/2029 | EUR | 100 | 120 |
| 4.69%, 09/15/2027 |  | 55 | 55 |
| Truist Bank, 2.25%, 03/11/2030 |  | 250 | 228 |
| Truist Financial Corp., |  |  |  |
| 3.88%, 03/19/2029 |  | 1400 | 1379 |
| (United States SOFR + 1.62%), 5.44%, 01/24/2030 (aa) |  | 645 | 667 |
| (United States SOFR + 2.36%), 5.87%, 06/08/2034 (aa) |  | 370 | 392 |
| (United States SOFR + 2.45%), 7.16%, 10/30/2029 (aa) |  | 620 | 672 |
| UBS AG, (Switzerland), 5.65%, 09/11/2028 |  | 200 | 209 |
| UBS Group AG, (Switzerland), |  |  |  |
| (CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa) |  | 1000 | 892 |
| (United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa) |  | 755 | 699 |
| (ICE LIBOR USD 3 Month + 1.47%), 3.13%, 08/13/2030 (e) (aa) |  | 300 | 286 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 4.95%), 7.75%, 03/01/2029 (aa) | EUR | 4400 | 5759 |
| UBS Switzerland AG, (Switzerland), |  |  |  |
| Reg. S, 0.00%, 10/31/2030 | CHF | 25 | 31 |
| Reg. S, 2.04%, 10/18/2033 | CHF | 30 | 41 |
| Reg. S, 3.30%, 03/05/2029 | EUR | 100 | 120 |
| UniCredit Bank Austria AG, (Austria), Reg. S, 3.13%, 09/21/2029 | EUR | 100 | 120 |
| UniCredit Bank Czech Republic & Slovakia A/S, (Czech Republic), Reg. S, 3.13%, 10/11/2027 | EUR | 1900 | 2258 |
| UniCredit Bank GmbH, (Germany), |  |  |  |
| Reg. S, 0.01%, 09/15/2028 | EUR | 50 | 55 |
| Reg. S, 0.13%, 11/22/2029 | EUR | 100 | 106 |
| Reg. S, 0.85%, 05/22/2034 | EUR | 50 | 49 |
| Reg. S, 0.88%, 01/11/2029 | EUR | 100 | 111 |
| Reg. S, 2.63%, 11/22/2030 | EUR | 120 | 141 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| UniCredit SpA, (Italy), |  |  |  |
| Reg. S, 3.50%, 07/31/2030 | EUR | 1800 | 2179 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.80%), 4.18%, 06/24/2037 (aa) | EUR | 5425 | 6477 |
| United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027 | EUR | 100 | 111 |
| US Bancorp, |  |  |  |
| (CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa) |  | 2300 | 2224 |
| (United States SOFR + 1.56%), 5.38%, 01/23/2030 (aa) |  | 30 | 31 |
| (United States SOFR + 1.41%), 5.42%, 02/12/2036 (aa) |  | 60 | 62 |
| (United States SOFR + 1.43%), 5.73%, 10/21/2026 (aa) |  | 30 | 30 |
| (United States SOFR + 2.26%), 5.84%, 06/12/2034 (aa) |  | 725 | 773 |
| Vseobecna Uverova Banka A/S, (Slovakia), |  |  |  |
| Reg. S, 0.50%, 06/26/2029 | EUR | 1800 | 1945 |
| Reg. S, 3.25%, 03/20/2031 | EUR | 100 | 119 |
| Wells Fargo & Co., |  |  |  |
| (CME Term SOFR 3 Month + 1.43%), 2.88%, 10/30/2030 (aa) |  | 30 | 28 |
| (United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa) |  | 2110 | 1638 |
| (United States SOFR + 1.50%), 3.35%, 03/02/2033 (aa) |  | 2056 | 1914 |
| (CME Term SOFR 3 Month + 1.57%), 3.58%, 05/22/2028 (aa) |  | 3 | 3 |
| (United States SOFR + 2.13%), 4.61%, 04/25/2053 (aa) |  | 650 | 571 |
| 4.75%, 12/07/2046 |  | 15 | 13 |
| (United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) |  | 925 | 936 |
| (United States SOFR + 2.02%), 5.39%, 04/24/2034 (aa) |  | 940 | 977 |
| (United States SOFR + 1.78%), 5.50%, 01/23/2035 (aa) |  | 4 | 4 |
| (United States SOFR + 1.99%), 5.56%, 07/25/2034 (aa) |  | 2050 | 2152 |
| (United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa) |  | 1390 | 1441 |
| 5.61%, 01/15/2044 |  | 24 | 24 |
| (United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa) |  | 1510 | 1545 |
| (United States SOFR + 2.06%), 6.49%, 10/23/2034 (aa) |  | 1615 | 1794 |
| (CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa) |  | 20 | 21 |
| Westpac Banking Corp., (Australia), |  |  |  |
| Reg. S, 0.01%, 09/22/2028 | EUR | 100 | 109 |
| Reg. S, 0.88%, 04/17/2027 | EUR | 1000 | 1148 |
| 2.96%, 11/16/2040 |  | 30 | 23 |
| Westpac Securities NZ Ltd., (New Zealand), |  |  |  |
| Reg. S, 0.43%, 12/14/2026 | EUR | 2500 | 2868 |
| Reg. S, 3.75%, 04/20/2028 | EUR | 100 | 121 |
| Wirtschafts- und Infrastrukturbank Hessen, (Germany), |  |  |  |
| 0.88%, 06/14/2028 | EUR | 100 | 113 |
| 1.25%, 09/06/2033 | EUR | 200 | 208 |
| 2.63%, 01/26/2033 | EUR | 400 | 463 |
| 2.63%, 02/13/2035 | EUR | 300 | 341 |
| 2.88%, 02/22/2034 | EUR | 200 | 233 |
| Wuestenrot Bausparkasse AG, (Germany), Series 20, Reg. S, 3.38%, 11/28/2028 | EUR | 100 | 121 |
| Zuercher Kantonalbank, (Switzerland), |  |  |  |
| Series 139, Reg. S, 0.02%, 08/16/2027 | CHF | 1000 | 1249 |
| Series 140, Reg. S, 0.05%, 11/23/2026 | CHF | 500 | 626 |
| Series 149, Reg. S, 0.00%, 01/21/2033 | CHF | 500 | 596 |
| Series 150, Reg. S, 0.10%, 03/31/2031 | CHF | 240 | 293 |
|  |  |  | 662893 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Diversified Financial Services** — **0.5%** |  |  |  |
| Aareal Bank AG, (Germany), |  |  |  |
| Reg. S, 2.75%, 10/08/2030 | EUR | 100 | 118 |
| Reg. S, 2.88%, 05/10/2028 | EUR | 100 | 119 |
| Series 236, Reg. S, 0.01%, 02/01/2028 | EUR | 100 | 111 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.38%, 11/15/2030 (w) |  | 160 | 159 |
| Affordable Housing Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 2.89%, 08/11/2043 | GBP | 400 | 375 |
| Reg. S, 3.80%, 05/20/2042 | GBP | 300 | 328 |
| Ally Financial, Inc., (SOFR Compounded Index + 1.73%), 5.54%, 01/17/2031 (aa) |  | 2480 | 2529 |
| American Express Co., |  |  |  |
| (United States SOFR + 1.00%), 5.10%, 02/16/2028 (aa) |  | 30 | 30 |
| (SOFR Compounded Index + 1.32%), 5.44%, 01/30/2036 (aa) |  | 40 | 42 |
| (United States SOFR + 1.93%), 5.63%, 07/28/2034 (aa) |  | 28 | 29 |
| Ameriprise Financial, Inc., 5.15%, 05/15/2033 |  | 9 | 9 |
| Apollo Global Management, Inc., 5.80%, 05/21/2054 |  | 50 | 51 |
| Ares Management Corp., 5.60%, 10/11/2054 |  | 5 | 5 |
| Arkea Home Loans SFH SA, (France), Reg. S, 3.25%, 08/01/2033 | EUR | 100 | 119 |
| Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033 | GBP | 30 | 41 |
| Aspire Defence Finance plc, (United Kingdom), Series B, 4.67%, 03/31/2040 | GBP | 37 | 47 |
| AXA Home Loan SFH SA, (France), Reg. S, 0.01%, 10/16/2029 | EUR | 100 | 105 |
| Bayerische Landesbodenkreditanstalt, (Germany), |  |  |  |
| Reg. S, 2.38%, 05/07/2030 | EUR | 400 | 466 |
| Reg. S, 2.63%, 09/25/2034 | EUR | 400 | 456 |
| Reg. S, 2.88%, 02/28/2031 | EUR | 100 | 119 |
| Reg. S, 3.25%, 03/15/2035 | EUR | 100 | 120 |
| BlackRock Funding, Inc., 5.35%, 01/08/2055 |  | 225 | 223 |
| Blackrock, Inc., 3.75%, 07/18/2035 | EUR | 1600 | 1924 |
| Blackstone Holdings Finance Co. LLC, Reg. S, 1.50%, 04/10/2029 | EUR | 167 | 188 |
| Blue Owl Finance LLC, |  |  |  |
| 3.13%, 06/10/2031 |  | 20 | 18 |
| 6.25%, 04/18/2034 |  | 130 | 137 |
| BNP Paribas Home Loan SFH SA, (France), Reg. S, 3.00%, 01/31/2030 | EUR | 100 | 119 |
| BPCE SFH SA, (France), |  |  |  |
| Reg. S, 0.01%, 11/08/2026 | EUR | 100 | 115 |
| Reg. S, 0.01%, 01/21/2027 | EUR | 100 | 114 |
| Reg. S, 0.01%, 01/29/2036 | EUR | 100 | 84 |
| Reg. S, 0.63%, 09/22/2027 | EUR | 100 | 114 |
| Reg. S, 1.13%, 04/12/2030 | EUR | 100 | 109 |
| Reg. S, 1.75%, 05/27/2032 | EUR | 100 | 109 |
| Reg. S, 2.63%, 07/24/2030 | EUR | 100 | 117 |
| Reg. S, 2.88%, 01/15/2027 | EUR | 100 | 118 |
| Reg. S, 3.00%, 03/24/2032 | EUR | 100 | 118 |
| Reg. S, 3.25%, 06/26/2035 | EUR | 100 | 117 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Diversified Financial Services** — **continued** |  |  |  |
| Reg. S, 3.38%, 03/13/2029 | EUR | 100 | 120 |
| Caisse de Refinancement de l'Habitat SA, (France), |  |  |  |
| Reg. S, 0.01%, 02/07/2028 | EUR | 200 | 222 |
| Reg. S, 2.63%, 06/20/2030 | EUR | 100 | 117 |
| Reg. S, 2.75%, 04/12/2028 | EUR | 100 | 118 |
| Reg. S, 2.75%, 09/06/2030 | EUR | 2100 | 2467 |
| Reg. S, 2.75%, 02/20/2032 | EUR | 100 | 116 |
| Reg. S, 3.38%, 06/28/2032 | EUR | 100 | 120 |
| Cantor Fitzgerald LP, |  |  |  |
| 4.50%, 04/14/2027 (e) |  | 1740 | 1726 |
| 7.20%, 12/12/2028 (e) |  | 840 | 898 |
| Capital One Financial Corp., |  |  |  |
| 1.65%, 06/12/2029 | EUR | 250 | 279 |
| (United States SOFR + 1.63%), 5.20%, 09/11/2036 (aa) |  | 1000 | 989 |
| (United States SOFR + 2.37%), 5.27%, 05/10/2033 (aa) |  | 80 | 82 |
| (United States SOFR + 1.56%), 5.46%, 07/26/2030 (aa) |  | 30 | 31 |
| (United States SOFR + 2.04%), 6.18%, 01/30/2036 (aa) |  | 25 | 26 |
| (United States SOFR + 2.64%), 6.31%, 06/08/2029 (aa) |  | 72 | 75 |
| 6.70%, 11/29/2032 |  | 35 | 39 |
| (United States SOFR + 2.44%), 7.15%, 10/29/2027 (aa) |  | 2 | 2 |
| (United States SOFR + 3.07%), 7.62%, 10/30/2031 (aa) |  | 645 | 730 |
| (SOFR Compounded Index + 3.37%), 7.96%, 11/02/2034 (aa) |  | 140 | 166 |
| Cboe Global Markets, Inc., |  |  |  |
| 1.63%, 12/15/2030 |  | 29 | 25 |
| 3.00%, 03/16/2032 |  | 85 | 78 |
| CCF SFH SACA, (France), |  |  |  |
| Reg. S, 0.75%, 03/22/2027 | EUR | 100 | 115 |
| Reg. S, 2.50%, 06/28/2028 | EUR | 1900 | 2227 |
| Reg. S, 3.00%, 04/23/2030 | EUR | 100 | 118 |
| Charles Schwab Corp. (The), |  |  |  |
| Series I, (CMT Index 5 Year + 3.17%), 4.00%, 06/01/2026 (x) (aa) |  | 215 | 212 |
| Series K, (CMT Index 5 Year + 3.26%), 5.00%, 06/01/2027 (x) (aa) |  | 46 | 46 |
| Credit Agricole Home Loan SFH SA, (France), |  |  |  |
| Reg. S, 0.01%, 04/12/2028 | EUR | 4200 | 4643 |
| Reg. S, 0.05%, 12/06/2029 | EUR | 100 | 106 |
| Reg. S, 0.88%, 08/11/2028 | EUR | 100 | 112 |
| Reg. S, 0.88%, 05/06/2034 | EUR | 100 | 97 |
| Reg. S, 2.13%, 01/07/2030 | EUR | 100 | 115 |
| Reg. S, 2.63%, 02/17/2031 | EUR | 100 | 117 |
| Reg. S, 3.00%, 08/29/2033 | EUR | 100 | 117 |
| Reg. S, 3.38%, 09/04/2028 | EUR | 200 | 241 |
| Credit Agricole Public Sector SCF SA, (France), |  |  |  |
| Reg. S, 0.88%, 08/02/2027 | EUR | 100 | 114 |
| Reg. S, 3.00%, 06/14/2030 | EUR | 100 | 119 |
| Credit Mutuel Home Loan SFH SA, (France), |  |  |  |
| Reg. S, 0.01%, 07/20/2028 | EUR | 5000 | 5483 |
| Reg. S, 0.88%, 03/04/2032 | EUR | 100 | 103 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Diversified Financial Services** — **continued** |  |  |  |
| Reg. S, 2.38%, 02/08/2028 | EUR | 100 | 117 |
| Reg. S, 2.63%, 06/06/2030 | EUR | 100 | 117 |
| Reg. S, 3.00%, 07/23/2029 | EUR | 100 | 119 |
| Reg. S, 3.00%, 11/28/2030 | EUR | 2100 | 2492 |
| Reg. S, 3.25%, 04/20/2029 | EUR | 100 | 120 |
| DLR Kredit A/S, (Denmark), Series CCb, Reg. S, 1.00%, 04/01/2028 | DKK | 700 | 107 |
| Enact Holdings, Inc., 6.25%, 05/28/2029 |  | 114 | 119 |
| IG Group Holdings plc, (United Kingdom), Reg. S, 3.13%, 11/18/2028 | GBP | 2000 | 2533 |
| Intercontinental Exchange, Inc., |  |  |  |
| 3.00%, 06/15/2050 |  | 160 | 107 |
| 3.63%, 09/01/2028 |  | 85 | 84 |
| Jefferies Financial Group, Inc., |  |  |  |
| 2.63%, 10/15/2031 |  | 1250 | 1112 |
| 2.75%, 10/15/2032 |  | 1420 | 1235 |
| 5.88%, 07/21/2028 |  | 405 | 422 |
| Jyske Realkredit A/S, (Denmark), |  |  |  |
| Series CCB, Reg. S, 1.00%, 04/01/2026 | DKK | 400 | 63 |
| Series CCE, Reg. S, 2.50%, 01/01/2029 | EUR | 100 | 117 |
| Series CCE, Reg. S, 3.25%, 07/01/2030 | EUR | 100 | 121 |
| La Banque Postale Home Loan SFH SA, (France), |  |  |  |
| Reg. S, 3.00%, 01/31/2031 | EUR | 100 | 118 |
| Reg. S, 3.13%, 01/29/2034 | EUR | 100 | 118 |
| Lansforsakringar Hypotek AB, (Sweden), |  |  |  |
| Reg. S, 1.38%, 05/31/2027 | EUR | 100 | 116 |
| Series 520, Reg. S, 1.00%, 09/15/2027 | SEK | 1000 | 104 |
| Series 521, Reg. S, 0.50%, 09/20/2028 | SEK | 4300 | 432 |
| London Stock Exchange Group plc, (United Kingdom), |  |  |  |
| Reg. S, 1.63%, 04/06/2030 | GBP | 2000 | 2378 |
| Reg. S, 1.75%, 12/06/2027 | EUR | 800 | 923 |
| LPL Holdings, Inc., |  |  |  |
| 5.65%, 03/15/2035 |  | 35 | 36 |
| 6.75%, 11/17/2028 |  | 430 | 459 |
| Mastercard, Inc., |  |  |  |
| 1.00%, 02/22/2029 | EUR | 7309 | 8154 |
| 2.10%, 12/01/2027 | EUR | 1825 | 2132 |
| 3.85%, 03/26/2050 |  | 20 | 16 |
| 4.35%, 01/15/2032 |  | 255 | 256 |
| 4.55%, 01/15/2035 |  | 90 | 90 |
| Nasdaq, Inc., 5.35%, 06/28/2028 |  | 10 | 10 |
| Nomura Holdings, Inc., (Japan), |  |  |  |
| 2.17%, 07/14/2028 |  | 1500 | 1417 |
| 2.61%, 07/14/2031 |  | 730 | 656 |
| 3.00%, 01/22/2032 |  | 320 | 290 |
| 4.90%, 07/01/2030 |  | 1130 | 1146 |
| 6.07%, 07/12/2028 |  | 1625 | 1700 |
| Nordea Kredit Realkreditaktieselskab, (Denmark), |  |  |  |
| Reg. S, 1.00%, 10/01/2027 (e) | DKK | 200 | 31 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Diversified Financial Services** — **continued** |  |  |  |
| Series Cc2, Reg. S, 1.00%, 04/01/2029 (e) | DKK | 300 | 45 |
| Series CC2, Reg. S, 1.00%, 10/01/2028 (e) | DKK | 300 | 46 |
| Series CC2, 1.00%, 04/01/2030 | DKK | 800 | 118 |
| Nuveen LLC, 5.55%, 01/15/2030 (e) |  | 190 | 198 |
| OSB Group plc, (United Kingdom), Reg. S, (UK Gilts 1 Year + 4.99%), 9.50%, 09/07/2028 (aa) | GBP | 3400 | 4939 |
| Private Export Funding Corp., Series PP, 1.40%, 07/15/2028 |  | 775 | 724 |
| Prs Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 1.50%, 08/24/2034 | GBP | 200 | 203 |
| Reg. S, 1.75%, 11/24/2026 | GBP | 165 | 216 |
| Reg. S, 2.00%, 01/23/2029 | GBP | 900 | 1126 |
| Radian Group, Inc., 6.20%, 05/15/2029 |  | 25 | 26 |
| Raymond James Financial, Inc., 3.75%, 04/01/2051 |  | 16 | 12 |
| Realkredit Danmark A/S, (Denmark), |  |  |  |
| Series 10f, Reg. S, 1.00%, 04/01/2026 | DKK | 500 | 78 |
| Series 10F, Reg. S, 1.00%, 01/01/2030 (e) | DKK | 1000 | 149 |
| Series 22S, Reg. S, 0.00%, 10/01/2040 (e) | DKK | 36 | 5 |
| Saltaire Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.81%, 03/14/2053 | GBP | 100 | 117 |
| Reg. S, 4.82%, 12/01/2033 | GBP | 500 | 670 |
| Reg. S, 5.00%, 08/13/2035 | GBP | 200 | 265 |
| Societe Generale SFH SA, (France), Reg. S, 1.75%, 05/05/2034 | EUR | 200 | 210 |
| Sparebanken Soer Boligkreditt A/S, (Norway), Reg. S, 0.01%, 09/25/2028 | EUR | 5000 | 5467 |
| Sparebanken Vest Boligkreditt A/S, (Norway), |  |  |  |
| Reg. S, 2.50%, 09/22/2027 | EUR | 100 | 118 |
| Reg. S, 3.00%, 07/31/2029 | EUR | 100 | 119 |
| Swedbank Hypotek AB, (Sweden), |  |  |  |
| Reg. S, 2.50%, 06/25/2030 | EUR | 200 | 233 |
| Series 197, Reg. S, 1.00%, 03/17/2027 | SEK | 700 | 73 |
| Series 199, Reg. S, 3.00%, 03/28/2029 | SEK | 2000 | 216 |
| Series 200, Reg. S, 3.00%, 12/27/2029 | SEK | 2000 | 216 |
| THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035 | GBP | 1370 | 1788 |
| TPG Operating Group II LP, 5.38%, 01/15/2036 |  | 21 | 21 |
| Visa, Inc., |  |  |  |
| 2.05%, 04/15/2030 |  | 85 | 78 |
| 4.30%, 12/14/2045 |  | 65 | 58 |
| Western Union Co. (The), 1.35%, 03/15/2026 |  | 510 | 503 |
|  |  |  | 79217 |
| **Insurance** — **0.5%** |  |  |  |
| AG Insurance SA, (Belgium), Reg. S, (EUR Swap Rate 5 Year + 3.88%),<br>3.50%, 06/30/2047 (aa) | EUR | 3100 | 3690 |
| AIA Group Ltd., (Hong Kong), Reg. S, (EUR Swap Rate 5 Year + 1.10%),<br>0.88%, 09/09/2033 (aa) | EUR | 1800 | 1988 |
| Alleghany Corp., |  |  |  |
| 3.25%, 08/15/2051 |  | 15 | 10 |
| 3.63%, 05/15/2030 |  | 5 | 5 |
| American International Group, Inc., |  |  |  |
| 1.88%, 06/21/2027 | EUR | 1000 | 1160 |
| 4.85%, 05/07/2030 |  | 29 | 30 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Insurance — continued** |  |  |  |
| American National Group, Inc., |  |  |  |
| 5.75%, 10/01/2029 |  | 35 | 36 |
| 6.00%, 07/15/2035 |  | 60 | 61 |
| Aon North America, Inc., 5.45%, 03/01/2034 |  | 75 | 78 |
| Arthur J Gallagher & Co., |  |  |  |
| 3.05%, 03/09/2052 |  | 20 | 13 |
| 3.50%, 05/20/2051 |  | 5 | 3 |
| ASR Nederland NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 05/02/2049 (aa) | EUR | 2600 | 3056 |
| Assurant, Inc., |  |  |  |
| 2.65%, 01/15/2032 |  | 26 | 23 |
| 3.70%, 02/22/2030 |  | 30 | 29 |
| 4.90%, 03/27/2028 |  | 7 | 7 |
| Athene Global Funding, 4.95%, 01/07/2027 (e) |  | 70 | 71 |
| Aviva plc, (United Kingdom), Reg. S, (EURIBOR 3 Month + 3.05%), 4.63%, 08/28/2056 (aa) | EUR | 3975 | 4757 |
| Berkshire Hathaway Finance Corp., 2.38%, 06/19/2039 | GBP | 825 | 761 |
| Berkshire Hathaway, Inc., 2.15%, 03/15/2028 | EUR | 1000 | 1166 |
| Brown & Brown, Inc., |  |  |  |
| 2.38%, 03/15/2031 |  | 69 | 61 |
| 4.20%, 03/17/2032 |  | 8 | 8 |
| 5.65%, 06/11/2034 |  | 10 | 10 |
| BUPA Finance plc, (United Kingdom), Reg. S, 5.00%, 10/12/2030 | EUR | 1700 | 2163 |
| Caisse Nationale de Reassurance Mutuelle Agricole Groupama, (France), Reg. S, 0.75%, 07/07/2028 | EUR | 4900 | 5414 |
| Chubb INA Holdings LLC, |  |  |  |
| 1.55%, 03/15/2028 | EUR | 2000 | 2292 |
| 4.90%, 08/15/2035 |  | 1320 | 1329 |
| 5.00%, 03/15/2034 |  | 505 | 518 |
| CNA Financial Corp., |  |  |  |
| 2.05%, 08/15/2030 |  | 2500 | 2233 |
| 5.13%, 02/15/2034 |  | 60 | 60 |
| CNP Assurances SA, (France), Reg. S, 2.75%, 02/05/2029 | EUR | 100 | 117 |
| CNP Assurances SACA, (France), |  |  |  |
| Reg. S, 0.38%, 03/08/2028 | EUR | 100 | 111 |
| Reg. S, 1.25%, 01/27/2029 | EUR | 700 | 777 |
| Reg. S, (EURIBOR 3 Month + 2.70%), 1.88%, 10/12/2053 (aa) | EUR | 300 | 305 |
| Reg. S, (EURIBOR 3 Month + 3.00%), 2.00%, 07/27/2050 (aa) | EUR | 100 | 109 |
| Reg. S, (EURIBOR 3 Month + 4.60%), 4.50%, 06/10/2047 (aa) | EUR | 200 | 240 |
| Reg. S, (EURIBOR 3 Month + 3.37%), 4.88%, 07/16/2054 (aa) | EUR | 100 | 124 |
| Reg. S, (EURIBOR 3 Month + 3.45%), 5.25%, 07/18/2053 (aa) | EUR | 300 | 380 |
| Corebridge Financial, Inc., |  |  |  |
| 3.90%, 04/05/2032 |  | 64 | 61 |
| 4.35%, 04/05/2042 |  | 155 | 134 |
| Credit Agricole Assurances SA, (France), Reg. S, (EUR Swap Rate 5 Year + 5.35%), 4.75%, 09/27/2048 (aa) | EUR | 1700 | 2083 |
| Enstar Group Ltd., (Bermuda), 4.95%, 06/01/2029 |  | 12 | 12 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Insurance — continued** |  |  |  |
| Everest Reinsurance Holdings, Inc., |  |  |  |
| 3.13%, 10/15/2052 |  | 110 | 71 |
| 3.50%, 10/15/2050 |  | 2030 | 1430 |
| Fairfax Financial Holdings Ltd., (Canada), |  |  |  |
| 3.38%, 03/03/2031 |  | 2010 | 1897 |
| 4.85%, 04/17/2028 |  | 35 | 35 |
| 5.63%, 08/16/2032 |  | 475 | 494 |
| 5.75%, 05/20/2035 (e) |  | 500 | 518 |
| 6.00%, 12/07/2033 |  | 30 | 32 |
| 6.10%, 03/15/2055 |  | 31 | 32 |
| 6.35%, 03/22/2054 |  | 60 | 63 |
| Fidelity National Financial, Inc., |  |  |  |
| 3.20%, 09/17/2051 |  | 20 | 13 |
| 3.40%, 06/15/2030 |  | 10 | 9 |
| 4.50%, 08/15/2028 |  | 10 | 10 |
| First American Financial Corp., 5.45%, 09/30/2034 |  | 63 | 63 |
| Generali, (Italy), |  |  |  |
| Reg. S, 1.71%, 06/30/2032 | EUR | 100 | 104 |
| Reg. S, (EURIBOR 3 Month + 4.50%), 4.60%, 11/21/2025 (x) (aa) | EUR | 100 | 118 |
| Groupe des Assurances du Credit Mutuel SADIR, (France), Reg. S, 3.75%, 04/30/2029 | EUR | 2200 | 2647 |
| Jackson Financial, Inc., 4.00%, 11/23/2051 |  | 5 | 4 |
| Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033 | GBP | 425 | 601 |
| Legal & General Group plc, (United Kingdom), |  |  |  |
| Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa) | GBP | 825 | 1069 |
| Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa) | GBP | 600 | 808 |
| Liberty Mutual Group, Inc., |  |  |  |
| 3.95%, 10/15/2050 (e) |  | 875 | 670 |
| 5.50%, 06/15/2052 (e) |  | 450 | 430 |
| Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e) |  | 890 | 921 |
| M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa) | GBP | 825 | 1048 |
| Markel Group, Inc., |  |  |  |
| 3.45%, 05/07/2052 |  | 1000 | 687 |
| 6.00%, 05/16/2054 |  | 40 | 41 |
| Marsh & McLennan Cos., Inc., |  |  |  |
| 5.00%, 03/15/2035 |  | 1210 | 1225 |
| 5.40%, 03/15/2055 |  | 920 | 902 |
| MetLife, Inc., Series G, (CMT Index 5 Year + 2.08%), 6.35%, 03/15/2055 (aa) |  | 80 | 85 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 3.40%), 3.25%, 05/26/2049 (aa) | EUR | 1500 | 1762 |
| Reg. S, (EURIBOR 3 Month + 2.60%), 4.25%, 05/26/2044 (aa) | EUR | 2800 | 3366 |
| Mutual of Omaha Cos. Global Funding, 4.75%, 10/15/2029 (e) |  | 1660 | 1685 |
| Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France), Reg. S, 0.63%, 06/21/2027 | EUR | 1900 | 2145 |
| Old Republic International Corp., 3.85%, 06/11/2051 |  | 15 | 11 |
| Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030 | GBP | 1121 | 1516 |
| Primerica, Inc., 2.80%, 11/19/2031 |  | 35 | 32 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Insurance — continued** |  |  |  |
| Protective Life Global Funding, 4.77%, 12/09/2029 (e) |  | 2500 | 2546 |
| Prudential Financial, Inc., |  |  |  |
| (ICE LIBOR USD 3 Month + 2.67%), 5.70%, 09/15/2048 (aa) |  | 150 | 153 |
| (CMT Index 5 Year + 2.85%), 6.75%, 03/01/2053 (aa) |  | 40 | 43 |
| Prudential Funding Asia plc, (United Kingdom), 5.88%, 05/11/2029 | GBP | 1500 | 2088 |
| Reinsurance Group of America, Inc., 5.75%, 09/15/2034 |  | 57 | 60 |
| RenaissanceRe Holdings Ltd., (Bermuda), |  |  |  |
| 5.75%, 06/05/2033 |  | 52 | 54 |
| 5.80%, 04/01/2035 |  | 755 | 791 |
| Talanx AG, (Germany), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 2.55%), 1.75%, 12/01/2042 (aa) | EUR | 2000 | 2093 |
| Reg. S, 4.00%, 10/25/2029 | EUR | 2300 | 2827 |
| Travelers Cos., Inc. (The), |  |  |  |
| 5.05%, 07/24/2035 |  | 1505 | 1532 |
| 5.45%, 05/25/2053 |  | 20 | 20 |
| 5.70%, 07/24/2055 |  | 145 | 150 |
| UNIQA Insurance Group AG, (Austria), |  |  |  |
| Reg. S, 1.38%, 07/09/2030 | EUR | 500 | 544 |
| Reg. S, (EURIBOR 3 Month + 3.35%), 2.38%, 12/09/2041 (aa) | EUR | 400 | 425 |
| Reg. S, (EURIBOR 3 Month + 5.82%), 6.00%, 07/27/2046 (aa) | EUR | 500 | 600 |
| Unum Group, |  |  |  |
| 4.00%, 06/15/2029 |  | 1700 | 1678 |
| 4.13%, 06/15/2051 |  | 1754 | 1335 |
| 5.75%, 08/15/2042 |  | 5 | 5 |
| 6.00%, 06/15/2054 |  | 30 | 31 |
| W R Berkley Corp., 4.00%, 05/12/2050 |  | 700 | 549 |
| Willis North America, Inc., |  |  |  |
| 4.65%, 06/15/2027 |  | 30 | 30 |
| 5.35%, 05/15/2033 |  | 20 | 21 |
| 5.90%, 03/05/2054 |  | 146 | 149 |
|  |  |  | 79753 |
| **Investment Companies** — **0.1%** |  |  |  |
| Ares Capital Corp., |  |  |  |
| 2.15%, 07/15/2026 |  | 6 | 6 |
| 2.88%, 06/15/2028 |  | 25 | 24 |
| 5.50%, 09/01/2030 |  | 100 | 101 |
| 5.95%, 07/15/2029 |  | 55 | 57 |
| Blue Owl Capital Corp., 5.95%, 03/15/2029 |  | 31 | 32 |
| Blue Owl Technology Finance Corp., |  |  |  |
| 6.10%, 03/15/2028 (e) |  | 40 | 41 |
| 6.75%, 04/04/2029 |  | 40 | 41 |
| CDP Reti SpA, (Italy), |  |  |  |
| Reg. S, 3.88%, 09/04/2031 | EUR | 200 | 242 |
| Reg. S, 5.88%, 10/25/2027 | EUR | 500 | 621 |
| FS KKR Capital Corp., |  |  |  |
| 2.63%, 01/15/2027 |  | 35 | 34 |
| 3.13%, 10/12/2028 |  | 60 | 55 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Investment Companies — continued** |  |  |  |
| Golub Capital BDC, Inc., 2.50%, 08/24/2026 |  | 5 | 5 |
| Investor AB, (Sweden), Reg. S, 0.38%, 10/29/2035 | EUR | 425 | 368 |
| JAB Holdings BV, (Netherlands), Reg. S, 5.00%, 06/12/2033 | EUR | 3900 | 4953 |
| MDGH GMTN RSC Ltd., (United Arab Emirates), |  |  |  |
| Reg. S, 0.38%, 03/10/2027 | EUR | 1000 | 1143 |
| Reg. S, 1.00%, 03/10/2034 | EUR | 600 | 571 |
| Temasek Financial I Ltd., (Singapore), |  |  |  |
| Reg. S, 1.50%, 03/01/2028 | EUR | 4700 | 5403 |
| Reg. S, 3.25%, 02/15/2027 | EUR | 1500 | 1780 |
|  |  |  | 15477 |
| **Private Equity** — **0.1%** |  |  |  |
| 3i Group plc, (United Kingdom), |  |  |  |
| Reg. S, 4.88%, 06/14/2029 | EUR | 3239 | 4007 |
| Reg. S, 5.75%, 12/03/2032 | GBP | 350 | 490 |
| Brookfield Finance, Inc., (Canada), 5.68%, 01/15/2035 |  | 70 | 73 |
| Hercules Capital, Inc., 6.00%, 06/16/2030 |  | 80 | 82 |
| ICG plc, (United Kingdom), |  |  |  |
| Reg. S, 1.63%, 02/17/2027 | EUR | 1000 | 1152 |
| Reg. S, 2.50%, 01/28/2030 | EUR | 3000 | 3376 |
|  |  |  | 9180 |
| **Real Estate** — **0.3%** |  |  |  |
| Affinity Sutton Capital Markets plc, (United Kingdom), Reg. S, 5.98%, 09/17/2038 | GBP | 1000 | 1362 |
| Akelius Residential Property Financing BV, (Netherlands), Reg. S, 1.00%, 01/17/2028 | EUR | 500 | 562 |
| Aroundtown SA, (Luxembourg), Reg. S, 0.00%, 07/16/2026 | EUR | 3800 | 4360 |
| Blackstone Property Partners Europe Holdings Sarl, (Luxembourg), |  |  |  |
| Reg. S, 1.63%, 04/20/2030 | EUR | 1000 | 1086 |
| Reg. S, 1.75%, 03/12/2029 | EUR | 2500 | 2798 |
| Reg. S, 2.63%, 10/20/2028 | GBP | 1075 | 1349 |
| CBRE Services, Inc., |  |  |  |
| 5.50%, 06/15/2035 |  | 110 | 113 |
| 5.95%, 08/15/2034 |  | 63 | 67 |
| Citycon Treasury BV, (Netherlands), |  |  |  |
| Reg. S, 5.00%, 03/11/2030 | EUR | 2325 | 2731 |
| Reg. S, 6.50%, 03/08/2029 | EUR | 1600 | 1981 |
| Clarion Funding plc, (United Kingdom), |  |  |  |
| Reg. S, 1.25%, 11/13/2032 | GBP | 1000 | 1037 |
| Reg. S, 1.88%, 09/07/2051 | GBP | 500 | 300 |
| Reg. S, 2.63%, 01/18/2029 | GBP | 200 | 252 |
| Deutsche Wohnen SE, (Germany), Reg. S, 1.50%, 04/30/2030 | EUR | 900 | 983 |
| Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026 | EUR | 1200 | 1402 |
| Heimstaden Bostad Treasury BV, (Netherlands), 1.38%, 03/03/2027 | EUR | 600 | 691 |
| Hexagon Housing Association Ltd., (United Kingdom), Reg. S, 3.63%, 04/22/2048 | GBP | 1000 | 900 |
| HOWOGE Wohnungsbaugesellschaft mbH, (Germany), |  |  |  |
| Reg. S, 0.63%, 11/01/2028 | EUR | 400 | 439 |
| Reg. S, 1.13%, 11/01/2033 | EUR | 100 | 98 |
| Reg. S, 3.88%, 06/05/2030 | EUR | 300 | 362 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Real Estate — continued** |  |  |  |
| LEG Immobilien SE, (Germany), Reg. S, 0.75%, 06/30/2031 | EUR | 700 | 707 |
| Logicor Financing Sarl, (Luxembourg), |  |  |  |
| Reg. S, 0.88%, 01/14/2031 | EUR | 500 | 513 |
| Reg. S, 1.63%, 07/15/2027 | EUR | 3000 | 3450 |
| Reg. S, 1.63%, 01/17/2030 | EUR | 200 | 218 |
| Reg. S, 2.00%, 01/17/2034 | EUR | 100 | 100 |
| Reg. S, 3.25%, 11/13/2028 | EUR | 100 | 118 |
| Reg. S, 3.75%, 07/14/2032 | EUR | 200 | 235 |
| Reg. S, 4.25%, 07/18/2029 | EUR | 100 | 122 |
| London & Quadrant Housing Trust, (United Kingdom), |  |  |  |
| Reg. S, 2.00%, 10/20/2038 | GBP | 425 | 369 |
| Reg. S, 2.13%, 03/31/2032 | GBP | 1000 | 1112 |
| Reg. S, 2.63%, 02/28/2028 | GBP | 1225 | 1567 |
| Reg. S, 2.75%, 07/20/2057 | GBP | 425 | 296 |
| Reg. S, 3.13%, 02/28/2053 | GBP | 500 | 396 |
| Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032 | GBP | 21 | 27 |
| Notting Hill Genesis, (United Kingdom), |  |  |  |
| Reg. S, 4.38%, 02/20/2054 | GBP | 500 | 501 |
| Reg. S, 5.25%, 07/07/2042 | GBP | 1000 | 1206 |
| Ontario Teachers' Cadillac Fairview Properties Trust, (Canada), |  |  |  |
| 2.50%, 10/15/2031 (e) |  | 2580 | 2302 |
| 4.13%, 02/01/2029 (e) |  | 2100 | 2085 |
| Optivo Finance plc, (United Kingdom), Reg. S, 5.25%, 03/13/2043 | GBP | 1000 | 1206 |
| Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048 | GBP | 1325 | 1168 |
| P3 Group Sarl, (Luxembourg), |  |  |  |
| Reg. S, 1.63%, 01/26/2029 | EUR | 2300 | 2572 |
| Reg. S, 4.00%, 04/19/2032 | EUR | 100 | 119 |
| Reg. S, 4.63%, 02/13/2030 | EUR | 200 | 246 |
| Registry Finance Pty Ltd., (Australia), Reg. S, 5.47%, 12/19/2031 | AUD | 200 | 137 |
| Shurgard Luxembourg Sarl, (Luxembourg), Reg. S, 3.63%, 10/22/2034 | EUR | 2100 | 2424 |
| Sirius Real Estate Ltd., (Guernsey), Reg. S, 1.75%, 11/24/2028 | EUR | 1300 | 1457 |
| Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031 | GBP | 35 | 48 |
| Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039 | GBP | 73 | 109 |
| Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033 | GBP | 27 | 38 |
| Vonovia SE, (Germany), |  |  |  |
| Reg. S, 0.63%, 07/09/2026 | EUR | 300 | 348 |
| Reg. S, 1.00%, 01/28/2041 | EUR | 1100 | 812 |
|  |  |  | 48881 |
| **REITS** — **0.4%** |  |  |  |
| Alexandria Real Estate Equities, Inc., |  |  |  |
| 1.88%, 02/01/2033 |  | 75 | 62 |
| 5.25%, 05/15/2036 |  | 295 | 297 |
| 5.50%, 10/01/2035 |  | 2120 | 2176 |
| 5.63%, 05/15/2054 |  | 1240 | 1195 |
| Altarea SCA, (France), Reg. S, 1.88%, 01/17/2028 | EUR | 1100 | 1262 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **REITS — continued** |  |  |  |
| American Homes 4 Rent LP, |  |  |  |
| 4.95%, 06/15/2030 |  | 830 | 845 |
| 5.25%, 03/15/2035 |  | 1869 | 1890 |
| 5.50%, 02/01/2034 |  | 33 | 34 |
| American Tower Corp., |  |  |  |
| 3.80%, 08/15/2029 |  | 535 | 525 |
| 5.20%, 02/15/2029 |  | 55 | 57 |
| 5.80%, 11/15/2028 |  | 26 | 27 |
| Brixmor Operating Partnership LP, |  |  |  |
| 4.05%, 07/01/2030 |  | 1175 | 1151 |
| 4.13%, 05/15/2029 |  | 940 | 932 |
| 5.20%, 04/01/2032 |  | 320 | 328 |
| Crown Castle, Inc., |  |  |  |
| 2.10%, 04/01/2031 |  | 115 | 100 |
| 4.90%, 09/01/2029 |  | 50 | 51 |
| 5.20%, 09/01/2034 |  | 10 | 10 |
| Equinix Europe 2 Financing Corp. LLC, |  |  |  |
| 3.25%, 03/15/2031 | EUR | 4639 | 5428 |
| 5.50%, 06/15/2034 |  | 35 | 37 |
| Equinix, Inc., |  |  |  |
| 1.45%, 05/15/2026 |  | 20 | 19 |
| 2.90%, 11/18/2026 |  | 20 | 20 |
| Extra Space Storage LP, |  |  |  |
| 3.50%, 07/01/2026 |  | 13 | 13 |
| 5.35%, 01/15/2035 |  | 30 | 31 |
| 5.40%, 02/01/2034 |  | 15 | 15 |
| 5.70%, 04/01/2028 |  | 40 | 41 |
| GLP Capital LP / GLP Financing II, Inc., |  |  |  |
| 3.25%, 01/15/2032 |  | 780 | 702 |
| 4.00%, 01/15/2030 |  | 800 | 775 |
| 5.25%, 02/15/2033 |  | 76 | 76 |
| 5.30%, 01/15/2029 |  | 400 | 407 |
| 5.63%, 09/15/2034 |  | 72 | 73 |
| 6.25%, 09/15/2054 |  | 10 | 10 |
| Healthcare Realty Holdings LP, 2.00%, 03/15/2031 |  | 80 | 69 |
| Healthpeak OP LLC, |  |  |  |
| 3.00%, 01/15/2030 |  | 1400 | 1323 |
| 4.75%, 01/15/2033 |  | 1965 | 1953 |
| Host Hotels & Resorts LP, |  |  |  |
| 5.50%, 04/15/2035 |  | 75 | 76 |
| 5.70%, 06/15/2032 |  | 105 | 108 |
| 5.70%, 07/01/2034 |  | 460 | 471 |
| Series J, 2.90%, 12/15/2031 |  | 415 | 369 |
| Invitation Homes Operating Partnership LP, |  |  |  |
| 2.00%, 08/15/2031 |  | 48 | 42 |
| 4.15%, 04/15/2032 |  | 1025 | 991 |
| 4.88%, 02/01/2035 |  | 110 | 109 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **REITS — continued** |  |  |  |
| 4.95%, 01/15/2033 |  | 240 | 241 |
| 5.45%, 08/15/2030 |  | 10 | 10 |
| Kimco Realty OP LLC, |  |  |  |
| 2.70%, 10/01/2030 |  | 1900 | 1760 |
| 4.85%, 03/01/2035 |  | 700 | 696 |
| Klepierre SA, (France), Reg. S, 2.00%, 05/12/2029 | EUR | 1000 | 1139 |
| Mercialys SA, (France), Reg. S, 2.50%, 02/28/2029 | EUR | 300 | 347 |
| Merlin Properties Socimi SA, (Spain), Reg. S, 2.38%, 07/13/2027 | EUR | 300 | 352 |
| Mid-America Apartments LP, 4.95%, 03/01/2035 |  | 40 | 40 |
| National Health Investors, Inc., 3.00%, 02/01/2031 |  | 50 | 45 |
| Omega Healthcare Investors, Inc., 3.25%, 04/15/2033 |  | 36 | 32 |
| Praemia Healthcare SACA, (France), Reg. S, 5.50%, 09/19/2028 | EUR | 3600 | 4502 |
| Prologis LP, 2.25%, 06/30/2029 | GBP | 1600 | 1985 |
| Rayonier LP, 2.75%, 05/17/2031 |  | 9 | 8 |
| Realty Income Corp., |  |  |  |
| 1.63%, 12/15/2030 | GBP | 200 | 229 |
| 1.75%, 07/13/2033 | GBP | 1100 | 1144 |
| 3.10%, 12/15/2029 |  | 800 | 767 |
| 4.75%, 02/15/2029 |  | 30 | 31 |
| 5.00%, 10/15/2029 | GBP | 2300 | 3115 |
| 5.25%, 09/04/2041 | GBP | 1500 | 1824 |
| SELP Finance Sarl, (Luxembourg), Reg. S, 3.75%, 08/10/2027 | EUR | 2300 | 2744 |
| Simon Property Group LP, |  |  |  |
| 1.38%, 01/15/2027 |  | 10 | 10 |
| 3.25%, 09/13/2049 |  | 2 | 1 |
| 4.25%, 10/01/2044 |  | 2 | 2 |
| 4.25%, 11/30/2046 |  | 3 | 2 |
| 5.85%, 03/08/2053 |  | 10 | 10 |
| 6.65%, 01/15/2054 |  | 12 | 14 |
| Sun Communities Operating LP, |  |  |  |
| 2.30%, 11/01/2028 |  | 2060 | 1948 |
| 2.70%, 07/15/2031 |  | 498 | 451 |
| 4.20%, 04/15/2032 |  | 2250 | 2180 |
| UNITE Group plc (The), (United Kingdom), Reg. S, 5.63%, 06/25/2032 | GBP | 1150 | 1568 |
| Ventas Realty LP, 5.63%, 07/01/2034 |  | 90 | 94 |
| VICI Properties LP, |  |  |  |
| 4.95%, 02/15/2030 |  | 2445 | 2474 |
| 5.13%, 05/15/2032 |  | 33 | 33 |
| VICI Properties LP / VICI Note Co., Inc., |  |  |  |
| 3.88%, 02/15/2029 (e) |  | 215 | 210 |
| 5.75%, 02/01/2027 (e) |  | 1425 | 1443 |
| Welltower OP LLC, |  |  |  |
| 2.75%, 01/15/2031 |  | 50 | 46 |
| 2.80%, 06/01/2031 |  | 65 | 60 |
| 3.10%, 01/15/2030 |  | 2472 | 2362 |
| 3.85%, 06/15/2032 |  | 40 | 38 |
| 4.25%, 04/15/2028 |  | 4 | 4 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **REITS — continued** |  |  |  |
| 4.50%, 12/01/2034 | GBP | 300 | 374 |
| 4.80%, 11/20/2028 | GBP | 1650 | 2226 |
| 5.13%, 07/01/2035 |  | 2300 | 2342 |
| WP Carey, Inc., |  |  |  |
| 2.25%, 04/01/2033 |  | 1000 | 835 |
| 3.70%, 11/19/2034 | EUR | 2000 | 2309 |
| 4.25%, 07/23/2032 | EUR | 2100 | 2553 |
|  |  |  | 68700 |
| **Savings & Loans** — **0.1%** |  |  |  |
| Co-Operative Bank Holdings plc (The), (United Kingdom), Reg. S, (GBP Swap Rate<br>1 Year + 2.08%), 5.58%, 09/19/2028 (aa) | GBP | 2200 | 3000 |
| Nationwide Building Society, (United Kingdom), |  |  |  |
| Reg. S, 1.38%, 06/29/2032 | EUR | 1785 | 1899 |
| Reg. S, 3.31%, 05/02/2034 | EUR | 120 | 143 |
| Skipton Building Society, (United Kingdom), Reg. S, 3.25%, 06/18/2029 | EUR | 1800 | 2154 |
| Yorkshire Building Society, (United Kingdom), |  |  |  |
| Reg. S, 0.01%, 11/16/2028 | EUR | 5100 | 5544 |
| Reg. S, 2.75%, 01/28/2030 | EUR | 100 | 118 |
|  |  |  | 12858 |
| Total Financial |  |  | 976959 |
| **Government** — **0.6%** |  |  |  |
| **Multi-National** — **0.6%** |  |  |  |
| African Development Bank, (Supranational), |  |  |  |
| 0.50%, 03/21/2029 | EUR | 3500 | 3842 |
| 0.88%, 05/24/2028 | EUR | 400 | 452 |
| 2.25%, 09/14/2029 | EUR | 2000 | 2326 |
| 4.13%, 05/13/2030 |  | 390 | 389 |
| Asian Development Bank, (Supranational), |  |  |  |
| Reg. S, 0.00%, 10/24/2029 | EUR | 5000 | 5321 |
| Reg. S, 0.03%, 01/31/2030 | EUR | 3550 | 3745 |
| 4.38%, 01/14/2028 |  | 25 | 25 |
| 4.50%, 08/25/2028 |  | 150 | 154 |
| 6.22%, 08/15/2027 |  | 100 | 104 |
| Asian Infrastructure Investment Bank (The), (Supranational), 4.50%, 01/16/2030 |  | 190 | 195 |
| Council Of Europe Development Bank, (Supranational), |  |  |  |
| Reg. S, 0.00%, 01/20/2031 | EUR | 5000 | 5105 |
| Reg. S, 0.25%, 01/19/2032 | EUR | 3000 | 3015 |
| Reg. S, 0.63%, 01/30/2029 | EUR | 1500 | 1660 |
| Dexia SA, (France), |  |  |  |
| Reg. S, 0.00%, 01/21/2028 | EUR | 1300 | 1446 |
| Reg. S, 0.01%, 01/22/2027 | EUR | 500 | 570 |
| Reg. S, 0.63%, 01/17/2026 | EUR | 600 | 701 |
| Reg. S, 1.00%, 10/18/2027 | EUR | 300 | 343 |
| Reg. S, 2.75%, 01/18/2029 | EUR | 700 | 825 |
| Reg. S, 3.13%, 06/01/2028 | EUR | 600 | 716 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Multi-National — continued** |  |  |  |
| Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational), |  |  |  |
| 4.55%, 03/30/2027 | CAD | 500 | 367 |
| 5.50%, 06/07/2032 | GBP | 300 | 418 |
| European Investment Bank, (Supranational), Zero Coupon, 05/28/2037 (e) | CAD | 150 | 67 |
| 0.05%, 01/16/2030 | EUR | 7900 | 8388 |
| 0.20%, 03/17/2036 | EUR | 4000 | 3519 |
| Reg. S, 0.25%, 06/15/2040 | EUR | 3950 | 2953 |
| Reg. S, 0.50%, 11/13/2037 | EUR | 2000 | 1722 |
| 0.88%, 09/13/2047 | EUR | 200 | 140 |
| Reg. S, 1.00%, 03/14/2031 | EUR | 10000 | 10806 |
| Reg. S, 1.00%, 04/14/2032 | EUR | 3275 | 3462 |
| 2.75%, 09/13/2030 | EUR | 230 | 273 |
| Reg. S, 3.63%, 03/14/2042 | EUR | 2025 | 2406 |
| 3.75%, 11/15/2029 |  | 145 | 145 |
| Reg. S, 3.88%, 06/08/2037 | GBP | 3000 | 3663 |
| 4.38%, 03/19/2027 |  | 200 | 202 |
| 4.63%, 02/12/2035 |  | 190 | 197 |
| 5.00%, 04/15/2039 | GBP | 3500 | 4694 |
| Series 1981, 2.63%, 03/15/2035 | EUR | 40 | 46 |
| FMS Wertmanagement, (Germany), Reg. S, 0.38%, 04/29/2030 | EUR | 1200 | 1274 |
| Inter-American Development Bank, (Supranational), |  |  |  |
| 0.88%, 04/20/2026 |  | 200 | 197 |
| 2.38%, 08/03/2029 | GBP | 1000 | 1260 |
| 3.63%, 09/17/2031 |  | 145 | 143 |
| 6.75%, 07/15/2027 |  | 700 | 732 |
| International Development Association, (Supranational), |  |  |  |
| Reg. S, 0.00%, 10/19/2026 | EUR | 1000 | 1148 |
| Reg. S, 0.35%, 04/22/2036 | EUR | 3500 | 3079 |
| Reg. S, 0.70%, 01/17/2042 | EUR | 1000 | 769 |
| International Finance Corp., (Supranational), |  |  |  |
| SUB, 1.50%, 05/15/2026 |  | 150 | 149 |
| SUB, 2.50%, 03/15/2026 |  | 10 | 10 |
| North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028 | CHF | 200 | 248 |
|  |  |  | 83411 |
| **Municipal** — **0.0% (g)** |  |  |  |
| Transport for London, (United Kingdom), |  |  |  |
| Reg. S, 3.88%, 07/23/2042 | GBP | 140 | 149 |
| Reg. S, 4.00%, 09/12/2033 | GBP | 300 | 371 |
| Reg. S, 4.00%, 04/07/2064 | GBP | 300 | 283 |
| 4.65%, 12/19/2031 | GBP | 500 | 659 |
|  |  |  | 1462 |
| **Regional (State/Province)** — **0.0% (g)** |  |  |  |
| KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032 | EUR | 1560 | 1493 |
| UK Municipal Bonds Agency Finance Co. DAC, (Ireland), Reg. S, 1.63%, 08/26/2060 | GBP | 100 | 47 |
|  |  |  | 1540 |
| Total Government |  |  | 86413 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Industrial** — **1.1%** |  |  |  |
| **Aerospace/Defense** — **0.2%** |  |  |  |
| Airbus SE, (Netherlands), Reg. S, 1.38%, 05/13/2031 | EUR | 2500 | 2714 |
| BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e) |  | 1350 | 1189 |
| Boeing Co. (The), |  |  |  |
| 2.20%, 02/04/2026 |  | 3000 | 2977 |
| 3.45%, 11/01/2028 |  | 10 | 10 |
| 5.71%, 05/01/2040 |  | 2345 | 2393 |
| 5.81%, 05/01/2050 |  | 50 | 50 |
| 6.30%, 05/01/2029 |  | 20 | 21 |
| 6.39%, 05/01/2031 |  | 30 | 33 |
| 6.53%, 05/01/2034 |  | 112 | 124 |
| 7.01%, 05/01/2064 |  | 1319 | 1525 |
| GE Capital International Funding Co. Unlimited Co., (Ireland), 4.42%, 11/15/2035 |  | 200 | 196 |
| General Dynamics Corp., |  |  |  |
| 2.25%, 06/01/2031 |  | 36 | 32 |
| 4.25%, 04/01/2040 |  | 2 | 2 |
| General Electric Co., |  |  |  |
| 1.50%, 05/17/2029 | EUR | 2272 | 2568 |
| 2.13%, 05/17/2037 | EUR | 2000 | 2020 |
| Hexcel Corp., |  |  |  |
| 4.20%, 02/15/2027 |  | 25 | 25 |
| 5.88%, 02/26/2035 |  | 33 | 34 |
| L3Harris Technologies, Inc., 5.40%, 07/31/2033 |  | 1600 | 1668 |
| Lockheed Martin Corp., 4.70%, 12/15/2031 |  | 80 | 82 |
| MTU Aero Engines AG, (Germany), Reg. S, 3.88%, 09/18/2031 | EUR | 5785 | 7050 |
| Northrop Grumman Corp., 5.25%, 07/15/2035 |  | 65 | 67 |
| RTX Corp., 6.40%, 03/15/2054 |  | 57 | 64 |
| Safran SA, (France), Reg. S, 0.75%, 03/17/2031 | EUR | 5700 | 6003 |
| Thales SA, (France), Reg. S, 1.00%, 05/15/2028 | EUR | 1900 | 2152 |
|  |  |  | 32999 |
| **Building Materials** — **0.1%** |  |  |  |
| Carlisle Cos., Inc., 5.55%, 09/15/2040 |  | 13 | 13 |
| Carrier Global Corp., 4.13%, 05/29/2028 | EUR | 1600 | 1948 |
| CRH America Finance, Inc., 5.50%, 01/09/2035 |  | 200 | 209 |
| CRH Finance UK plc, (United Kingdom), Reg. S, 4.13%, 12/02/2029 | GBP | 1500 | 1974 |
| Eagle Materials, Inc., 2.50%, 07/01/2031 |  | 61 | 55 |
| Heidelberg Materials AG, (Germany), Reg. S, 3.75%, 05/31/2032 | EUR | 295 | 358 |
| Heidelberg Materials Finance Luxembourg SA, (Luxembourg), Reg. S, 3.00%, 07/10/2030 | EUR | 1070 | 1255 |
| Holcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 2.25%, 04/04/2034 | GBP | 1900 | 2013 |
| Johnson Controls International plc / Tyco Fire & Security Finance SCA, (Ireland), 3.13%, 12/11/2033 | EUR | 1000 | 1144 |
| Kingspan Securities Ireland DAC, (Ireland), Reg. S, 3.50%, 10/31/2031 | EUR | 3850 | 4523 |
| Lennox International, Inc., 5.50%, 09/15/2028 |  | 49 | 51 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Building Materials — continued** |  |  |  |
| Martin Marietta Materials, Inc., |  |  |  |
| 3.20%, 07/15/2051 |  | 16 | 11 |
| 5.15%, 12/01/2034 |  | 730 | 745 |
| 5.50%, 12/01/2054 |  | 25 | 25 |
| Owens Corning, 3.95%, 08/15/2029 |  | 500 | 494 |
| Trane Technologies Financing Ltd., (Ireland), 4.50%, 03/21/2049 |  | 5 | 4 |
| Vulcan Materials Co., 3.50%, 06/01/2030 |  | 60 | 58 |
|  |  |  | 14880 |
| **Electrical Components & Equipment** — **0.1%** |  |  |  |
| ABB Finance BV, (Netherlands), |  |  |  |
| Reg. S, 0.00%, 01/19/2030 | EUR | 635 | 662 |
| Reg. S, 3.38%, 01/16/2031 | EUR | 2657 | 3186 |
| Reg. S, 3.38%, 01/15/2034 | EUR | 3100 | 3672 |
| Legrand SA, (France), Reg. S, 3.63%, 03/19/2035 | EUR | 5000 | 5960 |
| Signify NV, (Netherlands), Reg. S, 2.38%, 05/11/2027 | EUR | 175 | 205 |
|  |  |  | 13685 |
| **Electronics** — **0.1%** |  |  |  |
| Amphenol Corp., 3.13%, 06/16/2032 | EUR | 4200 | 4902 |
| Assa Abloy AB, (Sweden), Reg. S, 4.13%, 09/13/2035 | EUR | 250 | 309 |
| Fortive Corp., 3.70%, 08/15/2029 | EUR | 2600 | 3132 |
| Honeywell International, Inc., |  |  |  |
| 1.75%, 09/01/2031 |  | 145 | 126 |
| 4.13%, 11/02/2034 | EUR | 3700 | 4506 |
| 4.70%, 02/01/2030 |  | 90 | 92 |
| 5.25%, 03/01/2054 |  | 73 | 70 |
| 5.35%, 03/01/2064 |  | 18 | 17 |
| Hubbell, Inc., 2.30%, 03/15/2031 |  | 59 | 53 |
| Jabil, Inc., |  |  |  |
| 1.70%, 04/15/2026 |  | 20 | 20 |
| 5.45%, 02/01/2029 |  | 40 | 41 |
| Keysight Technologies, Inc., 4.95%, 10/15/2034 |  | 50 | 50 |
| Trimble, Inc., 6.10%, 03/15/2033 |  | 161 | 173 |
| Tyco Electronics Group SA, (Luxembourg), 5.00%, 05/09/2035 |  | 220 | 223 |
|  |  |  | 13714 |
| **Engineering & Construction** — **0.1%** |  |  |  |
| Aena SME SA, (Spain), Reg. S, 4.25%, 10/13/2030 | EUR | 200 | 247 |
| Aeroports de Paris SA, (France), |  |  |  |
| Reg. S, 1.00%, 01/05/2029 | EUR | 500 | 555 |
| Reg. S, 1.13%, 06/18/2034 | EUR | 200 | 193 |
| Reg. S, 1.50%, 07/02/2032 | EUR | 900 | 942 |
| Reg. S, 2.13%, 10/02/2026 | EUR | 100 | 117 |
| Reg. S, 2.75%, 06/05/2028 | EUR | 100 | 118 |
| Reg. S, 3.38%, 05/16/2031 | EUR | 100 | 119 |
| Reg. S, 3.50%, 03/20/2033 | EUR | 400 | 472 |
| Reg. S, 3.75%, 03/20/2036 | EUR | 200 | 238 |
| Bouygues SA, (France), Reg. S, 3.25%, 06/30/2037 | EUR | 2500 | 2808 |
| DAA Finance plc, (Ireland), Reg. S, 1.60%, 11/05/2032 | EUR | 400 | 419 |
| Ferrovial SE, (Netherlands), Reg. S, 4.38%, 09/13/2030 | EUR | 1600 | 1990 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Engineering & Construction — continued** |  |  |  |
| Heathrow Funding Ltd., (Jersey), |  |  |  |
| Reg. S, 4.63%, 10/31/2046 | GBP | 325 | 347 |
| Reg. S, 6.45%, 12/10/2031 | GBP | 225 | 322 |
| Reg. S, 6.75%, 12/03/2026 | GBP | 150 | 207 |
| HOCHTIEF AG, (Germany), |  |  |  |
| Reg. S, 0.63%, 04/26/2029 | EUR | 125 | 136 |
| Reg. S, 4.25%, 05/31/2030 | EUR | 4501 | 5538 |
| Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 |  | 950 | 1003 |
| Royal Schiphol Group NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 09/08/2027 | EUR | 300 | 339 |
| Reg. S, 0.75%, 04/22/2033 | EUR | 200 | 195 |
| Reg. S, 0.88%, 09/08/2032 | EUR | 400 | 403 |
| Reg. S, 3.38%, 09/17/2036 | EUR | 390 | 449 |
|  |  |  | 17157 |
| **Environmental Control** — **0.0% (g)** |  |  |  |
| Orano SA, (France), |  |  |  |
| Reg. S, 2.75%, 03/08/2028 | EUR | 200 | 234 |
| Reg. S, 4.00%, 03/12/2031 | EUR | 200 | 242 |
| Reg. S, 5.38%, 05/15/2027 | EUR | 200 | 244 |
| Republic Services, Inc., 5.00%, 04/01/2034 |  | 70 | 72 |
| Waste Connections, Inc., (Canada), |  |  |  |
| 2.60%, 02/01/2030 |  | 200 | 188 |
| 3.20%, 06/01/2032 |  | 10 | 9 |
| 4.20%, 01/15/2033 |  | 20 | 19 |
| Waste Management, Inc., |  |  |  |
| 2.00%, 06/01/2029 |  | 4 | 4 |
| 4.63%, 02/15/2033 |  | 19 | 19 |
| 4.65%, 03/15/2030 |  | 65 | 66 |
| 4.95%, 07/03/2031 |  | 130 | 135 |
| 5.35%, 10/15/2054 |  | 60 | 59 |
|  |  |  | 1291 |
| **Hand/Machine Tools** — **0.0% (g)** |  |  |  |
| Snap-on, Inc., 3.10%, 05/01/2050 |  | 10 | 7 |
| **Machinery** - **Construction & Mining** — **0.1%** |  |  |  |
| Eaton Capital ULC, (Ireland), |  |  |  |
| Reg. S, 0.58%, 03/08/2030 | EUR | 484 | 515 |
| Reg. S, 3.80%, 05/21/2036 | EUR | 4591 | 5454 |
| Siemens Energy Finance BV, (Netherlands), Reg. S, 4.25%, 04/05/2029 | EUR | 1300 | 1590 |
|  |  |  | 7559 |
| **Machinery** - **Diversified** — **0.0% (g)** |  |  |  |
| Highland Holdings Sarl, (Luxembourg), 2.88%, 11/19/2027 | EUR | 2400 | 2834 |
| IDEX Corp., 4.95%, 09/01/2029 |  | 660 | 675 |
| Ingersoll Rand, Inc., 5.40%, 08/14/2028 |  | 230 | 238 |
| Nordson Corp., 5.60%, 09/15/2028 |  | 95 | 98 |
| Regal Rexnord Corp., 6.05%, 02/15/2026 |  | 620 | 623 |
| Weir Group, Inc., 5.35%, 05/06/2030 (e) |  | 600 | 617 |
| Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034 |  | 53 | 56 |
|  |  |  | 5141 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Miscellaneous Manufacturers** — **0.2%** |  |  |  |
| 3M Co., 1.75%, 05/15/2030 | EUR | 2455 | 2730 |
| Alfa Laval Treasury International AB, (Sweden), Reg. S, 3.13%, 09/18/2031 | EUR | 2050 | 2390 |
| Eaton Corp., 4.15%, 11/02/2042 |  | 38 | 33 |
| Illinois Tool Works, Inc., |  |  |  |
| 3.25%, 05/17/2028 | EUR | 2100 | 2507 |
| 3.38%, 05/17/2032 | EUR | 4100 | 4880 |
| Parker-Hannifin Corp., 2.90%, 03/01/2030 | EUR | 3329 | 3894 |
| Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029 |  | 2000 | 2010 |
| Siemens Financieringsmaatschappij NV, (Netherlands), Reg. S, 4.00%, 05/27/2045 | EUR | 1100 | 1285 |
| Teledyne Technologies, Inc., 1.60%, 04/01/2026 |  | 20 | 20 |
| Textron, Inc., |  |  |  |
| 2.45%, 03/15/2031 |  | 1000 | 901 |
| 5.50%, 05/15/2035 |  | 7 | 7 |
|  |  |  | 20657 |
| **Packaging & Containers** — **0.0% (g)** |  |  |  |
| Berry Global, Inc., 5.50%, 04/15/2028 |  | 615 | 632 |
| **Shipbuilding** — **0.0% (g)** |  |  |  |
| Huntington Ingalls Industries, Inc., 5.35%, 01/15/2030 |  | 545 | 562 |
| **Transportation** — **0.2%** |  |  |  |
| bpost SA, (Belgium), |  |  |  |
| Reg. S, 3.29%, 10/16/2029 | EUR | 600 | 713 |
| Reg. S, 3.48%, 06/19/2032 | EUR | 300 | 354 |
| Brambles Finance plc, (United Kingdom), Reg. S, 4.25%, 03/22/2031 | EUR | 659 | 815 |
| Burlington Northern Santa Fe LLC, |  |  |  |
| 4.15%, 04/01/2045 |  | 10 | 9 |
| 4.55%, 09/01/2044 |  | 160 | 144 |
| 4.95%, 09/15/2041 |  | 700 | 673 |
| 5.20%, 04/15/2054 |  | 900 | 863 |
| 5.40%, 06/01/2041 |  | 20 | 20 |
| Canadian National Railway Co., (Canada), |  |  |  |
| 2.45%, 05/01/2050 |  | 370 | 223 |
| 6.13%, 11/01/2053 |  | 400 | 440 |
| CSX Corp., 4.90%, 03/15/2055 |  | 10 | 9 |
| Deutsche Bahn AG, (Germany), |  |  |  |
| Reg. S, 0.35%, 09/29/2031 | EUR | 700 | 715 |
| Reg. S, 0.38%, 06/23/2029 | EUR | 200 | 218 |
| Reg. S, 0.50%, 04/09/2027 | EUR | 140 | 160 |
| Reg. S, 0.63%, 09/26/2028 | EUR | 200 | 222 |
| Reg. S, 0.63%, 04/15/2036 | EUR | 350 | 312 |
| Reg. S, 0.63%, 12/08/2050 | EUR | 200 | 114 |
| Reg. S, 0.75%, 07/16/2035 | EUR | 200 | 186 |
| Reg. S, 0.88%, 07/11/2031 | EUR | 200 | 211 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Transportation — continued** |  |  |  |
| Reg. S, 0.88%, 06/23/2039 | EUR | 200 | 166 |
| Reg. S, 1.00%, 12/17/2027 | EUR | 300 | 342 |
| Reg. S, 1.13%, 12/18/2028 | EUR | 300 | 337 |
| Reg. S, 1.13%, 05/29/2051 | EUR | 412 | 265 |
| Reg. S, 1.38%, 03/28/2031 | EUR | 200 | 218 |
| Reg. S, 1.38%, 04/16/2040 | EUR | 250 | 219 |
| Reg. S, 1.50%, 12/08/2032 | EUR | 200 | 216 |
| Reg. S, 1.63%, 11/06/2030 | EUR | 200 | 223 |
| Reg. S, 1.63%, 08/16/2033 | EUR | 89 | 95 |
| Reg. S, 1.88%, 05/24/2030 | EUR | 300 | 341 |
| 1.99%, 07/08/2030 | AUD | 200 | 117 |
| Reg. S, 2.75%, 03/19/2029 | EUR | 200 | 237 |
| Reg. S, 3.25%, 05/19/2033 | EUR | 300 | 360 |
| Reg. S, 3.38%, 04/24/2034 | EUR | 500 | 602 |
| Reg. S, 3.50%, 09/20/2027 | EUR | 650 | 780 |
| Reg. S, 3.63%, 12/18/2037 | EUR | 293 | 351 |
| Reg. S, 3.75%, 10/29/2025 | AUD | 1000 | 662 |
| Reg. S, 3.88%, 10/13/2042 | EUR | 100 | 120 |
| Reg. S, 4.00%, 11/23/2043 | EUR | 300 | 365 |
| Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa) | EUR | 1500 | 1646 |
| East Japan Railway Co., (Japan), Reg. S, 4.50%, 01/25/2036 | GBP | 2000 | 2498 |
| FedEx Corp., 5.25%, 05/15/2050 (e) |  | 55 | 50 |
| Ferrovie dello Stato Italiane SpA, (Italy), |  |  |  |
| Reg. S, 0.38%, 03/25/2028 | EUR | 300 | 334 |
| Reg. S, 3.38%, 06/24/2032 | EUR | 300 | 353 |
| Reg. S, 4.13%, 05/23/2029 | EUR | 300 | 367 |
| Reg. S, 4.50%, 05/23/2033 | EUR | 200 | 250 |
| Hamburger Hochbahn AG, (Germany), Reg. S, 0.13%, 02/24/2031 | EUR | 1400 | 1414 |
| La Poste SA, (France), |  |  |  |
| Reg. S, 0.00%, 07/18/2029 | EUR | 400 | 423 |
| Reg. S, 0.38%, 09/17/2027 | EUR | 100 | 113 |
| Reg. S, 0.63%, 01/18/2036 | EUR | 200 | 175 |
| Reg. S, 1.00%, 09/17/2034 | EUR | 500 | 474 |
| Reg. S, 1.38%, 04/21/2032 | EUR | 1300 | 1360 |
| Reg. S, 1.45%, 11/30/2028 | EUR | 300 | 339 |
| Reg. S, 2.63%, 09/14/2028 | EUR | 200 | 235 |
| Reg. S, 3.13%, 03/14/2033 | EUR | 200 | 232 |
| Reg. S, 3.75%, 06/12/2030 | EUR | 200 | 243 |
| Reg. S, 4.00%, 06/12/2035 | EUR | 400 | 487 |
| Network Rail Infrastructure Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.38%, 12/09/2030 | GBP | 390 | 525 |
| 4.75%, 11/29/2035 | GBP | 500 | 661 |
| Norfolk Southern Corp., 5.95%, 03/15/2064 |  | 660 | 698 |
| OeBB-Infrastruktur AG, (Austria), |  |  |  |
| 2.25%, 05/28/2029 | EUR | 325 | 378 |
| 3.00%, 10/24/2033 | EUR | 500 | 590 |
| Reg. S, 3.38%, 05/18/2032 | EUR | 400 | 485 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Transportation — continued** |  |  |  |
| Series 30, Reg. S, 3.50%, 10/19/2026 | EUR | 280 | 333 |
| Poste Italiane SpA, (Italy), Reg. S, 0.50%, 12/10/2028 | EUR | 200 | 219 |
| TOTE Maritime Alaska LLC, Series 45689, 6.37%, 04/15/2028 |  | 1978 | 2027 |
| Transdev Group SA, (France), Reg. S, 3.85%, 05/21/2032 | EUR | 200 | 237 |
| United Parcel Service, Inc., |  |  |  |
| 5.25%, 05/14/2035 |  | 28 | 29 |
| 5.95%, 05/14/2055 |  | 19 | 20 |
| VR-Yhtymae OYJ, (Finland), Reg. S, 2.38%, 05/30/2029 | EUR | 100 | 115 |
|  |  |  | 29727 |
| **Trucking & Leasing** — **0.0% (g)** |  |  |  |
| Penske Truck Leasing Co. LP / PTL Finance Corp., |  |  |  |
| 4.40%, 07/01/2027 (e) |  | 730 | 732 |
| 5.55%, 05/01/2028 (e) |  | 1135 | 1169 |
| 5.75%, 05/24/2026 (e) |  | 860 | 867 |
| 6.05%, 08/01/2028 (e) |  | 660 | 689 |
|  |  |  | 3457 |
| Total Industrial |  |  | 161468 |
| **Technology** — **0.2%** |  |  |  |
| **Computers** — **0.0% (g)** |  |  |  |
| Accenture Capital, Inc., |  |  |  |
| 3.90%, 10/04/2027 |  | 130 | 130 |
| 4.25%, 10/04/2031 |  | 65 | 65 |
| 4.50%, 10/04/2034 |  | 595 | 587 |
| Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030 |  | 62 | 57 |
| Apple, Inc., |  |  |  |
| 2.55%, 08/20/2060 |  | 5 | 3 |
| 2.85%, 08/05/2061 |  | 20 | 12 |
| 3.75%, 09/12/2047 |  | 1000 | 803 |
| CGI, Inc., (Canada), |  |  |  |
| 1.45%, 09/14/2026 |  | 60 | 58 |
| 4.95%, 03/14/2030 (e) |  | 45 | 46 |
| Fortinet, Inc., 2.20%, 03/15/2031 |  | 20 | 18 |
| IBM International Capital Pte Ltd., (Singapore), 5.25%, 02/05/2044 |  | 100 | 98 |
| International Business Machines Corp., |  |  |  |
| 1.20%, 02/11/2040 | EUR | 169 | 140 |
| 1.25%, 02/09/2034 | EUR | 1000 | 991 |
| 4.00%, 06/20/2042 |  | 82 | 70 |
| 6.50%, 01/15/2028 |  | 40 | 42 |
| Leidos, Inc., |  |  |  |
| 5.40%, 03/15/2032 |  | 10 | 10 |
| 5.50%, 03/15/2035 |  | 50 | 52 |
| Teledyne FLIR LLC, 2.50%, 08/01/2030 |  | 80 | 73 |
|  |  |  | 3255 |
| **Office/Business & Equipment** — **0.0% (g)** |  |  |  |
| CDW LLC / CDW Finance Corp., |  |  |  |
| 2.67%, 12/01/2026 |  | 985 | 966 |
| 3.25%, 02/15/2029 |  | 68 | 65 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Office/Business & Equipment — continued** |  |  |  |
| 3.28%, 12/01/2028 |  | 113 | 109 |
| 3.57%, 12/01/2031 |  | 172 | 161 |
| 4.25%, 04/01/2028 |  | 12 | 12 |
| 5.10%, 03/01/2030 |  | 760 | 774 |
|  |  |  | 2087 |
| **Semiconductors** — **0.1%** |  |  |  |
| Analog Devices, Inc., |  |  |  |
| 2.10%, 10/01/2031 |  | 45 | 40 |
| 3.45%, 06/15/2027 |  | 30 | 30 |
| Broadcom, Inc., |  |  |  |
| 3.14%, 11/15/2035 (e) (jj) |  | 3235 | 2799 |
| 3.19%, 11/15/2036 (e) |  | 795 | 679 |
| 4.80%, 02/15/2036 |  | 930 | 927 |
| 5.05%, 07/12/2029 |  | 1605 | 1653 |
| Foundry JV Holdco LLC, 6.20%, 01/25/2037 (e) |  | 1640 | 1752 |
| Intel Corp., |  |  |  |
| 4.10%, 05/11/2047 |  | 660 | 516 |
| 4.88%, 02/10/2028 |  | 30 | 30 |
| 4.90%, 08/05/2052 |  | 260 | 224 |
| 5.60%, 02/21/2054 |  | 235 | 226 |
| 5.70%, 02/10/2053 |  | 140 | 135 |
| Micron Technology, Inc., |  |  |  |
| 5.80%, 01/15/2035 |  | 86 | 91 |
| 6.05%, 11/01/2035 |  | 175 | 187 |
| NVIDIA Corp., 2.00%, 06/15/2031 |  | 15 | 13 |
| NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), |  |  |  |
| 3.40%, 05/01/2030 |  | 1000 | 959 |
| 3.88%, 06/18/2026 |  | 590 | 589 |
| 4.30%, 06/18/2029 |  | 16 | 16 |
| Texas Instruments, Inc., 2.70%, 09/15/2051 |  | 30 | 19 |
|  |  |  | 10885 |
| **Software** — **0.1%** |  |  |  |
| Adobe, Inc., 2.30%, 02/01/2030 |  | 28 | 26 |
| Atlassian Corp., 5.50%, 05/15/2034 |  | 45 | 47 |
| Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031 |  | 165 | 149 |
| Electronic Arts, Inc., 1.85%, 02/15/2031 |  | 17 | 16 |
| Fidelity National Information Services, Inc., |  |  |  |
| 2.00%, 05/21/2030 | EUR | 250 | 280 |
| 3.10%, 03/01/2041 |  | 80 | 60 |
| Fiserv, Inc., |  |  |  |
| 3.00%, 07/01/2031 | GBP | 1000 | 1212 |
| 3.50%, 07/01/2029 |  | 170 | 165 |
| 4.40%, 07/01/2049 |  | 87 | 72 |
| 5.25%, 08/11/2035 |  | 685 | 693 |
| 5.60%, 03/02/2033 |  | 860 | 901 |
| 5.63%, 08/21/2033 |  | 1060 | 1113 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Software — continued** |  |  |  |
| Microsoft Corp., |  |  |  |
| 2.50%, 09/15/2050 |  | 10 | 6 |
| 2.53%, 06/01/2050 |  | 1105 | 699 |
| MSCI, Inc., 5.25%, 09/01/2035 |  | 102 | 103 |
| Oracle Corp., |  |  |  |
| 2.65%, 07/15/2026 |  | 30 | 30 |
| 2.95%, 04/01/2030 |  | 85 | 80 |
| 3.60%, 04/01/2050 |  | 885 | 623 |
| 3.65%, 03/25/2041 |  | 91 | 73 |
| 3.85%, 07/15/2036 |  | 280 | 249 |
| 3.85%, 04/01/2060 |  | 14 | 10 |
| 3.95%, 03/25/2051 |  | 250 | 186 |
| 4.50%, 07/08/2044 |  | 10 | 8 |
| 4.70%, 09/27/2034 |  | 110 | 107 |
| 5.25%, 02/03/2032 |  | 90 | 93 |
| 5.50%, 08/03/2035 |  | 40 | 41 |
| 5.50%, 09/27/2064 |  | 20 | 18 |
| 6.13%, 08/03/2065 |  | 20 | 20 |
| 6.25%, 11/09/2032 |  | 70 | 76 |
| 6.90%, 11/09/2052 |  | 305 | 339 |
| Roper Technologies, Inc., |  |  |  |
| 1.75%, 02/15/2031 |  | 77 | 67 |
| 2.95%, 09/15/2029 |  | 2 | 2 |
| 4.20%, 09/15/2028 |  | 37 | 37 |
| Sage Group plc (The), (United Kingdom), Reg. S, 1.63%, 02/25/2031 | GBP | 2000 | 2275 |
| SAP SE, (Germany), |  |  |  |
| Reg. S, 0.38%, 05/18/2029 | EUR | 7000 | 7616 |
| Reg. S, 1.38%, 03/13/2030 | EUR | 200 | 222 |
| Reg. S, 1.63%, 03/10/2031 | EUR | 300 | 332 |
| ServiceNow, Inc., 1.40%, 09/01/2030 |  | 5 | 5 |
| Synopsys, Inc., 5.00%, 04/01/2032 |  | 1106 | 1130 |
|  |  |  | 19181 |
| Total Technology |  |  | 35408 |
| **Utilities** — **1.2%** |  |  |  |
| **Electric** — **1.0%** |  |  |  |
| A2A SpA, (Italy), |  |  |  |
| Reg. S, 0.63%, 07/15/2031 | EUR | 200 | 203 |
| Reg. S, 1.00%, 07/16/2029 | EUR | 100 | 110 |
| Reg. S, 1.00%, 11/02/2033 | EUR | 200 | 194 |
| Reg. S, 1.50%, 03/16/2028 | EUR | 200 | 230 |
| Reg. S, 1.63%, 10/19/2027 | EUR | 200 | 231 |
| Reg. S, 3.63%, 01/30/2035 | EUR | 400 | 466 |
| Reg. S, 4.38%, 02/03/2034 | EUR | 100 | 123 |
| Reg. S, 4.50%, 09/19/2030 | EUR | 200 | 250 |
| ACEA SpA, (Italy), |  |  |  |
| Reg. S, 0.50%, 04/06/2029 | EUR | 100 | 109 |
| Reg. S, 1.75%, 05/23/2028 | EUR | 130 | 149 |
| Reg. S, 3.88%, 01/24/2031 | EUR | 500 | 608 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| AEP Texas, Inc., |  |  |  |
| 4.70%, 05/15/2032 |  | 885 | 883 |
| 5.45%, 05/15/2029 |  | 510 | 529 |
| Series I, 2.10%, 07/01/2030 |  | 2600 | 2349 |
| AEP Transmission Co. LLC, 5.15%, 04/01/2034 |  | 10 | 10 |
| Alabama Power Co., |  |  |  |
| 3.00%, 03/15/2052 |  | 10 | 6 |
| 3.13%, 07/15/2051 |  | 7 | 5 |
| 3.75%, 09/01/2027 |  | 30 | 30 |
| Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026 |  | 475 | 478 |
| Alliander NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 06/10/2030 | EUR | 400 | 420 |
| Reg. S, 0.88%, 06/24/2032 | EUR | 200 | 203 |
| Reg. S, 2.63%, 09/09/2027 | EUR | 600 | 706 |
| Reg. S, 3.00%, 05/06/2033 | EUR | 200 | 230 |
| Reg. S, 3.00%, 10/07/2034 | EUR | 200 | 229 |
| Reg. S, 3.25%, 06/13/2028 | EUR | 600 | 717 |
| Reg. S, 3.50%, 05/06/2037 | EUR | 500 | 581 |
| Alperia SpA, (Italy), Reg. S, 5.70%, 07/05/2028 | EUR | 100 | 125 |
| Ameren Illinois Co., |  |  |  |
| 3.25%, 03/15/2050 |  | 1200 | 840 |
| 5.55%, 07/01/2054 |  | 10 | 10 |
| 5.63%, 03/01/2055 |  | 40 | 41 |
| American Electric Power Co., Inc., |  |  |  |
| 2.30%, 03/01/2030 |  | 5 | 4 |
| (CMT Index 5 Year + 2.68%), 3.88%, 02/15/2062 (aa) |  | 195 | 189 |
| 5.95%, 11/01/2032 |  | 10 | 11 |
| Amprion GmbH, (Germany), |  |  |  |
| Reg. S, 0.63%, 09/23/2033 | EUR | 1500 | 1416 |
| Reg. S, 3.97%, 09/22/2032 | EUR | 800 | 975 |
| Appalachian Power Co., |  |  |  |
| 5.65%, 04/01/2034 |  | 10 | 10 |
| Series BB, 4.50%, 08/01/2032 |  | 20 | 20 |
| Series Z, 3.70%, 05/01/2050 |  | 5 | 4 |
| Arizona Public Service Co., |  |  |  |
| 2.20%, 12/15/2031 |  | 10 | 9 |
| 2.60%, 08/15/2029 |  | 14 | 13 |
| 3.35%, 05/15/2050 |  | 10 | 7 |
| 5.55%, 08/01/2033 |  | 1375 | 1438 |
| Atlantic City Electric Co., 4.00%, 10/15/2028 |  | 10 | 10 |
| Baltimore Gas and Electric Co., |  |  |  |
| 2.90%, 06/15/2050 |  | 10 | 6 |
| 5.40%, 06/01/2053 |  | 10 | 10 |
| 5.65%, 06/01/2054 |  | 10 | 10 |
| Berkshire Hathaway Energy Co., |  |  |  |
| 2.85%, 05/15/2051 |  | 50 | 32 |
| 4.25%, 10/15/2050 |  | 5 | 4 |
| 5.15%, 11/15/2043 |  | 6 | 6 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| Black Hills Corp., 2.50%, 06/15/2030 |  | 10 | 9 |
| CenterPoint Energy Houston Electric LLC, |  |  |  |
| 5.30%, 04/01/2053 |  | 10 | 10 |
| Series AD, 2.90%, 07/01/2050 |  | 25 | 16 |
| Series AJ, 4.85%, 10/01/2052 |  | 10 | 9 |
| CenterPoint Energy, Inc., |  |  |  |
| (CMT Index 5 Year + 2.59%), 6.70%, 05/15/2055 (aa) |  | 35 | 36 |
| Series A, (CMT Index 5 Year + 3.25%), 7.00%, 02/15/2055 (aa) |  | 55 | 57 |
| CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027 | EUR | 1425 | 1668 |
| Coentreprise de Transport d'Electricite SA, (France), |  |  |  |
| Reg. S, 1.50%, 07/29/2028 | EUR | 400 | 453 |
| Reg. S, 2.13%, 07/29/2032 | EUR | 200 | 216 |
| Reg. S, 3.75%, 01/17/2036 | EUR | 300 | 352 |
| Commonwealth Edison Co., |  |  |  |
| 3.00%, 03/01/2050 |  | 5 | 3 |
| 4.00%, 03/01/2048 |  | 5 | 4 |
| 4.35%, 11/15/2045 |  | 980 | 844 |
| Series 131, 2.75%, 09/01/2051 |  | 440 | 273 |
| Series 132, 3.15%, 03/15/2032 |  | 60 | 56 |
| Connecticut Light and Power Co. (The), |  |  |  |
| 4.95%, 08/15/2034 |  | 338 | 342 |
| Series A, 2.05%, 07/01/2031 |  | 905 | 800 |
| Consolidated Edison Co. of New York, Inc., |  |  |  |
| 3.20%, 12/01/2051 |  | 50 | 34 |
| 3.60%, 06/15/2061 |  | 20 | 14 |
| 5.20%, 03/01/2033 |  | 10 | 10 |
| 6.15%, 11/15/2052 |  | 4 | 4 |
| Series 20A, 3.35%, 04/01/2030 |  | 10 | 10 |
| Series A, 4.13%, 05/15/2049 |  | 275 | 223 |
| Series C, 4.30%, 12/01/2056 |  | 740 | 599 |
| Consumers Energy Co., |  |  |  |
| 3.75%, 02/15/2050 |  | 5 | 4 |
| 4.20%, 09/01/2052 |  | 20 | 16 |
| 4.60%, 05/30/2029 |  | 10 | 10 |
| 4.70%, 01/15/2030 |  | 69 | 71 |
| Dominion Energy South Carolina, Inc., |  |  |  |
| 4.60%, 06/15/2043 |  | 1400 | 1269 |
| 6.25%, 10/15/2053 |  | 505 | 555 |
| Dominion Energy, Inc., |  |  |  |
| (CMT Index 5 Year + 2.26%), 6.00%, 02/15/2056 (aa) |  | 50 | 50 |
| Series B, 4.85%, 08/15/2052 |  | 25 | 22 |
| Series C, (CMT Index 5 Year + 3.20%), 4.35%, 01/15/2027 (x) (aa) |  | 70 | 69 |
| DTE Electric Co., |  |  |  |
| 2.95%, 03/01/2050 |  | 5 | 3 |
| 3.70%, 03/15/2045 |  | 1100 | 866 |
| Series B, 3.25%, 04/01/2051 |  | 20 | 14 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| DTE Energy Co., |  |  |  |
| 2.85%, 10/01/2026 |  | 30 | 30 |
| 4.95%, 07/01/2027 |  | 560 | 567 |
| 5.05%, 10/01/2035 |  | 80 | 80 |
| Series C, 3.40%, 06/15/2029 |  | 19 | 18 |
| Duke Energy Carolinas LLC, |  |  |  |
| 3.55%, 03/15/2052 |  | 10 | 8 |
| 4.95%, 01/15/2033 |  | 10 | 10 |
| 5.35%, 01/15/2053 |  | 5 | 5 |
| 5.40%, 01/15/2054 |  | 85 | 84 |
| Duke Energy Corp., |  |  |  |
| 2.45%, 06/01/2030 |  | 110 | 101 |
| 3.10%, 06/15/2028 | EUR | 2150 | 2547 |
| 3.50%, 06/15/2051 |  | 10 | 7 |
| 3.85%, 06/15/2034 | EUR | 2200 | 2585 |
| 4.50%, 08/15/2032 |  | 50 | 50 |
| 5.00%, 08/15/2052 |  | 30 | 27 |
| Duke Energy Florida LLC, 3.00%, 12/15/2051 |  | 10 | 7 |
| Duke Energy Indiana LLC, |  |  |  |
| 5.25%, 03/01/2034 |  | 10 | 10 |
| 5.40%, 04/01/2053 |  | 25 | 25 |
| Duke Energy Ohio, Inc., |  |  |  |
| 4.30%, 02/01/2049 |  | 10 | 8 |
| 5.55%, 03/15/2054 |  | 20 | 20 |
| Duke Energy Progress LLC, 4.00%, 04/01/2052 |  | 20 | 16 |
| E.ON International Finance BV, (Netherlands), Reg. S, 5.88%, 10/30/2037 | GBP | 1000 | 1339 |
| EDP SA, (Portugal), Reg. S, 1.63%, 04/15/2027 | EUR | 200 | 232 |
| Electricite de France SA, (France), |  |  |  |
| Reg. S, 1.00%, 10/13/2026 | EUR | 600 | 695 |
| Reg. S, 1.00%, 11/29/2033 | EUR | 500 | 478 |
| Reg. S, 1.88%, 10/13/2036 | EUR | 200 | 191 |
| Reg. S, 2.00%, 12/09/2049 | EUR | 1100 | 779 |
| Reg. S, 3.25%, 05/07/2032 | EUR | 300 | 351 |
| Reg. S, 3.75%, 06/05/2027 | EUR | 800 | 957 |
| Reg. S, 3.88%, 01/12/2027 | EUR | 300 | 358 |
| Reg. S, 4.00%, 05/07/2037 | EUR | 300 | 352 |
| Reg. S, 4.13%, 06/17/2031 | EUR | 1200 | 1471 |
| Reg. S, 4.25%, 01/25/2032 | EUR | 400 | 493 |
| Reg. S, 4.38%, 10/12/2029 | EUR | 500 | 618 |
| Reg. S, 4.38%, 06/17/2036 | EUR | 100 | 122 |
| Reg. S, 4.50%, 11/12/2040 | EUR | 100 | 121 |
| Reg. S, 4.63%, 01/25/2043 | EUR | 400 | 466 |
| Reg. S, 4.63%, 05/07/2045 | EUR | 100 | 115 |
| Reg. S, 4.75%, 10/12/2034 | EUR | 1700 | 2144 |
| Reg. S, 4.75%, 06/17/2044 | EUR | 400 | 470 |
| Reg. S, 5.50%, 03/27/2037 | GBP | 500 | 631 |
| Reg. S, 5.63%, 02/21/2033 | EUR | 200 | 267 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| 5.88%, 07/18/2031 | GBP | 465 | 647 |
| Reg. S, 6.00%, 01/23/2114 | GBP | 600 | 694 |
| Reg. S, 6.13%, 06/02/2034 | GBP | 600 | 825 |
| Elia Group SA, (Belgium), Reg. S, 3.88%, 06/11/2031 | EUR | 5200 | 6246 |
| Elia Transmission Belgium SA, (Belgium), Reg. S, 3.63%, 01/18/2033 | EUR | 5400 | 6490 |
| Emera US Finance LP, |  |  |  |
| 2.64%, 06/15/2031 |  | 10 | 9 |
| 4.75%, 06/15/2046 |  | 105 | 90 |
| EnBW Energie Baden-Wuerttemberg AG, (Germany), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 1.65%), 1.38%, 08/31/2081 (aa) | EUR | 100 | 111 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.73%), 1.63%, 08/05/2079 (aa) | EUR | 100 | 114 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.95%), 4.50%, 07/28/2055 (aa) | EUR | 200 | 236 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.66%), 5.25%, 01/23/2084 (aa) | EUR | 500 | 623 |
| EnBW International Finance BV, (Netherlands), |  |  |  |
| Reg. S, 0.13%, 03/01/2028 | EUR | 182 | 203 |
| Reg. S, 0.50%, 03/01/2033 | EUR | 97 | 94 |
| Reg. S, 1.88%, 10/31/2033 | EUR | 420 | 446 |
| Reg. S, 3.00%, 05/20/2029 | EUR | 200 | 237 |
| Reg. S, 3.50%, 07/24/2028 | EUR | 120 | 145 |
| Reg. S, 3.50%, 07/22/2031 | EUR | 300 | 360 |
| Reg. S, 3.75%, 11/20/2035 | EUR | 300 | 353 |
| Reg. S, 3.85%, 05/23/2030 | EUR | 400 | 488 |
| Reg. S, 4.00%, 01/24/2035 | EUR | 100 | 120 |
| Reg. S, 4.00%, 07/22/2036 | EUR | 300 | 359 |
| Reg. S, 4.05%, 11/22/2029 | EUR | 200 | 246 |
| Reg. S, 4.30%, 05/23/2034 | EUR | 300 | 371 |
| Reg. S, 6.13%, 07/07/2039 | EUR | 40 | 57 |
| Enel Finance International NV, (Netherlands), |  |  |  |
| Reg. S, SUB, 0.75%, 06/17/2030 | EUR | 12655 | 13427 |
| 3.50%, 04/06/2028 (e) |  | 1300 | 1276 |
| e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041 | EUR | 100 | 139 |
| Enexis Holding NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 04/14/2033 | EUR | 400 | 380 |
| Reg. S, 0.63%, 06/17/2032 | EUR | 100 | 99 |
| Reg. S, 0.75%, 07/02/2031 | EUR | 334 | 345 |
| Reg. S, 3.25%, 04/09/2033 | EUR | 500 | 590 |
| Reg. S, 3.63%, 06/12/2034 | EUR | 200 | 240 |
| Reg. S, 3.63%, 04/09/2037 | EUR | 200 | 236 |
| Entergy Arkansas LLC, |  |  |  |
| 2.65%, 06/15/2051 |  | 76 | 46 |
| 4.20%, 04/01/2049 |  | 10 | 8 |
| Entergy Corp., (CMT Index 5 Year + 2.67%), 7.13%, 12/01/2054 (aa) |  | 74 | 77 |
| Entergy Louisiana LLC, |  |  |  |
| 2.35%, 06/15/2032 |  | 30 | 26 |
| 3.05%, 06/01/2031 |  | 2073 | 1945 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| Entergy Texas, Inc., |  |  |  |
| 4.00%, 03/30/2029 |  | 15 | 15 |
| 5.00%, 09/15/2052 |  | 19 | 17 |
| 5.55%, 09/15/2054 |  | 30 | 29 |
| ESB Finance DAC, (Ireland), |  |  |  |
| Reg. S, 1.00%, 07/19/2034 | EUR | 100 | 96 |
| Reg. S, 1.13%, 06/11/2030 | EUR | 100 | 108 |
| Reg. S, 1.75%, 02/07/2029 | EUR | 200 | 228 |
| Reg. S, 1.88%, 06/14/2031 | EUR | 224 | 247 |
| Reg. S, 2.13%, 06/08/2027 | EUR | 100 | 117 |
| Reg. S, 2.13%, 11/05/2033 | EUR | 200 | 214 |
| Reg. S, 3.75%, 01/25/2043 | EUR | 200 | 224 |
| Reg. S, 4.00%, 10/03/2028 | EUR | 400 | 486 |
| Reg. S, 4.00%, 05/03/2032 | EUR | 200 | 245 |
| Reg. S, 4.25%, 03/03/2036 | EUR | 100 | 124 |
| Eurogrid GmbH, (Germany), |  |  |  |
| Reg. S, 3.72%, 04/27/2030 | EUR | 2000 | 2416 |
| Reg. S, 3.73%, 10/18/2035 | EUR | 1400 | 1635 |
| Reg. S, 4.06%, 05/28/2037 | EUR | 1600 | 1906 |
| Evergy Kansas Central, Inc., 3.45%, 04/15/2050 |  | 5 | 4 |
| Evergy Metro, Inc., Series 2020, 2.25%, 06/01/2030 |  | 20 | 18 |
| Evergy, Inc., (CMT Index 5 Year + 2.56%), 6.65%, 06/01/2055 (aa) |  | 50 | 51 |
| Eversource Energy, |  |  |  |
| 3.38%, 03/01/2032 |  | 40 | 37 |
| 4.60%, 07/01/2027 |  | 100 | 101 |
| 5.13%, 05/15/2033 |  | 95 | 96 |
| 5.95%, 07/15/2034 |  | 95 | 101 |
| EWE AG, (Germany), |  |  |  |
| Reg. S, 0.25%, 06/08/2028 | EUR | 200 | 220 |
| Reg. S, 0.38%, 10/22/2032 | EUR | 390 | 374 |
| Exelon Corp., 2.75%, 03/15/2027 |  | 20 | 20 |
| Fingrid OYJ, (Finland), Reg. S, 3.25%, 03/20/2034 | EUR | 400 | 466 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/2050 |  | 10 | 7 |
| Florida Power & Light Co., |  |  |  |
| 2.45%, 02/03/2032 |  | 20 | 18 |
| 2.88%, 12/04/2051 |  | 35 | 23 |
| 3.95%, 03/01/2048 |  | 500 | 408 |
| 5.15%, 06/15/2029 |  | 10 | 10 |
| 5.30%, 04/01/2053 |  | 10 | 10 |
| 5.80%, 03/15/2065 |  | 276 | 289 |
| FLUVIUS System Operator CV, (Belgium), |  |  |  |
| Reg. S, 0.25%, 06/14/2028 | EUR | 200 | 220 |
| Reg. S, 0.25%, 12/02/2030 | EUR | 300 | 307 |
| Reg. S, 0.63%, 11/24/2031 | EUR | 100 | 100 |
| Reg. S, 3.50%, 03/12/2035 | EUR | 200 | 232 |
| Reg. S, 3.88%, 03/18/2031 | EUR | 300 | 365 |
| Reg. S, 3.88%, 05/09/2033 | EUR | 3600 | 4349 |
| Reg. S, 3.88%, 05/02/2034 | EUR | 300 | 360 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| Reg. S, 4.00%, 07/06/2032 | EUR | 200 | 244 |
| Fortum OYJ, (Finland), |  |  |  |
| Reg. S, 2.13%, 02/27/2029 | EUR | 200 | 230 |
| Reg. S, 4.50%, 05/26/2033 | EUR | 300 | 375 |
| Georgia Power Co., |  |  |  |
| 4.70%, 05/15/2032 |  | 2350 | 2378 |
| 5.13%, 05/15/2052 |  | 17 | 16 |
| Series B, 3.70%, 01/30/2050 |  | 10 | 8 |
| Hera SpA, (Italy), |  |  |  |
| Reg. S, 0.25%, 12/03/2030 | EUR | 160 | 163 |
| Reg. S, 0.88%, 07/05/2027 | EUR | 400 | 456 |
| Reg. S, 1.00%, 04/25/2034 | EUR | 200 | 190 |
| Reg. S, 2.50%, 05/25/2029 | EUR | 200 | 233 |
| Reg. S, 3.25%, 07/15/2031 | EUR | 200 | 236 |
| Reg. S, 4.25%, 04/20/2033 | EUR | 100 | 123 |
| Reg. S, 5.20%, 01/29/2028 | EUR | 200 | 248 |
| Iberdrola International BV, (Netherlands), Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa) | EUR | 2000 | 2242 |
| Ignitis Grupe AB, (Lithuania), |  |  |  |
| Reg. S, 1.88%, 07/10/2028 | EUR | 200 | 226 |
| Reg. S, 2.00%, 05/21/2030 | EUR | 110 | 119 |
| Interstate Power and Light Co., 3.50%, 09/30/2049 |  | 10 | 7 |
| ITC Holdings Corp., 4.95%, 09/22/2027 (e) |  | 1170 | 1184 |
| Jersey Central Power & Light Co., 5.10%, 01/15/2035 |  | 670 | 679 |
| Kentucky Utilities Co., 3.30%, 06/01/2050 |  | 5 | 3 |
| MidAmerican Energy Co., 2.70%, 08/01/2052 |  | 5 | 3 |
| Mississippi Power Co., Series B, 3.10%, 07/30/2051 |  | 10 | 7 |
| National Grid Electricity Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027 | GBP | 20 | 27 |
| National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040 | GBP | 425 | 352 |
| National Grid plc, (United Kingdom), |  |  |  |
| 5.42%, 01/11/2034 |  | 10 | 11 |
| 5.81%, 06/12/2033 |  | 140 | 149 |
| National Rural Utilities Cooperative Finance Corp., 5.80%, 01/15/2033 |  | 30 | 32 |
| Nevada Power Co., (CMT Index 5 Year + 1.94%), 6.25%, 05/15/2055 (aa) |  | 45 | 46 |
| NextEra Energy Capital Holdings, Inc., |  |  |  |
| 2.25%, 06/01/2030 |  | 1180 | 1077 |
| 2.75%, 11/01/2029 |  | 5 | 5 |
| 3.00%, 01/15/2052 |  | 205 | 132 |
| 4.63%, 07/15/2027 |  | 20 | 20 |
| 4.69%, 09/01/2027 |  | 835 | 844 |
| 5.05%, 03/15/2030 |  | 50 | 51 |
| 5.30%, 03/15/2032 |  | 50 | 52 |
| 5.90%, 03/15/2055 |  | 620 | 639 |
| (CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa) |  | 125 | 130 |
| NIE Finance plc, (United Kingdom), Reg. S, 5.88%, 12/01/2032 | GBP | 200 | 279 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| Northern Powergrid Yorkshire plc, (United Kingdom), |  |  |  |
| Reg. S, 5.13%, 05/04/2035 | GBP | 150 | 196 |
| Reg. S, 6.13%, 04/01/2050 | GBP | 1300 | 1718 |
| Northern States Power Co., |  |  |  |
| 2.25%, 04/01/2031 |  | 1450 | 1316 |
| 2.60%, 06/01/2051 |  | 16 | 10 |
| 5.65%, 06/15/2054 |  | 1500 | 1546 |
| NRG Energy, Inc., |  |  |  |
| 2.00%, 12/02/2025 (e) |  | 2150 | 2139 |
| 2.45%, 12/02/2027 (e) |  | 2275 | 2181 |
| NSTAR Electric Co., 4.55%, 06/01/2052 |  | 470 | 408 |
| Oglethorpe Power Corp., 5.05%, 10/01/2048 |  | 10 | 9 |
| Oklahoma Gas and Electric Co., |  |  |  |
| 4.15%, 04/01/2047 |  | 900 | 743 |
| 5.60%, 04/01/2053 |  | 5 | 5 |
| Oncor Electric Delivery Co. LLC, |  |  |  |
| 3.10%, 09/15/2049 |  | 10 | 7 |
| 3.70%, 05/15/2050 |  | 5 | 4 |
| 4.30%, 05/15/2028 |  | 20 | 20 |
| Orsted A/S, (Denmark), |  |  |  |
| Reg. S, 2.25%, 06/14/2028 | EUR | 1000 | 1152 |
| Reg. S, 5.75%, 04/09/2040 | GBP | 425 | 531 |
| Pacific Gas and Electric Co., |  |  |  |
| 3.15%, 01/01/2026 |  | 65 | 65 |
| 3.50%, 08/01/2050 |  | 10 | 7 |
| 3.95%, 12/01/2047 |  | 900 | 672 |
| 4.40%, 03/01/2032 |  | 24 | 23 |
| 4.50%, 07/01/2040 |  | 30 | 26 |
| 4.95%, 07/01/2050 |  | 800 | 689 |
| 5.25%, 03/01/2052 |  | 10 | 9 |
| 5.90%, 10/01/2054 |  | 10 | 10 |
| 6.10%, 01/15/2029 |  | 29 | 30 |
| 6.10%, 10/15/2055 (w) |  | 10 | 10 |
| 6.75%, 01/15/2053 |  | 10 | 11 |
| PacifiCorp., |  |  |  |
| 2.90%, 06/15/2052 |  | 720 | 439 |
| 3.30%, 03/15/2051 |  | 1750 | 1152 |
| 4.13%, 01/15/2049 |  | 165 | 128 |
| 4.15%, 02/15/2050 |  | 110 | 85 |
| PECO Energy Co., |  |  |  |
| 2.80%, 06/15/2050 |  | 50 | 32 |
| 3.05%, 03/15/2051 |  | 435 | 287 |
| 4.60%, 05/15/2052 |  | 270 | 239 |
| 4.90%, 06/15/2033 |  | 1640 | 1675 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031 | EUR | 1000 | 1052 |
| Potomac Electric Power Co., 5.50%, 03/15/2054 |  | 5 | 5 |
| PPL Capital Funding, Inc., 4.13%, 04/15/2030 |  | 40 | 40 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| PPL Electric Utilities Corp., |  |  |  |
| 4.85%, 02/15/2034 |  | 1015 | 1027 |
| 5.25%, 05/15/2053 |  | 105 | 102 |
| Public Service Co. of Colorado, |  |  |  |
| 5.25%, 04/01/2053 |  | 10 | 9 |
| 5.75%, 05/15/2054 |  | 665 | 677 |
| Series 38, 4.10%, 06/01/2032 |  | 20 | 20 |
| Series 39, 4.50%, 06/01/2052 |  | 20 | 17 |
| Public Service Co. of Oklahoma, |  |  |  |
| 5.20%, 01/15/2035 |  | 40 | 41 |
| 5.45%, 01/15/2036 |  | 60 | 61 |
| Public Service Electric and Gas Co., |  |  |  |
| 1.90%, 08/15/2031 |  | 5 | 4 |
| 2.05%, 08/01/2050 |  | 10 | 5 |
| 3.00%, 03/01/2051 |  | 20 | 13 |
| 3.10%, 03/15/2032 |  | 30 | 28 |
| 3.65%, 09/01/2028 |  | 10 | 10 |
| 4.65%, 03/15/2033 |  | 10 | 10 |
| 4.85%, 08/01/2034 |  | 140 | 141 |
| 5.30%, 08/01/2054 |  | 6 | 6 |
| 5.45%, 03/01/2054 |  | 35 | 35 |
| Series Q, 5.05%, 03/01/2035 |  | 25 | 26 |
| Puget Energy, Inc., |  |  |  |
| 2.38%, 06/15/2028 |  | 1030 | 978 |
| 4.22%, 03/15/2032 |  | 20 | 19 |
| Puget Sound Energy, Inc., 5.33%, 06/15/2034 |  | 10 | 10 |
| Redeia Corp. SA, (Spain), Reg. S, 3.38%, 07/09/2032 | EUR | 3400 | 4017 |
| Resa SA, (Belgium), Reg. S, 3.50%, 05/22/2031 | EUR | 200 | 238 |
| RTE Reseau de Transport d'Electricite SADIR, (France), |  |  |  |
| Reg. S, 0.63%, 07/08/2032 | EUR | 200 | 197 |
| Reg. S, 0.75%, 01/12/2034 | EUR | 300 | 282 |
| Reg. S, 1.13%, 07/08/2040 | EUR | 200 | 161 |
| Reg. S, 1.13%, 09/09/2049 | EUR | 200 | 122 |
| Reg. S, 1.50%, 09/27/2030 | EUR | 300 | 327 |
| Reg. S, 1.88%, 10/23/2037 | EUR | 300 | 286 |
| Reg. S, 2.00%, 04/18/2036 | EUR | 300 | 302 |
| Reg. S, 2.13%, 09/27/2038 | EUR | 100 | 96 |
| Reg. S, 2.63%, 07/08/2029 | EUR | 300 | 350 |
| Reg. S, 3.50%, 12/07/2031 | EUR | 400 | 479 |
| Reg. S, 3.50%, 04/30/2033 | EUR | 200 | 236 |
| Reg. S, 3.50%, 10/02/2036 | EUR | 100 | 115 |
| Reg. S, 3.75%, 07/04/2035 | EUR | 300 | 355 |
| Reg. S, 3.75%, 04/30/2044 | EUR | 300 | 331 |
| Reg. S, 4.00%, 07/08/2045 | EUR | 200 | 228 |
| San Diego Gas & Electric Co., 4.15%, 05/15/2048 |  | 800 | 649 |
| Sempra, |  |  |  |
| (CMT Index 5 Year + 2.63%), 6.38%, 04/01/2056 (aa) |  | 205 | 210 |
| (CMT Index 5 Year + 2.79%), 6.88%, 10/01/2054 (aa) |  | 46 | 48 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| Southern California Edison Co., |  |  |  |
| 3.65%, 02/01/2050 |  | 355 | 248 |
| 4.00%, 04/01/2047 |  | 355 | 268 |
| 4.05%, 03/15/2042 |  | 900 | 722 |
| 4.65%, 10/01/2043 |  | 500 | 426 |
| Series 20A, 2.95%, 02/01/2051 |  | 875 | 534 |
| Series C, 4.13%, 03/01/2048 |  | 265 | 203 |
| Southern Co. (The), |  |  |  |
| 5.20%, 06/15/2033 |  | 20 | 20 |
| 5.70%, 10/15/2032 |  | 10 | 11 |
| 5.70%, 03/15/2034 |  | 5 | 5 |
| Series 21-A, (CMT Index 5 Year + 2.92%), 3.75%, 09/15/2051 (aa) |  | 10 | 10 |
| Series A, 3.70%, 04/30/2030 |  | 15 | 15 |
| Southwestern Electric Power Co., |  |  |  |
| 5.30%, 04/01/2033 |  | 20 | 20 |
| Series N, 1.65%, 03/15/2026 |  | 10 | 10 |
| Southwestern Public Service Co., |  |  |  |
| 3.70%, 08/15/2047 |  | 1000 | 753 |
| 6.00%, 06/01/2054 |  | 25 | 26 |
| Series 8, 3.15%, 05/01/2050 |  | 20 | 14 |
| SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031 | GBP | 100 | 114 |
| State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032 | EUR | 500 | 533 |
| Stedin Holding NV, (Netherlands), |  |  |  |
| Reg. S, 0.50%, 11/14/2029 | EUR | 300 | 322 |
| Reg. S, 1.38%, 09/19/2028 | EUR | 200 | 226 |
| Reg. S, 2.38%, 06/03/2030 | EUR | 400 | 460 |
| Reg. S, 3.38%, 02/12/2037 | EUR | 400 | 460 |
| Tampa Electric Co., 4.30%, 06/15/2048 |  | 10 | 8 |
| Tennet Netherlands BV, (Netherlands), |  |  |  |
| Reg. S, 0.50%, 06/09/2031 | EUR | 200 | 207 |
| Reg. S, 0.50%, 11/30/2040 | EUR | 200 | 153 |
| Reg. S, 0.88%, 06/03/2030 | EUR | 120 | 130 |
| Reg. S, 0.88%, 06/16/2035 | EUR | 300 | 286 |
| Reg. S, 1.13%, 06/09/2041 | EUR | 300 | 251 |
| Reg. S, 1.25%, 10/24/2033 | EUR | 200 | 206 |
| Reg. S, 1.38%, 06/05/2028 | EUR | 300 | 343 |
| Reg. S, 1.38%, 06/26/2029 | EUR | 100 | 113 |
| Reg. S, 1.50%, 06/03/2039 | EUR | 200 | 187 |
| Reg. S, 1.63%, 11/17/2026 | EUR | 450 | 525 |
| Reg. S, 1.88%, 06/13/2036 | EUR | 200 | 207 |
| Reg. S, 2.00%, 06/05/2034 | EUR | 100 | 108 |
| Reg. S, 2.13%, 11/17/2029 | EUR | 200 | 231 |
| Reg. S, 2.75%, 05/17/2042 | EUR | 200 | 212 |
| Reg. S, 3.88%, 10/28/2028 | EUR | 200 | 243 |
| Reg. S, 4.25%, 04/28/2032 | EUR | 200 | 250 |
| Reg. S, 4.50%, 10/28/2034 | EUR | 500 | 637 |
| Reg. S, 4.75%, 10/28/2042 | EUR | 300 | 388 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| Tucson Electric Power Co., |  |  |  |
| 1.50%, 08/01/2030 |  | 30 | 26 |
| 3.25%, 05/01/2051 |  | 10 | 7 |
| 5.20%, 09/15/2034 |  | 1220 | 1241 |
| Union Electric Co., |  |  |  |
| 2.15%, 03/15/2032 |  | 40 | 35 |
| 3.90%, 04/01/2052 |  | 30 | 24 |
| 5.13%, 03/15/2055 |  | 30 | 28 |
| 5.20%, 04/01/2034 |  | 65 | 67 |
| Verbund AG, (Austria), Reg. S, 0.90%, 04/01/2041 | EUR | 300 | 238 |
| Virginia Electric and Power Co., |  |  |  |
| 3.30%, 12/01/2049 |  | 10 | 7 |
| 5.05%, 08/15/2034 |  | 273 | 277 |
| 5.65%, 03/15/2055 |  | 10 | 10 |
| Series B, 3.80%, 09/15/2047 |  | 10 | 8 |
| Series C, 4.63%, 05/15/2052 |  | 10 | 8 |
| Wisconsin Power and Light Co., 3.00%, 07/01/2029 |  | 10 | 10 |
| Wisconsin Public Service Corp., 3.30%, 09/01/2049 |  | 15 | 11 |
| Xcel Energy, Inc., 1.75%, 03/15/2027 |  | 10 | 10 |
| Zapadoslovenska Energetika A/S, (Slovakia), Reg. S, 1.75%, 03/02/2028 | EUR | 100 | 114 |
|  |  |  | 154137 |
| **Gas** — **0.2%** |  |  |  |
| APA Infrastructure Ltd., (Australia), Reg. S, 2.00%, 07/15/2030 | EUR | 1000 | 1114 |
| Atmos Energy Corp., |  |  |  |
| 1.50%, 01/15/2031 |  | 1600 | 1389 |
| 2.63%, 09/15/2029 |  | 5 | 5 |
| 2.85%, 02/15/2052 |  | 5 | 3 |
| 3.38%, 09/15/2049 |  | 200 | 144 |
| 5.75%, 10/15/2052 |  | 10 | 10 |
| Boston Gas Co., 5.84%, 01/10/2035 (e) |  | 715 | 754 |
| Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038 | GBP | 1725 | 1596 |
| CenterPoint Energy Resources Corp., 5.25%, 03/01/2028 |  | 20 | 21 |
| Centrica plc, (United Kingdom), Reg. S, 4.25%, 09/12/2044 | GBP | 1000 | 1035 |
| GAS Networks Ireland, (Ireland), Reg. S, 3.25%, 09/12/2030 | EUR | 200 | 237 |
| Italgas SpA, (Italy), Reg. S, 1.00%, 12/11/2031 | EUR | 1125 | 1154 |
| National Fuel Gas Co., 5.95%, 03/15/2035 |  | 130 | 136 |
| National Gas Transmission plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031 | GBP | 1600 | 1794 |
| Naturgy Finance Iberia SA, (Spain), Reg. S, 1.88%, 10/05/2029 | EUR | 1000 | 1136 |
| Nederlandse Gasunie NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 10/03/2031 | EUR | 200 | 201 |
| Reg. S, 0.75%, 10/13/2036 | EUR | 100 | 87 |
| Reg. S, 3.38%, 07/11/2034 | EUR | 200 | 233 |
| Reg. S, 3.50%, 04/23/2035 | EUR | 200 | 235 |
| Reg. S, 3.88%, 04/29/2044 | EUR | 200 | 232 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Gas** — **continued** |  |  |  |
| NiSource, Inc., |  |  |  |
| 3.49%, 05/15/2027 |  | 10 | 10 |
| 3.60%, 05/01/2030 |  | 5 | 5 |
| 4.38%, 05/15/2047 |  | 5 | 4 |
| 5.00%, 06/15/2052 |  | 10 | 9 |
| 5.40%, 06/30/2033 |  | 10 | 11 |
| (CMT Index 5 Year + 2.53%), 6.38%, 03/31/2055 (aa) |  | 60 | 62 |
| Piedmont Natural Gas Co., Inc., |  |  |  |
| 2.50%, 03/15/2031 |  | 1550 | 1399 |
| 3.35%, 06/01/2050 |  | 5 | 4 |
| 5.05%, 05/15/2052 |  | 570 | 517 |
| Southern California Gas Co., |  |  |  |
| 5.05%, 09/01/2034 |  | 865 | 880 |
| 6.00%, 06/15/2055 |  | 20 | 21 |
| Southern Co. Gas Capital Corp., |  |  |  |
| 5.15%, 09/15/2032 (jj) |  | 2900 | 2976 |
| 5.75%, 09/15/2033 |  | 10 | 11 |
| Series 21A, 3.15%, 09/30/2051 |  | 5 | 3 |
| Southern Gas Networks plc, (United Kingdom), 6.38%, 05/15/2040 | GBP | 825 | 1109 |
| Southwest Gas Corp., 4.05%, 03/15/2032 |  | 15 | 14 |
| SPP-Distribucia A/S, (Slovakia), Reg. S, 1.00%, 06/09/2031 | EUR | 200 | 204 |
| Vier Gas Transport GmbH, (Germany), |  |  |  |
| Reg. S, 0.50%, 09/10/2034 | EUR | 1200 | 1084 |
| Reg. S, 3.38%, 11/11/2031 | EUR | 2700 | 3172 |
| Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041 | GBP | 825 | 654 |
|  |  |  | 23665 |
| **Water — 0.0% (g)** |  |  |  |
| American Water Capital Corp., |  |  |  |
| 4.15%, 06/01/2049 |  | 10 | 8 |
| 4.45%, 06/01/2032 |  | 40 | 40 |
| Essential Utilities, Inc., |  |  |  |
| 2.40%, 05/01/2031 |  | 10 | 9 |
| 5.38%, 01/15/2034 |  | 10 | 10 |
| Northumbrian Water Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 1.63%, 10/11/2026 | GBP | 825 | 1078 |
| Reg. S, 5.13%, 01/23/2042 | GBP | 1000 | 1144 |
| Reg. S, 5.63%, 04/29/2033 | GBP | 425 | 567 |
| United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033 | GBP | 900 | 951 |
| Wessex Water Services Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 1.50%, 09/17/2029 | GBP | 700 | 820 |
| Reg. S, 5.38%, 03/10/2028 | GBP | 2425 | 3287 |
|  |  |  | 7914 |
| Total Utilities |  |  | 185716 |
| Total Corporate Bonds<br>(Cost $2,026,818) |  |  | 2102526 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** — **62.7%** |  |  |  |
| **Banks — 5.5%** |  |  |  |
| Agence Francaise de Developpement EPIC, (France), |  |  |  |
| Reg. S, 0.00%, 10/28/2027 | EUR | 800 | 896 |
| Reg. S, 0.01%, 11/25/2028 | EUR | 900 | 976 |
| Reg. S, 0.13%, 09/29/2031 | EUR | 300 | 295 |
| Reg. S, 0.25%, 06/29/2029 | EUR | 1400 | 1501 |
| Reg. S, 0.38%, 05/25/2036 | EUR | 900 | 749 |
| Reg. S, 0.50%, 05/25/2030 | EUR | 1400 | 1476 |
| Reg. S, 0.50%, 05/31/2035 | EUR | 100 | 88 |
| Reg. S, 1.00%, 01/31/2028 | EUR | 1600 | 1820 |
| Reg. S, 1.13%, 03/02/2037 | EUR | 600 | 532 |
| Reg. S, 1.38%, 07/05/2032 | EUR | 100 | 104 |
| Reg. S, 1.50%, 10/31/2034 | EUR | 900 | 893 |
| Reg. S, 1.63%, 05/25/2032 | EUR | 200 | 213 |
| Reg. S, 2.75%, 09/30/2030 | EUR | 500 | 582 |
| Reg. S, 2.88%, 01/21/2030 | EUR | 1300 | 1529 |
| Reg. S, 3.00%, 01/17/2034 | EUR | 1100 | 1251 |
| Reg. S, 3.38%, 05/25/2033 | EUR | 900 | 1057 |
| Reg. S, 3.50%, 02/25/2033 | EUR | 200 | 238 |
| Reg. S, 3.63%, 01/20/2035 | EUR | 700 | 824 |
| Reg. S, 3.75%, 02/15/2027 | EUR | 800 | 958 |
| Reg. S, 3.88%, 04/03/2040 | EUR | 400 | 462 |
| Agricultural Development Bank of China, (China), |  |  |  |
| 2.83%, 08/11/2029 | CNY | 21000 | 3057 |
| 2.87%, 05/14/2027 | CNY | 44200 | 6323 |
| 2.91%, 02/21/2029 | CNY | 18000 | 2619 |
| 3.48%, 02/04/2028 | CNY | 10400 | 1519 |
| Reg. S, 3.80%, 10/27/2030 | CNH | 14350 | 2186 |
| Series 1806, 4.65%, 05/11/2028 | CNY | 38100 | 5741 |
| Series 1901, 3.75%, 01/25/2029 | CNY | 88500 | 13207 |
| Series 1906, 3.74%, 07/12/2029 | CNY | 69900 | 10494 |
| Series 2004, 2.96%, 04/17/2030 | CNY | 129000 | 18981 |
| Series 2010, 3.79%, 10/26/2030 | CNY | 17500 | 2683 |
| Series 2105, 3.52%, 05/24/2031 | CNY | 38600 | 5868 |
| Series 2110, 3.30%, 11/05/2031 | CNY | 142200 | 21489 |
| Series 2205, 3.06%, 06/06/2032 | CNY | 53100 | 7953 |
| Series 2207, 2.50%, 08/24/2027 | CNY | 54200 | 7723 |
| Series 2210, 2.97%, 10/14/2032 | CNY | 119800 | 17896 |
| Series 2301, 3.01%, 03/16/2030 | CNY | 44900 | 6609 |
| Series 2302, 3.10%, 02/27/2033 | CNY | 105700 | 15942 |
| Series 2303, 2.90%, 03/08/2028 | CNY | 172400 | 24860 |
| Series 2307, 2.63%, 06/07/2028 | CNY | 141700 | 20351 |
| Series 2310, 2.83%, 06/16/2033 | CNY | 74800 | 11100 |
| Series 2315, 2.57%, 09/13/2028 | CNY | 17000 | 2443 |
| Series 2320, 2.85%, 10/20/2033 | CNY | 31400 | 4685 |
| Series 2403, 2.12%, 03/12/2027 | CNY | 12000 | 1696 |
| Series 2405, 2.22%, 04/09/2029 | CNY | 96600 | 13758 |
| Series 2410, 2.47%, 04/02/2034 | CNY | 45400 | 6592 |
| Series 2420, 2.30%, 07/04/2034 | CNY | 62500 | 8963 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Series 2430, 2.09%, 09/26/2034 | CNY | 24500 | 3458 |
| Series 2503, 1.32%, 01/07/2028 | CNY | 53000 | 7376 |
| Series 2505, 1.40%, 01/07/2030 | CNY | 70600 | 9734 |
| Series 2510, 1.66%, 01/09/2035 | CNY | 21600 | 2934 |
| Series 2513, 1.59%, 04/15/2028 | CNY | 11300 | 1581 |
| Series 2520, 1.78%, 05/15/2035 | CNY | 58800 | 8090 |
| Bangko Sentral ng Pilipinas International Bond, (Philippines), Series A, 8.60%, 06/15/2027 |  | 300 | 320 |
| Banque et Caisse d'Epargne de l'Etat, (Luxembourg), Reg. S, (EURIBOR 3 Month + 0.80%), 3.25%, 03/19/2031 (aa) | EUR | 200 | 238 |
| BNG Bank NV, (Netherlands), |  |  |  |
| Zero Coupon, 04/05/2028 | CAD | 1000 | 673 |
| Reg. S, 0.00%, 01/20/2031 | EUR | 200 | 205 |
| Reg. S, 0.01%, 10/05/2032 | EUR | 500 | 483 |
| Reg. S, 0.10%, 01/15/2030 | EUR | 1750 | 1855 |
| Reg. S, 0.13%, 04/19/2033 | EUR | 700 | 671 |
| Reg. S, 0.13%, 07/09/2035 | EUR | 980 | 866 |
| Reg. S, 0.25%, 11/22/2036 | EUR | 2070 | 1769 |
| Reg. S, 0.63%, 06/19/2027 | EUR | 1250 | 1430 |
| Reg. S, 0.75%, 01/11/2028 | EUR | 1260 | 1431 |
| Reg. S, 0.75%, 01/24/2029 | EUR | 650 | 724 |
| Reg. S, 0.81%, 06/28/2049 | EUR | 200 | 127 |
| Reg. S, 0.88%, 10/17/2035 | EUR | 1060 | 1008 |
| Reg. S, 0.88%, 10/24/2036 | EUR | 400 | 369 |
| Reg. S, 1.25%, 03/30/2037 | EUR | 200 | 191 |
| Reg. S, 1.50%, 03/29/2038 | EUR | 190 | 182 |
| Reg. S, 1.50%, 07/15/2039 | EUR | 670 | 626 |
| Reg. S, 1.88%, 07/13/2032 | EUR | 820 | 908 |
| Reg. S, 2.50%, 05/21/2030 | EUR | 800 | 937 |
| Reg. S, 2.75%, 10/04/2027 | EUR | 2910 | 3454 |
| Reg. S, 2.75%, 04/05/2029 | EUR | 300 | 356 |
| Reg. S, 2.75%, 01/11/2034 | EUR | 500 | 580 |
| Reg. S, 2.75%, 08/28/2034 | EUR | 430 | 495 |
| Reg. S, 2.88%, 06/11/2031 | EUR | 800 | 949 |
| Reg. S, 2.88%, 02/26/2035 | EUR | 550 | 635 |
| Reg. S, 3.00%, 02/23/2028 | EUR | 600 | 717 |
| Reg. S, 3.00%, 04/23/2030 | EUR | 500 | 598 |
| Reg. S, 3.00%, 01/11/2033 | EUR | 900 | 1067 |
| Reg. S, 3.25%, 08/29/2033 | EUR | 550 | 662 |
| Reg. S, 3.38%, 04/02/2040 | EUR | 300 | 350 |
| Reg. S, 3.50%, 09/27/2038 | EUR | 100 | 120 |
| Caisse des Depots et Consignations, (France), |  |  |  |
| Reg. S, 0.75%, 09/18/2028 | EUR | 200 | 224 |
| Reg. S, 3.00%, 11/25/2027 | EUR | 400 | 477 |
| Reg. S, 3.00%, 05/25/2028 | EUR | 400 | 477 |
| Reg. S, 3.00%, 05/25/2029 | EUR | 400 | 476 |
| 3.06%, 10/09/2030 | EUR | 200 | 234 |
| Reg. S, 3.13%, 05/25/2033 | EUR | 200 | 232 |
| Reg. S, 3.13%, 05/25/2035 | EUR | 400 | 454 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Cassa Depositi e Prestiti SpA, (Italy), |  |  |  |
| Reg. S, 1.00%, 09/21/2028 | EUR | 300 | 336 |
| Reg. S, 2.00%, 04/20/2027 | EUR | 300 | 350 |
| Reg. S, 3.38%, 02/11/2032 | EUR | 500 | 590 |
| Reg. S, 3.63%, 01/13/2030 | EUR | 1000 | 1207 |
| Reg. S, 3.88%, 02/13/2029 | EUR | 300 | 365 |
| China Development Bank, (China), |  |  |  |
| Reg. S, 2.95%, 07/19/2027 | CNH | 15000 | 2143 |
| Reg. S, 3.23%, 11/27/2025 | CNH | 10000 | 1406 |
| Reg. S, 4.20%, 01/19/2027 | CNH | 13000 | 1880 |
| Reg. S, 4.30%, 08/02/2032 | CNH | 7000 | 1118 |
| Reg. S, 4.50%, 11/13/2028 | CNH | 2500 | 378 |
| Series 1605, 3.80%, 01/25/2036 | CNY | 332000 | 54049 |
| Series 1710, 4.04%, 04/10/2027 | CNY | 244900 | 35598 |
| Series 1715, 4.24%, 08/24/2027 | CNY | 26400 | 3881 |
| Series 1810, 4.04%, 07/06/2028 | CNY | 139200 | 20738 |
| Series 1905, 3.48%, 01/08/2029 | CNY | 325200 | 48116 |
| Series 1910, 3.65%, 05/21/2029 | CNY | 286500 | 42797 |
| Series 1915, 3.45%, 09/20/2029 | CNY | 136400 | 20326 |
| Series 2005, 3.07%, 03/10/2030 | CNY | 171200 | 25276 |
| Series 2009, 3.39%, 07/10/2027 | CNY | 28000 | 4050 |
| Series 2010, 3.09%, 06/18/2030 | CNY | 110700 | 16399 |
| Series 2015, 3.70%, 10/20/2030 | CNY | 33500 | 5114 |
| Series 2104, 3.40%, 01/08/2028 | CNY | 23500 | 3424 |
| Series 2105, 3.66%, 03/01/2031 | CNY | 64700 | 9896 |
| Series 2115, 3.12%, 09/13/2031 | CNY | 6000 | 897 |
| Series 2204, 2.99%, 03/01/2029 | CNY | 4000 | 584 |
| Series 2205, 3.00%, 01/17/2032 | CNY | 4600 | 685 |
| Series 2209, 2.68%, 09/13/2029 | CNY | 100000 | 14491 |
| Series 2215, 2.96%, 07/18/2032 | CNY | 120600 | 17969 |
| Series 2220, 2.77%, 10/24/2032 | CNY | 250500 | 36931 |
| Series 2305, 3.02%, 03/06/2033 | CNY | 128700 | 19338 |
| Series 2310, 2.82%, 05/22/2033 | CNY | 299100 | 44325 |
| Series 2315, 2.69%, 09/11/2033 | CNY | 177100 | 26061 |
| Series 2401, 2.64%, 01/08/2031 | CNY | 61300 | 8927 |
| Series 2403, 1.80%, 09/02/2027 | CNY | 17000 | 2391 |
| Series 2405, 2.63%, 01/08/2034 | CNY | 97000 | 14267 |
| Series 2502, 1.47%, 02/14/2028 | CNY | 17000 | 2371 |
| Series 2505, 1.57%, 01/03/2035 | CNY | 40000 | 5412 |
| Development Bank of Japan, Inc., (Japan), |  |  |  |
| Reg. S, 0.88%, 10/10/2025 | EUR | 1000 | 1174 |
| 4.75%, 11/26/2027 | EUR | 900 | 1110 |
| Series 86, 0.24%, 10/13/2027 | JPY | 100000 | 664 |
| Investitionsbank des Landes Brandenburg, (Germany), |  |  |  |
| Reg. S, 0.05%, 09/29/2031 | EUR | 100 | 100 |
| Reg. S, 2.50%, 03/19/2031 | EUR | 200 | 233 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 3.00%, 06/18/2032 | EUR | 200 | 238 |
| Reg. S, 3.25%, 03/13/2030 | EUR | 200 | 241 |
| Investitionsbank Schleswig-Holstein, (Germany), |  |  |  |
| Reg. S, 2.75%, 02/19/2035 | EUR | 300 | 344 |
| Reg. S, 2.88%, 02/21/2034 | EUR | 400 | 466 |
| Reg. S, 3.25%, 03/10/2031 | EUR | 300 | 362 |
| Series 11, Reg. S, 0.01%, 10/17/2029 | EUR | 200 | 213 |
| Istituto Per Il Credito Sportivo E Culturale SpA, (Italy), Reg. S, 3.50%, 01/29/2030 | EUR | 200 | 238 |
| Korea Development Bank (The), (South Korea), |  |  |  |
| Reg. S, 1.83%, 08/10/2027 | SEK | 2000 | 207 |
| 2.63%, 09/08/2027 | EUR | 1500 | 1771 |
| Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, (Netherlands), Reg. S, 3.00%, 10/25/2027 | EUR | 400 | 477 |
| Nederlandse Waterschapsbank NV, (Netherlands), |  |  |  |
| Reg. S, 0.00%, 09/08/2031 | EUR | 930 | 932 |
| Reg. S, 0.00%, 02/16/2037 | EUR | 1000 | 818 |
| Reg. S, 0.05%, 01/28/2030 | EUR | 374 | 395 |
| Reg. S, 0.13%, 05/28/2027 | EUR | 400 | 454 |
| Reg. S, 0.13%, 09/03/2035 | EUR | 500 | 439 |
| Reg. S, 0.25%, 01/19/2032 | EUR | 600 | 603 |
| Reg. S, 0.38%, 09/28/2046 | EUR | 569 | 347 |
| Reg. S, 0.63%, 01/18/2027 | EUR | 1000 | 1152 |
| Reg. S, 0.63%, 02/06/2029 | EUR | 1500 | 1662 |
| Reg. S, 0.75%, 10/04/2041 | EUR | 200 | 154 |
| Reg. S, 1.00%, 03/01/2028 | EUR | 300 | 342 |
| Reg. S, 1.25%, 06/07/2032 | EUR | 670 | 713 |
| Reg. S, 1.25%, 05/27/2036 | EUR | 810 | 789 |
| Reg. S, 1.50%, 04/27/2038 | EUR | 940 | 900 |
| Reg. S, 1.50%, 06/15/2039 | EUR | 310 | 288 |
| Reg. S, 2.50%, 09/13/2027 | EUR | 950 | 1122 |
| Reg. S, 2.50%, 05/22/2030 | EUR | 600 | 703 |
| Reg. S, 2.63%, 01/10/2034 | EUR | 600 | 688 |
| Reg. S, 2.75%, 12/17/2029 | EUR | 600 | 712 |
| Reg. S, 3.00%, 06/05/2031 | EUR | 400 | 477 |
| Reg. S, 3.00%, 04/20/2033 | EUR | 790 | 936 |
| Saechsische Aufbaubank-Foerderbank, (Germany), Reg. S, 2.75%, 03/20/2031 | EUR | 200 | 235 |
| Total Banks |  |  | 838710 |
| **Commercial Services — 0.1%** |  |  |  |
| Adif Alta Velocidad, (Spain), |  |  |  |
| Reg. S, 0.55%, 04/30/2030 | EUR | 200 | 212 |
| Reg. S, 0.55%, 10/31/2031 | EUR | 200 | 202 |
| Reg. S, 0.95%, 04/30/2027 | EUR | 400 | 460 |
| Reg. S, 3.13%, 01/31/2030 | EUR | 700 | 830 |
| Reg. S, 3.25%, 05/31/2029 | EUR | 900 | 1074 |
| Reg. S, 3.50%, 07/30/2028 | EUR | 100 | 120 |
| Reg. S, 3.50%, 07/30/2029 | EUR | 200 | 241 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Commercial Services — continued** |  |  |  |
| Reg. S, 3.50%, 04/30/2032 | EUR | 300 | 358 |
| Reg. S, 3.63%, 04/30/2035 | EUR | 300 | 354 |
| Reg. S, 3.65%, 04/30/2034 | EUR | 100 | 119 |
| Reg. S, 3.90%, 04/30/2033 | EUR | 400 | 487 |
| Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria), |  |  |  |
| Reg. S, 0.00%, 07/16/2027 | EUR | 200 | 226 |
| Reg. S, 0.10%, 07/09/2029 | EUR | 700 | 752 |
| Reg. S, 0.10%, 07/16/2035 | EUR | 400 | 352 |
| Reg. S, 0.13%, 06/02/2031 | EUR | 300 | 305 |
| Reg. S, 2.13%, 09/13/2028 | EUR | 200 | 233 |
| Reg. S, 2.75%, 06/11/2032 | EUR | 300 | 351 |
| Reg. S, 2.75%, 06/20/2033 | EUR | 130 | 151 |
| Reg. S, 2.75%, 10/02/2034 | EUR | 200 | 230 |
| Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026 |  | 800 | 785 |
| Total Commercial Services |  |  | 7842 |
| **Diversified Financial Services — 0.1%** |  |  |  |
| CDP Financial, Inc., (Canada), |  |  |  |
| Reg. S, 1.13%, 04/06/2027 | EUR | 2000 | 2309 |
| 5.60%, 11/25/2039 (e) |  | 250 | 269 |
| CPPIB Capital, Inc., (Canada), |  |  |  |
| Reg. S, 0.05%, 02/24/2031 | EUR | 1000 | 1016 |
| Reg. S, 0.25%, 04/06/2027 | EUR | 300 | 342 |
| Reg. S, 0.75%, 07/15/2049 | EUR | 600 | 372 |
| Reg. S, 1.63%, 10/22/2071 | GBP | 2000 | 943 |
| OMERS Finance Trust, (Canada), |  |  |  |
| Reg. S, 2.60%, 05/14/2029 | CAD | 500 | 355 |
| Reg. S, 3.13%, 01/25/2029 | EUR | 500 | 597 |
| Ontario Teachers' Finance Trust, (Canada), |  |  |  |
| Reg. S, 0.10%, 05/19/2028 | EUR | 100 | 111 |
| Reg. S, 0.90%, 05/20/2041 | EUR | 1650 | 1297 |
| Reg. S, 3.30%, 10/05/2029 | EUR | 800 | 962 |
| PSP Capital, Inc., (Canada), 3.25%, 07/02/2034 (e) | EUR | 2600 | 3062 |
| Total Diversified Financial Services |  |  | 11635 |
| **Electric — 0.0% (g)** |  |  |  |
| Hydro-Quebec, (Canada), |  |  |  |
| 6.00%, 02/15/2040 | CAD | 300 | 258 |
| Series HH, 8.50%, 12/01/2029 |  | 1500 | 1754 |
| Series HK, 9.38%, 04/15/2030 |  | 500 | 608 |
| Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031 | CAD | 1500 | 899 |
| Total Electric |  |  | 3519 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Multi-National — 0.1%** |  |  |  |
| International Bank for Reconstruction & Development, (Supranational), |  |  |  |
| Zero Coupon, 07/15/2029 |  | 446 | 382 |
| Zero Coupon, 11/01/2029 |  | 165 | 140 |
| Zero Coupon, 05/01/2030 |  | 250 | 207 |
| Zero Coupon, 10/31/2030 |  | 1500 | 1216 |
| Zero Coupon, 03/11/2031 |  | 155 | 123 |
| Reg. S, 0.20%, 01/21/2061 | EUR | 1000 | 376 |
| 0.50%, 06/21/2035 | EUR | 50 | 46 |
| 0.65%, 02/10/2026 |  | 750 | 741 |
| Reg. S, 0.70%, 10/22/2046 | EUR | 2000 | 1357 |
| 1.00%, 12/21/2029 | GBP | 2000 | 2366 |
| 2.14%, 02/04/2041 |  | 1000 | 686 |
| (SOFR Compounded Index + 0.26%), 2.33%, 05/31/2026 (aa) |  | 1000 | 984 |
| 2.95%, 01/16/2035 | EUR | 6100 | 7150 |
| 4.00%, 08/27/2026 |  | 80 | 80 |
| 4.63%, 08/01/2028 |  | 250 | 256 |
| 4.63%, 01/15/2032 |  | 185 | 192 |
| Total Multi-National |  |  | 16302 |
| **Municipal — 0.2%** |  |  |  |
| Auckland Council, (New Zealand), |  |  |  |
| Reg. S, 0.13%, 09/26/2029 | EUR | 1000 | 1059 |
| Reg. S, 0.25%, 11/17/2031 | EUR | 600 | 598 |
| Reg. S, 1.00%, 01/19/2027 | EUR | 300 | 347 |
| Reg. S, 1.50%, 11/28/2025 | CHF | 300 | 378 |
| Autonomous Community of Catalonia, (Spain), 4.22%, 04/26/2035 | EUR | 100 | 120 |
| Autonomous Region of the Azores, (Portugal), |  |  |  |
| Reg. S, 1.10%, 09/27/2036 | EUR | 200 | 177 |
| Reg. S, 2.16%, 04/06/2032 | EUR | 300 | 328 |
| Basque Government, (Spain), |  |  |  |
| Reg. S, 0.25%, 04/30/2031 | EUR | 300 | 308 |
| Reg. S, 0.45%, 04/30/2032 | EUR | 400 | 401 |
| Reg. S, 0.85%, 04/30/2030 | EUR | 50 | 54 |
| Reg. S, 1.88%, 07/30/2033 | EUR | 200 | 216 |
| Reg. S, 3.25%, 04/30/2035 | EUR | 300 | 352 |
| Reg. S, 3.40%, 04/30/2034 | EUR | 300 | 359 |
| Reg. S, 3.50%, 04/30/2033 | EUR | 200 | 243 |
| Canton of Geneva Switzerland, (Switzerland), |  |  |  |
| Reg. S, 0.03%, 06/28/2030 | CHF | 1250 | 1547 |
| Reg. S, 0.40%, 04/28/2036 | CHF | 300 | 366 |
| Canton of Zurich, (Switzerland), |  |  |  |
| Reg. S, 0.00%, 06/23/2028 | CHF | 800 | 1001 |
| Reg. S, 0.00%, 11/10/2033 | CHF | 700 | 843 |
| Reg. S, 0.10%, 06/23/2045 | CHF | 50 | 54 |
| City of Milan Italy, (Italy), 4.02%, 06/29/2035 | EUR | 40 | 46 |
| City of Montreal Canada, (Canada), 1.75%, 09/01/2030 | CAD | 500 | 338 |
| City of Ottawa Ontario, (Canada), 4.45%, 06/04/2033 | CAD | 200 | 153 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Municipal — continued** |  |  |  |
| City of Quebec Canada, (Canada), |  |  |  |
| 2.10%, 07/06/2031 | CAD | 300 | 202 |
| 2.65%, 12/20/2027 | CAD | 565 | 405 |
| City of Toronto Canada, (Canada), |  |  |  |
| 2.60%, 09/24/2039 | CAD | 300 | 178 |
| 2.95%, 04/28/2035 | CAD | 200 | 134 |
| Communaute Francaise de Belgique, (Belgium), |  |  |  |
| 0.00%, 06/22/2029 | EUR | 200 | 212 |
| Reg. S, 0.25%, 01/23/2030 | EUR | 300 | 315 |
| Reg. S, 1.63%, 05/03/2032 | EUR | 200 | 214 |
| Reg. S, 3.38%, 06/22/2034 | EUR | 200 | 233 |
| Reg. S, 3.75%, 06/22/2033 | EUR | 100 | 121 |
| Reg. S, 3.80%, 06/22/2040 | EUR | 400 | 457 |
| Comunidad Autonoma de Canarias, (Spain), Reg. S, 0.71%, 10/31/2031 | EUR | 300 | 307 |
| Emissionskonsortium der gemeinsamen Landesfoerderinstitute, (Germany), Reg. S, 2.50%, 09/28/2029 | EUR | 300 | 351 |
| Junta de Andalucia, (Spain), |  |  |  |
| Reg. S, 0.50%, 04/30/2031 | EUR | 363 | 374 |
| Reg. S, 1.38%, 04/30/2029 | EUR | 30 | 34 |
| Reg. S, 2.40%, 04/30/2032 | EUR | 200 | 226 |
| Reg. S, 3.20%, 04/30/2030 | EUR | 400 | 479 |
| Reg. S, 3.25%, 10/31/2033 | EUR | 200 | 236 |
| Reg. S, 3.30%, 04/30/2035 | EUR | 600 | 700 |
| Reg. S, 3.40%, 04/30/2034 | EUR | 500 | 593 |
| Junta de Castilla y Leon, (Spain), |  |  |  |
| Reg. S, 0.43%, 04/30/2030 | EUR | 62 | 65 |
| Reg. S, 2.90%, 04/30/2032 | EUR | 400 | 468 |
| New Zealand Local Government Funding Agency Bond, (New Zealand), |  |  |  |
| Reg. S, 1.50%, 04/20/2029 | NZD | 2000 | 1088 |
| Reg. S, 2.00%, 04/15/2037 | NZD | 250 | 109 |
| Reg. S, 2.88%, 04/01/2030 | EUR | 1500 | 1774 |
| 3.50%, 04/14/2033 | NZD | 2100 | 1157 |
| Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032 | EUR | 1200 | 1228 |
| Region Wallonne Belgium, (Belgium), |  |  |  |
| Reg. S, 0.38%, 10/22/2031 | EUR | 100 | 100 |
| Reg. S, 0.50%, 06/22/2037 | EUR | 100 | 81 |
| Reg. S, 1.05%, 06/22/2040 | EUR | 100 | 78 |
| Reg. S, 1.25%, 05/03/2034 | EUR | 200 | 197 |
| Reg. S, 1.38%, 04/06/2032 | EUR | 400 | 420 |
| Reg. S, 2.88%, 01/14/2038 | EUR | 600 | 637 |
| Reg. S, 3.00%, 12/06/2030 | EUR | 2000 | 2353 |
| Reg. S, 3.13%, 06/22/2032 | EUR | 1300 | 1513 |
| Reg. S, 3.25%, 06/22/2033 | EUR | 400 | 466 |
| Reg. S, 3.50%, 06/22/2035 | EUR | 600 | 698 |
| Reg. S, 3.50%, 03/15/2043 | EUR | 400 | 427 |
| Reg. S, 3.75%, 04/22/2039 | EUR | 400 | 459 |
| Reg. S, 3.90%, 06/22/2054 | EUR | 500 | 529 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Municipal — continued** |  |  |  |
| State of Lower Austria, (Austria), |  |  |  |
| Reg. S, 0.00%, 11/16/2035 | EUR | 300 | 255 |
| 3.13%, 10/30/2036 | EUR | 100 | 115 |
| Reg. S, 3.63%, 10/04/2033 | EUR | 300 | 365 |
| Ville de Paris, (France), |  |  |  |
| Reg. S, 0.75%, 11/30/2041 | EUR | 100 | 71 |
| Reg. S, 1.38%, 11/20/2034 | EUR | 300 | 292 |
| Reg. S, 1.63%, 02/02/2033 | EUR | 200 | 209 |
| Reg. S, 1.75%, 05/25/2031 | EUR | 200 | 219 |
| 3.02%, 10/25/2029 | EUR | 400 | 468 |
| Reg. S, 3.50%, 02/05/2036 | EUR | 200 | 232 |
| Reg. S, 3.50%, 02/02/2044 | EUR | 100 | 106 |
| Reg. S, 3.75%, 05/25/2040 | EUR | 300 | 341 |
| Reg. S, 3.75%, 06/22/2048 | EUR | 300 | 323 |
| 3.88%, 12/29/2025 | EUR | 600 | 707 |
| Xunta de Galicia, (Spain), |  |  |  |
| Reg. S, 0.27%, 07/30/2028 | EUR | 300 | 332 |
| Reg. S, 1.45%, 04/30/2029 | EUR | 200 | 226 |
| Reg. S, 3.30%, 04/30/2031 | EUR | 300 | 360 |
| Total Municipal |  |  | 33527 |
| **Oil & Gas — 0.0% (g)** |  |  |  |
| Korea National Oil Corp., (South Korea), Reg. S, 0.26%, 07/30/2027 | CHF | 300 | 376 |
| **Pipelines — 0.0% (g)** |  |  |  |
| Gestion Securite de Stocks Securite SA, (France), |  |  |  |
| Reg. S, 0.63%, 10/20/2028 | EUR | 300 | 332 |
| Reg. S, 1.50%, 10/25/2027 | EUR | 1000 | 1154 |
| Reg. S, 3.00%, 11/25/2031 | EUR | 300 | 349 |
| Reg. S, 3.38%, 06/29/2030 | EUR | 1300 | 1560 |
| Reg. S, 3.50%, 11/25/2029 | EUR | 300 | 361 |
| Total Pipelines |  |  | 3756 |
| **Regional (State/Province) — 1.9%** |  |  |  |
| Agence France Locale, (France), |  |  |  |
| Reg. S, 0.00%, 03/20/2031 | EUR | 300 | 300 |
| Reg. S, 1.13%, 06/20/2028 | EUR | 1000 | 1133 |
| Reg. S, 3.00%, 03/20/2030 | EUR | 600 | 710 |
| Reg. S, 3.00%, 08/20/2032 | EUR | 200 | 231 |
| Reg. S, 3.13%, 03/20/2033 | EUR | 200 | 231 |
| Reg. S, 3.13%, 03/20/2034 | EUR | 900 | 1031 |
| Reg. S, 3.25%, 12/20/2031 | EUR | 400 | 474 |
| Reg. S, 3.63%, 06/20/2038 | EUR | 100 | 114 |
| Australian Capital Territory, (Australia), |  |  |  |
| Reg. S, 1.75%, 05/17/2030 | AUD | 400 | 239 |
| Reg. S, 4.50%, 10/23/2034 | AUD | 400 | 256 |
| Reg. S, 5.25%, 10/24/2033 | AUD | 500 | 342 |
| Reg. S, 5.25%, 10/23/2036 | AUD | 600 | 399 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Regional (State/Province) — continued** |  |  |  |
| Autonomous Community of Madrid Spain, (Spain), |  |  |  |
| Reg. S, 0.16%, 07/30/2028 | EUR | 400 | 442 |
| Reg. S, 0.42%, 04/30/2030 | EUR | 161 | 171 |
| Reg. S, 0.42%, 04/30/2031 | EUR | 300 | 310 |
| Reg. S, 1.57%, 04/30/2029 | EUR | 200 | 227 |
| Reg. S, 1.72%, 04/30/2032 | EUR | 110 | 120 |
| Reg. S, 1.77%, 04/30/2028 | EUR | 200 | 232 |
| Reg. S, 2.08%, 03/12/2030 | EUR | 400 | 459 |
| Reg. S, 2.49%, 07/30/2030 | EUR | 300 | 350 |
| Reg. S, 2.82%, 10/31/2029 | EUR | 100 | 119 |
| Reg. S, 3.14%, 04/30/2035 | EUR | 390 | 453 |
| Reg. S, 3.17%, 07/30/2029 | EUR | 600 | 721 |
| Reg. S, 3.46%, 04/30/2034 | EUR | 400 | 480 |
| Reg. S, 3.60%, 04/30/2033 | EUR | 400 | 486 |
| Free and Hanseatic City of Hamburg, (Germany), |  |  |  |
| Reg. S, 0.01%, 06/30/2028 | EUR | 380 | 419 |
| Reg. S, 0.01%, 06/03/2030 | EUR | 500 | 522 |
| 0.01%, 11/05/2035 | EUR | 70 | 61 |
| Reg. S, 0.20%, 09/03/2049 | EUR | 70 | 36 |
| Reg. S, 0.25%, 02/18/2041 | EUR | 394 | 286 |
| 0.40%, 11/23/2051 | EUR | 350 | 181 |
| Reg. S, 0.80%, 04/11/2034 | EUR | 800 | 791 |
| 2.38%, 10/02/2029 | EUR | 200 | 234 |
| Reg. S, 2.63%, 01/30/2032 | EUR | 200 | 234 |
| 2.75%, 03/26/2030 | EUR | 150 | 178 |
| 2.88%, 04/30/2032 | EUR | 600 | 710 |
| 2.88%, 06/26/2035 | EUR | 200 | 233 |
| Series 15Y, Reg. S, 1.20%, 06/03/2033 | EUR | 300 | 313 |
| Free State of Bavaria, (Germany), |  |  |  |
| Reg. S, 0.01%, 01/20/2032 | EUR | 200 | 199 |
| Reg. S, 0.01%, 01/18/2035 | EUR | 352 | 315 |
| 3.00%, 02/19/2055 | EUR | 300 | 312 |
| Series 132, Reg. S, 0.03%, 04/03/2028 | EUR | 270 | 300 |
| Series 134, Reg. S, 0.01%, 05/07/2029 | EUR | 600 | 646 |
| Free State of Saxony, (Germany), |  |  |  |
| Reg. S, 0.01%, 11/05/2029 | EUR | 197 | 209 |
| Reg. S, 2.50%, 02/17/2032 | EUR | 500 | 579 |
| 2.75%, 03/12/2030 | EUR | 100 | 118 |
| Reg. S, 2.88%, 05/15/2034 | EUR | 200 | 234 |
| Series 132, Reg. S, 0.01%, 12/17/2035 | EUR | 210 | 182 |
| Series 134, Reg. S, 0.01%, 04/29/2031 | EUR | 100 | 102 |
| Series 135, Reg. S, 0.40%, 05/12/2036 | EUR | 300 | 266 |
| Gemeinsame Deutsche Bundeslaender HB HH MV RP SL SH, (Germany), |  |  |  |
| Series 58, Reg. S, 0.00%, 02/19/2027 | EUR | 220 | 251 |
| Series 59, Reg. S, 0.01%, 08/26/2030 | EUR | 1000 | 1035 |
| Series 60, Reg. S, 0.01%, 02/04/2031 | EUR | 346 | 353 |
| Series 62, Reg. S, 1.25%, 05/04/2029 | EUR | 980 | 1103 |
| Series 63, Reg. S, 3.00%, 04/26/2030 | EUR | 200 | 239 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Regional (State/Province) — continued** |  |  |  |
| Series 66, Reg. S, 2.63%, 02/27/2030 | EUR | 400 | 471 |
| Series #65, Reg. S, 2.50%, 10/24/2031 | EUR | 550 | 637 |
| Gemeinsame Deutsche Bundeslaender HB HH RP SL SH, (Germany), |  |  |  |
| Series 55, Reg. S, 0.75%, 09/25/2028 | EUR | 400 | 447 |
| Series 61, Reg. S, 0.01%, 10/08/2027 | EUR | 500 | 562 |
| Gemeinsame Deutsche Bundeslaender HB MV RP SL SH, (Germany), Series 64, Reg. S, 2.63%, 02/07/2031 | EUR | 500 | 586 |
| Hannoversche Beteiligungsgesellschaft Niedersachsen mbH, (Germany), Reg. S, 0.25%, 07/16/2035 | EUR | 400 | 362 |
| Ile-de-France Mobilites, (France), |  |  |  |
| Reg. S, 0.40%, 05/28/2031 | EUR | 1300 | 1319 |
| Reg. S, 0.68%, 11/24/2036 | EUR | 100 | 85 |
| Reg. S, 1.00%, 05/25/2034 | EUR | 800 | 764 |
| Reg. S, 1.28%, 02/14/2042 | EUR | 100 | 78 |
| Reg. S, 3.05%, 02/03/2033 | EUR | 300 | 346 |
| Reg. S, 3.40%, 05/25/2043 | EUR | 200 | 212 |
| Reg. S, 3.45%, 06/25/2049 | EUR | 500 | 512 |
| Reg. S, 3.50%, 10/04/2039 | EUR | 100 | 111 |
| Reg. S, 3.80%, 05/25/2045 | EUR | 400 | 445 |
| Japan Finance Organization for Municipalities, (Japan), |  |  |  |
| Reg. S, 0.01%, 02/02/2028 | EUR | 1000 | 1111 |
| Reg. S, 0.05%, 02/12/2027 | EUR | 500 | 570 |
| Reg. S, 0.10%, 09/03/2031 | EUR | 1000 | 995 |
| Series 2022, 2.32%, 06/18/2027 | JPY | 20000 | 138 |
| Kommunekredit, (Denmark), |  |  |  |
| 0.00%, 11/17/2029 | EUR | 800 | 848 |
| Reg. S, 2.88%, 01/19/2035 | EUR | 7000 | 8114 |
| Kommuninvest I Sverige AB, (Sweden), |  |  |  |
| Reg. S, 0.25%, 11/26/2027 | SEK | 8000 | 815 |
| Reg. S, 3.00%, 06/18/2031 | SEK | 17680 | 1898 |
| Series 2611, Reg. S, 1.00%, 11/12/2026 | SEK | 4000 | 420 |
| Series 3011, Reg. S, 2.75%, 11/12/2030 | SEK | 10000 | 1063 |
| Kuntarahoitus OYJ, (Finland), |  |  |  |
| Reg. S, 0.00%, 10/14/2030 | EUR | 500 | 515 |
| Reg. S, 0.00%, 03/02/2031 | EUR | 500 | 509 |
| Reg. S, 0.05%, 09/06/2029 | EUR | 400 | 427 |
| Reg. S, 0.05%, 09/10/2035 | EUR | 300 | 261 |
| Reg. S, 0.25%, 02/25/2032 | EUR | 100 | 100 |
| Reg. S, 0.75%, 09/07/2027 | EUR | 300 | 343 |
| Reg. S, 1.25%, 02/23/2033 | EUR | 600 | 628 |
| Reg. S, 2.50%, 08/29/2029 | EUR | 680 | 800 |
| Reg. S, 2.63%, 12/14/2029 | EUR | 400 | 472 |
| Reg. S, 2.63%, 06/14/2032 | EUR | 100 | 116 |
| Reg. S, 2.75%, 02/02/2034 | EUR | 300 | 346 |
| Reg. S, 2.88%, 01/18/2028 | EUR | 1100 | 1310 |
| Reg. S, 3.00%, 09/25/2028 | EUR | 300 | 359 |
| Reg. S, 3.13%, 07/29/2030 | EUR | 400 | 482 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Regional (State/Province) — continued** |  |  |  |
| Land Baden-Wuerttemberg, (Germany), |  |  |  |
| Reg. S, 0.01%, 09/02/2030 | EUR | 400 | 415 |
| Reg. S, 0.01%, 03/07/2031 | EUR | 400 | 407 |
| Reg. S, 0.13%, 11/19/2040 | EUR | 100 | 72 |
| Reg. S, 2.63%, 03/12/2030 | EUR | 300 | 354 |
| Reg. S, 2.63%, 11/27/2030 | EUR | 400 | 471 |
| Reg. S, 2.63%, 02/12/2035 | EUR | 400 | 457 |
| Reg. S, 2.75%, 05/16/2029 | EUR | 900 | 1069 |
| Reg. S, 3.00%, 06/27/2033 | EUR | 1000 | 1187 |
| Reg. S, 3.13%, 01/23/2040 | EUR | 450 | 519 |
| Land Berlin, (Germany), |  |  |  |
| Reg. S, 0.01%, 07/02/2030 | EUR | 490 | 510 |
| Reg. S, 0.05%, 08/06/2040 | EUR | 200 | 144 |
| Reg. S, 0.10%, 01/18/2030 | EUR | 635 | 673 |
| Reg. S, 0.13%, 11/24/2045 | EUR | 90 | 54 |
| Reg. S, 0.15%, 02/22/2036 | EUR | 400 | 348 |
| Reg. S, 0.63%, 02/05/2029 | EUR | 800 | 885 |
| Reg. S, 0.63%, 07/15/2039 | EUR | 450 | 371 |
| Reg. S, 0.63%, 01/26/2052 | EUR | 420 | 237 |
| Reg. S, 1.25%, 06/01/2028 | EUR | 500 | 571 |
| Reg. S, 1.63%, 08/02/2032 | EUR | 630 | 687 |
| Reg. S, 2.38%, 06/04/2030 | EUR | 400 | 467 |
| Reg. S, 2.63%, 01/24/2031 | EUR | 1000 | 1174 |
| Reg. S, 2.75%, 01/16/2032 | EUR | 500 | 588 |
| Reg. S, 2.88%, 04/05/2029 | EUR | 730 | 869 |
| Reg. S, 2.88%, 02/15/2034 | EUR | 960 | 1125 |
| Reg. S, 3.00%, 03/13/2054 | EUR | 510 | 521 |
| Series 490, Reg. S, 0.63%, 08/25/2036 | EUR | 650 | 586 |
| Series 493, Reg. S, 0.63%, 02/08/2027 | EUR | 220 | 253 |
| Series 495, Reg. S, 1.38%, 06/05/2037 | EUR | 260 | 251 |
| Series 506, Reg. S, 1.38%, 08/27/2038 | EUR | 115 | 108 |
| Series 517, Reg. S, 0.01%, 05/18/2027 | EUR | 700 | 794 |
| Series 518, Reg. S, 0.13%, 06/04/2035 | EUR | 600 | 537 |
| Series 530, Reg. S, 0.10%, 01/18/2041 | EUR | 80 | 57 |
| Series 535, Reg. S, 0.13%, 10/20/2031 | EUR | 490 | 494 |
| Series 546, 2.75%, 02/14/2033 | EUR | 1080 | 1261 |
| Series 557, Reg. S, 3.00%, 05/15/2029 | EUR | 700 | 837 |
| Land Thueringen, (Germany), |  |  |  |
| Reg. S, 0.01%, 03/24/2031 | EUR | 300 | 305 |
| Reg. S, 0.05%, 05/06/2030 | EUR | 260 | 272 |
| Reg. S, 0.13%, 01/13/2051 | EUR | 100 | 48 |
| 0.50%, 03/02/2029 | EUR | 600 | 660 |
| Reg. S, 1.25%, 12/05/2033 | EUR | 400 | 414 |
| Reg. S, 2.50%, 09/03/2029 | EUR | 500 | 588 |
| Reg. S, 2.88%, 04/02/2032 | EUR | 600 | 710 |
| Reg. S, 3.00%, 11/15/2028 | EUR | 800 | 956 |
| Ministeries Van de Vlaamse Gemeenschap, (Belgium), |  |  |  |
| Reg. S, 0.30%, 10/20/2031 | EUR | 900 | 901 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 1.00%, 01/23/2051 | EUR | 100 | 59 |
| Reg. S, 1.38%, 11/21/2033 | EUR | 500 | 511 |
| Reg. S, 1.50%, 07/12/2038 | EUR | 100 | 91 |
| Reg. S, 1.50%, 04/11/2044 | EUR | 100 | 79 |
| Reg. S, 2.75%, 10/22/2029 | EUR | 2000 | 2358 |
| Reg. S, 3.00%, 10/12/2032 | EUR | 100 | 117 |
| Reg. S, 3.13%, 06/22/2034 | EUR | 2200 | 2550 |
| Reg. S, 3.25%, 06/22/2037 | EUR | 1000 | 1132 |
| Reg. S, 3.25%, 01/12/2043 | EUR | 600 | 639 |
| Reg. S, 3.50%, 06/22/2045 | EUR | 1300 | 1410 |
| Reg. S, 3.63%, 06/22/2032 | EUR | 200 | 242 |
| Reg. S, 3.68%, 06/22/2040 | EUR | 900 | 1032 |
| Reg. S, 4.00%, 09/26/2042 | EUR | 300 | 353 |
| Municipal Finance Authority of British Columbia, (Canada), 2.55%, 10/09/2029 | CAD | 300 | 213 |
| New South Wales Treasury Corp., (Australia), |  |  |  |
| 1.25%, 11/20/2030 | AUD | 1990 | 1147 |
| Reg. S, 1.50%, 02/20/2032 | AUD | 2450 | 1366 |
| Reg. S, 1.75%, 03/20/2034 | AUD | 5430 | 2849 |
| Reg. S, 2.00%, 03/20/2031 | AUD | 1310 | 776 |
| Reg. S, 2.00%, 03/08/2033 | AUD | 3840 | 2136 |
| 2.25%, 11/20/2040 | AUD | 960 | 430 |
| 2.25%, 05/07/2041 | AUD | 400 | 177 |
| Reg. S, 2.50%, 11/22/2032 | AUD | 50 | 29 |
| Reg. S, 3.00%, 03/20/2028 | AUD | 4480 | 2915 |
| Reg. S, 3.00%, 02/20/2030 | AUD | 4590 | 2918 |
| Reg. S, 4.25%, 02/20/2036 | AUD | 2440 | 1523 |
| Reg. S, 4.75%, 02/20/2035 | AUD | 4290 | 2826 |
| Reg. S, 4.75%, 09/20/2035 | AUD | 1830 | 1199 |
| Reg. S, 4.75%, 02/20/2037 | AUD | 400 | 257 |
| Reg. S, 5.25%, 02/24/2038 | AUD | 2000 | 1329 |
| Series 27, Reg. S, 3.00%, 05/20/2027 | AUD | 1970 | 1290 |
| Series 29, Reg. S, 3.00%, 04/20/2029 | AUD | 10000 | 6434 |
| Northern Territory Treasury Corp., (Australia), |  |  |  |
| Reg. S, 2.00%, 04/21/2031 | AUD | 300 | 175 |
| Reg. S, 2.50%, 05/21/2032 | AUD | 800 | 465 |
| Reg. S, 5.25%, 03/21/2034 | AUD | 800 | 536 |
| 5.75%, 04/21/2037 | AUD | 600 | 406 |
| Province of Alberta Canada, (Canada), Reg. S, 1.40%, 02/20/2029 | SEK | 2000 | 201 |
| Province of British Columbia Canada, (Canada), |  |  |  |
| 2.80%, 06/18/2048 | CAD | 400 | 219 |
| 7.25%, 09/01/2036 |  | 300 | 365 |
| Province of Manitoba Canada, (Canada), 2.05%, 09/05/2052 | CAD | 100 | 44 |
| Province of Nova Scotia Canada, (Canada), |  |  |  |
| 3.15%, 12/01/2051 | CAD | 100 | 57 |
| 3.45%, 06/01/2045 | CAD | 200 | 124 |
| Province of Ontario Canada, (Canada), |  |  |  |
| Reg. S, 0.01%, 11/25/2030 | EUR | 3600 | 3679 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 0.25%, 06/09/2031 | EUR | 3000 | 3050 |
| Reg. S, 0.38%, 04/08/2027 | EUR | 1500 | 1713 |
| 5.60%, 06/02/2035 | CAD | 300 | 249 |
| Province of Quebec Canada, (Canada), |  |  |  |
| Reg. S, 0.00%, 10/15/2029 | EUR | 1000 | 1059 |
| Reg. S, 0.50%, 01/25/2032 | EUR | 3000 | 3039 |
| Reg. S, 0.88%, 05/04/2027 | EUR | 600 | 690 |
| Reg. S, 0.88%, 07/05/2028 | EUR | 1025 | 1156 |
| 3.50%, 12/01/2045 | CAD | 200 | 126 |
| 4.50%, 09/08/2033 |  | 610 | 618 |
| 7.30%, 07/22/2026 |  | 320 | 328 |
| Series PD, 7.50%, 09/15/2029 |  | 100 | 113 |
| Province of Saskatchewan Canada, (Canada), |  |  |  |
| Reg. S, 3.30%, 05/08/2034 | EUR | 300 | 355 |
| 3.30%, 06/02/2048 | CAD | 400 | 240 |
| Queensland Treasury Corp., (Australia), |  |  |  |
| Reg. S, 1.25%, 03/10/2031 (e) | AUD | 2370 | 1345 |
| Reg. S, 1.50%, 08/20/2032 (e) | AUD | 2380 | 1299 |
| Reg. S, 1.75%, 08/21/2031 (e) | AUD | 2170 | 1249 |
| Reg. S, 1.75%, 07/20/2034 (e) | AUD | 2660 | 1373 |
| Reg. S, 2.00%, 08/22/2033 (e) | AUD | 6400 | 3493 |
| Reg. S, 2.50%, 03/06/2029 (e) | AUD | 570 | 361 |
| Reg. S, 3.25%, 08/21/2029 (e) | AUD | 2970 | 1918 |
| Reg. S, 3.50%, 08/21/2030 (e) | AUD | 2140 | 1380 |
| Reg. S, 4.50%, 03/09/2033 (e) | AUD | 1680 | 1114 |
| Reg. S, 4.50%, 08/22/2035 (e) | AUD | 650 | 415 |
| Reg. S, 4.75%, 02/02/2034 (e) | AUD | 770 | 512 |
| Reg. S, 5.00%, 07/21/2037 (e) | AUD | 2180 | 1418 |
| Reg. S, 5.25%, 07/21/2036 (e) | AUD | 1040 | 700 |
| Reg. S, 5.25%, 08/13/2038 (e) | AUD | 2420 | 1590 |
| Series 27, Reg. S, 2.75%, 08/20/2027 (e) | AUD | 400 | 261 |
| Series 28, Reg. S, 3.25%, 07/21/2028 (e) | AUD | 830 | 542 |
| Series 47, Reg. S, 4.20%, 02/20/2047 (e) | AUD | 490 | 267 |
| Region of Ile de France, (France), |  |  |  |
| Reg. S, 0.00%, 04/20/2028 | EUR | 200 | 221 |
| Reg. S, 0.63%, 04/23/2027 | EUR | 200 | 229 |
| Reg. S, 2.23%, 07/19/2032 | EUR | 200 | 222 |
| Reg. S, 2.90%, 04/30/2031 | EUR | 100 | 117 |
| Reg. S, 3.65%, 05/25/2035 | EUR | 1000 | 1183 |
| Region of Lazio Italy, (Italy), Reg. S, 3.09%, 03/31/2043 | EUR | 154 | 168 |
| South Australian Government Financing Authority, (Australia), |  |  |  |
| Reg. S, 1.75%, 05/24/2032 | AUD | 670 | 377 |
| Reg. S, 1.75%, 05/24/2034 | AUD | 1000 | 521 |
| Reg. S, 2.00%, 05/23/2036 | AUD | 689 | 343 |
| Reg. S, 2.75%, 05/24/2030 | AUD | 1070 | 671 |
| Reg. S, 4.00%, 05/24/2029 | AUD | 1000 | 664 |
| Reg. S, 4.50%, 05/23/2031 | AUD | 2400 | 1614 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 4.50%, 05/24/2033 | AUD | 1600 | 1056 |
| Reg. S, 4.75%, 05/24/2038 | AUD | 400 | 253 |
| State of Brandenburg, (Germany), |  |  |  |
| Reg. S, 0.13%, 01/26/2046 | EUR | 259 | 151 |
| Reg. S, 0.38%, 01/29/2035 | EUR | 200 | 186 |
| Reg. S, 0.50%, 11/21/2039 | EUR | 180 | 143 |
| Reg. S, 1.13%, 07/04/2033 | EUR | 200 | 207 |
| Reg. S, 1.45%, 11/26/2038 | EUR | 530 | 498 |
| Reg. S, 2.50%, 01/25/2029 | EUR | 400 | 471 |
| 2.50%, 12/03/2030 | EUR | 1000 | 1170 |
| 2.50%, 07/24/2031 | EUR | 300 | 350 |
| Reg. S, 2.88%, 05/23/2034 | EUR | 500 | 585 |
| Reg. S, 3.00%, 02/27/2032 | EUR | 200 | 238 |
| 3.00%, 07/20/2033 | EUR | 200 | 237 |
| 3.00%, 05/28/2035 | EUR | 300 | 353 |
| State of Bremen, (Germany), |  |  |  |
| Series 215, Reg. S, 1.20%, 01/30/2034 | EUR | 40 | 41 |
| Series 217, Reg. S, 1.00%, 05/27/2039 | EUR | 200 | 175 |
| Series 224, Reg. S, 0.40%, 08/20/2049 | EUR | 30 | 17 |
| Series 232, Reg. S, 0.55%, 02/04/2050 | EUR | 30 | 17 |
| Series 241, Reg. S, 0.13%, 04/29/2030 | EUR | 100 | 105 |
| Series 247, Reg. S, 0.15%, 09/14/2040 | EUR | 310 | 225 |
| Series 250, Reg. S, 0.01%, 10/06/2028 | EUR | 640 | 700 |
| Series 258, Reg. S, 0.50%, 05/06/2041 | EUR | 138 | 104 |
| Series 265, Reg. S, 0.15%, 10/24/2031 | EUR | 200 | 202 |
| Series 269, Reg. S, 0.45%, 03/15/2029 | EUR | 300 | 329 |
| Series 272, Reg. S, 3.00%, 03/02/2033 | EUR | 1140 | 1354 |
| Series 274, Reg. S, 2.75%, 01/30/2032 | EUR | 1310 | 1541 |
| Series 276, Reg. S, 2.88%, 07/18/2031 | EUR | 700 | 831 |
| Series 277, Reg. S, 2.50%, 11/20/2029 | EUR | 200 | 235 |
| Series 278, Reg. S, 2.75%, 01/28/2033 | EUR | 200 | 234 |
| State of Hesse, (Germany), |  |  |  |
| Reg. S, 0.13%, 10/10/2031 | EUR | 403 | 407 |
| Reg. S, 1.75%, 07/05/2027 | EUR | 100 | 117 |
| 2.50%, 10/01/2031 | EUR | 200 | 233 |
| Reg. S, 2.63%, 09/10/2027 | EUR | 760 | 899 |
| Reg. S, 2.63%, 08/25/2034 | EUR | 420 | 481 |
| Reg. S, 2.75%, 01/10/2034 | EUR | 300 | 348 |
| Reg. S, 2.88%, 03/12/2029 | EUR | 500 | 596 |
| Reg. S, 2.90%, 06/18/2035 | EUR | 500 | 583 |
| Reg. S, 3.13%, 03/12/2035 | EUR | 600 | 714 |
| Reg. S, 3.13%, 03/10/2039 | EUR | 340 | 391 |
| Reg. S, 3.25%, 10/05/2028 | EUR | 980 | 1180 |
| Series 1801, Reg. S, 0.63%, 08/02/2028 | EUR | 230 | 257 |
| Series 1803, Reg. S, 1.30%, 10/10/2033 | EUR | 400 | 418 |
| Series 1905, Reg. S, 0.00%, 09/10/2029 | EUR | 830 | 885 |
| Series 2006, Reg. S, 0.01%, 03/11/2030 | EUR | 990 | 1041 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Regional (State/Province) — continued** |  |  |  |
| Series 2010, Reg. S, 0.00%, 11/08/2030 | EUR | 500 | 515 |
| Series 2104, Reg. S, 0.00%, 07/19/2028 | EUR | 200 | 220 |
| Series 2301, 2.88%, 01/10/2033 | EUR | 1100 | 1297 |
| Series 2501, Reg. S, 2.75%, 01/12/2032 | EUR | 800 | 941 |
| State of Lower Saxony, (Germany), |  |  |  |
| Reg. S, 0.00%, 02/11/2027 | EUR | 1960 | 2235 |
| Reg. S, 0.01%, 02/19/2029 | EUR | 200 | 217 |
| Reg. S, 0.01%, 01/10/2031 | EUR | 779 | 799 |
| Reg. S, 0.05%, 03/09/2035 | EUR | 577 | 516 |
| Reg. S, 0.13%, 01/09/2032 | EUR | 560 | 560 |
| Reg. S, 0.38%, 05/14/2029 | EUR | 1500 | 1636 |
| Reg. S, 1.50%, 10/17/2029 | EUR | 200 | 226 |
| Reg. S, 2.50%, 01/09/2030 | EUR | 300 | 352 |
| Reg. S, 2.63%, 03/15/2029 | EUR | 200 | 236 |
| Reg. S, 2.63%, 03/18/2032 | EUR | 500 | 583 |
| Reg. S, 2.75%, 03/25/2030 | EUR | 300 | 356 |
| Reg. S, 2.75%, 02/17/2031 | EUR | 700 | 827 |
| Reg. S, 2.75%, 08/04/2033 | EUR | 300 | 350 |
| Reg. S, 2.75%, 02/24/2034 | EUR | 200 | 232 |
| Reg. S, 2.75%, 01/09/2035 | EUR | 650 | 750 |
| Series 879, Reg. S, 0.75%, 02/15/2028 | EUR | 400 | 453 |
| Series 884, Reg. S, 0.88%, 10/25/2028 | EUR | 1320 | 1482 |
| Series 898, Reg. S, 0.01%, 08/13/2030 | EUR | 749 | 778 |
| Series 901, Reg. S, 0.01%, 11/25/2027 | EUR | 100 | 112 |
| Series 908, Reg. S, 0.25%, 04/09/2029 | EUR | 700 | 762 |
| Series 909, Reg. S, 0.75%, 03/21/2031 | EUR | 200 | 212 |
| Series 917, Reg. S, 2.63%, 01/09/2034 | EUR | 700 | 805 |
| State of Mecklenburg-Western Pomerania, (Germany), |  |  |  |
| 2.55%, 01/12/2032 | EUR | 450 | 523 |
| Reg. S, 2.95%, 06/05/2034 | EUR | 100 | 118 |
| Reg. S, 3.00%, 04/17/2035 | EUR | 200 | 235 |
| State of North Rhine-Westphalia Germany, (Germany), |  |  |  |
| Reg. S, 0.00%, 01/15/2029 | EUR | 661 | 718 |
| Reg. S, 0.00%, 11/26/2029 | EUR | 400 | 424 |
| Reg. S, 0.13%, 06/04/2031 | EUR | 2300 | 2346 |
| Reg. S, 0.20%, 03/31/2027 | EUR | 686 | 782 |
| Reg. S, 0.20%, 04/09/2030 | EUR | 2474 | 2620 |
| Reg. S, 0.20%, 01/27/2051 | EUR | 270 | 136 |
| Reg. S, 0.38%, 09/02/2050 | EUR | 385 | 210 |
| Reg. S, 0.50%, 11/25/2039 | EUR | 110 | 89 |
| Reg. S, 0.60%, 06/04/2041 | EUR | 300 | 232 |
| Reg. S, 0.75%, 08/16/2041 | EUR | 360 | 283 |
| Reg. S, 0.80%, 07/30/2049 | EUR | 100 | 64 |
| Reg. S, 0.90%, 11/15/2028 | EUR | 600 | 674 |
| Reg. S, 0.95%, 03/13/2028 | EUR | 144 | 164 |
| Reg. S, 0.95%, 01/10/2121 | EUR | 945 | 342 |
| Reg. S, 1.00%, 10/16/2046 | EUR | 1360 | 982 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 1.25%, 05/12/2036 | EUR | 1400 | 1369 |
| Reg. S, 1.38%, 01/15/2120 | EUR | 1044 | 473 |
| Reg. S, 1.45%, 02/16/2043 | EUR | 100 | 86 |
| Reg. S, 1.45%, 01/19/2122 | EUR | 500 | 241 |
| Reg. S, 1.63%, 10/24/2030 | EUR | 1000 | 1122 |
| Reg. S, 1.65%, 02/22/2038 | EUR | 480 | 474 |
| Reg. S, 1.65%, 05/16/2047 | EUR | 220 | 181 |
| Reg. S, 1.75%, 10/26/2057 | EUR | 172 | 126 |
| Reg. S, 1.75%, 07/11/2068 | EUR | 104 | 70 |
| Reg. S, 1.95%, 09/26/2078 | EUR | 254 | 174 |
| Reg. S, 2.00%, 06/15/2032 | EUR | 450 | 504 |
| Reg. S, 2.15%, 03/21/2119 | EUR | 376 | 257 |
| Reg. S, 2.35%, 07/10/2030 | EUR | 500 | 582 |
| Reg. S, 2.50%, 10/15/2029 | EUR | 550 | 646 |
| Reg. S, 2.65%, 01/15/2030 | EUR | 700 | 827 |
| Reg. S, 2.70%, 09/05/2034 | EUR | 700 | 807 |
| Reg. S, 2.75%, 01/15/2032 | EUR | 930 | 1094 |
| Reg. S, 2.90%, 06/07/2033 | EUR | 1690 | 1993 |
| Reg. S, 2.90%, 01/15/2053 | EUR | 390 | 394 |
| Reg. S, 3.00%, 01/27/2028 | EUR | 400 | 478 |
| Reg. S, 3.00%, 06/06/2029 | EUR | 800 | 958 |
| Reg. S, 3.00%, 03/20/2054 | EUR | 700 | 719 |
| Reg. S, 3.38%, 10/31/2028 | EUR | 500 | 605 |
| Reg. S, 3.40%, 03/07/2073 | EUR | 2410 | 2554 |
| Series 15YR, Reg. S, 0.00%, 10/12/2035 | EUR | 1454 | 1262 |
| Series 15YR, Reg. S, 1.10%, 03/13/2034 | EUR | 240 | 244 |
| Series 1250, Reg. S, 2.38%, 05/13/2033 | EUR | 1050 | 1195 |
| Series 1416, Reg. S, 0.63%, 07/21/2031 | EUR | 1000 | 1046 |
| Series 1439, Reg. S, 1.55%, 06/16/2048 | EUR | 3100 | 2464 |
| State of Rhineland-Palatinate, (Germany), |  |  |  |
| Reg. S, 0.01%, 02/25/2028 | EUR | 500 | 556 |
| Reg. S, 0.01%, 01/21/2031 | EUR | 410 | 420 |
| Reg. S, 0.38%, 01/26/2027 | EUR | 220 | 252 |
| Reg. S, 0.38%, 03/10/2051 | EUR | 200 | 105 |
| Reg. S, 0.75%, 02/23/2032 | EUR | 490 | 509 |
| Reg. S, 2.75%, 02/23/2028 | EUR | 300 | 356 |
| Reg. S, 2.75%, 07/25/2031 | EUR | 400 | 472 |
| Reg. S, 3.00%, 05/02/2034 | EUR | 750 | 887 |
| Series 117, Reg. S, 0.05%, 01/23/2030 | EUR | 900 | 951 |
| State of Saarland, (Germany), |  |  |  |
| Reg. S, 0.05%, 11/05/2040 | EUR | 68 | 48 |
| 2.75%, 01/18/2030 | EUR | 300 | 356 |
| 2.75%, 04/10/2031 | EUR | 200 | 236 |
| Reg. S, 3.00%, 01/19/2035 | EUR | 375 | 441 |
| State of Saxony-Anhalt, (Germany), |  |  |  |
| Reg. S, 0.00%, 03/10/2031 | EUR | 280 | 285 |
| 0.35%, 02/09/2032 | EUR | 600 | 607 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 0.50%, 03/24/2051 | EUR | 123 | 68 |
| 2.45%, 02/13/2030 | EUR | 700 | 820 |
| 2.75%, 05/19/2032 | EUR | 200 | 235 |
| 2.85%, 01/29/2035 | EUR | 600 | 697 |
| 3.15%, 02/06/2054 | EUR | 150 | 157 |
| Series 10Y, Reg. S, 0.75%, 01/29/2029 | EUR | 200 | 223 |
| Series 32, Reg. S, 2.95%, 06/20/2033 | EUR | 650 | 769 |
| State of Schleswig-Holstein Germany, (Germany), |  |  |  |
| Reg. S, 0.01%, 05/22/2030 | EUR | 300 | 314 |
| Reg. S, 0.05%, 07/08/2031 | EUR | 400 | 404 |
| Reg. S, 0.13%, 06/12/2029 | EUR | 431 | 465 |
| Reg. S, 0.38%, 02/08/2027 | EUR | 310 | 355 |
| Reg. S, 0.50%, 03/22/2029 | EUR | 440 | 484 |
| Reg. S, 0.63%, 08/31/2028 | EUR | 140 | 156 |
| Reg. S, 1.38%, 07/14/2027 | EUR | 250 | 289 |
| Reg. S, 2.38%, 09/22/2032 | EUR | 430 | 492 |
| Reg. S, 2.75%, 08/02/2032 | EUR | 200 | 235 |
| Reg. S, 2.75%, 06/13/2033 | EUR | 200 | 234 |
| Reg. S, 2.88%, 06/25/2029 | EUR | 400 | 476 |
| Reg. S, 2.88%, 05/30/2034 | EUR | 500 | 585 |
| Reg. S, 2.88%, 04/10/2035 | EUR | 600 | 698 |
| Reg. S, 3.00%, 08/16/2033 | EUR | 400 | 474 |
| Tasmanian Public Finance Corp., (Australia), |  |  |  |
| Reg. S, 4.00%, 01/20/2034 | AUD | 1000 | 622 |
| 4.75%, 01/25/2035 | AUD | 400 | 260 |
| Reg. S, 5.25%, 01/23/2036 | AUD | 600 | 399 |
| Treasury Corp. of Victoria, (Australia), |  |  |  |
| 1.25%, 11/19/2027 | AUD | 2370 | 1491 |
| Reg. S, 1.50%, 11/20/2030 | AUD | 3850 | 2235 |
| Reg. S, 1.50%, 09/10/2031 | AUD | 2500 | 1411 |
| Reg. S, 2.00%, 09/17/2035 | AUD | 4570 | 2315 |
| Reg. S, 2.25%, 09/15/2033 | AUD | 10260 | 5696 |
| Reg. S, 2.25%, 11/20/2034 | AUD | 5150 | 2748 |
| 2.25%, 11/20/2041 | AUD | 2500 | 1071 |
| Reg. S, 2.50%, 10/22/2029 | AUD | 4200 | 2626 |
| Reg. S, 3.00%, 10/20/2028 | AUD | 3390 | 2191 |
| 4.25%, 12/20/2032 | AUD | 3210 | 2089 |
| Reg. S, 4.75%, 09/15/2036 | AUD | 1500 | 965 |
| Reg. S, 5.25%, 09/15/2038 | AUD | 1920 | 1266 |
| Reg. S, 5.25%, 09/15/2044 | AUD | 460 | 292 |
| 5.50%, 11/17/2026 | AUD | 1880 | 1270 |
| 5.50%, 09/15/2039 | AUD | 1150 | 767 |
| Western Australian Treasury Corp., (Australia), |  |  |  |
| Reg. S, 1.50%, 10/22/2030 | AUD | 2420 | 1417 |
| Reg. S, 2.25%, 07/23/2041 | AUD | 50 | 22 |
| Reg. S, 4.25%, 07/20/2033 | AUD | 2000 | 1304 |
| Series 27, Reg. S, 3.00%, 10/21/2027 | AUD | 1070 | 700 |
| Series 28, Reg. S, 3.25%, 07/20/2028 | AUD | 1000 | 653 |
| Series 29, Reg. S, 2.75%, 07/24/2029 | AUD | 2670 | 1698 |
| Total Regional (State/Province) |  |  | 281932 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — 54.7%** |  |  |  |
| Action Logement Services, (France), |  |  |  |
| Reg. S, 0.38%, 10/05/2031 | EUR | 500 | 499 |
| Reg. S, 3.13%, 09/28/2037 | EUR | 600 | 654 |
| Reg. S, 3.63%, 05/25/2043 | EUR | 800 | 863 |
| Reg. S, 4.13%, 10/03/2038 | EUR | 100 | 119 |
| Andorra International Bond, (Andorra), |  |  |  |
| Reg. S, 1.25%, 02/23/2027 | EUR | 800 | 921 |
| Reg. S, 1.25%, 05/06/2031 | EUR | 1000 | 1053 |
| Australia Government Bond, (Australia), |  |  |  |
| Series 136, Reg. S, 4.75%, 04/21/2027 | AUD | 9420 | 6351 |
| Series 138, Reg. S, 3.25%, 04/21/2029 | AUD | 9630 | 6299 |
| Series 144, Reg. S, 3.75%, 04/21/2037 | AUD | 4500 | 2798 |
| Series 145, Reg. S, 2.75%, 06/21/2035 | AUD | 6860 | 3983 |
| Series 147, Reg. S, 3.25%, 06/21/2039 | AUD | 3830 | 2201 |
| Series 148, Reg. S, 2.75%, 11/21/2027 | AUD | 12590 | 8204 |
| Series 149, Reg. S, 2.25%, 05/21/2028 | AUD | 10630 | 6811 |
| Series 150, Reg. S, 3.00%, 03/21/2047 | AUD | 3826 | 1901 |
| Series 152, Reg. S, 2.75%, 11/21/2028 | AUD | 10608 | 6853 |
| Series 154, Reg. S, 2.75%, 11/21/2029 | AUD | 11105 | 7099 |
| Series 155, Reg. S, 2.50%, 05/21/2030 | AUD | 15855 | 9965 |
| Series 156, Reg. S, 2.75%, 05/21/2041 | AUD | 4950 | 2586 |
| Series 157, 1.50%, 06/21/2031 | AUD | 14300 | 8342 |
| Series 158, 1.25%, 05/21/2032 | AUD | 13750 | 7673 |
| Series 160, Reg. S, 1.00%, 12/21/2030 | AUD | 11110 | 6399 |
| Series 162, Reg. S, 1.75%, 06/21/2051 | AUD | 5590 | 1970 |
| Series 163, Reg. S, 1.00%, 11/21/2031 | AUD | 8730 | 4873 |
| Series 164, Reg. S, 0.50%, 09/21/2026 | AUD | 4170 | 2679 |
| Series 165, Reg. S, 1.75%, 11/21/2032 | AUD | 9600 | 5462 |
| Series 166, Reg. S, 3.00%, 11/21/2033 | AUD | 7620 | 4648 |
| Series 167, Reg. S, 3.75%, 05/21/2034 | AUD | 9040 | 5791 |
| Series 168, Reg. S, 3.50%, 12/21/2034 | AUD | 7660 | 4782 |
| Series 169, Reg. S, 4.75%, 06/21/2054 | AUD | 2910 | 1863 |
| Series 170, Reg. S, 4.25%, 06/21/2034 | AUD | 2150 | 1428 |
| Series 171, Reg. S, 4.25%, 12/21/2035 | AUD | 4920 | 3235 |
| Series 172, Reg. S, 4.25%, 03/21/2036 | AUD | 5670 | 3722 |
| Series 173, Reg. S, 4.25%, 10/21/2036 | AUD | 5790 | 3786 |
| Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e) |  | 670 | 610 |
| Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e) | CLP | 300000 | 305 |
| Bpifrance SACA, (France), |  |  |  |
| Reg. S, 0.00%, 05/25/2028 | EUR | 600 | 661 |
| Reg. S, 0.05%, 09/26/2029 | EUR | 1100 | 1163 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 0.13%, 11/25/2028 | EUR | 300 | 327 |
| Reg. S, 0.25%, 03/29/2030 | EUR | 200 | 210 |
| Reg. S, 0.25%, 06/04/2031 | EUR | 200 | 201 |
| Reg. S, 0.63%, 07/22/2031 | EUR | 600 | 615 |
| Reg. S, 0.88%, 11/25/2026 | EUR | 3300 | 3819 |
| Reg. S, 0.88%, 09/26/2028 | EUR | 200 | 224 |
| Reg. S, 1.88%, 05/25/2030 | EUR | 200 | 225 |
| Reg. S, 2.13%, 11/29/2027 | EUR | 600 | 702 |
| Reg. S, 2.75%, 02/25/2029 | EUR | 500 | 589 |
| Reg. S, 2.88%, 11/25/2029 | EUR | 500 | 590 |
| Reg. S, 2.88%, 11/25/2031 | EUR | 700 | 812 |
| Reg. S, 2.88%, 01/31/2032 | EUR | 100 | 116 |
| Reg. S, 3.00%, 05/25/2032 | EUR | 1000 | 1161 |
| Reg. S, 3.13%, 07/01/2033 | EUR | 700 | 808 |
| Reg. S, 3.25%, 05/25/2035 | EUR | 300 | 342 |
| Reg. S, 3.38%, 11/25/2032 | EUR | 200 | 237 |
| Reg. S, 3.38%, 05/25/2034 | EUR | 1500 | 1746 |
| Reg. S, 3.50%, 09/27/2027 | EUR | 200 | 240 |
| Bulgaria Government International Bond, (Bulgaria), |  |  |  |
| Series 7Y, Reg. S, 4.13%, 09/23/2029 | EUR | 1000 | 1240 |
| Series 12YR, Reg. S, 3.00%, 03/21/2028 | EUR | 800 | 954 |
| Series 12Y, Reg. S, 4.63%, 09/23/2034 | EUR | 1000 | 1288 |
| Series 30Y, Reg. S, 1.38%, 09/23/2050 | EUR | 1300 | 871 |
| Bundesobligation, (Germany), |  |  |  |
| Series 184, Reg. S, 0.00%, 10/09/2026 | EUR | 7870 | 9058 |
| Series 185, Reg. S, 0.00%, 04/16/2027 | EUR | 8073 | 9196 |
| Series 186, Reg. S, 1.30%, 10/15/2027 | EUR | 9410 | 10899 |
| Series 187, Reg. S, 2.20%, 04/13/2028 | EUR | 10230 | 12061 |
| Series 188, Reg. S, 2.40%, 10/19/2028 | EUR | 11180 | 13243 |
| Series 189, Reg. S, 2.10%, 04/12/2029 | EUR | 16050 | 18809 |
| Series 190, Reg. S, 2.50%, 10/11/2029 | EUR | 6880 | 8167 |
| Series 191, Reg. S, 2.40%, 04/18/2030 | EUR | 9580 | 11312 |
| Series 192, Reg. S, 2.20%, 10/10/2030 | EUR | 3270 | 3819 |
| Series G, Reg. S, 1.30%, 10/15/2027 | EUR | 4860 | 5629 |
| Series G, Reg. S, 2.10%, 04/12/2029 | EUR | 3000 | 3516 |
| Bundesrepublik Deutschland Bundesanleihe, (Germany), |  |  |  |
| Reg. S, 2.50%, 08/15/2046 | EUR | 12216 | 12853 |
| Reg. S, 2.60%, 08/15/2035 | EUR | 1750 | 2035 |
| Reg. S, 2.90%, 08/15/2056 | EUR | 5160 | 5613 |
| Reg. S, 6.50%, 07/04/2027 | EUR | 16810 | 21249 |
| Series 7Y, Reg. S, 2.10%, 11/15/2029 | EUR | 10170 | 11887 |
| Series 7Y, Reg. S, 2.40%, 11/15/2030 | EUR | 5260 | 6201 |
| Series 8Y, Reg. S, 0.00%, 11/15/2027 | EUR | 7311 | 8232 |
| Series 8Y, Reg. S, 0.00%, 11/15/2028 | EUR | 10025 | 11039 |
| Series 10Y, Reg. S, 0.00%, 08/15/2026 | EUR | 5510 | 6361 |
| Series 10Y, Reg. S, 0.00%, 08/15/2029 | EUR | 8302 | 8970 |
| Series 10Y, Reg. S, 0.00%, 02/15/2030 | EUR | 6573 | 7011 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 10Y, Reg. S, 0.00%, 08/15/2030 | EUR | 9070 | 9551 |
| Series 10Y, Reg. S, 0.00%, 02/15/2031 | EUR | 4369 | 4538 |
| Series 10Y, Reg. S, 0.00%, 08/15/2031 | EUR | 9650 | 9887 |
| Series 10Y, Reg. S, 0.00%, 02/15/2032 | EUR | 10314 | 10409 |
| Series 10Y, Reg. S, 0.25%, 02/15/2027 | EUR | 3990 | 4577 |
| Series 10Y, Reg. S, 0.25%, 08/15/2028 | EUR | 9599 | 10709 |
| Series 10Y, Reg. S, 0.25%, 02/15/2029 | EUR | 6910 | 7626 |
| Series 10Y, Reg. S, 0.50%, 08/15/2027 | EUR | 10060 | 11489 |
| Series 10Y, Reg. S, 0.50%, 02/15/2028 | EUR | 11770 | 13339 |
| Series 10Y, Reg. S, 1.70%, 08/15/2032 | EUR | 10160 | 11373 |
| Series 10Y, Reg. S, 2.20%, 02/15/2034 | EUR | 8280 | 9435 |
| Series 10Y, Reg. S, 2.30%, 02/15/2033 | EUR | 11515 | 13334 |
| Series 10Y, Reg. S, 2.50%, 02/15/2035 | EUR | 7020 | 8129 |
| Series 10Y, Reg. S, 2.60%, 08/15/2033 | EUR | 8640 | 10182 |
| Series 10Y, Reg. S, 2.60%, 08/15/2034 | EUR | 12340 | 14454 |
| Series 15Y, Reg. S, 0.00%, 05/15/2035 | EUR | 6109 | 5543 |
| Series 15Y, Reg. S, 0.00%, 05/15/2036 | EUR | 12190 | 10671 |
| Series 16Y, Reg. S, 1.00%, 05/15/2038 | EUR | 12002 | 11244 |
| Series 17Y, Reg. S, 2.60%, 05/15/2041 | EUR | 5340 | 5903 |
| Series 30Y, Reg. S, 2.50%, 08/15/2054 | EUR | 7825 | 7887 |
| Series 30Y, Reg. S, 5.50%, 01/04/2031 | EUR | 7190 | 9753 |
| Series 30Y, Reg. S, 5.63%, 01/04/2028 | EUR | 780 | 988 |
| Series 30Y, Reg. S, 6.25%, 01/04/2030 | EUR | 1025 | 1399 |
| Series 31Y, Reg. S, 0.00%, 08/15/2050 | EUR | 13481 | 7158 |
| Series 31Y, Reg. S, 0.00%, 08/15/2052 | EUR | 8815 | 4388 |
| Series 31Y, Reg. S, 1.25%, 08/15/2048 | EUR | 12560 | 10085 |
| Series 31Y, Reg. S, 1.80%, 08/15/2053 | EUR | 16560 | 14298 |
| Series 31Y, Reg. S, 4.75%, 07/04/2034 | EUR | 14971 | 20521 |
| Series 32Y, Reg. S, 2.50%, 07/04/2044 | EUR | 9865 | 10531 |
| Series 32Y, Reg. S, 3.25%, 07/04/2042 | EUR | 5946 | 7117 |
| Series 32Y, Reg. S, 4.00%, 01/04/2037 | EUR | 12423 | 16251 |
| Series 32Y, Reg. S, 4.25%, 07/04/2039 | EUR | 5644 | 7585 |
| Series 32Y, Reg. S, 4.75%, 07/04/2040 | EUR | 6924 | 9795 |
| Series G, Reg. S, 0.00%, 08/15/2030 | EUR | 2610 | 2749 |
| Series G, Reg. S, 0.00%, 08/15/2031 | EUR | 740 | 758 |
| Series G, Reg. S, 0.00%, 08/15/2050 | EUR | 5892 | 3140 |
| Series G, Reg. S, 1.80%, 08/15/2053 | EUR | 3258 | 2819 |
| Series G, Reg. S, 2.30%, 02/15/2033 | EUR | 1850 | 2143 |
| Series G, Reg. S, 2.50%, 02/15/2035 | EUR | 1360 | 1575 |
| Bundesschatzanweisungen, (Germany), |  |  |  |
| Reg. S, 1.70%, 06/10/2027 | EUR | 4710 | 5501 |
| Reg. S, 1.90%, 09/16/2027 | EUR | 8900 | 10425 |
| Series 2Y, Reg. S, 2.00%, 12/10/2026 | EUR | 2620 | 3076 |
| Series 2Y, Reg. S, 2.20%, 03/11/2027 | EUR | 3270 | 3850 |
| Caisse d'Amortissement de la Dette Sociale, (France), |  |  |  |
| Reg. S, 0.00%, 02/25/2028 | EUR | 2200 | 2446 |
| Reg. S, 0.00%, 05/25/2029 | EUR | 500 | 535 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 0.00%, 11/25/2030 | EUR | 1400 | 1425 |
| Reg. S, 0.00%, 05/25/2031 | EUR | 1600 | 1599 |
| Reg. S, 0.13%, 09/15/2031 | EUR | 500 | 497 |
| Reg. S, 0.45%, 01/19/2032 | EUR | 2200 | 2212 |
| Reg. S, 0.60%, 11/25/2029 | EUR | 1400 | 1513 |
| Reg. S, 1.50%, 05/25/2032 | EUR | 1500 | 1598 |
| Reg. S, 1.75%, 11/25/2027 | EUR | 800 | 929 |
| Reg. S, 2.38%, 09/24/2028 | EUR | 800 | 938 |
| Reg. S, 2.75%, 09/24/2027 | EUR | 1400 | 1660 |
| Reg. S, 2.75%, 02/25/2029 | EUR | 2400 | 2837 |
| Reg. S, 2.75%, 11/25/2032 | EUR | 1400 | 1604 |
| Reg. S, 2.88%, 05/25/2027 | EUR | 2100 | 2494 |
| Reg. S, 2.88%, 05/25/2030 | EUR | 800 | 945 |
| Reg. S, 3.00%, 05/25/2028 | EUR | 800 | 954 |
| Reg. S, 3.00%, 11/25/2031 | EUR | 2100 | 2467 |
| Reg. S, 3.13%, 03/01/2030 | EUR | 1500 | 1793 |
| Caisse Francaise de Financement Local SA, (France), |  |  |  |
| Reg. S, 0.13%, 06/30/2031 | EUR | 100 | 100 |
| Reg. S, 1.25%, 05/11/2032 | EUR | 100 | 105 |
| Reg. S, 3.00%, 10/02/2028 | EUR | 5000 | 5951 |
| Reg. S, 3.00%, 03/19/2036 | EUR | 100 | 113 |
| Reg. S, 3.13%, 11/16/2027 | EUR | 200 | 239 |
| Reg. S, 3.13%, 07/20/2033 | EUR | 100 | 117 |
| Reg. S, 3.13%, 11/24/2033 | EUR | 100 | 117 |
| Reg. S, 3.13%, 05/17/2039 | EUR | 100 | 112 |
| Reg. S, 3.63%, 01/17/2029 | EUR | 100 | 121 |
| Canadian Government Bond, (Canada), |  |  |  |
| 1.00%, 06/01/2027 | CAD | 200 | 140 |
| 1.50%, 06/01/2031 | CAD | 600 | 401 |
| 1.75%, 12/01/2053 | CAD | 400 | 193 |
| 2.00%, 06/01/2032 | CAD | 600 | 407 |
| 2.00%, 12/01/2051 | CAD | 530 | 277 |
| 3.50%, 03/01/2028 | CAD | 500 | 368 |
| 3.50%, 09/01/2029 | CAD | 100 | 74 |
| 3.50%, 12/01/2045 | CAD | 2090 | 1499 |
| 4.00%, 06/01/2041 | CAD | 150 | 115 |
| Chile Government International Bond, (Chile), |  |  |  |
| 0.83%, 07/02/2031 | EUR | 1050 | 1078 |
| 1.30%, 07/26/2036 | EUR | 1000 | 922 |
| 2.55%, 07/27/2033 |  | 200 | 172 |
| China Government Bond, (China), |  |  |  |
| 1.42%, 11/15/2027 | CNY | 55100 | 7733 |
| 1.42%, 08/15/2028 | CNY | 6000 | 840 |
| 1.49%, 12/25/2031 | CNY | 307300 | 42448 |
| 1.59%, 03/15/2027 | CNY | 180000 | 25343 |
| 1.62%, 08/15/2027 | CNY | 265500 | 37407 |
| 1.65%, 05/15/2035 | CNY | 170200 | 23509 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| 1.74%, 10/15/2029 | CNY | 8300 | 1173 |
| 1.85%, 05/15/2027 | CNY | 65500 | 9259 |
| 1.87%, 09/15/2031 | CNY | 22800 | 3224 |
| 1.91%, 07/15/2029 | CNY | 887000 | 126119 |
| 2.04%, 02/25/2027 | CNY | 55000 | 7791 |
| 2.04%, 11/25/2034 | CNY | 93700 | 13378 |
| 2.05%, 04/15/2029 | CNY | 110600 | 15789 |
| 2.11%, 08/25/2034 | CNY | 40500 | 5812 |
| 2.12%, 06/25/2031 | CNY | 12400 | 1779 |
| 2.28%, 03/25/2031 | CNY | 55100 | 7967 |
| 2.35%, 02/25/2034 | CNY | 209500 | 30594 |
| 2.37%, 01/20/2027 | CNY | 283000 | 40238 |
| 2.37%, 01/15/2029 | CNY | 145900 | 21034 |
| 2.39%, 11/15/2026 | CNY | 166200 | 23602 |
| 2.44%, 10/15/2027 | CNY | 32000 | 4576 |
| 2.48%, 04/15/2027 | CNY | 166300 | 23735 |
| 2.48%, 09/25/2028 | CNY | 193900 | 28016 |
| 2.50%, 07/25/2027 | CNY | 81700 | 11669 |
| 2.52%, 08/25/2033 | CNY | 649500 | 95787 |
| 2.54%, 12/25/2030 | CNY | 122000 | 17863 |
| 2.55%, 10/15/2028 | CNY | 30700 | 4446 |
| 2.60%, 09/15/2030 | CNY | 250700 | 36780 |
| 2.62%, 04/15/2028 | CNY | 38000 | 5489 |
| 2.62%, 06/25/2030 | CNY | 264500 | 38808 |
| 2.64%, 01/15/2028 | CNY | 17500 | 2523 |
| 2.65%, 03/25/2074 | CNY | 68200 | 10572 |
| 2.67%, 05/25/2033 | CNY | 661800 | 98564 |
| 2.67%, 11/25/2033 | CNY | 90300 | 13490 |
| 2.68%, 05/21/2030 | CNY | 288800 | 42458 |
| Reg. S, 2.71%, 06/16/2033 | CNH | 11000 | 1633 |
| 2.75%, 06/15/2029 | CNY | 87800 | 12857 |
| 2.80%, 03/24/2029 | CNY | 363600 | 53260 |
| Reg. S, 2.82%, 08/12/2032 | CNY | 10000 | 1493 |
| 3.12%, 10/25/2052 | CNY | 175600 | 28803 |
| 3.19%, 04/15/2053 | CNY | 165800 | 27631 |
| 3.27%, 03/25/2073 | CNY | 159270 | 28549 |
| Reg. S, 3.31%, 11/30/2025 | CNH | 2000 | 281 |
| 3.32%, 04/15/2052 | CNY | 273630 | 46331 |
| Reg. S, 3.38%, 07/04/2026 | CNH | 24000 | 3412 |
| 3.39%, 03/16/2050 | CNY | 15040 | 2548 |
| 3.53%, 10/18/2051 | CNY | 133600 | 23409 |
| Reg. S, 3.60%, 06/27/2028 | CNH | 26500 | 3913 |
| Reg. S, 3.60%, 05/21/2030 | CNH | 8500 | 1290 |
| 3.72%, 04/12/2051 | CNY | 76600 | 13837 |
| 3.73%, 05/25/2070 | CNY | 14670 | 2878 |
| 3.81%, 09/14/2050 | CNY | 55000 | 9926 |
| Reg. S, 3.85%, 12/12/2026 | CNH | 19000 | 2737 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 3.90%, 07/04/2036 | CNH | 13500 | 2248 |
| Reg. S, 4.00%, 11/30/2035 | CNH | 30500 | 5104 |
| 4.00%, 06/24/2069 | CNY | 5000 | 1034 |
| Reg. S, 4.15%, 12/04/2027 | CNH | 20000 | 2959 |
| Reg. S, 4.15%, 12/12/2031 | CNH | 3000 | 481 |
| Reg. S, 4.29%, 05/22/2029 | CNH | 3000 | 460 |
| Reg. S, 4.40%, 12/12/2046 | CNH | 26000 | 4875 |
| Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.75%, 11/24/2027 | EUR | 200 | 231 |
| Croatia Government International Bond, (Croatia), |  |  |  |
| Reg. S, 1.13%, 06/19/2029 | EUR | 300 | 335 |
| Reg. S, 1.50%, 06/17/2031 | EUR | 1290 | 1413 |
| Reg. S, 1.75%, 03/04/2041 | EUR | 500 | 453 |
| Reg. S, 2.70%, 06/15/2028 | EUR | 2850 | 3378 |
| Reg. S, 2.88%, 04/22/2032 | EUR | 1660 | 1947 |
| Reg. S, 3.00%, 03/20/2027 | EUR | 300 | 357 |
| Reg. S, 3.25%, 02/11/2037 | EUR | 560 | 641 |
| Reg. S, 3.38%, 03/12/2034 | EUR | 1960 | 2356 |
| Cyprus Government International Bond, (Cyprus), |  |  |  |
| Reg. S, 0.63%, 01/21/2030 | EUR | 235 | 254 |
| Reg. S, 0.95%, 01/20/2032 | EUR | 300 | 314 |
| Reg. S, 1.25%, 01/21/2040 | EUR | 720 | 618 |
| Reg. S, 2.25%, 04/16/2050 | EUR | 10 | 9 |
| Reg. S, 2.75%, 05/03/2049 | EUR | 230 | 225 |
| Reg. S, 3.25%, 06/27/2031 | EUR | 1069 | 1284 |
| Reg. S, 4.13%, 04/13/2033 | EUR | 360 | 454 |
| Czech Republic Government Bond, (Czech Republic), |  |  |  |
| Series 49, Reg. S, 4.20%, 12/04/2036 | CZK | 5390 | 250 |
| Series 53, Reg. S, 4.85%, 11/26/2057 | CZK | 2340 | 109 |
| Series 78, Reg. S, 2.50%, 08/25/2028 | CZK | 39010 | 1817 |
| Series 94, Reg. S, 0.95%, 05/15/2030 | CZK | 89350 | 3760 |
| Series 95, Reg. S, 1.00%, 06/26/2026 | CZK | 500 | 24 |
| Series 100, 0.25%, 02/10/2027 | CZK | 26000 | 1200 |
| Series 103, 2.00%, 10/13/2033 | CZK | 45850 | 1849 |
| Series 105, 2.75%, 07/23/2029 | CZK | 29860 | 1383 |
| Series 121, 1.20%, 03/13/2031 | CZK | 54460 | 2254 |
| Series 125, 1.50%, 04/24/2040 | CZK | 22990 | 729 |
| Series 130, 0.05%, 11/29/2029 | CZK | 13030 | 536 |
| Series 138, 1.75%, 06/23/2032 | CZK | 42310 | 1743 |
| Series 142, 1.95%, 07/30/2037 | CZK | 12960 | 472 |
| Series 145, 3.50%, 05/30/2035 | CZK | 47820 | 2121 |
| Series 149, 5.50%, 12/12/2028 | CZK | 83830 | 4257 |
| Series 150, 5.00%, 09/30/2030 | CZK | 60730 | 3049 |
| Series 151, 4.90%, 04/14/2034 | CZK | 51240 | 2542 |
| Series 152, 6.20%, 06/16/2031 | CZK | 17600 | 938 |
| Series 153, 5.75%, 03/29/2029 | CZK | 18100 | 928 |
| Series 154, 4.50%, 11/11/2032 | CZK | 35960 | 1752 |
| Series 156, 3.00%, 03/03/2033 | CZK | 13630 | 600 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 157, 3.60%, 06/03/2036 | CZK | 24020 | 1060 |
| Series 158, 4.00%, 04/04/2044 | CZK | 10000 | 430 |
| Series 160, 4.25%, 10/24/2034 | CZK | 47520 | 2250 |
| Denmark Government Bond, (Denmark), |  |  |  |
| Series 10Y, 0.50%, 11/15/2027 | DKK | 20078 | 3077 |
| Series 10Y, 0.50%, 11/15/2029 | DKK | 20004 | 2961 |
| Series 10Y, 2.25%, 11/15/2035 | DKK | 10690 | 1638 |
| Series 31Y, 4.50%, 11/15/2039 | DKK | 27090 | 5162 |
| Series 32Y, 0.25%, 11/15/2052 | DKK | 22551 | 1809 |
| Series G, 0.00%, 11/15/2031 | DKK | 16570 | 2283 |
| Series G, 2.25%, 11/15/2033 | DKK | 3650 | 570 |
| Series TWIN, 0.00%, 11/15/2031 | DKK | 14257 | 1962 |
| Series TWIN, 2.25%, 11/15/2033 | DKK | 23390 | 3646 |
| Estonia Government International Bond, (Estonia), |  |  |  |
| Reg. S, 3.25%, 01/17/2034 | EUR | 1340 | 1575 |
| Series 10Y, Reg. S, 0.13%, 06/10/2030 | EUR | 200 | 207 |
| Series 10Y, Reg. S, 4.00%, 10/12/2032 | EUR | 290 | 360 |
| European Financial Stability Facility, (Luxembourg), |  |  |  |
| Reg. S, 0.05%, 10/17/2029 | EUR | 9000 | 9595 |
| Reg. S, 0.05%, 01/18/2052 | EUR | 1000 | 465 |
| Reg. S, 1.20%, 02/17/2045 | EUR | 2325 | 1827 |
| Reg. S, 1.70%, 02/13/2043 | EUR | 1900 | 1694 |
| Reg. S, 1.75%, 07/17/2053 | EUR | 2050 | 1590 |
| Reg. S, 2.00%, 02/28/2056 | EUR | 2000 | 1618 |
| Reg. S, 2.38%, 06/21/2032 | EUR | 5000 | 5729 |
| Reg. S, 2.75%, 12/03/2029 | EUR | 1020 | 1210 |
| Reg. S, 3.38%, 04/03/2037 | EUR | 3000 | 3577 |
| European Stability Mechanism, (Supranational), |  |  |  |
| Reg. S, 0.01%, 03/04/2030 | EUR | 1900 | 2003 |
| Reg. S, 0.75%, 09/05/2028 | EUR | 2750 | 3092 |
| Reg. S, 0.88%, 07/18/2042 | EUR | 1020 | 813 |
| Reg. S, 1.75%, 10/20/2045 | EUR | 1050 | 926 |
| Reg. S, 1.85%, 12/01/2055 | EUR | 180 | 141 |
| Reg. S, 2.38%, 09/30/2027 | EUR | 5000 | 5900 |
| European Union, (Supranational), |  |  |  |
| Reg. S, 0.00%, 10/04/2028 | EUR | 5000 | 5487 |
| Reg. S, 0.00%, 04/22/2031 | EUR | 5800 | 5892 |
| Reg. S, 0.45%, 07/04/2041 | EUR | 13800 | 10124 |
| Reg. S, 0.70%, 07/06/2051 | EUR | 5900 | 3412 |
| Reg. S, 0.75%, 04/04/2031 | EUR | 3925 | 4174 |
| Reg. S, 1.00%, 07/06/2032 | EUR | 5800 | 6078 |
| Reg. S, 1.13%, 04/04/2036 | EUR | 1265 | 1215 |
| Reg. S, 1.38%, 10/04/2029 | EUR | 8000 | 9006 |
| Reg. S, 1.50%, 10/04/2035 | EUR | 5000 | 5043 |
| Reg. S, 2.88%, 10/05/2029 | EUR | 5000 | 5969 |
| Reg. S, 3.38%, 04/04/2032 | EUR | 1200 | 1455 |
| Reg. S, 3.38%, 10/04/2038 | EUR | 10000 | 11664 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 3.38%, 10/05/2054 | EUR | 2300 | 2412 |
| Reg. S, 3.75%, 04/04/2042 | EUR | 5015 | 5941 |
| Series SURE, Reg. S, 0.00%, 10/04/2030 | EUR | 10000 | 10353 |
| Series SURE, Reg. S, 0.10%, 10/04/2040 | EUR | 7675 | 5485 |
| Series SURE, Reg. S, 0.20%, 06/04/2036 | EUR | 9600 | 8275 |
| Series SURE, Reg. S, 0.30%, 11/04/2050 | EUR | 1220 | 648 |
| Series SURE, Reg. S, 0.45%, 05/02/2046 | EUR | 5000 | 3160 |
| Series SURE, Reg. S, 0.75%, 01/04/2047 | EUR | 5000 | 3375 |
| Series SURE, Reg. S, 1.13%, 06/04/2037 | EUR | 5000 | 4673 |
| Export Development Canada, (Canada), |  |  |  |
| Reg. S, 2.63%, 01/18/2029 | EUR | 500 | 590 |
| Reg. S, 2.88%, 01/19/2028 | EUR | 1000 | 1189 |
| Export-Import Bank of China (The), (China), |  |  |  |
| Series 1910, 3.86%, 05/20/2029 | CNY | 97800 | 14711 |
| Series 2007, 3.26%, 02/24/2027 | CNY | 86000 | 12345 |
| Series 2010, 3.23%, 03/23/2030 | CNY | 64400 | 9570 |
| Series 2011, 3.74%, 11/16/2030 | CNY | 10000 | 1528 |
| Series 2110, 3.38%, 07/16/2031 | CNY | 12900 | 1953 |
| Series 2205, 2.61%, 01/27/2027 | CNY | 18000 | 2558 |
| Series 2210, 3.18%, 03/11/2032 | CNY | 163400 | 24592 |
| Series 2211, 2.90%, 08/19/2032 | CNY | 106600 | 15823 |
| Series 2215, 2.82%, 06/17/2027 | CNY | 86000 | 12303 |
| Series 2305, 2.87%, 02/06/2028 | CNY | 158300 | 22793 |
| Series 2310, 3.10%, 02/13/2033 | CNY | 107200 | 16158 |
| Series 2311, 2.85%, 07/07/2033 | CNY | 65300 | 9706 |
| Series 2315, 2.50%, 08/04/2028 | CNY | 7000 | 1003 |
| Series 2410, 2.44%, 04/12/2034 | CNY | 28100 | 4071 |
| Series 2415, 1.86%, 11/08/2029 | CNY | 48000 | 6746 |
| Export-Import Bank of Korea, (South Korea), 3.63%, 09/18/2027 | EUR | 500 | 602 |
| Finland Government Bond, (Finland), |  |  |  |
| Series 4Y, Reg. S, 1.38%, 04/15/2027 (e) | EUR | 1760 | 2046 |
| Series 6Y, Reg. S, 2.50%, 04/15/2030 (e) | EUR | 1810 | 2129 |
| Series 6Y, Reg. S, 2.88%, 04/15/2029 (e) | EUR | 1160 | 1386 |
| Series 10Y, Reg. S, 0.00%, 09/15/2030 (e) | EUR | 2350 | 2437 |
| Series 10Y, Reg. S, 0.13%, 09/15/2031 (e) | EUR | 2215 | 2241 |
| Series 10Y, Reg. S, 0.50%, 09/15/2027 (e) | EUR | 660 | 751 |
| Series 10Y, Reg. S, 0.50%, 09/15/2028 (e) | EUR | 3874 | 4325 |
| Series 10Y, Reg. S, 0.50%, 09/15/2029 (e) | EUR | 3660 | 3995 |
| Series 10Y, Reg. S, 1.50%, 09/15/2032 (e) | EUR | 4460 | 4815 |
| Series 10Y, Reg. S, 3.00%, 09/15/2033 (e) | EUR | 2520 | 2983 |
| Series 10Y, Reg. S, 3.00%, 09/15/2034 (e) | EUR | 3060 | 3597 |
| Series 10Y, Reg. S, 3.00%, 09/15/2035 (e) | EUR | 2030 | 2366 |
| Series 15Y, Reg. S, 2.75%, 04/15/2038 (e) | EUR | 1780 | 1975 |
| Series 16Y, Reg. S, 0.13%, 04/15/2036 (e) | EUR | 1010 | 865 |
| Series 16Y, Reg. S, 0.75%, 04/15/2031 (e) | EUR | 1321 | 1405 |
| Series 16Y, Reg. S, 1.13%, 04/15/2034 (e) | EUR | 1981 | 2006 |
| Series 16Y, Reg. S, 2.75%, 07/04/2028 (e) | EUR | 960 | 1146 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 20Y, Reg. S, 0.25%, 09/15/2040 (e) | EUR | 1774 | 1314 |
| Series 21Y, Reg. S, 0.50%, 04/15/2043 (e) | EUR | 1700 | 1213 |
| Series 30Y, Reg. S, 1.38%, 04/15/2047 (e) | EUR | 3237 | 2540 |
| Series 30Y, Reg. S, 2.63%, 07/04/2042 (e) | EUR | 1375 | 1443 |
| Series 31Y, Reg. S, 0.13%, 04/15/2052 (e) | EUR | 1470 | 707 |
| Series 31Y, Reg. S, 2.95%, 04/15/2055 | EUR | 1450 | 1463 |
| Finnvera OYJ, (Finland), |  |  |  |
| Reg. S, 0.00%, 09/15/2027 | EUR | 500 | 562 |
| Reg. S, 0.38%, 04/09/2029 | EUR | 300 | 327 |
| Reg. S, 0.75%, 08/07/2028 | EUR | 1300 | 1460 |
| Reg. S, 1.13%, 05/17/2032 | EUR | 500 | 529 |
| Reg. S, 1.25%, 07/14/2033 | EUR | 200 | 208 |
| Reg. S, 2.13%, 03/08/2028 | EUR | 300 | 351 |
| Reg. S, 2.88%, 08/30/2029 | EUR | 500 | 594 |
| French Republic Government Bond OAT, (France), |  |  |  |
| Reg. S, 0.00%, 02/25/2027 (e) | EUR | 14425 | 16453 |
| Reg. S, 0.00%, 11/25/2029 (e) | EUR | 26745 | 28246 |
| Reg. S, 0.00%, 11/25/2030 (e) | EUR | 20270 | 20677 |
| Reg. S, 0.00%, 11/25/2031 (e) | EUR | 23194 | 22784 |
| Reg. S, 0.00%, 05/25/2032 (e) | EUR | 20030 | 19279 |
| Reg. S, 0.25%, 11/25/2026 (e) | EUR | 11736 | 13499 |
| Reg. S, 0.50%, 05/25/2029 (e) | EUR | 20987 | 22936 |
| Reg. S, 0.50%, 05/25/2040 (e) | EUR | 15482 | 11371 |
| Reg. S, 0.50%, 06/25/2044 (e) | EUR | 6905 | 4386 |
| Reg. S, 0.50%, 05/25/2072 (e) | EUR | 5383 | 1616 |
| Reg. S, 0.75%, 02/25/2028 (e) | EUR | 15280 | 17316 |
| Reg. S, 0.75%, 05/25/2028 (e) | EUR | 21873 | 24672 |
| Reg. S, 0.75%, 11/25/2028 (e) | EUR | 17957 | 20039 |
| Reg. S, 0.75%, 05/25/2052 (e) | EUR | 12577 | 6601 |
| Reg. S, 0.75%, 05/25/2053 (e) | EUR | 14248 | 7246 |
| Reg. S, 1.00%, 05/25/2027 (e) | EUR | 14218 | 16397 |
| Reg. S, 1.25%, 05/25/2034 (e) | EUR | 19656 | 19501 |
| Reg. S, 1.25%, 05/25/2036 (e) | EUR | 15614 | 14587 |
| Reg. S, 1.25%, 05/25/2038 (e) | EUR | 11360 | 9991 |
| Reg. S, 1.50%, 05/25/2031 (e) | EUR | 17733 | 19369 |
| Reg. S, 1.50%, 05/25/2050 (e) | EUR | 10300 | 7096 |
| Reg. S, 1.75%, 06/25/2039 (e) | EUR | 12077 | 11109 |
| Reg. S, 1.75%, 05/25/2066 (e) | EUR | 6876 | 4108 |
| Reg. S, 2.00%, 11/25/2032 (e) | EUR | 15450 | 16867 |
| Reg. S, 2.00%, 05/25/2048 (e) | EUR | 8507 | 6856 |
| Reg. S, 2.40%, 09/24/2028 (e) | EUR | 8640 | 10152 |
| Reg. S, 2.50%, 09/24/2027 (e) | EUR | 17730 | 20947 |
| Reg. S, 2.50%, 05/25/2030 (e) | EUR | 23631 | 27540 |
| Reg. S, 2.50%, 05/25/2043 (e) | EUR | 8540 | 8121 |
| Reg. S, 2.70%, 02/25/2031 (e) | EUR | 4490 | 5238 |
| Reg. S, 2.75%, 10/25/2027 (e) | EUR | 23049 | 27366 |
| Reg. S, 2.75%, 02/25/2029 (e) | EUR | 23820 | 28221 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 2.75%, 02/25/2030 (e) | EUR | 17140 | 20209 |
| Reg. S, 3.00%, 05/25/2033 (e) | EUR | 20400 | 23642 |
| Reg. S, 3.00%, 11/25/2034 (e) | EUR | 15600 | 17747 |
| Reg. S, 3.00%, 06/25/2049 (e) | EUR | 5020 | 4863 |
| Reg. S, 3.00%, 05/25/2054 (e) | EUR | 11040 | 10168 |
| Reg. S, 3.20%, 05/25/2035 (e) | EUR | 17950 | 20621 |
| Reg. S, 3.25%, 05/25/2045 (e) | EUR | 11085 | 11597 |
| Reg. S, 3.25%, 05/25/2055 (e) | EUR | 7930 | 7628 |
| Reg. S, 3.50%, 11/25/2033 (e) | EUR | 17085 | 20397 |
| Reg. S, 3.60%, 05/25/2042 (e) | EUR | 3890 | 4350 |
| Reg. S, 3.75%, 05/25/2056 (e) | EUR | 3430 | 3605 |
| Reg. S, 4.00%, 10/25/2038 (e) | EUR | 6769 | 8144 |
| Reg. S, 4.00%, 04/25/2055 (e) | EUR | 6181 | 6870 |
| Reg. S, 4.00%, 04/25/2060 (e) | EUR | 6967 | 7608 |
| Reg. S, 4.50%, 04/25/2041 (e) | EUR | 13642 | 17118 |
| Reg. S, 4.75%, 04/25/2035 (e) | EUR | 11727 | 15237 |
| Reg. S, 5.50%, 04/25/2029 (e) | EUR | 4037 | 5221 |
| Reg. S, 5.75%, 10/25/2032 (e) | EUR | 1029 | 1411 |
| Hellenic Republic Government Bond, (Greece), |  |  |  |
| Reg. S, 0.75%, 06/18/2031 (e) | EUR | 2170 | 2271 |
| Reg. S, 1.50%, 06/18/2030 (e) | EUR | 2940 | 3279 |
| Reg. S, 1.75%, 06/18/2032 (e) | EUR | 1410 | 1532 |
| Reg. S, 1.88%, 02/04/2035 (e) | EUR | 1910 | 1979 |
| Reg. S, 1.88%, 01/24/2052 (e) | EUR | 1580 | 1186 |
| Reg. S, 3.38%, 06/15/2034 (e) | EUR | 1480 | 1753 |
| Reg. S, 3.63%, 06/15/2035 (e) | EUR | 1725 | 2065 |
| Reg. S, 3.75%, 01/30/2028 | EUR | 1400 | 1701 |
| Reg. S, 3.88%, 06/15/2028 (e) | EUR | 3540 | 4326 |
| Reg. S, 3.88%, 03/12/2029 (e) | EUR | 1480 | 1820 |
| Reg. S, 3.90%, 01/30/2033 | EUR | 2030 | 2507 |
| Reg. S, 4.00%, 01/30/2037 | EUR | 2000 | 2447 |
| Reg. S, 4.13%, 06/15/2054 (e) | EUR | 1000 | 1146 |
| Reg. S, 4.20%, 01/30/2042 | EUR | 2590 | 3168 |
| Reg. S, 4.25%, 06/15/2033 (e) | EUR | 1050 | 1326 |
| Reg. S, 4.38%, 07/18/2038 (e) | EUR | 1100 | 1385 |
| Hong Kong Government Bond Programme, (Hong Kong), |  |  |  |
| 1.59%, 03/04/2036 | HKD | 3100 | 344 |
| 1.97%, 01/17/2029 | HKD | 2400 | 304 |
| 2.02%, 03/07/2034 | HKD | 3000 | 357 |
| Hong Kong Government Infrastructure Bond Programme, (Hong Kong), 3.84%, 01/16/2035 | HKD | 1000 | 137 |
| Hong Kong Government International Bond, (Hong Kong), |  |  |  |
| Reg. S, 2.95%, 06/07/2028 | CNH | 8500 | 1230 |
| Reg. S, 3.00%, 11/30/2026 | CNH | 10000 | 1424 |
| Reg. S, 3.30%, 06/07/2033 | CNH | 16000 | 2436 |
| Housing Australia, (Australia), Reg. S, 1.41%, 06/29/2032 | AUD | 460 | 251 |
| Hungary Government Bond, (Hungary), |  |  |  |
| Series 26/E, 1.50%, 04/22/2026 | HUF | 100410 | 295 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 26/D, 2.75%, 12/22/2026 | HUF | 80210 | 232 |
| Series 27/A, 3.00%, 10/27/2027 | HUF | 194780 | 550 |
| Series 28/B, 4.50%, 03/23/2028 | HUF | 422060 | 1217 |
| Series 28/A, 6.75%, 10/22/2028 | HUF | 775000 | 2355 |
| Series 29/A, 2.00%, 05/23/2029 | HUF | 200000 | 518 |
| Series 30/A, 3.00%, 08/21/2030 | HUF | 297350 | 771 |
| Series 31/A, 3.25%, 10/22/2031 | HUF | 207050 | 526 |
| Series 31/B, 6.75%, 07/23/2031 | HUF | 896160 | 2731 |
| Series 32/G, 4.50%, 05/27/2032 | HUF | 372050 | 992 |
| Series 32/A, 4.75%, 11/24/2032 | HUF | 954660 | 2562 |
| Series 33/A, 2.25%, 04/20/2033 | HUF | 194590 | 434 |
| Series 34/A, 2.25%, 06/22/2034 | HUF | 100520 | 214 |
| Series 35/A, 7.00%, 10/24/2035 | HUF | 338080 | 1027 |
| Series 38/A, 3.00%, 10/27/2038 | HUF | 318380 | 636 |
| Series 41/A, 3.00%, 04/25/2041 | HUF | 149290 | 277 |
| Hungary Government International Bond, (Hungary), |  |  |  |
| Series 10Y, Reg. S, 0.50%, 11/18/2030 | EUR | 1000 | 1026 |
| Series 10Y, Reg. S, 1.75%, 10/10/2027 | EUR | 825 | 956 |
| Series 12Y, Reg. S, 1.63%, 04/28/2032 | EUR | 1000 | 1039 |
| Series 15Y, Reg. S, 1.75%, 06/05/2035 | EUR | 2000 | 1910 |
| Indonesia Government International Bond, (Indonesia), |  |  |  |
| 0.90%, 02/14/2027 | EUR | 1600 | 1832 |
| Reg. S, 3.75%, 06/14/2028 | EUR | 1000 | 1205 |
| 5.60%, 01/15/2035 |  | 200 | 211 |
| Indonesia Treasury Bond, (Indonesia), |  |  |  |
| Series 100, 6.63%, 02/15/2034 | IDR | 49992000 | 3052 |
| Series 101, 6.88%, 04/15/2029 | IDR | 78464000 | 4934 |
| Series 102, 6.88%, 07/15/2054 | IDR | 19512000 | 1165 |
| Series 103, 6.75%, 07/15/2035 | IDR | 126883000 | 7811 |
| Series 104, 6.50%, 07/15/2030 | IDR | 37868000 | 2366 |
| Series 106, 7.13%, 08/15/2040 | IDR | 68575000 | 4241 |
| Series 107, 7.13%, 08/15/2045 | IDR | 48289000 | 2982 |
| Series 108, 6.50%, 04/15/2036 | IDR | 23254000 | 1407 |
| Series FR56, 8.38%, 09/15/2026 | IDR | 3269000 | 202 |
| Series FR65, 6.63%, 05/15/2033 | IDR | 400000 | 25 |
| Series FR67, 8.75%, 02/15/2044 | IDR | 2074000 | 148 |
| Series FR75, 7.50%, 05/15/2038 | IDR | 1300000 | 83 |
| Series FR76, 7.38%, 05/15/2048 | IDR | 26953000 | 1695 |
| Series FR78, 8.25%, 05/15/2029 | IDR | 1000000 | 66 |
| Series FR79, 8.38%, 04/15/2039 | IDR | 13027000 | 890 |
| Series FR80, 7.50%, 06/15/2035 | IDR | 47876000 | 3092 |
| Series FR82, 7.00%, 09/15/2030 | IDR | 38229000 | 2433 |
| Series FR83, 7.50%, 04/15/2040 | IDR | 65817000 | 4194 |
| Series FR87, 6.50%, 02/15/2031 | IDR | 129043000 | 8058 |
| Series FR89, 6.88%, 08/15/2051 | IDR | 34705000 | 2076 |
| Series FR90, 5.13%, 04/15/2027 | IDR | 100000000 | 6001 |
| Series FR91, 6.38%, 04/15/2032 | IDR | 69446000 | 4281 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series FR95, 6.38%, 08/15/2028 | IDR | 98058000 | 6067 |
| Series FR96, 7.00%, 02/15/2033 | IDR | 89577000 | 5634 |
| Series FR97, 7.13%, 06/15/2043 | IDR | 40858000 | 2512 |
| Series FR98, 7.13%, 06/15/2038 | IDR | 12000000 | 744 |
| Instituto de Credito Oficial, (Spain), |  |  |  |
| Reg. S, 2.65%, 01/31/2028 | EUR | 100 | 118 |
| Reg. S, 2.70%, 10/31/2030 | EUR | 400 | 470 |
| Reg. S, 3.05%, 10/31/2027 | EUR | 1000 | 1195 |
| Reg. S, 3.05%, 04/30/2031 | EUR | 400 | 478 |
| Ireland Government Bond, (Ireland), |  |  |  |
| Reg. S, 0.00%, 10/18/2031 | EUR | 2377 | 2388 |
| Reg. S, 0.20%, 05/15/2027 | EUR | 4480 | 5107 |
| Reg. S, 0.20%, 10/18/2030 | EUR | 2541 | 2664 |
| Reg. S, 0.35%, 10/18/2032 | EUR | 1460 | 1457 |
| Reg. S, 0.40%, 05/15/2035 | EUR | 3030 | 2788 |
| Reg. S, 0.55%, 04/22/2041 | EUR | 1035 | 802 |
| Reg. S, 0.90%, 05/15/2028 | EUR | 1812 | 2063 |
| Reg. S, 1.10%, 05/15/2029 | EUR | 2567 | 2892 |
| Reg. S, 1.30%, 05/15/2033 | EUR | 1230 | 1302 |
| Reg. S, 1.35%, 03/18/2031 | EUR | 3315 | 3670 |
| Reg. S, 1.50%, 05/15/2050 | EUR | 3043 | 2381 |
| Reg. S, 1.70%, 05/15/2037 | EUR | 2440 | 2468 |
| Reg. S, 2.00%, 02/18/2045 | EUR | 3485 | 3250 |
| Reg. S, 2.40%, 05/15/2030 | EUR | 2350 | 2756 |
| Reg. S, 2.60%, 10/18/2034 | EUR | 1880 | 2146 |
| Reg. S, 3.00%, 10/18/2043 | EUR | 1850 | 2045 |
| Reg. S, 3.15%, 10/18/2055 | EUR | 920 | 976 |
| Israel Government AID Bond, (Israel), Series 30Y, 5.50%, 09/18/2033 |  | 525 | 563 |
| Israel Government Bond - Fixed, (Israel), |  |  |  |
| Series 142, 5.50%, 01/31/2042 | ILS | 290 | 102 |
| Series 327, 2.00%, 03/31/2027 | ILS | 800 | 237 |
| Series 330, 1.00%, 03/31/2030 | ILS | 1200 | 321 |
| Series 335, 4.00%, 03/30/2035 | ILS | 330 | 101 |
| Series 537, 1.50%, 05/31/2037 | ILS | 305 | 70 |
| Italy Buoni Poliennali Del Tesoro, (Italy), |  |  |  |
| Series 2Y, Reg. S, 2.55%, 02/25/2027 | EUR | 2860 | 3376 |
| Series 3Y, Reg. S, 2.65%, 06/15/2028 | EUR | 5800 | 6862 |
| Series 3Y, Reg. S, 2.70%, 10/15/2027 | EUR | 3650 | 4324 |
| Series 3Y, Reg. S, 2.95%, 02/15/2027 | EUR | 3600 | 4272 |
| Series 3Y, Reg. S, 3.45%, 07/15/2027 | EUR | 4600 | 5518 |
| Series 4Y, Reg. S, 2.35%, 01/15/2029 | EUR | 2260 | 2643 |
| Series 5Y, Reg. S, 1.10%, 04/01/2027 | EUR | 11610 | 13429 |
| Series 5Y, Reg. S, 2.65%, 12/01/2027 | EUR | 9680 | 11465 |
| Series 5Y, Reg. S, 2.70%, 10/01/2030 (e) | EUR | 2330 | 2723 |
| Series 5Y, Reg. S, 3.00%, 10/01/2029 | EUR | 2545 | 3034 |
| Series 5Y, Reg. S, 3.35%, 07/01/2029 | EUR | 7570 | 9139 |
| Series 5Y, Reg. S, 3.40%, 04/01/2028 | EUR | 8170 | 9849 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 5Y, Reg. S, 3.80%, 08/01/2028 | EUR | 5890 | 7188 |
| Series 5Y, Reg. S, 4.10%, 02/01/2029 | EUR | 2195 | 2711 |
| Series 7Y, Reg. S, 0.25%, 03/15/2028 | EUR | 11660 | 13044 |
| Series 7Y, Reg. S, 0.45%, 02/15/2029 | EUR | 1360 | 1496 |
| Series 7Y, Reg. S, 0.50%, 07/15/2028 | EUR | 4074 | 4552 |
| Series 7Y, Reg. S, 0.95%, 09/15/2027 | EUR | 3660 | 4200 |
| Series 7Y, Reg. S, 2.80%, 06/15/2029 | EUR | 4820 | 5718 |
| Series 7Y, Reg. S, 3.15%, 11/15/2031 (e) | EUR | 5100 | 6041 |
| Series 7Y, Reg. S, 3.25%, 07/15/2032 (e) | EUR | 8450 | 10012 |
| Series 7Y, Reg. S, 3.45%, 07/15/2031 | EUR | 6590 | 7950 |
| Series 7Y, Reg. S, 3.50%, 02/15/2031 (e) | EUR | 4310 | 5220 |
| Series 7Y, Reg. S, 3.70%, 06/15/2030 | EUR | 4010 | 4911 |
| Series 7Y, Reg. S, 3.85%, 12/15/2029 | EUR | 8510 | 10478 |
| Series 7Y, Reg. S, 4.00%, 11/15/2030 | EUR | 12140 | 15061 |
| Series 8Y, Reg. S, 0.85%, 01/15/2027 (e) | EUR | 18085 | 20918 |
| Series 8Y, Reg. S, 4.00%, 10/30/2031 (e) | EUR | 2740 | 3412 |
| Series 10Y, Reg. S, 0.60%, 08/01/2031 (e) | EUR | 14464 | 14905 |
| Series 10Y, Reg. S, 0.95%, 08/01/2030 | EUR | 12390 | 13400 |
| Series 10Y, Reg. S, 0.95%, 12/01/2031 (e) | EUR | 9585 | 9992 |
| Series 10Y, Reg. S, 0.95%, 06/01/2032 | EUR | 8745 | 8992 |
| Series 10Y, Reg. S, 1.25%, 12/01/2026 | EUR | 5337 | 6213 |
| Series 10Y, Reg. S, 1.65%, 12/01/2030 (e) | EUR | 6944 | 7713 |
| Series 10Y, Reg. S, 2.00%, 02/01/2028 | EUR | 7282 | 8511 |
| Series 10Y, Reg. S, 2.05%, 08/01/2027 | EUR | 3580 | 4197 |
| Series 10Y, Reg. S, 2.20%, 06/01/2027 | EUR | 4857 | 5714 |
| Series 10Y, Reg. S, 2.50%, 12/01/2032 | EUR | 9410 | 10620 |
| Series 10Y, Reg. S, 2.80%, 12/01/2028 | EUR | 12440 | 14810 |
| Series 10Y, Reg. S, 3.00%, 08/01/2029 | EUR | 11056 | 13220 |
| Series 10Y, Reg. S, 3.60%, 10/01/2035 | EUR | 5540 | 6546 |
| Series 10Y, Reg. S, 3.65%, 08/01/2035 (e) | EUR | 6330 | 7526 |
| Series 10Y, Reg. S, 3.85%, 07/01/2034 | EUR | 9820 | 11958 |
| Series 10Y, Reg. S, 4.20%, 03/01/2034 | EUR | 6290 | 7866 |
| Series 10Y, Reg. S, 4.35%, 11/01/2033 | EUR | 7510 | 9496 |
| Series 10Y, Reg. S, 4.40%, 05/01/2033 | EUR | 6270 | 7963 |
| Series 11Y, Reg. S, 0.90%, 04/01/2031 | EUR | 17937 | 18993 |
| Series 11Y, Reg. S, 1.35%, 04/01/2030 | EUR | 3150 | 3501 |
| Series 11Y, Reg. S, 3.85%, 02/01/2035 | EUR | 6060 | 7350 |
| Series 13Y, Reg. S, 4.00%, 04/30/2035 (e) | EUR | 3670 | 4531 |
| Series 13Y, Reg. S, 4.05%, 10/30/2037 (e) | EUR | 3520 | 4279 |
| Series 15Y, Reg. S, 2.45%, 09/01/2033 (e) | EUR | 5140 | 5720 |
| Series 15Y, Reg. S, 3.85%, 10/01/2040 (e) | EUR | 7430 | 8622 |
| Series 15Y, Reg. S, 4.15%, 10/01/2039 (e) | EUR | 6260 | 7571 |
| Series 15Y, Reg. S, 4.75%, 09/01/2028 (e) | EUR | 16730 | 20964 |
| Series 16Y, Reg. S, 0.95%, 03/01/2037 (e) | EUR | 11714 | 10318 |
| Series 16Y, Reg. S, 1.45%, 03/01/2036 (e) | EUR | 4659 | 4479 |
| Series 16Y, Reg. S, 3.25%, 03/01/2038 (e) | EUR | 3490 | 3899 |
| Series 16Y, Reg. S, 3.35%, 03/01/2035 (e) | EUR | 8010 | 9375 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 16Y, Reg. S, 3.50%, 03/01/2030 (e) | EUR | 6136 | 7474 |
| Series 17Y, Reg. S, 1.65%, 03/01/2032 (e) | EUR | 10936 | 11853 |
| Series 20Y, Reg. S, 2.25%, 09/01/2036 (e) | EUR | 8984 | 9302 |
| Series 20Y, Reg. S, 2.95%, 09/01/2038 (e) | EUR | 4560 | 4915 |
| Series 20Y, Reg. S, 4.10%, 04/30/2046 (e) | EUR | 2180 | 2548 |
| Series 20Y, Reg. S, 4.45%, 09/01/2043 (e) | EUR | 4560 | 5594 |
| Series 21Y, Reg. S, 1.80%, 03/01/2041 (e) | EUR | 7244 | 6399 |
| Series 21Y, Reg. S, 3.10%, 03/01/2040 (e) | EUR | 5442 | 5846 |
| Series 24Y, Reg. S, 1.50%, 04/30/2045 (e) | EUR | 4831 | 3716 |
| Series 30Y, Reg. S, 2.15%, 09/01/2052 (e) | EUR | 4461 | 3470 |
| Series 30Y, Reg. S, 2.45%, 09/01/2050 (e) | EUR | 4532 | 3856 |
| Series 30Y, Reg. S, 3.85%, 09/01/2049 (e) | EUR | 6680 | 7396 |
| Series 30Y, Reg. S, 4.30%, 10/01/2054 (e) | EUR | 6280 | 7244 |
| Series 30Y, Reg. S, 4.50%, 10/01/2053 (e) | EUR | 4795 | 5734 |
| Series 30Y, Reg. S, 6.50%, 11/01/2027 | EUR | 890 | 1136 |
| Series 30Y, Reg. S, 7.25%, 11/01/2026 | EUR | 8915 | 11050 |
| Series 31Y, Reg. S, 1.70%, 09/01/2051 (e) | EUR | 6887 | 4889 |
| Series 31Y, Reg. S, 2.70%, 03/01/2047 (e) | EUR | 5110 | 4769 |
| Series 31Y, Reg. S, 3.25%, 09/01/2046 (e) | EUR | 5776 | 5927 |
| Series 31Y, Reg. S, 3.45%, 03/01/2048 (e) | EUR | 6475 | 6786 |
| Series 31Y, Reg. S, 4.00%, 02/01/2037 (e) | EUR | 8430 | 10261 |
| Series 31Y, Reg. S, 4.75%, 09/01/2044 (e) | EUR | 7475 | 9543 |
| Series 31Y, Reg. S, 5.00%, 08/01/2034 (e) | EUR | 7686 | 10164 |
| Series 31Y, Reg. S, 5.00%, 09/01/2040 (e) | EUR | 5940 | 7841 |
| Series 31Y, Reg. S, 5.25%, 11/01/2029 | EUR | 1777 | 2307 |
| Series 31Y, Reg. S, 5.75%, 02/01/2033 | EUR | 1260 | 1729 |
| Series 31Y, Reg. S, 6.00%, 05/01/2031 | EUR | 4453 | 6087 |
| Series 32Y, Reg. S, 5.00%, 08/01/2039 (e) | EUR | 7023 | 9284 |
| Series 50Y, Reg. S, 2.15%, 03/01/2072 (e) | EUR | 2770 | 1906 |
| Series 50Y, Reg. S, 2.80%, 03/01/2067 (e) | EUR | 3265 | 2699 |
| Japan Bank for International Cooperation, (Japan), 3.13%, 02/15/2028 | EUR | 1000 | 1194 |
| Japan Expressway Holding and Debt Repayment Agency, (Japan), |  |  |  |
| Series 37, 2.42%, 06/20/2028 | JPY | 100000 | 699 |
| Series 75, 1.96%, 09/19/2031 | JPY | 100000 | 693 |
| Japan Government Five Year Bond, (Japan), |  |  |  |
| Series 148, 0.01%, 06/20/2026 | JPY | 409750 | 2757 |
| Series 150, 0.01%, 12/20/2026 | JPY | 1477150 | 9889 |
| Series 151, 0.01%, 03/20/2027 | JPY | 2608000 | 17417 |
| Series 152, 0.10%, 03/20/2027 | JPY | 3244700 | 21699 |
| Series 153, 0.01%, 06/20/2027 | JPY | 3481550 | 23184 |
| Series 154, 0.10%, 09/20/2027 | JPY | 4855000 | 32303 |
| Series 155, 0.30%, 12/20/2027 | JPY | 3260550 | 21737 |
| Series 156, 0.20%, 12/20/2027 | JPY | 2120000 | 14103 |
| Series 157, 0.20%, 03/20/2028 | JPY | 2759850 | 18312 |
| Series 158, 0.10%, 03/20/2028 | JPY | 4656250 | 30818 |
| Series 159, 0.10%, 06/20/2028 | JPY | 809100 | 5340 |
| Series 160, 0.20%, 06/20/2028 | JPY | 1579900 | 10454 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 161, 0.30%, 06/20/2028 | JPY | 1290000 | 8560 |
| Series 162, 0.30%, 09/20/2028 | JPY | 1658300 | 10975 |
| Series 163, 0.40%, 09/20/2028 | JPY | 984400 | 6534 |
| Series 164, 0.20%, 12/20/2028 | JPY | 3606700 | 23731 |
| Series 165, 0.30%, 12/20/2028 | JPY | 1529000 | 10091 |
| Series 167, 0.40%, 03/20/2029 | JPY | 2435000 | 16081 |
| Series 168, 0.60%, 03/20/2029 | JPY | 800000 | 5319 |
| Series 170, 0.60%, 06/20/2029 | JPY | 1390400 | 9223 |
| Series 171, 0.40%, 06/20/2029 | JPY | 2000000 | 13169 |
| Series 172, 0.50%, 06/20/2029 | JPY | 1033250 | 6828 |
| Series 174, 0.70%, 09/20/2029 | JPY | 450000 | 2989 |
| Series 175, 0.90%, 12/20/2029 | JPY | 2000000 | 13367 |
| Series 177, 1.10%, 12/20/2029 | JPY | 1853000 | 12486 |
| Series 178, 1.00%, 03/20/2030 | JPY | 620000 | 4155 |
| Series 179, 1.00%, 06/20/2030 | JPY | 709600 | 4748 |
| Japan Government Forty Year Bond, (Japan), |  |  |  |
| Series 1, 2.40%, 03/20/2048 | JPY | 100000 | 637 |
| Series 3, 2.20%, 03/20/2050 | JPY | 955350 | 5693 |
| Series 6, 1.90%, 03/20/2053 | JPY | 650 | 4 |
| Series 7, 1.70%, 03/20/2054 | JPY | 127050 | 642 |
| Series 8, 1.40%, 03/20/2055 | JPY | 495250 | 2276 |
| Series 9, 0.40%, 03/20/2056 | JPY | 2373650 | 7763 |
| Series 10, 0.90%, 03/20/2057 | JPY | 174350 | 674 |
| Series 11, 0.80%, 03/20/2058 | JPY | 878650 | 3223 |
| Series 12, 0.50%, 03/20/2059 | JPY | 235700 | 749 |
| Series 13, 0.50%, 03/20/2060 | JPY | 1120850 | 3492 |
| Series 14, 0.70%, 03/20/2061 | JPY | 650000 | 2149 |
| Series 15, 1.00%, 03/20/2062 | JPY | 992950 | 3603 |
| Series 16, 1.30%, 03/20/2063 | JPY | 1902350 | 7515 |
| Series 17, 2.20%, 03/20/2064 | JPY | 1138950 | 5907 |
| Series 18, 3.10%, 03/20/2065 | JPY | 420300 | 2718 |
| Japan Government Ten Year Bond, (Japan), |  |  |  |
| Series 1, 0.70%, 12/20/2033 | JPY | 2982750 | 18877 |
| Series 2, 1.00%, 03/20/2034 | JPY | 1707350 | 11037 |
| Series 345, 0.10%, 12/20/2026 | JPY | 1521950 | 10201 |
| Series 346, 0.10%, 03/20/2027 | JPY | 2185600 | 14616 |
| Series 347, 0.10%, 06/20/2027 | JPY | 2600000 | 17341 |
| Series 348, 0.10%, 09/20/2027 | JPY | 320850 | 2135 |
| Series 349, 0.10%, 12/20/2027 | JPY | 852200 | 5656 |
| Series 350, 0.10%, 03/20/2028 | JPY | 2453900 | 16241 |
| Series 351, 0.10%, 06/20/2028 | JPY | 240150 | 1585 |
| Series 353, 0.10%, 12/20/2028 | JPY | 4700000 | 30816 |
| Series 354, 0.10%, 03/20/2029 | JPY | 900000 | 5882 |
| Series 356, 0.10%, 09/20/2029 | JPY | 4537200 | 29431 |
| Series 357, 0.10%, 12/20/2029 | JPY | 1699400 | 10982 |
| Series 358, 0.10%, 03/20/2030 | JPY | 4869700 | 31355 |
| Series 359, 0.10%, 06/20/2030 | JPY | 5103550 | 32729 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 360, 0.10%, 09/20/2030 | JPY | 1875850 | 11988 |
| Series 361, 0.10%, 12/20/2030 | JPY | 4001300 | 25477 |
| Series 362, 0.10%, 03/20/2031 | JPY | 2192950 | 13907 |
| Series 363, 0.10%, 06/20/2031 | JPY | 2506200 | 15828 |
| Series 364, 0.10%, 09/20/2031 | JPY | 3051900 | 19189 |
| Series 365, 0.10%, 12/20/2031 | JPY | 1440250 | 9016 |
| Series 366, 0.20%, 03/20/2032 | JPY | 6734750 | 42254 |
| Series 367, 0.20%, 06/20/2032 | JPY | 4129800 | 25799 |
| Series 368, 0.20%, 09/20/2032 | JPY | 2981650 | 18544 |
| Series 369, 0.50%, 12/20/2032 | JPY | 181000 | 1146 |
| Series 370, 0.50%, 03/20/2033 | JPY | 4442700 | 28009 |
| Series 371, 0.40%, 06/20/2033 | JPY | 1760000 | 10964 |
| Series 372, 0.80%, 09/20/2033 | JPY | 1805150 | 11567 |
| Series 373, 0.60%, 12/20/2033 | JPY | 2964900 | 18626 |
| Series 374, 0.80%, 03/20/2034 | JPY | 3940600 | 25077 |
| Series 375, 1.10%, 06/20/2034 | JPY | 4262800 | 27729 |
| Series 376, 0.90%, 09/20/2034 | JPY | 2672550 | 17035 |
| Series 377, 1.20%, 12/20/2034 | JPY | 5359350 | 34981 |
| Series 378, 1.40%, 03/20/2035 | JPY | 3106900 | 20597 |
| Series 379, 1.50%, 06/20/2035 | JPY | 2945600 | 19662 |
| Japan Government Thirty Year Bond, (Japan), |  |  |  |
| Series 11, 1.70%, 06/20/2033 | JPY | 100000 | 687 |
| Series 21, 2.30%, 12/20/2035 | JPY | 704850 | 5036 |
| Series 22, 2.50%, 03/20/2036 | JPY | 116250 | 845 |
| Series 24, 2.50%, 09/20/2036 | JPY | 46950 | 340 |
| Series 33, 2.00%, 09/20/2040 | JPY | 333000 | 2191 |
| Series 34, 2.20%, 03/20/2041 | JPY | 23000 | 154 |
| Series 37, 1.90%, 09/20/2042 | JPY | 355250 | 2240 |
| Series 40, 1.80%, 09/20/2043 | JPY | 651750 | 3985 |
| Series 42, 1.70%, 03/20/2044 | JPY | 1650000 | 9837 |
| Series 43, 1.70%, 06/20/2044 | JPY | 620200 | 3684 |
| Series 44, 1.70%, 09/20/2044 | JPY | 764000 | 4518 |
| Series 47, 1.60%, 06/20/2045 | JPY | 2799700 | 16050 |
| Series 49, 1.40%, 12/20/2045 | JPY | 2264500 | 12401 |
| Series 52, 0.50%, 09/20/2046 | JPY | 113200 | 501 |
| Series 54, 0.80%, 03/20/2047 | JPY | 955400 | 4485 |
| Series 57, 0.80%, 12/20/2047 | JPY | 134750 | 620 |
| Series 58, 0.80%, 03/20/2048 | JPY | 1110150 | 5069 |
| Series 59, 0.70%, 06/20/2048 | JPY | 1100000 | 4861 |
| Series 60, 0.90%, 09/20/2048 | JPY | 390250 | 1801 |
| Series 61, 0.70%, 12/20/2048 | JPY | 262550 | 1143 |
| Series 62, 0.50%, 03/20/2049 | JPY | 1345950 | 5508 |
| Series 63, 0.40%, 06/20/2049 | JPY | 1527050 | 6021 |
| Series 64, 0.40%, 09/20/2049 | JPY | 702800 | 2745 |
| Series 65, 0.40%, 12/20/2049 | JPY | 1608550 | 6230 |
| Series 66, 0.40%, 03/20/2050 | JPY | 1997550 | 7657 |
| Series 67, 0.60%, 06/20/2050 | JPY | 1931400 | 7785 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 68, 0.60%, 09/20/2050 | JPY | 1404800 | 5606 |
| Series 69, 0.70%, 12/20/2050 | JPY | 784950 | 3196 |
| Series 70, 0.70%, 03/20/2051 | JPY | 70950 | 286 |
| Series 71, 0.70%, 06/20/2051 | JPY | 385800 | 1545 |
| Series 73, 0.70%, 12/20/2051 | JPY | 8000 | 32 |
| Series 74, 1.00%, 03/20/2052 | JPY | 614000 | 2636 |
| Series 75, 1.30%, 06/20/2052 | JPY | 56000 | 260 |
| Series 76, 1.40%, 09/20/2052 | JPY | 1853000 | 8796 |
| Series 77, 1.60%, 12/20/2052 | JPY | 925150 | 4606 |
| Series 78, 1.40%, 03/20/2053 | JPY | 886000 | 4175 |
| Series 79, 1.20%, 06/20/2053 | JPY | 823050 | 3657 |
| Series 80, 1.80%, 09/20/2053 | JPY | 700050 | 3628 |
| Series 81, 1.60%, 12/20/2053 | JPY | 1036600 | 5094 |
| Series 82, 1.80%, 03/20/2054 | JPY | 1115650 | 5750 |
| Series 83, 2.20%, 06/20/2054 | JPY | 431000 | 2435 |
| Series 84, 2.10%, 09/20/2054 | JPY | 1788450 | 9859 |
| Series 85, 2.30%, 12/20/2054 | JPY | 962700 | 5551 |
| Series 86, 2.40%, 03/20/2055 | JPY | 649150 | 3826 |
| Series 87, 2.80%, 06/20/2055 | JPY | 1018150 | 6528 |
| Japan Government Twenty Year Bond, (Japan), |  |  |  |
| Series 105, 2.10%, 09/20/2028 | JPY | 214950 | 1499 |
| Series 117, 2.10%, 03/20/2030 | JPY | 1267800 | 8905 |
| Series 118, 2.00%, 06/20/2030 | JPY | 2006800 | 14048 |
| Series 121, 1.90%, 09/20/2030 | JPY | 2832550 | 19758 |
| Series 122, 1.80%, 09/20/2030 | JPY | 924000 | 6415 |
| Series 129, 1.80%, 06/20/2031 | JPY | 233450 | 1621 |
| Series 131, 1.70%, 09/20/2031 | JPY | 1135600 | 7842 |
| Series 140, 1.70%, 09/20/2032 | JPY | 163950 | 1129 |
| Series 142, 1.80%, 12/20/2032 | JPY | 1010900 | 7005 |
| Series 143, 1.60%, 03/20/2033 | JPY | 1004800 | 6862 |
| Series 147, 1.60%, 12/20/2033 | JPY | 2100000 | 14286 |
| Series 148, 1.50%, 03/20/2034 | JPY | 450250 | 3034 |
| Series 149, 1.50%, 06/20/2034 | JPY | 498700 | 3354 |
| Series 151, 1.20%, 12/20/2034 | JPY | 1265700 | 8263 |
| Series 153, 1.30%, 06/20/2035 | JPY | 5464050 | 35814 |
| Series 155, 1.00%, 12/20/2035 | JPY | 1383900 | 8753 |
| Series 156, 0.40%, 03/20/2036 | JPY | 309750 | 1831 |
| Series 157, 0.20%, 06/20/2036 | JPY | 1020000 | 5859 |
| Series 160, 0.70%, 03/20/2037 | JPY | 258000 | 1541 |
| Series 161, 0.60%, 06/20/2037 | JPY | 2625000 | 15406 |
| Series 163, 0.60%, 12/20/2037 | JPY | 754550 | 4373 |
| Series 164, 0.50%, 03/20/2038 | JPY | 2237350 | 12716 |
| Series 165, 0.50%, 06/20/2038 | JPY | 1056350 | 5962 |
| Series 167, 0.50%, 12/20/2038 | JPY | 2482750 | 13820 |
| Series 168, 0.40%, 03/20/2039 | JPY | 1174200 | 6398 |
| Series 169, 0.30%, 06/20/2039 | JPY | 2784700 | 14842 |
| Series 170, 0.30%, 09/20/2039 | JPY | 1591150 | 8412 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 171, 0.30%, 12/20/2039 | JPY | 1743300 | 9148 |
| Series 172, 0.40%, 03/20/2040 | JPY | 2467150 | 13050 |
| Series 173, 0.40%, 06/20/2040 | JPY | 3206400 | 16830 |
| Series 174, 0.40%, 09/20/2040 | JPY | 3088700 | 16080 |
| Series 175, 0.50%, 12/20/2040 | JPY | 220000 | 1155 |
| Series 176, 0.50%, 03/20/2041 | JPY | 1173050 | 6114 |
| Series 177, 0.40%, 06/20/2041 | JPY | 500300 | 2543 |
| Series 178, 0.50%, 09/20/2041 | JPY | 1210950 | 6218 |
| Series 179, 0.50%, 12/20/2041 | JPY | 2734400 | 13944 |
| Series 180, 0.80%, 03/20/2042 | JPY | 1190000 | 6356 |
| Series 181, 0.90%, 06/20/2042 | JPY | 380000 | 2051 |
| Series 182, 1.10%, 09/20/2042 | JPY | 481400 | 2673 |
| Series 183, 1.40%, 12/20/2042 | JPY | 491050 | 2851 |
| Series 184, 1.10%, 03/20/2043 | JPY | 1628650 | 8946 |
| Series 185, 1.10%, 06/20/2043 | JPY | 1072150 | 5854 |
| Series 186, 1.50%, 09/20/2043 | JPY | 489850 | 2851 |
| Series 187, 1.30%, 12/20/2043 | JPY | 2016000 | 11284 |
| Series 188, 1.60%, 03/20/2044 | JPY | 2420550 | 14193 |
| Series 189, 1.90%, 06/20/2044 | JPY | 546350 | 3354 |
| Series 190, 1.80%, 09/20/2044 | JPY | 2372750 | 14267 |
| Series 191, 2.00%, 12/20/2044 | JPY | 1287150 | 7975 |
| Series 192, 2.40%, 03/20/2045 | JPY | 599400 | 3946 |
| Series 193, 2.50%, 06/20/2045 | JPY | 1037400 | 6916 |
| Japan Government Two Year Bond, (Japan), |  |  |  |
| Series 467, 0.60%, 12/01/2026 | JPY | 4300000 | 29002 |
| Series 471, 0.90%, 04/01/2027 | JPY | 2500000 | 16910 |
| Series 474, 0.70%, 07/01/2027 | JPY | 189400 | 1276 |
| Japan Housing Finance Agency, (Japan), |  |  |  |
| Series 71, 1.75%, 03/19/2026 | JPY | 200000 | 1359 |
| Series 108, 1.43%, 06/18/2027 | JPY | 100000 | 680 |
| Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026 | JPY | 200000 | 1345 |
| Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030 | JPY | 111612 | 795 |
| Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054 | GBP | 400 | 377 |
| Kazakhstan Government International Bond, (Kazakhstan), |  |  |  |
| Reg. S, 0.60%, 09/30/2026 | EUR | 10000 | 11493 |
| Reg. S, 1.50%, 09/30/2034 | EUR | 400 | 397 |
| Kingdom of Belgium Government Bond, (Belgium), |  |  |  |
| Series 44, Reg. S, 5.00%, 03/28/2035 (e) | EUR | 7220 | 9724 |
| Series 60, Reg. S, 4.25%, 03/28/2041 (e) | EUR | 5870 | 7315 |
| Series 66, Reg. S, 4.00%, 03/28/2032 | EUR | 2602 | 3264 |
| Series 71, Reg. S, 3.75%, 06/22/2045 | EUR | 3093 | 3555 |
| Series 73, Reg. S, 3.00%, 06/22/2034 (e) | EUR | 4538 | 5284 |
| Series 75, Reg. S, 1.00%, 06/22/2031 (e) | EUR | 5227 | 5589 |
| Series 76, Reg. S, 1.90%, 06/22/2038 (e) | EUR | 3510 | 3432 |
| Series 77, Reg. S, 1.00%, 06/22/2026 (e) | EUR | 2 | 2 |
| Series 78, Reg. S, 1.60%, 06/22/2047 (e) | EUR | 4937 | 3806 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 80, Reg. S, 2.15%, 06/22/2066 (e) | EUR | 3041 | 2131 |
| Series 81, Reg. S, 0.80%, 06/22/2027 (e) | EUR | 5330 | 6125 |
| Series 83, Reg. S, 2.25%, 06/22/2057 (e) | EUR | 2277 | 1759 |
| Series 84, Reg. S, 1.45%, 06/22/2037 (e) | EUR | 1890 | 1793 |
| Series 85, Reg. S, 0.80%, 06/22/2028 (e) | EUR | 7892 | 8922 |
| Series 86, Reg. S, 1.25%, 04/22/2033 (e) | EUR | 2674 | 2787 |
| Series 87, Reg. S, 0.90%, 06/22/2029 (e) | EUR | 7684 | 8547 |
| Series 88, Reg. S, 1.70%, 06/22/2050 (e) | EUR | 3696 | 2749 |
| Series 89, Reg. S, 0.10%, 06/22/2030 (e) | EUR | 4341 | 4547 |
| Series 90, Reg. S, 0.40%, 06/22/2040 (e) | EUR | 2925 | 2159 |
| Series 91, Reg. S, 0.00%, 10/22/2027 (e) | EUR | 8976 | 10094 |
| Series 92, Reg. S, 0.00%, 10/22/2031 (e) | EUR | 3367 | 3354 |
| Series 93, Reg. S, 0.65%, 06/22/2071 (e) | EUR | 3048 | 1073 |
| Series 94, Reg. S, 0.35%, 06/22/2032 (e) | EUR | 7160 | 7127 |
| Series 95, Reg. S, 1.40%, 06/22/2053 (e) | EUR | 3485 | 2261 |
| Series 96, Reg. S, 2.75%, 04/22/2039 (e) | EUR | 3430 | 3663 |
| Series 97, Reg. S, 3.00%, 06/22/2033 (e) | EUR | 6650 | 7815 |
| Series 98, Reg. S, 3.30%, 06/22/2054 (e) | EUR | 4400 | 4429 |
| Series 99, Reg. S, 3.45%, 06/22/2043 (e) | EUR | 949 | 1057 |
| Series 100, Reg. S, 2.85%, 10/22/2034 (e) | EUR | 7560 | 8654 |
| Series 101, Reg. S, 3.50%, 06/22/2055 (e) | EUR | 1920 | 1991 |
| Series 102, Reg. S, 2.70%, 10/22/2029 (e) | EUR | 4200 | 4978 |
| Series 103, Reg. S, 3.10%, 06/22/2035 (e) | EUR | 2970 | 3442 |
| Series 104, Reg. S, 3.45%, 06/22/2042 (e) | EUR | 1460 | 1636 |
| Series 105, Reg. S, 2.60%, 10/22/2030 (e) | EUR | 2280 | 2674 |
| Kommunalbanken A/S, (Norway), |  |  |  |
| Reg. S, 0.05%, 10/24/2029 | EUR | 1500 | 1591 |
| Reg. S, 0.88%, 05/24/2027 | EUR | 500 | 574 |
| Korea Housing Finance Corp., (South Korea), |  |  |  |
| Reg. S, 0.26%, 10/27/2028 | EUR | 1900 | 2081 |
| Reg. S, 1.96%, 07/19/2026 | EUR | 1700 | 1994 |
| Reg. S, 2.74%, 03/05/2030 | EUR | 100 | 117 |
| Reg. S, 3.71%, 04/11/2027 | EUR | 100 | 120 |
| Korea Land & Housing Corp., (South Korea), Reg. S, 2.47%, 06/23/2028 |  | 1000 | 949 |
| Korea Treasury Bond, (South Korea), |  |  |  |
| Series 2603, 1.25%, 03/10/2026 | KRW | 4145000 | 2940 |
| Series 2612, 1.50%, 12/10/2026 | KRW | 569490 | 402 |
| Series 2612, 3.88%, 12/10/2026 | KRW | 9000000 | 6524 |
| Series 2703, 2.63%, 03/10/2027 | KRW | 27300000 | 19498 |
| Series 2706, 2.13%, 06/10/2027 | KRW | 9300000 | 6585 |
| Series 2706, 3.25%, 06/10/2027 | KRW | 4000000 | 2885 |
| Series 2803, 3.25%, 03/10/2028 | KRW | 110000 | 80 |
| Series 2806, 2.63%, 06/10/2028 | KRW | 13179330 | 9394 |
| Series 2809, 3.50%, 09/10/2028 | KRW | 8153550 | 5954 |
| Series 2903, 3.25%, 03/10/2029 | KRW | 9700000 | 7045 |
| Series 2909, 3.00%, 09/10/2029 | KRW | 10000000 | 7203 |
| Series 2912, 1.38%, 12/10/2029 | KRW | 5000000 | 3371 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 3003, 2.63%, 03/10/2030 | KRW | 6000000 | 4253 |
| Series 3006, 1.38%, 06/10/2030 | KRW | 11707090 | 7829 |
| Series 3009, 2.50%, 09/10/2030 | KRW | 4419200 | 3114 |
| Series 3012, 1.50%, 12/10/2030 | KRW | 4710160 | 3145 |
| Series 3106, 2.00%, 06/10/2031 | KRW | 4491310 | 3065 |
| Series 3112, 2.38%, 12/10/2031 | KRW | 3360920 | 2333 |
| Series 3206, 3.38%, 06/10/2032 | KRW | 8676480 | 6364 |
| Series 3212, 4.25%, 12/10/2032 | KRW | 1100000 | 851 |
| Series 3306, 3.25%, 06/10/2033 | KRW | 6160000 | 4481 |
| Series 3312, 4.13%, 12/10/2033 | KRW | 4024390 | 3106 |
| Series 3406, 3.50%, 06/10/2034 | KRW | 6536490 | 4844 |
| Series 3412, 3.00%, 12/10/2034 | KRW | 7796800 | 5561 |
| Series 3506, 2.63%, 06/10/2035 | KRW | 3816950 | 2643 |
| Series 3509, 2.63%, 09/10/2035 | KRW | 2028750 | 1401 |
| Series 3709, 2.25%, 09/10/2037 | KRW | 3000000 | 1984 |
| Series 3809, 2.38%, 09/10/2038 | KRW | 1406080 | 940 |
| Series 4009, 1.50%, 09/10/2040 | KRW | 3474140 | 2034 |
| Series 4109, 1.88%, 09/10/2041 | KRW | 2115790 | 1298 |
| Series 4209, 3.25%, 09/10/2042 | KRW | 2355460 | 1742 |
| Series 4212, 3.00%, 12/10/2042 | KRW | 70000 | 50 |
| Series 4309, 3.88%, 09/10/2043 | KRW | 12433490 | 9993 |
| Series 4409, 2.88%, 09/10/2044 | KRW | 10521210 | 7401 |
| Series 4509, 2.75%, 09/10/2045 | KRW | 675510 | 467 |
| Series 4803, 2.63%, 03/10/2048 | KRW | 6000000 | 4056 |
| Series 4903, 2.00%, 03/10/2049 | KRW | 6124620 | 3679 |
| Series 5003, 1.50%, 03/10/2050 | KRW | 11626530 | 6235 |
| Series 5103, 1.88%, 03/10/2051 | KRW | 22578710 | 13094 |
| Series 5203, 2.50%, 03/10/2052 | KRW | 3428680 | 2255 |
| Series 5303, 3.25%, 03/10/2053 | KRW | 4251170 | 3218 |
| Series 5309, 3.63%, 09/10/2053 | KRW | 3979440 | 3220 |
| Series 5403, 3.25%, 03/10/2054 | KRW | 13164020 | 9998 |
| Series 5409, 2.75%, 09/10/2054 | KRW | 4506000 | 3118 |
| Series 5503, 2.63%, 03/10/2055 | KRW | 15481460 | 10465 |
| Series 5509, 2.63%, 09/10/2055 | KRW | 494380 | 335 |
| Series 6609, 1.50%, 09/10/2066 | KRW | 1261010 | 620 |
| Series 6809, 2.00%, 09/10/2068 | KRW | 1200000 | 692 |
| Series 7009, 1.63%, 09/10/2070 | KRW | 1207190 | 611 |
| Series 7209, 3.50%, 09/10/2072 | KRW | 1437770 | 1230 |
| Series 7409, 2.75%, 09/10/2074 | KRW | 3600000 | 2582 |
| Latvia Government International Bond, (Latvia), |  |  |  |
| Reg. S, 0.00%, 03/17/2031 | EUR | 100 | 100 |
| Reg. S, 0.25%, 01/23/2030 | EUR | 1000 | 1058 |
| Reg. S, 1.13%, 05/30/2028 | EUR | 390 | 442 |
| Reg. S, 1.38%, 05/16/2036 | EUR | 610 | 579 |
| Reg. S, 1.88%, 02/19/2049 | EUR | 540 | 431 |
| Reg. S, 2.88%, 05/21/2030 | EUR | 1260 | 1481 |
| Reg. S, 3.50%, 01/17/2028 | EUR | 650 | 782 |
| Reg. S, 3.88%, 05/22/2029 | EUR | 1020 | 1248 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| LCR Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.50%, 12/07/2028 | GBP | 400 | 543 |
| Reg. S, 4.50%, 12/07/2038 | GBP | 110 | 138 |
| 5.10%, 03/07/2051 | GBP | 350 | 435 |
| Lithuania Government International Bond, (Lithuania), |  |  |  |
| Reg. S, 0.50%, 07/28/2050 | EUR | 560 | 281 |
| Reg. S, 0.75%, 05/06/2030 | EUR | 440 | 470 |
| Reg. S, 0.95%, 05/26/2027 | EUR | 500 | 574 |
| Reg. S, 2.13%, 06/01/2032 | EUR | 1010 | 1110 |
| Reg. S, 3.50%, 07/03/2031 | EUR | 1500 | 1806 |
| Reg. S, 3.50%, 02/13/2034 | EUR | 510 | 602 |
| Reg. S, 3.63%, 01/28/2040 | EUR | 880 | 990 |
| Reg. S, 3.88%, 06/14/2033 | EUR | 800 | 972 |
| Malaysia Government Bond, (Malaysia), |  |  |  |
| Series 119, 3.91%, 07/15/2026 | MYR | 5600 | 1342 |
| Series 120, 4.07%, 06/15/2050 | MYR | 11760 | 2855 |
| Series 122, 3.58%, 07/15/2032 | MYR | 14190 | 3403 |
| Series 123, 4.46%, 03/31/2053 | MYR | 14390 | 3677 |
| Series 124, 4.05%, 04/18/2039 | MYR | 17970 | 4437 |
| Series 216, 4.74%, 03/15/2046 | MYR | 3340 | 887 |
| Series 219, 3.89%, 08/15/2029 | MYR | 11100 | 2700 |
| Series 220, 2.63%, 04/15/2031 | MYR | 45710 | 10476 |
| Series 222, 4.70%, 10/15/2042 | MYR | 8700 | 2304 |
| Series 223, 3.52%, 04/20/2028 | MYR | 18490 | 4434 |
| Series 224, 4.18%, 05/16/2044 | MYR | 8610 | 2141 |
| Series 225, 3.48%, 07/02/2035 | MYR | 6130 | 1458 |
| Series 316, 3.90%, 11/30/2026 | MYR | 27500 | 6614 |
| Series 318, 4.64%, 11/07/2033 | MYR | 200 | 51 |
| Series 322, 4.50%, 04/30/2029 | MYR | 10000 | 2476 |
| Series 325, 3.92%, 07/15/2055 | MYR | 3440 | 813 |
| Series 415, 4.25%, 05/31/2035 | MYR | 5790 | 1465 |
| Series 417, 3.90%, 11/16/2027 | MYR | 3500 | 846 |
| Series 418, 4.89%, 06/08/2038 | MYR | 8100 | 2170 |
| Series 419, 3.83%, 07/05/2034 | MYR | 12000 | 2926 |
| Series 518, 4.92%, 07/06/2048 | MYR | 4000 | 1099 |
| Series 519, 3.76%, 05/22/2040 | MYR | 7650 | 1823 |
| Malaysia Government Investment Issue, (Malaysia), |  |  |  |
| Series 119, 4.13%, 07/09/2029 | MYR | 5810 | 1425 |
| Series 120, 3.42%, 09/30/2027 | MYR | 3270 | 782 |
| Series 121, 3.45%, 07/15/2036 | MYR | 5000 | 1175 |
| Series 122, 4.19%, 10/07/2032 | MYR | 2140 | 532 |
| Series 124, 4.28%, 03/23/2054 | MYR | 5000 | 1243 |
| Series 219, 4.47%, 09/15/2039 | MYR | 8770 | 2253 |
| Series 222, 5.36%, 05/15/2052 | MYR | 1020 | 296 |
| Series 223, 4.29%, 08/14/2043 | MYR | 14390 | 3631 |
| Series 224, 3.80%, 10/08/2031 | MYR | 5000 | 1216 |
| Series 225, 3.64%, 08/30/2030 | MYR | 3080 | 745 |
| Series 417, 4.90%, 05/08/2047 | MYR | 271 | 74 |
| Series 617, 4.72%, 06/15/2033 | MYR | 505 | 130 |
| Series 619, 4.12%, 11/30/2034 | MYR | 16830 | 4187 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Metropolitano de Lisboa EPE, (Portugal), |  |  |  |
| 4.80%, 12/07/2027 | EUR | 1000 | 1231 |
| 7.30%, 12/23/2025 | EUR | 500 | 593 |
| Mexican Bonos, (Mexico), |  |  |  |
| Series M, 7.50%, 06/03/2027 | MXN | 17000 | 928 |
| Series M, 7.75%, 05/29/2031 | MXN | 12000 | 639 |
| Series M, 7.75%, 11/13/2042 | MXN | 2000 | 95 |
| Series M, 8.00%, 11/07/2047 | MXN | 5000 | 239 |
| Series M, 8.50%, 05/31/2029 | MXN | 1000 | 55 |
| Series M, 8.50%, 11/18/2038 | MXN | 2000 | 105 |
| Series M, 10.00%, 11/20/2036 | MXN | 3000 | 177 |
| Mexico Government International Bond, (Mexico), |  |  |  |
| 1.13%, 01/17/2030 | EUR | 1200 | 1281 |
| 1.75%, 04/17/2028 | EUR | 2000 | 2286 |
| 3.00%, 03/06/2045 | EUR | 825 | 717 |
| 4.49%, 05/25/2032 | EUR | 4900 | 5921 |
| Reg. S, 5.63%, 03/19/2114 | GBP | 800 | 773 |
| 5.75%, 10/12/2110 |  | 80 | 68 |
| 7.38%, 05/13/2055 |  | 200 | 220 |
| Netherlands Government Bond, (Netherlands), |  |  |  |
| Reg. S, 0.00%, 01/15/2027 (e) | EUR | 6290 | 7197 |
| Reg. S, 0.00%, 01/15/2029 (e) | EUR | 4670 | 5101 |
| Reg. S, 0.00%, 07/15/2030 (e) | EUR | 3154 | 3307 |
| Reg. S, 0.00%, 07/15/2031 (e) | EUR | 4567 | 4650 |
| Reg. S, 0.00%, 01/15/2038 (e) | EUR | 4232 | 3419 |
| Reg. S, 0.00%, 01/15/2052 (e) | EUR | 6779 | 3355 |
| Reg. S, 0.25%, 07/15/2029 (e) | EUR | 5649 | 6152 |
| Reg. S, 0.50%, 07/15/2032 (e) | EUR | 3810 | 3897 |
| Reg. S, 0.50%, 01/15/2040 (e) | EUR | 5710 | 4679 |
| Reg. S, 0.75%, 07/15/2027 (e) | EUR | 8923 | 10242 |
| Reg. S, 0.75%, 07/15/2028 (e) | EUR | 5020 | 5673 |
| Reg. S, 2.00%, 01/15/2054 (e) | EUR | 8495 | 7456 |
| Reg. S, 2.50%, 01/15/2030 (e) | EUR | 5720 | 6758 |
| Reg. S, 2.50%, 01/15/2033 (e) | EUR | 5688 | 6625 |
| Reg. S, 2.50%, 07/15/2033 (e) | EUR | 3279 | 3800 |
| Reg. S, 2.50%, 07/15/2034 (e) | EUR | 4050 | 4654 |
| Reg. S, 2.50%, 07/15/2035 (e) | EUR | 4310 | 4905 |
| Reg. S, 2.75%, 01/15/2047 (e) | EUR | 7127 | 7654 |
| Reg. S, 3.25%, 01/15/2044 (e) | EUR | 4140 | 4854 |
| Reg. S, 3.75%, 01/15/2042 (e) | EUR | 5842 | 7319 |
| Reg. S, 4.00%, 01/15/2037 (e) | EUR | 3984 | 5137 |
| Reg. S, 5.50%, 01/15/2028 (e) | EUR | 1366 | 1725 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| New Zealand Government Bond, (New Zealand), |  |  |  |
| Series 427, Reg. S, 4.50%, 04/15/2027 | NZD | 2740 | 1631 |
| Series 429, 3.00%, 04/20/2029 | NZD | 5750 | 3318 |
| Series 433, Reg. S, 3.50%, 04/14/2033 | NZD | 3060 | 1723 |
| Series 437, Reg. S, 2.75%, 04/15/2037 | NZD | 1030 | 507 |
| Series 528, 0.25%, 05/15/2028 | NZD | 4180 | 2261 |
| Series 530, 4.50%, 05/15/2030 | NZD | 3810 | 2316 |
| Series 531, 1.50%, 05/15/2031 | NZD | 6250 | 3240 |
| Series 532, 2.00%, 05/15/2032 | NZD | 5320 | 2763 |
| Series 534, 4.25%, 05/15/2034 | NZD | 1450 | 850 |
| Series 535, 4.50%, 05/15/2035 | NZD | 4420 | 2623 |
| Series 536, 4.25%, 05/15/2036 | NZD | 4240 | 2444 |
| Series 541, 1.75%, 05/15/2041 | NZD | 3000 | 1167 |
| Series 551, 2.75%, 05/15/2051 | NZD | 1480 | 577 |
| Series 554, 5.00%, 05/15/2054 | NZD | 1230 | 706 |
| Norway Government Bond, (Norway), |  |  |  |
| Series 478, Reg. S, 1.50%, 02/19/2026 (e) | NOK | 1500 | 149 |
| Series 479, Reg. S, 1.75%, 02/17/2027 (e) | NOK | 17520 | 1707 |
| Series 480, Reg. S, 2.00%, 04/26/2028 (e) | NOK | 16060 | 1537 |
| Series 481, Reg. S, 1.75%, 09/06/2029 (e) | NOK | 27410 | 2534 |
| Series 482, Reg. S, 1.38%, 08/19/2030 (e) | NOK | 27590 | 2456 |
| Series 483, Reg. S, 1.25%, 09/17/2031 (e) | NOK | 18344 | 1579 |
| Series 484, Reg. S, 2.13%, 05/18/2032 (e) | NOK | 23187 | 2078 |
| Series 485, Reg. S, 3.50%, 10/06/2042 (e) | NOK | 3780 | 352 |
| Series 486, Reg. S, 3.00%, 08/15/2033 (e) | NOK | 6100 | 571 |
| Series 487, Reg. S, 3.63%, 04/13/2034 (e) | NOK | 22100 | 2153 |
| Series 488, Reg. S, 3.63%, 05/31/2039 (e) | NOK | 13330 | 1270 |
| Series 489, Reg. S, 3.75%, 06/12/2035 (e) | NOK | 14470 | 1416 |
| Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060 |  | 40 | 38 |
| Panama Government International Bond, (Panama), 6.70%, 01/26/2036 |  | 100 | 105 |
| Perusahaan Penerbit SBSN Indonesia, (Indonesia), |  |  |  |
| 6.38%, 03/15/2034 | IDR | 5000000 | 297 |
| 6.88%, 03/15/2036 | IDR | 5968000 | 369 |
| 6.88%, 12/15/2049 | IDR | 11700000 | 701 |
| Peruvian Government International Bond, (Peru), |  |  |  |
| 1.25%, 03/11/2033 | EUR | 2000 | 1994 |
| Reg. S, 1.95%, 11/17/2036 | EUR | 1000 | 969 |
| 2.78%, 01/23/2031 |  | 110 | 101 |
| 3.00%, 01/15/2034 |  | 60 | 52 |
| 3.23%, 07/28/2121 |  | 5 | 3 |
| 3.55%, 03/10/2051 |  | 5 | 4 |
| 6.20%, 06/30/2055 |  | 20 | 21 |
| Reg. S, 6.90%, 08/12/2037 | PEN | 1000 | 300 |
| Philippine Government International Bond, (Philippines), |  |  |  |
| 1.75%, 04/28/2041 | EUR | 1000 | 860 |
| 5.25%, 05/14/2034 |  | 200 | 209 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Portugal Obrigacoes do Tesouro OT, (Portugal), |  |  |  |
| Series 8Y, Reg. S, 0.70%, 10/15/2027 (e) | EUR | 2825 | 3229 |
| Series 10Y, Reg. S, 1.65%, 07/16/2032 (e) | EUR | 2780 | 3048 |
| Series 10Y, Reg. S, 1.95%, 06/15/2029 (e) | EUR | 4093 | 4757 |
| Series 10Y, Reg. S, 3.00%, 06/15/2035 (e) | EUR | 2340 | 2721 |
| Series 10Y, Reg. S, 4.13%, 04/14/2027 (e) | EUR | 1480 | 1792 |
| Series 11Y, Reg. S, 0.30%, 10/17/2031 (e) | EUR | 4762 | 4877 |
| Series 11Y, Reg. S, 0.48%, 10/18/2030 (e) | EUR | 4602 | 4905 |
| Series 11Y, Reg. S, 2.13%, 10/17/2028 (e) | EUR | 6507 | 7641 |
| Series 11Y, Reg. S, 2.88%, 10/20/2034 (e) | EUR | 1570 | 1820 |
| Series 15Y, Reg. S, 0.90%, 10/12/2035 (e) | EUR | 3221 | 3059 |
| Series 15Y, Reg. S, 2.25%, 04/18/2034 (e) | EUR | 5226 | 5805 |
| Series 15Y, Reg. S, 3.50%, 06/18/2038 (e) | EUR | 1990 | 2358 |
| Series 15Y, Reg. S, 3.88%, 02/15/2030 (e) | EUR | 1020 | 1273 |
| Series 20Y, Reg. S, 1.15%, 04/11/2042 (e) | EUR | 3905 | 3178 |
| Series 30Y, Reg. S, 3.63%, 06/12/2054 (e) | EUR | 1460 | 1619 |
| Series 30Y, Reg. S, 4.10%, 02/15/2045 (e) | EUR | 2250 | 2772 |
| Series 31Y, Reg. S, 1.00%, 04/12/2052 (e) | EUR | 2560 | 1596 |
| Series 31Y, Reg. S, 4.10%, 04/15/2037 (e) | EUR | 837 | 1061 |
| Republic of Austria Government Bond, (Austria), |  |  |  |
| Reg. S, 0.00%, 10/20/2028 (e) | EUR | 990 | 1087 |
| Reg. S, 0.00%, 02/20/2030 (e) | EUR | 4488 | 4739 |
| Reg. S, 0.00%, 02/20/2031 (e) | EUR | 8564 | 8769 |
| Reg. S, 0.00%, 10/20/2040 (e) | EUR | 2200 | 1551 |
| Reg. S, 0.25%, 10/20/2036 (e) | EUR | 6030 | 5171 |
| Reg. S, 0.50%, 04/20/2027 (e) | EUR | 6550 | 7512 |
| Reg. S, 0.50%, 02/20/2029 (e) | EUR | 4699 | 5197 |
| Reg. S, 0.70%, 04/20/2071 (e) | EUR | 1971 | 821 |
| Reg. S, 0.75%, 10/20/2026 (e) | EUR | 5320 | 6165 |
| Reg. S, 0.75%, 02/20/2028 (e) | EUR | 4340 | 4933 |
| Reg. S, 0.75%, 03/20/2051 (e) | EUR | 4002 | 2473 |
| Reg. S, 0.85%, 06/30/2120 (e) | EUR | 1010 | 364 |
| Reg. S, 0.90%, 02/20/2032 (e) | EUR | 6110 | 6431 |
| Reg. S, 1.50%, 02/20/2047 (e) | EUR | 3225 | 2622 |
| Reg. S, 1.50%, 11/02/2086 (e) | EUR | 1170 | 660 |
| Reg. S, 1.85%, 05/23/2049 (e) | EUR | 2790 | 2373 |
| Reg. S, 2.10%, 09/20/2117 (e) | EUR | 1656 | 1151 |
| Reg. S, 2.40%, 05/23/2034 (e) | EUR | 2173 | 2452 |
| Reg. S, 2.50%, 10/20/2029 (e) | EUR | 740 | 873 |
| Reg. S, 2.90%, 05/23/2029 (e) | EUR | 3770 | 4518 |
| Reg. S, 2.90%, 02/20/2033 (e) | EUR | 4840 | 5727 |
| Reg. S, 2.90%, 02/20/2034 (e) | EUR | 4410 | 5178 |
| Reg. S, 2.95%, 02/20/2035 (e) | EUR | 2480 | 2898 |
| Reg. S, 3.15%, 06/20/2044 (e) | EUR | 3928 | 4387 |
| Reg. S, 3.15%, 10/20/2053 (e) | EUR | 3270 | 3463 |
| Reg. S, 3.20%, 07/15/2039 (e) | EUR | 2300 | 2661 |
| Reg. S, 3.45%, 10/20/2030 (e) | EUR | 4480 | 5490 |
| Reg. S, 3.80%, 01/26/2062 (e) | EUR | 1580 | 1884 |
| Reg. S, 4.15%, 03/15/2037 (e) | EUR | 3035 | 3890 |
| Reg. S, 6.25%, 07/15/2027 | EUR | 783 | 985 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Republic of Austria Government International Bond, (Austria), Series 30Y, Reg. S, 5.38%, 12/01/2034 (e) | CAD | 200 | 161 |
| Republic of Italy Government International Bond, (Italy), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa) | EUR | 1000 | 1231 |
| 5.20%, 07/31/2034 | EUR | 200 | 263 |
| Reg. S, 6.00%, 08/04/2028 | GBP | 1050 | 1459 |
| Series 5Y, 1.25%, 02/17/2026 |  | 2000 | 1978 |
| Series 10Y, 2.88%, 10/17/2029 |  | 200 | 191 |
| Series 30Y, 3.88%, 05/06/2051 |  | 1300 | 942 |
| Republic of Poland Government Bond, (Poland), |  |  |  |
| Series 127, Zero Coupon, 01/25/2027 | PLN | 25650 | 6696 |
| Series 128, Zero Coupon, 01/25/2028 | PLN | 7270 | 1813 |
| Series 428, 2.75%, 04/25/2028 | PLN | 28410 | 7526 |
| Series 429, 5.75%, 04/25/2029 | PLN | 4630 | 1323 |
| Series 432, 1.75%, 04/25/2032 | PLN | 29453 | 6621 |
| Series 447, 4.00%, 04/25/2047 | PLN | 3993 | 887 |
| Series 527, 3.75%, 05/25/2027 | PLN | 10290 | 2814 |
| Series 727, 2.50%, 07/25/2027 | PLN | 8450 | 2255 |
| Series 728, 7.50%, 07/25/2028 | PLN | 14080 | 4184 |
| Series 729, 4.75%, 07/25/2029 | PLN | 12430 | 3433 |
| Series 730, 4.50%, 07/25/2030 | PLN | 24990 | 6771 |
| Series 1026, 0.25%, 10/25/2026 | PLN | 6040 | 1601 |
| Series 1029, 2.75%, 10/25/2029 | PLN | 15653 | 4008 |
| Series 1030, 1.25%, 10/25/2030 | PLN | 38673 | 8935 |
| Series 1033, 6.00%, 10/25/2033 | PLN | 6530 | 1883 |
| Series 1034, 5.00%, 10/25/2034 | PLN | 15180 | 4067 |
| Series 1035, 5.00%, 10/25/2035 | PLN | 11160 | 2963 |
| Republic of Poland Government International Bond, (Poland), |  |  |  |
| Reg. S, 0.88%, 05/10/2027 | EUR | 1900 | 2188 |
| Reg. S, 2.00%, 03/08/2049 | EUR | 53 | 42 |
| Reg. S, 2.75%, 05/25/2032 | EUR | 3000 | 3453 |
| Series 30Y, 5.50%, 03/18/2054 |  | 50 | 48 |
| Romania Government Bond, (Romania), |  |  |  |
| Series 2Y, 7.40%, 04/28/2027 | RON | 12380 | 2869 |
| Series 4Y, 7.20%, 05/31/2027 | RON | 4070 | 941 |
| Series 5Y, 4.25%, 04/28/2036 | RON | 1215 | 219 |
| Series 5Y, 6.30%, 04/25/2029 | RON | 8160 | 1822 |
| Series 6Y, 8.75%, 10/30/2028 | RON | 5850 | 1401 |
| Series 7Y, 2.50%, 10/25/2027 | RON | 6350 | 1339 |
| Series 7Y, 8.00%, 04/29/2030 | RON | 8510 | 2010 |
| Series 8Y, 4.15%, 01/26/2028 | RON | 1930 | 417 |
| Series 8Y, 7.35%, 04/28/2031 | RON | 7030 | 1619 |
| Series 8Y, 7.50%, 07/27/2033 | RON | 6155 | 1432 |
| Series 10YR, 4.15%, 10/24/2030 | RON | 6005 | 1203 |
| Series 10Y, 6.70%, 02/25/2032 | RON | 8530 | 1903 |
| Series 10Y, 8.25%, 09/29/2032 | RON | 8080 | 1952 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Series 11Y, 6.75%, 04/25/2035 | RON | 4610 | 1025 |
| Series 11Y, 7.10%, 07/31/2034 | RON | 6060 | 1378 |
| Series 15Y, 4.75%, 10/11/2034 | RON | 5340 | 1030 |
| Series 15Y, 7.90%, 02/24/2038 | RON | 3710 | 895 |
| Romanian Government International Bond, (Romania), |  |  |  |
| Reg. S, 1.38%, 12/02/2029 | EUR | 2000 | 2089 |
| Reg. S, 1.75%, 07/13/2030 | EUR | 1000 | 1031 |
| Reg. S, 2.00%, 04/14/2033 | EUR | 1500 | 1383 |
| Reg. S, 2.63%, 12/02/2040 | EUR | 1000 | 751 |
| Reg. S, 2.75%, 04/14/2041 | EUR | 800 | 605 |
| Reg. S, 2.88%, 04/13/2042 | EUR | 1000 | 754 |
| Reg. S, 3.38%, 02/08/2038 | EUR | 1425 | 1279 |
| Reg. S, 3.62%, 05/26/2030 | EUR | 1875 | 2119 |
| Reg. S, 5.00%, 09/27/2026 | EUR | 1000 | 1203 |
| Reg. S, 6.63%, 09/27/2029 | EUR | 2000 | 2542 |
| Saudi Government International Bond, (Saudi Arabia), |  |  |  |
| Reg. S, 2.00%, 07/09/2039 | EUR | 1200 | 1112 |
| 5.75%, 01/16/2054 (e) |  | 2645 | 2657 |
| SFIL SA, (France), |  |  |  |
| Reg. S, 0.00%, 11/23/2028 | EUR | 200 | 217 |
| Reg. S, 0.05%, 06/04/2029 | EUR | 1800 | 1922 |
| Reg. S, 1.50%, 03/05/2032 | EUR | 500 | 530 |
| Reg. S, 2.88%, 01/18/2028 | EUR | 2100 | 2488 |
| Reg. S, 2.88%, 01/22/2031 | EUR | 400 | 467 |
| Reg. S, 3.00%, 09/24/2030 | EUR | 700 | 827 |
| Reg. S, 3.00%, 06/23/2032 | EUR | 500 | 578 |
| Reg. S, 3.25%, 11/25/2030 | EUR | 200 | 238 |
| Reg. S, 3.25%, 10/05/2032 | EUR | 200 | 234 |
| Singapore Government Bond, (Singapore), |  |  |  |
| 1.25%, 11/01/2026 | SGD | 1370 | 1059 |
| 1.63%, 07/01/2031 | SGD | 1790 | 1379 |
| 1.88%, 03/01/2050 | SGD | 1743 | 1328 |
| 1.88%, 10/01/2051 | SGD | 2370 | 1784 |
| 2.25%, 07/01/2040 | SGD | 590 | 473 |
| 2.38%, 07/01/2039 | SGD | 3110 | 2523 |
| 2.50%, 04/01/2030 | SGD | 3220 | 2592 |
| 2.63%, 05/01/2028 | SGD | 1960 | 1560 |
| 2.63%, 08/01/2032 | SGD | 3020 | 2464 |
| 2.75%, 03/01/2035 | SGD | 2980 | 2475 |
| 2.75%, 04/01/2042 | SGD | 850 | 731 |
| 2.75%, 03/01/2046 | SGD | 2970 | 2601 |
| 2.88%, 09/01/2027 | SGD | 1230 | 978 |
| 2.88%, 08/01/2028 | SGD | 2240 | 1800 |
| 2.88%, 07/01/2029 | SGD | 2330 | 1889 |
| 2.88%, 09/01/2030 | SGD | 2215 | 1817 |
| 3.00%, 04/01/2029 | SGD | 5030 | 4089 |
| Reg. S, 3.00%, 08/01/2072 | SGD | 1780 | 1693 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 3.25%, 06/01/2054 | SGD | 960 | 938 |
| 3.38%, 09/01/2033 | SGD | 3840 | 3307 |
| 3.38%, 05/01/2034 | SGD | 1650 | 1430 |
| 3.50%, 03/01/2027 | SGD | 5000 | 3985 |
| Slovakia Government Bond, (Slovakia), |  |  |  |
| Series 227, Reg. S, 3.63%, 01/16/2029 | EUR | 470 | 573 |
| Series 229, Reg. S, 1.63%, 01/21/2031 | EUR | 1200 | 1330 |
| Series 232, Reg. S, 1.88%, 03/09/2037 | EUR | 920 | 903 |
| Series 233, Reg. S, 2.00%, 10/17/2047 | EUR | 460 | 369 |
| Series 234, Reg. S, 1.00%, 06/12/2028 | EUR | 700 | 793 |
| Series 235, Reg. S, 2.25%, 06/12/2068 | EUR | 399 | 271 |
| Series 236, Reg. S, 0.75%, 04/09/2030 | EUR | 420 | 454 |
| Series 239, Reg. S, 1.00%, 05/14/2032 | EUR | 718 | 741 |
| Series 241, Reg. S, 0.13%, 06/17/2027 | EUR | 1362 | 1545 |
| Series 242, Reg. S, 0.38%, 04/21/2036 | EUR | 379 | 320 |
| Series 243, Reg. S, 1.00%, 10/13/2051 | EUR | 1160 | 680 |
| Series 244, Reg. S, 4.00%, 10/19/2032 | EUR | 2090 | 2596 |
| Series 245, Reg. S, 3.75%, 02/23/2035 | EUR | 3260 | 3907 |
| Series 246, Reg. S, 4.00%, 02/23/2043 | EUR | 1490 | 1732 |
| Series 247, Reg. S, 3.63%, 06/08/2033 | EUR | 2745 | 3303 |
| Series 250, Reg. S, 3.75%, 03/06/2034 | EUR | 1360 | 1641 |
| Series 251, Reg. S, 3.00%, 11/06/2031 | EUR | 660 | 777 |
| Series 252, Reg. S, 3.75%, 02/27/2040 | EUR | 1060 | 1218 |
| Slovenia Government Bond, (Slovenia), |  |  |  |
| Series RS74, Reg. S, 1.50%, 03/25/2035 | EUR | 940 | 965 |
| Series RS76, Reg. S, 3.13%, 08/07/2045 | EUR | 290 | 312 |
| Series RS77, Reg. S, 2.25%, 03/03/2032 | EUR | 2470 | 2823 |
| Series RS78, Reg. S, 1.75%, 11/03/2040 | EUR | 612 | 569 |
| Series RS80, Reg. S, 1.00%, 03/06/2028 | EUR | 500 | 573 |
| Series RS81, Reg. S, 1.19%, 03/14/2029 | EUR | 420 | 477 |
| Series RS82, Reg. S, 0.28%, 01/14/2030 | EUR | 586 | 630 |
| Series RS84, Reg. S, 0.88%, 07/15/2030 | EUR | 190 | 208 |
| Series RS85, Reg. S, 0.49%, 10/20/2050 | EUR | 450 | 247 |
| Series RS86, Reg. S, 0.00%, 02/12/2031 | EUR | 800 | 820 |
| Series RS87, Reg. S, 0.69%, 03/03/2081 | EUR | 121 | 40 |
| Series RS91, Reg. S, 3.63%, 03/11/2033 | EUR | 760 | 941 |
| Series RS93, Reg. S, 3.00%, 03/10/2034 | EUR | 1510 | 1775 |
| Series RS95, Reg. S, 3.50%, 04/14/2055 | EUR | 360 | 392 |
| Series RS97, Reg. S, 3.13%, 07/02/2035 | EUR | 870 | 1016 |
| Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033 |  | 1000 | 1030 |
| Societe Des Grands Projets EPIC, (France), |  |  |  |
| Reg. S, 0.00%, 11/25/2030 | EUR | 2200 | 2231 |
| Reg. S, 0.30%, 11/25/2031 | EUR | 1000 | 995 |
| Reg. S, 0.30%, 09/02/2036 | EUR | 200 | 163 |
| Reg. S, 0.70%, 10/15/2060 | EUR | 300 | 120 |
| Reg. S, 0.88%, 05/10/2046 | EUR | 900 | 584 |
| Reg. S, 1.00%, 11/26/2051 | EUR | 200 | 114 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 1.13%, 10/22/2028 | EUR | 700 | 790 |
| Reg. S, 1.13%, 05/25/2034 | EUR | 200 | 195 |
| Reg. S, 1.70%, 05/25/2050 | EUR | 300 | 215 |
| Reg. S, 3.38%, 05/25/2045 | EUR | 700 | 735 |
| Reg. S, 3.50%, 05/25/2043 | EUR | 400 | 433 |
| Reg. S, 3.50%, 06/25/2049 | EUR | 800 | 830 |
| Reg. S, 3.70%, 05/25/2053 | EUR | 1300 | 1355 |
| Spain Government Bond, (Spain), |  |  |  |
| 0.00%, 01/31/2027 | EUR | 9890 | 11297 |
| Reg. S, 0.00%, 01/31/2028 (e) | EUR | 8258 | 9224 |
| Reg. S, 0.10%, 04/30/2031 (e) | EUR | 9780 | 9973 |
| Reg. S, 0.50%, 04/30/2030 (e) | EUR | 6473 | 6944 |
| Reg. S, 0.50%, 10/31/2031 (e) | EUR | 5188 | 5337 |
| Reg. S, 0.60%, 10/31/2029 (e) | EUR | 9720 | 10602 |
| Reg. S, 0.70%, 04/30/2032 (e) | EUR | 9430 | 9685 |
| Reg. S, 0.80%, 07/30/2027 (e) | EUR | 5661 | 6494 |
| 0.80%, 07/30/2029 | EUR | 8100 | 8950 |
| Reg. S, 0.85%, 07/30/2037 (e) | EUR | 7123 | 6273 |
| Reg. S, 1.00%, 07/30/2042 (e) | EUR | 5853 | 4538 |
| Reg. S, 1.00%, 10/31/2050 (e) | EUR | 7850 | 4944 |
| Reg. S, 1.20%, 10/31/2040 (e) | EUR | 7081 | 5961 |
| Reg. S, 1.25%, 10/31/2030 (e) | EUR | 11838 | 13015 |
| Reg. S, 1.30%, 10/31/2026 (e) | EUR | 3721 | 4333 |
| Reg. S, 1.40%, 04/30/2028 (e) | EUR | 11036 | 12706 |
| Reg. S, 1.40%, 07/30/2028 (e) | EUR | 10501 | 12046 |
| Reg. S, 1.45%, 10/31/2027 (e) | EUR | 9130 | 10578 |
| Reg. S, 1.45%, 04/30/2029 (e) | EUR | 13830 | 15736 |
| Reg. S, 1.45%, 10/31/2071 (e) | EUR | 3359 | 1789 |
| Reg. S, 1.50%, 04/30/2027 (e) | EUR | 12455 | 14492 |
| Reg. S, 1.85%, 07/30/2035 (e) | EUR | 10063 | 10483 |
| Reg. S, 1.90%, 10/31/2052 (e) | EUR | 7442 | 5718 |
| Reg. S, 1.95%, 07/30/2030 (e) | EUR | 11374 | 12998 |
| Reg. S, 2.15%, 10/31/2025 (e) | EUR | 2505 | 2941 |
| Reg. S, 2.35%, 07/30/2033 (e) | EUR | 6401 | 7192 |
| 2.40%, 05/31/2028 | EUR | 5840 | 6884 |
| 2.50%, 05/31/2027 | EUR | 8130 | 9607 |
| Reg. S, 2.55%, 10/31/2032 (e) | EUR | 6820 | 7842 |
| 2.70%, 01/31/2030 | EUR | 6610 | 7822 |
| Reg. S, 2.90%, 10/31/2046 (e) | EUR | 6723 | 6814 |
| Reg. S, 3.10%, 07/30/2031 | EUR | 5455 | 6533 |
| Reg. S, 3.15%, 04/30/2033 (e) | EUR | 13420 | 15966 |
| Reg. S, 3.15%, 04/30/2035 (e) | EUR | 5980 | 6994 |
| Reg. S, 3.20%, 10/31/2035 (e) | EUR | 5710 | 6674 |
| Reg. S, 3.25%, 04/30/2034 (e) | EUR | 10700 | 12710 |
| Reg. S, 3.45%, 10/31/2034 (e) | EUR | 6670 | 8019 |
| Reg. S, 3.45%, 07/30/2043 (e) | EUR | 8033 | 8992 |
| Reg. S, 3.45%, 07/30/2066 (e) | EUR | 4740 | 4776 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| 3.50%, 05/31/2029 | EUR | 7550 | 9202 |
| Reg. S, 3.50%, 01/31/2041 (e) | EUR | 2420 | 2769 |
| Reg. S, 3.55%, 10/31/2033 (e) | EUR | 9265 | 11282 |
| Reg. S, 3.90%, 07/30/2039 (e) | EUR | 8100 | 9820 |
| Reg. S, 4.00%, 10/31/2054 (e) | EUR | 3840 | 4440 |
| Reg. S, 4.20%, 01/31/2037 (e) | EUR | 9553 | 12077 |
| Reg. S, 4.70%, 07/30/2041 (e) | EUR | 6884 | 9045 |
| Reg. S, 4.90%, 07/30/2040 (e) | EUR | 3809 | 5109 |
| Reg. S, 5.15%, 10/31/2028 (e) | EUR | 8886 | 11312 |
| Reg. S, 5.15%, 10/31/2044 (e) | EUR | 5591 | 7746 |
| 5.75%, 07/30/2032 | EUR | 6596 | 9140 |
| 6.00%, 01/31/2029 | EUR | 2430 | 3187 |
| Series 30Y, Reg. S, 2.70%, 10/31/2048 (e) | EUR | 6311 | 6057 |
| State of the Grand-Duchy of Luxembourg, (Luxembourg), |  |  |  |
| Reg. S, 0.00%, 11/13/2026 | EUR | 400 | 459 |
| Reg. S, 0.00%, 04/28/2030 | EUR | 150 | 157 |
| Reg. S, 0.00%, 03/24/2031 | EUR | 103 | 105 |
| Reg. S, 0.00%, 09/14/2032 | EUR | 400 | 390 |
| Reg. S, 1.38%, 05/25/2029 | EUR | 380 | 431 |
| Reg. S, 1.75%, 05/25/2042 | EUR | 710 | 652 |
| Reg. S, 2.63%, 10/23/2034 | EUR | 2100 | 2416 |
| Reg. S, 2.88%, 03/01/2034 | EUR | 910 | 1071 |
| Reg. S, 3.25%, 03/02/2043 | EUR | 100 | 113 |
| States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046 | GBP | 200 | 188 |
| Svensk Exportkredit AB, (Sweden), |  |  |  |
| Zero Coupon, 05/11/2037 |  | 224 | 128 |
| Reg. S, 2.00%, 06/30/2027 | EUR | 1000 | 1168 |
| Reg. S, 2.75%, 02/23/2028 | EUR | 585 | 692 |
| Sweden Government Bond, (Sweden), |  |  |  |
| Series 1053, Reg. S, 3.50%, 03/30/2039 | SEK | 12460 | 1429 |
| Series 1056, Reg. S, 2.25%, 06/01/2032 | SEK | 9200 | 972 |
| Series 1059, Reg. S, 1.00%, 11/12/2026 | SEK | 31600 | 3324 |
| Series 1060, Reg. S, 0.75%, 05/12/2028 (e) | SEK | 64815 | 6682 |
| Series 1061, Reg. S, 0.75%, 11/12/2029 (e) | SEK | 46490 | 4686 |
| Series 1062, Reg. S, 0.13%, 05/12/2031 (e) | SEK | 14255 | 1348 |
| Series 1063, Reg. S, 0.50%, 11/24/2045 | SEK | 4650 | 314 |
| Series 1064, Reg. S, 1.38%, 06/23/2071 (e) | SEK | 570 | 35 |
| Series 1065, Reg. S, 1.75%, 11/11/2033 | SEK | 24580 | 2474 |
| Series 1066, Reg. S, 2.25%, 05/11/2035 | SEK | 18490 | 1904 |
| Series 1067, Reg. S, 2.50%, 10/15/2036 | SEK | 8500 | 887 |
| Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 09/09/2030 | SEK | 17590 | 1692 |
| Swiss Confederation Government Bond, (Switzerland), |  |  |  |
| Reg. S, 0.00%, 06/22/2029 | CHF | 270 | 340 |
| Reg. S, 0.00%, 06/26/2034 | CHF | 4839 | 6004 |
| Reg. S, 0.00%, 07/24/2039 | CHF | 4939 | 5922 |
| Reg. S, 0.50%, 05/27/2030 | CHF | 3140 | 4035 |
| Reg. S, 0.50%, 06/27/2032 | CHF | 2090 | 2699 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 0.50%, 06/28/2045 | CHF | 2510 | 3181 |
| Reg. S, 0.50%, 05/24/2055 | CHF | 1172 | 1525 |
| Reg. S, 0.50%, 05/30/2058 | CHF | 1560 | 2044 |
| Reg. S, 0.88%, 05/22/2047 | CHF | 860 | 1179 |
| Reg. S, 1.25%, 06/27/2037 | CHF | 680 | 951 |
| Reg. S, 1.50%, 04/30/2042 | CHF | 1140 | 1687 |
| Reg. S, 2.00%, 06/25/2064 | CHF | 611 | 1241 |
| Reg. S, 4.00%, 04/08/2028 | CHF | 663 | 919 |
| Reg. S, 4.00%, 01/06/2049 | CHF | 460 | 1040 |
| Thailand Government Bond, (Thailand), |  |  |  |
| 1.00%, 06/17/2027 | THB | 40000 | 1231 |
| 1.59%, 12/17/2035 | THB | 81400 | 2535 |
| 1.60%, 12/17/2029 | THB | 123830 | 3878 |
| 1.60%, 06/17/2035 | THB | 24510 | 768 |
| 1.66%, 03/17/2030 | THB | 50610 | 1592 |
| 1.88%, 06/17/2049 | THB | 28730 | 843 |
| 2.00%, 12/17/2031 | THB | 245230 | 7894 |
| 2.00%, 06/17/2042 | THB | 46000 | 1442 |
| 2.05%, 04/17/2028 | THB | 36500 | 1151 |
| 2.13%, 12/17/2026 | THB | 3024 | 94 |
| 2.40%, 11/17/2027 | THB | 162750 | 5151 |
| 2.40%, 03/17/2029 | THB | 37000 | 1188 |
| 2.41%, 03/17/2035 | THB | 72500 | 2434 |
| 2.50%, 11/17/2029 | THB | 114000 | 3702 |
| 2.50%, 06/17/2071 | THB | 4900 | 162 |
| 2.65%, 06/17/2028 | THB | 214700 | 6883 |
| 2.70%, 06/17/2040 | THB | 48200 | 1693 |
| 2.75%, 06/17/2052 | THB | 18410 | 637 |
| 2.80%, 06/17/2034 | THB | 120910 | 4144 |
| 2.88%, 06/17/2046 | THB | 28430 | 990 |
| 2.98%, 06/17/2045 | THB | 25120 | 896 |
| 3.14%, 06/17/2047 | THB | 69340 | 2493 |
| 3.15%, 06/17/2050 | THB | 27490 | 1003 |
| 3.35%, 06/17/2033 | THB | 29340 | 1036 |
| 3.39%, 06/17/2037 | THB | 178500 | 6581 |
| 3.40%, 06/17/2036 | THB | 4000 | 146 |
| 3.45%, 06/17/2043 | THB | 146630 | 5545 |
| 3.65%, 06/20/2031 | THB | 3480 | 122 |
| 4.00%, 06/17/2055 | THB | 80270 | 3486 |
| 4.00%, 06/17/2066 | THB | 78670 | 3564 |
| 4.00%, 06/17/2072 | THB | 75000 | 3490 |
| Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027 | EUR | 200 | 226 |
| UNEDIC ASSEO, (France), |  |  |  |
| Reg. S, 0.00%, 03/05/2030 | EUR | 100 | 105 |
| Reg. S, 0.00%, 11/19/2030 | EUR | 1400 | 1423 |
| Reg. S, 0.01%, 05/25/2031 | EUR | 1500 | 1498 |
| Reg. S, 0.10%, 11/25/2026 | EUR | 600 | 688 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 0.10%, 05/25/2034 | EUR | 100 | 89 |
| Reg. S, 0.25%, 11/25/2029 | EUR | 2000 | 2129 |
| Reg. S, 0.25%, 07/16/2035 | EUR | 1700 | 1469 |
| Reg. S, 0.50%, 03/20/2029 | EUR | 1600 | 1754 |
| Reg. S, 0.50%, 05/25/2036 | EUR | 500 | 427 |
| Reg. S, 0.88%, 05/25/2028 | EUR | 1400 | 1581 |
| Reg. S, 1.25%, 03/28/2027 | EUR | 1000 | 1159 |
| Reg. S, 1.25%, 10/21/2027 | EUR | 200 | 230 |
| Reg. S, 1.25%, 05/25/2033 | EUR | 700 | 714 |
| Reg. S, 1.50%, 04/20/2032 | EUR | 300 | 320 |
| Reg. S, 1.75%, 11/25/2032 | EUR | 800 | 858 |
| Reg. S, 3.13%, 11/25/2034 | EUR | 400 | 459 |
| Reg. S, 3.25%, 05/25/2035 | EUR | 600 | 689 |
| Reg. S, 3.38%, 11/25/2033 | EUR | 900 | 1061 |
| United Kingdom Gilt, (United Kingdom), |  |  |  |
| Reg. S, 0.13%, 01/31/2028 | GBP | 21957 | 27149 |
| Reg. S, 0.25%, 07/31/2031 | GBP | 14206 | 15309 |
| Reg. S, 0.38%, 10/22/2026 | GBP | 14747 | 19140 |
| Reg. S, 0.38%, 10/22/2030 | GBP | 11949 | 13408 |
| Reg. S, 0.50%, 01/31/2029 | GBP | 9330 | 11220 |
| Reg. S, 0.50%, 10/22/2061 | GBP | 21672 | 7111 |
| Reg. S, 0.63%, 07/31/2035 | GBP | 13654 | 12511 |
| Reg. S, 0.63%, 10/22/2050 | GBP | 26646 | 12471 |
| Reg. S, 0.88%, 10/22/2029 | GBP | 16380 | 19519 |
| Reg. S, 0.88%, 07/31/2033 | GBP | 11881 | 12185 |
| Reg. S, 0.88%, 01/31/2046 | GBP | 21279 | 12750 |
| Reg. S, 1.00%, 01/31/2032 | GBP | 11852 | 13060 |
| Reg. S, 1.13%, 01/31/2039 | GBP | 19466 | 16433 |
| Reg. S, 1.13%, 10/22/2073 | GBP | 8347 | 3428 |
| Reg. S, 1.25%, 07/22/2027 | GBP | 13571 | 17432 |
| Reg. S, 1.25%, 10/22/2041 | GBP | 25501 | 19760 |
| Reg. S, 1.25%, 07/31/2051 | GBP | 21256 | 11933 |
| Reg. S, 1.50%, 07/22/2047 | GBP | 19475 | 13114 |
| Reg. S, 1.50%, 07/31/2053 | GBP | 20527 | 11946 |
| Reg. S, 1.63%, 10/22/2028 | GBP | 16045 | 20199 |
| Reg. S, 1.63%, 10/22/2054 | GBP | 21691 | 12906 |
| Reg. S, 1.63%, 10/22/2071 | GBP | 18280 | 9464 |
| Reg. S, 1.75%, 09/07/2037 | GBP | 28360 | 27409 |
| Reg. S, 1.75%, 01/22/2049 | GBP | 23249 | 16069 |
| Reg. S, 1.75%, 07/22/2057 | GBP | 24294 | 14493 |
| Reg. S, 2.50%, 07/22/2065 | GBP | 14492 | 10320 |
| Reg. S, 3.25%, 01/31/2033 | GBP | 12330 | 15338 |
| Reg. S, 3.25%, 01/22/2044 | GBP | 20290 | 20580 |
| Reg. S, 3.50%, 01/22/2045 | GBP | 23935 | 24933 |
| Reg. S, 3.50%, 07/22/2068 | GBP | 15372 | 14203 |
| Reg. S, 3.75%, 03/07/2027 | GBP | 2560 | 3431 |
| Reg. S, 3.75%, 01/29/2038 | GBP | 24010 | 28631 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 3.75%, 07/22/2052 | GBP | 20027 | 20379 |
| Reg. S, 3.75%, 10/22/2053 | GBP | 20446 | 20584 |
| Reg. S, 4.00%, 10/22/2031 | GBP | 10000 | 13244 |
| Reg. S, 4.00%, 01/22/2060 | GBP | 18088 | 18840 |
| Reg. S, 4.00%, 10/22/2063 | GBP | 12825 | 13191 |
| Reg. S, 4.13%, 01/29/2027 | GBP | 10220 | 13764 |
| Reg. S, 4.13%, 07/22/2029 | GBP | 11770 | 15855 |
| Reg. S, 4.25%, 12/07/2027 | GBP | 8680 | 11777 |
| Reg. S, 4.25%, 06/07/2032 | GBP | 12660 | 16982 |
| Reg. S, 4.25%, 07/31/2034 | GBP | 11425 | 14938 |
| Reg. S, 4.25%, 03/07/2036 | GBP | 27266 | 35028 |
| Reg. S, 4.25%, 09/07/2039 | GBP | 20567 | 25391 |
| Reg. S, 4.25%, 12/07/2040 | GBP | 21015 | 25520 |
| Reg. S, 4.25%, 12/07/2046 | GBP | 23108 | 26483 |
| Reg. S, 4.25%, 12/07/2049 (ff) | GBP | 14533 | 16380 |
| Reg. S, 4.25%, 12/07/2055 | GBP | 20829 | 22916 |
| Reg. S, 4.38%, 03/07/2028 | GBP | 13770 | 18672 |
| Reg. S, 4.38%, 03/07/2030 | GBP | 15820 | 21476 |
| Reg. S, 4.38%, 01/31/2040 | GBP | 24290 | 30171 |
| Reg. S, 4.38%, 07/31/2054 | GBP | 22536 | 25358 |
| Reg. S, 4.50%, 06/07/2028 | GBP | 10970 | 14943 |
| Reg. S, 4.50%, 09/07/2034 | GBP | 12120 | 16166 |
| Reg. S, 4.50%, 03/07/2035 | GBP | 14610 | 19343 |
| Reg. S, 4.50%, 12/07/2042 | GBP | 21995 | 26996 |
| Reg. S, 4.63%, 01/31/2034 | GBP | 10445 | 14094 |
| Reg. S, 4.75%, 12/07/2030 | GBP | 13486 | 18688 |
| Reg. S, 4.75%, 12/07/2038 | GBP | 21423 | 28111 |
| Reg. S, 4.75%, 10/22/2043 | GBP | 24182 | 30257 |
| Reg. S, 5.38%, 01/31/2056 | GBP | 2820 | 3724 |
| Reg. S, 6.00%, 12/07/2028 | GBP | 912 | 1302 |
| United States Department of Housing and Urban Development, 3.26%, 08/01/2029 |  | 25 | 24 |
| United States International Development Finance Corp., |  |  |  |
| 3.25%, 10/15/2030 |  | 583 | 571 |
| 3.37%, 10/05/2034 |  | 76 | 73 |
| Series 1, 1.11%, 05/15/2029 |  | 576 | 543 |
| Series 2, 0.80%, 05/15/2029 |  | 287 | 269 |
|  Total Sovereign |  |  | 8305685 |
| **Transportation — 0.1%** |  |  |  |
|  Regie Autonome des Transports Parisiens EPIC, (France), |  |  |  |
| Reg. S, 0.35%, 06/20/2029 | EUR | 500 | 537 |
| Reg. S, 0.40%, 12/19/2036 | EUR | 867 | 843 |
| Reg. S, 0.88%, 05/25/2027 | EUR | 100 | 115 |
| Reg. S, 1.88%, 05/25/2032 | EUR | 500 | 538 |
| Reg. S, 3.25%, 04/11/2033 | EUR | 100 | 116 |
| Reg. S, 3.25%, 05/25/2034 | EUR | 300 | 345 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Transportation — continued** |  |  |  |
| SNCF Reseau, (France), |  |  |  |
|  Reg. S, 0.75%, 05/25/2036 | EUR | 300 | 259 |
|  Reg. S, 0.88%, 01/22/2029 | EUR | 600 | 665 |
|  Reg. S, 1.00%, 11/09/2031 | EUR | 300 | 311 |
|  Reg. S, 1.13%, 05/19/2027 | EUR | 700 | 806 |
|  Reg. S, 1.13%, 05/25/2030 | EUR | 500 | 542 |
|  Reg. S, 1.50%, 05/29/2037 | EUR | 300 | 273 |
|  Reg. S, 2.00%, 11/12/2026 | CHF | 300 | 383 |
|  Reg. S, 2.00%, 02/05/2048 | EUR | 100 | 76 |
|  Reg. S, 2.25%, 12/20/2047 | EUR | 400 | 324 |
|  Reg. S, 3.13%, 10/25/2028 | EUR | 1800 | 2142 |
|  Reg. S, 4.25%, 10/07/2026 | EUR | 600 | 719 |
|  4.70%, 06/01/2035 | CAD | 100 | 75 |
|  Reg. S, 5.00%, 10/10/2033 | EUR | 2000 | 2601 |
|  Reg. S, 5.00%, 03/11/2052 | GBP | 145 | 166 |
|  Reg. S, 5.25%, 12/07/2028 | GBP | 300 | 413 |
|  Societe Nationale SNCF SACA, (France), |  |  |  |
|  Reg. S, 0.63%, 04/17/2030 | EUR | 1500 | 1597 |
|  Reg. S, 1.00%, 05/25/2040 | EUR | 100 | 78 |
|  Reg. S, 1.00%, 01/19/2061 | EUR | 100 | 42 |
|  Reg. S, 1.50%, 02/02/2029 | EUR | 800 | 903 |
|  Reg. S, 3.13%, 05/25/2034 | EUR | 1000 | 1141 |
|  Reg. S, 3.38%, 05/25/2033 | EUR | 1200 | 1412 |
|  Reg. S, 3.63%, 04/03/2035 | EUR | 1000 | 1176 |
|  Reg. S, 5.38%, 03/18/2027 | GBP | 400 | 544 |
|  Total Transportation |  |  | 19142 |
|  Total Foreign Government Securities<br>(Cost $9,385,694) |  |  | 9522426 |
| **Mortgage-Backed Securities** — **13.3%** |  |  |  |
| **FGLMC Collateral — 0.1%** |  |  |  |
|  FHLMC Gold Pool, |  |  |  |
|  3.00%, 10/01/2046 |  | 150 | 133 |
|  3.50%, 12/01/2044 |  | 376 | 350 |
|  3.50%, 06/01/2045 |  | 763 | 708 |
|  3.50%, 05/01/2046 |  | 118 | 109 |
|  3.50%, 10/01/2046 |  | 158 | 146 |
|  FHLMC Gold Pool, Single Family, 15 years, |  |  |  |
|  3.00%, 10/01/2026 |  | 10 | 11 |
|  3.00%, 11/01/2026 |  | 58 | 57 |
|  3.00%, 01/01/2027 |  | 330 | 327 |
|  3.00%, 05/01/2029 |  | 1910 | 1888 |
|  3.00%, 02/01/2032 |  | 229 | 224 |
|  3.00%, 04/01/2032 |  | 1183 | 1153 |
|  3.00%, 05/01/2032 |  | 797 | 778 |
|  3.00%, 07/01/2032 |  | 435 | 424 |
|  3.00%, 10/01/2032 |  | 455 | 444 |
|  3.00%, 11/01/2032 |  | 812 | 791 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **FGLMC Collateral — continued** |  |  |
|  FHLMC Gold Pool, Single Family, 30 years, |  |  |
| 3.00%, 03/01/2046 | 14 | 13 |
| 3.00%, 12/01/2046 | 24 | 22 |
| 4.00%, 08/01/2040 | 200 | 195 |
| 4.00%, 10/01/2040 | 1798 | 1758 |
| 4.00%, 11/01/2040 | 466 | 455 |
| 4.00%, 11/01/2047 | 1382 | 1335 |
| 4.00%, 01/01/2048 | 30 | 29 |
|  Total FGLMC Collateral |  | 11350 |
| **FHLMC Collateral — 0.0% (g)** |  |  |
| FHLMC Non Gold Pool, ARM, (USD IBOR Consumer Cash Fallbacks 1 Year + 1.64%),<br>3.83%, 01/01/2050 (aa) | 38 | 38 |
| FHLMC Pool, |  |  |
| 2.22%, 07/01/2036 | 1319 | 1073 |
| 3.05%, 03/01/2032 | 885 | 816 |
| 3.50%, 02/01/2043 | 40 | 37 |
| 3.50%, 02/01/2044 | 65 | 61 |
| 6.00%, 08/01/2035 | 47 | 47 |
|  Total FHLMC Collateral |  | 2072 |
| **FNMA Collateral — 1.1%** |  |  |
| FNMA Pool, |  |  |
| 1.41%, 01/01/2031 | 5000 | 4327 |
| 2.32%, 01/01/2026 | 2003 | 1990 |
| 2.62%, 10/01/2028 | 372 | 358 |
| 3.00%, 12/01/2042 | 206 | 186 |
| 3.00%, 06/01/2043 | 911 | 810 |
| 3.00%, 05/01/2045 | 274 | 242 |
| 3.00%, 07/01/2045 | 29 | 26 |
| 3.00%, 11/01/2046 | 27 | 23 |
| 3.00%, 03/01/2060 (gg) | 14150 | 12374 |
| 3.00%, 07/01/2060 | 703 | 620 |
| 3.01%, 04/01/2032 | 3961 | 3678 |
| 3.02%, 03/01/2028 | 400 | 391 |
| 3.03%, 10/01/2025 (z) | 228 | 228 |
| 3.15%, 03/01/2026 | 3900 | 3877 |
| 3.29%, 04/01/2027 | 2600 | 2573 |
| 3.29%, 03/01/2028 | 1400 | 1379 |
| 3.43%, 05/01/2028 | 500 | 494 |
| 3.44%, 01/01/2037 | 301 | 278 |
| 3.50%, 08/01/2032 | 38 | 37 |
| 3.50%, 12/01/2042 | 121 | 114 |
| 3.50%, 04/01/2043 | 170 | 161 |
| 3.50%, 11/01/2043 | 83 | 78 |
| 3.50%, 02/01/2045 | 206 | 194 |
| 3.50%, 02/01/2048 | 642 | 593 |
| 3.50%, 09/01/2048 | 69 | 62 |
| 3.50%, 07/01/2049 | 270 | 247 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **FNMA Collateral — continued** |  |  |
| 3.59%, 12/01/2025 | 3900 | 3887 |
| 4.00%, 04/01/2041 | 89 | 88 |
| 4.00%, 08/01/2046 | 80 | 77 |
| 4.00%, 02/01/2056 | 1932 | 1827 |
| 4.00%, 01/01/2057 | 1514 | 1431 |
| 4.13%, 08/01/2031 | 2269 | 2238 |
| 4.13%, 10/01/2029 | 10000 | 10009 |
| 4.14%, 04/01/2028 | 519 | 521 |
| 4.25%, 01/01/2033 | 3762 | 3743 |
| 4.30%, 12/01/2029 | 5212 | 5256 |
| 4.39%, 04/01/2033 | 552 | 551 |
| 4.40%, 01/01/2032 | 630 | 632 |
| 4.46%, 02/01/2031 | 1153 | 1164 |
| 4.49%, 11/01/2029 | 7000 | 7093 |
| 4.50%, 06/01/2030 | 100 | 101 |
| 4.53%, 11/01/2029 | 575 | 585 |
| 4.53%, 09/01/2029 (z) | 7697 | 7814 |
| 4.55%, 05/01/2028 | 100 | 101 |
| 4.59%, 06/01/2033 | 1173 | 1185 |
| 4.62%, 08/01/2031 | 198 | 201 |
| 4.64%, 09/01/2028 | 229 | 233 |
| 4.70%, 08/01/2031 | 1700 | 1738 |
| 4.70%, 05/01/2035 | 299 | 303 |
| 4.73%, 08/01/2030 | 3972 | 4021 |
| 4.79%, 06/01/2033 | 1263 | 1286 |
| 4.80%, 11/01/2032 | 696 | 708 |
| 4.80%, 08/01/2029 (z) | 7580 | 7752 |
| 4.82%, 09/01/2028 | 700 | 717 |
| 4.83%, 06/01/2030 | 3310 | 3413 |
| 4.83%, 12/01/2031 | 1838 | 1885 |
| 4.83%, 12/01/2032 | 3209 | 3303 |
| 4.86%, 08/01/2032 | 5281 | 5424 |
| 4.86%, 05/01/2035 | 700 | 716 |
| 4.87%, 05/01/2035 | 400 | 409 |
| 4.88%, 06/01/2028 | 5168 | 5284 |
| 4.88%, 09/01/2028 | 1101 | 1127 |
| 4.89%, 05/01/2032 | 2000 | 2039 |
| 4.90%, 10/01/2028 | 355 | 363 |
| 4.94%, 05/01/2031 | 1068 | 1100 |
| 4.95%, 03/01/2032 | 497 | 510 |
| 4.97%, 04/01/2030 | 2200 | 2264 |
| 4.98%, 12/01/2034 | 1600 | 1654 |
| 4.99%, 03/01/2031 | 491 | 504 |
| 5.00%, 06/01/2031 | 1600 | 1653 |
| 5.02%, 06/01/2028 | 2300 | 2354 |
| 5.07%, 03/01/2032 | 1383 | 1429 |
| 5.09%, 02/01/2031 | 1726 | 1790 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **FNMA Collateral — continued** |  |  |
| 5.09%, 01/01/2032 | 596 | 619 |
| 5.17%, 08/01/2034 | 735 | 762 |
| 5.17%, 07/01/2035 | 2496 | 2595 |
| 5.18%, 08/01/2030 | 1351 | 1400 |
| 5.19%, 09/01/2044 | 1389 | 1420 |
| 5.24%, 11/01/2031 | 1143 | 1192 |
| 5.24%, 01/01/2034 | 2000 | 2090 |
| 5.27%, 03/01/2031 | 719 | 752 |
| 5.34%, 01/01/2031 | 648 | 681 |
| 5.35%, 12/01/2029 | 1194 | 1244 |
| 5.42%, 08/01/2030 | 3815 | 3994 |
| 5.42%, 06/01/2031 | 597 | 617 |
| 5.44%, 10/01/2031 | 1095 | 1148 |
| 5.46%, 05/01/2033 | 1176 | 1242 |
| 5.54%, 11/01/2029 | 1517 | 1590 |
| 5.57%, 10/01/2028 | 431 | 442 |
| 5.58%, 01/01/2036 | 640 | 680 |
| 5.73%, 12/01/2033 | 700 | 759 |
| 5.75%, 06/01/2034 | 1144 | 1245 |
| 5.80%, 05/01/2033 | 995 | 1073 |
| FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047 | 663 | 589 |
| Total FNMA Collateral |  | 163957 |
| **GNMA Collateral — 0.0% (g)** |  |  |
| GNMA I Pool, Single Family, 30 years, |  |  |
| 3.00%, 10/15/2049 | 151 | 135 |
| 3.00%, 03/15/2050 | 13 | 11 |
| 4.50%, 07/15/2049 | 2329 | 2293 |
|  Total GNMA Collateral |  | 2439 |
| **GNMA II Collateral — 3.1%** |  |  |
| GNMA II Pool, |  |  |
| 2.50%, 12/20/2049 | 229 | 194 |
| 3.00%, 06/20/2043 | 1575 | 1417 |
| 3.00%, 01/20/2047 | 1026 | 916 |
| 3.00%, 02/20/2047 | 367 | 328 |
| 3.00%, 06/20/2047 | 421 | 376 |
| 3.00%, 07/20/2047 | 989 | 883 |
| 3.00%, 08/20/2047 | 426 | 379 |
| 3.00%, 09/20/2047 | 342 | 305 |
| 3.00%, 10/20/2047 | 371 | 331 |
| 3.00%, 12/20/2047 | 483 | 430 |
| 3.00%, 01/20/2048 | 488 | 435 |
| 3.00%, 08/20/2050 | 549 | 487 |
| 3.50%, 02/20/2044 | 1238 | 1163 |
| 3.50%, 06/20/2048 | 39 | 35 |
| 3.50%, 07/20/2048 | 28 | 26 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **GNMA II Collateral — continued** |  |  |
| 3.50%, 08/20/2049 | 82 | 74 |
| 3.50%, 11/20/2049 | 140 | 126 |
| 3.50%, 07/20/2050 | 117 | 105 |
| 4.00%, 11/20/2041 | 18 | 17 |
| 4.00%, 10/20/2050 | 185 | 172 |
| 4.50%, 08/20/2040 | 14 | 14 |
| 4.50%, 10/20/2040 | 33 | 32 |
| ARM, (CMT Index 1 Year + 1.83%), 5.82%, 07/20/2072 (aa) (gg) | 18416 | 19344 |
| ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.20%), 6.66%, 10/20/2071 (aa) | 4562 | 4682 |
| ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.23%), 6.68%, 02/20/2071 (aa) | 1534 | 1576 |
| GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035 | 2174 | 2021 |
| GNMA II Pool, Single Family, 30 years, |  |  |
| 1.50%, 10/20/2051 | 261 | 207 |
| 2.00%, 07/20/2050 | 126 | 104 |
| 2.00%, 08/20/2050 | 4119 | 3415 |
| 2.00%, 09/20/2050 | 2436 | 2018 |
| 2.00%, 11/20/2050 | 1436 | 1190 |
| 2.00%, 12/20/2050 | 2384 | 1974 |
| 2.00%, 01/20/2051 | 1009 | 836 |
| 2.00%, 02/20/2051 | 873 | 723 |
| 2.00%, 10/20/2051 | 4690 | 3883 |
| 2.00%, 12/20/2051 | 4630 | 3833 |
| 2.00%, 01/20/2052 | 431 | 357 |
| 2.00%, 02/20/2052 | 3447 | 2854 |
| 2.00%, 03/20/2052 | 1179 | 976 |
| 2.00%, 04/20/2052 | 2746 | 2273 |
| 2.50%, 01/20/2051 | 258 | 222 |
| 2.50%, 02/20/2051 | 3661 | 3162 |
| 2.50%, 05/20/2051 | 5340 | 4602 |
| 2.50%, 07/20/2051 | 6825 | 5884 |
| 2.50%, 08/20/2051 | 2818 | 2429 |
| 2.50%, 09/20/2051 (gg) | 9798 | 8444 |
| 2.50%, 10/20/2051 | 1105 | 935 |
| 2.50%, 11/20/2051 | 2936 | 2530 |
| 2.50%, 12/20/2051 | 3224 | 2779 |
| 2.50%, 01/20/2052 | 384 | 326 |
| 2.50%, 03/20/2052 | 4355 | 3753 |
| 2.50%, 04/20/2052 | 853 | 735 |
| 2.50%, 05/20/2052 | 686 | 591 |
| 2.50%, 07/20/2052 | 221 | 191 |
| 2.50%, 08/20/2052 | 363 | 314 |
| 3.00%, 01/20/2043 | 361 | 333 |
| 3.00%, 11/20/2043 | 77 | 71 |
| 3.00%, 03/20/2045 | 78 | 71 |
| 3.00%, 09/20/2046 | 1717 | 1560 |
| 3.00%, 11/20/2046 | 1058 | 960 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **GNMA II Collateral — continued** |  |  |
| 3.00%, 10/20/2047 | 347 | 315 |
| 3.00%, 04/20/2049 | 26 | 24 |
| 3.00%, 04/20/2050 | 6245 | 5595 |
| 3.00%, 07/20/2050 | 5307 | 4761 |
| 3.00%, 08/20/2050 | 2870 | 2577 |
| 3.00%, 03/20/2051 | 891 | 799 |
| 3.00%, 08/20/2051 | 526 | 471 |
| 3.00%, 10/20/2051 | 2344 | 2098 |
| 3.00%, 11/20/2051 | 2942 | 2633 |
| 3.00%, 12/20/2051 | 1605 | 1437 |
| 3.00%, 01/20/2052 (gg) | 6754 | 6043 |
| 3.00%, 02/20/2052 | 291 | 260 |
| 3.00%, 03/20/2052 | 1320 | 1167 |
| 3.00%, 06/20/2052 | 1769 | 1582 |
| 3.00%, 09/20/2052 | 745 | 668 |
| 3.00%, 02/20/2053 | 2714 | 2441 |
| 3.50%, 09/20/2045 | 2146 | 2003 |
| 3.50%, 09/20/2047 | 2748 | 2546 |
| 3.50%, 10/20/2047 | 4271 | 3918 |
| 3.50%, 08/20/2048 | 138 | 128 |
| 3.50%, 11/20/2048 | 165 | 153 |
| 3.50%, 12/20/2048 | 4 | 4 |
| 3.50%, 03/20/2049 | 801 | 739 |
| 3.50%, 06/20/2049 | 1659 | 1508 |
| 3.50%, 07/20/2049 | 787 | 726 |
| 3.50%, 09/20/2049 | 1003 | 925 |
| 3.50%, 10/20/2049 | 420 | 389 |
| 3.50%, 12/20/2049 | 331 | 304 |
| 3.50%, 01/20/2050 | 496 | 457 |
| 3.50%, 04/20/2050 | 98 | 90 |
| 3.50%, 01/20/2052 | 3518 | 3241 |
| 3.50%, 02/20/2052 | 2114 | 1942 |
| 3.50%, 05/20/2052 | 624 | 575 |
| 3.50%, 02/20/2053 | 398 | 366 |
| 4.00%, 07/20/2048 | 809 | 774 |
| 4.00%, 09/20/2048 | 1373 | 1315 |
| 4.00%, 11/20/2048 | 24 | 23 |
| 4.00%, 12/20/2048 | 702 | 671 |
| 4.00%, 05/20/2049 | 427 | 406 |
| 4.00%, 01/20/2050 | 756 | 721 |
| 4.00%, 03/20/2050 | 165 | 158 |
| 4.00%, 07/20/2052 | 169 | 160 |
| 4.00%, 09/20/2052 | 1530 | 1451 |
| 4.00%, 12/20/2052 | 355 | 337 |
| 4.00%, 12/20/2054 | 4997 | 4707 |
| 4.50%, 03/20/2047 | 408 | 400 |
| 4.50%, 06/20/2047 | 683 | 668 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **GNMA II Collateral — continued** |  |  |
| 4.50%, 07/20/2047 | 1208 | 1199 |
| 4.50%, 10/20/2047 | 251 | 246 |
| 4.50%, 11/20/2047 | 691 | 675 |
| 4.50%, 05/20/2048 | 5984 | 5854 |
| 4.50%, 09/20/2048 | 569 | 542 |
| 4.50%, 11/20/2048 | 717 | 701 |
| 4.50%, 01/20/2049 | 1490 | 1472 |
| 4.50%, 03/20/2049 | 373 | 370 |
| 4.50%, 05/20/2049 | 127 | 124 |
| 4.50%, 10/20/2049 | 533 | 529 |
| 4.50%, 12/20/2051 | 1522 | 1510 |
| 4.50%, 08/20/2052 | 1319 | 1290 |
| 4.50%, 09/20/2052 | 396 | 386 |
| 4.50%, 06/20/2053 | 1138 | 1109 |
| 4.50%, 12/20/2053 | 374 | 365 |
| 4.50%, 10/20/2054 | 1861 | 1807 |
| 4.50%, 11/20/2054 | 1407 | 1366 |
| 4.50%, 02/20/2055 | 1996 | 1938 |
| 5.00%, 12/20/2048 | 113 | 114 |
| 5.00%, 06/20/2049 | 252 | 255 |
| 5.00%, 07/20/2052 | 94 | 94 |
| 5.00%, 09/20/2052 | 718 | 719 |
| 5.00%, 12/20/2052 | 1049 | 1051 |
| 5.00%, 04/20/2053 | 986 | 985 |
| 5.00%, 05/20/2053 | 1081 | 1080 |
| 5.00%, 07/20/2053 | 1631 | 1628 |
| 5.00%, 11/20/2053 | 559 | 559 |
| 5.00%, 09/20/2054 | 1405 | 1400 |
| 5.00%, 10/20/2054 | 553 | 551 |
| 5.00%, 11/20/2054 | 4900 | 4882 |
| 5.00%, 12/20/2054 | 2522 | 2513 |
| 5.50%, 12/20/2052 | 897 | 910 |
| 5.50%, 01/20/2053 | 109 | 110 |
| 5.50%, 03/20/2053 | 409 | 414 |
| 5.50%, 04/20/2053 | 1337 | 1356 |
| 5.50%, 05/20/2053 | 404 | 409 |
| 5.50%, 06/20/2053 | 937 | 949 |
| 5.50%, 07/20/2053 | 344 | 349 |
| 5.50%, 09/20/2053 | 3884 | 3936 |
| 5.50%, 06/20/2054 | 1706 | 1713 |
| 5.50%, 08/20/2054 | 2127 | 2147 |
| 5.50%, 10/20/2054 | 2502 | 2523 |
| 5.50%, 11/20/2054 | 1332 | 1346 |
| 5.50%, 12/20/2054 | 1613 | 1628 |
| 5.50%, 07/20/2055 | 2170 | 2188 |
| 6.00%, 07/20/2053 | 1017 | 1047 |
| 6.00%, 09/20/2053 | 714 | 732 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **GNMA II Collateral — continued** |  |  |
| 6.00%, 10/20/2053 | 685 | 701 |
| 6.00%, 08/20/2054 | 2625 | 2677 |
| 6.00%, 02/20/2055 | 1014 | 1027 |
| 6.00%, 07/20/2055 | 85 | 87 |
| 6.00%, 09/20/2055 | 7958 | 8113 |
| 6.50%, 06/20/2054 | 294 | 302 |
| 6.50%, 07/20/2054 | 1262 | 1299 |
| 6.50%, 03/20/2055 | 219 | 225 |
| 6.50%, 06/20/2055 | 287 | 295 |
| 6.50%, 07/20/2055 | 547 | 563 |
| 6.50%, 08/20/2055 | 498 | 514 |
| 6.50%, 09/20/2055 | 1575 | 1623 |
| 7.00%, 01/20/2053 | 857 | 891 |
| 7.00%, 05/20/2054 | 1181 | 1218 |
| 7.00%, 04/20/2055 | 283 | 291 |
| 7.00%, 08/20/2055 | 384 | 396 |
| GNMA, Single Family, 30 years, |  |  |
| TBA, 2.00%, 10/01/2055 (w) | 375 | 310 |
| TBA, 2.00%, 11/01/2055 (w) | 6100 | 5049 |
| TBA, 2.50%, 11/01/2055 (w) | 15500 | 13351 |
| TBA, 3.00%, 10/01/2055 (w) | 47187 | 42176 |
| TBA, 3.00%, 11/01/2055 (w) | 13000 | 11620 |
| TBA, 3.50%, 10/01/2055 (w) | 7170 | 6548 |
| TBA, 3.50%, 11/01/2055 (w) | 29700 | 27117 |
| TBA, 4.00%, 10/01/2055 (w) | 1435 | 1351 |
| TBA, 4.00%, 11/01/2055 (w) | 45300 | 42628 |
| TBA, 4.50%, 10/01/2055 (w) | 2275 | 2208 |
| TBA, 4.50%, 11/01/2055 (w) | 6000 | 5820 |
| TBA, 5.00%, 10/01/2055 (w) | 2830 | 2816 |
| TBA, 5.00%, 11/01/2055 (w) | 24500 | 24351 |
| TBA, 5.50%, 10/01/2055 (w) | 4139 | 4170 |
| TBA, 5.50%, 11/01/2055 (w) | 13700 | 13795 |
| TBA, 6.00%, 10/01/2055 (w) | 425 | 432 |
| TBA, 6.50%, 10/01/2055 (w) | 2700 | 2773 |
| TBA, 6.50%, 11/01/2055 (w) | 24500 | 25159 |
|  Total GNMA II Collateral |  | 476046 |
| **UMBS Collateral — 9.0%** |  |  |
| FHLMC Pool, 6.50%, 07/01/2054 | 1952 | 2041 |
| FHLMC Pool, Single Family, 15 years, |  |  |
| 1.50%, 12/01/2035 | 280 | 252 |
| 1.50%, 03/01/2036 | 431 | 387 |
| 1.50%, 02/01/2037 | 632 | 566 |
| 1.50%, 03/01/2037 | 657 | 588 |
| 2.00%, 12/01/2035 | 544 | 503 |
| 2.00%, 02/01/2036 | 3637 | 3364 |
| 2.00%, 03/01/2036 | 311 | 288 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 2.00%, 05/01/2036 | 2137 | 1976 |
| 2.00%, 08/01/2036 | 915 | 845 |
| 2.00%, 10/01/2036 | 477 | 440 |
| 2.00%, 11/01/2036 | 2735 | 2526 |
| 2.00%, 12/01/2036 | 272 | 252 |
| 2.00%, 01/01/2037 | 3294 | 3046 |
| 2.00%, 04/01/2037 | 1267 | 1165 |
| 2.00%, 05/01/2037 | 784 | 721 |
| 2.00%, 06/01/2037 | 1529 | 1406 |
| 2.00%, 07/01/2038 | 703 | 646 |
| 2.50%, 07/01/2032 | 1215 | 1171 |
| 2.50%, 10/01/2035 | 6158 | 5812 |
| 2.50%, 07/01/2036 | 965 | 910 |
| 2.50%, 04/01/2037 | 114 | 107 |
| 2.50%, 05/01/2037 | 288 | 270 |
| 2.50%, 11/01/2037 | 1787 | 1680 |
| 3.00%, 04/01/2028 | 12 | 12 |
| 3.00%, 10/01/2028 | 528 | 521 |
| 3.00%, 04/01/2029 | 13 | 13 |
| 3.00%, 05/01/2030 | 3 | 3 |
| 3.00%, 06/01/2030 | 312 | 306 |
| 3.00%, 11/01/2030 | 62 | 61 |
| 3.00%, 11/01/2031 | 15 | 15 |
| 3.00%, 11/01/2032 | 70 | 68 |
| 3.00%, 01/01/2033 | 33 | 32 |
| 3.00%, 04/01/2037 | 284 | 272 |
| 3.00%, 07/01/2038 | 565 | 542 |
| 3.50%, 11/01/2025 | 5 | 5 |
| 3.50%, 09/01/2033 | 186 | 184 |
| 3.50%, 02/01/2034 | 451 | 445 |
| 3.50%, 05/01/2035 | 388 | 378 |
| 4.00%, 05/01/2026 | 1 | 1 |
| 4.00%, 07/01/2029 | 16 | 16 |
| 4.00%, 11/01/2033 | 1 | 1 |
| 4.00%, 01/01/2034 | 10 | 10 |
| 4.00%, 08/01/2037 | 106 | 104 |
| 4.00%, 02/01/2038 | 106 | 104 |
| 4.00%, 12/01/2039 | 4497 | 4425 |
| FHLMC Pool, Single Family, 20 years, |  |  |
| 3.00%, 07/01/2042 | 300 | 278 |
| 3.00%, 08/01/2042 | 107 | 99 |
| 3.50%, 06/01/2039 | 201 | 194 |
| 3.50%, 07/01/2039 | 115 | 111 |
| 3.50%, 08/01/2039 | 445 | 427 |
| 3.50%, 09/01/2039 | 286 | 274 |
| 6.00%, 06/01/2045 | 449 | 459 |
| 6.50%, 05/01/2045 | 458 | 474 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| FHLMC Pool, Single Family, 30 years, |  |  |
| 1.50%, 02/01/2051 | 20 | 16 |
| 1.50%, 04/01/2051 | 37 | 29 |
| 1.50%, 05/01/2051 | 4804 | 3687 |
| 1.50%, 07/01/2051 | 807 | 619 |
| 2.00%, 09/01/2050 | 620 | 505 |
| 2.00%, 10/01/2050 | 3800 | 3096 |
| 2.00%, 02/01/2051 | 3421 | 2785 |
| 2.00%, 03/01/2051 | 2495 | 2036 |
| 2.00%, 05/01/2051 | 9849 | 8004 |
| 2.00%, 06/01/2051 | 1162 | 945 |
| 2.00%, 07/01/2051 | 1193 | 975 |
| 2.00%, 10/01/2051 | 1513 | 1238 |
| 2.00%, 11/01/2051 | 4993 | 4077 |
| 2.00%, 12/01/2051 | 3897 | 3164 |
| 2.00%, 01/01/2052 | 423 | 344 |
| 2.00%, 02/01/2052 | 1924 | 1555 |
| 2.00%, 03/01/2052 | 4123 | 3340 |
| 2.00%, 04/01/2052 | 4692 | 3802 |
| 2.00%, 08/01/2052 | 780 | 632 |
| 2.00%, 10/01/2052 | 1974 | 1594 |
| 2.50%, 11/01/2050 (gg) | 20005 | 16970 |
| 2.50%, 12/01/2050 | 690 | 587 |
| 2.50%, 02/01/2051 | 10737 | 9134 |
| 2.50%, 04/01/2051 | 362 | 305 |
| 2.50%, 07/01/2051 | 4098 | 3479 |
| 2.50%, 08/01/2051 | 12811 | 11001 |
| 2.50%, 11/01/2051 | 674 | 576 |
| 2.50%, 02/01/2052 | 7380 | 6245 |
| 2.50%, 03/01/2052 | 1501 | 1279 |
| 2.50%, 04/01/2052 | 179 | 152 |
| 3.00%, 02/01/2049 | 1803 | 1640 |
| 3.00%, 11/01/2049 | 1306 | 1173 |
| 3.00%, 05/01/2050 | 2916 | 2615 |
| 3.00%, 07/01/2050 | 1533 | 1351 |
| 3.00%, 08/01/2050 | 3257 | 2917 |
| 3.00%, 10/01/2050 | 663 | 588 |
| 3.00%, 12/01/2050 | 221 | 196 |
| 3.00%, 06/01/2051 | 2746 | 2419 |
| 3.00%, 07/01/2051 | 5082 | 4560 |
| 3.00%, 11/01/2051 | 1627 | 1439 |
| 3.00%, 12/01/2051 | 3268 | 2878 |
| 3.00%, 02/01/2052 | 872 | 767 |
| 3.00%, 03/01/2052 | 2494 | 2210 |
| 3.00%, 04/01/2052 | 4077 | 3613 |
| 3.00%, 05/01/2052 | 1585 | 1397 |
|  3.00%, 07/01/2052 | 9181 | 8076 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 3.50%, 03/01/2042 | 1 | 1 |
| 3.50%, 09/01/2042 | 1831 | 1731 |
| 3.50%, 07/01/2043 | 1 | 1 |
| 3.50%, 11/01/2047 | 269 | 251 |
| 3.50%, 02/01/2048 | 1409 | 1310 |
| 3.50%, 03/01/2048 | 235 | 220 |
| 3.50%, 05/01/2048 | 3148 | 2923 |
| 3.50%, 06/01/2048 | 3 | 3 |
| 3.50%, 01/01/2049 | 34 | 32 |
| 3.50%, 02/01/2049 | 431 | 404 |
| 3.50%, 09/01/2049 | 1797 | 1668 |
| 3.50%, 10/01/2049 | 1688 | 1563 |
| 3.50%, 04/01/2050 | 2403 | 2245 |
| 3.50%, 09/01/2052 | 1116 | 1021 |
| 3.50%, 05/01/2053 | 5032 | 4607 |
| 4.00%, 05/01/2045 | 3614 | 3491 |
| 4.00%, 10/01/2048 | 2237 | 2150 |
| 4.00%, 04/01/2049 | 1792 | 1721 |
| 4.00%, 09/01/2049 | 1148 | 1104 |
| 4.00%, 05/01/2050 | 846 | 806 |
| 4.00%, 08/01/2050 | 872 | 832 |
| 4.00%, 09/01/2050 | 7574 | 7228 |
| 4.00%, 04/01/2052 | 52 | 49 |
| 4.00%, 06/01/2052 | 810 | 766 |
| 4.00%, 07/01/2052 | 789 | 746 |
| 4.00%, 08/01/2052 | 1476 | 1397 |
| 4.00%, 09/01/2052 | 489 | 462 |
| 4.00%, 10/01/2052 | 485 | 462 |
| 4.00%, 02/01/2053 | 392 | 376 |
| 4.50%, 12/01/2047 | 150 | 148 |
| 4.50%, 04/01/2048 | 224 | 222 |
| 4.50%, 08/01/2048 | 17 | 17 |
| 4.50%, 09/01/2048 | 568 | 561 |
| 4.50%, 08/01/2049 | 1045 | 1035 |
| 4.50%, 09/01/2050 | 729 | 718 |
| 4.50%, 10/01/2050 | 2895 | 2836 |
| 4.50%, 07/01/2052 | 177 | 173 |
| 4.50%, 08/01/2052 | 432 | 422 |
| 4.50%, 12/01/2052 | 1478 | 1448 |
| 4.50%, 08/01/2053 | 89 | 87 |
| 5.00%, 12/01/2049 | 313 | 318 |
| 5.00%, 08/01/2052 | 214 | 214 |
| 5.00%, 09/01/2052 | 510 | 512 |
| 5.00%, 10/01/2052 | 252 | 253 |
| 5.00%, 11/01/2052 | 208 | 207 |
| 5.00%, 01/01/2053 | 3463 | 3472 |
| 5.00%, 04/01/2053 | 1147 | 1145 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 5.00%, 06/01/2053 | 161 | 162 |
| 5.00%, 04/01/2054 | 1192 | 1191 |
| 5.00%, 05/01/2054 | 494 | 491 |
| 5.00%, 10/01/2054 | 4568 | 4556 |
| 5.00%, 12/01/2054 | 1483 | 1485 |
| 5.50%, 11/01/2052 | 1491 | 1520 |
| 5.50%, 12/01/2052 | 1020 | 1042 |
| 5.50%, 01/01/2053 | 718 | 733 |
| 5.50%, 02/01/2053 | 2029 | 2058 |
| 5.50%, 03/01/2053 | 443 | 450 |
| 5.50%, 04/01/2053 | 336 | 340 |
| 5.50%, 05/01/2053 | 1683 | 1709 |
| 5.50%, 06/01/2053 | 94 | 95 |
| 5.50%, 09/01/2053 | 3897 | 3938 |
| 5.50%, 01/01/2054 | 499 | 504 |
| 5.50%, 03/01/2054 | 2332 | 2360 |
| 5.50%, 04/01/2054 (gg) | 13939 | 14064 |
| 5.50%, 05/01/2054 | 3980 | 4044 |
| 5.50%, 07/01/2054 | 306 | 310 |
| 5.50%, 08/01/2054 | 448 | 458 |
| 5.50%, 09/01/2054 | 440 | 450 |
| 5.50%, 11/01/2054 | 3125 | 3180 |
| 5.50%, 12/01/2054 | 1355 | 1383 |
| 5.50%, 01/01/2055 | 902 | 919 |
| 5.50%, 03/01/2055 | 4955 | 5019 |
| 5.50%, 09/01/2055 | 11165 | 11420 |
| 6.00%, 02/01/2053 | 798 | 819 |
| 6.00%, 06/01/2053 | 278 | 288 |
| 6.00%, 08/01/2053 | 2403 | 2488 |
| 6.00%, 09/01/2053 | 726 | 747 |
| 6.00%, 02/01/2054 | 414 | 427 |
| 6.00%, 04/01/2054 | 335 | 348 |
| 6.00%, 05/01/2054 | 9100 | 9431 |
| 6.00%, 07/01/2054 | 1046 | 1080 |
| 6.00%, 08/01/2054 | 906 | 930 |
| 6.00%, 09/01/2054 | 3580 | 3710 |
| 6.00%, 11/01/2054 | 1054 | 1086 |
| 6.00%, 12/01/2054 | 832 | 865 |
| 6.00%, 01/01/2055 | 2628 | 2719 |
| 6.00%, 02/01/2055 | 5815 | 5970 |
| 6.00%, 03/01/2055 | 951 | 989 |
| 6.00%, 04/01/2055 (gg) | 21964 | 22820 |
| 6.00%, 05/01/2055 | 1231 | 1263 |
| 6.00%, 06/01/2055 | 429 | 445 |
| 6.00%, 08/01/2055 | 6017 | 6165 |
| 6.50%, 09/01/2053 | 616 | 638 |
| 6.50%, 10/01/2053 | 402 | 419 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 6.50%, 11/01/2053 | 178 | 184 |
| 6.50%, 12/01/2053 | 954 | 992 |
| 6.50%, 01/01/2054 | 1283 | 1345 |
| 6.50%, 02/01/2054 | 602 | 625 |
| 6.50%, 05/01/2054 | 613 | 644 |
| 6.50%, 09/01/2054 | 1145 | 1202 |
| 6.50%, 02/01/2055 | 719 | 751 |
| 6.50%, 06/01/2055 | 268 | 283 |
| 6.50%, 07/01/2055 | 1450 | 1505 |
| 6.50%, 08/01/2055 | 269 | 284 |
| 6.50%, 09/01/2055 | 1620 | 1700 |
| FNMA or FHLMC, Single Family, 15 years, |  |  |
| TBA, 1.50%, 10/01/2055 (w) | 2241 | 2006 |
| TBA, 2.00%, 10/01/2052 (w) | 4525 | 4160 |
| TBA, 2.50%, 10/25/2037 (w) | 1950 | 1833 |
| TBA, 3.00%, 10/01/2040 (w) | 1525 | 1462 |
| TBA, 3.50%, 10/01/2055 (w) | 450 | 436 |
| TBA, 4.00%, 10/01/2040 (w) | 475 | 467 |
| TBA, 4.50%, 10/01/2040 (w) | 6800 | 6792 |
| TBA, 5.50%, 10/01/2040 (w) | 3000 | 3067 |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 1.50%, 10/15/2052 (w) | 7300 | 5597 |
| TBA, 2.00%, 10/01/2055 (w) | 1150 | 927 |
| TBA, 2.00%, 11/01/2055 (w) | 100900 | 81355 |
| TBA, 2.50%, 10/01/2052 (w) | 625 | 527 |
| TBA, 3.00%, 10/01/2055 (w) | 53678 | 47176 |
| TBA, 3.50%, 10/01/2055 (w) | 989 | 904 |
| TBA, 4.00%, 10/01/2055 (w) | 6900 | 6506 |
| TBA, 4.50%, 10/01/2055 (w) | 36543 | 35467 |
| TBA, 5.00%, 10/01/2055 (w) | 3504 | 3476 |
| TBA, 5.00%, 11/01/2055 (w) | 81900 | 81206 |
| TBA, 5.50%, 11/01/2050 (w) | 3850 | 3881 |
| TBA, 5.50%, 10/01/2055 (w) | 9743 | 9827 |
| TBA, 6.00%, 10/01/2055 (w) | 2700 | 2758 |
| TBA, 6.00%, 11/01/2055 (w) | 184100 | 188037 |
| TBA, 6.50%, 10/01/2055 (w) | 75 | 78 |
| TBA, 7.00%, 11/01/2055 (w) | 4000 | 4189 |
| FNMA Pool, |  |  |
| 2.00%, 11/01/2027 | 97 | 95 |
| 3.50%, 09/01/2027 | 33 | 33 |
| 3.50%, 12/01/2028 | 26 | 26 |
| 5.50%, 10/01/2054 | 2707 | 2740 |
| 6.00%, 06/01/2054 | 3572 | 3666 |
| FNMA Pool, Single Family, 15 years, |  |  |
| 1.50%, 10/01/2036 | 413 | 371 |
| 1.50%, 11/01/2036 | 365 | 328 |
| 1.50%, 03/01/2037 | 366 | 328 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 1.50%, 05/01/2037 | 147 | 131 |
| 1.50%, 08/01/2037 | 408 | 366 |
| 2.00%, 02/01/2028 | 6 | 6 |
| 2.00%, 09/01/2028 | 52 | 51 |
| 2.00%, 11/01/2028 | 51 | 50 |
| 2.00%, 07/01/2032 | 6 | 6 |
| 2.00%, 12/01/2035 | 601 | 556 |
| 2.00%, 02/01/2036 | 4502 | 4156 |
| 2.00%, 03/01/2036 | 334 | 308 |
| 2.00%, 08/01/2036 | 851 | 787 |
| 2.00%, 10/01/2036 | 272 | 251 |
| 2.00%, 11/01/2036 | 1777 | 1643 |
| 2.00%, 12/01/2036 | 925 | 853 |
| 2.00%, 01/01/2037 | 426 | 394 |
| 2.00%, 02/01/2037 | 751 | 691 |
| 2.00%, 04/01/2037 | 874 | 810 |
| 2.00%, 05/01/2037 | 541 | 498 |
| 2.50%, 08/01/2035 | 175 | 165 |
| 2.50%, 03/01/2036 | 1594 | 1509 |
| 2.50%, 07/01/2036 | 640 | 604 |
| 2.50%, 08/01/2036 | 99 | 93 |
| 2.50%, 03/01/2037 | 185 | 174 |
| 2.50%, 04/01/2037 | 385 | 362 |
| 2.50%, 05/01/2037 | 102 | 96 |
| 3.00%, 10/01/2026 | 15 | 15 |
| 3.00%, 11/01/2026 | 218 | 216 |
| 3.00%, 12/01/2026 | 30 | 30 |
| 3.00%, 01/01/2027 | 314 | 311 |
| 3.00%, 02/01/2027 | 69 | 69 |
| 3.00%, 04/01/2027 | 137 | 136 |
| 3.00%, 11/01/2027 | 10 | 10 |
| 3.00%, 02/01/2028 | 58 | 57 |
| 3.00%, 10/01/2029 | 27 | 26 |
| 3.00%, 03/01/2030 | 19 | 19 |
| 3.00%, 05/01/2030 | 6 | 6 |
| 3.00%, 07/01/2030 | 9 | 9 |
| 3.00%, 09/01/2030 | 312 | 306 |
| 3.00%, 12/01/2030 | 16 | 15 |
| 3.00%, 04/01/2031 | 59 | 57 |
| 3.00%, 12/01/2031 | 145 | 141 |
| 3.00%, 02/01/2032 | 226 | 221 |
| 3.00%, 03/01/2032 | 220 | 214 |
| 3.00%, 04/01/2032 | 1084 | 1055 |
| 3.00%, 05/01/2032 | 323 | 315 |
| 3.00%, 07/01/2032 | 712 | 694 |
| 3.00%, 08/01/2032 | 284 | 277 |
| 3.00%, 11/01/2032 | 572 | 557 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 3.00%, 01/01/2033 | 41 | 40 |
| 3.00%, 07/01/2033 | 73 | 71 |
| 3.00%, 02/01/2034 | 828 | 806 |
| 3.00%, 09/01/2034 | 330 | 319 |
| 3.00%, 12/01/2035 | 286 | 276 |
| 3.00%, 05/01/2037 | 1430 | 1373 |
| 3.50%, 12/01/2025 | 3 | 3 |
| 3.50%, 01/01/2026 | 27 | 27 |
| 3.50%, 07/01/2031 | 33 | 32 |
| 3.50%, 07/01/2034 | 186 | 184 |
| 3.50%, 03/01/2035 | 880 | 866 |
| 3.50%, 05/01/2035 | 48 | 48 |
| 3.50%, 12/01/2039 | 3439 | 3333 |
| 4.00%, 06/01/2026 | 6 | 6 |
| 4.00%, 08/01/2026 | 4 | 4 |
| 4.00%, 08/01/2027 | 6 | 6 |
| 4.00%, 12/01/2028 | 10 | 10 |
| 4.00%, 04/01/2033 | 310 | 310 |
| 4.00%, 10/01/2033 | 51 | 51 |
| 4.00%, 11/01/2033 | 2 | 2 |
| 4.00%, 12/01/2033 | 11 | 11 |
| 4.00%, 03/01/2035 | 149 | 148 |
| 4.00%, 09/01/2037 | 140 | 138 |
| 4.00%, 11/01/2037 | 205 | 202 |
| 4.00%, 05/01/2038 | 92 | 91 |
| 4.00%, 11/01/2038 | 55 | 54 |
| 4.00%, 12/01/2039 | 1826 | 1796 |
| FNMA Pool, Single Family, 20 years, |  |  |
| 3.00%, 05/01/2042 | 609 | 563 |
| 3.00%, 06/01/2042 | 306 | 281 |
| 3.00%, 07/01/2042 | 1153 | 1068 |
| 3.50%, 03/01/2037 | 345 | 336 |
| 3.50%, 08/01/2038 | 83 | 80 |
| 3.50%, 04/01/2039 | 10 | 9 |
| 3.50%, 08/01/2039 | 127 | 122 |
| 4.50%, 06/01/2039 | 17 | 17 |
| 4.50%, 07/01/2043 | 826 | 823 |
| 6.00%, 04/01/2045 | 310 | 317 |
| 6.00%, 06/01/2045 | 275 | 281 |
| 6.50%, 05/01/2045 | 1520 | 1573 |
| 7.00%, 03/01/2045 | 300 | 314 |
| FNMA Pool, Single Family, 30 years, |  |  |
| 1.50%, 11/01/2050 | 1180 | 906 |
| 1.50%, 06/01/2051 | 1731 | 1332 |
| 1.50%, 07/01/2051 | 1100 | 846 |
| 1.50%, 04/01/2052 | 835 | 641 |
| 2.00%, 07/01/2050 | 1246 | 1016 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 2.00%, 09/01/2050 | 1079 | 881 |
| 2.00%, 10/01/2050 | 829 | 675 |
| 2.00%, 12/01/2050 | 6901 | 5619 |
| 2.00%, 01/01/2051 | 3428 | 2799 |
| 2.00%, 02/01/2051 | 1164 | 946 |
| 2.00%, 03/01/2051 | 1720 | 1408 |
| 2.00%, 04/01/2051 | 3138 | 2564 |
| 2.00%, 05/01/2051 | 1587 | 1294 |
| 2.00%, 06/01/2051 | 5061 | 4124 |
| 2.00%, 07/01/2051 | 2721 | 2212 |
| 2.00%, 10/01/2051 | 16330 | 13269 |
| 2.00%, 11/01/2051 | 6649 | 5405 |
| 2.00%, 12/01/2051 (hh) | 16720 | 13570 |
| 2.00%, 05/01/2052 | 3188 | 2582 |
| 2.00%, 10/01/2052 | 16514 | 13372 |
| 2.50%, 08/01/2046 | 4222 | 3668 |
| 2.50%, 08/01/2050 | 14 | 12 |
| 2.50%, 10/01/2050 | 9930 | 8411 |
| 2.50%, 12/01/2050 | 12207 | 10319 |
| 2.50%, 02/01/2051 | 1717 | 1461 |
| 2.50%, 03/01/2051 | 4511 | 3849 |
| 2.50%, 04/01/2051 | 5791 | 4893 |
| 2.50%, 07/01/2051 | 1452 | 1237 |
| 2.50%, 08/01/2051 | 3221 | 2756 |
| 2.50%, 09/01/2051 | 438 | 372 |
| 2.50%, 10/01/2051 | 2821 | 2387 |
| 2.50%, 11/01/2051 | 4474 | 3790 |
| 2.50%, 12/01/2051 | 13009 | 11056 |
| 2.50%, 01/01/2052 | 20439 | 17313 |
| 2.50%, 02/01/2052 | 914 | 781 |
| 2.50%, 03/01/2052 | 8855 | 7547 |
| 2.50%, 04/01/2052 | 4063 | 3464 |
| 2.50%, 05/01/2052 | 779 | 661 |
| 2.50%, 07/01/2052 | 9268 | 7839 |
| 3.00%, 08/01/2046 | 953 | 862 |
| 3.00%, 11/01/2046 | 2533 | 2329 |
| 3.00%, 02/01/2047 | 487 | 447 |
| 3.00%, 04/01/2048 | 4995 | 4596 |
| 3.00%, 01/01/2050 | 2364 | 2129 |
| 3.00%, 03/01/2050 | 1253 | 1126 |
| 3.00%, 06/01/2050 | 232 | 207 |
| 3.00%, 07/01/2050 | 10646 | 9432 |
| 3.00%, 08/01/2050 | 2857 | 2544 |
| 3.00%, 09/01/2050 | 260 | 231 |
| 3.00%, 11/01/2050 | 465 | 413 |
| 3.00%, 12/01/2050 | 3298 | 2958 |
| 3.00%, 01/01/2051 | 1428 | 1268 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 3.00%, 05/01/2051 | 9272 | 8188 |
| 3.00%, 06/01/2051 | 5704 | 5043 |
| 3.00%, 07/01/2051 | 1572 | 1394 |
| 3.00%, 08/01/2051 | 1034 | 924 |
| 3.00%, 10/01/2051 | 2615 | 2306 |
| 3.00%, 11/01/2051 | 2269 | 2005 |
| 3.00%, 12/01/2051 | 2238 | 1971 |
| 3.00%, 02/01/2052 | 842 | 747 |
| 3.00%, 03/01/2052 | 435 | 386 |
| 3.00%, 04/01/2052 | 4593 | 4056 |
| 3.00%, 05/01/2052 | 3800 | 3348 |
| 3.50%, 07/01/2042 | 1 | 1 |
| 3.50%, 09/01/2042 | 128 | 121 |
| 3.50%, 05/01/2043 | 4 | 4 |
| 3.50%, 07/01/2043 | 5608 | 5328 |
| 3.50%, 08/01/2043 (gg) | 14262 | 13496 |
| 3.50%, 01/01/2044 | 169 | 161 |
| 3.50%, 10/01/2045 | 16 | 15 |
| 3.50%, 12/01/2045 | 1617 | 1521 |
| 3.50%, 07/01/2046 | 3007 | 2818 |
| 3.50%, 02/01/2047 | 3203 | 3023 |
| 3.50%, 07/01/2047 | 716 | 673 |
| 3.50%, 10/01/2047 | 1081 | 1008 |
| 3.50%, 02/01/2048 | 1731 | 1611 |
| 3.50%, 03/01/2048 | 149 | 140 |
| 3.50%, 03/01/2049 | 279 | 261 |
| 3.50%, 06/01/2049 | 3032 | 2823 |
| 3.50%, 08/01/2049 | 1511 | 1408 |
| 3.50%, 04/01/2050 | 141 | 131 |
| 3.50%, 05/01/2050 | 3657 | 3379 |
| 3.50%, 07/01/2050 | 8166 | 7474 |
| 3.50%, 01/01/2051 | 603 | 557 |
| 3.50%, 03/01/2052 (gg) | 10382 | 9655 |
| 3.50%, 05/01/2052 (gg) | 16167 | 14837 |
| 3.50%, 06/01/2052 | 3838 | 3538 |
| 3.50%, 07/01/2052 | 867 | 795 |
| 3.50%, 05/01/2053 | 897 | 821 |
| 4.00%, 04/01/2039 | 923 | 912 |
| 4.00%, 03/01/2042 | 439 | 430 |
| 4.00%, 04/01/2043 | 2837 | 2761 |
| 4.00%, 04/01/2044 | 1340 | 1293 |
| 4.00%, 02/01/2045 | 191 | 186 |
| 4.00%, 08/01/2045 | 2213 | 2140 |
| 4.00%, 09/01/2046 | 104 | 101 |
| 4.00%, 09/01/2047 | 32 | 31 |
| 4.00%, 10/01/2047 | 400 | 384 |
| 4.00%, 03/01/2048 | 61 | 59 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 4.00%, 04/01/2048 | 347 | 334 |
| 4.00%, 06/01/2048 | 24 | 23 |
| 4.00%, 07/01/2048 | 3729 | 3605 |
| 4.00%, 08/01/2048 | 100 | 96 |
| 4.00%, 09/01/2048 | 236 | 227 |
| 4.00%, 03/01/2049 | 948 | 909 |
| 4.00%, 05/01/2049 | 4578 | 4452 |
| 4.00%, 06/01/2049 | 937 | 901 |
| 4.00%, 11/01/2049 | 393 | 378 |
| 4.00%, 05/01/2050 | 756 | 722 |
| 4.00%, 03/01/2051 | 2012 | 1927 |
| 4.00%, 05/01/2051 | 198 | 189 |
| 4.00%, 08/01/2051 | 3215 | 3128 |
| 4.00%, 04/01/2052 | 53 | 50 |
| 4.00%, 05/01/2052 | 1621 | 1533 |
| 4.00%, 06/01/2052 | 578 | 546 |
| 4.00%, 07/01/2052 | 429 | 406 |
| 4.00%, 08/01/2052 | 1790 | 1693 |
| 4.00%, 09/01/2052 | 281 | 266 |
| 4.00%, 12/01/2052 | 1025 | 969 |
| 4.00%, 07/01/2053 | 393 | 376 |
| 4.00%, 11/01/2053 | 6389 | 6030 |
| 4.00%, 06/01/2054 | 1638 | 1545 |
| 4.50%, 05/01/2047 | 2 | 2 |
| 4.50%, 11/01/2047 | 499 | 492 |
| 4.50%, 01/01/2048 | 469 | 464 |
| 4.50%, 04/01/2048 | 23 | 23 |
| 4.50%, 08/01/2048 | 13 | 13 |
| 4.50%, 09/01/2048 | 387 | 382 |
| 4.50%, 02/01/2049 | 4115 | 4033 |
| 4.50%, 05/01/2049 | 352 | 346 |
| 4.50%, 08/01/2049 | 7 | 7 |
| 4.50%, 01/01/2050 | 146 | 145 |
| 4.50%, 04/01/2050 (gg) | 5766 | 5673 |
| 4.50%, 05/01/2052 | 18 | 17 |
| 4.50%, 06/01/2052 | 1180 | 1151 |
| 4.50%, 08/01/2052 | 320 | 313 |
| 4.50%, 09/01/2052 | 1923 | 1875 |
| 4.50%, 10/01/2052 | 829 | 812 |
| 4.50%, 11/01/2052 | 2806 | 2744 |
| 4.50%, 12/01/2052 | 430 | 421 |
| 4.50%, 08/01/2053 | 245 | 240 |
| 4.50%, 01/01/2055 | 7781 | 7555 |
| 5.00%, 09/01/2049 | 784 | 793 |
| 5.00%, 10/01/2052 | 1478 | 1476 |
| 5.00%, 11/01/2052 | 929 | 930 |
| 5.00%, 12/01/2052 | 474 | 476 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 5.00%, 01/01/2053 | 2037 | 2033 |
| 5.00%, 02/01/2053 | 1210 | 1207 |
| 5.00%, 03/01/2053 | 297 | 299 |
| 5.00%, 04/01/2053 | 811 | 809 |
| 5.00%, 05/01/2053 | 196 | 195 |
| 5.00%, 06/01/2053 | 238 | 239 |
| 5.00%, 07/01/2053 | 1805 | 1795 |
| 5.00%, 08/01/2053 | 1007 | 1003 |
| 5.00%, 06/01/2054 | 923 | 918 |
| 5.00%, 10/01/2054 | 2832 | 2811 |
| 5.00%, 11/01/2054 | 1544 | 1537 |
| 5.00%, 01/01/2055 | 879 | 874 |
| 5.50%, 09/01/2052 | 264 | 271 |
| 5.50%, 01/01/2053 | 369 | 378 |
| 5.50%, 02/01/2053 | 1630 | 1655 |
| 5.50%, 03/01/2053 | 1269 | 1299 |
| 5.50%, 04/01/2053 | 1656 | 1695 |
| 5.50%, 05/01/2053 | 1433 | 1454 |
| 5.50%, 06/01/2053 | 3638 | 3717 |
| 5.50%, 09/01/2053 | 295 | 304 |
| 5.50%, 03/01/2054 | 7196 | 7270 |
| 5.50%, 04/01/2054 | 649 | 660 |
| 5.50%, 05/01/2054 | 4459 | 4508 |
| 5.50%, 07/01/2054 | 345 | 353 |
| 5.50%, 08/01/2054 | 605 | 619 |
| 5.50%, 12/01/2054 | 555 | 568 |
| 5.50%, 01/01/2055 | 2095 | 2137 |
| 5.50%, 05/01/2055 | 1543 | 1566 |
| 5.50%, 07/01/2055 | 39 | 40 |
| 5.50%, 08/01/2055 | 1192 | 1218 |
| 6.00%, 12/01/2052 | 249 | 256 |
| 6.00%, 01/01/2053 | 794 | 814 |
| 6.00%, 07/01/2053 | 1057 | 1083 |
| 6.00%, 08/01/2053 | 408 | 424 |
| 6.00%, 09/01/2053 | 1710 | 1767 |
| 6.00%, 11/01/2053 | 1948 | 2009 |
| 6.00%, 12/01/2053 | 667 | 689 |
| 6.00%, 01/01/2054 | 2463 | 2556 |
| 6.00%, 03/01/2054 | 2031 | 2107 |
| 6.00%, 04/01/2054 | 3985 | 4119 |
| 6.00%, 08/01/2054 | 2976 | 3063 |
| 6.00%, 09/01/2054 | 3234 | 3341 |
| 6.00%, 10/01/2054 | 222 | 227 |
| 6.00%, 11/01/2054 | 3199 | 3292 |
| 6.00%, 01/01/2055 | 3944 | 4056 |
| 6.00%, 02/01/2055 | 1041 | 1068 |
| 6.00%, 03/01/2055 | 4317 | 4482 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 6.00%, 04/01/2055 | 1815 | 1885 |
| 6.50%, 10/01/2053 | 640 | 672 |
| 6.50%, 11/01/2053 | 3173 | 3289 |
| 6.50%, 12/01/2053 | 1129 | 1188 |
| 6.50%, 01/01/2054 | 1220 | 1274 |
| 6.50%, 02/01/2054 | 700 | 744 |
| 6.50%, 04/01/2054 | 765 | 801 |
| 6.50%, 07/01/2054 | 2270 | 2367 |
| 6.50%, 08/01/2054 | 4034 | 4198 |
| 6.50%, 11/01/2054 | 2515 | 2619 |
| 6.50%, 07/01/2055 | 1556 | 1619 |
| 6.50%, 08/01/2055 | 4153 | 4306 |
| 6.50%, 09/01/2055 | 453 | 476 |
| Total UMBS Collateral |  | 1371229 |
| Total Mortgage-Backed Securities<br>(Cost $2,101,662) |  | 2027093 |
| **Municipal Bonds** — **0.0% (g) (t)** |  |  |
| **Arizona — 0.0% (g)** |  |  |
| Salt River Project Agricultural Improvement & Power District, Series A, Rev., 4.84%, 01/01/2041 | 100 | 98 |
| **California — 0.0% (g)** |  |  |
| California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051 | 15 | 10 |
| Regents of the University of California Medical Center Pooled Revenue, Build America Bonds, Series F, Rev., 6.58%, 05/15/2049 | 100 | 108 |
| State of California, Taxable Construction Bond Bidding Group, GO, 1.75%, 11/01/2030 | 100 | 90 |
|  |  | 208 |
| **District of Columbia — 0.0% (g)** |  |  |
| District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114 | 890 | 780 |
| **Illinois — 0.0% (g)** |  |  |
| State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033 | 87 | 89 |
| **Maryland — 0.0% (g)** |  |  |
| Maryland Economic Development Corp., Rev., 5.43%, 05/31/2056 | 1245 | 1206 |
| **Michigan — 0.0% (g)** |  |  |
| University of Michigan, Rev., 4.45%, 04/01/2122 | 1000 | 806 |
| **New York — 0.0% (g)** |  |  |
| Port Authority of New York & New Jersey |  |  |
| Rev., 5.07%, 07/15/2053 | 2205 | 2121 |
| Series 21, Rev., 3.29%, 08/01/2069 | 40 | 26 |
| Port Authority of New York & New Jersey, Taxable Consolidated 160, Rev., 5.65%, 11/01/2040 | 100 | 107 |
|  |  | 2254 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Oklahoma — 0.0% (g)** |  |  |
| Oklahoma Development Finance Authority, Rev., 4.62%, 06/01/2044 | 10 | 10 |
| **Oregon — 0.0% (g)** |  |  |
|  Oregon State University, Rev., BAM, 3.42%, 03/01/2060 | 10 | 7 |
| **Texas — 0.0% (g)** |  |  |
|  Dallas Fort Worth International Airport, Taxable |  |  |
|  Series A, Rev., 4.09%, 11/01/2051 | 425 | 353 |
|  Series C, Rev., 3.09%, 11/01/2040 | 100 | 82 |
|  |  | 435 |
| **Virginia — 0.0% (g)** |  |  |
|  University of Virginia, Rev., 2.26%, 09/01/2050 | 1480 | 873 |
|  University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117 | 40 | 31 |
|  |  | 904 |
| Total Municipal Bonds<br>(Cost $7,718) |  | 6797 |
| **U.S. Government Agency Securities** — **0.1%** |  |  |
| **Sovereign — 0.1%** |  |  |
|  Federal Agricultural Mortgage Corp., |  |  |
|  2.00%, 10/27/2031 | 1000 | 889 |
|  2.15%, 07/23/2040 | 223 | 156 |
|  Federal Farm Credit Banks Funding Corp., |  |  |
|  1.28%, 06/03/2030 | 540 | 482 |
|  1.30%, 11/04/2030 | 5 | 4 |
|  1.30%, 02/03/2031 | 1235 | 1078 |
|  1.43%, 12/11/2030 | 44 | 39 |
|  1.74%, 06/03/2030 | 20 | 18 |
|  2.20%, 12/09/2031 | 1030 | 924 |
|  2.20%, 01/12/2032 | 60 | 54 |
|  FHLBs, |  |  |
|  1.00%, 03/23/2026 | 609 | 601 |
|  1.11%, 07/27/2026 | 833 | 815 |
|  1.25%, 06/15/2027 | 343 | 329 |
|  1.28%, 12/02/2030 | 15 | 13 |
|  1.30%, 02/11/2030 | 10 | 9 |
|  1.50%, 09/11/2029 | 110 | 101 |
|  1.80%, 01/25/2036 | 500 | 385 |
|  1.85%, 06/11/2035 | 25 | 20 |
|  2.00%, 03/25/2030 | 38 | 35 |
|  2.04%, 05/04/2035 | 739 | 584 |
|  2.05%, 03/19/2035 | 320 | 261 |
|  3.25%, 11/16/2028 | 25 | 25 |
|  3.50%, 09/09/2027 | 1425 | 1421 |
|  4.00%, 06/09/2028 | 50 | 50 |
|  FHLMC, |  |  |
|  1.22%, 08/19/2030 | 215 | 190 |
|  1.25%, 11/19/2030 | 10 | 9 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** |
| **U.S. Government Agency Securities** — **continued** |  |  |  |
| **Sovereign — continued** |  |  |  |
| 1.38%, 07/15/2030 |  | 17 | 15 |
| 1.40%, 06/28/2030 |  | 60 | 54 |
| 6.25%, 07/15/2032 |  | 7 | 8 |
| 6.75%, 03/15/2031 |  | 50 | 57 |
| FHLMC STRIPs, Zero Coupon, 03/15/2031 |  | 542 | 438 |
| FNMA, |  |  |  |
| Zero Coupon, 11/15/2030 |  | 225 | 184 |
| 0.88%, 08/05/2030 |  | 50 | 44 |
| 5.38%, 12/07/2028 | GBP | 460 | 635 |
| Resolution Funding Corp. Interest STRIP, |  |  |  |
| Zero Coupon, 07/15/2028 |  | 7 | 6 |
| Zero Coupon, 10/15/2028 |  | 485 | 434 |
| Zero Coupon, 01/15/2030 |  | 1750 | 1481 |
| Zero Coupon, 04/15/2030 |  | 2965 | 2481 |
| Resolution Funding Corp. Principal STRIP, |  |  |  |
| Zero Coupon, 01/15/2030 |  | 1000 | 846 |
| Zero Coupon, 04/15/2030 |  | 395 | 331 |
| Tennessee Valley Authority, 4.63%, 06/07/2043 | GBP | 200 | 229 |
| Total Sovereign |  |  | 15735 |
| Total U.S. Government Agency Securities<br>(Cost $15,887) |  |  | 15735 |
| **U.S. Treasury Obligations** — **11.0%** |  |  |  |
| **Sovereign — 11.0%** |  |  |  |
| U.S. Treasury Bonds, |  |  |  |
| 1.13%, 05/15/2040 |  | 2489 | 1584 |
| 1.13%, 08/15/2040 |  | 2434 | 1534 |
| 1.25%, 05/15/2050 (ee) |  | 9070 | 4444 |
| 1.38%, 11/15/2040 |  | 3283 | 2141 |
| 1.38%, 08/15/2050 |  | 2952 | 1482 |
| 1.63%, 11/15/2050 |  | 3633 | 1948 |
| 1.75%, 08/15/2041 |  | 3538 | 2399 |
| 1.88%, 02/15/2041 |  | 3076 | 2161 |
| 1.88%, 02/15/2051 |  | 3165 | 1806 |
| 1.88%, 11/15/2051 |  | 3739 | 2113 |
| 2.00%, 11/15/2041 |  | 2672 | 1875 |
| 2.00%, 02/15/2050 |  | 4318 | 2579 |
| 2.00%, 08/15/2051 |  | 3160 | 1849 |
| 2.25%, 05/15/2041 |  | 2215 | 1641 |
| 2.25%, 08/15/2046 |  | 1854 | 1235 |
| 2.25%, 08/15/2049 |  | 1860 | 1186 |
| 2.25%, 02/15/2052 |  | 2692 | 1668 |
| 2.38%, 02/15/2042 |  | 2142 | 1587 |
| 2.38%, 11/15/2049 |  | 2039 | 1333 |
| 2.38%, 05/15/2051 |  | 3179 | 2044 |
| 2.50%, 02/15/2045 |  | 2734 | 1956 |
| 2.50%, 02/15/2046 |  | 1068 | 753 |
| 2.50%, 05/15/2046 |  | 1427 | 1003 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations — continued** |  |  |
| **Sovereign — continued** |  |  |
| 2.75%, 08/15/2042 | 652 | 507 |
| 2.75%, 11/15/2042 | 952 | 737 |
| 2.75%, 08/15/2047 | 1384 | 1003 |
| 2.75%, 11/15/2047 | 2070 | 1495 |
| 2.88%, 05/15/2043 | 1506 | 1179 |
| 2.88%, 08/15/2045 | 2029 | 1540 |
| 2.88%, 11/15/2046 | 594 | 444 |
| 2.88%, 05/15/2049 | 1961 | 1429 |
| 2.88%, 05/15/2052 | 2541 | 1812 |
| 3.00%, 05/15/2042 | 563 | 457 |
| 3.00%, 11/15/2044 | 1029 | 805 |
| 3.00%, 05/15/2045 | 1468 | 1141 |
| 3.00%, 11/15/2045 | 717 | 555 |
| 3.00%, 02/15/2047 | 1250 | 954 |
| 3.00%, 05/15/2047 | 955 | 727 |
| 3.00%, 02/15/2048 | 1591 | 1200 |
| 3.00%, 08/15/2048 | 1881 | 1413 |
| 3.00%, 02/15/2049 | 4317 | 3230 |
| 3.00%, 08/15/2052 | 2422 | 1770 |
| 3.13%, 11/15/2041 | 572 | 476 |
| 3.13%, 02/15/2042 | 606 | 502 |
| 3.13%, 02/15/2043 | 878 | 716 |
| 3.13%, 08/15/2044 | 1852 | 1482 |
| 3.13%, 05/15/2048 | 1691 | 1303 |
| 3.25%, 05/15/2042 | 1898 | 1593 |
| 3.38%, 08/15/2042 | 1656 | 1410 |
| 3.38%, 05/15/2044 | 934 | 778 |
| 3.38%, 11/15/2048 | 1974 | 1584 |
| 3.50%, 02/15/2039 | 335 | 306 |
| 3.63%, 08/15/2043 | 2016 | 1757 |
| 3.63%, 02/15/2044 | 2000 | 1734 |
| 3.63%, 02/15/2053 | 2420 | 1999 |
| 3.63%, 05/15/2053 | 2431 | 2006 |
| 3.75%, 08/15/2041 | 545 | 495 |
| 3.75%, 11/15/2043 | 2461 | 2177 |
| 3.88%, 08/15/2040 | 554 | 516 |
| 3.88%, 02/15/2043 | 1666 | 1511 |
| 3.88%, 05/15/2043 | 1895 | 1715 |
| 4.00%, 11/15/2042 | 1666 | 1539 |
| 4.00%, 11/15/2052 | 2435 | 2153 |
| 4.13%, 08/15/2044 | 1795 | 1665 |
| 4.13%, 08/15/2053 | 2691 | 2431 |
| 4.25%, 05/15/2039 | 497 | 490 |
| 4.25%, 11/15/2040 | 550 | 534 |
| 4.25%, 02/15/2054 | 3149 | 2904 |
| 4.25%, 08/15/2054 | 3049 | 2813 |
| 4.38%, 02/15/2038 | 289 | 291 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations — continued** |  |  |
| **Sovereign — continued** |  |  |
| 4.38%, 11/15/2039 | 572 | 567 |
| 4.38%, 05/15/2040 | 558 | 551 |
| 4.38%, 05/15/2041 | 539 | 529 |
| 4.38%, 08/15/2043 (ff) | 1900 | 1832 |
| 4.50%, 02/15/2036 | 358 | 369 |
| 4.50%, 05/15/2038 | 327 | 334 |
| 4.50%, 08/15/2039 | 531 | 535 |
| 4.50%, 02/15/2044 | 2044 | 1998 |
| 4.50%, 11/15/2054 | 2949 | 2837 |
| 4.63%, 02/15/2040 | 576 | 586 |
| 4.63%, 05/15/2044 | 1795 | 1781 |
| 4.63%, 11/15/2044 | 3264 | 3232 |
| 4.63%, 05/15/2054 | 2949 | 2895 |
| 4.63%, 02/15/2055 | 3560 | 3496 |
| 4.75%, 02/15/2037 | 213 | 223 |
| 4.75%, 02/15/2041 | 583 | 598 |
| 4.75%, 11/15/2043 | 1858 | 1877 |
| 4.75%, 02/15/2045 | 2445 | 2458 |
| 4.75%, 11/15/2053 | 2821 | 2823 |
| 4.75%, 05/15/2055 | 3507 | 3516 |
| 4.75%, 08/15/2055 | 2999 | 3007 |
| 4.88%, 08/15/2045 | 815 | 832 |
| 5.00%, 05/15/2037 | 275 | 294 |
| 5.00%, 05/15/2045 | 2632 | 2731 |
| 5.25%, 11/15/2028 | 331 | 346 |
| 5.25%, 02/15/2029 | 548 | 577 |
| 5.38%, 02/15/2031 | 347 | 373 |
| 5.50%, 08/15/2028 | 198 | 208 |
| 6.13%, 11/15/2027 | 332 | 349 |
| 6.13%, 08/15/2029 | 172 | 187 |
| 6.25%, 05/15/2030 | 276 | 305 |
| 6.38%, 08/15/2027 | 155 | 163 |
| 6.50%, 11/15/2026 | 182 | 188 |
| 6.63%, 02/15/2027 | 122 | 127 |
| U.S. Treasury Notes, |  |  |
| 0.38%, 07/31/2027 | 1911 | 1802 |
| 0.38%, 09/30/2027 | 2588 | 2428 |
| 0.50%, 04/30/2027 | 7628 | 7263 |
| 0.50%, 05/31/2027 | 4336 | 4118 |
| 0.50%, 06/30/2027 | 1558 | 1476 |
| 0.50%, 08/31/2027 | 2010 | 1895 |
| 0.50%, 10/31/2027 | 2349 | 2204 |
| 0.63%, 07/31/2026 | 3155 | 3075 |
| 0.63%, 03/31/2027 | 1532 | 1464 |
| 0.63%, 11/30/2027 | 2546 | 2390 |
| 0.63%, 12/31/2027 | 2956 | 2767 |
| 0.63%, 05/15/2030 | 3416 | 2971 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations — continued** |  |  |
| **Sovereign — continued** |  |  |
| 0.63%, 08/15/2030 (jj) | 4453 | 3840 |
| 0.75%, 01/31/2028 | 2610 | 2444 |
| 0.88%, 11/15/2030 | 4648 | 4031 |
| 1.00%, 07/31/2028 | 3199 | 2975 |
| 1.13%, 10/31/2026 | 2428 | 2361 |
| 1.13%, 02/28/2027 | 585 | 564 |
| 1.13%, 02/29/2028 | 2650 | 2499 |
| 1.13%, 08/31/2028 | 2568 | 2391 |
| 1.13%, 02/15/2031 | 5097 | 4454 |
| 1.25%, 11/30/2026 | 2466 | 2397 |
| 1.25%, 12/31/2026 | 3602 | 3496 |
| 1.25%, 03/31/2028 | 2404 | 2270 |
| 1.25%, 04/30/2028 | 2645 | 2492 |
| 1.25%, 05/31/2028 | 3295 | 3098 |
| 1.25%, 06/30/2028 | 2620 | 2459 |
| 1.25%, 09/30/2028 | 2601 | 2427 |
| 1.25%, 08/15/2031 | 5091 | 4404 |
| 1.38%, 10/31/2028 | 4448 | 4157 |
| 1.38%, 12/31/2028 | 3119 | 2905 |
| 1.38%, 11/15/2031 | 5942 | 5145 |
| 1.50%, 01/31/2027 | 3259 | 3167 |
| 1.50%, 11/30/2028 | 2459 | 2303 |
| 1.50%, 02/15/2030 | 9525 | 8688 |
| 1.63%, 10/31/2026 | 980 | 959 |
| 1.63%, 11/30/2026 | 890 | 869 |
| 1.63%, 08/15/2029 | 2364 | 2194 |
| 1.63%, 05/15/2031 (jj) | 4430 | 3945 |
| 1.75%, 12/31/2026 | 985 | 962 |
| 1.75%, 01/31/2029 | 2265 | 2131 |
| 1.75%, 11/15/2029 | 2656 | 2464 |
| 1.88%, 02/28/2027 | 2212 | 2158 |
| 1.88%, 02/28/2029 | 2429 | 2291 |
| 1.88%, 02/15/2032 | 5343 | 4741 |
| 2.00%, 11/15/2026 | 2151 | 2110 |
| 2.25%, 02/15/2027 | 1906 | 1870 |
| 2.25%, 08/15/2027 | 1863 | 1817 |
| 2.25%, 11/15/2027 | 1891 | 1839 |
| 2.38%, 05/15/2027 | 2303 | 2257 |
| 2.38%, 03/31/2029 | 2246 | 2152 |
| 2.38%, 05/15/2029 | 2579 | 2467 |
| 2.50%, 03/31/2027 | 2180 | 2143 |
| 2.63%, 05/31/2027 | 2052 | 2018 |
| 2.63%, 02/15/2029 | 5597 | 5417 |
| 2.63%, 07/31/2029 | 2121 | 2042 |
| 2.75%, 04/30/2027 | 2062 | 2034 |
| 2.75%, 07/31/2027 | 1957 | 1926 |
| 2.75%, 02/15/2028 | 4168 | 4086 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations — continued** |  |  |
| **Sovereign — continued** |  |  |
| 2.75%, 05/31/2029 | 2174 | 2106 |
| 2.75%, 08/15/2032 | 4856 | 4515 |
| 2.88%, 05/15/2028 | 2667 | 2618 |
| 2.88%, 08/15/2028 | 2707 | 2651 |
| 2.88%, 04/30/2029 | 2207 | 2149 |
| 2.88%, 05/15/2032 | 5835 | 5487 |
| 3.13%, 08/31/2027 (jj) | 1916 | 1898 |
| 3.13%, 11/15/2028 | 5144 | 5067 |
| 3.13%, 08/31/2029 | 1569 | 1537 |
| 3.25%, 06/30/2027 | 2009 | 1996 |
| 3.25%, 06/30/2029 | 2521 | 2483 |
| 3.38%, 09/15/2027 | 2479 | 2468 |
| 3.38%, 09/15/2028 | 2567 | 2549 |
| 3.38%, 05/15/2033 | 73338 | 70462 |
| 3.50%, 09/30/2026(ff) | 3129 | 3123 |
| 3.50%, 01/31/2028 | 1838 | 1833 |
| 3.50%, 04/30/2028 | 1837 | 1832 |
| 3.50%, 09/30/2029 | 2992 | 2971 |
| 3.50%, 01/31/2030 | 1490 | 1478 |
| 3.50%, 04/30/2030 | 1581 | 1566 |
| 3.50%, 02/15/2033 | 73304 | 71182 |
| 3.63%, 08/31/2027 | 5914 | 5915 |
| 3.63%, 03/31/2028 | 1838 | 1839 |
| 3.63%, 05/31/2028 | 1769 | 1770 |
| 3.63%, 08/15/2028 | 2652 | 2652 |
| 3.63%, 08/31/2029 | 2992 | 2985 |
| 3.63%, 03/31/2030 | 1492 | 1486 |
| 3.63%, 08/31/2030 | 4179 | 4158 |
| 3.63%, 09/30/2030 | 3500 | 3483 |
| 3.63%, 09/30/2031 | 1880 | 1859 |
| 3.75%, 04/30/2027 | 4249 | 4256 |
| 3.75%, 06/30/2027 | 2055 | 2059 |
| 3.75%, 08/15/2027 (jj) | 2479 | 2485 |
| 3.75%, 04/15/2028 | 3679 | 3691 |
| 3.75%, 05/15/2028 | 2713 | 2722 |
| 3.75%, 12/31/2028 | 2479 | 2487 |
| 3.75%, 05/31/2030 | 1487 | 1489 |
| 3.75%, 06/30/2030 | 1475 | 1476 |
| 3.75%, 12/31/2030 | 1705 | 1704 |
| 3.75%, 08/31/2031 | 1881 | 1873 |
| 3.88%, 03/31/2027 | 3100 | 3109 |
| 3.88%, 05/31/2027 | 7530 | 7557 |
| 3.88%, 07/31/2027 (ff) | 3288 | 3302 |
| 3.88%, 10/15/2027 | 2479 | 2492 |
| 3.88%, 11/30/2027 | 1840 | 1850 |
| 3.88%, 12/31/2027 | 1838 | 1848 |
| 3.88%, 03/15/2028 | 2979 | 2998 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations — continued** |  |  |
| **Sovereign — continued** |  |  |
| 3.88%, 06/15/2028 | 1000 | 1007 |
| 3.88%, 07/15/2028 | 1600 | 1611 |
| 3.88%, 09/30/2029 | 1534 | 1544 |
| 3.88%, 11/30/2029 | 1470 | 1480 |
| 3.88%, 12/31/2029 | 2713 | 2731 |
| 3.88%, 04/30/2030 | 4092 | 4119 |
| 3.88%, 06/30/2030 | 2000 | 2013 |
| 3.88%, 07/31/2030 | 4075 | 4100 |
| 3.88%, 08/31/2032 | 8213 | 8191 |
| 3.88%, 09/30/2032 | 1200 | 1196 |
| 3.88%, 08/15/2033 | 88523 | 87811 |
| 3.88%, 08/15/2034 | 89780 | 88412 |
| 4.00%, 01/15/2027 | 5462 | 5483 |
| 4.00%, 12/15/2027 | 2479 | 2500 |
| 4.00%, 02/29/2028 | 1838 | 1854 |
| 4.00%, 06/30/2028 | 1838 | 1856 |
| 4.00%, 01/31/2029 | 2607 | 2636 |
| 4.00%, 07/31/2029 | 3182 | 3218 |
| 4.00%, 10/31/2029 | 1892 | 1914 |
| 4.00%, 02/28/2030 | 4471 | 4524 |
| 4.00%, 03/31/2030 | 3442 | 3482 |
| 4.00%, 05/31/2030 | 3538 | 3580 |
| 4.00%, 07/31/2030 | 1482 | 1499 |
| 4.00%, 01/31/2031 | 1820 | 1840 |
| 4.00%, 04/30/2032 | 2431 | 2445 |
| 4.00%, 06/30/2032 | 2396 | 2409 |
| 4.00%, 07/31/2032 | 1735 | 1743 |
| 4.00%, 02/15/2034 | 88882 | 88656 |
| 4.13%, 10/31/2026 | 2949 | 2962 |
| 4.13%, 01/31/2027 | 2949 | 2965 |
| 4.13%, 02/15/2027 | 2282 | 2295 |
| 4.13%, 02/28/2027 | 2949 | 2967 |
| 4.13%, 09/30/2027 | 1888 | 1906 |
| 4.13%, 10/31/2027 | 1838 | 1857 |
| 4.13%, 11/15/2027 | 2479 | 2505 |
| 4.13%, 07/31/2028 | 1913 | 1939 |
| 4.13%, 03/31/2029 | 2864 | 2908 |
| 4.13%, 10/31/2029 | 3632 | 3691 |
| 4.13%, 11/30/2029 | 2992 | 3041 |
| 4.13%, 08/31/2030 | 1539 | 1565 |
| 4.13%, 03/31/2031 | 1832 | 1861 |
| 4.13%, 07/31/2031 | 1879 | 1907 |
| 4.13%, 10/31/2031 | 1881 | 1909 |
| 4.13%, 11/30/2031 (ee) (ff) | 3391 | 3440 |
| 4.13%, 02/29/2032 | 1994 | 2021 |
| 4.13%, 03/31/2032 | 2081 | 2109 |
| 4.13%, 05/31/2032 | 2132 | 2159 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations — continued** |  |  |
| **Sovereign — continued** |  |  |
| 4.13%, 11/15/2032 | 79233 | 80173 |
| 4.25%, 11/30/2026 | 2949 | 2967 |
| 4.25%, 12/31/2026 | 2949 | 2968 |
| 4.25%, 03/15/2027 | 2372 | 2391 |
| 4.25%, 01/15/2028 | 2479 | 2513 |
| 4.25%, 02/15/2028 | 3964 | 4021 |
| 4.25%, 02/28/2029 | 2725 | 2777 |
| 4.25%, 06/30/2029 | 3280 | 3346 |
| 4.25%, 01/31/2030 | 3392 | 3465 |
| 4.25%, 02/28/2031 | 1770 | 1810 |
| 4.25%, 06/30/2031 | 1880 | 1921 |
| 4.25%, 11/15/2034 | 89886 | 90912 |
| 4.25%, 05/15/2035 | 90777 | 91614 |
| 4.25%, 08/15/2035 | 59720 | 60206 |
| 4.38%, 12/15/2026 | 2137 | 2154 |
| 4.38%, 07/15/2027 | 2462 | 2493 |
| 4.38%, 08/31/2028 | 1974 | 2015 |
| 4.38%, 11/30/2028 | 2348 | 2400 |
| 4.38%, 12/31/2029 | 3142 | 3224 |
| 4.38%, 11/30/2030 | 5090 | 5236 |
| 4.38%, 01/31/2032 | 1881 | 1933 |
| 4.38%, 05/15/2034 | 88873 | 90942 |
| 4.50%, 04/15/2027 | 2918 | 2954 |
| 4.50%, 05/15/2027 | 8269 | 8377 |
| 4.50%, 05/31/2029 | 2992 | 3077 |
| 4.50%, 12/31/2031 | 1881 | 1946 |
| 4.50%, 11/15/2033 | 84747 | 87630 |
| 4.63%, 06/30/2026 | 4000 | 4024 |
| 4.63%, 10/15/2026 | 1938 | 1956 |
| 4.63%, 11/15/2026 | 2046 | 2066 |
| 4.63%, 06/15/2027 | 2479 | 2519 |
| 4.63%, 09/30/2028 | 2094 | 2154 |
| 4.63%, 04/30/2029 | 2992 | 3088 |
| 4.63%, 09/30/2030 | 1575 | 1637 |
| 4.63%, 04/30/2031 | 1881 | 1958 |
| 4.63%, 05/31/2031 | 2421 | 2520 |
| 4.63%, 02/15/2035 | 89655 | 93185 |
| 4.88%, 11/30/2025 | 1390 | 1392 |
| 4.88%, 10/31/2028 | 2223 | 2302 |
| 4.88%, 10/31/2030 | 1603 | 1686 |
| U.S. Treasury STRIP Coupon Bonds, |  |  |
| Zero Coupon, 05/15/2026 | 5000 | 4886 |
| Zero Coupon, 11/15/2026 | 5000 | 4801 |
| Zero Coupon, 11/15/2028 (ff) | 12000 | 10697 |
| Zero Coupon, 02/15/2029 | 1000 | 883 |
| Zero Coupon, 11/15/2038 (jj) | 6250 | 3426 |
| Zero Coupon, 11/15/2041 | 200 | 92 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** |
| **U.S. Treasury Obligations — continued** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Zero Coupon, 05/15/2042 |  | 1055 | 472 |
| Zero Coupon, 08/15/2045 |  | 600 | 224 |
| Zero Coupon, 11/15/2049 |  | 2555 | 777 |
| Zero Coupon, 02/15/2052 |  | 2355 | 646 |
| Zero Coupon, 08/15/2054 |  | 2255 | 566 |
| Total Sovereign |  |  | 1670834 |
| Total U.S. Treasury Obligations<br>(Cost $1,667,423) |  |  | 1670834 |
| **Purchased Option Contract** — **0.0% (g)** |  |  |  |
| **Put Option Contract — 0.0% (g)** |  |  |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 12/4/2025, Strike Price 99.09 |  |  |  |
| Total Purchased Option Contract (Cost $3) |  | 3500 | 4 |
| **Short-Term Investments** — **1.8%** |  |  |  |
| **Repurchase Agreement** — **0.1%** |  |  |  |
| BofA Securities, Inc., 4.25%, dated 9/30/2025 due 10/01/2025, repurchase price $9,700 collateralized by U.S. Treasury Security, 1.50%, due 01/31/2027, with a value of $10,182 |  | 9700 | 9700 |
| **Time Deposits** — **1.1%** |  |  |  |
| Australia & New Zealand Banking Group Ltd., |  |  |  |
| 2.35%, 10/01/2025 | AUD | 587 | 388 |
| 3.44%, 10/01/2025 |  | 9571 | 9571 |
| Brown Brothers Harriman & Co., |  |  |  |
| (0.60%), 10/01/2025 | CHF | 967 | 1214 |
| 0.33%, 10/01/2025 | SGD | 191 | 148 |
| 0.65%, 10/01/2025 | DKK | 4268 | 671 |
| 0.79%, 10/01/2025 | EUR | — (h) | — (h) |
| 0.82%, 10/01/2025 | SEK | 4587 | 487 |
| 1.49%, 10/01/2025 | NZD | 931 | 540 |
| 2.14%, 10/02/2025 | HKD | 1115 | 144 |
| 2.64%, 10/01/2025 | NOK | 5205 | 522 |
| 2.92%, 10/01/2025 | GBP | — (h) | — (h) |
| 3.44%, 10/01/2025 |  | — (h) | — (h) |
| Citibank NA, |  |  |  |
| 0.79%, 10/01/2025 | EUR | 25972 | 30493 |
| 2.92%, 10/01/2025 | GBP | 2066 | 2779 |
| 3.44%, 10/01/2025 |  | 45088 | 45088 |
| Royal Bank of Canada, |  |  |  |
| 1.33%, 10/01/2025 | CAD | 29 | 21 |
| 3.44%, 10/01/2025 |  | 22056 | 22056 |
| Sumitomo Mitsui Banking Corp., 0.12%, 10/01/2025 | JPY | 374759 | 2534 |
| Sumitomo Mitsui Trust Bank Ltd., 3.44%, 10/01/2025 |  | 52019 | 52019 |
| Total Time Deposits |  |  | 168675 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** | **VALUE ($)** |
| **U.S. Government Agency Security** — **0.2%** |  |  |
| FHLB Discount Note, 3.90%, 10/01/2025 (n) | 34020 | 34016 |
| **U.S. Treasury Obligations — 0.4%** |  |  |
| U.S. Treasury Bills, |  |  |
| 3.87%, 01/13/2026 (n) (ii) | 276 | 273 |
| 3.88%, 01/20/2026 (n) (hh) | 247 | 244 |
| 3.88%, 01/27/2026 (n) | 580 | 573 |
| 3.94%, 12/11/2025 (n) (hh) (ii) | 453 | 450 |
| 4.13%, 11/28/2025 (n) (ii) | 76 | 75 |
| 4.19%, 10/09/2025 (n) | 58552 | 58499 |
| 4.29%, 11/04/2025 (n) (ii) | 25 | 25 |
| Total U.S. Treasury Obligations |  | 60139 |
| Total Short-Term Investments |  |  |
| (Cost $272,532) |  | 272530 |
| **Total Investments, Before Short Positions — 105.3%<br>(Cost - $15,881,298)** |  | **16004085** |
| **Liabilities in Excess of Other Assets — (5.3)%** |  | **(803663)** |
| **NET ASSETS — 100.0%** |  | $**15200422** |
| **Short Positions** — **1.3%** |  |  |
| **Mortgage-Backed Securities** — **1.3%** |  |  |
| FNMA or FHLMC, Single Family, 15 years, |  |  |
| TBA, 2.00%, 10/01/2052 (w) | 200 | 184 |
| TBA, 3.00%, 10/01/2040 (w) | 4500 | 4315 |
| TBA, 3.50%, 10/01/2055 (w) | 100 | 97 |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 2.50%, 10/01/2052 (w) | 30800 | 25964 |
| TBA, 3.00%, 10/01/2055 (w) | 53200 | 46756 |
| TBA, 3.00%, 11/01/2055 (w) | 53200 | 46763 |
| TBA, 3.50%, 11/01/2055 (w) | 60665 | 55447 |
| TBA, 4.00%, 10/01/2055 (w) | 5800 | 5469 |
| TBA, 4.00%, 11/01/2055 (w) | 5800 | 5468 |
| TBA, 5.50%, 10/01/2055 (w) | 1000 | 1009 |
| TBA, 6.50%, 11/01/2055 (w) | 5550 | 5739 |
| Total Mortgage-Backed Securities<br>(Cost $197,232) |  | 197211 |
| **Total Securities Sold Short — 1.3%<br>(Proceeds $197,232)** |  | **197211** |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

**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 | 16 | 12/2025 | EUR | 2212 | 1 |
|  Euro Bund | 184 | 12/2025 | EUR | 27770 | 4 |
|  Euro Buxl | 9 | 12/2025 | EUR | 1206 | 4 |
|  Euro Schatz | 498 | 12/2025 | EUR | 62601 | (53) |
|  U.S. Treasury 2 Year Note | 134 | 12/2025 | USD | 27884 | 42 |
|  U.S. Treasury 10 Year Note | 53 | 12/2025 | USD | 5943 | 19 |
|  U.S. Treasury Long Bond | 241 | 12/2025 | USD | 27434 | 665 |
|  U.S. Treasury Ultra Bond | 63 | 12/2025 | USD | 7458 | 106 |
|  |  |  |  |  | 788 |
|  **Short Contracts** |  |  |  |  |  |
|  Euro BOBL | (425) | 12/2025 | EUR | (58810) | 27 |
|  Euro Buxl | (11) | 12/2025 | EUR | (1458) | (20) |
|  Euro Schatz | (123) | 12/2025 | EUR | (15473) | 24 |
|  Long Gilt | (116) | 12/2025 | GBP | (14103) | (69) |
|  U.S. Treasury 2 Year Note | (90) | 12/2025 | USD | (18728) | (28) |
|  U.S. Treasury 5 Year Note | (163) | 12/2025 | USD | (17798) | (1) |
|  U.S. Treasury 10 Year Note | (170) | 12/2025 | USD | (19092) | (33) |
|  U.S. Ultra Treasury 10 Year Note | (140) | 12/2025 | USD | (15933) | (178) |
|  |  |  |  |  | (278) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 510 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  AUD | 331390 | USD | 219002 | Bank of America, NA | 10/02/2025 | 278 |
|  USD | 147 | CAD | 203 | Morgan Stanley & Co. | 10/02/2025 | 1 |
|  CHF | 4286 | USD | 5370 | Morgan Stanley & Co. | 10/02/2025 | 14 |
|  CHF | 35360 | USD | 44365 | Morgan Stanley & Co. | 10/02/2025 | 54 |
|  DKK | 10895 | USD | 1713 | Goldman Sachs International | 10/02/2025 | — (h) |
|  USD | 2196 | EUR | 1870 | Bank of America, NA | 10/02/2025 | 1 |
|  USD | 570 | EUR | 484 | Bank of America, NA | 10/02/2025 | 3 |
|  USD | 12 | EUR | 10 | Bank of New York Mellon | 10/02/2025 | — (h) |
|  USD | 273 | EUR | 230 | Bank of New York Mellon | 10/02/2025 | 3 |
|  EUR | 112702 | USD | 131774 | Barclays Bank plc | 10/02/2025 | 543 |
|  EUR | 98386 | USD | 115338 | Barclays Bank plc | 10/02/2025 | 172 |
|  USD | 224 | EUR | 190 | Citibank, NA | 10/02/2025 | 1 |
|  USD | 118 | EUR | 100 | Citibank, NA | 10/02/2025 | — (h) |
|  EUR | 65471 | USD | 76519 | HSBC Bank plc | 10/02/2025 | 348 |
|  EUR | 8430 | USD | 9886 | Morgan Stanley & Co. | 10/02/2025 | 11 |
|  EUR | 55810 | USD | 65452 | Morgan Stanley & Co. | 10/02/2025 | 71 |
|  EUR | 292 | USD | 342 | Morgan Stanley & Co. | 10/02/2025 | 1 |
|  EUR | 4500 | USD | 5277 | Morgan Stanley & Co. | 10/02/2025 | 6 |
|  EUR | 10269 | USD | 11994 | Morgan Stanley & Co. | 10/02/2025 | 63 |
|  USD | 9676 | EUR | 8220 | Morgan Stanley & Co. | 10/02/2025 | 25 |
|  USD | 4399 | EUR | 3710 | Morgan Stanley & Co. | 10/02/2025 | 44 |
|  USD | 6585 | EUR | 5600 | Morgan Stanley & Co. | 10/02/2025 | 10 |
|  USD | 3974 | EUR | 3370 | Morgan Stanley & Co. | 10/02/2025 | 17 |
|  USD | 7456 | EUR | 6350 | Morgan Stanley & Co. | 10/02/2025 | 1 |
|  USD | 1324 | GBP | 970 | Bank of America, NA | 10/02/2025 | 20 |
|  GBP | 509692 | USD | 684557 | Bank of New York Mellon | 10/02/2025 | 927 |
|  USD | 691678 | GBP | 514002 | Bank of New York Mellon | 10/02/2025 | 397 |
|  USD | 787 | GBP | 585 | Bank of New York Mellon | 10/02/2025 | — (h) |
|  USD | 146625 | GBP | 108957 | Bank of New York Mellon | 10/02/2025 | 89 |
|  USD | 130359 | GBP | 96460 | BNP Paribas | 10/02/2025 | 630 |
|  USD | 2205 | GBP | 1620 | Citibank, NA | 10/02/2025 | 26 |
|  GBP | 108957 | USD | 146350 | Citibank, NA | 10/02/2025 | 186 |
|  GBP | 585 | USD | 786 | Citibank, NA | 10/02/2025 | 1 |
|  USD | 130360 | GBP | 96460 | Morgan Stanley & Co. | 10/02/2025 | 631 |
|  USD | 16447 | GBP | 12171 | Morgan Stanley & Co. | 10/02/2025 | 77 |
|  USD | 43291 | GBP | 32038 | Morgan Stanley & Co. | 10/02/2025 | 204 |
|  USD | 1309 | GBP | 970 | Morgan Stanley & Co. | 10/02/2025 | 4 |
|  USD | 150 | GBP | 110 | UBS AG London | 10/02/2025 | 2 |
|  USD | 130747 | GBP | 96746 | UBS AG London | 10/02/2025 | 633 |
|  HUF | 5361077 | USD | 16118 | Goldman Sachs International | 10/02/2025 | 21 |
|  JPY | 8203827 | USD | 55229 | Bank of America, NA | 10/02/2025 | 245 |
|  USD | 1903 | JPY | 280630 | Bank of America, NA | 10/02/2025 | 5 |
|  USD | 716 | JPY | 105480 | Deutsche Bank AG | 10/02/2025 | 3 |
|  USD | 953 | JPY | 140000 | Deutsche Bank AG | 10/02/2025 | 7 |
|  JPY | 240826146 | USD | 1626984 | Deutsche Bank AG | 10/02/2025 | 1485 |
|  USD | 4803 | JPY | 701350 | Deutsche Bank AG | 10/02/2025 | 60 |
|  USD | 1420 | JPY | 209160 | Deutsche Bank AG | 10/02/2025 | 6 |
|  USD | 1654775 | JPY | 242957076 | Goldman Sachs International | 10/02/2025 | 11897 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 55386 | JPY | 8139372 | Goldman Sachs International | 10/02/2025 | 347 |
|  USD | 2404 | JPY | 351860 | Royal Bank of Canada | 10/02/2025 | 25 |
|  USD | 1443 | JPY | 211000 | Standard Chartered Bank | 10/02/2025 | 16 |
|  USD | 2189 | NOK | 21480 | Bank of America, NA | 10/02/2025 | 36 |
|  USD | 438 | NOK | 4300 | Bank of New York Mellon | 10/02/2025 | 8 |
|  NOK | 180820 | USD | 18100 | Goldman Sachs International | 10/02/2025 | 19 |
|  NZD | 47382 | USD | 27455 | Bank of America, NA | 10/02/2025 | 15 |
|  USD | 27461 | NZD | 46582 | Morgan Stanley & Co. | 10/02/2025 | 455 |
|  USD | 475 | NZD | 800 | Morgan Stanley & Co. | 10/02/2025 | 11 |
|  PLN | 237525 | USD | 65291 | Goldman Sachs International | 10/02/2025 | 59 |
|  SEK | 277685 | USD | 29472 | Goldman Sachs International | 10/02/2025 | 24 |
|  SEK | 41515 | USD | 4406 | Goldman Sachs International | 10/02/2025 | 4 |
|  USD | 41115 | SGD | 52721 | Standard Chartered Bank | 10/02/2025 | 245 |
|  SGD | 52721 | USD | 40865 | UBS AG London | 10/02/2025 | 5 |
|  USD | 1700 | THB | 54940 | Morgan Stanley & Co. | 10/02/2025 | 5 |
|  USD | 72776 | THB | 2354390 | UBS AG London | 10/02/2025 | 121 |
|  CNY | 14701700 | USD | 2063252 | HSBC Bank plc\* | 10/10/2025 | 3160 |
|  USD | 5177 | CNY | 36800 | HSBC Bank plc\* | 10/10/2025 | 5 |
|  USD | 3066 | CNY | 21800 | HSBC Bank plc\* | 10/10/2025 | 2 |
|  USD | 3139 | CNY | 22300 | Standard Chartered Bank\* | 10/10/2025 | 4 |
|  USD | 672686 | CNY | 4784010 | Standard Chartered Bank\* | 10/10/2025 | 265 |
|  USD | 682878 | CNY | 4856495 | Standard Chartered Bank\* | 10/10/2025 | 269 |
|  USD | 682878 | CNY | 4856495 | Standard Chartered Bank\* | 10/10/2025 | 269 |
|  USD | 1254 | CNY | 8900 | Standard Chartered Bank\* | 10/10/2025 | 3 |
|  USD | 4769 | CNY | 33900 | Standard Chartered Bank\* | 10/10/2025 | 4 |
|  USD | 3727 | CNY | 26500 | Standard Chartered Bank\* | 10/10/2025 | 2 |
|  USD | 3825 | CNY | 27200 | Standard Chartered Bank\* | 10/10/2025 | 2 |
|  USD | 3515 | CNY | 25000 | Standard Chartered Bank\* | 10/10/2025 | 1 |
|  USD | 9659 | CAD | 13137 | Barclays Bank plc | 10/22/2025 | 210 |
|  USD | 1699 | CHF | 1337 | Barclays Bank plc | 10/22/2025 | 15 |
|  CHF | 301 | USD | 376 | Goldman Sachs International | 10/22/2025 | 2 |
|  USD | 727 | DKK | 4607 | HSBC Bank plc | 10/22/2025 | 2 |
|  USD | 4080 | JPY | 597545 | Morgan Stanley & Co. | 10/22/2025 | 30 |
|  USD | 825 | NZD | 1378 | Barclays Bank plc | 10/22/2025 | 26 |
|  USD | 60 | AUD | 90 | Morgan Stanley & Co. | 11/04/2025 | — (h) |
|  USD | 3620 | AUD | 5460 | Morgan Stanley & Co. | 11/04/2025 | 6 |
|  USD | 26 | CHF | 21 | UBS AG London | 11/04/2025 | — (h) |
|  USD | 35944 | CZK | 744543 | Goldman Sachs International | 11/04/2025 | 7 |
|  USD | 23294 | DKK | 147655 | Goldman Sachs International | 11/04/2025 | 14 |
|  USD | 32 | EUR | 27 | Bank of New York Mellon | 11/04/2025 | — (h) |
|  USD | 454211 | EUR | 385915 | Citibank, NA | 11/04/2025 | 174 |
|  USD | 2243 | EUR | 1905 | Morgan Stanley & Co. | 11/04/2025 | 2 |
|  USD | 4874 | EUR | 4140 | Morgan Stanley & Co. | 11/04/2025 | 3 |
|  USD | 454192 | EUR | 385915 | UBS AG London | 11/04/2025 | 154 |
|  USD | 3475621 | EUR | 2953328 | UBS AG London | 11/04/2025 | 966 |
|  USD | 5022 | GBP | 3730 | BNP Paribas | 11/04/2025 | 5 |
|  USD | 188084 | GBP | 139686 | BNP Paribas | 11/04/2025 | 188 |
|  USD | 4874 | GBP | 3620 | Morgan Stanley & Co. | 11/04/2025 | 5 |
|  USD | 6652 | GBP | 4940 | Morgan Stanley & Co. | 11/04/2025 | 7 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 188091 | GBP | 139690 | Morgan Stanley & Co. | 11/04/2025 | 189 |
|  USD | 2410 | GBP | 1790 | Morgan Stanley & Co. | 11/04/2025 | 2 |
|  GBP | 340 | USD | 457 | UBS AG London | 11/04/2025 | — (h) |
|  USD | 1248 | HKD | 9700 | Morgan Stanley & Co. | 11/04/2025 | — (h) |
|  USD | 1158 | JPY | 170430 | Morgan Stanley & Co. | 11/04/2025 | 1 |
|  USD | 25882 | JPY | 3809060 | Morgan Stanley & Co. | 11/04/2025 | 28 |
|  USD | 256 | NZD | 440 | Goldman Sachs International | 11/04/2025 | — (h) |
|  USD | 721 | NZD | 1240 | Morgan Stanley & Co. | 11/04/2025 | 1 |
|  USD | 2659 | PLN | 9650 | Morgan Stanley & Co. | 11/04/2025 | 5 |
|  USD | 24670 | RON | 106925 | Goldman Sachs International | 11/04/2025 | 22 |
|  USD | 887 | SEK | 8320 | Morgan Stanley & Co. | 11/04/2025 | 1 |
|  USD | 964 | SGD | 1240 | Morgan Stanley & Co. | 11/04/2025 | — (h) |
|  USD | 1665 | THB | 53760 | Goldman Sachs International | 11/04/2025 | 1 |
|  USD | 147 | CAD | 203 | Barclays Bank plc | 11/05/2025 | 1 |
|  USD | 77074 | EUR | 65471 | Citibank, NA | 11/05/2025 | 41 |
|  USD | 132674 | EUR | 112702 | Citibank, NA | 11/05/2025 | 71 |
|  USD | 1373 | EUR | 1167 | Goldman Sachs International | 11/05/2025 | 1 |
|  USD | 497 | EUR | 422 | HSBC Bank plc | 11/05/2025 | — (h) |
|  USD | 43347 | GBP | 32038 | Citibank, NA | 11/05/2025 | 252 |
|  USD | 15284 | GBP | 11296 | Citibank, NA | 11/05/2025 | 89 |
|  USD | 539 | GBP | 400 | Goldman Sachs International | 11/05/2025 | 1 |
|  USD | 49221 | CNH | 348892 | HSBC Bank plc | 12/17/2025 | 10 |
|  USD | 38665 | IDR | 636666056 | Bank of America, NA\* | 12/17/2025 | 491 |
|  USD | 38665 | IDR | 636666056 | Bank of America, NA\* | 12/17/2025 | 491 |
|  USD | 216254 | KRW | 298161780 | Bank of America, NA\* | 12/17/2025 | 2918 |
|  USD | 2391 | MYR | 10030 | Goldman Sachs International\* | 12/17/2025 | 1 |
|  USD | 77353 | MYR | 323450 | Morgan Stanley & Co.\* | 12/17/2025 | 287 |
|  USD | 1322 | SGD | 1689 | Morgan Stanley & Co. | 12/17/2025 | 5 |
|  USD | 890 | THB | 28584 | HSBC Bank plc | 12/17/2025 | 2 |
|  USD | 907 | THB | 28584 | Morgan Stanley & Co. | 12/17/2025 | 19 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 31350 |
|  USD | 457 | GBP | 340 | UBS AG London | 10/01/2025 | (—)(h) |
|  USD | 215009 | AUD | 329210 | Morgan Stanley & Co. | 10/02/2025 | (2829) |
|  USD | 482 | AUD | 730 | Morgan Stanley & Co. | 10/02/2025 | (1) |
|  USD | 475 | AUD | 720 | Morgan Stanley & Co. | 10/02/2025 | (1) |
|  USD | 482 | AUD | 730 | UBS AG London | 10/02/2025 | (1) |
|  CAD | 203 | USD | 147 | Barclays Bank plc | 10/02/2025 | (1) |
|  USD | 44265 | CHF | 35360 | Goldman Sachs International | 10/02/2025 | (154) |
|  USD | 19 | CHF | 15 | Morgan Stanley & Co. | 10/02/2025 | (—)(h) |
|  USD | 28 | CHF | 22 | UBS AG London | 10/02/2025 | (—)(h) |
|  USD | 5314 | CHF | 4249 | UBS AG London | 10/02/2025 | (24) |
|  USD | 35531 | CZK | 744543 | Citibank, NA | 10/02/2025 | (377) |
|  CZK | 744543 | USD | 35917 | Goldman Sachs International | 10/02/2025 | (9) |
|  USD | 1706 | DKK | 10895 | Bank of America, NA | 10/02/2025 | (8) |
|  USD | 23139 | DKK | 147655 | Bank of America, NA | 10/02/2025 | (84) |
|  DKK | 147655 | USD | 23240 | Goldman Sachs International | 10/02/2025 | (16) |
|  USD | 2253 | EUR | 1922 | Bank of America, NA | 10/02/2025 | (4) |
|  EUR | 4070 | USD | 4781 | Bank of America, NA | 10/02/2025 | (2) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  EUR | 1625 | USD | 1928 | Bank of America, NA | 10/02/2025 | (20) |
|  USD | 136813 | EUR | 117201 | Barclays Bank plc | 10/02/2025 | (786) |
|  USD | 1995 | EUR | 1703 | Barclays Bank plc | 10/02/2025 | (4) |
|  USD | 1401 | EUR | 1194 | Barclays Bank plc | 10/02/2025 | (—)(h) |
|  USD | 115081 | EUR | 98386 | Barclays Bank plc | 10/02/2025 | (429) |
|  USD | 430 | EUR | 368 | Barclays Bank plc | 10/02/2025 | (2) |
|  EUR | 112702 | USD | 132402 | Citibank, NA | 10/02/2025 | (85) |
|  EUR | 65471 | USD | 76916 | Citibank, NA | 10/02/2025 | (49) |
|  EUR | 385915 | USD | 453303 | Citibank, NA | 10/02/2025 | (220) |
|  USD | 74987 | EUR | 64233 | Citibank, NA | 10/02/2025 | (426) |
|  USD | 136162 | EUR | 117201 | Citibank, NA | 10/02/2025 | (1438) |
|  EUR | 23103 | USD | 27126 | Goldman Sachs International | 10/02/2025 | (2) |
|  USD | 452835 | EUR | 387415 | Goldman Sachs International | 10/02/2025 | (2010) |
|  EUR | 297 | USD | 349 | HSBC Bank plc | 10/02/2025 | (1) |
|  USD | 74630 | EUR | 64233 | HSBC Bank plc | 10/02/2025 | (783) |
|  EUR | 16 | USD | 19 | Morgan Stanley & Co. | 10/02/2025 | (—)(h) |
|  USD | 1759 | EUR | 1500 | Morgan Stanley & Co. | 10/02/2025 | (2) |
|  USD | 3492394 | EUR | 2986348 | Morgan Stanley & Co. | 10/02/2025 | (13730) |
|  USD | 2576 | EUR | 2210 | Morgan Stanley & Co. | 10/02/2025 | (19) |
|  USD | 452839 | EUR | 387415 | Morgan Stanley & Co. | 10/02/2025 | (2006) |
|  EUR | 2953328 | USD | 3468684 | UBS AG London | 10/02/2025 | (1327) |
|  EUR | 385915 | USD | 453284 | UBS AG London | 10/02/2025 | (200) |
|  USD | 4408 | EUR | 3770 | UBS AG London | 10/02/2025 | (18) |
|  USD | 26940 | EUR | 23071 | UBS AG London | 10/02/2025 | (147) |
|  USD | 2833 | GBP | 2110 | Bank of America, NA | 10/02/2025 | (5) |
|  GBP | 140 | USD | 189 | Bank of New York Mellon | 10/02/2025 | (1) |
|  GBP | 139686 | USD | 188052 | BNP Paribas | 10/02/2025 | (189) |
|  GBP | 11296 | USD | 15281 | Citibank, NA | 10/02/2025 | (89) |
|  GBP | 875 | USD | 1184 | Citibank, NA | 10/02/2025 | (7) |
|  GBP | 32038 | USD | 43340 | Citibank, NA | 10/02/2025 | (253) |
|  GBP | 139690 | USD | 188059 | Morgan Stanley & Co. | 10/02/2025 | (190) |
|  GBP | 5820 | USD | 7865 | Morgan Stanley & Co. | 10/02/2025 | (38) |
|  GBP | 960 | USD | 1299 | Morgan Stanley & Co. | 10/02/2025 | (8) |
|  GBP | 4500 | USD | 6081 | Morgan Stanley & Co. | 10/02/2025 | (29) |
|  USD | 2653 | GBP | 1980 | Morgan Stanley & Co. | 10/02/2025 | (10) |
|  GBP | 4500 | USD | 6081 | Morgan Stanley & Co. | 10/02/2025 | (29) |
|  GBP | 6440 | USD | 8703 | Morgan Stanley & Co. | 10/02/2025 | (42) |
|  USD | 1246 | HKD | 9700 | Morgan Stanley & Co. | 10/02/2025 | (1) |
|  HKD | 9700 | USD | 1247 | Morgan Stanley & Co. | 10/02/2025 | (—)(h) |
|  USD | 15726 | HUF | 5361077 | Morgan Stanley & Co. | 10/02/2025 | (413) |
|  JPY | 105545 | USD | 721 | Citibank, NA | 10/02/2025 | (8) |
|  USD | 1148 | JPY | 170000 | Citibank, NA | 10/02/2025 | (2) |
|  JPY | 1078550 | USD | 7370 | Morgan Stanley & Co. | 10/02/2025 | (77) |
|  JPY | 2082670 | USD | 14232 | Morgan Stanley & Co. | 10/02/2025 | (149) |
|  JPY | 969190 | USD | 6615 | Standard Chartered Bank | 10/02/2025 | (61) |
|  USD | 15408 | NOK | 155040 | Bank of America, NA | 10/02/2025 | (128) |
|  USD | 62704 | PLN | 229585 | Bank of America, NA | 10/02/2025 | (462) |
|  USD | 2178 | PLN | 7940 | Morgan Stanley & Co. | 10/02/2025 | (7) |
|  USD | 24540 | RON | 106925 | Goldman Sachs International | 10/02/2025 | (146) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  RON | 106925 | USD | 24706 | Goldman Sachs International | 10/02/2025 | (20) |
|  USD | 27 | SEK | 257 | Bank of America, NA | 10/02/2025 | (—)(h) |
|  USD | 4359 | SEK | 41258 | Goldman Sachs International | 10/02/2025 | (23) |
|  USD | 29338 | SEK | 277685 | Goldman Sachs International | 10/02/2025 | (158) |
|  THB | 2409330 | USD | 74360 | Morgan Stanley & Co. | 10/02/2025 | (9) |
|  CNY | 16100 | USD | 2264 | HSBC Bank plc\* | 10/10/2025 | (1) |
|  USD | 2243 | CNY | 16000 | HSBC Bank plc\* | 10/10/2025 | (5) |
|  USD | 1305 | CNY | 9300 | Standard Chartered Bank\* | 10/10/2025 | (2) |
|  USD | 4100 | CNY | 29200 | Standard Chartered Bank\* | 10/10/2025 | (4) |
|  USD | 5743 | AUD | 8795 | Barclays Bank plc | 10/22/2025 | (79) |
|  CAD | 327 | USD | 238 | Goldman Sachs International | 10/22/2025 | (3) |
|  USD | 1036 | CZK | 21883 | Barclays Bank plc | 10/22/2025 | (20) |
|  USD | 474 | HUF | 163362 | Barclays Bank plc | 10/22/2025 | (17) |
|  JPY | 143117 | USD | 971 | Morgan Stanley & Co. | 10/22/2025 | (1) |
|  USD | 350 | NOK | 3560 | HSBC Bank plc | 10/22/2025 | (7) |
|  USD | 906 | PLN | 3307 | Barclays Bank plc | 10/22/2025 | (4) |
|  USD | 481 | RON | 2103 | Barclays Bank plc | 10/22/2025 | (4) |
|  USD | 652 | SEK | 6226 | Citibank, NA | 10/22/2025 | (10) |
|  USD | 219106 | AUD | 331390 | Bank of America, NA | 11/04/2025 | (283) |
|  USD | 56 | CHF | 44 | Citibank, NA | 11/04/2025 | (—)(h) |
|  USD | 5392 | CHF | 4286 | Morgan Stanley & Co. | 11/04/2025 | (15) |
|  USD | 44541 | CHF | 35360 | Morgan Stanley & Co. | 11/04/2025 | (65) |
|  USD | 2715 | CNY | 19300 | HSBC Bank plc\* | 11/04/2025 | (2) |
|  USD | 2066471 | CNY | 14701700 | HSBC Bank plc\* | 11/04/2025 | (3273) |
|  USD | 4185 | CNY | 29800 | Standard Chartered Bank\* | 11/04/2025 | (10) |
|  USD | 1717 | DKK | 10895 | Goldman Sachs International | 11/04/2025 | (1) |
|  USD | 115570 | EUR | 98386 | Barclays Bank plc | 11/04/2025 | (183) |
|  USD | 27180 | EUR | 23103 | Goldman Sachs International | 11/04/2025 | (1) |
|  EUR | 427 | USD | 503 | Morgan Stanley & Co. | 11/04/2025 | (—)(h) |
|  USD | 684676 | GBP | 509692 | Bank of New York Mellon | 11/04/2025 | (929) |
|  USD | 713 | GBP | 530 | Bank of New York Mellon | 11/04/2025 | (—)(h) |
|  USD | 786 | GBP | 585 | Citibank, NA | 11/04/2025 | (1) |
|  USD | 146376 | GBP | 108957 | Citibank, NA | 11/04/2025 | (186) |
|  USD | 16086 | HUF | 5361077 | Goldman Sachs International | 11/04/2025 | (19) |
|  USD | 1632632 | JPY | 240826146 | Deutsche Bank AG | 11/04/2025 | (1936) |
|  USD | 18104 | NOK | 180820 | Goldman Sachs International | 11/04/2025 | (19) |
|  USD | 27491 | NZD | 47382 | Bank of America, NA | 11/04/2025 | (16) |
|  USD | 65261 | PLN | 237525 | Goldman Sachs International | 11/04/2025 | (58) |
|  SEK | 148 | USD | 16 | Bank of America, NA | 11/04/2025 | (—)(h) |
|  USD | 4416 | SEK | 41515 | Goldman Sachs International | 11/04/2025 | (4) |
|  USD | 29535 | SEK | 277685 | Goldman Sachs International | 11/04/2025 | (27) |
|  USD | 40972 | SGD | 52721 | UBS AG London | 11/04/2025 | (11) |
|  USD | 74484 | THB | 2409330 | Morgan Stanley & Co. | 11/04/2025 | (75) |
|  USD | 132048 | EUR | 112702 | Barclays Bank plc | 11/05/2025 | (555) |
|  USD | 76676 | EUR | 65471 | HSBC Bank plc | 11/05/2025 | (356) |
|  USD | 4516 | EUR | 3867 | Morgan Stanley & Co. | 11/05/2025 | (33) |
|  GBP | 511 | USD | 687 | Morgan Stanley & Co. | 11/05/2025 | (—)(h) |
|  USD | 55427 | JPY | 8203827 | Bank of America, NA | 11/05/2025 | (260) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 330 | CLP | 319372 | HSBC Bank plc\* | 12/17/2025 | (3) |
|  USD | 864 | ILS | 2907 | HSBC Bank plc | 12/17/2025 | (14) |
|  KRW | 1973320 | USD | 1423 | Bank of America, NA\* | 12/17/2025 | (11) |
|  KRW | 307699 | USD | 223 | HSBC Bank plc\* | 12/17/2025 | (3) |
|  USD | 8154 | KRW | 11399510 | Morgan Stanley & Co.\* | 12/17/2025 | (2) |
|  USD | 2131 | MXN | 40156 | Barclays Bank plc | 12/17/2025 | (43) |
|  USD | 1457 | MYR | 6136 | Barclays Bank plc\* | 12/17/2025 | (5) |
|  USD | 221 | PEN | 778 | Morgan Stanley & Co.\* | 12/17/2025 | (3) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (38328) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | (6978) |

---

\* Non-deliverable forward.

**OTC Interest Rate Swaps contracts outstanding as of September 30, 2025:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED<br>RATE** | **PAY/<br>RECEIVE<br>FLOATING<br>RATE** | **COUNTERPARTY** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 2.44%<br>quarterly | Pay | Morgan<br>Stanley<br>& Co. | 11/17/2030 | MYR | 5000 | (—)(h) | (47) | (47) |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.88%<br>quarterly | Pay | Morgan<br>Stanley<br>& Co. | 11/23/2030 | MYR | 1030 |  | 8 | 8 |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.81%<br>quarterly | Pay | Goldman<br>Sachs | 05/17/2031 | MYR | 2300 |  | 16 | 16 |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.31%<br>quarterly | Pay | Morgan<br>Stanley<br>& Co. | 07/24/2035 | MYR | 4000 |  | (10) | (10) |
|  CFETS China Fixing Repo Rates 7 day | 2.36%<br>quarterly | Pay | Morgan<br>Stanley<br>& Co. | 09/01/2030 | CNY | 7000 |  | 34 | 34 |
| Total | Total | Total | Total | Total | Total | Total | (—)(h) | 1 | 1 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.10%<br>semi-<br>annually | Pay | 12/03/2025 | JPY | 140000 | (—)(h) | (2) | (2) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.24%<br>annually | Pay | 02/02/2026 | JPY | 120000 | — (h) | (2) | (2) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)%<br>annually | Pay | 07/08/2027 | JPY | 191520 | (15) | (9) | (24) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.60%<br>annually | Pay | 07/08/2028 | JPY | 470000 | (38) | — (h) | (38) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)%<br>annually | Pay | 07/08/2028 | JPY | 975000 | (162) | (43) | (205) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)%<br>annually | Receive | 07/08/2029 | JPY | 25000 | 6 | 1 | 7 |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)%<br>annually | Receive | 07/08/2030 | JPY | 780000 | 257 | 50 | 307 |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.30%<br>semi-<br>annually | Pay | 12/03/2030 | JPY | 143500 | (—)(h) | (47) | (47) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.90%<br>annually | Pay | 07/08/2032 | JPY | 310000 | (25) | (25) | (50) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.05%<br>annually | Pay | 07/08/2032 | JPY | 120000 | (39) | (27) | (66) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.90%<br>annually | Pay | 07/08/2032 | JPY | 60000 | (10) | (—)(h) | (10) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.10%<br>annually | Pay | 07/08/2033 | JPY | 245000 | (98) | (57) | (155) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.10%<br>annually | Pay | 07/08/2035 | JPY | 140000 | (26) | (6) | (32) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.15%<br>annually | Pay | 07/08/2037 | JPY | 135000 | (78) | (67) | (145) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.30%<br>annually | Pay | 07/08/2043 | JPY | 210000 | (225) | (151) | (376) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.45%<br>annually | Pay | 07/08/2048 | JPY | 115000 | (141) | (119) | (260) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.75%<br>annually | Pay | 07/08/2055 | JPY | 55000 | (53) | (3) | (56) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.75%<br>annually | Pay | 07/08/2055 | JPY | 70000 | (77) | 5 | (72) |
|  BBSW ASX Australian 6 Month | 2.50%<br>semi-<br>annually | Pay | 12/03/2025 | AUD | 3390 | 269 | (283) | (14) |
|  BBSW ASX Australian 6 Month | 2.55%<br>semi-<br>annually | Pay | 12/03/2026 | AUD | 770 | (27) | 18 | (9) |
|  BBSW ASX Australian 6 Month | 2.60%<br>semi-<br>annually | Pay | 12/03/2027 | AUD | 11365 | (267) | 61 | (206) |
|  BBSW ASX Australian 6 Month | 2.75%<br>semi-<br>annually | Pay | 12/03/2030 | AUD | 4465 | 23 | (194) | (171) |
|  BBSW ASX Australian 6 Month | 2.75%<br>semi-<br>annually | Pay | 12/03/2031 | AUD | 1270 | (82) | 22 | (60) |
|  BBSW ASX Australian 6 Month | 2.80%<br>semi-<br>annually | Pay | 12/03/2033 | AUD | 485 | (42) | 11 | (31) |
|  BBSW ASX Australian 6 Month | 2.80%<br>semi-<br>annually | Pay | 12/03/2033 | AUD | 3695 | (326) | 87 | (239) |
|  BBSW ASX Australian 6 Month | 2.85%<br>semi-<br>annually | Pay | 12/03/2034 | AUD | 1050 | (81) | 6 | (75) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  BBSW ASX Australian 6 Month | 2.85%<br>semi-<br>annually | Pay | 12/03/2034 | AUD | 1025 | (68) | (6) | (74) |
|  Canadian Overnight Repo Rate Average | 3.85%<br>semi-<br>annually | Pay | 12/03/2026 | CAD | 4285 | 2 | 63 | 65 |
|  Canadian Overnight Repo Rate Average | 3.65%<br>semi-<br>annually | Pay | 12/03/2027 | CAD | 10850 | 133 | 105 | 238 |
|  Canadian Overnight Repo Rate Average | 3.50%<br>semi-<br>annually | Pay | 12/03/2029 | CAD | 4780 | 88 | 61 | 149 |
|  Canadian Overnight Repo Rate Average | 3.45%<br>semi-<br>annually | Pay | 12/03/2032 | CAD | 3815 | 48 | 96 | 144 |
|  Canadian Overnight Repo Rate Average | 3.50%<br>semi-<br>annually | Pay | 12/03/2033 | CAD | 800 | (2) | 35 | 33 |
|  Canadian Overnight Repo Rate Average | 3.50%<br>semi-<br>annually | Pay | 12/03/2034 | CAD | 4115 | 107 | 62 | 169 |
|  Canadian Overnight Repo Rate Average | 3.50%<br>semi-<br>annually | Pay | 12/03/2035 | CAD | 1085 | 27 | 12 | 39 |
|  Canadian Overnight Repo Rate Average | 3.55%<br>semi-<br>annually | Pay | 12/03/2042 | CAD | 1895 | 57 | 15 | 72 |
|  Canadian Overnight Repo Rate Average | 3.40%<br>semi-<br>annually | Pay | 12/03/2049 | CAD | 480 | (1) | 12 | 11 |
|  Canadian Overnight Repo Rate Average | 3.35%<br>semi-<br>annually | Pay | 12/03/2051 | CAD | 220 | 9 | (5) | 4 |
|  Canadian Overnight Repo Rate Average | 3.30%<br>semi-<br>annually | Pay | 12/03/2052 | CAD | 1510 | 36 | (15) | 21 |
|  Canadian Overnight Repo Rate Average | 3.30%<br>semi-<br>annually | Pay | 12/03/2053 | CAD | 860 | 23 | (10) | 13 |
|  Canadian Overnight Repo Rate Average | 3.25%<br>semi-<br>annually | Pay | 12/03/2054 | CAD | 275 | (1) | 4 | 3 |
|  Canadian Overnight Repo Rate Average | 3.25%<br>semi-<br>annually | Pay | 12/03/2055 | CAD | 310 | 1 | 2 | 3 |
|  CFETS China Fixing Repo Rates 7 day | 2.81%<br>quarterly | Pay | 04/12/2026 | CNY | 3590 | — (h) | 5 | 5 |
|  CFETS China Fixing Repo Rates 7 day | 2.40%<br>quarterly | Pay | 05/11/2026 | CNY | 23000 | 35 | (15) | 20 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  CFETS China Fixing Repo Rates 7 day | 2.60%<br>quarterly | Pay | 05/11/2028 | CNY | 91220 | 207 | 145 | 352 |
|  CFETS China Fixing Repo Rates 7 day | 2.40%<br>quarterly | Pay | 12/06/2028 | CNY | 5000 | 11 | 7 | 18 |
|  CFETS China Fixing Repo Rates 7 day | 2.65%<br>quarterly | Pay | 05/10/2029 | CNY | 134160 | 775 | (62) | 713 |
|  CFETS China Fixing Repo Rates 7 day | 1.59%<br>quarterly | Pay | 12/02/2029 | CNY | 18000 |  | (5) | (5) |
|  CFETS China Fixing Repo Rates 7 day | 1.50%<br>quarterly | Pay | 12/12/2029 | CNY | 22900 | 2 | (20) | (18) |
|  CFETS China Fixing Repo Rates 7 day | 1.50%<br>quarterly | Pay | 05/11/2030 | CNY | 36460 | (31) | (2) | (33) |
|  CFETS China Fixing Repo Rates 7 day | 1.50%<br>quarterly | Pay | 05/11/2030 | CNY | 57380 | (1) | (51) | (52) |
|  Copenhagen Interbank Offered Rates 6 Month | 3.20%<br>annually | Pay | 07/10/2034 | DKK | 1000 | 6 | — (h) | 6 |
|  Copenhagen Interbank Offered Rates 6 Month | 3.20%<br>annually | Pay | 07/10/2035 | DKK | 270 | 2 | (—)(h) | 2 |
|  Czech Interbank Offered Rates 6 Month | 3.51%<br>annually | Pay | 03/20/2031 | CZK | 13830 | (12) | 10 | (2) |
|  Czech Interbank Offered Rates 6 Month | 3.55%<br>annually | Pay | 09/10/2034 | CZK | 1325 | (1) | (2) | (3) |
|  Czech Interbank Offered Rates 6 Month | 3.60%<br>annually | Pay | 09/10/2035 | CZK | 2650 | (3) | (3) | (6) |
|  ESTR Volume Weighted Trimmed Mean Rate | 1.20%<br>annually | Pay | 05/11/2052 | EUR | 1810 | (182) | (467) | (649) |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.82%<br>annually | Pay | 11/28/2030 | PLN | 1000 | — (h) | 15 | 15 |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.35%<br>annually | Pay | 05/11/2031 | PLN | 1690 | (13) | 16 | 3 |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.50%<br>annually | Pay | 05/11/2035 | PLN | 1205 | (3) | 3 | (—)(h) |
|  KRW Certificate of Deposit 3 Month | 3.14%<br>quarterly | Pay | 04/19/2028 | KRW | 860000 | — (h) | 10 | 10 |
|  KRW Certificate of Deposit 3 Month | 1.07%<br>quarterly | Pay | 04/27/2030 | KRW | 200000 | (8) | (2) | (10) |
|  KRW Certificate of Deposit 3 Month | 0.97%<br>quarterly | Pay | 08/14/2030 | KRW | 2100000 | — (h) | (118) | (118) |
|  KRW Certificate of Deposit 3 Month | 0.94%<br>quarterly | Pay | 08/19/2030 | KRW | 5075000 | (83) | (204) | (287) |
|  KRW Certificate of Deposit 3 Month | 2.82%<br>quarterly | Pay | 04/28/2032 | KRW | 1245595 | (13) | 20 | 7 |
|  KRW Certificate of Deposit 3 Month | 3.15%<br>quarterly | Pay | 03/10/2033 | KRW | 1868660 | (16) | 55 | 39 |
|  KRW Certificate of Deposit 3 Month | 3.61%<br>quarterly | Pay | 11/24/2033 | KRW | 805000 | — (h) | 37 | 37 |
|  KRW Certificate of Deposit 3 Month | 3.15%<br>quarterly | Pay | 03/10/2034 | KRW | 2961000 | 7 | 59 | 66 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  KRW Certificate of Deposit 3 Month | 3.20%<br>quarterly | Pay | 03/10/2035 | KRW | 2692000 | 79 | (5) | 74 |
|  KRW Certificate of Deposit 3 Month | 3.20%<br>quarterly | Pay | 03/10/2035 | KRW | 803000 | 30 | (8) | 22 |
|  KRW Certificate of Deposit 3 Month | 3.10%<br>quarterly | Pay | 03/10/2043 | KRW | 161125 | (3) | 9 | 6 |
|  Mexico Interbank TIIE 1 Day | 9.10%<br>lunar | Pay | 12/06/2034 | MXN | 4625 | 4 | 20 | 24 |
|  Mexico Interbank TIIE 1 Day | 9.20%<br>lunar | Pay | 12/05/2035 | MXN | 3370 | 13 | 6 | 19 |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.85%<br>annually | Pay | 05/06/2031 | HUF | 60000 | 5 | — (h) | 5 |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.25%<br>annually | Pay | 09/10/2034 | HUF | 10335 | (1) | 1 | — (h) |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.30%<br>annually | Pay | 09/10/2035 | HUF | 32255 | (2) | (—)(h) | (2) |
|  Norway Interbank Offered Rate Fixing 6 Month | 4.00%<br>annually | Pay | 07/10/2032 | NOK | 1165 | (—)(h) | (1) | (1) |
|  Norway Interbank Offered Rate Fixing 6 Month | 3.85%<br>annually | Pay | 07/10/2034 | NOK | 1300 | 3 | (8) | (5) |
|  Norway Interbank Offered Rate Fixing 6 Month | 3.85%<br>annually | Pay | 07/10/2035 | NOK | 1210 | (2) | 4 | 2 |
|  NZD Bank Bill 3 Month | 4.24%<br>semi-<br>annually | Pay | 06/30/2032 | NZD | 500 | (7) | 25 | 18 |
|  NZFM New Zealand Bank Bill 3 Month FRA | 4.40%<br>semi-<br>annually | Pay | 05/08/2035 | NZD | 120 | 4 | 1 | 5 |
|  NZFM New Zealand Bank Bill 3 Month FRA | 4.40%<br>semi-<br>annually | Pay | 05/08/2034 | NZD | 250 | 5 | 6 | 11 |
|  Shekel Overnight Risk Free Rate | 3.95%<br>annually | Pay | 07/08/2030 | ILS | 1505 | 1 | 1 | 2 |
|  Shekel Overnight Risk Free Rate | 4.00%<br>annually | Pay | 07/08/2035 | ILS | 410 |  |  |  |
|  Singapore Domestic Interbank Overnight Rate Average | 2.65%<br>semi-<br>annually | Pay | 09/10/2030 | SGD | 400 | — (h) | 17 | 17 |
|  Singapore Domestic Interbank Overnight Rate Average | 3.24%<br>semi-<br>annually | Pay | 05/03/2034 | SGD | 300 | 5 | 25 | 30 |
|  Singapore Domestic Interbank Overnight Rate Average | 2.50%<br>semi-<br>annually | Pay | 09/10/2035 | SGD | 255 | 13 |  | 13 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Singapore Domestic Interbank Overnight Rate Average | 2.45%<br>semi-<br>annually | Pay | 09/10/2034 | SGD | 200 | (3) | 12 | 9 |
|  SONIA Interest Rate Benchmark | 0.45%<br>annually | Pay | 03/31/2026 | GBP | 1250 | — (h) | (61) | (61) |
|  SONIA Interest Rate Benchmark | 1.00%<br>annually | Receive | 05/08/2026 | GBP | 1330 | (115) | 62 | (53) |
|  SONIA Interest Rate Benchmark | 1.10%<br>annually | Receive | 05/08/2029 | GBP | 2010 | (308) | 35 | (273) |
|  SONIA Interest Rate Benchmark | 1.10%<br>annually | Receive | 05/08/2030 | GBP | 4590 | 1148 | (374) | 774 |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Receive | 05/08/2031 | GBP | 1145 | (19) | 19 | — (h) |
|  SONIA Interest Rate Benchmark | 3.85%<br>annually | Pay | 05/08/2032 | GBP | 450 | (1) | (3) | (4) |
|  SONIA Interest Rate Benchmark | 1.15%<br>annually | Receive | 05/08/2033 | GBP | 165 | (51) | 7 | (44) |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Pay | 05/08/2035 | GBP | 615 | (11) | (5) | (16) |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Pay | 05/08/2035 | GBP | 990 | (26) | — (h) | (26) |
|  SONIA Interest Rate Benchmark | 1.20%<br>annually | Pay | 05/08/2038 | GBP | 345 | (140) | (6) | (146) |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Receive | 05/08/2039 | GBP | 1470 | (28) | 125 | 97 |
|  SONIA Interest Rate Benchmark | 1.25%<br>annually | Pay | 05/08/2039 | GBP | 1080 | (468) | (13) | (481) |
|  SONIA Interest Rate Benchmark | 3.95%<br>annually | Pay | 05/08/2040 | GBP | 1325 | (62) | (28) | (90) |
|  SONIA Interest Rate Benchmark | 1.25%<br>annually | Receive | 05/08/2043 | GBP | 895 | 381 | 112 | 493 |
|  SONIA Interest Rate Benchmark | 1.25%<br>annually | Pay | 05/08/2046 | GBP | 1865 | 299 | (1449) | (1150) |
|  SONIA Interest Rate Benchmark | 1.25%<br>annually | Pay | 05/08/2048 | GBP | 1155 | (638) | (117) | (755) |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Pay | 05/08/2054 | GBP | 820 | (8) | (123) | (131) |
|  SONIA Interest Rate Benchmark | 1.25%<br>annually | Pay | 05/08/2054 | GBP | 950 | (579) | (124) | (703) |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Pay | 05/08/2055 | GBP | 405 | (50) | (16) | (66) |
|  Stockholm Interbank Offered Rates 3 Month | 3.15%<br>annually | Pay | 07/10/2032 | SEK | 2000 | 11 | (2) | 9 |
|  Stockholm Interbank Offered Rates 3 Month | 3.10%<br>annually | Pay | 07/10/2035 | SEK | 1510 | 4 | 2 | 6 |
|  Swiss Average Rate ON Intraday Value | 2.00%<br>annually | Pay | 05/08/2030 | CHF | 1700 | 80 | 125 | 205 |
|  Swiss Average Rate ON Intraday Value | 0.13%<br>annually | Pay | 11/05/2031 | CHF | 260 | — (h) | (3) | (3) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Swiss Average Rate ON Intraday Value | 1.91%<br>annually | Pay | 03/31/2033 | CHF | 400 | — (h) | 66 | 66 |
|  Swiss Average Rate ON Intraday Value | 2.00%<br>annually | Pay | 05/08/2034 | CHF | 440 | 41 | 41 | 82 |
|  Swiss Average Rate ON Intraday Value | 2.00%<br>annually | Pay | 05/08/2035 | CHF | 185 | 34 | 3 | 37 |
|  Swiss Average Rate ON Intraday Value | 2.00%<br>annually | Pay | 05/08/2035 | CHF | 105 | 18 | 3 | 21 |
|  Thailand Overnight Repo Rate ON | 1.15%<br>quarterly | Pay | 11/19/2030 | THB | 31000 | — (h) | (1) | (1) |
|  Thailand Overnight Repo Rate ON | 2.86%<br>quarterly | Pay | 04/23/2034 | THB | 15000 | — (h) | 57 | 57 |
|  Thailand Overnight Repo Rate ON | 2.35%<br>quarterly | Pay | 09/10/2034 | THB | 18540 | 3 | 44 | 47 |
|  Thailand Overnight Repo Rate ON | 2.17%<br>quarterly | Pay | 12/16/2034 | THB | 7000 | (1) | 16 | 15 |
|  Thailand Overnight Repo Rate ON | 2.40%<br>quarterly | Pay | 09/10/2035 | THB | 12010 | 35 | (2) | 33 |
|  Thailand Overnight Repo Rate ON | 2.40%<br>quarterly | Pay | 09/10/2035 | THB | 14390 | 33 | 7 | 40 |
|  United States SOFR | 3.50%<br>annually | Receive | 06/21/2026 | USD | 5500 | 129 | (105) | 24 |
|  United States SOFR | 3.75%<br>annually | Pay | 12/18/2026 | USD | 21400 | 143 | (208) | (65) |
|  United States SOFR | 2.00%<br>annually | Receive | 12/21/2027 | USD | 5400 | 449 | (189) | 260 |
|  United States SOFR | 1.22%<br>annually | Receive | 08/15/2028 | USD | 5797 | — (h) | 359 | 359 |
|  United States SOFR | 1.50%<br>semi-<br>annually | Pay | 12/15/2028 | USD | 27300 | (3607) | 1925 | (1682) |
|  United States SOFR | 4.25%<br>annually | Receive | 03/20/2029 | USD | 15800 | (513) | 56 | (457) |
|  United States SOFR | 3.75%<br>annually | Pay | 12/18/2029 | USD | 18000 | 256 | (71) | 185 |
|  United States SOFR | 3.50%<br>annually | Pay | 12/20/2030 | USD | 14000 | 484 | (456) | 28 |
|  United States SOFR | 3.75%<br>annually | Receive | 06/20/2031 | USD | 19200 | (122) | 418 | 296 |
|  United States SOFR | 3.75%<br>annually | Receive | 06/20/2031 | USD | 2500 | 13 | (52) | (39) |
|  United States SOFR | 3.75%<br>annually | Receive | 09/17/2032 | USD | 18900 | (468) | 158 | (310) |
|  United States SOFR | 3.50%<br>annually | Receive | 12/20/2033 | USD | 45100 | 2149 | (1640) | 509 |
|  United States SOFR | 3.75%<br>annually | Receive | 06/20/2034 | USD | 4800 | 171 | (222) | (51) |
|  United States SOFR | 3.75%<br>annually | Pay | 12/18/2034 | USD | 1000 | 1 | 5 | 6 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  United States SOFR | 3.25%<br>annually | Receive | 03/19/2035 | USD | 11100 | 728 | (323) | 405 |
|  United States SOFR | 3.25%<br>annually | Receive | 06/18/2035 | USD | 17200 | 584 | 23 | 607 |
|  United States SOFR | 3.75%<br>annually | Pay | 09/17/2035 | USD | 2100 | (42) | 25 | (17) |
|  United States SOFR | 3.75%<br>annually | Pay | 09/17/2035 | USD | 16400 | (281) | 150 | (131) |
| Total | Total | Total | Total | Total | Total | (319) | (2557) | (2876) |

---

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.22% |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.48% |
|  BBSW ASX Australian 6 Month | 3.75% |
|  Canadian Overnight Repo Rate Average | 2.56% |
|  CFETS China Fixing Repo Rates 7 Day | 1.65% |
|  Copenhagen Interbank Offered Rates 6 Month | 2.19% |
|  Czech Interbank Offered Rates 6 Month | 3.50% |
|  ESTR Volume Weighted Trimmed Mean Rate | 1.92% |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.48% |
|  KRW Certificate of Deposit 3 Month | 2.57% |
|  Mexico Interbank TIIE 1 Day | 7.85% |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.48% |
|  Norway Interbank Offered Rate Fixing 6 Month | 4.23% |
|  NZD Bank Bill 3 Month | 2.79% |
|  NZFM New Zealand Bank Bill 3 Month FRA | 2.79% |
|  Shekel Overnight Risk Free Rate | 4.50% |
|  Singapore Domestic Interbank Overnight Rate Average | 1.20% |
|  SONIA Interest Rate Benchmark | 3.97% |
|  Stockholm Interbank Offered Rates 3 Month | 1.89% |
|  Swiss Average Rate ON Intraday Value | -0.05% |
|  Thailand Overnight Repo Rate ON | 1.49% |
|  United States SOFR | 4.24% |

---

**Written Call Option Contract on securities as of September 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, 4.00%, 10/14/2055 | Citigroup Global Markets, Inc. | (9000) | USD | (4141) | USD | 93.94 | 10/07/2025 | $(44) |
|  |  |  |  |  |  |  |  | (44) |
|  Total Written Options Contract (Premiums Received $31) |  |  |  |  |  |  |  | (44) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Purchased Call Interest Rate Swaptions contracts outstanding as of September 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 | $89 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 130 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 5000 | 1916 | 4.31 | 05/02/2035 | 267 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 1002 | 4.47 | 06/04/2035 | 147 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 225 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 10000 | 3929 | 4.40 | 06/25/2035 | 563 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 9200 | 3724 | 4.56 | 07/09/2035 | 567 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 9800 | 4089 | 4.64 | 07/23/2035 | 631 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 6800 | 2666 | 4.46 | 08/06/2035 | 396 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4800 | 1870 | 4.43 | 08/06/2035 | 275 |
|  10-Year Swaption, United States SOFR | Morgan Stanley<br>Capital Service | 4400 | 1739 | 4.49 | 08/07/2035 | 260 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 1294 | 4.69 | 08/27/2035 | 212 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 31570 | 477 | 3.18 | 12/04/2025 | 77 |
|  7-Year Swaption, United States SOFR | Morgan Stanley<br>Capital Service | 22200 | 219 | 3.08 | 11/10/2025 | 17 |
|  7-Year Swaption, United States SOFR | Deutsche Bank AG | 7500 | 302 | 3.14 | 09/14/2026 | 76 |
|  |  |  |  |  |  | 3932 |

---

**Purchased Put Interest Rate Swaptions contracts outstanding as of September 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 | Bank of America, NA | 1900 | 691 | 4.10 | 02/06/2035 | 125 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 153 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 5000 | 1916 | 4.31 | 05/02/2035 | 300 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 1002 | 4.47 | 06/04/2035 | 140 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 222 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 5000 | 1988 | 4.40 | 06/25/2035 | 289 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 4600 | 1862 | 4.56 | 07/09/2035 | 249 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4900 | 2044 | 4.64 | 07/23/2035 | 257 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 6800 | 2666 | 4.46 | 08/06/2035 | 384 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4800 | 1870 | 4.43 | 08/06/2035 | 275 |
|  10-Year Swaption, United States SOFR | Morgan Stanley<br>Capital Service | 4400 | 1739 | 4.49 | 08/07/2035 | 246 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 1294 | 4.69 | 08/27/2035 | 164 |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | 125000 | 938 | 5.00 | 10/08/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Deutsche Bank AG | 7500 | 350 | 3.64 | 09/14/2026 | 124 |
|  |  |  |  |  |  | 2928 |
|  Total Purchased Interest Rate Swaptions contract (Premiums Paid $10,681) |  |  |  |  |  | 6860 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Written Put Interest Rate Swaptions contracts outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  7-Year Swaption, United States SOFR | Deutsche Bank AG | (15000) | (94) | 4.12 | 10/07/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Bank of America,<br>NA | (36500) | (552) | 3.68 | 12/04/2025 | (127) |
|  7-Year Swaption, United States SOFR | Morgan Stanley<br>Capital Service | (11100) | (107) | 3.58 | 11/10/2025 | (44) |
|  |  |  |  |  |  | (171) |
|  Total Written Interest Rate Swaptions contract (Premiums Received $203) |  |  |  |  |  | (171) |

---

**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 (DUE<br>TO)/ FROM<br>COUNTERPATRY($)** |
|  BNP Paribas | 4.33% | 9/22/2025 | 10/14/2025 | (6382) | (6389) | 6389 |  |
|  Wells Fargo Bank NA | 4.31% | 9/22/2025 | 10/14/2025 | (21427) | (21450) | 21450 |  |
|  Citigroup Global Markets, Inc. | 4.30% | 9/22/2025 | 10/14/2025 | (87493) | (87587) | 87587 |  |
|  |  |  |  |  | (115426) |  |  |

---

**Accounted for as Secured Borrowings** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **OVERNIGHT<br>AND<br>CONTINUOUS** | **UP TO 30 DAYS** | **31-90 DAYS** | **GREATER THAN<br>90 DAYS** | **TOTAL** |
|  **Reverse Repurchase Agreements** |  |  |  |  |  |
|  Mortgage Backed Securities |  | (115426) |  |  | (115426) |
|  **Payable for Reverse Repurchase Agreements** |  |  |  |  | (115426) |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of September 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 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 (continued)**

---

| | |
|:---|:---|
| ESTR | Euro short-term rate |
| FHA | Federal Housing Administration |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GPW | Polish Stock Market |
| IBOR | Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of September 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 September 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. |
| (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 September 30, 2025. |
| (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. |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 (continued)**

---

| | |
|:---|:---|
| (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 September 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 September 30, 2025. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |
| (ee) | Approximately $2,662 of these investments are restricted as collateral for swaps to various brokers. |
| (ff) | Approximately $1,683 of these investments are restricted as collateral for futures to Citigroup Global Markets Inc. |
| (gg) | Position, or portion thereof, has been segregated to collateralize reverse repurchase agreements. |
| (hh) | Approximately $883 of these investments are restricted as collateral for TBAs to various brokers. |
| (ii) | Approximately $490 of these investments are restricted as collateral for forwards to various brokers. |
| (jj) | Approximately $3,453 of these investments are restricted as collateral for bi-lateral derivatives to various brokers. |
|  AUD | Australian Dollar |
|  CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli New Shekel |
| JPY | Japanese Yen |
| KRW | Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** — **5.0%** |  |  |
| Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033 | 1000 | 1000 |
| Alabama Federal Aid Highway Finance Authority, Garvee |  |  |
| Series A, Rev., 5.00%, 09/01/2032 (p) | 1160 | 1215 |
| Series A, Rev., 5.00%, 09/01/2035 (p) | 1000 | 1048 |
| Series A, Rev., 5.00%, 09/01/2036 (p) | 2000 | 2044 |
| Alabama Housing Finance Authority |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 10/01/2044 | 760 | 752 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 04/01/2055 | 3350 | 3658 |
| Series D, Rev., GNMA/FNMA/FHLMC, 5.75%, 10/01/2055 | 2565 | 2815 |
| Alabama Housing Finance Authority, Cooper Green Homes Project, Rev., 5.00%, 02/01/2029 (z) | 260 | 272 |
| Alabama Public School and College Authority, Social Bonds |  |  |
| Series A, Rev., 5.00%, 11/01/2037 | 6400 | 6847 |
| Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10569 |
| Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046 | 23000 | 23055 |
| Alabama State University, Rev., 5.50%, 09/01/2045 | 1250 | 1342 |
| Auburn University, Series A, Rev., 4.00%, 06/01/2041 | 7000 | 6781 |
| Baldwin County Industrial Development Authority, Rev., AMT, 5.00%, 06/01/2055 (e) (z) | 5845 | 5978 |
| Baldwin County Industrial Development Authority, Novelis Corp. Project, Rev., AMT, 4.63%, 06/01/2055 (e) (z) | 2405 | 2410 |
| Birmingham-Jefferson Civic Center Authority, Series A, Special Tax, 5.00%, 07/01/2048 | 3200 | 3216 |
| Birmingham-Jefferson Civic Center Authority, City of Birmingham, Rev., 5.00%, 05/01/2048 | 12700 | 12801 |
| Black Belt Energy Gas District |  |  |
| Rev., 4.00%, 06/01/2051 (z) | 23030 | 23804 |
| Rev., 5.00%, 05/01/2055 (z) | 24270 | 26341 |
| Series A, Rev., 5.25%, 05/01/2055 (z) | 2000 | 2181 |
| Series B1, Rev., 4.00%, 04/01/2053 (z) | 2000 | 2039 |
| Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 3.54%, 04/01/2053 (aa) | 9250 | 9064 |
| Series B, Rev., 5.00%, 10/01/2055 (z) | 7100 | 7676 |
| Series B, Rev., LIQ: Royal Bank of Canada, 5.25%, 12/01/2053 (z) | 3925 | 4274 |
| Series C1, Rev., 5.25%, 02/01/2053 (z) | 17000 | 18157 |
| Series C, Rev., 5.50%, 10/01/2054 (z) | 5000 | 5529 |
| Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z) | 1800 | 1832 |
| Series D, Rev., 5.00%, 03/01/2055 (z) | 7000 | 7633 |
| Black Belt Energy Gas District, Gas Project |  |  |
| Series A, Rev., 5.25%, 05/01/2056 (z) | 5000 | 5201 |
| Series B, Rev., 5.00%, 10/01/2035 | 31200 | 32583 |
| Series D1, Rev., 5.50%, 06/01/2049 (z) | 3000 | 3215 |
| Series D, Rev., 5.00%, 12/01/2055 (w) (z) | 9555 | 10465 |
| Series E, Rev., 5.00%, 12/01/2055 (z) | 20155 | 21723 |
| Series F, Rev., 5.50%, 11/01/2053 (z) | 10625 | 11332 |
| Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z) | 13120 | 13278 |
| Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z) | 4910 | 5019 |
| Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z) | 6810 | 6833 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Alabama** — **continued** |  |  |
| Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z) | 5000 | 5055 |
| Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z) | 9005 | 9113 |
| City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032 | 4075 | 4204 |
| County of Jefferson AL, Rev., 4.00%, 09/15/2036 | 2590 | 2598 |
| County of Jefferson Sewer Revenue, Warrants |  |  |
| Rev., 5.00%, 10/01/2035 | 2285 | 2531 |
| Rev., 5.00%, 10/01/2036 | 1455 | 1596 |
| Rev., 5.00%, 10/01/2037 | 8685 | 9445 |
| Rev., 5.00%, 10/01/2038 | 2190 | 2358 |
| Rev., 5.00%, 10/01/2039 | 3285 | 3511 |
| Rev., 5.25%, 10/01/2049 | 3805 | 3925 |
| Energy Southeast A Cooperative District |  |  |
| Series A1, Rev., 5.50%, 11/01/2053 (z) | 1500 | 1651 |
| Series B1, Rev., 5.75%, 04/01/2054 (z) | 650 | 728 |
| Series B, Rev., 5.25%, 07/01/2054 (z) | 7695 | 8431 |
| Health Care Authority for Baptist Health, Affiliate of UAB Health System Community, Rev., 5.00%, 11/15/2032 | 10495 | 11499 |
| Health Care Authority of the City of Huntsville, Health System |  |  |
| Series B1, Rev., 4.00%, 06/01/2045 | 1750 | 1656 |
| Series B1, Rev., 5.00%, 06/01/2038 | 1000 | 1047 |
| Homewood Educational Building Authority, Rev., 5.50%, 10/01/2049 | 3500 | 3555 |
| Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z) | 2375 | 2611 |
| Hoover Industrial Development Board, United States Steel Corporation, Rev., AMT, 5.75%, 10/01/2049 | 3500 | 3536 |
| Huntsville Public Building Authority, Rev., 5.00%, 02/01/2052 | 3000 | 3059 |
| Industrial Development Board of the City of Mobile Alabama, Rev., 3.38%, 06/01/2034 (z) | 13010 | 13207 |
| Industrial Development Board of the City of Mobile Alabama, Alabama Power Co. Barry Plant, Rev., 3.30%, 07/15/2034 (z) | 4000 | 4006 |
| Lower Alabama Gas District (The), Gas Project Revenue Bonds, Rev., 4.00%, 12/01/2050 (z) | 3250 | 3257 |
| Madison Water & Wastewater Board, Rev., 5.25%, 12/01/2048 | 1700 | 1802 |
| Mobile County Industrial Development Authority, Rev., AMT, 5.00%, 06/01/2054 | 7800 | 7497 |
| Mobile County Industrial Development Authority, AM/NS Calvert LLC, Rev., AMT, 4.75%, 12/01/2054 | 13985 | 12920 |
| Selma Industrial Development Board, Rev., 3.45%, 11/01/2033 (z) | 2150 | 2162 |
| Southeast Alabama Gas Supply District, Project No. 1, Series A, Rev., 5.00%, 08/01/2054 (z) | 21175 | 22939 |
| Southeast Alabama Gas Supply District, Project No. 2, Rev., 5.00%, 06/01/2049 (z) | 19485 | 21124 |
| Southeast Energy Authority A Cooperative District, Project #4, Series B1, Rev., 5.00%, 05/01/2053 (z) | 4935 | 5178 |
| Southeast Energy Authority A Cooperative District, Project #6 |  |  |
| Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 06/01/2030 | 2225 | 2371 |
| Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 01/01/2054 (z) | 10000 | 10696 |
| Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z) | 3500 | 3586 |
| Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z) | 8830 | 9048 |
| Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z) | 1820 | 1976 |
| Southeast Energy Authority A Cooperative District, Project No. 5, Series A, Rev., 5.25%, 01/01/2054 (z) | 15000 | 15901 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Alabama** — **continued** |  |  |
| Southeast Energy Authority, A Cooperative District |  |  |
| Rev., 5.00%, 09/01/2035 | 11300 | 12436 |
| Series A, Rev., 5.00%, 11/01/2035 | 12970 | 13671 |
| Series A, Rev., 5.00%, 01/01/2056 (z) | 10315 | 10890 |
| Series B, Rev., 5.25%, 03/01/2055 (z) | 11180 | 11951 |
| Series C, Rev., 5.00%, 10/01/2055 (z) | 22330 | 24357 |
| Series F, Rev., 5.25%, 11/01/2035 | 5000 | 5621 |
| Series F, Rev., 5.25%, 11/01/2055 (z) | 35000 | 38867 |
| State of Alabama Docks Department, Docks |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2025 | 1750 | 1750 |
| Series A, Rev., AMT, 5.00%, 10/01/2026 | 1890 | 1924 |
| Tender Option Bond Trust, Floater Certificates, Series 2022-XF3073, Rev., LIQ: Morgan Stanley, 3.19%, 02/01/2053 (e) (z) | 10000 | 10000 |
| Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p) | 2525 | 2575 |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A, Rev., 5.25%, 05/01/2044 (e) | 2500 | 2490 |
| UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041 | 1750 | 1760 |
| University of South Alabama |  |  |
| Rev., 4.00%, 11/01/2035 | 2000 | 2003 |
| Rev., BAM, 5.25%, 04/01/2054 | 2845 | 2983 |
| Water Works Board of the City of Birmingham (The), Rev., 3.75%, 09/01/2026 (e) | 2690 | 2690 |
|  |  | 669729 |
| **Alaska** — **0.2%** |  |  |
| Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044 | 1085 | 1077 |
| Alaska Housing Finance Corp., General Mortgage Revenue II, Series A, Rev., 4.50%, 06/01/2044 | 5000 | 4954 |
| Alaska Housing Finance Corp., Social Bonds State Capital |  |  |
| Rev., 5.00%, 06/01/2032 | 920 | 1025 |
| Rev., 5.00%, 12/01/2032 | 945 | 1049 |
| Alaska Municipal Bond Bank Authority, Series Three, Rev., BAM, 5.00%, 10/01/2039 | 1100 | 1204 |
| Alaska Railroad Corp., Rev., AMT, 6.00%, 10/01/2050 | 1800 | 1946 |
| State of Alaska |  |  |
| GO, 5.00%, 08/01/2033 | 2000 | 2309 |
| GO, 5.00%, 08/01/2034 | 1125 | 1307 |
| GO, 5.00%, 08/01/2035 | 2000 | 2301 |
| State of Alaska International Airports System |  |  |
| Series A, Rev., 5.00%, 10/01/2034 | 1080 | 1230 |
| Series C, Rev., AMT, 5.00%, 10/01/2027 | 1000 | 1043 |
| Series C, Rev., AMT, 5.00%, 10/01/2030 | 5000 | 5478 |
|  |  | 24923 |
| **Arizona** — **1.2%** |  |  |
| Arizona Board of Regents |  |  |
| Series A, Rev., 5.00%, 07/01/2043 | 2480 | 2558 |
| Series C, Rev., 5.00%, 07/01/2046 | 10000 | 10015 |
| Arizona Industrial Development Authority |  |  |
| Rev., 4.00%, 07/01/2061 | 3000 | 2330 |
| Series 2019-2, Rev., 3.63%, 05/20/2033 | 1379 | 1362 |
| Series A, Rev., 4.00%, 09/01/2035 | 225 | 227 |
| Series A, Rev., 4.00%, 09/01/2036 | 250 | 251 |
| Arizona Industrial Development Authority, Greathearts Arizona Project, Series A, Rev., 5.00%, 07/01/2026 | 125 | 127 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Arizona** — **continued** |  |  |
| Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051 | 2000 | 1630 |
| Arizona Industrial Development Authority, Phoenix Children's Hospital, Rev., 5.00%, 02/01/2033 | 2000 | 2232 |
| Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante |  |  |
| Rev., 3.00%, 12/15/2031 (e) | 420 | 394 |
| Rev., 4.00%, 12/15/2041 (e) | 500 | 427 |
| Rev., 4.00%, 12/15/2051 (e) | 700 | 534 |
| Arizona Industrial Development Authority, Sustainable Bonds Equitable, Rev., 5.00%, 11/01/2028 | 2870 | 3019 |
| Arizona Industrial Development Authority, The Acacia at Youngtown, Rev., 5.00%, 11/01/2058 (z) | 4780 | 4899 |
| Arizona State University |  |  |
| Series A, Rev., 5.00%, 07/01/2043 | 1105 | 1131 |
| Series C, Rev., 5.00%, 07/01/2042 | 2000 | 2006 |
| Arizona State University, Board of Regents |  |  |
| Series B, Rev., 5.00%, 07/01/2026 | 100 | 102 |
| Series B, Rev., 5.00%, 07/01/2042 | 2000 | 2031 |
| Chandler Industrial Development Authority, Intel Corp. Project |  |  |
| Rev., AMT, 5.00%, 09/01/2042 (z) | 3000 | 3050 |
| Rev., AMT, 5.00%, 09/01/2052 (z) | 2860 | 2909 |
| City of Glendale AZ Excise Tax Revenue, Rev., 5.00%, 07/01/2038 | 5190 | 5772 |
| City of Mesa, GO, 5.00%, 07/01/2042 | 2665 | 2857 |
| City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1056 |
| City of Phoenix, Civic Improvement Corp. |  |  |
| Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1084 |
| Series A, Rev., 5.00%, 07/01/2031 | 2000 | 2156 |
| Series A, Rev., 5.00%, 07/01/2032 | 1000 | 1074 |
| Series A, Rev., 5.00%, 07/01/2034 | 3785 | 4103 |
| City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien |  |  |
| Series A, Rev., 5.00%, 07/01/2044 | 1000 | 1024 |
| Series B, Rev., AMT, 5.00%, 07/01/2027 | 1500 | 1554 |
| Series B, Rev., AMT, 5.00%, 07/01/2033 | 2000 | 2104 |
| City of Phoenix, Civic Improvement Corp., Junior Lien, Series A, Rev., 5.00%, 07/01/2029 | 1515 | 1660 |
| City of Phoenix, Civic Improvement Corp., Junior Lien Airport Special Obligation, Rev., 4.00%, 07/01/2040 | 3555 | 3535 |
| County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028 | 500 | 535 |
| Gilbert Public Facilities Municipal Property Corp., Rev., 5.00%, 07/01/2026 | 1025 | 1044 |
| Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047 | 1000 | 957 |
| Industrial Development Authority of the County of Pima (The), American Leadership Academy |  |  |
| Rev., 4.00%, 06/15/2027 (e) | 2680 | 2683 |
| Rev., 4.00%, 06/15/2030 (e) | 1510 | 1505 |
| Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027 | 3260 | 3135 |
| Maricopa County Industrial Development Authority, Rev., 4.00%, 01/01/2048 | 5450 | 4881 |
| Maricopa County Industrial Development Authority, Banner Health |  |  |
| Series A3, Rev., 5.00%, 01/01/2053 (z) | 3000 | 3279 |
| Series A, Rev., 4.00%, 01/01/2041 | 4000 | 3730 |
| Maricopa County Pollution Control Corp., Rev., 3.88%, 01/01/2038 (z) | 1165 | 1188 |
| Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035 | 4280 | 3581 |
| Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037 | 21910 | 21978 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Arizona** — **continued** |  |  |
| Maricopa County Unified School District No. 69 Paradise Valley, GO, 4.00%, 07/01/2036 | 1170 | 1188 |
| Salt River Project Agricultural Improvement & Power District, Rev., 5.00%, 05/01/2039 | 3740 | 4162 |
| Salt River Project Agricultural Improvement & Power District, Salt River Project |  |  |
| Series A, Rev., 5.00%, 01/01/2026 | 2000 | 2012 |
| Series B, Rev., 5.00%, 01/01/2044 | 3325 | 3525 |
| Salt River Project Agricultural Improvement and Power District, Series A, Rev., 5.00%, 01/01/2042 | 2000 | 2171 |
| Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032 | 420 | 459 |
| Sierra Vista Industrial Development Authority, Rev., 5.00%, 06/15/2044 (e) | 750 | 707 |
| Sierra Vista Industrial Development Authority, Wake Preparatory Academy, Rev., 6.25%, 06/15/2045 | 2000 | 2027 |
| The Industrial Development Authority of the City of Phoenix Arizona, Memorial Towers Project, Rev., HUD, 3.35%, 12/01/2027 | 345 | 348 |
| The Industrial Development Authority of the City of Phoenix Arizona, Republic Services, Inc., Rev., AMT, 3.85%, 12/01/2035 (z) | 2000 | 2000 |
| The University of Arizona, Stimulus Plan For Economic |  |  |
| Rev., BAM, 5.00%, 08/01/2029 | 1850 | 2023 |
| Rev., BAM, 5.00%, 08/01/2033 | 3515 | 4057 |
| Yuma Industrial Development Authority |  |  |
| Rev., 4.00%, 08/01/2049 | 4420 | 4000 |
| Rev., 5.25%, 08/01/2042 | 1495 | 1607 |
| Rev., 5.25%, 08/01/2044 | 1915 | 2027 |
| Rev., 5.25%, 08/01/2049 | 7000 | 7294 |
|  |  | 157316 |
| **Arkansas** — **0.1%** |  |  |
| Arkansas Development Finance Authority, Rev., 5.00%, 06/01/2027 | 535 | 558 |
| Arkansas Development Finance Authority, Big River Steel Project, Rev., AMT, 4.75%, 09/01/2049 (e) | 6000 | 5793 |
| Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052 | 3000 | 2994 |
|  |  | 9345 |
| **California** — **9.6%** |  |  |
| Alameda County, Oakland Unified School District, GO, 5.00%, 08/01/2027 | 65 | 66 |
| Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048 | 4000 | 3806 |
| Anaheim Housing & Public Improvements Authority, Series A, Rev., 5.00%, 10/01/2050 | 1780 | 1780 |
| Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036 | 2250 | 2327 |
| Anaheim Union High School District, Capital Appreciation Election 2002, GO, NATL, Zero Coupon, 08/01/2028 | 2175 | 2031 |
| Bay Area Toll Authority, San Francisco Bay Area, Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 3.34%, 04/01/2056 (aa) | 2675 | 2661 |
| Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 3.30%, 04/01/2056 (aa) | 5000 | 4837 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign |  |  |
| Rev., AMT, 5.25%, 07/01/2040 | 950 | 1022 |
| Rev., AMT, 5.25%, 07/01/2049 | 5870 | 6086 |
| Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050 | 5000 | 5113 |
| California Community Choice Financing Authority |  |  |
| Rev., 5.00%, 01/01/2055 (z) | 10690 | 11320 |
| Rev., 5.00%, 03/01/2056 (z) | 16665 | 18274 |
| Series B1, Rev., 4.00%, 02/01/2052 (z) | 17880 | 18326 |
| California Community Choice Financing Authority, Clean Energy Project, Rev., 5.00%, 12/01/2055 (z) | 17945 | 19261 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Rev., 5.00%, 05/01/2054 (z) | 14455 | 15624 |
| California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z) | 6860 | 7022 |
| California Community Choice Financing Authority, Green Bonds Clean Energy Project |  |  |
| Rev., 5.00%, 07/01/2053 (z) | 8685 | 9224 |
| Rev., 5.00%, 12/01/2053 (z) | 6160 | 6557 |
| Rev., 5.00%, 02/01/2054 (z) | 3245 | 3491 |
| Rev., 5.25%, 01/01/2054 (z) | 28115 | 29996 |
| California Community Choice Financing Authority, Sustainability Bonds Clean Energy, Rev., 5.25%, 11/01/2054 (z) | 17825 | 19329 |
| California Community Choice Financing Authority, Sustainable Bond, Series A, Rev., 5.00%, 01/01/2056 (z) | 10560 | 11310 |
| California Community Choice Financing Authority, Sustainable Bond Clean Energy |  |  |
| Rev., 5.00%, 10/01/2055 (z) | 10000 | 10755 |
| Rev., 5.50%, 10/01/2054 (z) | 2205 | 2415 |
| California Community Choice Financing Authority, Sustainable Bonds, Series F, Rev., 5.00%, 02/01/2055 (z) | 4780 | 5206 |
| California Community Choice Financing Authority, Sustainable Bonds Clean Energy |  |  |
| Rev., 5.00%, 08/01/2055 (z) | 11405 | 12295 |
| Rev., 5.00%, 01/01/2056 (z) | 31460 | 35098 |
| California Community Choice Financing Authority, Variable Sustainable Bond, Rev., 5.00%, 11/01/2055 (z) | 30160 | 31932 |
| California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027 | 10 | 10 |
| California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, Rev., 5.00%, 06/01/2032 | 340 | 365 |
| California County, Tobacco Securitization Agency, Sonoma County Securitization |  |  |
| Rev., 5.00%, 06/01/2031 | 255 | 276 |
| Rev., 5.00%, 06/01/2032 | 250 | 268 |
| Rev., 5.00%, 06/01/2033 | 300 | 320 |
| Rev., 5.00%, 06/01/2049 | 115 | 114 |
| California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037 | 340 | 214 |
| California Health Facilities Financing Authority, Rev., 5.00%, 10/01/2039 (p) (z) | 945 | 945 |
| California Health Facilities Financing Authority, Adventist Health System/West |  |  |
| Rev., 5.00%, 12/01/2032 | 2400 | 2624 |
| Rev., 5.00%, 12/01/2035 | 1670 | 1838 |
| California Health Facilities Financing Authority, Children's Hospital of Orange, Rev., 3.00%, 11/01/2039 | 3765 | 3410 |
| California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049 | 3000 | 3008 |
| California Health Facilities Financing Authority, Commonspirit Health |  |  |
| Series A, Rev., 4.00%, 04/01/2037 | 3000 | 3017 |
| Series A, Rev., 4.00%, 04/01/2038 | 3500 | 3505 |
| Series A, Rev., 5.00%, 04/01/2033 | 3000 | 3269 |
| California Health Facilities Financing Authority, Episcopal Communities & Service |  |  |
| Rev., 5.00%, 11/15/2038 | 570 | 595 |
| Rev., 5.00%, 11/15/2043 | 570 | 574 |
| California Health Facilities Financing Authority, Initial Entrance Fees, Series A, Rev., 3.85%, 11/15/2027 | 40 | 40 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| California Health Facilities Financing Authority, Kaiser Permanente |  |  |
| Series A2, Rev., 4.00%, 11/01/2044 | 3000 | 2779 |
| Series A-1-S, Rev., 5.00%, 11/01/2027 | 2500 | 2649 |
| Series A-2, Rev., 4.00%, 11/01/2038 | 6270 | 6232 |
| California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035 | 3010 | 3183 |
| California Health Facilities Financing Authority, Stanford Health Care, Series A, Rev., 5.00%, 11/15/2030 | 2000 | 2104 |
| California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 4.00%, 11/15/2048 | 2240 | 2008 |
| California Health Facilities Financing Authority, Unrefunded, Rev., 5.00%, 10/01/2039 (z) | 1055 | 1055 |
| California Housing Finance Agency |  |  |
| Rev., 3.25%, 08/20/2036 | 9060 | 8641 |
| Rev., 3.50%, 11/20/2035 | 2325 | 2271 |
| Rev., 4.25%, 01/15/2035 | 2257 | 2312 |
| California Housing Finance Agency, Symphony at Del Sur, Rev., 5.00%, 05/01/2054 (z) | 265 | 269 |
| California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z) | 1000 | 1002 |
| California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.59%, 12/01/2050 (aa) | 1370 | 1364 |
| California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031 | 1230 | 1246 |
| California Infrastructure & Economic Development Bank, Sustainable Bond Subordinated B, Rev., AMT, 9.50%, 01/01/2065 (e) | 1630 | 1492 |
| California Municipal Finance Authority |  |  |
| Rev., 0.00%, 02/20/2041 (z) | 3992 | 3627 |
| Rev., 5.00%, 11/01/2035 (e) | 1000 | 1053 |
| Series A, Rev., 5.00%, 10/01/2044 | 2400 | 2400 |
| California Municipal Finance Authority, Community Facilities No. 2023-5 Improvement, Special Tax, 5.50%, 09/01/2048 | 600 | 631 |
| California Municipal Finance Authority, Open Door Community Health Center |  |  |
| Rev., 4.00%, 09/15/2034 | 920 | 962 |
| Rev., 4.00%, 09/15/2035 | 960 | 996 |
| Rev., 4.00%, 09/15/2036 | 1000 | 1031 |
| California Municipal Finance Authority, Pleasant View Apartments Project, Rev., FHA HUD, 2.80%, 02/01/2028 (z) | 4000 | 3994 |
| California Municipal Finance Authority, Republic Services, Rev., AMT, 4.38%, 09/01/2053 (z) | 5350 | 5594 |
| California Municipal Finance Authority, Republic Services, Inc., Rev., AMT, 3.88%, 03/01/2054 (z) | 550 | 549 |
| California Municipal Finance Authority, Republic Services, Inc. Project, Series B, Rev., AMT, 3.85%, 07/01/2051 (z) | 4500 | 4498 |
| California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e) | 2000 | 1953 |
| California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037 | 745 | 759 |
| California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e) | 2950 | 2674 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Rev., AMT, 4.00%, 07/15/2029 | 2500 | 2515 |
| California Municipal Finance Authority, View At Sanitary Bruno, Series A1, Rev., 5.00%, 06/01/2056 (z) | 835 | 886 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| California Municipal Finance Authority, Waste Management, Inc. Project |  |  |
| Rev., AMT, 3.38%, 09/01/2050 (z) | 5750 | 5714 |
| Series A, Rev., AMT, 2.40%, 10/01/2044 (z) | 4960 | 4740 |
| California Pollution Control Financing Authority, Series B1, Rev., AMT, 3.00%, 11/01/2025 | 2660 | 2659 |
| California Pollution Control Financing Authority, Plant Bonds |  |  |
| Rev., AMT, 5.00%, 07/01/2037 (e) | 1500 | 1501 |
| Rev., AMT, 5.00%, 11/21/2045 (e) | 6000 | 5974 |
| California Pollution Control Financing Authority, Poseidon Resources, Rev., AMT, 5.00%, 07/01/2037 (e) | 2200 | 2336 |
| California Pollution Control Financing Authority, Republic Services, Inc. |  |  |
| Rev., AMT, 3.80%, 07/01/2043 (e) (z) | 6500 | 6495 |
| Rev., AMT, 3.85%, 11/01/2042 (e) (z) | 12250 | 12250 |
| California Public Finance Authority, Series A, Rev., 6.20%, 06/01/2044 (e) | 5150 | 4948 |
| California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e) | 325 | 321 |
| California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2032 | 1000 | 1014 |
| California School Finance Authority, Rev., 5.00%, 07/01/2046 (e) | 1500 | 1502 |
| California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e) | 1230 | 1235 |
| California State Public Works Board |  |  |
| Rev., 5.00%, 09/01/2029 | 2000 | 2204 |
| Series H, Rev., 5.00%, 12/01/2026 | 1000 | 1005 |
| California State Public Works Board, Various Capital Projects |  |  |
| Rev., 4.00%, 11/01/2030 | 1245 | 1261 |
| Rev., 4.00%, 11/01/2031 | 1000 | 1011 |
| Rev., 5.00%, 11/01/2026 | 565 | 581 |
| Series D, Rev., 4.00%, 11/01/2037 | 1000 | 1022 |
| California State University |  |  |
| Series A, Rev., 5.00%, 11/01/2041 | 2000 | 2234 |
| Series A, Rev., 5.00%, 11/01/2044 | 2640 | 2735 |
| California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035 | 1000 | 1003 |
| California Statewide Communities Development Authority |  |  |
| Rev., 5.00%, 12/01/2034 | 1750 | 2034 |
| Series B, Special Assessment, 4.00%, 09/02/2040 | 570 | 529 |
| California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., 5.13%, 08/15/2047 | 500 | 514 |
| California Statewide Communities Development Authority, Green Bond, Marin General Hospital, Rev., 4.00%, 08/01/2045 | 3000 | 2587 |
| California Statewide Communities Development Authority, Kaiser Foundation Hospitals |  |  |
| Series A, Rev., 5.00%, 10/01/2028 (e) | 10000 | 10731 |
| Series B, Rev., 5.00%, 10/01/2035 (e) | 10000 | 11477 |
| California Statewide Communities Development Authority, Loma Linda University Medical, Rev., 5.50%, 12/01/2058 (e) | 4500 | 4478 |
| California Statewide Communities Development Authority, Loma Linda University Medical Center |  |  |
| Rev., 5.25%, 12/01/2044 | 4065 | 4065 |
| Rev., 5.50%, 12/01/2054 | 2100 | 2099 |
| Series A, Rev., 5.00%, 12/01/2026 (e) | 300 | 305 |
| Series A, Rev., 5.00%, 12/01/2041 (e) | 2000 | 2000 |
| Series A, Rev., 5.25%, 12/01/2056 (e) | 9750 | 9386 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028 | 435 | 454 |
| California Statewide Communities Development Authority, Southern California Edison, Rev., 4.50%, 11/01/2033 | 1200 | 1250 |
| Central Valley Energy Authority, Rev., 5.00%, 12/01/2055 (z) | 21685 | 23744 |
| Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034 | 125 | 91 |
| City & County of San Francisco Special Tax District No. 2020-1, Mission Rock Facilities and Services |  |  |
| Special Tax, 4.00%, 09/01/2031 (e) | 300 | 307 |
| Special Tax, 4.00%, 09/01/2036 (e) | 155 | 154 |
| City & County of San Francisco Special Tax District No. 2020-1, Special Tax |  |  |
| Special Tax, 5.50%, 09/01/2043 (e) | 2060 | 2158 |
| City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036 | 200 | 199 |
| City of Long Beach Airport System Revenue |  |  |
| Series C, Rev., AMT, 5.00%, 06/01/2042 | 1000 | 1024 |
| Series C, Rev., AMT, 5.25%, 06/01/2047 | 1000 | 1022 |
| City of Los Angeles Department of Airports |  |  |
| Rev., AMT, 5.00%, 05/15/2026 | 1500 | 1522 |
| Series B, Rev., AMT, 5.00%, 05/15/2046 | 30965 | 31012 |
| Series E, Rev., 5.00%, 05/15/2044 | 3000 | 3234 |
| City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032 | 1000 | 1059 |
| City of Los Angeles Department of Airports, Senior |  |  |
| Series B, Rev., 5.00%, 05/15/2034 | 1600 | 1755 |
| Series C, Rev., AMT, 5.00%, 05/15/2036 | 4090 | 4330 |
| City of Los Angeles Department of Airports, Senior Bonds Green Bond Project |  |  |
| Rev., AMT, 5.00%, 05/15/2029 | 2670 | 2873 |
| Rev., AMT, 5.25%, 05/15/2047 | 4000 | 4115 |
| City of Los Angeles Department of Airports, Senior Bonds Private Activity, Rev., AMT, 5.50%, 05/15/2047 | 4625 | 4832 |
| City of Los Angeles Department of Airports, Subordinate |  |  |
| Series B, Rev., 5.00%, 05/15/2040 | 900 | 963 |
| Series C, Rev., AMT, 5.00%, 05/15/2033 | 1330 | 1373 |
| Series D, Rev., AMT, 5.00%, 05/15/2027 | 2605 | 2703 |
| Series D, Rev., AMT, 5.00%, 05/15/2028 | 500 | 529 |
| Series D, Rev., AMT, 5.00%, 05/15/2029 | 4485 | 4825 |
| Series E, Rev., 5.00%, 05/15/2039 | 1510 | 1576 |
| Series E, Rev., 5.00%, 05/15/2044 | 1000 | 1026 |
| City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport |  |  |
| Rev., AMT, 5.00%, 05/15/2029 | 1000 | 1076 |
| Rev., 5.00%, 05/15/2036 | 1000 | 1065 |
| Rev., AMT, 5.25%, 05/15/2038 | 1735 | 1787 |
| City of Los Angeles Department of Airports, Subordinate P3 Project |  |  |
| Series A, Rev., AMT, 5.00%, 05/15/2026 | 1180 | 1197 |
| Series A, Rev., AMT, 5.00%, 05/15/2046 | 8000 | 8117 |
| City of Los Angeles Department of Airports, Subordinated, Rev., AMT, 5.00%, 05/15/2044 | 6535 | 6579 |
| City of Los Angeles Department of Airports, Subordinated Los Angeles International, Rev., AMT, 5.25%, 05/15/2048 | 3000 | 3032 |
| City of Los Angeles Department of Airports, Subordinated Los Angeles International Airport |  |  |
| Rev., AMT, 3.25%, 05/15/2049 | 3000 | 2229 |
| Series D, Rev., AMT, 4.00%, 05/15/2051 | 3000 | 2659 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| City of Los Angeles Department of Airports, Sustainable Bond Subordinate, Rev., AMT, 5.00%, 05/15/2036 | 1650 | 1806 |
| City of Los Angeles Department of Airports, Sustainable Bonds |  |  |
| Rev., AMT, 5.00%, 05/15/2034 | 850 | 958 |
| Rev., AMT, 5.00%, 05/15/2035 | 3000 | 3382 |
| Rev., AMT, 5.50%, 05/15/2055 | 3335 | 3551 |
| City of Los Angeles Department of Airports, Unrefunded Subordinate, Rev., AMT, 4.00%, 05/15/2038 | 1995 | 1975 |
| City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026 | 500 | 509 |
| City of Los Angeles, Wastewater System Revenue |  |  |
| Series A, Rev., 5.00%, 06/01/2038 | 5150 | 5917 |
| Series C, Rev., 5.00%, 06/01/2040 | 5960 | 6671 |
| Series C, Rev., 5.00%, 06/01/2041 | 5000 | 5539 |
| City of Roseville |  |  |
| Special Tax, 4.00%, 09/01/2040 | 1000 | 950 |
| Special Tax, 5.00%, 09/01/2035 | 1160 | 1215 |
| City of San Francisco CA Public Utilities Commission Water Revenue |  |  |
| Rev., 5.00%, 11/01/2038 | 5000 | 5779 |
| Rev., 5.00%, 11/01/2040 | 750 | 890 |
| City of San Francisco, Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050 | 4235 | 4270 |
| City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033 | 1770 | 1977 |
| City of Victorville Electric Revenue |  |  |
| Series A, Rev., 5.00%, 05/01/2038 | 1055 | 1154 |
| Series A, Rev., 5.00%, 05/01/2039 | 1110 | 1205 |
| City of West Sacramento CA Infrastructure Financing District No. 1 |  |  |
| Tax Allocation, 5.00%, 09/01/2040 | 1635 | 1659 |
| Tax Allocation, 5.13%, 09/01/2044 | 2205 | 2220 |
| City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041 | 500 | 471 |
| Coast Community College District, Election of 2012, Series F, GO, Zero Coupon, 08/01/2040 | 3020 | 1614 |
| Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, 5.00%, 08/01/2042 | 750 | 788 |
| Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036 | 1400 | 916 |
| County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033 | 105 | 113 |
| County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042 | 540 | 555 |
| County of Sacramento CA Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2030 | 1780 | 1872 |
| County of Sacramento, Community Facilities District #2004-1, Special Tax, 5.00%, 09/01/2035 | 1335 | 1361 |
| CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e) | 7245 | 6503 |
| CSCDA Community Improvement Authority, Altana-Glendale Sustainable Bond, Rev., 4.00%, 10/01/2056 (e) | 1000 | 758 |
| CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e) | 215 | 200 |
| CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e) | 410 | 362 |
| CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e) | 2000 | 1602 |
| Department of Veterans Affairs, Veteran's Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050 | 500 | 497 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035 | 1200 | 1242 |
| East County Advanced Water Purification Joint Powers Authority, Rev., 5.00%, 09/01/2026 | 2000 | 2034 |
| Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040 | 1280 | 1204 |
| FHLMC Multifamily ML Certificates |  |  |
| Rev., 0.00%, 12/25/2036 (z) | 1746 | 1751 |
| Rev., 0.00%, 08/25/2040 (z) | 3571 | 3629 |
| Series 2021-ML10, Class AUS, Rev., 2.03%, 01/25/2038 (e) | 327 | 265 |
| Foothill-De Anza Community College District, Capital Appreciation, Series B, GO, AMBAC, Zero Coupon, 08/01/2032 | 7930 | 6611 |
| Fremont Unified School District, Series D, GO, 3.00%, 08/01/2033 | 1205 | 1203 |
| Fremont Unified School District, Election 2014, Series E, GO, 4.00%, 08/01/2042 | 2230 | 2230 |
| Golden State Tobacco Securitization Corp., Subordinated, Series B2, Rev., Zero Coupon, 06/01/2066 | 10000 | 1061 |
| Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034 | 1900 | 1685 |
| Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051 | 3235 | 3187 |
| Hayward Unified School District, COP, 5.25%, 08/01/2047 | 3000 | 3030 |
| Lammersville Joint Unified School District, Community Facilities District No. 2024-1 |  |  |
| Special Tax, 5.00%, 09/01/2040 | 300 | 311 |
| Special Tax, 5.00%, 09/01/2045 | 575 | 584 |
| Los Angeles Community College District, Series K, GO, 3.00%, 08/01/2039 | 700 | 635 |
| Los Angeles County Development Authority, Rev., 3.35%, 09/01/2059 (z) | 9360 | 9475 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027 | 625 | 657 |
| Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034 | 7000 | 7277 |
| Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033 | 1000 | 1004 |
| Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030 | 750 | 851 |
| Los Angeles Department of Water, Series B, Rev., 5.00%, 07/01/2037 | 740 | 763 |
| Los Angeles Department of Water & Power |  |  |
| Series A, Rev., 5.00%, 07/01/2028 | 360 | 379 |
| Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1086 |
| Series A, Rev., 5.00%, 07/01/2036 | 1000 | 1115 |
| Series A, Rev., 5.00%, 07/01/2037 | 645 | 712 |
| Series A, Rev., BAM, 5.00%, 07/01/2041 | 625 | 676 |
| Series A, Rev., BAM, 5.00%, 07/01/2042 | 195 | 209 |
| Series A, Rev., BAM, 5.25%, 07/01/2045 | 1000 | 1072 |
| Series A, Rev., BAM, 5.25%, 07/01/2046 | 1000 | 1068 |
| Series B, Rev., 5.00%, 07/01/2031 | 12880 | 14424 |
| Series B, Rev., 5.00%, 07/01/2034 | 850 | 974 |
| Series B, Rev., 5.00%, 07/01/2035 | 835 | 928 |
| Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1115 |
| Series B, Rev., 5.00%, 07/01/2037 | 500 | 541 |
| Series B, Rev., 5.00%, 07/01/2038 | 855 | 936 |
| Series B, Rev., 5.00%, 07/01/2039 | 680 | 728 |
| Series C, Rev., 5.00%, 07/01/2033 | 1980 | 2258 |
| Series C, Rev., 5.00%, 07/01/2038 | 900 | 963 |
| Series C, Rev., 5.00%, 07/01/2039 | 500 | 543 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| Series C, Rev., 5.00%, 07/01/2040 | 1515 | 1636 |
| Series C, Rev., 5.00%, 07/01/2041 | 810 | 862 |
| Series E, Rev., 5.00%, 07/01/2035 | 525 | 596 |
| Series E, Rev., 5.00%, 07/01/2036 | 520 | 576 |
| Series E, Rev., 5.00%, 07/01/2037 | 1605 | 1762 |
| Series E, Rev., 5.00%, 07/01/2039 | 1235 | 1336 |
| Series E, Rev., 5.00%, 07/01/2048 | 1000 | 1036 |
| Series E, Rev., 5.00%, 07/01/2053 | 500 | 512 |
| Los Angeles Department of Water & Power Water System Revenue |  |  |
| Series B4, Rev., VRDO, 3.00%, 10/01/2025 (z) | 28100 | 28100 |
| Series B, Rev., 5.00%, 07/01/2030 | 2785 | 2952 |
| Series B, Rev., BAM, 5.00%, 07/01/2031 | 10725 | 12053 |
| Series B, Rev., 5.00%, 07/01/2048 | 3000 | 3020 |
| Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037 | 1000 | 1043 |
| Los Angeles Department of Water & Power, Power System Revenue Bonds |  |  |
| Rev., 5.00%, 07/01/2033 | 315 | 349 |
| Rev., 5.00%, 07/01/2039 | 500 | 529 |
| Los Angeles Department of Water & Power, Water System Revenue |  |  |
| Series A, Rev., 5.00%, 01/01/2030 | 850 | 924 |
| Series A, Rev., 5.00%, 07/01/2036 | 700 | 781 |
| Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1085 |
| Series B, Rev., 5.00%, 07/01/2033 | 1285 | 1467 |
| Series B, Rev., 5.00%, 07/01/2034 | 120 | 138 |
| Series B, Rev., 5.00%, 07/01/2035 | 180 | 207 |
| Series B, Rev., 5.00%, 07/01/2037 | 600 | 667 |
| Series B, Rev., 5.00%, 07/01/2039 | 1445 | 1581 |
| Series B, Rev., 5.00%, 07/01/2042 | 1100 | 1174 |
| Series B, Rev., 5.00%, 07/01/2047 | 500 | 513 |
| Los Angeles Unified School District |  |  |
| GO, 4.00%, 07/01/2049 | 2000 | 1889 |
| Series A, GO, 3.00%, 01/01/2034 | 2000 | 1975 |
| Series C, GO, 4.00%, 07/01/2036 | 1000 | 1029 |
| Series C, GO, 4.00%, 07/01/2038 | 1860 | 1887 |
| Series C, GO, 5.00%, 07/01/2026 | 2285 | 2332 |
| Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029 | 100 | 106 |
| Los Angeles Unified School District, Sustainability Bonds, Series QRR, GO, 5.00%, 07/01/2026 | 550 | 561 |
| Marin Municipal Water District, Subordinate, Rev., 4.00%, 06/15/2045 | 3500 | 3390 |
| Metropolitan Water District of Southern California |  |  |
| Rev., 5.00%, 07/01/2037 (z) | 550 | 614 |
| Rev., 5.00%, 01/01/2038 | 3015 | 3164 |
| Natomas Unified School District |  |  |
| Series A, GO, 4.00%, 08/01/2045 | 7740 | 7405 |
| Series A, GO, 4.00%, 08/01/2049 | 2655 | 2502 |
| New Hampshire Business Finance Authority, Rev., 3.93%, 07/20/2039 (z) | 7949 | 7628 |
| Norman Y Mineta San Jose International Airport SJC |  |  |
| Series A, Rev., BAM, AMT, 4.00%, 03/01/2034 | 3875 | 3924 |
| Series A, Rev., AMT, 5.00%, 03/01/2027 | 1480 | 1523 |
| Series A, Rev., AMT, 5.00%, 03/01/2031 | 1000 | 1093 |
| Series A, Rev., AMT, 5.00%, 03/01/2032 | 2000 | 2164 |
| Series A, Rev., AMT, 5.00%, 03/01/2036 | 1160 | 1177 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| Northern California Energy Authority, Rev., 5.00%, 12/01/2054 (z) | 2000 | 2161 |
| Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043 | 2000 | 1608 |
| Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050 | 10000 | 7477 |
| Oakland Unified School District, Election Of 2020 |  |  |
| Series A, GO, 5.00%, 08/01/2037 | 1850 | 2084 |
| Series A, GO, 5.25%, 08/01/2041 | 1410 | 1553 |
| Oakland Unified School District/Alameda County, Election Of 2012, Series A, GO, 4.00%, 08/01/2034 | 1000 | 1012 |
| Ontario International Airport Authority, Series A, Rev., 5.00%, 05/15/2046 | 1500 | 1560 |
| Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033 | 300 | 324 |
| Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045 | 3000 | 3060 |
| Palo Alto Unified School District, Capital Appreciation Election Of 2008, GO, Zero Coupon, 08/01/2032 | 15385 | 12887 |
| Palomar Health, Rev., 5.00%, 11/01/2039 | 4000 | 3477 |
| Palomar Health, Capital Appreciation, Electric of 2004 |  |  |
| Series A, GO, Zero Coupon, 08/01/2028 | 500 | 448 |
| Series A, GO, Zero Coupon, 08/01/2031 | 330 | 261 |
| Peralta Community College District |  |  |
| GO, 5.00%, 08/01/2036 | 1455 | 1711 |
| GO, 5.25%, 08/01/2037 | 2000 | 2268 |
| Peralta Community College District, Election 2018, Series C1, GO, 5.00%, 08/01/2026 | 6170 | 6316 |
| Pittsburg Public Financing Authority, Series A, Rev., 4.13%, 08/01/2047 | 1400 | 1369 |
| Port of Oakland |  |  |
| Rev., AMT, 5.00%, 05/01/2027 (p) | 2500 | 2578 |
| Rev., AMT, 5.00%, 05/01/2028 (p) | 1905 | 2006 |
| Rev., AMT, 5.00%, 05/01/2029 | 980 | 1050 |
| Rancho Mirage Community Facilities District, Special Tax, 5.00%, 09/01/2049 | 1000 | 1004 |
| Regents of the University of California Medical Center Pooled Revenue, Series L, Rev., 4.00%, 05/15/2037 | 2650 | 2656 |
| River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, 5.25%, 09/01/2052 | 1085 | 1128 |
| Sacramento City Unified School District, GO, BAM, 5.00%, 07/01/2031 | 525 | 601 |
| Sacramento County Airport System Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2039 | 2375 | 2531 |
| Series A, Rev., AMT, 5.00%, 07/01/2040 | 2000 | 2109 |
| Sacramento Municipal Utility District, Series E, Rev., 5.00%, 08/15/2049 (z) | 1250 | 1432 |
| Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040 | 2000 | 2017 |
| San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p) | 2000 | 2029 |
| San Diego Community College District, GO, 4.00%, 08/01/2032 (p) | 2910 | 2953 |
| San Diego County Regional Airport Authority |  |  |
| Rev., AMT, 5.00%, 07/01/2033 | 4000 | 4492 |
| Rev., AMT, 5.00%, 07/01/2034 | 2165 | 2432 |
| Rev., AMT, 5.00%, 07/01/2036 | 2500 | 2779 |
| Rev., AMT, 5.00%, 07/01/2053 | 2500 | 2546 |
| Rev., AMT, 5.25%, 07/01/2041 | 4300 | 4660 |
| Rev., AMT, 5.25%, 07/01/2044 | 9400 | 9980 |
| Rev., AMT, 5.25%, 07/01/2045 | 6200 | 6560 |
| San Diego County Regional Airport Authority Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2035 | 2915 | 2929 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| San Diego County Regional Airport Authority, Senior Private Activity, Rev., AMT, 5.25%, 07/01/2058 | 3000 | 3103 |
| San Diego County Regional Airport Authority, Subordinated, Series B, Rev., AMT, 5.00%, 07/01/2031 | 775 | 798 |
| San Diego Unified School District |  |  |
| GO, Zero Coupon, 07/01/2030 (p) | 1000 | 882 |
| Series K2, GO, Zero Coupon, 07/01/2038 | 2045 | 1173 |
| San Diego Unified School District, Election 2008, Series E, GO, Zero Coupon, 07/01/2034 | 1250 | 942 |
| San Diego Unified School District, Election 2012, Series I, GO, 4.00%, 07/01/2047 | 8000 | 7497 |
| San Diego Unified School District, Election Of 2008 |  |  |
| Series SR-3A, GO, 5.00%, 07/01/2034 | 500 | 589 |
| Series SR-3A, GO, 5.00%, 07/01/2035 | 500 | 583 |
| San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031 | 1030 | 1092 |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue, Series A, Rev., 4.00%, 07/01/2037 | 2350 | 2361 |
| San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036 | 1875 | 1941 |
| San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032 | 1000 | 1057 |
| San Francisco Bay Area Rapid Transit District, Sustainable Bond Transit District, GO, 3.00%, 08/01/2037 | 2495 | 2313 |
| San Francisco City & County Airport Commission—San Francisco International Airport, Rev., AMT, 5.25%, 05/01/2040 | 3000 | 3234 |
| San Francisco City & County Airport Commission-San Francisco International Airport, Series H, Rev., AMT, 5.00%, 05/01/2028 | 3000 | 3156 |
| San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded, Rev., AMT, 5.00%, 05/01/2027 | 775 | 801 |
| San Francisco City & County Airport Comm-San Francisco International Airport |  |  |
| Rev., AMT, 5.00%, 05/01/2041 | 9075 | 9093 |
| Rev., AMT, 5.00%, 05/01/2046 | 5000 | 5000 |
| Rev., AMT, 5.25%, 05/01/2042 | 6895 | 6957 |
| Rev., AMT, 5.25%, 05/01/2044 | 5645 | 5910 |
| Series A2, Rev., AMT, 5.00%, 05/01/2031 | 3215 | 3538 |
| Series A, Rev., AMT, 5.00%, 05/01/2027 | 3000 | 3103 |
| Series A, Rev., AMT, 5.00%, 05/01/2030 | 2000 | 2177 |
| Series A, Rev., AMT, 5.00%, 05/01/2031 | 1500 | 1651 |
| Series A, Rev., AMT, 5.00%, 05/01/2032 | 2000 | 2184 |
| Series A, Rev., AMT, 5.50%, 05/01/2055 | 5770 | 6143 |
| Series C, Rev., 5.00%, 05/01/2046 | 1920 | 1929 |
| Series H, Rev., AMT, 5.00%, 05/01/2027 | 5500 | 5689 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Rev., 4.00%, 10/01/2039 | 1325 | 1318 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Green Bonds, Series C, Rev., 4.00%, 10/01/2048 (z) | 1145 | 1210 |
| San Francisco City & County Redevelopment Agency Successor Agency |  |  |
| Special Tax, 5.00%, 08/01/2036 | 1000 | 1128 |
| Special Tax, 5.25%, 08/01/2037 | 1000 | 1137 |
| Special Tax, 5.25%, 08/01/2038 | 1000 | 1127 |
| San Jacinto Unified School District, Election 2016, GO, 4.00%, 08/01/2042 | 2580 | 2577 |
| San Joaquin Hills Transportation Corridor Agency, Junior Lien |  |  |
| Series B, Rev., 5.25%, 01/15/2044 | 2590 | 2591 |
| Series B, Rev., 5.25%, 01/15/2049 | 2535 | 2536 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034 | 3000 | 3118 |
| San Joaquin Valley Clean Energy Authority, Sustainable Bonds, Rev., 5.50%, 01/01/2056 (z) | 4500 | 5164 |
| San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027 | 1700 | 1619 |
| San Mateo County Community College District, Capital Appreciation Election 2005, Series B, GO, NATL, Zero Coupon, 09/01/2035 | 1955 | 1429 |
| South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046 | 1000 | 1041 |
| Southern California Public Power Authority |  |  |
| Rev., 3.70%, 07/01/2040 (z) | 3000 | 3012 |
| Rev., 5.00%, 04/01/2055 (z) | 30320 | 32617 |
| Southern California Public Power Authority, Apex Power Project, Series A, Rev., 5.00%, 07/01/2033 | 500 | 570 |
| Southern California Public Power Authority, Southern Transmission System, Rev., 5.00%, 07/01/2053 | 500 | 513 |
| Southern California Public Power Authority, Southern Transmission System Renewal Project |  |  |
| Rev., 5.00%, 07/01/2034 | 650 | 745 |
| Rev., BAM, 5.25%, 07/01/2042 | 1000 | 1098 |
| State of California |  |  |
| GO, 3.00%, 11/01/2040 | 500 | 436 |
| GO, 4.00%, 09/01/2028 | 2060 | 2159 |
| GO, 4.00%, 11/01/2041 | 1000 | 983 |
| GO, 5.00%, 04/01/2027 | 145 | 151 |
| GO, 5.00%, 04/01/2028 | 1000 | 1065 |
| GO, 5.00%, 04/01/2029 | 80 | 87 |
| GO, 5.00%, 09/01/2029 | 1000 | 1100 |
| GO, 5.00%, 11/01/2029 | 8215 | 9070 |
| GO, 5.00%, 08/01/2032 | 1225 | 1410 |
| GO, 5.00%, 09/01/2034 | 3335 | 3576 |
| GO, 5.00%, 03/01/2038 | 3000 | 3413 |
| GO, 5.00%, 08/01/2039 (w) | 1500 | 1694 |
| GO, 5.00%, 08/01/2042 (w) | 1370 | 1505 |
| GO, 5.00%, 10/01/2047 | 500 | 502 |
| State of California, Bidding Group A, GO, 5.00%, 09/01/2027 | 3000 | 3154 |
| State of California, Taxable, GO, 4.60%, 04/01/2038 (p) | 13000 | 13258 |
| State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028 | 5000 | 4692 |
| State of California, Taxable Group B, GO, 5.50%, 10/01/2025 | 9000 | 9000 |
| State of California, Various Purpose |  |  |
| GO, 4.00%, 09/01/2031 | 1000 | 1010 |
| GO, 4.00%, 11/01/2033 | 3550 | 3626 |
| GO, 4.00%, 10/01/2035 | 1885 | 1973 |
| GO, 4.00%, 10/01/2036 | 8850 | 9151 |
| GO, 4.00%, 10/01/2037 | 6000 | 6152 |
| GO, 5.00%, 04/01/2031 | 1000 | 1132 |
| GO, 5.00%, 03/01/2034 | 1455 | 1589 |
| GO, 5.00%, 04/01/2035 | 1000 | 1068 |
| State of California, Veterans Bonds, GO, 5.00%, 12/01/2031 | 5500 | 5509 |
| Stockton Unified School District, Series B, GO, 5.00%, 08/01/2031 | 5000 | 5784 |
| Tejon Ranch Public Facilities Finance Authority |  |  |
| Special Tax, 5.00%, 09/01/2038 | 1000 | 1065 |
| Special Tax, 5.00%, 09/01/2042 | 615 | 633 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| Tender Option Bond Trust Receipts/Certificates, Series 2025-BAML5065, Rev., LOC: Bank of America NA, LIQ: Bank of America NA, 2.95%, 11/15/2051 (e) (z) | 11355 | 11355 |
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization |  |  |
| Rev., 5.00%, 06/01/2027 | 750 | 776 |
| Rev., 5.00%, 06/01/2028 | 750 | 790 |
| University of California |  |  |
| Rev., 5.00%, 05/15/2031 | 2000 | 2291 |
| Series BM, Rev., 5.00%, 05/15/2029 | 1665 | 1836 |
| Series BN, Rev., 5.00%, 05/15/2038 | 5000 | 5598 |
| Series BT, Rev., 5.00%, 05/15/2026 | 4000 | 4065 |
| Series CC, Rev., 5.00%, 05/15/2036 | 3000 | 3524 |
| Series CC, Rev., 5.00%, 05/15/2042 | 2000 | 2208 |
| Series CC, Rev., 5.00%, 05/15/2043 | 2500 | 2737 |
| University of California, Limited Project |  |  |
| Series M, Rev., 4.00%, 05/15/2047 | 1300 | 1213 |
| Series M, Rev., 5.00%, 05/15/2034 | 1500 | 1551 |
| University of California, Limited Project Bonds, Series Q, Rev., 4.00%, 05/15/2040 | 1000 | 1005 |
| University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032 | 350 | 400 |
| Upper Santa Clara Valley Joint Powers Authority |  |  |
| Series A, Rev., 4.00%, 08/01/2045 | 1500 | 1447 |
| Series A, Rev., 4.00%, 08/01/2050 | 2000 | 1879 |
| Victor Valley Union High School District, Series B, GO, 4.00%, 08/01/2036 | 1270 | 1274 |
| West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027 | 805 | 844 |
|  |  | 1293257 |
| **Colorado** — **3.3%** |  |  |
| Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042 | 1000 | 1012 |
| Aerotropolis Regional Transportation Authority |  |  |
| Rev., 4.25%, 12/01/2041 | 500 | 432 |
| Rev., 5.50%, 12/01/2044 (e) | 2500 | 2444 |
| Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040 | 500 | 451 |
| Baseline Metropolitan District No. 1 |  |  |
| GO, 4.00%, 12/01/2046 | 2000 | 1868 |
| GO, 5.00%, 12/01/2049 | 1970 | 2027 |
| Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042 | 2180 | 2141 |
| Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035 | 525 | 529 |
| Castle Oaks Metropolitan District No. 3, GO, 4.00%, 12/01/2026 | 220 | 223 |
| Centennial Water & Sanitation District, Rev., 5.00%, 12/01/2053 | 2750 | 2824 |
| Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053 | 500 | 522 |
| City & County of Denver Airport System Revenue |  |  |
| Series A, Rev., AMT, 4.00%, 12/01/2033 | 1500 | 1508 |
| Series A, Rev., AMT, 5.00%, 11/15/2026 | 3500 | 3588 |
| Series A, Rev., AMT, 5.00%, 11/15/2027 | 2000 | 2092 |
| Series A, Rev., AMT, 5.00%, 11/15/2029 | 1000 | 1079 |
| Series A, Rev., AMT, 5.00%, 12/01/2030 | 3000 | 3288 |
| Series A, Rev., AMT, 5.00%, 12/01/2038 | 2000 | 2046 |
| Series A, Rev., AMT, 5.00%, 11/15/2047 | 13500 | 13815 |
| Series A, Rev., AMT, 5.50%, 11/15/2053 | 4000 | 4188 |
| Series B2, Rev., AMT, 5.00%, 11/15/2031 (z) | 1000 | 1002 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Colorado** — **continued** |  |  |
| Series B, Rev., 5.25%, 11/15/2053 | 4775 | 4975 |
| Series D, Rev., AMT, 5.75%, 11/15/2040 | 4750 | 5229 |
| Series D, Rev., AMT, 5.75%, 11/15/2041 | 3000 | 3277 |
| Series D, Rev., AMT, 5.75%, 11/15/2045 | 11050 | 11836 |
| City & County of Denver Airport System Revenue, Subordinate |  |  |
| Series B, Rev., AMT, 5.00%, 11/15/2029 | 3250 | 3508 |
| Series B, Rev., AMT, 5.00%, 11/15/2030 | 6215 | 6809 |
| Series B, Rev., AMT, 5.00%, 11/15/2031 | 4250 | 4699 |
| Series B, Rev., AMT, 5.50%, 11/15/2037 | 700 | 781 |
| City & County of Denver Airport System Revenue, Subordinated |  |  |
| Series A, Rev., AMT, 5.00%, 12/01/2027 | 5840 | 6107 |
| Series A, Rev., AMT, 5.00%, 12/01/2034 | 2510 | 2609 |
| Series A, Rev., AMT, 5.00%, 12/01/2043 | 3000 | 3021 |
| City & County of Denver CO Airport System Revenue, Rev., AMT, 4.13%, 11/15/2053 | 5000 | 4422 |
| City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051 | 9925 | 8950 |
| Colorado Bridge & Tunnel Enterprise, Rev., 5.00%, 12/01/2036 | 1500 | 1711 |
| Colorado Bridge & Tunnel Enterprise, Senior Infrastructure, Series A, Rev., 5.25%, 12/01/2049 | 2330 | 2475 |
| Colorado Bridge Enterprise, Rev., AMT, 4.00%, 06/30/2051 | 1500 | 1256 |
| Colorado Bridge Enterprise, Central 70 Project |  |  |
| Rev., AMT, 4.00%, 12/31/2025 | 1000 | 1002 |
| Rev., AMT, 4.00%, 12/31/2030 | 1505 | 1521 |
| Colorado Educational & Cultural Facilities Authority, Rev., 6.88%, 02/01/2059 (e) | 5525 | 5736 |
| Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project |  |  |
| Rev., 4.00%, 05/01/2036 | 175 | 170 |
| Rev., 4.00%, 05/01/2041 | 175 | 156 |
| Colorado Health Facilities Authority |  |  |
| Rev., 4.00%, 11/15/2048 | 9000 | 8203 |
| Rev., 4.00%, 05/15/2052 | 11610 | 10458 |
| Rev., 5.00%, 05/15/2047 | 18520 | 19027 |
| Rev., 5.00%, 05/15/2054 | 33325 | 33820 |
| Rev., 5.00%, 11/15/2059 (z) | 2000 | 2173 |
| Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10345 |
| Colorado Health Facilities Authority, AdventHealth Obligated Group |  |  |
| Rev., 3.00%, 11/15/2051 | 9790 | 7027 |
| Rev., 4.00%, 11/15/2038 | 2000 | 2003 |
| Rev., 5.00%, 11/15/2038 | 1000 | 1069 |
| Colorado Health Facilities Authority, Adventist Health System, Rev., 5.00%, 11/15/2036 (z) | 1295 | 1326 |
| Colorado Health Facilities Authority, Adventist Health System Sunbelt, Rev., 5.00%, 11/15/2041 | 4000 | 4019 |
| Colorado Health Facilities Authority, Children's Hospital, Series C, Rev., 5.00%, 12/01/2030 | 1000 | 1014 |
| Colorado Health Facilities Authority, Commonspirit Health |  |  |
| Rev., 5.25%, 11/01/2052 | 2710 | 2774 |
| Series A1, Rev., 5.00%, 08/01/2027 | 1025 | 1065 |
| Series A1, Rev., 5.00%, 08/01/2034 | 1240 | 1306 |
| Series A2, Rev., 5.00%, 08/01/2028 | 2215 | 2345 |
| Series A2, Rev., 5.00%, 08/01/2044 | 20440 | 20615 |
| Series A, Rev., 5.00%, 12/01/2034 | 5680 | 6308 |
| Colorado Health Facilities Authority, Covenant Living Communities, Rev., 5.00%, 12/01/2035 | 750 | 816 |
| Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042 | 500 | 429 |
| Colorado Health Facilities Authority, Intermountain Healthcare, Rev., 5.00%, 05/15/2052 | 2500 | 2556 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Colorado** — **continued** |  |  |
| Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 4.00%, 11/01/2039 | 3400 | 3289 |
| Colorado High Performance Transportation Enterprise, C-470 Express Lanes, Rev., 5.00%, 12/31/2056 | 1000 | 978 |
| Colorado Housing and Finance Authority |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 | 7560 | 8520 |
| Series H, Rev., GNMA COLL, 3.00%, 05/01/2050 | 1165 | 1155 |
| Colorado Housing and Finance Authority, Class III Bonds Sustainable Bond, Rev., GNMA COLL, 6.50%, 05/01/2054 | 2720 | 3014 |
| Colorado Housing and Finance Authority, Social Bonds |  |  |
| Series E, Rev., GNMA, 3.00%, 11/01/2051 | 1835 | 1815 |
| Series H, Rev., GNMA, 3.00%, 11/01/2051 | 820 | 809 |
| Series I, Rev., GNMA COLL, 6.00%, 05/01/2053 | 1240 | 1354 |
| Series L, Rev., GNMA COLL, 3.25%, 11/01/2051 | 1245 | 1236 |
| Colorado Housing and Finance Authority, Sustainable Bond, Rev., GNMA/FNMA/FHLMC, 5.75%, 11/01/2054 | 4255 | 4720 |
| Colorado Housing and Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055 (w) | 3370 | 3775 |
| Colorado Science and Technology Park Metropolitan District No. 1, Series B, Rev., 4.75%, 12/15/2054 | 1000 | 977 |
| Copperleaf Metropolitan District No. 2, GO, BAM, 4.00%, 12/01/2025 | 470 | 471 |
| Crystal Valley, Metropolitan District No. 2 |  |  |
| Series A, GO, 5.00%, 12/01/2028 | 500 | 536 |
| Series A, GO, 5.00%, 12/01/2030 | 360 | 401 |
| Dawson Trails Metropolitan District No. 1, GO, Zero Coupon, 12/01/2031 | 6740 | 4254 |
| Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029 | 1000 | 1028 |
| Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036 | 1320 | 1330 |
| Denver Health & Hospital Authority, Series A, Rev., 6.00%, 12/01/2055 | 3610 | 3866 |
| Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025 | 500 | 502 |
| E-470 Public Highway Authority, Rev., 5.00%, 09/01/2040 | 1550 | 1684 |
| E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027 | 1250 | 1190 |
| E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030 | 290 | 254 |
| E-470 Public Highway Authority, Senior |  |  |
| Series A, Rev., 5.00%, 09/01/2027 | 1000 | 1047 |
| Series A, Rev., 5.00%, 09/01/2028 | 1000 | 1071 |
| Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e) | 3000 | 3008 |
| Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, GO, 4.00%, 12/15/2034 (p) | 2000 | 2005 |
| Jefferson Center Metropolitan District No. 1 |  |  |
| Series A2, Rev., 4.13%, 12/01/2040 | 575 | 525 |
| Series A2, Rev., 4.38%, 12/01/2047 | 795 | 712 |
| Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031 | 2000 | 2148 |
| Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032 | 1500 | 1582 |
| Kremmling Memorial Hospital District, COP, 6.13%, 12/01/2044 (e) | 3850 | 3653 |
| Mesa County School District No. 50, GO, 5.50%, 12/01/2049 | 1835 | 1974 |
| Mesa County Valley School District No. 51 Grand Junction, GO, 5.25%, 12/01/2042 | 2705 | 2979 |
| Metro Water Recovery |  |  |
| Series A, Rev., 5.00%, 04/01/2028 | 1200 | 1278 |
| Series A, Rev., 5.00%, 04/01/2029 | 830 | 905 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Colorado** — **continued** |  |  |
| Mirabelle Metropolitan District No. 2, Senior |  |  |
| Series A, GO, 5.00%, 12/01/2035 | 600 | 648 |
| Series A, GO, 5.00%, 12/01/2037 | 500 | 534 |
| Park Creek Metropolitan District, Senior, Series A, Rev., 5.00%, 12/01/2043 | 1500 | 1562 |
| Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042 | 3950 | 2671 |
| Prairie Farm Metropolitan District, Series A, GO, 5.25%, 12/01/2048 | 1261 | 1235 |
| Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038 | 8000 | 9667 |
| Pueblo Urban Renewal Authority, EVRAZ Project Tax, Increment, Tax Allocation, 4.75%, 12/01/2045 (e) | 635 | 593 |
| Redtail Ridge Metropolitan District, GO, Zero Coupon, 12/01/2032 | 4000 | 2460 |
| Regional Transportation District Sales Tax Revenue, Fastracks Project, Series A, Rev., 5.00%, 11/01/2033 | 1000 | 1159 |
| Regional Transportation District, Denver Transit Partners Eagle |  |  |
| Series A, Rev., 5.00%, 07/15/2026 | 575 | 583 |
| Series A, Rev., 5.00%, 01/15/2027 | 1000 | 1022 |
| Series A, Rev., 5.00%, 01/15/2032 | 1470 | 1586 |
| Riverpark Metropolitan District/Arapahoe County, GO, 6.00%, 12/01/2042 | 1150 | 1154 |
| Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041 | 500 | 392 |
| South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036 | 1350 | 1358 |
| State of Colorado |  |  |
| COP, 4.00%, 12/15/2040 | 1600 | 1583 |
| COP, 6.00%, 12/15/2041 | 15000 | 17066 |
| Series A, COP, 4.00%, 12/15/2039 | 1500 | 1500 |
| Series A, COP, 5.00%, 12/15/2029 | 1000 | 1105 |
| Series L, COP, 5.00%, 03/15/2028 | 1000 | 1061 |
| State of Colorado, Health Sciences Facilities |  |  |
| COP, 5.00%, 11/01/2042 | 2365 | 2523 |
| COP, 5.00%, 11/01/2053 | 1500 | 1557 |
| Sterling Ranch Community Authority Board, Senior, Rev., 6.50%, 12/01/2054 | 1000 | 1028 |
| Sterling Ranch Community Authority Board, Special Improvement District No. 1, Special Assessment, 5.63%, 12/01/2043 | 1253 | 1267 |
| Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040 | 500 | 489 |
| Sunset Parks Metropolitan District, Series A, GO, 5.13%, 12/01/2054 (e) | 800 | 761 |
| The Canyons Metropolitan District No. 5 |  |  |
| Series A, GO, BAM, 5.00%, 12/01/2035 | 640 | 709 |
| Series A, GO, BAM, 5.00%, 12/01/2049 | 2875 | 2909 |
| Series A, GO, BAM, 5.25%, 12/01/2059 | 7725 | 7959 |
| Trails at Crowfoot Metropolitan District No. 3, GO, 4.25%, 12/01/2054 | 1500 | 1329 |
| University of Colorado, Series B1, Rev., 4.00%, 06/01/2034 (p) | 2665 | 2690 |
| University of Colorado Hospital Authority, Rev., VRDO, 4.00%, 10/01/2025 (z) | 8000 | 8000 |
| University of Colorado, University Enterprise |  |  |
| Rev., 2.00%, 06/01/2051 (z) | 4000 | 3980 |
| Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036 | 1500 | 1446 |
| Village Metropolitan District (The), GO, 4.15%, 12/01/2030 | 380 | 382 |
| Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040 | 585 | 580 |
| Waterview II Metropolitan District, GO, 5.00%, 12/01/2041 | 1250 | 1235 |
| Weld County School District No. RE-4 |  |  |
| GO, 5.00%, 12/01/2029 | 1100 | 1212 |
| GO, 5.00%, 12/01/2031 | 1000 | 1139 |
| GO, 5.25%, 12/01/2047 | 5000 | 5316 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Colorado** — **continued** |  |  |
| Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036 | 2565 | 2286 |
| Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051 | 5000 | 5110 |
|  |  | 438918 |
| **Connecticut** — **1.0%** |  |  |
| City of Bridgeport, Series A, GO, 4.00%, 06/01/2039 | 250 | 250 |
| Connecticut Housing Finance Authority, Social Bonds |  |  |
| Series A1, Rev., 3.50%, 11/15/2051 | 50 | 50 |
| Series B, Rev., 4.50%, 11/15/2043 | 2725 | 2744 |
| Connecticut Housing Finance Authority, Sustainable Bond, Housing Mortgage Finance |  |  |
| Rev., 5.13%, 11/15/2043 | 5000 | 5144 |
| Rev., 6.25%, 05/15/2054 | 4660 | 5073 |
| Connecticut Housing Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 4.45%, 11/15/2044 | 10000 | 9966 |
| Connecticut State Health & Educational Facilities Authority |  |  |
| Rev., 5.00%, 07/01/2064 (z) | 8650 | 9698 |
| Series 2017 B1, Rev., 5.00%, 07/01/2029 | 4845 | 5311 |
| Series A, Rev., 2.80%, 07/01/2048 (z) | 2000 | 1998 |
| Connecticut State Health & Educational Facilities Authority, Connecticut Children's Medical Center, Rev., 5.25%, 07/15/2048 | 4575 | 4783 |
| Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project |  |  |
| Series A, Rev., 5.00%, 07/01/2026 | 555 | 564 |
| Series A, Rev., 5.00%, 07/01/2033 | 565 | 609 |
| Connecticut State Health & Educational Facilities Authority, Quinnipiac University Issue, Rev., 5.00%, 07/01/2048 | 3000 | 3047 |
| Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue |  |  |
| Rev., 4.00%, 07/01/2035 | 1000 | 1011 |
| Rev., 4.00%, 07/01/2038 | 2500 | 2448 |
| Rev., 4.00%, 07/01/2041 | 2250 | 2100 |
| Rev., 5.00%, 07/01/2030 | 865 | 934 |
| Connecticut State Higher Education Supplement Loan Authority |  |  |
| Rev., AMT, 4.13%, 11/15/2040 | 2315 | 2262 |
| Series B, Rev., AMT, 4.88%, 11/15/2038 | 900 | 911 |
| Series B, Rev., AMT, 5.00%, 11/15/2039 | 675 | 696 |
| Series B, Rev., AMT, 5.00%, 11/15/2040 | 335 | 337 |
| Series B, Rev., AMT, 5.00%, 11/15/2041 | 400 | 400 |
| Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030 | 495 | 529 |
| Connecticut State, Health & Educational Facilities Authority, Sacred Heart University |  |  |
| Series K, Rev., 4.00%, 07/01/2045 | 4625 | 4166 |
| Series K, Rev., 5.00%, 07/01/2037 | 950 | 1001 |
| Connecticut State, Health & Educational Facilities Authority, Yale University, Series C1, Rev., 5.00%, 07/01/2040 (z) | 2150 | 2273 |
| Stamford Housing Authority, Mozaic Concierge Living Project |  |  |
| Rev., 4.25%, 10/01/2030 | 5000 | 5065 |
| Rev., 6.00%, 10/01/2040 | 1750 | 1804 |
| State of Connecticut |  |  |
| GO, 5.00%, 03/15/2045 | 1000 | 1067 |
| Series 2021A, GO, 3.00%, 01/15/2026 | 5000 | 5002 |
| Series 2021A, GO, 3.00%, 01/15/2032 | 2250 | 2255 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Connecticut** — **continued** |  |  |
| Series 2021A, GO, 3.00%, 01/15/2033 | 500 | 495 |
| Series 2021A, GO, 4.00%, 01/15/2028 | 3500 | 3620 |
| Series B, GO, 5.00%, 08/01/2033 | 1750 | 2018 |
| Series C, GO, 5.00%, 06/15/2037 | 40 | 44 |
| Series F, GO, 5.00%, 11/15/2025 | 5000 | 5014 |
| State of Connecticut Special Tax Revenue |  |  |
| Rev., BAM, 4.00%, 05/01/2039 | 2990 | 3020 |
| Series A, Rev., 5.00%, 07/01/2028 | 500 | 534 |
| Series A, Rev., 5.00%, 05/01/2035 | 500 | 551 |
| Series A, Rev., 5.25%, 07/01/2042 | 10000 | 10830 |
| Series B, Rev., 5.00%, 07/01/2030 | 1500 | 1672 |
| Series D, Rev., 4.00%, 11/01/2038 | 3500 | 3535 |
| Series D, Rev., 5.00%, 11/01/2028 | 1480 | 1594 |
| Series D, Rev., 5.00%, 11/01/2033 | 1675 | 1874 |
| State of Connecticut Special Tax Revenue, Transportation Infrastructure Purposes, Rev., 5.00%, 07/01/2043 | 4740 | 5076 |
| State of Connecticut, Social Bonds, Series F, GO, 5.00%, 11/15/2041 | 1525 | 1634 |
| State of Connecticut, Special Tax Obligation Bonds, Rev., 5.00%, 05/01/2040 | 300 | 316 |
| State of Connecticut, Sustainable Bond |  |  |
| Series B, GO, 4.00%, 01/15/2041 | 1000 | 993 |
| Series B, GO, 5.00%, 01/15/2040 | 1000 | 1094 |
| Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e) | 195 | 192 |
| Town of Hamden |  |  |
| GO, BAM, 4.00%, 08/15/2027 | 535 | 549 |
| GO, BAM, 5.00%, 08/15/2029 | 575 | 627 |
| GO, BAM, 5.00%, 08/15/2031 | 500 | 564 |
| Series A, GO, BAM, 5.00%, 08/01/2032 | 2255 | 2487 |
| University of Connecticut |  |  |
| Series A, Rev., 5.00%, 01/15/2037 | 3000 | 3062 |
| Series A, Rev., 5.00%, 08/15/2039 | 650 | 714 |
| Series A, Rev., 5.00%, 08/15/2040 | 860 | 936 |
|  |  | 136543 |
| **Delaware** — **0.2%** |  |  |
| County of Kent DE, Rev., 5.00%, 07/01/2033 | 1190 | 1203 |
| Delaware State Economic Development Authority, Rev., 3.60%, 01/01/2031 | 1865 | 1932 |
| Delaware State Economic Development Authority, NRG Energy Project, Rev., 1.25%, 10/01/2045 (z) | 4065 | 4065 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Rev., 5.00%, 06/01/2050 | 2250 | 2129 |
| Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039 | 5345 | 5587 |
| Delaware Transportation Authority, Rev., 5.00%, 07/01/2033 | 2265 | 2494 |
| State of Delaware |  |  |
| GO, 2.00%, 02/01/2036 | 6910 | 5708 |
| GO, 4.00%, 02/01/2031 | 1000 | 1048 |
| GO, 5.00%, 02/01/2028 | 5020 | 5329 |
| GO, 5.00%, 02/01/2031 | 85 | 96 |
|  |  | 29591 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **District of Columbia** — **1.5%** |  |  |
| District of Columbia |  |  |
| GO, 5.00%, 12/01/2030 | 1070 | 1202 |
| GO, 5.00%, 12/01/2031 | 2210 | 2516 |
| Rev., 5.00%, 06/01/2040 | 1725 | 1692 |
| Series A, Rev., 4.00%, 03/01/2037 | 2000 | 2025 |
| Series A, Rev., 4.00%, 03/01/2040 | 10000 | 9910 |
| Series A, GO, 5.00%, 01/01/2027 | 475 | 490 |
| Series A, Rev., 5.00%, 03/01/2031 | 1500 | 1640 |
| Series A, GO, 5.00%, 01/01/2038 | 1000 | 1096 |
| Series A, GO, 5.00%, 01/01/2040 | 2400 | 2581 |
| Series C, Rev., 4.00%, 05/01/2039 | 2500 | 2515 |
| Series C, Rev., 4.00%, 05/01/2045 | 5000 | 4699 |
| Series D, GO, 5.00%, 02/01/2028 | 820 | 869 |
| Series D, GO, 5.00%, 02/01/2029 | 70 | 76 |
| Series E, GO, 5.00%, 02/01/2028 | 110 | 116 |
| District of Columbia Housing Finance Agency, Rev., 5.00%, 12/01/2028 (z) | 225 | 235 |
| District of Columbia Housing Finance Agency, Belmont Crossing Phase II, Rev., 5.00%, 03/01/2029 (z) | 330 | 345 |
| District of Columbia Income Tax Revenue |  |  |
| Series A, Rev., 5.00%, 10/01/2037 | 2000 | 2245 |
| Series A, Rev., 5.00%, 05/01/2038 | 1450 | 1593 |
| Series A, Rev., 5.00%, 05/01/2039 | 2000 | 2181 |
| Series A, Rev., 5.00%, 06/01/2039 | 1500 | 1667 |
| Series A, Rev., 5.00%, 06/01/2040 | 2685 | 2949 |
| District of Columbia Water & Sewer Authority, Rev., 4.00%, 10/01/2041 | 1525 | 1488 |
| District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038 | 1010 | 1066 |
| District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031 | 2000 | 2271 |
| District of Columbia Water & Sewer Authority, Sustainable Bond Subordinated |  |  |
| Rev., 5.00%, 10/01/2043 | 2505 | 2673 |
| Rev., 5.00%, 10/01/2045 | 1445 | 1527 |
| District of Columbia, Georgetown University, Rev., 5.00%, 04/01/2060 (z) | 5500 | 6148 |
| District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030 | 555 | 552 |
| District of Columbia, National Child Research Center, Rev., VRDO, LOC: Truist Bank, 3.25%, 10/07/2025 (z) | 1985 | 1985 |
| District of Columbia, National Public Radio |  |  |
| Rev., 4.00%, 04/01/2032 (p) | 1500 | 1510 |
| Rev., 5.00%, 04/01/2028 (p) | 270 | 273 |
| Rev., 5.00%, 04/01/2029 (p) | 275 | 278 |
| Metropolitan Washington Airports Authority |  |  |
| Rev., AMT, 5.00%, 10/01/2026 | 1335 | 1362 |
| Rev., AMT, 5.00%, 10/01/2029 | 2000 | 2076 |
| Series A, Rev., AMT, 5.00%, 10/01/2027 | 1515 | 1581 |
| Metropolitan Washington Airports Authority Aviation Revenue |  |  |
| Rev., AMT, 4.00%, 10/01/2051 | 2500 | 2190 |
| Rev., AMT, 5.00%, 10/01/2044 | 3500 | 3585 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **District of Columbia** — **continued** |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2025 | 450 | 450 |
| Series A, Rev., AMT, 5.00%, 10/01/2028 | 3880 | 4126 |
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 1000 | 1097 |
| Series A, Rev., AMT, 5.00%, 10/01/2032 | 5000 | 5433 |
| Series A, Rev., AMT, 5.25%, 10/01/2039 | 1135 | 1214 |
| Series A, Rev., AMT, 5.25%, 10/01/2048 | 7000 | 7254 |
| Metropolitan Washington Airports Authority Aviation Revenue, Airport System |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 3000 | 3165 |
| Series A, Rev., AMT, 5.00%, 10/01/2049 | 5000 | 5021 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., 4.00%, 10/01/2052 | 10000 | 8887 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., 4.00%, 10/01/2053 | 1965 | 1743 |
| Metropolitan Washington Airports Authority, Aviation Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2031 | 4390 | 4850 |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 3205 | 3444 |
| Series A, Rev., AMT, 5.00%, 10/01/2048 | 3940 | 3963 |
| Series A, Rev., AMT, 5.25%, 10/01/2040 | 3000 | 3280 |
| Series A, Rev., AMT, 5.25%, 10/01/2041 | 2000 | 2164 |
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue Subordinated Lien Dulles Metrorail, Series B, Rev., 4.00%, 10/01/2049 | 2000 | 1743 |
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., 6.50%, 10/01/2041 (p) | 350 | 363 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XX1413, Rev., LIQ: Barclays Bank plc, 2.92%, 07/15/2060 (e) | 3000 | 3000 |
| Series 2025-ZL0667, Rev., LIQ: Barclays Bank plc, 2.92%, 07/15/2060 (e) | 8000 | 8000 |
| Washington Convention & Sports Authority |  |  |
| Series A, Rev., 4.00%, 10/01/2034 | 1015 | 1040 |
| Series A, Rev., 5.00%, 10/01/2033 | 1000 | 1093 |
| Washington Convention & Sports Authority, Senior Lien, Series B, Tax Allocation, 5.00%, 10/01/2029 (p) | 1000 | 1101 |
| Washington Convention and Sports Authority, Dedicated Tax Revenue Prerefunded Refunding Senior Lien, Tax Allocation, 5.00%, 10/01/2030 (p) | 695 | 781 |
| Washington Convention and Sports Authority, Dedicated Tax Revenue Unrefunded Balance Refunding Senior, Tax Allocation, 5.00%, 10/01/2030 | 805 | 895 |
| Washington Metropolitan Area Transit Authority |  |  |
| Series A, Rev., 5.00%, 07/15/2026 | 1650 | 1680 |
| Series A, Rev., 5.00%, 07/15/2037 | 2000 | 2140 |
| Series B, Rev., 5.00%, 07/01/2032 | 1115 | 1157 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue |  |  |
| Rev., 5.00%, 07/15/2054 | 23750 | 24451 |
| Rev., 5.25%, 07/15/2059 | 17870 | 18796 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2029 | 3000 | 3273 |
| Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds, Series A, Rev., 5.00%, 07/15/2046 | 1190 | 1224 |
| Washington Metropolitan Area Transit Authority, Dedicated Revenue, Sustainable Bond, Series A, Rev., BAM, 3.00%, 07/15/2036 | 5925 | 5499 |
| Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029 | 1540 | 1680 |
|  |  | 207214 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — 5.0%** |  |  |
| Alachua County Health Facilities Authority, Oak Hammock at the University of Florida |  |  |
| Rev., 3.63%, 10/01/2030 | 870 | 873 |
| Rev., 3.75%, 10/01/2030 | 765 | 767 |
| Alachua County Health Facilities Authority, Oak Hammock at The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031 | 615 | 627 |
| Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics, Rev., 5.00%, 12/01/2034 | 2570 | 2694 |
| Ave Maria Stewardship Community District, Phase 3 Master Improvements Project |  |  |
| Special Assessment, 2.75%, 05/01/2031 | 420 | 396 |
| Special Assessment, 3.13%, 05/01/2041 | 1775 | 1404 |
| Avenir Community Development District, Special Assessment, 5.63%, 05/01/2054 | 1000 | 1009 |
| Aventura Isles Community Development District |  |  |
| Special Assessment, 5.00%, 05/01/2034 | 720 | 771 |
| Special Assessment, 5.00%, 05/01/2043 | 1000 | 995 |
| Babcock Ranch Community Independent Special District |  |  |
| Special Assessment, 4.00%, 05/01/2052 | 695 | 561 |
| Special Assessment, 5.00%, 05/01/2044 (e) | 995 | 977 |
| Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040 | 340 | 329 |
| Belmont II Community Development District, 2020 Assessment Area |  |  |
| Special Assessment, 2.50%, 12/15/2025 | 5 | 5 |
| Special Assessment, 3.13%, 12/15/2030 | 125 | 123 |
| Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026 | 100 | 99 |
| Boggy Creek Improvement District, Series 2013, Special Assessment, 5.13%, 05/01/2043 (e) | 950 | 947 |
| Brevard County Health Facilities Authority, Health First Obligated Group, Rev., 5.00%, 04/01/2052 | 8235 | 8226 |
| Brevard County Health Facilities Authority, Health First, Inc., Rev., 4.00%, 04/01/2036 | 1790 | 1764 |
| Broward County Housing Finance Authority, Pinnacle 441 Phase 2, Rev., 4.05%, 09/01/2056 (z) | 990 | 994 |
| Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038 | 675 | 687 |
| Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032 | 1350 | 1431 |
| Capital Projects Finance Authority, IPS Enterprises, Inc. Projects, Rev., 7.00%, 06/15/2030 (e) | 4000 | 4143 |
| Capital Projects Finance Authority/FL, Rev., 5.00%, 06/15/2044 (e) | 760 | 713 |
| Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e) | 325 | 300 |
| Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041 | 300 | 270 |
| Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e) | 1370 | 1057 |
| Capital Trust Agency, Inc., Franklin Academy Project, Rev., 5.00%, 12/15/2050 (e) | 2350 | 2055 |
| Capital Trust Authority, Ips Enterprises, Inc., Series A, Rev., 6.00%, 06/15/2043 (e) | 4350 | 4437 |
| Capital Trust Authority, UF Health Projects |  |  |
| Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1110 |
| Series A, Rev., 5.00%, 12/01/2035 | 6045 | 6703 |
| Central Florida Expressway Authority |  |  |
| Rev., 5.00%, 07/01/2032 | 1500 | 1713 |
| Series D, Rev., 5.00%, 07/01/2029 | 565 | 614 |
| Series D, Rev., 5.00%, 07/01/2034 | 3000 | 3303 |
| Series D, Rev., 5.00%, 07/01/2035 | 10000 | 10959 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Central Florida Expressway Authority, Senior Lien |  |  |
| Rev., 4.00%, 07/01/2038 | 3625 | 3664 |
| Rev., 4.00%, 07/01/2039 | 1260 | 1267 |
| Series B, Rev., 4.00%, 07/01/2035 (p) | 5600 | 5658 |
| Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042 | 605 | 475 |
| Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e) | 160 | 152 |
| Charlotte County Industrial Development Authority, Town & Country Utilities Project |  |  |
| Rev., AMT, 5.00%, 10/01/2049 (e) | 2985 | 2883 |
| Rev., AMT, 5.88%, 10/01/2045 | 1250 | 1288 |
| City of Daytona Beach, Rev., 5.50%, 09/01/2049 | 5000 | 5400 |
| City of Delray Beach Water & Sewer Revenue |  |  |
| Rev., 5.00%, 10/01/2042 | 750 | 815 |
| Rev., 5.00%, 10/01/2043 | 1520 | 1639 |
| Rev., 5.25%, 10/01/2055 | 5685 | 6050 |
| City of Doral FL, GO, 4.00%, 07/01/2043 | 3055 | 2966 |
| City of Jacksonville, Baptist Health, Rev., VRDO, 2.91%, 10/07/2025 (z) | 9260 | 9260 |
| City of Jacksonville, Bayptist Health, Rev., VRDO, 2.91%, 10/07/2025 (z) | 1200 | 1200 |
| City of Jacksonville, Brooks Rehabilitation Project |  |  |
| Rev., 4.00%, 11/01/2034 | 500 | 503 |
| Rev., 4.00%, 11/01/2045 | 1500 | 1331 |
| City of Miami Beach, Arts and Cultural Facilities, Series A, GO, 5.25%, 05/01/2053 | 5000 | 5254 |
| City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036 | 175 | 166 |
| City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039 | 1075 | 1079 |
| City of Tallahassee FL Energy System Revenue |  |  |
| Rev., 5.00%, 10/01/2033 | 2500 | 2888 |
| Rev., 5.00%, 10/01/2034 | 1500 | 1740 |
| City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028 | 2000 | 2152 |
| City of Tallahassee, Tallahassee Memorial Healthcare, Rev., 5.00%, 12/01/2040 | 3000 | 3000 |
| City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046 | 10000 | 10033 |
| City of Tampa, H. Lee Moffitt Cancer Center, Rev., 5.00%, 07/01/2050 | 4000 | 4010 |
| Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052 | 145 | 120 |
| County of Broward Port Facilities Revenue, Rev., AMT, 5.50%, 09/01/2052 | 3675 | 3808 |
| County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031 | 3000 | 3388 |
| County of Broward, Airport System Revenue |  |  |
| Rev., AMT, 5.00%, 10/01/2033 | 655 | 673 |
| Series A, Rev., AMT, 5.00%, 10/01/2028 | 800 | 849 |
| Series A, Rev., AMT, 5.00%, 10/01/2036 | 2000 | 2077 |
| County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044 | 3000 | 2749 |
| County of Broward, Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 4.00%, 09/01/2047 | 3000 | 2672 |
| County of Hillsborough, Rev., 4.00%, 08/01/2034 | 4370 | 4502 |
| County of Lee Airport Revenue |  |  |
| Series B, Rev., AMT, 5.00%, 10/01/2029 | 180 | 194 |
| Series B, Rev., AMT, 5.00%, 10/01/2032 | 2000 | 2184 |
| County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049 | 13000 | 13404 |
| County of Miami-Dade Aviation Revenue |  |  |
| Rev., 5.00%, 10/01/2041 | 6000 | 6038 |
| Series A, Rev., 5.00%, 10/01/2025 | 1250 | 1250 |
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 2000 | 2002 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Series A, Rev., 5.00%, 10/01/2031 | 2000 | 2206 |
| Series A, Rev., AMT, 5.00%, 10/01/2044 | 2200 | 2217 |
| Series A, Rev., AMT, 5.00%, 10/01/2049 | 3250 | 3257 |
| Series B, Rev., AMT, 5.00%, 10/01/2040 | 23000 | 23226 |
| County of Miami-Dade FL Aviation Revenue |  |  |
| Rev., AMT, 5.00%, 10/01/2029 | 2920 | 3146 |
| Rev., AMT, 5.00%, 10/01/2035 | 15000 | 16581 |
| Rev., AMT, 5.00%, 10/01/2036 | 3710 | 4052 |
| County of Miami-Dade FL Transit System, Rev., 4.00%, 07/01/2035 | 3405 | 3412 |
| County of Miami-Dade FL Water & Sewer System Revenue |  |  |
| Rev., 5.00%, 10/01/2041 | 4500 | 4877 |
| Rev., 5.00%, 10/01/2042 | 5000 | 5371 |
| County of Miami-Dade Seaport Department, Senior Bonds |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 1970 | 2144 |
| Series A, Rev., AMT, 5.00%, 10/01/2031 | 2975 | 3265 |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 3500 | 3837 |
| Series A, Rev., AMT, 5.25%, 10/01/2052 | 2000 | 2025 |
| County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AMT, 4.00%, 10/01/2040 | 2675 | 2606 |
| County of Miami-Dade Transit System |  |  |
| Rev., 4.00%, 07/01/2048 | 5000 | 4610 |
| Series A, Rev., 4.00%, 07/01/2045 | 2070 | 1979 |
| County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044 | 350 | 334 |
| County of Miami-Dade, Public Health Trust Program, GO, 4.00%, 07/01/2042 | 3000 | 2954 |
| County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052 | 2450 | 2406 |
| County of Orange Water Utility System Revenue, Rev., 5.00%, 10/01/2028 | 2040 | 2199 |
| County of Palm Beach, Lynn University Housing Project, Series A, Rev., 5.00%, 06/01/2057 (e) | 1000 | 859 |
| Currents Community Development District, Series A, Special Assessment, 4.00%, 05/01/2051 (e) | 2000 | 1641 |
| Cypress Mill Community Development District, 2023 Project, Special Assessment, 5.00%, 05/01/2053 | 1025 | 996 |
| DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040 | 400 | 359 |
| Duval County Public Schools, Series A, COP, 5.00%, 07/01/2032 | 4750 | 5220 |
| Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040 | 300 | 286 |
| Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026 | 40 | 40 |
| Epperson Ranch II Community Development District, Assessment Area Two Capital Improvement, Special Assessment, 4.20%, 05/01/2040 | 1250 | 1165 |
| Everlands II Community Development District, Special Assessment, 5.20%, 06/15/2044 | 725 | 725 |
| Florida Development Finance Corp. |  |  |
| Rev., AMT, 4.38%, 10/01/2054 (e) (z) | 17000 | 17161 |
| Rev., 5.00%, 06/01/2044 (e) | 1750 | 1685 |
| Rev., 5.25%, 06/01/2059 (e) | 3145 | 2961 |
| Series A, Rev., 4.00%, 06/01/2030 | 400 | 390 |
| Florida Development Finance Corp., Brightline Florida Passenger |  |  |
| Rev., AMT, 0.00%, 07/15/2032 (e) | 2810 | 1753 |
| Rev., AMT, 5.00%, 07/01/2041 | 4500 | 3800 |
| Rev., AMT, 5.00%, 07/01/2044 | 9930 | 9764 |
| Rev., AMT, 5.25%, 07/01/2047 | 6050 | 5951 |
| Rev., AMT, 5.25%, 07/01/2053 | 4000 | 3906 |
| Rev., AMT, 5.50%, 07/01/2053 | 6000 | 5122 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Florida Development Finance Corp., Brightline Passenger Rail Project, Rev., AMT, 10.00%, 07/01/2057 (e) (z) | 7445 | 6343 |
| Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e) | 1000 | 879 |
| Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037 | 2400 | 2396 |
| Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040 | 400 | 401 |
| Florida Development Finance Corp., Tampa General Hospital Project, Rev., 5.25%, 08/01/2055 (e) | 4750 | 4848 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035 | 1200 | 1266 |
| Florida Development Finance Corp., Waste Management, Inc. Project, Rev., AMT, 3.40%, 09/01/2050 (z) | 2550 | 2549 |
| Florida Development Finance Corp., Waste Pro USA, Inc., Rev., AMT, 5.00%, 05/01/2029 (e) | 2500 | 2533 |
| Florida Housing Finance Corp. |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 2895 | 3176 |
| Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 380 | 375 |
| Series 3, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 01/01/2054 | 605 | 660 |
| Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 820 | 812 |
| Florida Housing Finance Corp., Social Bonds |  |  |
| Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052 | 740 | 739 |
| Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 3545 | 3511 |
| Florida Local Government Finance Commission, Fleet Landing At Nocatee Project |  |  |
| Rev., 4.20%, 11/15/2030 (e) | 3260 | 3283 |
| Rev., 6.63%, 11/15/2045 (e) | 1665 | 1730 |
| Florida Municipal Loan Council, Shingle Creek Transit and Utility Community Development District, Special Assessment, AMT, 5.15%, 05/01/2044 | 655 | 660 |
| Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029 | 1900 | 2066 |
| Florida State Board of Governors University of North Florida Dormitory Revenue, Series A, Rev., BAM, 5.00%, 11/01/2053 | 6375 | 6518 |
| Fort Pierce Utilities Authority, Series A, Rev., 5.00%, 10/01/2039 | 925 | 987 |
| Grand Bay at Doral Community Development District, Assessment Area Two Phase I |  |  |
| Special Assessment, 5.00%, 05/01/2035 | 1000 | 1075 |
| Special Assessment, 5.00%, 05/01/2045 | 1000 | 989 |
| Greater Orlando Aviation Authority |  |  |
| Series A, Rev., AMT, 4.00%, 10/01/2040 | 2500 | 2425 |
| Series A, Rev., AMT, 5.00%, 10/01/2026 (p) | 1785 | 1785 |
| Series A, Rev., AMT, 5.00%, 10/01/2027 (p) | 1875 | 1875 |
| Series A, Rev., AMT, 5.00%, 10/01/2030 (p) | 1005 | 1005 |
| Series A, Rev., AMT, 5.00%, 10/01/2032 | 1500 | 1591 |
| Series A, Rev., AMT, 5.00%, 10/01/2046 (p) | 5000 | 5101 |
| Series A, Rev., AMT, 5.00%, 10/01/2049 | 8880 | 8921 |
| Greater Orlando Aviation Authority Orlando Amt Subordinated, Rev., AMT, 5.00%, 10/01/2036 | 1000 | 1094 |
| Greater Orlando Aviation Authority, Priority Subordinated |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 1500 | 1541 |
| Series A, Rev., AMT, 5.00%, 10/01/2036 | 2230 | 2274 |
| Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040 | 545 | 512 |
| Hammock Reserve Community Development District, Assessment Area Three Project, Special Assessment, 4.70%, 05/01/2042 | 1370 | 1310 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., 2.91%, 11/15/2037 (z) | 17000 | 17000 |
| Hillsborough County Industrial Development Authority |  |  |
| Rev., 4.13%, 11/15/2051 | 6965 | 6324 |
| Rev., 5.25%, 11/15/2049 | 1500 | 1584 |
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project |  |  |
| Rev., 4.00%, 08/01/2050 | 5000 | 4346 |
| Series A, Rev., 4.00%, 08/01/2045 | 3275 | 2945 |
| Hillsborough County, Industrial Development Authority, Baycare Health System, Series C, Rev., VRDO, LOC: TD Bank NA, 2.80%, 10/07/2025 (z) | 3500 | 3500 |
| Hobe-St Lucie Conservancy District, Special Assessment, 5.88%, 05/01/2055 | 1000 | 1013 |
| JEA Electric System Revenue |  |  |
| Rev., 5.00%, 10/01/2033 | 1000 | 1149 |
| Series 3A, Rev., 5.00%, 10/01/2035 | 5000 | 5366 |
| Series IIIB, Rev., 5.00%, 10/01/2032 | 1295 | 1348 |
| JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031 | 1795 | 2013 |
| JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037 | 750 | 765 |
| Julington Creek Plantation Community Development District, Special Assessment, 5.50%, 05/01/2043 | 1500 | 1609 |
| Lake Hideaway Community Development District, Assessment Area One, Special Assessment, 5.65%, 05/01/2044 | 950 | 953 |
| Lakewood Ranch Stewardship District, Special Assessment, 5.30%, 05/01/2044 | 485 | 488 |
| Lakewood Ranch Stewardship District, Del Webb Project, Special Assessment, 5.00%, 05/01/2037 (e) | 1655 | 1674 |
| Lakewood Ranch Stewardship District, Lorraine Lakes Project |  |  |
| Special Assessment, 3.13%, 05/01/2030 (e) | 315 | 309 |
| Special Assessment, 3.88%, 05/01/2051 (e) | 2000 | 1611 |
| Lakewood Ranch Stewardship District, Northeast Sector Project |  |  |
| Special Assessment, 3.20%, 05/01/2030 (e) | 540 | 528 |
| Special Assessment, 3.50%, 05/01/2040 | 925 | 794 |
| Lakewood Ranch Stewardship District, Palm Grove Project, Special Assessment, 5.25%, 05/01/2044 | 580 | 584 |
| Lakewood Ranch Stewardship District, Southeast Project |  |  |
| Special Assessment, 5.80%, 05/01/2045 | 1565 | 1597 |
| Special Assessment, 6.00%, 05/01/2056 | 1000 | 1020 |
| Lee County Industrial Development Authority, Exchange Lee Health Systems, Rev., 4.00%, 04/01/2037 | 3000 | 2943 |
| Lee County Industrial Development Authority, Shell Point/Waterside Health |  |  |
| Rev., 5.00%, 11/15/2044 | 3000 | 2978 |
| Rev., 5.00%, 11/15/2049 | 2550 | 2450 |
| Lee County Industrial Development Authority/FL |  |  |
| Rev., 4.13%, 11/15/2029 | 1000 | 1007 |
| Rev., 5.25%, 11/15/2054 | 2000 | 1979 |
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center |  |  |
| Rev., 5.00%, 11/15/2039 | 2000 | 2001 |
| Rev., 5.00%, 11/15/2044 | 5000 | 5001 |
| Miami Beach Redevelopment Agency, City Center/Historic Convention |  |  |
| Tax Allocation, 5.00%, 02/01/2040 | 2000 | 2140 |
| Tax Allocation, 5.00%, 02/01/2042 | 5580 | 5857 |
| Tax Allocation, 5.00%, 02/01/2044 | 7590 | 7860 |
| Miami World Center Community Development District, Special Assessment, 5.25%, 11/01/2049 | 4505 | 4524 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Miami-Dade County Expressway Authority, Series A, Rev., 5.00%, 07/01/2040 | 1625 | 1632 |
| Miami-Dade County Health Facilities Authority, Rev., 4.00%, 08/01/2046 | 1790 | 1673 |
| Miami-Dade County Housing Finance Authority, Doral Academy, Inc., Rev., 5.00%, 01/15/2048 | 1570 | 1528 |
| Miami-Dade County Industrial Development Authority, Miami Community Charter Schools, Inc., Rev., 6.25%, 06/01/2055 (e) | 750 | 756 |
| Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037 | 350 | 350 |
| Mirada Community Development District/Pasco County, Special Assessment, 5.00%, 05/01/2034 | 960 | 987 |
| North Loop Community Development District, Special Assessment, 6.38%, 05/01/2043 | 1000 | 1061 |
| North Miami Community Redevelopment Agency |  |  |
| Rev., 5.00%, 03/01/2035 | 1000 | 1100 |
| Rev., 5.00%, 03/01/2036 | 1200 | 1299 |
| North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040 | 1345 | 1187 |
| North Springs Improvement District, Water Management Parkland Bay Unit, Special Assessment, 5.00%, 05/01/2048 | 3220 | 3186 |
| Orange County Health Facilities Authority, Rev., 5.00%, 08/01/2054 | 3500 | 3327 |
| Orange County Health Facilities Authority, Orlando Health Obligated Group |  |  |
| Rev., 4.00%, 10/01/2052 | 5000 | 4278 |
| Rev., 4.50%, 10/01/2056 | 11515 | 10820 |
| Rev., 5.25%, 10/01/2056 | 7500 | 7796 |
| Orange County Health Facilities Authority, Presbyterian Retirement Communities, Rev., 4.00%, 08/01/2036 | 295 | 287 |
| Orlando Utilities Commission |  |  |
| Series 2018A, Rev., 5.00%, 10/01/2035 | 2480 | 2572 |
| Series A, Rev., 5.00%, 10/01/2027 | 500 | 525 |
| Series A, Rev., 5.00%, 10/01/2043 | 2300 | 2451 |
| Palm Beach County Health Facilities Authority, Rev., 5.00%, 11/15/2045 | 1250 | 1241 |
| Palm Beach County Health Facilities Authority, Jupiter Medical Center, Rev., 5.00%, 11/01/2052 | 2550 | 2513 |
| Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032 | 2270 | 2300 |
| Palm Coast Park Community Development District, Sawmill Branch at Palm Coast Park Homeowners Association, Inc., Special Assessment, 5.13%, 05/01/2051 | 1500 | 1426 |
| Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051 | 800 | 656 |
| Parrish Lakes Community Development District, Special Assessment, 5.00%, 05/01/2031 | 480 | 489 |
| Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036 | 1720 | 1799 |
| Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035 | 3200 | 3201 |
| Reunion East Community Development District |  |  |
| Special Assessment, 2.40%, 05/01/2026 (e) | 25 | 25 |
| Special Assessment, 2.85%, 05/01/2031 | 25 | 24 |
| Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040 | 500 | 469 |
| Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048 | 425 | 393 |
| Sarasota County Public Hospital District, Sarasota Memorial Hospital Project |  |  |
| Rev., 4.00%, 07/01/2052 | 6000 | 5137 |
| Rev., 5.00%, 07/01/2052 | 1175 | 1191 |
| Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033 | 1000 | 1143 |
| Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039 | 615 | 597 |
| Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031 | 400 | 401 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| School District of Broward County, Series A, COP, 5.00%, 07/01/2027 | 1500 | 1560 |
| Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032 | 845 | 845 |
| South Broward Hospital District |  |  |
| Rev., 4.00%, 05/01/2048 | 6500 | 6050 |
| Series A, Rev., 4.00%, 05/01/2044 | 4000 | 3712 |
| South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037 | 1575 | 1557 |
| Southeast Overtown/Park West Community Redevelopment Agency, Series A, Tax Allocation, 5.00%, 03/01/2038 | 2200 | 2377 |
| St. John's County School Board |  |  |
| Series A, COP, 5.25%, 07/01/2046 | 1500 | 1586 |
| Series A, COP, 5.25%, 07/01/2047 | 3000 | 3117 |
| State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027 | 4000 | 3851 |
| State of Florida Department of Transportation Turnpike System Revenue, Department Of Transportation, Rev., 4.00%, 07/01/2041 | 1000 | 985 |
| State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033 | 2390 | 2352 |
| State of Florida Department of Transportation Turnpike System, Revenue Refunding, Series A, Rev., 5.00%, 07/01/2026 | 1000 | 1019 |
| State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027 | 1060 | 1078 |
| State of Florida, Department of Transportation, Turnpike System Revenue, Series A, Rev., 5.00%, 07/01/2029 | 500 | 547 |
| Stellar North Community Development District, Special Assessment, 4.00%, 05/01/2052 | 1440 | 1169 |
| Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e) | 225 | 214 |
| Stonegate Preserve Community Development District, 2023 Project Area, Special Assessment, 5.88%, 12/15/2043 | 995 | 1048 |
| Stoneybrook South Community Development District, Fox South Assessment Area |  |  |
| Special Assessment, 2.50%, 12/15/2025 (e) | 140 | 140 |
| Special Assessment, 3.00%, 12/15/2030 (e) | 475 | 470 |
| Special Assessment, 3.50%, 12/15/2040 (e) | 1030 | 938 |
| Storey Park Community Development District, Assessment Area Four Project |  |  |
| Special Assessment, 2.38%, 06/15/2026 (e) | 10 | 10 |
| Special Assessment, 2.88%, 06/15/2031 (e) | 60 | 59 |
| Summit View Community Development District, Assessment Area Two, Special Assessment, 5.63%, 05/01/2044 | 975 | 985 |
| Tampa Bay Water, Rev., 5.25%, 10/01/2054 | 20000 | 21226 |
| Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%, 05/01/2042 | 1000 | 1021 |
| Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041 | 130 | 102 |
| Turtle Run Community Development District, Series 2, Special Assessment, 5.00%, 05/01/2047 | 1500 | 1492 |
| Two Lakes Community Development District, Special Assessment, 5.00%, 05/01/2044 | 1500 | 1516 |
| Two Rivers West Community Development District, Special Assessment, 5.63%, 05/01/2044 | 580 | 586 |
| V-Dana Community Development District, CDD Assessment Area One 2021, Special Assessment, 4.00%, 05/01/2052 | 1000 | 817 |
| Village Community Development District No. 12, Special Assessment, 4.25%, 05/01/2043 | 2000 | 1859 |
| Village Community Development District No. 13, Special Assessment, 2.63%, 05/01/2030 (e) | 1445 | 1387 |
| Village Community Development District No. 15 |  |  |
| Special Assessment, 4.00%, 05/01/2034 (e) | 120 | 121 |
| Special Assessment, 4.20%, 05/01/2039 (e) | 500 | 482 |
| Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040 | 655 | 599 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Volusia County Educational Facility Authority, Educational Facilities Embry Riddle, Rev., 5.00%, 10/15/2029 | 1000 | 1043 |
| West Hillcrest Community Development District, Series 2023, Special Assessment, 5.50%, 06/15/2053 | 1250 | 1271 |
| West Villages Improvement District, Special Assessment, Unit Of Development #8, Special Assessment, 5.38%, 05/01/2042 | 1875 | 1922 |
| Wildwood Utility Dependent District, Senior South Sumter Utilities Project |  |  |
| Rev., BAM, 5.00%, 10/01/2031 | 1300 | 1458 |
| Rev., BAM, 5.00%, 10/01/2033 | 1150 | 1271 |
| Rev., BAM, 5.00%, 10/01/2039 | 1490 | 1585 |
| Rev., BAM, 5.00%, 10/01/2040 | 1610 | 1705 |
| Wildwood Utility Dependent District, Senior South Sumter Utility Project, Rev., BAM, 5.00%, 10/01/2052 | 1640 | 1664 |
| Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041 | 650 | 684 |
|  |  | 668117 |
| **Georgia** — **3.8%** |  |  |
| Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z) | 4425 | 4020 |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds |  |  |
| Rev., 4.00%, 03/01/2035 | 1100 | 1114 |
| Rev., 4.00%, 03/01/2036 | 1000 | 1008 |
| Rev., 4.00%, 03/01/2037 | 1135 | 1141 |
| Rev., 4.00%, 03/01/2038 | 1000 | 999 |
| Brookhaven Development Authority, Children's Healthcare of Atlanta |  |  |
| Rev., 5.00%, 07/01/2036 | 2425 | 2577 |
| Rev., 5.00%, 07/01/2037 | 2400 | 2539 |
| Series A, Rev., 4.00%, 07/01/2044 | 3000 | 2783 |
| Brookhaven Urban Redevelopment Agency, Series A, Rev., 4.00%, 07/01/2045 | 3260 | 3178 |
| City of Atlanta Airport Passenger Facility Charge, Airport Revenue Subordinated, Rev., AMT, 4.00%, 07/01/2038 | 2825 | 2781 |
| City of Atlanta Department of Aviation |  |  |
| Series B, Rev., AMT, 5.00%, 07/01/2028 | 3300 | 3498 |
| Series C, Rev., AMT, 5.00%, 07/01/2034 | 540 | 585 |
| Series C, Rev., AMT, 5.00%, 07/01/2048 | 1000 | 1016 |
| City of Atlanta Department of Aviation, Sustainable Bonds |  |  |
| Series B1, Rev., AMT, 5.00%, 07/01/2036 | 700 | 766 |
| Series B1, Rev., AMT, 5.00%, 07/01/2037 | 2500 | 2710 |
| City of Atlanta GA Department of Aviation |  |  |
| Rev., AMT, 5.25%, 07/01/2041 | 1775 | 1912 |
| Rev., AMT, 5.25%, 07/01/2043 | 1500 | 1592 |
| City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037 | 1000 | 1005 |
| City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040 | 2000 | 2068 |
| City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031 | 1155 | 1238 |
| City of Atlanta, Water & Wastewater Revenue, Series B, Rev., 5.00%, 11/01/2047 | 4000 | 4042 |
| Cobb County Hospital Authority, Rev., VRDO, LOC: Truist Bank, 2.92%, 10/07/2025 (z) | 8000 | 8000 |
| Cobb County Kennestone Hospital Authority, Revenue Anticipation Certificates, Rev., 5.00%, 04/01/2036 | 500 | 510 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Georgia — continued** |  |  |
| Cobb County Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 3.00%, 04/01/2037 | 700 | 636 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority, Cobb Galleria Center Project |  |  |
| Rev., 5.25%, 10/01/2043 | 2760 | 3019 |
| Rev., 5.25%, 10/01/2044 | 1355 | 1470 |
| Columbia County Hospital Authority, Anticipation Certificate Wellstar, Rev., 5.13%, 04/01/2053 | 3625 | 3704 |
| DeKalb County Housing Authority, Kensington Station Project, Series A, Rev., 4.00%, 12/01/2033 | 10000 | 10139 |
| Development Authority of Burke County (The), Rev., 3.30%, 12/01/2049 (z) | 515 | 523 |
| Development Authority of Burke County, Georgia Power Co. Plant Vogtle Project, Rev., 3.38%, 11/01/2053 (z) | 1000 | 1006 |
| Development Authority of Cobb County, The Northwest Classical Academy Project, Rev., 5.70%, 06/15/2038 (e) | 605 | 607 |
| Development Authority of Monroe County, Georgia Power Company Plant Scherer, Rev., 3.88%, 06/01/2042 (z) | 1250 | 1255 |
| Development Authority of Monroe County/The, Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z) | 1785 | 1743 |
| Fayette County Development Authority |  |  |
| Rev., 5.00%, 10/01/2036 | 900 | 981 |
| Rev., 5.00%, 10/01/2037 | 925 | 1001 |
| Rev., 5.00%, 10/01/2041 | 950 | 990 |
| Rev., 5.00%, 10/01/2043 | 1400 | 1440 |
| Rev., 5.00%, 10/01/2044 | 1250 | 1279 |
| Gainesville & Hall County Hospital Authority |  |  |
| Rev., 5.00%, 10/15/2030 | 3500 | 3885 |
| Rev., 5.00%, 10/15/2034 | 7545 | 8599 |
| George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e) | 1000 | 916 |
| George L Smith II Congress Center Authority, Convention Center Hotel First |  |  |
| Rev., 4.00%, 01/01/2054 | 7850 | 6515 |
| Series 1, Rev., 4.00%, 01/01/2036 | 2750 | 2754 |
| Georgia Housing & Finance Authority |  |  |
| Rev., 4.70%, 12/01/2054 | 15000 | 15003 |
| Series A, Rev., 2.75%, 12/01/2035 | 500 | 443 |
| Series A, Rev., 4.50%, 12/01/2045 | 2000 | 2004 |
| Series E, Rev., GNMA/FNMA/FHLMC, 4.85%, 12/01/2040 | 1000 | 1023 |
| Georgia Ports Authority, Rev., 5.25%, 07/01/2043 | 2705 | 2893 |
| Georgia State Road & Tollway Authority |  |  |
| Rev., 5.00%, 06/01/2027 | 5250 | 5475 |
| Rev., 5.00%, 06/01/2028 | 5500 | 5867 |
| Rev., 5.00%, 06/01/2030 | 6205 | 6895 |
| Homerville Housing Authority, Brookwood Apartments, Rev., 3.45%, 01/01/2028 (z) | 530 | 534 |
| Main Street Natural Gas, Inc. |  |  |
| Rev., 5.00%, 12/01/2054 (z) | 1730 | 1875 |
| Series A, Rev., 4.00%, 07/01/2052 (z) | 14500 | 14805 |
| Series A, Rev., 5.00%, 05/15/2033 | 4950 | 5184 |
| Series A, Rev., 5.00%, 05/15/2043 | 8000 | 8104 |
| Series A, Rev., 5.00%, 06/01/2053 (z) | 15000 | 15981 |
| Series A, Rev., 5.00%, 05/01/2054 (z) | 15925 | 17237 |
| Series A, Rev., 5.00%, 06/01/2055 (z) | 20255 | 22035 |
| Series A, Rev., 5.50%, 09/15/2028 | 1000 | 1064 |
| Series B, Rev., 5.00%, 06/01/2028 | 2500 | 2611 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Georgia — continued** |  |  |
| Series B, Rev., 5.00%, 06/01/2029 | 1500 | 1577 |
| Series B, Rev., 5.00%, 12/01/2052 (z) | 5000 | 5297 |
| Series B, Rev., 5.00%, 07/01/2053 (z) | 6910 | 7435 |
| Series B, Rev., 5.00%, 12/01/2054 (z) | 11185 | 12179 |
| Series B, Rev., 5.00%, 12/01/2055 (z) | 5000 | 5430 |
| Series C, Rev., 4.00%, 03/01/2050 (z) | 6350 | 6403 |
| Series C, Rev., 4.00%, 05/01/2052 (z) | 15310 | 15684 |
| Series C, Rev., 5.00%, 09/01/2053 (z) | 8165 | 8759 |
| Series D, Rev., 5.00%, 05/01/2054 (z) | 9500 | 10177 |
| Series E1, Rev., 5.00%, 12/01/2053 (z) | 3000 | 3232 |
| Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%, 08/01/2052 (e) (z) | 30600 | 30786 |
| Main Street Natural Gas, Inc. |  |  |
| Series D, Rev., 5.00%, 04/01/2054 (z) | 26545 | 28733 |
| Series E, Rev., 5.00%, 05/01/2055 (z) | 25990 | 28412 |
| Metropolitan Atlanta Rapid Transit Authority, Rev., 5.00%, 07/01/2036 | 8500 | 9674 |
| Metropolitan Atlanta Rapid Transit Authority, Sustainable Bond |  |  |
| Series A, Rev., 5.00%, 07/01/2043 | 3000 | 3227 |
| Series A, Rev., 5.00%, 07/01/2044 | 3000 | 3210 |
| Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects, Rev., 4.00%, 06/15/2037 | 500 | 502 |
| Municipal Electric Authority of Georgia |  |  |
| Rev., 5.00%, 01/01/2029 | 1000 | 1075 |
| Rev., 5.00%, 01/01/2049 | 2800 | 2792 |
| Rev., 5.00%, 01/01/2059 | 3855 | 3790 |
| Municipal Electric Authority of Georgia, Combined Cycle Project |  |  |
| Series A, Rev., 5.00%, 11/01/2027 | 250 | 263 |
| Series A, Rev., 5.00%, 11/01/2029 | 250 | 273 |
| Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037 | 1125 | 1128 |
| Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Rev., 5.00%, 01/01/2059 | 3000 | 2987 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project |  |  |
| Series A, Rev., 5.00%, 07/01/2033 | 1610 | 1803 |
| Series A, Rev., 5.00%, 07/01/2035 | 1300 | 1432 |
| Series A, Rev., 5.00%, 07/01/2036 | 2795 | 3047 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project |  |  |
| Rev., 4.00%, 01/01/2036 | 330 | 335 |
| Rev., 4.00%, 01/01/2041 | 1000 | 972 |
| Rev., 5.00%, 07/01/2027 | 500 | 523 |
| Rev., 5.00%, 01/01/2039 | 1310 | 1336 |
| Rev., BAM, 5.00%, 01/01/2049 | 13455 | 13481 |
| Rev., 5.00%, 07/01/2053 | 3675 | 3734 |
| Rev., 5.00%, 07/01/2055 | 4615 | 4635 |
| Rev., 5.00%, 01/01/2056 | 1350 | 1346 |
| Rev., 5.50%, 07/01/2063 | 2500 | 2570 |
| Municipal Electric Authority of Georgia, Power Revenue |  |  |
| Series HH, Rev., 5.00%, 01/01/2033 | 1000 | 1041 |
| Series HH, Rev., 5.00%, 01/01/2034 | 1000 | 1039 |
| Municipal Electric Authority of Georgia, Project One Subordinated |  |  |
| Rev., 5.00%, 01/01/2029 | 1110 | 1193 |
| Rev., 5.00%, 01/01/2037 | 1250 | 1330 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Georgia — continued** |  |  |
| Municipal Electric Authority of Georgia, Project One, Subordinated, Series B, Rev., 4.00%, 01/01/2039 | 1400 | 1382 |
| Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033 | 1010 | 1122 |
| Municipal Electric Authority of Georgia, Subordinate Project One |  |  |
| Series A, Rev., 5.00%, 01/01/2030 | 705 | 770 |
| Series A, Rev., 5.00%, 01/01/2031 | 1715 | 1899 |
| Paulding County Hospital Authority, Anticipation Certificates Wellstar Health |  |  |
| Rev., 5.00%, 04/01/2036 | 325 | 355 |
| Rev., 5.00%, 04/01/2038 | 500 | 537 |
| Private Colleges & Universities Authority |  |  |
| Series A, Rev., 5.00%, 09/01/2033 | 1605 | 1842 |
| Series A, Rev., 5.25%, 09/01/2043 | 2495 | 2728 |
| Private Colleges & Universities Authority, Emory University |  |  |
| Series B, Rev., 4.00%, 10/01/2038 | 13500 | 13506 |
| Series B, Rev., 4.00%, 09/01/2039 | 1420 | 1419 |
| Private Colleges & Universities Authority, Savannah College of Art And Design |  |  |
| Rev., 4.00%, 04/01/2038 | 1400 | 1404 |
| Rev., 5.00%, 04/01/2027 | 400 | 413 |
| Savannah-Georgia Convention Center Authority, Convention Center Hotel First, Rev., 5.25%, 06/01/2061 | 1465 | 1456 |
| Savannah-Georgia Convention Center Authority, Convention Center Hotel Second |  |  |
| Rev., 5.50%, 06/01/2040 (e) | 5935 | 5943 |
| Rev., 6.25%, 06/01/2061 (e) | 2400 | 2402 |
| Savannah-Georgia Convention Center Authority, Convention Center Hotel Third, Rev., 5.50%, 06/01/2050 | 1220 | 1292 |
| State of Georgia, Series E, GO, 5.00%, 12/01/2027 | 1570 | 1619 |
| State of Georgia, Bidding Group 1, Series A, GO, 5.00%, 07/01/2033 | 2000 | 2250 |
| State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035 | 750 | 779 |
| State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030 | 2000 | 2193 |
| The Development Authority of Burke County, Georgia Power Company Plant Vogtle Project, Rev., 2.90%, 12/01/2049 (z) | 3515 | 3517 |
|  |  | 514247 |
| **Guam** — **0.1%** |  |  |
| Antonio B. Won Pat International Airport Authority |  |  |
| Rev., AMT, 5.00%, 10/01/2031 | 250 | 267 |
| Rev., AMT, 5.25%, 10/01/2035 | 550 | 593 |
| Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030 | 750 | 805 |
| Territory of Guam |  |  |
| Series F, Rev., 4.00%, 01/01/2042 | 1000 | 929 |
| Series G, Rev., 5.00%, 01/01/2034 | 1000 | 1101 |
| Series G, Rev., 5.00%, 01/01/2035 | 875 | 960 |
| Series G, Rev., 5.00%, 01/01/2036 | 1000 | 1084 |
| Series G, Rev., 5.25%, 01/01/2038 | 2000 | 2166 |
| Series G, Rev., 5.25%, 01/01/2039 | 900 | 967 |
|  |  | 8872 |
| **Hawaii** — **0.5%** |  |  |
| City & County Honolulu HI Wastewater System Revenue |  |  |
| Rev., 5.00%, 07/01/2032 | 290 | 333 |
| Rev., 5.00%, 07/01/2039 | 1470 | 1631 |
| Rev., 5.00%, 07/01/2041 | 2945 | 3207 |
| Rev., 5.25%, 07/01/2054 | 6900 | 7308 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Hawaii — continued** |  |  |
| City & County Honolulu Wastewater System Revenue, Green Bonds Senior Lien, Rev., 5.00%, 07/01/2040 | 540 | 588 |
| City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035 | 2110 | 2202 |
| City & County of Honolulu |  |  |
| Series A, GO, 5.00%, 10/01/2025 (p) | 15 | 15 |
| Series A, GO, 5.00%, 09/01/2027 | 30 | 31 |
| Series C, GO, 5.00%, 10/01/2028 | 1450 | 1562 |
| Series C, GO, 5.00%, 10/01/2029 | 1000 | 1099 |
| City & County of Honolulu Wastewater System Revenue Bonds, Junior Second Bond Resolution, Rev., 5.00%, 07/01/2034 | 1000 | 1165 |
| City & County of Honolulu, Rail Transit Project |  |  |
| GO, 3.00%, 07/01/2032 | 430 | 428 |
| GO, 3.00%, 07/01/2035 | 1000 | 950 |
| State of Hawaii |  |  |
| Series FG, GO, 4.00%, 10/01/2032 | 2000 | 2017 |
| Series FG, GO, 4.00%, 10/01/2033 | 3000 | 3022 |
| State of Hawaii Airports System Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2032 | 1500 | 1563 |
| Series A, Rev., AMT, 5.00%, 07/01/2033 | 1630 | 1692 |
| Series A, Rev., AMT, 5.00%, 07/01/2034 | 2000 | 2134 |
| Series A, Rev., AMT, 5.00%, 07/01/2035 | 1000 | 1031 |
| Series A, Rev., AMT, 5.00%, 07/01/2051 | 1905 | 1929 |
| Series A, Rev., AMT, 5.25%, 07/01/2051 | 8630 | 9037 |
| Series B, Rev., 5.00%, 07/01/2026 | 625 | 636 |
| Series C, Rev., AMT, 5.00%, 07/01/2040 | 1000 | 1068 |
| State of Hawaii Department of Budget & Finance |  |  |
| Rev., 3.20%, 07/01/2039 | 11685 | 10130 |
| Rev., 5.00%, 07/01/2034 (e) | 1350 | 1368 |
| State of Hawaii Harbor System Revenue |  |  |
| Series A, Rev., AMT, 4.00%, 07/01/2031 | 250 | 257 |
| Series A, Rev., AMT, 4.00%, 07/01/2032 | 500 | 512 |
| Series A, Rev., AMT, 4.00%, 07/01/2033 | 750 | 764 |
| Series A, Rev., AMT, 4.00%, 07/01/2034 | 3555 | 3601 |
| Series A, Rev., AMT, 5.00%, 07/01/2027 | 250 | 259 |
| Series A, Rev., AMT, 5.00%, 07/01/2028 | 500 | 527 |
| Series A, Rev., AMT, 5.00%, 07/01/2029 | 250 | 268 |
| Series C, Rev., 4.00%, 07/01/2032 | 200 | 209 |
| State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029 | 1000 | 1081 |
| State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030 | 1000 | 1115 |
|  |  | 64739 |
| **Idaho** — **0.1%** |  |  |
| Idaho Health Facilities Authority, Trinity Health Credit Group |  |  |
| Rev., 4.00%, 12/01/2043 | 4460 | 4176 |
| Series A, Rev., 5.00%, 12/01/2047 | 1715 | 1723 |
| Idaho Housing & Finance Association |  |  |
| Series A, Rev., 5.00%, 08/15/2034 | 1130 | 1298 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 3600 | 3982 |
| Idaho Housing & Finance Association, Garvee |  |  |
| Series A, Rev., 4.00%, 07/15/2039 | 1440 | 1428 |
| Series A, Rev., 5.00%, 07/15/2030 | 1250 | 1384 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Idaho — continued** |  |  |
| Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037 | 165 | 182 |
| Idaho Housing and Finance Association, Series C, Rev., GNMA/FNMA/FHLMC, 5.15%, 07/01/2045 | 1500 | 1555 |
| Spring Valley Community Infrastructure District No. 1, Assessment Area Two, Special Assessment, 6.25%, 09/01/2053 (e) | 1120 | 1139 |
|  |  | 16867 |
| **Illinois** — **5.8%** |  |  |
| Chicago Board of Education |  |  |
| GO, 5.00%, 12/01/2032 | 600 | 615 |
| Series A, GO, 5.00%, 12/01/2026 | 10 | 10 |
| Series A, GO, 5.00%, 12/01/2041 | 1000 | 958 |
| Series A, GO, 5.00%, 12/01/2042 | 10000 | 9430 |
| Series D, GO, 5.00%, 12/01/2046 | 7500 | 6795 |
| Chicago Board of Education Dedicated Capital Improvement Tax |  |  |
| Rev., 5.25%, 04/01/2039 | 3125 | 3279 |
| Rev., 5.75%, 04/01/2048 | 4000 | 4159 |
| Chicago Board of Education, Capital Appreciation School Reform |  |  |
| Series A, GO, NATL, Zero Coupon, 12/01/2025 | 255 | 253 |
| Series A, GO, NATL, Zero Coupon, 12/01/2029 | 1220 | 1047 |
| Series B1, GO, NATL, Zero Coupon, 12/01/2028 | 500 | 446 |
| Series B1, GO, NATL, Zero Coupon, 12/01/2029 | 1105 | 949 |
| Chicago Board of Education, Dedicated |  |  |
| Series H, GO, 5.00%, 12/01/2036 | 2000 | 1982 |
| Series H, GO, 5.00%, 12/01/2046 | 1000 | 906 |
| Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2046 | 10000 | 10004 |
| Chicago Midway International Airport, Senior |  |  |
| Series C, Rev., AMT, 5.00%, 01/01/2028 | 2825 | 2948 |
| Series C, Rev., AMT, 5.00%, 01/01/2034 | 6000 | 6600 |
| Series C, Rev., AMT, 5.00%, 01/01/2040 | 2610 | 2697 |
| Chicago Midway International Airport, Senior Lien |  |  |
| Series A, Rev., BAM, AMT, 5.00%, 01/01/2033 | 2400 | 2656 |
| Series A, Rev., AMT, 5.00%, 01/01/2034 | 1660 | 1826 |
| Chicago O'Hare International Airport |  |  |
| Rev., 5.00%, 01/01/2052 | 4030 | 4039 |
| Rev., 5.25%, 01/01/2053 | 5000 | 5226 |
| Series C, Rev., AMT, 5.00%, 01/01/2032 | 4000 | 4403 |
| Series C, Rev., AMT, 5.00%, 01/01/2036 | 1500 | 1649 |
| Series D, Rev., 5.25%, 01/01/2042 | 6670 | 6752 |
| Chicago O'Hare International Airport, General Senior Lien, Series B, Rev., 5.00%, 01/01/2053 | 4895 | 4920 |
| Chicago O'Hare International Airport, Senior Lien |  |  |
| Series A, Rev., 4.00%, 01/01/2035 | 3500 | 3545 |
| Series A, Rev., 5.00%, 01/01/2035 | 6000 | 6423 |
| Series A, Rev., AMT, 5.00%, 01/01/2039 | 2000 | 2041 |
| Series A, Rev., AMT, 5.00%, 01/01/2053 | 3000 | 2966 |
| Series F, Rev., BAM, 4.25%, 01/01/2047 | 2180 | 2060 |
| Chicago O'Hare International Airport, Senior Lien Customer Facility, Rev., BAM, 5.25%, 01/01/2042 | 1465 | 1554 |
| Chicago O'Hare International Airport, Trips Obligated Group, Rev., AMT, 5.00%, 07/01/2048 | 3000 | 2945 |
| Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028 | 1000 | 1053 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund |  |  |
| Rev., 5.00%, 12/01/2046 | 4780 | 4793 |
| Series A, Rev., 5.00%, 12/01/2037 | 2000 | 2220 |
| Series A, Rev., 5.00%, 12/01/2045 | 6500 | 6619 |
| Series A, Rev., BAM, 5.00%, 12/01/2046 | 4500 | 4664 |
| Chicago Transit Authority Sales Tax Receipts Fund, Rev., Series A, Rev., 5.00%, 12/01/2049 | 5000 | 5101 |
| Chicago Transit Authority Sales Tax Receipts Fund, Second Lien |  |  |
| Rev., 5.00%, 12/01/2051 | 4750 | 4756 |
| Series A, Rev., 4.00%, 12/01/2049 | 4000 | 3520 |
| Series A, Rev., 5.00%, 12/01/2055 | 2000 | 2011 |
| City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034 | 1565 | 1565 |
| City of Berwyn, Series A, GO, 5.00%, 12/01/2029 | 1000 | 1007 |
| City of Chicago |  |  |
| Series A, GO, 5.00%, 01/01/2027 | 5500 | 5592 |
| Series A, GO, 5.00%, 01/01/2034 | 4500 | 4657 |
| Series A, GO, 5.50%, 01/01/2049 | 6325 | 6248 |
| Series A, GO, 6.00%, 01/01/2050 | 2000 | 2082 |
| Series B, GO, 4.00%, 01/01/2038 (e) | 521 | 472 |
| Series B, GO, 5.00%, 01/01/2029 | 1000 | 1043 |
| Series B, GO, 5.00%, 01/01/2034 | 3555 | 3784 |
| Series C, GO, Zero Coupon, 01/01/2027 (p) | 500 | 482 |
| Series C, GO, 5.00%, 01/01/2028 | 1450 | 1455 |
| Series E, GO, 6.00%, 01/01/2045 | 1500 | 1590 |
| City of Chicago IL Wastewater Transmission Revenue |  |  |
| Rev., 5.00%, 01/01/2036 | 1000 | 1089 |
| Rev., BAM, 5.00%, 01/01/2041 | 1000 | 1060 |
| Rev., BAM, 5.00%, 01/01/2042 | 785 | 826 |
| Rev., BAM, 5.00%, 01/01/2043 | 1125 | 1174 |
| Rev., 5.25%, 01/01/2058 | 1910 | 1978 |
| City of Chicago IL Waterworks Revenue |  |  |
| Rev., 5.00%, 11/01/2031 | 665 | 743 |
| Rev., 5.00%, 11/01/2037 | 1000 | 1072 |
| City of Chicago Special Assessment Revenue, Lakeshore East Project |  |  |
| Special Assessment, 2.69%, 12/01/2026 (e) | 210 | 207 |
| Special Assessment, 3.04%, 12/01/2028 (e) | 270 | 262 |
| City of Chicago Wastewater Transmission Revenue, Second Lien |  |  |
| Series A, Rev., 5.25%, 01/01/2042 | 2300 | 2325 |
| Series B, Rev., 5.00%, 01/01/2037 | 1050 | 1135 |
| Series B, Rev., 5.00%, 01/01/2039 | 2000 | 2127 |
| City of Chicago Wastewater Transmission Revenue, Second Lien Wastewater Transmission Revenue Bonds, Rev., BAM, 5.00%, 01/01/2044 | 1500 | 1557 |
| City of Chicago Waterworks Revenue, Second Lien |  |  |
| Series 2017-2, Rev., 5.00%, 11/01/2038 | 3500 | 3567 |
| Series B, Rev., 5.00%, 11/01/2032 | 1000 | 1118 |
| Series B, Rev., 5.00%, 11/01/2038 | 1000 | 1063 |
| Series B, Rev., 5.00%, 11/01/2039 | 1000 | 1058 |
| City of Chicago, Chicago Recovery Plan, Series A, GO, 5.00%, 01/01/2044 | 9415 | 9066 |
| City of Chicago, Chicago Works |  |  |
| Series A, GO, 5.50%, 01/01/2039 | 1180 | 1208 |
| Series A, GO, 5.50%, 01/01/2040 | 1000 | 1020 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Series A, GO, 5.50%, 01/01/2041 | 1000 | 1010 |
| Series A, GO, 5.50%, 01/01/2043 | 1500 | 1504 |
| City of Chicago, Wastewater Transmission Revenue, Second Lien |  |  |
| Series A, Rev., 5.25%, 01/01/2048 | 5000 | 5216 |
| Series B, Rev., 5.00%, 01/01/2027 | 1000 | 1030 |
| Series B, Rev., 5.00%, 01/01/2029 | 300 | 322 |
| Series B, Rev., 5.00%, 01/01/2038 | 1940 | 2079 |
| City of Chicago, Waterworks Revenue, Second Lien |  |  |
| Series A, Rev., 5.25%, 11/01/2048 | 1500 | 1562 |
| Series B, Rev., 4.00%, 11/01/2040 | 4320 | 4245 |
| Series B, Rev., 5.00%, 11/01/2028 | 300 | 321 |
| Series B, Rev., 5.00%, 11/01/2031 | 400 | 448 |
| Series B, Rev., 5.00%, 11/01/2033 | 2350 | 2603 |
| City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027 | 5000 | 4813 |
| Cook County Community College District No. 508, City Colleges of Chicago |  |  |
| GO, BAM, 5.00%, 12/01/2041 | 3000 | 3096 |
| GO, BAM, 5.00%, 12/01/2042 | 2000 | 2047 |
| Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029 | 2000 | 2121 |
| Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026 | 1910 | 1944 |
| Cook County School District No. 87 Berkeley, GO, 3.00%, 12/01/2034 | 1500 | 1423 |
| Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034 | 2000 | 2046 |
| County of Cook |  |  |
| Series A, GO, 5.00%, 11/15/2025 | 960 | 963 |
| Series A, GO, 5.00%, 11/15/2026 | 4900 | 5032 |
| Series A, GO, 5.00%, 11/15/2033 | 250 | 282 |
| County of Cook IL Sales Tax Revenue, Rev., 5.00%, 11/15/2031 | 2000 | 2242 |
| County of Cook Sales Tax Revenue |  |  |
| Rev., 4.00%, 11/15/2037 | 3500 | 3505 |
| Rev., 4.00%, 11/15/2038 | 1545 | 1519 |
| Series A, Rev., 4.00%, 11/15/2039 | 2000 | 1929 |
| Series A, Rev., 4.00%, 11/15/2040 | 5250 | 4976 |
| Series A, Rev., 5.00%, 11/15/2025 | 690 | 692 |
| Series A, Rev., 5.25%, 11/15/2045 | 2500 | 2612 |
| County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038 | 1240 | 1314 |
| County of Will, GO, 4.00%, 11/15/2047 | 7000 | 6383 |
| Du Page & Will Counties Community School District No. 204 Indian Prairie, GO, 5.00%, 01/15/2045 | 5000 | 5203 |
| Illinois Development Finance Authority, Rev., AMT, 4.25%, 11/01/2044 (z) | 4000 | 4001 |
| Illinois Finance Authority |  |  |
| Rev., AMT, 4.80%, 12/01/2043 (e) (z) | 14225 | 14601 |
| Rev., 5.00%, 04/01/2036 | 3000 | 3353 |
| Rev., 5.00%, 07/01/2042 | 750 | 808 |
| Rev., 5.25%, 04/01/2038 | 3250 | 3624 |
| Rev., 5.25%, 04/01/2040 | 1660 | 1729 |
| Rev., 5.25%, 04/01/2043 | 1200 | 1220 |
| Series A, Rev., 4.00%, 07/15/2036 | 710 | 720 |
| Series A, Rev., 4.00%, 07/15/2039 | 3000 | 2902 |
| Series A, Rev., 5.00%, 11/15/2038 | 2000 | 2000 |
| Series B2, Rev., 5.00%, 05/15/2050 (z) | 2550 | 2577 |
| Series B, Rev., 5.00%, 07/01/2034 | 2170 | 2512 |
| Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e) | 500 | 422 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030 | 1730 | 1765 |
| Illinois Finance Authority, Ann & Robert H. Lurie Child, Rev., 4.00%, 08/15/2037 | 500 | 495 |
| Illinois Finance Authority, Ann & Robert H. Lurie Children's Hospital of Chicago, Rev., 5.00%, 08/15/2035 | 1610 | 1646 |
| Illinois Finance Authority, Carle Foundation, Series A, Rev., 5.00%, 02/15/2045 | 20775 | 20802 |
| Illinois Finance Authority, CenterPoint Intermodal Center, Rev., AMT, 4.13%, 12/01/2043 (e) (z) | 15000 | 14869 |
| Illinois Finance Authority, DePaul College Prep Foundation, Rev., 5.50%, 08/01/2043 (e) | 1360 | 1409 |
| Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038 | 4160 | 4165 |
| Illinois Finance Authority, Green Bonds |  |  |
| Rev., 4.00%, 01/01/2033 | 8190 | 8498 |
| Rev., 4.00%, 07/01/2040 | 1500 | 1472 |
| Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery |  |  |
| Rev., 4.00%, 10/01/2040 | 1750 | 1616 |
| Rev., 5.00%, 10/01/2032 | 750 | 793 |
| Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028 | 100 | 106 |
| Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040 | 3080 | 3092 |
| Illinois Finance Authority, Mercy Health System Corporation, Rev., 5.00%, 12/01/2046 | 4000 | 4004 |
| Illinois Finance Authority, Midwestern University Foundation, Rev., 4.25%, 07/01/2041 | 690 | 691 |
| Illinois Finance Authority, Northshore University Health System |  |  |
| Rev., 4.00%, 08/15/2037 | 1000 | 977 |
| Rev., 5.00%, 08/15/2035 | 750 | 808 |
| Illinois Finance Authority, Northwestern Memorial HealthCare, Rev., 4.00%, 07/15/2047 | 14000 | 12624 |
| Illinois Finance Authority, OSF Healthcare System |  |  |
| Rev., 4.00%, 05/15/2050 | 1000 | 847 |
| Series A, Rev., 5.00%, 11/15/2045 | 10900 | 10902 |
| Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041 | 400 | 376 |
| Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.59%, 05/01/2042 (aa) | 180 | 179 |
| Illinois Finance Authority, Rush University Medical Center, Series A, Rev., 4.00%, 11/15/2039 | 1320 | 1249 |
| Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031 | 2135 | 2185 |
| Illinois Finance Authority, State Clean Water Initiative, Rev., 4.00%, 07/01/2026 | 2100 | 2106 |
| Illinois Finance Authority, Swedish Covenant Hospital, Rev., 5.00%, 08/15/2032 (p) | 4000 | 4085 |
| Illinois Finance Authority, The Carle Foundation |  |  |
| Series A, Rev., 3.00%, 08/15/2048 | 2850 | 2193 |
| Series A, Rev., 4.00%, 08/15/2038 | 1615 | 1567 |
| Series A, Rev., 5.00%, 08/15/2031 | 2530 | 2834 |
| Series B, Rev., 5.00%, 08/15/2053 (z) | 285 | 313 |
| Illinois Finance Authority, UChicago Medicine |  |  |
| Rev., 5.00%, 08/15/2052 (z) | 875 | 905 |
| Series A, Rev., 5.00%, 08/15/2047 | 28845 | 29408 |
| Illinois Finance Authority, University Chicago Medical Center, Rev., VRDO, LOC: TD Bank NA, 3.85%, 10/01/2025 (z) | 6930 | 6930 |
| Illinois Finance Authority, University of Chicago |  |  |
| Series A, Rev., 5.00%, 10/01/2034 | 1750 | 2000 |
| Series A, Rev., 5.00%, 10/01/2035 | 1400 | 1600 |
| Series A, Rev., 5.25%, 05/15/2048 | 2000 | 2088 |
| Illinois Housing Development Authority |  |  |
| Series C, Rev., FHA, 0.80%, 07/01/2026 | 270 | 264 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.75%, 04/01/2050 | 845 | 848 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Illinois Housing Development Authority, 6900 Crandon, Rev., FHA HUD, 5.00%, 02/01/2027 (z) | 1700 | 1711 |
| Illinois Housing Development Authority, Social Bonds |  |  |
| Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 2505 | 2478 |
| Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 270 | 267 |
| Series H, Rev., GNMA FNMA FHLMC COLL, 5.75%, 10/01/2053 | 605 | 648 |
| Illinois Housing Development Authority, South Shore HHDC, Rev., HUD, 5.00%, 02/01/2027 (z) | 1520 | 1530 |
| Illinois Housing Development Authority, Sustainable Bond |  |  |
| Series A, Rev., VRDO, FHA, 2.92%, 10/07/2025 (z) | 4000 | 4000 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2054 | 755 | 818 |
| Illinois Housing Development Authority, Sustainable Bonds |  |  |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.85%, 04/01/2049 | 4885 | 4938 |
| Series I, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2055 | 4700 | 5235 |
| Series N, Rev., GNMA/FNMA/FHLMC, 6.25%, 04/01/2054 | 9085 | 9895 |
| Illinois Municipal Electric Agency, Series A, Rev., 5.00%, 02/01/2035 | 10000 | 11376 |
| Illinois Sports Facilities Authority (The), State Tax Supported |  |  |
| Rev., 5.00%, 06/15/2030 | 500 | 531 |
| Rev., 5.25%, 06/15/2031 | 225 | 225 |
| Rev., 5.25%, 06/15/2032 | 5000 | 5010 |
| Illinois State Toll Highway Authority |  |  |
| Series A, Rev., 4.00%, 01/01/2044 | 1000 | 934 |
| Series A, Rev., 4.00%, 01/01/2046 | 14950 | 13723 |
| Series A, Rev., 5.00%, 01/01/2028 | 100 | 106 |
| Series A, Rev., 5.00%, 01/01/2040 | 4500 | 4502 |
| Series A, Rev., 5.00%, 01/01/2043 | 4000 | 4170 |
| Series A, Rev., 5.00%, 01/01/2044 | 6580 | 6707 |
| Series B, Rev., 5.00%, 01/01/2029 | 100 | 101 |
| Series B, Rev., 5.00%, 01/01/2040 | 8480 | 8497 |
| Series C, Rev., 5.00%, 01/01/2039 | 6750 | 6752 |
| Illinois State Toll Highway Authority, Senior |  |  |
| Series A, Rev., 5.00%, 01/01/2029 | 800 | 863 |
| Series A, Rev., 5.00%, 12/01/2031 | 5115 | 5139 |
| Series A, Rev., 5.00%, 01/01/2036 | 1300 | 1465 |
| Series A, Rev., 5.00%, 01/01/2037 | 800 | 893 |
| Series A, Rev., 5.25%, 01/01/2043 | 2315 | 2483 |
| Series B, Rev., 5.00%, 01/01/2028 | 4000 | 4223 |
| Series B, Rev., 5.00%, 01/01/2041 | 2190 | 2202 |
| Illinois State Toll Highway Authority, Toll Highway Revenue |  |  |
| Series A, Rev., 5.00%, 01/01/2036 | 1000 | 1083 |
| Series A, Rev., 5.00%, 01/01/2037 | 1555 | 1675 |
| Kane & DuPage Counties Community Unit School District No. 303 St Charles |  |  |
| GO, 4.00%, 01/01/2041 | 2110 | 2073 |
| GO, 4.00%, 01/01/2042 | 2210 | 2146 |
| Macon County School District No. 61 Decatur, Series A, GO, 4.00%, 12/01/2036 | 5000 | 5005 |
| Macon County, School District No. 61 Decatur |  |  |
| GO, 4.00%, 01/01/2040 | 1420 | 1421 |
| GO, 4.00%, 01/01/2045 | 3000 | 2809 |
| Metropolitan Pier & Exposition Authority |  |  |
| Rev., NATL, Zero Coupon, 12/15/2034 | 500 | 353 |
| Rev., 5.00%, 12/15/2036 | 540 | 585 |
| Rev., 5.00%, 12/15/2037 | 1090 | 1171 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042 | 5645 | 5714 |
| Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick |  |  |
| Rev., NATL, Zero Coupon, 12/15/2035 | 500 | 335 |
| Rev., NATL, Zero Coupon, 06/15/2036 | 6000 | 3907 |
| Rev., NATL, Zero Coupon, 06/15/2037 | 500 | 307 |
| Rev., Zero Coupon, 06/15/2044 | 500 | 204 |
| Series B, Rev., Zero Coupon, 06/15/2027 | 4310 | 4094 |
| Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Place Expansion |  |  |
| Rev., NATL, Zero Coupon, 06/15/2031 | 1500 | 1240 |
| Rev., NATL, Zero Coupon, 12/15/2031 | 5000 | 4049 |
| Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Project, Rev., NATL, Zero Coupon, 06/15/2028 | 4250 | 3904 |
| Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027 | 125 | 125 |
| Metropolitan Pier & Exposition Authority, McCormick Place |  |  |
| Rev., Zero Coupon, 06/15/2037 | 1175 | 719 |
| Rev., Zero Coupon, 06/15/2041 | 1750 | 833 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion |  |  |
| Rev., Zero Coupon, 12/15/2035 | 3200 | 2127 |
| Rev., 4.00%, 12/15/2042 | 1000 | 918 |
| Rev., 4.00%, 06/15/2050 | 1000 | 850 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Rev., 5.00%, 06/15/2057 | 1760 | 1714 |
| Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Series C, GO, 5.00%, 12/01/2045 | 3000 | 3001 |
| Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036 | 2065 | 2089 |
| Monroe & St Clair Counties Community Unit School District No. 4 Columbia/IL, GO, 5.50%, 07/01/2040 | 2175 | 2176 |
| Northeastern Illinois University, Capital Improvement Projects |  |  |
| COP, BAM, 5.00%, 07/01/2027 | 1195 | 1233 |
| COP, BAM, 5.00%, 07/01/2029 | 1075 | 1149 |
| COP, BAM, 5.00%, 07/01/2034 | 1310 | 1436 |
| COP, BAM, 5.00%, 07/01/2035 | 1035 | 1127 |
| COP, BAM, 5.50%, 07/01/2040 | 1150 | 1239 |
| Northern Illinois University, Auxiliary Facilities Systems Revenue Bonds, Rev., BAM, 4.00%, 10/01/2041 | 825 | 792 |
| Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033 | 1000 | 1022 |
| Northern Illinois University, Sustainable Bond |  |  |
| COP, BAM, 4.25%, 04/01/2044 | 1000 | 923 |
| COP, BAM, 5.50%, 04/01/2049 | 1250 | 1306 |
| Sales Tax Securitization Corp., Series A, Rev., 5.00%, 01/01/2048 | 2000 | 2009 |
| Sales Tax Securitization Corp., Second Lien |  |  |
| Series A, Rev., 4.00%, 01/01/2039 | 3000 | 2933 |
| Series A, Rev., 5.00%, 01/01/2036 | 5000 | 5631 |
| Series A, Rev., BAM, 5.00%, 01/01/2037 | 750 | 790 |
| Series A, Rev., 5.00%, 01/01/2037 | 3370 | 3752 |
| Series C, Rev., 5.00%, 01/01/2029 | 850 | 913 |
| Series C, Rev., 5.00%, 01/01/2032 | 1400 | 1570 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035 | 1215 | 1232 |
| State of Illinois |  |  |
| GO, 4.00%, 06/01/2032 | 1980 | 1986 |
| GO, 4.00%, 06/01/2034 | 4485 | 4489 |
| GO, 4.00%, 06/01/2035 | 1000 | 1000 |
| GO, 4.00%, 06/01/2036 | 485 | 483 |
| GO, 5.00%, 01/01/2028 | 6810 | 6848 |
| GO, 5.00%, 02/01/2028 | 1050 | 1081 |
| GO, 5.00%, 01/01/2029 | 2085 | 2096 |
| GO, 5.00%, 02/01/2029 | 1450 | 1511 |
| GO, 5.00%, 02/01/2030 | 1460 | 1592 |
| GO, 5.00%, 05/01/2041 | 850 | 893 |
| GO, 5.50%, 05/01/2030 | 2000 | 2159 |
| Series A, GO, 4.00%, 03/01/2041 | 250 | 232 |
| Series A, GO, 5.00%, 11/01/2026 | 1360 | 1394 |
| Series A, GO, 5.00%, 03/01/2027 | 855 | 883 |
| Series A, GO, 5.00%, 03/01/2028 | 1500 | 1581 |
| Series A, GO, 5.00%, 03/01/2030 | 1000 | 1092 |
| Series A, GO, 5.00%, 03/01/2046 | 1000 | 1014 |
| Series A, GO, 5.50%, 03/01/2042 | 1500 | 1597 |
| Series A, GO, 5.50%, 03/01/2047 | 2690 | 2814 |
| Series B, GO, 4.00%, 10/01/2033 | 2000 | 2036 |
| Series B, GO, 5.00%, 10/01/2029 | 1000 | 1084 |
| Series B, GO, 5.00%, 10/01/2031 | 5000 | 5473 |
| Series B, GO, 5.50%, 05/01/2039 | 250 | 265 |
| Series B, GO, 5.50%, 05/01/2047 | 2500 | 2616 |
| Series C, GO, 4.00%, 10/01/2037 | 2000 | 1951 |
| Series C, GO, 5.00%, 11/01/2029 | 4200 | 4389 |
| Series C, GO, 5.25%, 10/01/2047 | 3000 | 3088 |
| Series D, GO, 5.00%, 11/01/2026 | 1980 | 2029 |
| Series D, GO, 5.00%, 11/01/2027 | 6080 | 6359 |
| Series D, GO, 5.00%, 11/01/2028 | 2500 | 2612 |
| State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029 | 2250 | 2353 |
| State of Illinois Sales Tax Revenue, Junior Obligation |  |  |
| Series A, Rev., BAM, 4.00%, 06/15/2026 | 505 | 509 |
| Series A, Rev., BAM, 4.00%, 06/15/2031 | 1500 | 1587 |
| Series B, Rev., 5.00%, 06/15/2040 | 5000 | 5370 |
| State of Illinois, Build America Bonds |  |  |
| GO, 6.90%, 03/01/2035 | 1000 | 1099 |
| GO, 7.35%, 07/01/2035 | 2857 | 3115 |
| State of Illinois, Rebuild Illinois Program, Series B, GO, 4.00%, 11/01/2039 | 1500 | 1418 |
| University of Illinois Auxiliary Facilities System, Rev., 5.25%, 04/01/2041 | 4390 | 4783 |
| University of Illinois, Auxiliary Facility, Series A, Rev., 4.00%, 04/01/2036 | 4730 | 4737 |
| Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042 | 10000 | 10289 |
| Will County Community High School District No. 210 Lincoln-Way, GO, BAM, 4.00%, 01/01/2037 | 13775 | 13946 |
| Will County Community Unit School District No. 209-U Wilmington, GO, 5.50%, 02/01/2038 | 1195 | 1279 |
|  |  | 786352 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Indiana** — **1.4%** |  |  |
| City of Carmel IN Waterworks Revenue, Rev., BAM, 5.25%, 05/01/2051 | 1375 | 1420 |
| City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047 | 1000 | 947 |
| City of Valparaiso, Pratt Paper (In) LLC, Rev., AMT, 4.88%, 01/01/2044 (e) | 3000 | 2980 |
| City of Whiting, BP Products North America |  |  |
| Rev., AMT, 4.40%, 11/01/2045 (z) | 6000 | 6397 |
| Rev., AMT, 4.40%, 03/01/2046 (z) | 4500 | 4798 |
| Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042 | 925 | 964 |
| Indiana Finance Authority |  |  |
| Rev., 5.00%, 02/01/2041 | 725 | 784 |
| Rev., 5.00%, 08/15/2051 | 2500 | 2513 |
| Rev., 5.00%, 10/01/2063 (z) | 3250 | 3621 |
| Rev., 5.00%, 10/01/2064 (z) | 3000 | 3236 |
| Rev., 5.25%, 10/01/2044 | 5000 | 5378 |
| Series E, Rev., 5.00%, 10/01/2035 | 5000 | 5748 |
| Series E, Rev., 5.00%, 10/01/2038 | 6000 | 6598 |
| Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048 | 1500 | 1370 |
| Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036 | 1000 | 1013 |
| Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047 | 8000 | 7827 |
| Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z) | 3305 | 3345 |
| Indiana Finance Authority, First Lien, Series A, Rev., 5.00%, 10/01/2025 | 1625 | 1625 |
| Indiana Finance Authority, First Lien CWA Authority Project |  |  |
| Rev., 5.00%, 10/01/2033 | 1250 | 1444 |
| Rev., 5.00%, 10/01/2034 | 955 | 1112 |
| Rev., 5.00%, 10/01/2035 | 1250 | 1428 |
| Rev., 5.00%, 10/01/2040 | 1250 | 1354 |
| Rev., 5.00%, 10/01/2041 | 500 | 537 |
| Indiana Finance Authority, Green Bonds CWA Authority Project, Rev., 4.00%, 10/01/2037 | 1440 | 1453 |
| Indiana Finance Authority, IN University Health Obligation Group, Rev., 4.00%, 12/01/2040 | 7000 | 6835 |
| Indiana Finance Authority, Indiana University Health, Series A, Rev., 5.00%, 10/01/2053 | 3000 | 3076 |
| Indiana Finance Authority, Indianapolis Power |  |  |
| Series A, Rev., 0.75%, 12/01/2038 (z) | 4875 | 4806 |
| Series B, Rev., AMT, 0.95%, 12/01/2038 (z) | 7025 | 6932 |
| Indiana Finance Authority, Margaret Mary Health |  |  |
| Rev., 5.50%, 03/01/2044 | 2650 | 2760 |
| Rev., 5.75%, 03/01/2054 | 4050 | 4222 |
| Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040 | 5060 | 4788 |
| Indiana Finance Authority, Ohio Valley Electric Corp., Rev., 3.00%, 11/01/2030 | 1230 | 1203 |
| Indiana Finance Authority, Ohio Valley Electric Corp. Project |  |  |
| Series A, Rev., 4.25%, 11/01/2030 | 2000 | 2048 |
| Series B, Rev., 2.50%, 11/01/2030 | 1000 | 953 |
| Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2035 | 3000 | 3283 |
| Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026 | 145 | 145 |
| Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037 | 1150 | 1184 |
| Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030 | 1000 | 978 |
| Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034 | 1315 | 1218 |
| Indiana Health & Educational Facilities Financing Authority, Rev., 4.00%, 11/15/2046 | 3400 | 3104 |
| Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 455 | 450 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Indiana — continued** |  |  |
| Indiana Housing & Community Development Authority, Social Bonds |  |  |
| Series A1, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 07/01/2053 | 215 | 228 |
| Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052 | 710 | 699 |
| Series C1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 35 | 35 |
| Indiana Housing & Community Development Authority, Sustainable Bond, Series A1, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 4000 | 3982 |
| Indiana Housing & Community Development Authority, Sustainable Bonds, Series B1, Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2045 | 2265 | 2326 |
| Indiana Municipal Power Agency |  |  |
| Series A, Rev., 5.00%, 01/01/2029 | 400 | 431 |
| Series A, Rev., 5.00%, 01/01/2042 | 8435 | 8491 |
| Indiana University, Rev., 5.00%, 06/01/2034 | 2665 | 3081 |
| Indianapolis Local Public Improvement Bond Bank |  |  |
| Rev., AMT, 5.00%, 01/01/2033 | 3750 | 4150 |
| Series A, Rev., 3.84%, 02/01/2054 | 1000 | 904 |
| Series A, Rev., 4.00%, 06/01/2036 | 5000 | 5123 |
| Series A, Rev., 4.00%, 06/01/2041 | 9000 | 8734 |
| Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028 | 200 | 203 |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029 | 2855 | 3037 |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority |  |  |
| Rev., AMT, 5.00%, 01/01/2029 | 4245 | 4515 |
| Rev., AMT, 5.00%, 01/01/2031 | 3500 | 3840 |
| Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041 | 10000 | 10013 |
| Indianapolis Local Public Improvement Bond Bank, Senior, Convention Center Hotel |  |  |
| Rev., 5.50%, 03/01/2038 | 2150 | 2297 |
| Rev., 6.00%, 03/01/2053 | 2050 | 2126 |
| Northern Indiana Commuter Transportation District, Rev., 5.25%, 01/01/2049 | 1500 | 1589 |
| Northwestern School Building Corp. |  |  |
| Rev., 6.00%, 07/15/2040 | 700 | 775 |
| Rev., 6.00%, 07/15/2041 | 900 | 989 |
| Purdue University |  |  |
| Series A, Rev., 5.00%, 07/01/2027 | 1500 | 1567 |
| Series A, Rev., 5.00%, 07/01/2036 | 405 | 462 |
| Westfield-Washington Multi-School Building Corp., Series A, Rev., BAM, 5.25%, 07/15/2043 | 1550 | 1656 |
|  |  | 187130 |
| **Iowa** — **0.5%** |  |  |
| Iowa Finance Authority |  |  |
| Rev., VRDO, GNMA/FNMA/FHLMC, 2.90%, 10/07/2025 (z) | 2000 | 2000 |
| Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2039 | 3545 | 3518 |
| Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 5665 | 5640 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049 | 200 | 200 |
| Iowa Finance Authority, Ahepa 192, IV Apartments Project, Rev., HUD, 5.00%, 11/01/2026 (z) | 3040 | 3044 |
| Iowa Finance Authority, Alcoa, Inc. Project, Rev., 4.75%, 08/01/2042 | 13000 | 12854 |
| Iowa Finance Authority, Iowa Fertilizer Company Project |  |  |
| Rev., 4.00%, 12/01/2050 (p) (z) | 5905 | 6412 |
| Rev., 5.00%, 12/01/2050 (p) | 5255 | 6047 |
| Iowa Finance Authority, Lifespace Communities, Inc., Rev., 5.00%, 05/15/2044 | 3000 | 2886 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Iowa — continued** |  |  |
| Iowa Finance Authority, Social Bond, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1455 | 1433 |
| Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047 | 1160 | 1146 |
| Iowa Finance Authority, Sustainable Bond Mortgage Backed, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 2000 | 1991 |
| Iowa Finance Authority, Sustainable Bond Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2045 | 1220 | 1223 |
| Iowa Student Loan Liquidity Corp., Series B, Rev., AMT, 5.00%, 12/01/2030 | 1000 | 1064 |
| Iowa Student Loan Liquidity Corp., Senior, Series B, Rev., AMT, 4.50%, 12/01/2045 | 2905 | 2929 |
| PEFA, Inc., Rev., 5.00%, 09/01/2049 (z) | 1830 | 1862 |
| Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025 | 3625 | 3625 |
| Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028 | 5185 | 5511 |
|  |  | 63385 |
| **Kansas** — **0.2%** |  |  |
| Butler County Unified School District No. 385 Andover, Refunding and School Building, GO, 5.00%, 09/01/2032 (p) | 1000 | 1050 |
| City of Lawrence KS, Rev., 4.00%, 07/01/2036 | 1500 | 1492 |
| City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036 | 1000 | 922 |
| City of Wichita KS, Rev., 5.25%, 05/15/2039 | 2460 | 2404 |
| Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 4.00%, 10/01/2043 | 2000 | 1947 |
| Kansas Development Finance Authority, Multifamily Housing Revenue Bonds, Series F, Rev., 2.95%, 09/01/2059 (z) | 1240 | 1239 |
| Kansas Development Finance Authority, Unrefunded, Rev., 5.00%, 11/15/2054 (z) | 1500 | 1599 |
| Riley County Unified School District No. 383 Manhattan-Ogden, Series A, GO, 5.00%, 09/01/2034 (p) | 1000 | 1048 |
| University of Kansas Hospital Authority, Improvement KU Health System, Rev., 5.00%, 09/01/2045 | 3800 | 3801 |
| University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p) | 3865 | 3997 |
| University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047 | 7350 | 7389 |
| Wyandotte County Unified School District No. 203 Piper |  |  |
| Series A, GO, 5.00%, 09/01/2040 | 900 | 956 |
| Series A, GO, 5.25%, 09/01/2052 | 1000 | 1042 |
|  |  | 28886 |
| **Kentucky** — **1.6%** |  |  |
| City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e) | 1685 | 1625 |
| County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032 | 8620 | 7598 |
| County of Trimble, Kentucky Utilities Co., Rev., AMT, 4.70%, 06/01/2054 (z) | 8000 | 8086 |
| County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026 | 605 | 589 |
| County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027 | 8100 | 7778 |
| County of Trimble, Louisville Gas and Electric, Rev., AMT, 4.70%, 06/01/2054 (z) | 6665 | 6737 |
| County of Trimble, Louisville Gas and Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z) | 4500 | 4206 |
| County of Warren, Bowling Green Warren County, Rev., 5.25%, 04/01/2049 | 5000 | 5184 |
| Fayette County School District, Series A, GO, BAM, 5.00%, 06/01/2042 | 10000 | 10679 |
| Fayette County School District Finance Corp., Series A, Rev., 4.00%, 05/01/2038 | 3000 | 2969 |
| Kenton County Airport Board, Rev., AMT, 5.00%, 01/01/2032 | 1175 | 1297 |
| Kentucky Bond Development Corp., Baptist Healthcare System, Rev., 5.00%, 08/15/2055 (z) | 1650 | 1819 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Kentucky — continued** |  |  |
| Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040 | 420 | 392 |
| Kentucky Economic Development Finance Authority, Baptist Healthcare System, Series B, Rev., 5.00%, 08/15/2041 | 9550 | 9689 |
| Kentucky Economic Development Finance Authority, Commonspirit Health, Series A, Rev., 5.00%, 08/01/2044 | 3500 | 3530 |
| Kentucky Economic Development Finance Authority, Norton Healthcare, Inc. |  |  |
| Series B, Rev., NATL, Zero Coupon, 10/01/2026 | 4305 | 4144 |
| Series B, Rev., NATL, Zero Coupon, 10/01/2027 | 2195 | 2036 |
| Kentucky Economic Development Finance Authority, Owensboro Health, Series A, Rev., 5.00%, 06/01/2045 | 1000 | 992 |
| Kentucky Economic Development Finance Authority, Senior Next Generation Information |  |  |
| Rev., 4.25%, 07/01/2035 | 2645 | 2645 |
| Rev., 5.00%, 07/01/2040 | 5000 | 5001 |
| Rev., 5.00%, 01/01/2045 | 3295 | 3296 |
| Kentucky Higher Education Student Loan Corporation, Series A1, Rev., AMT, 4.75%, 06/01/2040 | 1170 | 1198 |
| Kentucky Housing Corp. |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 1050 | 1151 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 2285 | 2546 |
| Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2490 | 2754 |
| Kentucky Housing Corp., Beecher Terrace Phase IV, Rev., HUD, 5.00%, 09/01/2043 (z) | 1015 | 1023 |
| Kentucky Public Energy Authority |  |  |
| Rev., 5.00%, 01/01/2055 (z) | 5510 | 5970 |
| Series A1, Rev., 4.00%, 08/01/2052 (z) | 2570 | 2629 |
| Series A1, Rev., 5.25%, 04/01/2054 (z) | 24200 | 26518 |
| Series A2, Rev., (United States SOFR \* 0.67 + 1.20%), 3.99%, 08/01/2052 (aa) | 2500 | 2504 |
| Series A, Rev., 5.00%, 05/01/2055 (z) | 10285 | 10901 |
| Series C, Rev., 4.00%, 02/01/2050 (z) | 10885 | 11131 |
| Kentucky State Property & Building Commission, Project No. 131, Series A, Rev., 5.00%, 10/01/2041 | 1500 | 1612 |
| Kentucky State Property & Buildings Commission, Project No. 132, Series A, Rev., 5.00%, 04/01/2044 | 9000 | 9521 |
| Kentucky State University, Kentucky State University Project |  |  |
| COP, BAM, 4.00%, 11/01/2033 | 145 | 152 |
| COP, BAM, 4.00%, 11/01/2035 | 135 | 139 |
| COP, BAM, 4.00%, 11/01/2036 | 155 | 158 |
| COP, BAM, 4.00%, 11/01/2038 | 650 | 654 |
| Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026 | 2750 | 2683 |
| Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031 | 670 | 682 |
| Louisville and Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2052 | 8995 | 8846 |
| Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033 | 1000 | 859 |
| Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027 | 2000 | 1915 |
| Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047 | 3180 | 3186 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Kentucky — continued** |  |  |
| Louisville-Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2033 | 2000 | 2030 |
| Public Energy Authority of Kentucky, Series A, Rev., 5.25%, 06/01/2055 (z) | 12550 | 13460 |
| Rural Water Financing Agency, Public Projects Construction, Rev., 3.70%, 05/01/2027 | 4000 | 3974 |
| University of Kentucky, Rev., 4.00%, 10/01/2036 | 5000 | 5008 |
|  |  | 213496 |
| **Louisiana** — **1.0%** |  |  |
| City of Lafayette, Utilities Revenue Electric Project, Rev., 5.00%, 11/01/2046 | 5000 | 5208 |
| City of New Orleans LA, GO, 5.00%, 12/01/2039 | 2000 | 2143 |
| Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., 5.00%, 08/01/2027 | 1400 | 1462 |
| East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z) | 4500 | 4226 |
| Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax, 5.25%, 07/15/2048 | 6000 | 6183 |
| Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (e) | 630 | 489 |
| Louisiana Housing Corp., Series C, Rev., GNMA/FNMA/FHLMC, 6.25%, 06/01/2055 | 1600 | 1797 |
| Louisiana Housing Corp., Home Ownership Program, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 06/01/2054 | 380 | 411 |
| Louisiana Housing Corp., Social Bonds Home Ownership Project, Rev., GNMA/FNMA/FHLMC, 5.00%, 06/01/2052 | 945 | 981 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project |  |  |
| Rev., 2.00%, 06/01/2030 | 2755 | 2565 |
| Rev., 2.50%, 04/01/2036 | 1185 | 991 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Subordinate, East Baton Rouge |  |  |
| Rev., 5.00%, 02/01/2036 | 640 | 696 |
| Rev., 5.00%, 02/01/2041 | 1560 | 1627 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Rev., 3.50%, 11/01/2032 | 3685 | 3599 |
| Louisiana Public Facilities Authority |  |  |
| Rev., AMT, 5.50%, 09/01/2054 | 3000 | 3039 |
| Rev., AMT, 5.75%, 09/01/2064 | 5000 | 5132 |
| Louisiana Public Facilities Authority, Elementus Minerals LLC Project, Rev., AMT, 5.00%, 10/01/2043 (e) (z) | 6365 | 6373 |
| Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge |  |  |
| Rev., AMT, 5.00%, 09/01/2066 | 3830 | 3636 |
| Rev., AMT, 5.50%, 09/01/2059 | 3000 | 3027 |
| Louisiana Public Facilities Authority, Loyola University Project |  |  |
| Rev., 4.00%, 10/01/2038 | 2560 | 2404 |
| Rev., 5.25%, 10/01/2048 | 5100 | 5032 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| Rev., 5.00%, 05/15/2042 | 1000 | 1005 |
| Rev., 5.00%, 05/15/2047 | 805 | 805 |
| Louisiana Public Facilities Authority, South Quad L3C Louisiana State University, Rev., 5.25%, 07/01/2050 | 3500 | 3638 |
| Louisiana Stadium & Exposition District, Series A, Rev., 5.00%, 07/01/2043 | 4995 | 5185 |
| Louisiana Stadium & Exposition District, Senior Bonds |  |  |
| Series A, Rev., 5.00%, 07/01/2042 | 5460 | 5711 |
| Series A, Rev., 5.00%, 07/01/2048 | 2500 | 2557 |
| Series A, Rev., 5.25%, 07/01/2053 | 7500 | 7789 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Louisiana — continued** |  |  |
| New Orleans Aviation Board |  |  |
| Rev., AMT, 5.00%, 01/01/2032 | 1440 | 1577 |
| Rev., AMT, 5.00%, 01/01/2033 | 1000 | 1098 |
| Rev., AMT, 5.25%, 01/01/2041 | 3500 | 3730 |
| New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033 | 1100 | 1115 |
| New Orleans Aviation Board, General Airport North Terminal |  |  |
| Series B, Rev., AMT, 5.00%, 01/01/2038 | 1000 | 1006 |
| Series B, Rev., AMT, 5.00%, 01/01/2048 | 5000 | 4968 |
| Parish of St John the Baptist, Marathon Oil Corporation Project, Rev., 4.05%, 06/01/2037 (z) | 2625 | 2648 |
| Parish of St. James, NuStar Logistics, L.P. Project, Rev., 3.70%, 08/01/2041 (e) (w) (z) | 3320 | 3328 |
| Parish of St. John the Baptist, Marathon Oil Corporation, Rev., 3.30%, 06/01/2037 (z) | 10430 | 10563 |
| Parish of St. John the Baptist, Marathon Oil Corporation Project, Rev., 2.38%, 06/01/2037 (z) | 3000 | 2989 |
| Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039 | 1170 | 1202 |
| St. Tammany Parish Hospital Service District No. 1 |  |  |
| Series A, Rev., 5.00%, 07/01/2032 | 1615 | 1697 |
| Series A, Rev., 5.00%, 07/01/2034 | 1655 | 1724 |
| State of Louisiana, Series A, GO, 5.00%, 03/01/2037 | 9555 | 10019 |
| State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien, Series A, Rev., (United States SOFR \* 0.70 + 0.50%), 3.41%, 05/01/2043 (aa) | 1105 | 1102 |
|  |  | 136477 |
| **Maine** — **0.2%** |  |  |
| Finance Authority of Maine, Casella Waste Systems, Rev., AMT, 4.63%, 12/01/2047 (e) (z) | 745 | 734 |
| Finance Authority of Maine, Supplemental Educational Loan Program |  |  |
| Series A1, Rev., AMT, 2.38%, 12/01/2033 | 705 | 614 |
| Series A1, Rev., AMT, 5.00%, 12/01/2025 | 85 | 85 |
| Maine Health & Higher Educational Facilities Authority |  |  |
| Series A, Rev., 4.38%, 07/01/2048 | 2100 | 2052 |
| Series A, Rev., 5.25%, 07/01/2049 | 1930 | 2030 |
| Maine Health & Higher Educational Facilities Authority, Maine Healthcare |  |  |
| Series A, Rev., 4.00%, 07/01/2046 | 4000 | 3144 |
| Series A, Rev., 5.00%, 07/01/2041 | 6030 | 5690 |
| Series A, Rev., 5.00%, 07/01/2046 | 7645 | 7029 |
| Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051 | 705 | 697 |
| Maine Turnpike Authority |  |  |
| Rev., 4.00%, 07/01/2045 | 9000 | 8570 |
| Rev., 5.00%, 07/01/2028 | 2000 | 2140 |
|  |  | 32785 |
| **Maryland — 1.5%** |  |  |
| City of Baltimore MD, Rev., 4.88%, 06/01/2042 | 1275 | 1276 |
| City of Baltimore, Wastewater Projects, Series A, Rev., 5.00%, 07/01/2049 | 5000 | 5071 |
| City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050 | 3200 | 3259 |
| City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029 | 415 | 415 |
| City of Hyattsville, University Town Center Project, Special Tax, 5.00%, 07/01/2031 | 2120 | 2120 |
| County of Anne Arundel, GO, 3.00%, 10/01/2027 | 4400 | 4400 |
| County of Baltimore, GO, 4.00%, 03/01/2042 | 10300 | 10213 |
| County of Baltimore MD, GO, 5.00%, 02/01/2046 | 5000 | 5006 |
| County of Howard, Series D, GO, 5.00%, 02/15/2030 | 3000 | 3179 |
| County of Montgomery, Series B, GO, 4.00%, 11/01/2028 | 1500 | 1574 |
| County of Montgomery MD |  |  |
| GO, 2.00%, 08/01/2039 | 2000 | 1500 |
| Rev., 5.00%, 12/01/2045 | 5000 | 5028 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Maryland — continued** |  |  |
| County of Montgomery, Trinity Health Credit Group |  |  |
| Rev., 4.00%, 12/01/2044 | 3000 | 2770 |
| Rev., 5.00%, 12/01/2044 | 1650 | 1650 |
| County of Prince George's MD, Series A, GO, 5.00%, 08/01/2041 | 2435 | 2687 |
| County of Prince George's, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e) (p) | 750 | 752 |
| Maryland Community Development Administration |  |  |
| Series B, Rev., 3.00%, 09/01/2051 | 100 | 99 |
| Series D, Rev., 3.25%, 09/01/2050 | 1470 | 1462 |
| Maryland Community Development Administration, Community Dev Admin Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042 | 1430 | 1482 |
| Maryland Community Development Administration, Park Heights Senior, Series C, Rev., 5.25%, 11/01/2025 | 4880 | 4884 |
| Maryland Community Development Administration, Residential |  |  |
| Series A, Rev., 3.75%, 03/01/2050 | 820 | 823 |
| Series B, Rev., AMT, 4.50%, 09/01/2048 | 740 | 750 |
| Maryland Community Development Administration, Social Bonds |  |  |
| Series C, Rev., 3.00%, 09/01/2051 | 3866 | 3818 |
| Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 09/01/2054 | 400 | 428 |
| Maryland Community Development Administration, Sustainable Bonds, Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2054 | 4450 | 4851 |
| Maryland Economic Development Corp., Core Natural Resources, Inc., Rev., 5.00%, 07/01/2048 (e) (z) | 1510 | 1559 |
| Maryland Economic Development Corp., Green Bond Purple Line Light, Rev., AMT, 5.25%, 06/30/2052 | 2000 | 2003 |
| Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047 | 1300 | 1307 |
| Maryland Economic Development Corp., Maryland Department of Health Headquarters Project, Rev., 5.00%, 06/01/2043 | 5000 | 5307 |
| Maryland Economic Development Corp., Morgan State University Project |  |  |
| Rev., 4.00%, 07/01/2040 | 665 | 619 |
| Rev., 5.38%, 07/01/2038 | 1250 | 1331 |
| Maryland Economic Development Corp., Port Covington Project |  |  |
| Tax Allocation, 3.25%, 09/01/2030 | 1105 | 1076 |
| Tax Allocation, 4.00%, 09/01/2040 | 2280 | 2095 |
| Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035 | 1000 | 1024 |
| Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare |  |  |
| Rev., 4.00%, 01/01/2038 | 2020 | 1948 |
| Rev., 5.00%, 01/01/2036 | 4580 | 4780 |
| Maryland Health & Higher Educational Facilities Authority, Doctors Community Hospital, Rev., 5.00%, 07/01/2034 | 2000 | 2034 |
| Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041 | 2315 | 2213 |
| Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue |  |  |
| Series A, Rev., 5.00%, 05/15/2042 | 3000 | 3024 |
| Series A, Rev., 5.00%, 05/15/2045 | 9565 | 9608 |
| Series B, Rev., 5.00%, 08/15/2038 | 1000 | 1000 |
| Maryland Health & Higher Educational Facilities Authority, UPMC Health System, Series B, Rev., 4.00%, 04/15/2050 | 3000 | 2604 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Maryland — continued** |  |  |
| Maryland Stadium Authority, Built To Learn Act |  |  |
| Rev., 5.00%, 06/01/2039 | 4135 | 4536 |
| Rev., 5.00%, 06/01/2040 | 4150 | 4504 |
| Maryland State Transportation Authority Passenger Facility Charge Revenue, Rev., AMT, 4.00%, 06/01/2039 | 5145 | 4985 |
| State of Maryland |  |  |
| GO, 5.00%, 06/01/2036 | 5000 | 5722 |
| Series A, GO, 5.00%, 06/01/2040 | 12000 | 13359 |
| State of Maryland Department of Transportation, Rev., 3.00%, 10/01/2030 | 1500 | 1507 |
| State of Maryland Department of Transportation, Baltimore Washington International |  |  |
| Rev., AMT, 4.00%, 08/01/2038 | 965 | 944 |
| Rev., AMT, 4.00%, 08/01/2039 | 1160 | 1126 |
| State of Maryland, Department of Transportation, Series A, Rev., 4.00%, 04/01/2038 | 9215 | 9308 |
| State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028 | 1500 | 1610 |
| State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028 | 5000 | 5366 |
| State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033 | 1000 | 1138 |
| University System of Maryland, Series A, Rev., 4.00%, 04/01/2051 | 1500 | 1374 |
| Washington Suburban Sanitary Commission |  |  |
| Rev., CNTY GTD, 2.13%, 06/01/2036 | 7885 | 6578 |
| Rev., CNTY GTD, 3.00%, 06/01/2038 | 4550 | 4144 |
| Rev., CNTY GTD, 5.00%, 06/01/2029 | 2000 | 2190 |
| Rev., CNTY GTD, 5.00%, 06/01/2039 | 9080 | 9948 |
| Washington Suburban Sanitary Commission, Consolidated Public Improvement |  |  |
| Rev., CNTY GTD, 3.00%, 06/01/2035 | 3045 | 2948 |
| Rev., CNTY GTD, 3.00%, 06/01/2037 | 5180 | 4824 |
| Rev., CNTY GTD, 5.00%, 06/01/2029 | 1500 | 1604 |
| Rev., CNTY GTD, 5.00%, 06/01/2038 | 5000 | 5630 |
|  |  | 206374 |
| **Massachusetts** — **2.1%** |  |  |
| Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039 | 1570 | 1595 |
| City of Brockton, GO, 4.00%, 08/01/2047 | 3145 | 2947 |
| Collegiate Charter School of Lowell, Rev., 5.00%, 06/15/2049 | 1250 | 1178 |
| Commonwealth of Massachusetts |  |  |
| GO, 4.00%, 09/01/2036 | 11765 | 11767 |
| GO, 4.00%, 07/01/2037 | 10000 | 10001 |
| GO, 4.00%, 09/01/2044 | 13020 | 12243 |
| GO, 4.00%, 05/01/2045 | 10000 | 9347 |
| Rev., NATL, 5.50%, 01/01/2034 | 1500 | 1709 |
| Series B, GO, 5.00%, 11/01/2041 | 9000 | 9769 |
| Series C, GO, 5.00%, 10/01/2049 | 10000 | 10435 |
| Series D, GO, 5.00%, 10/01/2053 | 10000 | 10378 |
| Series E, GO, 4.00%, 09/01/2043 | 10000 | 9512 |
| Series E, GO, 5.00%, 11/01/2047 | 5000 | 5206 |
| Commonwealth of Massachusetts Transportation Fund Revenue, Series A, Rev., 4.00%, 06/01/2038 | 3525 | 3535 |
| Commonwealth of Massachusetts, Consolidated Loan |  |  |
| Series A, GO, 5.00%, 01/01/2041 | 1500 | 1624 |
| Series A, GO, 5.00%, 01/01/2054 | 2000 | 2076 |
| Commonwealth of Massachusetts, Consolidated Loans, Series E, GO, 5.00%, 11/01/2050 | 17175 | 17655 |
| Massachusetts Bay Transportation Authority Senior Sales Tax Bond, Senior, Series A1, Rev., 4.00%, 07/01/2053 | 2750 | 2519 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Massachusetts** — **continued** |  |  |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, Senior Bond, Series B, Rev., 5.00%, 07/01/2044 | 4235 | 4524 |
| Massachusetts Bay Transportation Authority, Subordinated Sales Tax Bonds, Series A1, Rev., 4.00%, 07/01/2051 | 5000 | 4612 |
| Massachusetts Clean Water Trust (The), Sustainable Bonds |  |  |
| Rev., 5.00%, 02/01/2033 | 1000 | 1163 |
| Rev., 5.00%, 02/01/2035 | 3760 | 4283 |
| Rev., 5.00%, 02/01/2038 | 250 | 277 |
| Massachusetts Development Finance Agency |  |  |
| Rev., 5.00%, 11/15/2032 | 1000 | 1160 |
| Series E, Rev., 5.00%, 07/01/2031 | 1980 | 2003 |
| Series E, Rev., 5.00%, 07/01/2034 | 5000 | 5044 |
| Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Rev., 5.00%, 07/01/2032 | 4385 | 4939 |
| Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc. |  |  |
| Rev., 5.00%, 07/01/2050 | 4045 | 4112 |
| Rev., 5.50%, 07/01/2050 | 7500 | 8029 |
| Massachusetts Development Finance Agency, Boston Medical Center, Rev., 5.25%, 07/01/2052 | 5100 | 5070 |
| Massachusetts Development Finance Agency, Care Communities LLC, Rev., 6.50%, 07/15/2060 (e) | 1000 | 1004 |
| Massachusetts Development Finance Agency, Emerson College, Series A, Rev., 5.00%, 01/01/2047 | 5075 | 4884 |
| Massachusetts Development Finance Agency, Gingercare Living, Inc., Rev., 4.75%, 12/01/2029 (e) | 1700 | 1703 |
| Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044 | 2840 | 2753 |
| Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045 | 10000 | 10001 |
| Massachusetts Development Finance Agency, Lowell General Hospital, Series G, Rev., 5.00%, 07/01/2044 | 4000 | 3769 |
| Massachusetts Development Finance Agency, Mass General Brigham |  |  |
| Series D, Rev., 5.00%, 07/01/2047 | 8010 | 8344 |
| Series D, Rev., 5.00%, 07/01/2054 | 8000 | 8264 |
| Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (p) | 1000 | 1112 |
| Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044 | 2000 | 2083 |
| Massachusetts Development Finance Agency, Partners Healthcare System, Rev., (SIFMA Municipal Swap Index + 0.60%), 3.49%, 07/01/2049 (e) (aa) | 100 | 100 |
| Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051 | 1250 | 998 |
| Massachusetts Development Finance Agency, UMass Memorial Health Care, Rev., 5.00%, 07/01/2044 | 1000 | 1001 |
| Massachusetts Educational Financing Authority |  |  |
| Rev., AMT, 4.25%, 07/01/2032 | 80 | 81 |
| Rev., AMT, 5.00%, 07/01/2029 | 2250 | 2374 |
| Rev., AMT, 5.00%, 07/01/2032 | 585 | 632 |
| Series B, Rev., AMT, 2.63%, 07/01/2036 | 95 | 93 |
| Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037 | 130 | 107 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Massachusetts — continued** |  |  |
| Massachusetts Educational Financing Authority, Senior, Series B, Rev., AMT, 5.00%, 07/01/2029 | 1400 | 1477 |
| Massachusetts Educational Financing Authority, Senior Bonds |  |  |
| Series B, Rev., AMT, 4.25%, 07/01/2044 | 615 | 617 |
| Series B, Rev., AMT, 5.00%, 07/01/2029 | 2650 | 2796 |
| Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038 | 725 | 713 |
| Massachusetts Educational Financing Authority, Subordinated, Rev., AMT, 5.50%, 07/01/2055 | 4000 | 4021 |
| Massachusetts Health & Educational Facilities Authority, Series F3, Rev., VRDO, LOC: TD Bank NA, 2.90%, 10/07/2025 (z) | 5550 | 5550 |
| Massachusetts Housing Finance Agency, Mill Road Apartments Project, Rev., VRDO, 2.85%, 10/07/2025 (z) | 5700 | 5700 |
| Massachusetts Housing Finance Agency, Social Bond, Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050 | 2550 | 2524 |
| Massachusetts Housing Finance Agency, Social Bonds |  |  |
| Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047 | 835 | 826 |
| Series 227, Rev., GNMA/FNMA/FHLMC COLL, 4.70%, 12/01/2043 | 2250 | 2262 |
| Massachusetts Housing Finance Agency, Sustainability Bond |  |  |
| Series C1, Rev., 2.65%, 12/01/2034 | 1000 | 874 |
| Series D3, Rev., FHA HUD, 3.35%, 06/01/2027 | 650 | 651 |
| Massachusetts Housing Finance Agency, Sustainable Bond, Series 234, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/01/2044 | 575 | 569 |
| Massachusetts Port Authority |  |  |
| Rev., AMT, 4.00%, 07/01/2046 | 8000 | 7205 |
| Rev., AMT, 5.00%, 07/01/2049 | 2735 | 2751 |
| Series E, Rev., AMT, 5.00%, 07/01/2031 | 1495 | 1652 |
| Series E, Rev., AMT, 5.00%, 07/01/2032 | 2000 | 2188 |
| Series E, Rev., AMT, 5.00%, 07/01/2051 | 3000 | 3025 |
| Massachusetts Port Authority, Green Bonds |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2031 | 925 | 1022 |
| Series A, Rev., AMT, 5.00%, 07/01/2038 | 2580 | 2743 |
| Series A, Rev., AMT, 5.00%, 07/01/2040 | 3500 | 3669 |
| Massachusetts School Building Authority, Rev., 4.00%, 02/15/2042 | 5700 | 5462 |
| Massachusetts School Building Authority, Sales Tax, Series A, Rev., 5.00%, 11/15/2027 | 1105 | 1108 |
| Massachusetts School Building Authority, Subordinated Bonds, Rev., 5.00%, 02/15/2038 | 1105 | 1244 |
| Massachusetts Water Resources Authority, Sustainable Bond, Rev., 5.00%, 08/01/2026 (p) | 515 | 525 |
| Massachusetts Water Resources Authority, Unrefunded Sustainable Bond, Rev., 5.00%, 08/01/2026 | 485 | 495 |
| Town of Tyngsborough, GO, 4.00%, 10/15/2045 | 1955 | 1882 |
| Town of Watertown MA, GO, 4.00%, 06/15/2050 | 1850 | 1740 |
| University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026 | 5000 | 5138 |
|  |  | 288444 |
| **Michigan** — **1.9%** |  |  |
| City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.60%), 3.65%, 07/01/2032 (aa) | 1000 | 992 |
| City of Detroit, Social Bonds |  |  |
| Series A, GO, 4.00%, 04/01/2041 | 500 | 462 |
| Series A, GO, 5.00%, 04/01/2039 | 115 | 120 |
| Series A, GO, 5.00%, 04/01/2046 | 35 | 35 |
| Series A, GO, 5.00%, 04/01/2050 | 30 | 30 |
| City of Grand Rapids MI, GO, 5.00%, 04/01/2054 | 2700 | 2783 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Michigan — continued** |  |  |
| City of Warren |  |  |
| GO, 5.00%, 11/01/2043 | 1430 | 1512 |
| GO, 5.00%, 11/01/2044 | 1015 | 1071 |
| Detroit Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048 | 995 | 1028 |
| Gerald R Ford International Airport Authority |  |  |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2026 | 225 | 226 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2027 | 350 | 360 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2028 | 275 | 289 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2029 | 600 | 642 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2034 | 1140 | 1242 |
| Grand Rapids Public Schools |  |  |
| GO, 5.00%, 05/01/2042 | 1225 | 1303 |
| GO, 5.00%, 05/01/2043 | 1700 | 1793 |
| GO, 5.00%, 05/01/2044 | 1450 | 1520 |
| GO, 5.00%, 05/01/2046 | 4000 | 4149 |
| Great Lakes Water Authority Sewage Disposal System Revenue |  |  |
| Series B, Rev., 5.00%, 07/01/2031 | 2085 | 2344 |
| Series B, Rev., 5.00%, 07/01/2035 | 14010 | 15954 |
| Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1130 |
| Great Lakes Water Authority Sewage Disposal System Revenue, Senior Lien |  |  |
| Series A, Rev., 5.00%, 07/01/2038 | 645 | 709 |
| Series B, Rev., 5.00%, 07/01/2028 | 140 | 150 |
| Series C, Rev., 5.00%, 07/01/2037 | 850 | 946 |
| Series C, Rev., 5.00%, 07/01/2038 | 725 | 800 |
| Series C, Rev., 5.00%, 07/01/2040 | 1150 | 1252 |
| Series C, Rev., 5.00%, 07/01/2041 | 1140 | 1232 |
| Series C, Rev., 5.00%, 07/01/2042 | 1200 | 1288 |
| Series C, Rev., 5.00%, 07/01/2043 | 875 | 933 |
| Great Lakes Water Authority Water Supply System Revenue |  |  |
| Rev., 5.00%, 07/01/2036 | 10625 | 11891 |
| Rev., 5.00%, 07/01/2037 | 1570 | 1748 |
| Rev., 5.25%, 07/01/2052 | 3000 | 3131 |
| Series B, Rev., 5.00%, 07/01/2034 | 3500 | 4029 |
| Series B, Rev., 5.00%, 07/01/2046 | 8500 | 8526 |
| Series C, Rev., 5.25%, 07/01/2055 | 3605 | 3791 |
| Great Lakes Water Authority Water Supply System Revenue, Senior Lien Bonds |  |  |
| Series A, Rev., 5.00%, 07/01/2037 | 2510 | 2795 |
| Series A, Rev., 5.00%, 07/01/2038 | 2000 | 2202 |
| Series B, Rev., 5.00%, 07/01/2037 | 550 | 612 |
| Series B, Rev., 5.00%, 07/01/2038 | 500 | 551 |
| Lansing Board of Water & Light |  |  |
| Series A, Rev., 5.00%, 07/01/2037 | 1625 | 1839 |
| Series A, Rev., 5.00%, 07/01/2039 | 405 | 448 |
| Series A, Rev., 5.00%, 07/01/2041 | 1500 | 1626 |
| Series A, Rev., 5.00%, 07/01/2048 | 1675 | 1704 |
| Series A, Rev., 5.25%, 07/01/2054 | 7000 | 7423 |
| Michigan Finance Authority, Series A, Rev., 4.00%, 12/01/2049 | 1000 | 876 |
| Michigan Finance Authority, Aquinas College Project |  |  |
| Rev., 5.00%, 05/01/2036 | 300 | 234 |
| Rev., 5.00%, 05/01/2046 | 2000 | 1496 |
| Michigan Finance Authority, Beaumont Health Credit Group, Rev., 5.00%, 11/01/2044 | 8090 | 8092 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Michigan — continued** |  |  |
| Michigan Finance Authority, Beaumont Spectrum |  |  |
| Rev., 4.00%, 04/15/2042 | 2500 | 2407 |
| Rev., 5.00%, 04/15/2030 | 3000 | 3313 |
| Michigan Finance Authority, Beaumont Spectrum Consolidated, Rev., 4.00%, 04/15/2038 | 1175 | 1176 |
| Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p) | 95 | 100 |
| Michigan Finance Authority, Henry Ford Health System |  |  |
| Rev., 5.00%, 11/15/2041 | 3145 | 3166 |
| Series A, Rev., 5.00%, 11/15/2048 | 7000 | 7019 |
| Michigan Finance Authority, Higher Educational Facilities Authority |  |  |
| Rev., 5.00%, 09/01/2032 | 690 | 752 |
| Rev., 5.00%, 09/01/2033 | 800 | 863 |
| Rev., 5.00%, 09/01/2034 | 570 | 612 |
| Rev., 5.00%, 09/01/2035 | 1200 | 1279 |
| Michigan Finance Authority, Local Government Loan Program, Rev., 5.00%, 07/01/2044 | 4000 | 4003 |
| Michigan Finance Authority, Multi Modal McLaren Health Care |  |  |
| Rev., 4.00%, 02/15/2044 | 9625 | 8798 |
| Rev., 4.00%, 02/15/2047 | 3000 | 2659 |
| Rev., 4.00%, 02/15/2050 | 2500 | 2167 |
| Michigan Finance Authority, Senior Turbo, Series A2, Rev., 5.00%, 06/01/2040 | 1655 | 1678 |
| Michigan Finance Authority, State Aid Note Loan Program, Rev., 5.00%, 11/01/2029 | 2755 | 3010 |
| Michigan Finance Authority, State Revolving Fund Program, Rev., 5.00%, 10/01/2042 | 8000 | 8635 |
| Michigan Finance Authority, Trinity Health Credit Group |  |  |
| Rev., 4.00%, 12/01/2040 | 9130 | 8718 |
| Rev., 4.00%, 12/01/2048 | 1300 | 1145 |
| Rev., 5.00%, 12/01/2036 | 1000 | 1084 |
| Michigan Finance Authority, Unrefunded Trinity Health Co., Rev., 5.00%, 12/01/2045 | 7250 | 7285 |
| Michigan State Building Authority |  |  |
| Series I, Rev., 5.00%, 10/15/2027 | 2500 | 2628 |
| Series I, Rev., 5.00%, 04/15/2042 | 2500 | 2679 |
| Michigan State Building Authority, Facilities Multi Mod Program, Rev., VRDO, 2.99%, 10/01/2025 (z) | 10955 | 10955 |
| Michigan State Building Authority, Facilities Program |  |  |
| Series II, Rev., 4.00%, 10/15/2043 | 1000 | 949 |
| Series II, Rev., 5.00%, 10/15/2026 | 3500 | 3590 |
| Series II, Rev., 5.00%, 10/15/2042 | 1350 | 1440 |
| Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027 | 100 | 105 |
| Michigan State Housing Development Authority |  |  |
| Rev., HUD, 4.45%, 10/01/2044 | 1500 | 1503 |
| Series A, Rev., 5.10%, 10/01/2053 | 5000 | 5075 |
| Series C, Rev., 3.00%, 06/01/2051 | 1405 | 1391 |
| Michigan State Housing Development Authority, Social Bond |  |  |
| Series A, Rev., 3.00%, 06/01/2052 | 2465 | 2435 |
| Series A, Rev., 5.00%, 06/01/2053 | 1750 | 1828 |
| Michigan State Housing Development Authority, Social Bonds |  |  |
| Series A, Rev., 5.50%, 12/01/2053 | 1140 | 1230 |
| Series D, Rev., 5.50%, 06/01/2053 | 285 | 302 |
| Michigan State Housing Development Authority, Sustainable Bond, Series D, Rev., 6.25%, 06/01/2055 | 800 | 882 |
| Michigan State Housing Development Authority, Sustainable Bonds, Series A, Rev., 6.00%, 06/01/2054 | 2750 | 2987 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Michigan — continued** |  |  |
| Michigan State Housing Development Authority, The Dean Apartments at Eastlawn, Rev., 2.90%, 09/01/2045 (z) | 2000 | 1996 |
| Michigan State University, Series C, Rev., 4.00%, 02/15/2039 | 2000 | 2003 |
| Michigan Strategic Fund |  |  |
| Rev., AMT, 3.35%, 10/01/2049 (z) | 1000 | 994 |
| Rev., AMT, 5.00%, 12/31/2043 | 3000 | 3004 |
| Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z) | 1620 | 1569 |
| Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029 | 3450 | 3145 |
| Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030 | 810 | 721 |
| Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z) | 1685 | 1684 |
| Michigan Strategic Fund, I-75 Improvement Project, Rev., AMT, 5.00%, 12/31/2032 | 1250 | 1300 |
| Okemos Public Schools, Series II, GO, Q-SBLF, 5.00%, 05/01/2046 | 1200 | 1261 |
| State of Michigan Trunk Line Revenue, State Trunk Line Fund Bonds, Rev., 4.00%, 11/15/2037 | 2015 | 2044 |
| State of Michigan Trunk Line Revenue, State Trunkline Fund Bonds, Series A, Rev., 4.00%, 11/15/2046 | 8125 | 7518 |
| State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030 | 400 | 444 |
| State of Michigan, Gans Garvee, Rev., GAN, 5.00%, 03/15/2027 | 2000 | 2075 |
| Troy School District, GO, Q-SBLF, 5.00%, 05/01/2039 | 1025 | 1115 |
| Wayne County Airport Authority |  |  |
| Series B, Rev., AMT, 5.00%, 12/01/2032 | 2160 | 2212 |
| Series F, Rev., AMT, 5.00%, 12/01/2034 | 1470 | 1473 |
|  |  | 253715 |
| **Minnesota** — **1.0%** |  |  |
| Brainerd Independent School District No. 181, GO, 4.00%, 02/01/2039 | 6760 | 6788 |
| City of Minneapolis, Allina Health System, Series B, Rev., 5.00%, 11/15/2053 (z) | 2650 | 2886 |
| City of Minneapolis, Fairview Health Services |  |  |
| Series A, Rev., 4.00%, 11/15/2048 | 4120 | 3512 |
| Series AA, Rev., 5.00%, 11/15/2036 | 3000 | 3169 |
| City of Rochester MN, Series A, Rev., 4.38%, 11/15/2053 | 4485 | 4391 |
| City of Rochester, Mayo Clinic, Series C, Rev., VRDO, 2.70%, 10/01/2025 (z) | 2600 | 2600 |
| City of St Cloud MN, Rev., 5.00%, 05/01/2048 | 1500 | 1517 |
| County of Hennepin, Series C, GO, 5.00%, 12/15/2032 | 1500 | 1641 |
| Duluth Economic Development Authority, Essentia Health, Rev., 5.00%, 02/15/2058 | 6115 | 6134 |
| Duluth Economic Development Authority, Essentia Health Obligation Group |  |  |
| Rev., 5.00%, 02/15/2048 | 3000 | 3018 |
| Rev., 5.25%, 02/15/2058 | 1000 | 1005 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047 | 9000 | 9010 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043 | 1000 | 783 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, System Fairview Health Services, Series 2015, Rev., 5.00%, 11/15/2047 | 4500 | 4517 |
| Minneapolis St. Paul Metropolitan Airports Commission, Subordinate |  |  |
| Series B, Rev., AMT, 5.00%, 01/01/2034 | 1345 | 1461 |
| Series B, Rev., AMT, 5.25%, 01/01/2047 | 1845 | 1893 |
| Minneapolis-St Paul Metropolitan Airports Commission |  |  |
| Rev., AMT, 5.00%, 01/01/2035 | 5000 | 5521 |
| Rev., AMT, 5.00%, 01/01/2038 | 5000 | 5371 |
| Rev., AMT, 5.00%, 01/01/2040 | 1800 | 1891 |
| Rev., AMT, 5.25%, 01/01/2049 | 6000 | 6227 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Minnesota — continued** |  |  |
| Minnesota Agricultural & Economic Development Board, Healthpartners Obligated Group |  |  |
| Rev., 5.25%, 01/01/2047 | 5000 | 5177 |
| Rev., 5.25%, 01/01/2054 | 6750 | 6945 |
| Minnesota Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 3270 | 3673 |
| Series B, Rev., GNMA/FNMA/FHLMC, 2.63%, 01/01/2040 | 1920 | 1523 |
| Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 720 | 710 |
| Series C, Rev., 5.00%, 08/01/2032 | 2365 | 2629 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1230 | 1215 |
| Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051 | 2150 | 2129 |
| Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047 | 278 | 240 |
| Series I, Rev., 3.00%, 01/01/2051 | 1180 | 1168 |
| Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 300 | 296 |
| Minnesota Housing Finance Agency, Social Bonds |  |  |
| Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 925 | 911 |
| Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 190 | 188 |
| Series F, Rev., GNMA/FNMA/FHLMC, 5.75%, 07/01/2053 | 350 | 374 |
| Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029 | 1245 | 1357 |
| Minnesota Housing Finance Agency, Sustainable Bonds, Series R, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 4565 | 4963 |
| Minnesota Office of Higher Education, Senior, Rev., AMT, 2.65%, 11/01/2038 | 1000 | 932 |
| Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037 | 665 | 667 |
| Minnesota Rural Water Finance Authority, Inc., Rev., BAN, 3.30%, 08/01/2026 | 2000 | 2003 |
| St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e) | 4600 | 4402 |
| State of Minnesota |  |  |
| Series A, GO, 4.00%, 09/01/2037 | 690 | 702 |
| Series A, GO, 5.00%, 08/01/2026 | 250 | 255 |
| Series A, GO, 5.00%, 10/01/2029 | 45 | 48 |
| Series A, GO, 5.00%, 10/01/2032 | 1000 | 1047 |
| Series A, GO, 5.00%, 08/01/2033 | 2000 | 2033 |
| Series A, GO, 5.00%, 08/01/2034 | 2000 | 2120 |
| Series E, GO, 3.00%, 08/01/2026 | 710 | 712 |
| State of Minnesota, Trunk Highways, Series B, GO, 3.00%, 08/01/2030 | 5000 | 5038 |
| University of Minnesota |  |  |
| Series A, Rev., 5.00%, 01/01/2040 | 405 | 444 |
| Series A, Rev., 5.00%, 01/01/2041 | 2500 | 2719 |
| Series A, Rev., 5.00%, 01/01/2042 | 2750 | 2971 |
|  |  | 132926 |
| **Mississippi** — **0.2%** |  |  |
| County of Warren MS, Rev., 4.00%, 09/01/2032 | 12615 | 12954 |
| Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044 | 175 | 110 |
| Mississippi Development Bank |  |  |
| Rev., 5.25%, 06/01/2042 | 850 | 902 |
| Rev., 5.25%, 06/01/2043 | 1000 | 1053 |
| Rev., 5.25%, 06/01/2044 | 2180 | 2282 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Mississippi — continued** |  |  |
| Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048 | 1360 | 1367 |
| Mississippi Hospital Equipment & Facilities Authority |  |  |
| Rev., 5.00%, 09/01/2036 | 1250 | 1258 |
| Rev., 5.00%, 09/01/2046 | 1500 | 1474 |
| State of Mississippi, ABC Warehouse Construction |  |  |
| Rev., 4.00%, 10/01/2045 | 1000 | 922 |
| Rev., 5.00%, 10/01/2041 | 1000 | 1071 |
| Rev., 5.00%, 10/01/2043 | 1035 | 1092 |
| Rev., 5.00%, 10/01/2044 | 1000 | 1049 |
|  |  | 25534 |
| **Missouri** — **0.7%** |  |  |
| Cape Girardeau County Industrial Development Authority, Rev., 4.00%, 06/01/2043 | 5305 | 4985 |
| Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041 | 870 | 841 |
| City of Kansas City Sanitary Sewer System Revenue, Series A, Rev., 5.00%, 01/01/2041 | 1000 | 1076 |
| City of St Louis MO Airport Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1137 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029 | 1410 | 1448 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034 | 500 | 488 |
| Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032 | 900 | 958 |
| Kansas City Industrial Development Authority, Kansas City International Airport |  |  |
| Rev., AMT, 4.00%, 03/01/2036 | 1250 | 1238 |
| Rev., AMT, 5.00%, 03/01/2029 | 3050 | 3250 |
| Rev., AMT, 5.00%, 03/01/2038 | 2480 | 2542 |
| Kansas City Industrial Development Authority, Kansas City International Airport, Rev., AMT, 5.00%, 03/01/2044 | 5000 | 5027 |
| Kansas City Planned Industrial Expansion Authority, The Depot On Old Santa Fe, Rev., 5.00%, 07/01/2045 (z) | 5722 | 5864 |
| Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029 | 370 | 396 |
| Missouri Health & Educational Facilities Authority, CoxHealth Obligated Group |  |  |
| Rev., 5.00%, 11/15/2036 (w) | 1725 | 1920 |
| Rev., 5.00%, 11/15/2044 (w) | 650 | 674 |
| Missouri Housing Development Commission |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 4445 | 4404 |
| Rev., GNMA/FNMA/FHLMC, 4.55%, 11/01/2044 | 995 | 991 |
| Rev., GNMA/FNMA/FHLMC, 4.80%, 11/01/2040 | 3000 | 3094 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2055 | 9835 | 10931 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2056 | 7250 | 8143 |
| Missouri Housing Development Commission, First Place Homeownership Loan |  |  |
| Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052 | 2915 | 2880 |
| Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052 | 315 | 313 |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 1720 | 1704 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2055 | 2690 | 2958 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2056 | 6000 | 6578 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056 | 2825 | 3110 |
| Rev., GNMA/FNMA/FHLMC, 6.50%, 05/01/2054 | 2465 | 2770 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051 | 5 | 5 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Missouri** — **continued** |  |  |
| Missouri Housing Development Commission, First Place Loan Program, Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056 | 1420 | 1577 |
| Missouri State Environmental Improvement & Energy Resources Authority, Rev., AMT, 4.05%, 05/01/2038 (z) | 1600 | 1616 |
| Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033 | 2000 | 1851 |
| Plaza at Noah's Ark Community Improvement District, Rev., 3.00%, 05/01/2030 | 575 | 551 |
| St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., 5.00%, 10/01/2045 | 3215 | 3295 |
|  |  | 88615 |
| **Montana** — **0.1%** |  |  |
| City of Forsyth, Northwestern Corp. Colstrip, Rev., 3.88%, 07/01/2028 | 3275 | 3341 |
| Montana Board of Housing |  |  |
| Rev., 3.00%, 12/01/2050 | 1775 | 1758 |
| Rev., 4.60%, 12/01/2049 | 2780 | 2735 |
| Rev., 6.00%, 12/01/2054 | 405 | 440 |
| Series A, Rev., 3.00%, 06/01/2052 | 260 | 257 |
| Series B2, Rev., AMT, 3.50%, 12/01/2042 | 30 | 30 |
| Series B, Rev., 3.00%, 12/01/2051 | 810 | 801 |
| Series C, Rev., 6.25%, 06/01/2054 | 1420 | 1544 |
| Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033 | 1000 | 1022 |
| Montana Facility Finance Authority, Bozeman Deaconess Health Services, Rev., 5.00%, 06/01/2048 | 2700 | 2719 |
|  |  | 14647 |
| **Nebraska** — **0.5%** |  |  |
| Central Plains Energy Project |  |  |
| Series 1, Rev., 5.00%, 05/01/2053 (z) | 3915 | 4162 |
| Series A1, Rev., 5.00%, 08/01/2055 (z) | 32170 | 34780 |
| Douglas County Hospital Authority No. 2, Rev., 5.50%, 11/01/2049 | 4665 | 4984 |
| Douglas County Hospital Authority No. 2, Children's Hospital Obligation, Rev., 4.00%, 11/15/2038 | 1125 | 1112 |
| Douglas County Hospital Authority No. 2, Health Facilities Children's Hospital, Rev., 5.00%, 11/15/2047 | 2000 | 2009 |
| Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033 | 2100 | 2063 |
| Douglas County, Hospital Authority No. 2, Children's Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z) | 2190 | 2194 |
| Nebraska Educational Health Cultural & Social Services Finance Authority, Rev., 4.00%, 01/01/2044 | 1625 | 1468 |
| Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037 | 1000 | 973 |
| Nebraska Public Power District, Series A, Rev., 5.00%, 07/01/2028 | 300 | 317 |
| Omaha Airport Authority, Airport Facilities, Rev., AMT, 5.00%, 12/15/2036 | 1250 | 1361 |
| Omaha Public Power District, Rev., 5.00%, 02/01/2038 | 5505 | 6081 |
| Omaha School District, GO, 4.00%, 12/15/2038 | 5000 | 4876 |
| University of Nebraska, Rev., 3.00%, 07/01/2035 (p) | 1030 | 1033 |
|  |  | 67413 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Nevada** — **0.9%** |  |  |
| City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047 | 1000 | 974 |
| City of Henderson, Series A1, GO, 4.00%, 06/01/2045 | 2000 | 1908 |
| City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035 | 195 | 179 |
| City of Las Vegas Special Improvement District No. 817 Summerlin Village 29, Special Improvement No. 817, Summerlin Village |  |  |
| Special Assessment, 5.50%, 06/01/2038 | 400 | 424 |
| Special Assessment, 5.75%, 06/01/2043 | 500 | 523 |
| City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027 | 2000 | 2084 |
| Clark County School District |  |  |
| Series A, GO, 4.00%, 06/15/2040 | 1375 | 1352 |
| Series B, GO, 5.00%, 06/15/2030 | 1445 | 1604 |
| Series B, GO, 5.00%, 06/15/2039 | 5000 | 5539 |
| Series B, GO, 5.00%, 06/15/2041 | 5000 | 5430 |
| Series C, GO, 5.00%, 06/15/2026 | 1250 | 1270 |
| Clark County School District, Building |  |  |
| Series A, GO, 5.00%, 06/15/2029 | 500 | 532 |
| Series B, GO, 5.00%, 06/15/2033 | 3000 | 3184 |
| County of Clark, GO, 4.00%, 06/01/2038 | 4300 | 4315 |
| County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033 | 1010 | 1122 |
| County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027 | 6000 | 6223 |
| County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040 | 4000 | 4001 |
| County of Clark Passenger Facility Charge Revenue, McCarran International |  |  |
| Rev., 5.00%, 07/01/2029 | 5000 | 5461 |
| Rev., 5.00%, 07/01/2031 | 1950 | 2108 |
| Rev., 5.00%, 07/01/2032 | 2385 | 2566 |
| County of Clark, Detention Center, GO, 4.00%, 06/01/2034 | 3335 | 3427 |
| County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030 | 1425 | 1548 |
| County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031 | 1000 | 909 |
| County of Clark, Streets and Highway Project, Rev., 4.00%, 07/01/2043 | 4465 | 4298 |
| County of Washoe, Sierra Pacific Power Company, Rev., AMT, 4.13%, 03/01/2036 (z) | 9000 | 9110 |
| Las Vegas Convention & Visitors Authority |  |  |
| Series A, Rev., 5.00%, 07/01/2027 | 900 | 938 |
| Series A, Rev., 5.00%, 07/01/2028 | 1250 | 1332 |
| Series A, Rev., 5.00%, 07/01/2040 | 250 | 269 |
| Series B, Rev., 4.00%, 07/01/2049 | 10765 | 9728 |
| Series B, Rev., 5.00%, 07/01/2029 | 1345 | 1462 |
| Series B, Rev., 5.00%, 07/01/2034 | 1275 | 1423 |
| Series B, Rev., 5.00%, 07/01/2038 | 1000 | 1084 |
| Series B, Rev., 5.00%, 07/01/2043 | 5150 | 5261 |
| Las Vegas Valley Water District |  |  |
| Series A, GO, 5.00%, 06/01/2026 | 1500 | 1525 |
| Series A, GO, 5.00%, 06/01/2043 | 5000 | 5348 |
| Series A, GO, 5.00%, 06/01/2044 | 5000 | 5317 |
| Series D, GO, 5.00%, 06/01/2027 | 2025 | 2110 |
| Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046 | 5000 | 5009 |
| State of Nevada, Series A, GO, 5.00%, 05/01/2042 | 8400 | 8993 |
| Truckee Meadows Water Authority, Rev., 5.00%, 07/01/2034 | 2000 | 2319 |
|  |  | 122209 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Hampshire** — **0.7%** |  |  |
| New Hampshire Business Finance Authority |  |  |
| Rev., Zero Coupon, 12/15/2033 (e) | 1960 | 1202 |
| Rev., 3.63%, 08/20/2039 | 10480 | 9805 |
| Rev., 4.13%, 01/20/2034 | 2909 | 2925 |
| Rev., 4.18%, 11/20/2039 (z) | 4593 | 4492 |
| Rev., 4.25%, 07/20/2041 | 5036 | 4889 |
| Rev., 4.38%, 09/20/2036 | 635 | 628 |
| Rev., 5.00%, 12/01/2035 | 4105 | 4524 |
| Rev., 5.05%, 06/15/2035 (e) | 2055 | 2102 |
| Rev., 5.25%, 06/01/2043 | 4000 | 4167 |
| New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e) | 2000 | 1774 |
| New Hampshire Business Finance Authority, Centurion Foundation Woodway Drive, Rev., 4.53%, 10/15/2034 (e) | 4060 | 4133 |
| New Hampshire Business Finance Authority, Presbyterian Senior Living Project, Rev., 5.25%, 07/01/2048 | 1750 | 1744 |
| New Hampshire Business Finance Authority, Saint Luke's University Health, Rev., 4.00%, 08/15/2036 | 720 | 716 |
| New Hampshire Business Finance Authority, Springpoint Senior Living |  |  |
| Rev., 4.00%, 01/01/2026 | 270 | 270 |
| Rev., 4.00%, 01/01/2027 | 250 | 251 |
| Rev., 4.00%, 01/01/2028 | 290 | 291 |
| Rev., 4.00%, 01/01/2029 | 300 | 302 |
| Rev., 4.00%, 01/01/2030 | 280 | 282 |
| Rev., 4.00%, 01/01/2031 | 870 | 874 |
| New Hampshire Business Finance Authority, Sustainable Bond, Series B, Rev., AMT, 3.75%, 07/01/2045 (e) (z) | 3000 | 2470 |
| New Hampshire Business Finance Authority, Sustainable Bonds Municipal Certificates, Rev., 0.00%, 01/20/2041 | 6572 | 6331 |
| New Hampshire Business Finance Authority, Sustainable Certificates |  |  |
| Rev., HUD, 4.15%, 10/20/2040 (z) | 4960 | 4843 |
| Series 2, Rev., 3.88%, 01/20/2038 | 1218 | 1131 |
| New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036 | 2000 | 1458 |
| New Hampshire Business Finance Authority, University of Nevada, Reno Project, Rev., BAM, 5.25%, 06/01/2051 | 1875 | 1949 |
| New Hampshire Business Finance Authority, Waste Management, Inc. Project, Rev., AMT, 4.00%, 10/01/2033 (z) | 18000 | 18010 |
| New Hampshire Health and Education Facilities Authority Act |  |  |
| Rev., 3.30%, 06/01/2040 (z) | 2500 | 2514 |
| Rev., 4.00%, 08/01/2043 | 5000 | 4585 |
| Series B, Rev., AMT, 5.00%, 11/01/2043 | 1220 | 1270 |
| New Hampshire Health and Education Facilities Authority Act, Granite Edvance Corporation, Rev., AMT, 4.00%, 11/01/2044 | 790 | 754 |
| New Hampshire Housing Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 07/01/2053 | 370 | 396 |
| New Hampshire Housing Finance Authority, Sustainable Bonds, Series D, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 1955 | 2146 |
|  |  | 93228 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Jersey** — **2.2%** |  |  |
| Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy |  |  |
| Rev., 6.00%, 06/15/2042 | 530 | 558 |
| Rev., 6.00%, 06/15/2047 | 1000 | 1043 |
| City of Bayonne, Qualified General Improvement, GO, BAM, 5.00%, 07/01/2034 (p) | 1000 | 1019 |
| City of Newark, Series A, GO, 5.00%, 10/01/2028 | 750 | 802 |
| Garden State Preservation Trust, Capital Appreciation, Series B, Rev., Zero Coupon, 11/01/2026 | 1000 | 968 |
| Gloucester County Improvement Authority, The Rowan University Fossil Park |  |  |
| Rev., BAM, 4.00%, 07/01/2046 | 725 | 699 |
| Rev., BAM, 4.00%, 07/01/2051 | 1000 | 954 |
| New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026 | 1000 | 1022 |
| New Jersey Economic Development Authority |  |  |
| Rev., 5.00%, 03/01/2028 | 785 | 831 |
| Series A, Rev., 5.00%, 11/01/2027 | 2500 | 2625 |
| Series AAA, Rev., 5.00%, 06/15/2036 (p) | 1000 | 1030 |
| Series AAA, Rev., 5.00%, 06/15/2041 (p) | 500 | 515 |
| Series AAA, Rev., 5.50%, 06/15/2028 | 5000 | 5170 |
| Series AAA, Rev., 5.50%, 06/15/2032 (p) | 2000 | 2071 |
| Series BBB, Rev., 5.50%, 06/15/2030 (p) | 1225 | 1269 |
| Series DDD, Rev., 5.00%, 06/15/2031 (p) | 2000 | 2086 |
| New Jersey Economic Development Authority, Middlesex Water Company |  |  |
| Rev., AMT, 4.00%, 08/01/2059 | 4200 | 3621 |
| Rev., AMT, 5.00%, 08/01/2059 | 3000 | 3033 |
| New Jersey Economic Development Authority, New Jersey American Water Company, Inc. |  |  |
| Rev., AMT, 1.10%, 11/01/2029 (z) | 2610 | 2446 |
| Series E, Rev., AMT, 0.85%, 12/01/2025 | 1940 | 1928 |
| New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037 | 1000 | 1012 |
| New Jersey Economic Development Authority, Portal North Bridge NJ Transit |  |  |
| Rev., 5.00%, 11/01/2038 | 5345 | 5754 |
| Rev., 5.00%, 11/01/2052 | 6190 | 6334 |
| Rev., 5.25%, 11/01/2041 | 6000 | 6434 |
| New Jersey Economic Development Authority, School Facilities Construction |  |  |
| Series EEE, Rev., 5.00%, 06/15/2032 | 1500 | 1600 |
| Series GGG, Rev., 5.25%, 09/01/2026 (e) | 8000 | 8190 |
| New Jersey Economic Development Authority, Self Designated Social Bonds |  |  |
| Series QQQ, Rev., 5.00%, 06/15/2026 | 555 | 564 |
| Series QQQ, Rev., 5.00%, 06/15/2027 | 410 | 427 |
| Series QQQ, Rev., 5.00%, 06/15/2028 | 400 | 426 |
| New Jersey Economic Development Authority, State House Project |  |  |
| Series B, Rev., 5.00%, 06/15/2027 | 10690 | 11129 |
| Series B, Rev., 5.00%, 06/15/2028 | 8635 | 9192 |
| New Jersey Economic Development Authority, Sustainable Bonds, Series QQQ, Rev., 4.00%, 06/15/2037 | 2400 | 2407 |
| New Jersey Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2064 (z) | 860 | 988 |
| New Jersey Educational Facilities Authority, Higher Education Capital Improvement Fund Issue |  |  |
| Rev., 5.00%, 09/01/2038 | 1000 | 1082 |
| Rev., 5.00%, 09/01/2040 | 2200 | 2347 |
| New Jersey Educational Facilities Authority, Princeton University, Series I, Rev., 5.00%, 07/01/2036 | 1015 | 1047 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Jersey** — **continued** |  |  |
| New Jersey Educational Facilities Authority, Princeton University Revenue, Rev., 5.00%, 03/01/2044 | 2250 | 2411 |
| New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., 5.00%, 07/01/2035 | 200 | 222 |
| New Jersey Health Care Facilities Financing Authority, Rev., 5.00%, 07/01/2036 | 7500 | 8451 |
| New Jersey Health Care Facilities Financing Authority, AtlantiCare Health System Obligated, Rev., 5.00%, 07/01/2032 | 2070 | 2283 |
| New Jersey Health Care Facilities Financing Authority, AtlantiCare Health System Obligation, Rev., 3.00%, 07/01/2051 | 1715 | 1262 |
| New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health |  |  |
| Rev., 5.00%, 07/01/2037 | 285 | 293 |
| Rev., 5.00%, 07/01/2038 | 630 | 647 |
| Rev., 5.00%, 07/01/2039 | 365 | 374 |
| New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group |  |  |
| Rev., 4.25%, 07/01/2054 | 1875 | 1778 |
| Rev., 5.25%, 07/01/2044 | 8780 | 9530 |
| New Jersey Higher Education Student Assistance Authority |  |  |
| Series 1B, Rev., AMT, 4.50%, 12/01/2045 | 5715 | 5788 |
| Series 1A, Rev., AMT, 5.00%, 12/01/2034 | 3000 | 3193 |
| Series B, Rev., AMT, 5.00%, 12/01/2027 | 1340 | 1389 |
| Series B, Rev., AMT, 5.00%, 12/01/2028 | 1480 | 1558 |
| Series B, Rev., AMT, 5.00%, 12/01/2029 | 1440 | 1526 |
| New Jersey Higher Education Student Assistance Authority, Senior |  |  |
| Series A, Rev., AMT, 3.50%, 12/01/2039 | 1440 | 1416 |
| Series B, Rev., AMT, 4.00%, 12/01/2041 | 965 | 960 |
| Series B, Rev., AMT, 4.00%, 12/01/2044 | 1940 | 1839 |
| Series B, Rev., AMT, 4.25%, 12/01/2045 | 3880 | 3810 |
| Series B, Rev., AMT, 5.00%, 12/01/2027 | 1060 | 1099 |
| New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048 | 1195 | 1020 |
| New Jersey Housing & Mortgage Finance Agency |  |  |
| Series E, Rev., 3.50%, 04/01/2051 | 1570 | 1569 |
| Series M, Rev., 4.75%, 10/01/2040 | 3500 | 3589 |
| Series M, Rev., 6.50%, 04/01/2056 | 8085 | 9160 |
| New Jersey Housing & Mortgage Finance Agency, New Irvine Turner Apartments, Rev., HUD, 3.67%, 02/01/2026 | 550 | 551 |
| New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053 | 160 | 166 |
| New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052 | 615 | 606 |
| New Jersey Housing & Mortgage Finance Agency, Sustainable Bond, Series K, Rev., 4.55%, 10/01/2044 | 665 | 662 |
| New Jersey Transportation Trust Fund Authority |  |  |
| Rev., 5.00%, 06/15/2046 | 5000 | 5072 |
| Rev., 5.25%, 06/15/2046 (p) | 14455 | 16071 |
| Series A, Rev., 5.00%, 06/15/2029 | 1550 | 1684 |
| Series A, Rev., 5.00%, 06/15/2030 | 3000 | 3320 |
| Series A, Rev., 5.00%, 06/15/2034 | 6590 | 7535 |
| Series AA, Rev., 4.00%, 06/15/2040 | 3750 | 3661 |
| Series AA, Rev., 5.00%, 06/15/2035 | 3000 | 3311 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Jersey** — **continued** |  |  |
| Series AA, Rev., 5.00%, 06/15/2045 | 660 | 678 |
| Series AA, Rev., 5.25%, 06/15/2041 | 1250 | 1366 |
| Series BB, Rev., 5.00%, 06/15/2032 | 2000 | 2128 |
| New Jersey Transportation Trust Fund Authority, Capital Appreciation |  |  |
| Series A, Rev.,TRAN, BAM, Zero Coupon, 12/15/2038 | 1000 | 589 |
| Series C, Rev.,TRAN, AMBAC, Zero Coupon, 12/15/2026 | 1455 | 1406 |
| New Jersey Transportation Trust Fund Authority, Program B, Rev., 5.00%, 06/15/2037 | 2000 | 2178 |
| New Jersey Transportation Trust Fund Authority, Taxable Transportation System, Rev., 4.08%, 06/15/2039 | 7095 | 6576 |
| New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| Series BB, Rev., 5.00%, 06/15/2036 | 3000 | 3334 |
| Series BB, Rev., 5.00%, 06/15/2040 | 8120 | 8719 |
| Series CC, Rev., 5.00%, 06/15/2041 | 3500 | 3753 |
| Series CC, Rev., 5.25%, 06/15/2050 | 5700 | 5984 |
| New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035 | 500 | 548 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.00%, 06/15/2038 | 500 | 543 |
| New Jersey Transportation Trust Fund Authority, Transportation System Bond |  |  |
| Rev., 4.00%, 12/15/2039 | 2000 | 1969 |
| Rev., 5.00%, 12/15/2028 | 1000 | 1076 |
| Rev., 5.00%, 12/15/2031 | 1560 | 1700 |
| New Jersey Turnpike Authority |  |  |
| Rev., 5.00%, 01/01/2042 | 10000 | 10712 |
| Series A, Rev., 5.00%, 01/01/2045 | 2500 | 2663 |
| Series B, Rev., 4.50%, 01/01/2048 | 1750 | 1752 |
| Series B, Rev., 5.00%, 01/01/2034 | 2035 | 2342 |
| Series D, Rev., 5.00%, 01/01/2028 | 1900 | 1953 |
| Newark Board of Education, Sustainability Bonds |  |  |
| GO, BAM, 4.00%, 07/15/2034 | 400 | 415 |
| GO, BAM, 4.00%, 07/15/2035 | 410 | 422 |
| GO, BAM, 4.00%, 07/15/2036 | 425 | 435 |
| GO, BAM, 4.00%, 07/15/2037 | 430 | 437 |
| North Hudson Sewerage Authority, Senior Lien Lease Certificates |  |  |
| Rev., 5.00%, 06/01/2039 | 1100 | 1244 |
| Rev., 5.00%, 06/01/2040 | 1100 | 1231 |
| Rev., 5.00%, 06/01/2041 | 1000 | 1107 |
| Rev., 5.00%, 06/01/2042 | 1000 | 1094 |
| South Jersey Port Corp., Marine Terminal, Series B, Rev., AMT, 5.00%, 01/01/2026 | 1015 | 1019 |
| South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037 | 1000 | 1018 |
| South Jersey Port Corp., Subordinate Marine Term, Series B, Rev., AMT, 5.00%, 01/01/2032 | 2140 | 2215 |
| South Jersey Port Corp., Subordinate, Marine Terminal |  |  |
| Series B, Rev., AMT, 5.00%, 01/01/2033 | 1220 | 1259 |
| Series B, Rev., AMT, 5.00%, 01/01/2034 | 1250 | 1286 |
| Series B, Rev., AMT, 5.00%, 01/01/2036 | 1000 | 1022 |
| South Jersey Transportation Authority |  |  |
| Series A, Rev., 5.00%, 11/01/2030 | 500 | 547 |
| Series A, Rev., 5.00%, 11/01/2033 | 1215 | 1311 |
| Series A, Rev., BAM, 5.00%, 11/01/2041 | 2925 | 3063 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Jersey** — **continued** |  |  |
| South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052 | 3100 | 3267 |
| State of New Jersey, Covid-19 Emergency Bonds, General Obligations |  |  |
| Series A, GO, 4.00%, 06/01/2030 | 2000 | 2133 |
| Series A, GO, 5.00%, 06/01/2028 | 4245 | 4525 |
| Tender Option Bond Trust Receipts/Certificates, Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 2.93%, 07/01/2026 (e) (z) | 10220 | 10220 |
| The Gloucester County Improvement Authority, Rowan University Project, Rev., BAM, 5.00%, 07/01/2044 | 900 | 940 |
|  |  | 302608 |
| **New Mexico** — **0.3%** |  |  |
| City of Farmington NM |  |  |
| Rev., 3.88%, 06/01/2040 (z) | 6750 | 6861 |
| City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029 | 3000 | 2840 |
| City of Farmington, Public Service Company, San Juan, Rev., 3.90%, 06/01/2040 (z) | 1000 | 1014 |
| City of Farmington, San Juan and Four Corners |  |  |
| Rev., 2.15%, 04/01/2033 | 4890 | 4222 |
| New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051 | 170 | 155 |
| New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 4.00%, 06/01/2028 | 1070 | 1081 |
| New Mexico Hospital Equipment Loan Council |  |  |
| Rev., 5.00%, 06/01/2030 | 1050 | 1125 |
| Rev., 5.00%, 06/01/2032 | 1000 | 1054 |
| Series A, Rev., 5.00%, 08/01/2044 | 3185 | 3216 |
| New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037 | 500 | 492 |
| New Mexico Mortgage Finance Authority, Series C, Rev., GNMA/FNMA/FHLMC, 4.70%, 09/01/2049 | 1955 | 1950 |
| New Mexico Mortgage Finance Authority, Mountain View II & III Apartments, Rev., HUD, 2.97%, 02/01/2042 (z) | 1500 | 1498 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program |  |  |
| Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 03/01/2054 | 555 | 598 |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049 | 105 | 105 |
| New Mexico Municipal Energy Acquisition Authority, Rev., 5.00%, 06/01/2054 (z) | 4470 | 4813 |
| Santa Fe Public School District, GO, 5.00%, 08/01/2029 | 1375 | 1464 |
| Winrock Town Center, Increment Development District No 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e) | 1750 | 1624 |
|  |  | 34112 |
| **New York** — **12.0%** |  |  |
| Battery Park City Authority, Series B, Rev., 5.00%, 11/01/2036 | 2000 | 2273 |
| Broome County, Local Development Corp., United Health Services Hospital |  |  |
| Rev., 4.00%, 04/01/2039 | 2750 | 2681 |
| Rev., 5.00%, 04/01/2026 | 500 | 505 |
| Build C Resource Corp., Success Academy Charter School |  |  |
| Rev., 4.00%, 09/01/2042 | 1200 | 1120 |
| Rev., 4.00%, 09/01/2043 | 1000 | 927 |
| Rev., 5.00%, 09/01/2036 | 1660 | 1772 |
| Rev., 5.00%, 09/01/2037 | 1475 | 1565 |
| Rev., 5.00%, 09/01/2039 | 1125 | 1177 |
| Build NYC Resource Corp., Rev., 5.00%, 07/01/2026 | 325 | 325 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e) | 1220 | 1159 |
| Build NYC Resource Corp., Family Life Academy Charter Project, Rev., 7.25%, 06/01/2055 (e) | 250 | 260 |
| Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e) | 700 | 685 |
| Build NYC Resource Corp., Grand Concourse Academy Charter School |  |  |
| Rev., 5.00%, 07/01/2042 | 555 | 554 |
| Rev., 5.00%, 07/01/2052 | 700 | 667 |
| City of Long Beach, Series A, GO, 5.00%, 09/01/2027 | 1500 | 1572 |
| City of New York |  |  |
| Series A1, GO, 4.00%, 08/01/2034 | 3000 | 3087 |
| Series A1, GO, 4.00%, 08/01/2036 | 1000 | 1020 |
| Series A1, GO, 5.00%, 08/01/2029 | 2900 | 3168 |
| Series A1, GO, 5.00%, 09/01/2034 | 2000 | 2228 |
| Series A1, GO, 5.00%, 08/01/2041 | 3000 | 3101 |
| Series A1, GO, 5.25%, 09/01/2042 | 8715 | 9319 |
| Series B1, GO, 5.00%, 08/01/2031 | 1000 | 1128 |
| Series B1, GO, 5.00%, 10/01/2031 | 500 | 565 |
| Series B1, GO, 5.00%, 08/01/2035 | 90 | 99 |
| Series B1, GO, 5.25%, 10/01/2047 | 3000 | 3152 |
| Series C1, GO, 5.00%, 08/01/2031 | 500 | 552 |
| Series C4, GO, 5.00%, 10/01/2027 | 5000 | 5253 |
| Series C, GO, 5.00%, 08/01/2027 | 2000 | 2095 |
| Series C, GO, 5.00%, 03/01/2042 | 1340 | 1430 |
| Series C, GO, 5.25%, 03/01/2053 | 15140 | 15934 |
| Series D1, GO, 5.00%, 12/01/2031 | 1380 | 1476 |
| Series D1, GO, 5.00%, 12/01/2036 | 11955 | 12556 |
| Series E, GO, 5.00%, 08/01/2028 | 1625 | 1738 |
| Series E, GO, 5.00%, 08/01/2033 | 2000 | 2135 |
| Series F1, GO, 3.00%, 03/01/2035 | 2135 | 2048 |
| Series F1, GO, 5.00%, 03/01/2043 | 1000 | 1033 |
| Series G1, GO, 5.00%, 02/01/2043 | 1000 | 1068 |
| City of New York NY |  |  |
| GO, 5.00%, 08/01/2031 | 6000 | 6766 |
| GO, 5.00%, 09/01/2041 | 1000 | 1072 |
| City of New York, Fiscal 2001 |  |  |
| Series 2, GO, VRDO, 3.90%, 10/07/2025 (z) | 120 | 120 |
| Series 3, GO, VRDO, 3.90%, 10/01/2025 (z) | 11590 | 11590 |
| City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038 | 5000 | 5255 |
| City of New York, Fiscal 2021 |  |  |
| Series C, GO, 4.00%, 08/01/2037 | 450 | 457 |
| Series C, GO, 5.00%, 08/01/2035 | 4740 | 5103 |
| City of New York, Fiscal 2022 |  |  |
| GO, 5.25%, 05/01/2039 | 200 | 218 |
| GO, 5.25%, 05/01/2041 | 2000 | 2144 |
| GO, 5.50%, 05/01/2044 | 1000 | 1074 |
| City of New York, Fiscal 2024, Series A, GO, 5.00%, 08/01/2028 | 360 | 385 |
| City of New York, Fiscal 2026 |  |  |
| Series A1, GO, 5.00%, 08/01/2041 | 1500 | 1623 |
| Series A1, GO, 5.00%, 08/01/2042 | 1500 | 1619 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| City of New York, Subordinated |  |  |
| Series E1, GO, 4.00%, 04/01/2050 | 8500 | 7684 |
| Series F1, GO, 5.00%, 08/01/2027 | 1750 | 1833 |
| Series F1, GO, 5.00%, 08/01/2028 | 350 | 374 |
| City of Yonkers |  |  |
| Series F, GO, BAM, 5.00%, 11/15/2038 | 500 | 549 |
| Series F, GO, BAM, 5.00%, 11/15/2039 | 1000 | 1090 |
| County of Nassau |  |  |
| Series A, GO, 4.00%, 04/01/2046 | 1300 | 1225 |
| Series B, GO, BAM, 5.00%, 10/01/2027 | 1450 | 1484 |
| Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046 | 6250 | 6166 |
| Empire State Development Corp., Series A, Rev., 5.00%, 03/15/2051 | 4525 | 4687 |
| Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042 | 4000 | 4026 |
| Hudson Yards Infrastructure Corp. |  |  |
| Series A, Rev., 4.00%, 02/15/2047 | 9335 | 8697 |
| Series A, Rev., 5.00%, 02/15/2045 | 2210 | 2234 |
| Long Island Power Authority |  |  |
| Rev., 5.00%, 09/01/2042 | 2070 | 2105 |
| Series A, Rev., 5.00%, 09/01/2037 | 1250 | 1335 |
| Series B, Rev., 1.50%, 09/01/2051 (z) | 8200 | 8077 |
| Long Island Power Authority, Electric System General Revenue Bonds, Series B, Rev., 3.00%, 09/01/2055 (z) | 1500 | 1492 |
| Long Island Power Authority, Green Bond, Series E, Rev., 5.00%, 09/01/2048 | 2440 | 2538 |
| Metropolitan Transportation Authority |  |  |
| Rev., (United States SOFR \* 0.67 + 0.80%), 3.59%, 11/01/2032 (aa) | 430 | 430 |
| Rev., BAM, 4.00%, 11/15/2048 | 4415 | 4003 |
| Rev., 5.00%, 11/15/2049 | 2000 | 2017 |
| Special Tax, 5.25%, 11/15/2042 | 2140 | 2335 |
| Special Tax, 5.25%, 11/15/2045 | 8500 | 9147 |
| Series A2, Rev., 5.00%, 11/15/2045 (z) | 4500 | 4852 |
| Series A, Rev., 5.25%, 11/15/2030 | 1475 | 1519 |
| Series A, Rev., 5.25%, 11/15/2034 | 8000 | 8195 |
| Series B, Rev., 5.00%, 11/15/2025 | 540 | 541 |
| Series C1, Rev., 5.00%, 11/15/2056 | 3100 | 3104 |
| Series D, Rev., BAM, 4.00%, 11/15/2042 | 3295 | 3090 |
| Series D, Rev., 5.00%, 11/15/2027 | 1200 | 1231 |
| Metropolitan Transportation Authority Dedicated Tax Fund, Sustainable Bond, Series A, Special Tax, 5.25%, 11/15/2054 | 2790 | 2949 |
| Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039 | 2500 | 2740 |
| Metropolitan Transportation Authority, Green Bond |  |  |
| Series A2, Rev., 5.00%, 11/15/2027 | 1085 | 1112 |
| Series C2, Rev., Zero Coupon, 11/15/2032 | 500 | 394 |
| Series C, Rev., 5.00%, 11/15/2040 | 2465 | 2540 |
| Series E, Rev., 4.00%, 11/15/2045 | 60 | 54 |
| Series E, Rev., 5.00%, 11/15/2029 | 250 | 272 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Metropolitan Transportation Authority, Green Bonds |  |  |
| Series A2, Rev., 5.00%, 11/15/2025 | 1000 | 1002 |
| Series B1, Rev., 5.00%, 11/15/2046 | 2000 | 2010 |
| Series D1, Rev., 5.00%, 11/15/2043 | 2000 | 2041 |
| Series D3, Rev., 4.00%, 11/15/2049 | 1000 | 899 |
| Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036 | 10000 | 10186 |
| Metropolitan Transportation Authority, Sustainable Bond |  |  |
| Series A, Rev., 5.25%, 11/15/2049 | 2000 | 2092 |
| Series C1, Rev., 4.00%, 11/15/2031 | 2450 | 2491 |
| Series E, Rev., 5.00%, 11/15/2033 | 2400 | 2616 |
| Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026 | 1720 | 1763 |
| Monroe County Industrial Development Corp., Andrews Terrace Community |  |  |
| Rev., HUD, 5.00%, 07/01/2028 (z) | 3915 | 4057 |
| Monroe County Industrial Development Corp., Rochester Regional Health Project |  |  |
| Rev., 5.00%, 12/01/2027 | 1000 | 1042 |
| Rev., 5.00%, 12/01/2028 | 1700 | 1802 |
| Rev., 5.00%, 12/01/2029 | 1900 | 2043 |
| Monroe County Industrial Development Corp., University of Rochester Project, Series A, Rev., 5.00%, 07/01/2053 | 13650 | 14000 |
| MTA Hudson Rail Yards Trust Obligations |  |  |
| Series A, Rev., 5.00%, 11/15/2051 | 10000 | 9997 |
| Series A, Rev., 5.00%, 11/15/2056 | 2000 | 1980 |
| New York City Health and Hospitals Corp. |  |  |
| Series A, Rev., 5.00%, 02/15/2026 | 6055 | 6109 |
| Series A, Rev., 5.00%, 02/15/2027 | 2675 | 2769 |
| New York City Housing Development Corp. |  |  |
| Rev., HUD, 3.70%, 05/01/2064 (z) | 2450 | 2490 |
| Rev., 3.75%, 05/01/2065 (z) | 15550 | 15828 |
| Rev., 4.00%, 12/15/2031 | 205 | 212 |
| Series E, Rev., 3.30%, 05/01/2055 (z) | 2930 | 2931 |
| New York City Housing Development Corp., 8 Spruce Street, Rev., 5.25%, 12/15/2031 | 1000 | 1032 |
| New York City Housing Development Corp., Sustainable Bond |  |  |
| Series A2, Rev., 3.25%, 11/01/2064 (z) | 2725 | 2752 |
| Series E2, Rev., 3.80%, 11/01/2063 (z) | 1300 | 1319 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project |  |  |
| Rev., 2.00%, 01/01/2038 | 675 | 507 |
| Rev., 3.00%, 01/01/2040 | 250 | 210 |
| Series A, Rev., 4.00%, 01/01/2032 | 1000 | 1041 |
| Series A, Rev., 5.00%, 01/01/2027 | 625 | 643 |
| Series A, Rev., 5.00%, 01/01/2029 | 1000 | 1072 |
| Series A, Rev., 5.00%, 01/01/2030 | 1500 | 1636 |
| New York City Industrial Development Agency, Yankee Stadium Project Pilot |  |  |
| Rev., 4.00%, 03/01/2045 | 8825 | 8187 |
| Rev., 5.00%, 03/01/2028 | 1250 | 1321 |
| Rev., 5.00%, 03/01/2029 | 1500 | 1616 |
| Rev., 5.00%, 03/01/2030 | 3900 | 4274 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York City Municipal Water Finance Authority |  |  |
| Rev., VRDO, 3.50%, 10/01/2025 (z) | 6665 | 6665 |
| Rev., VRDO, 4.00%, 10/01/2025 (z) | 11150 | 11150 |
| Rev., 5.00%, 06/15/2037 | 2000 | 2275 |
| Series AA1, Rev., 5.25%, 06/15/2052 | 4610 | 4829 |
| Series AA3, Rev., 5.00%, 06/15/2047 | 4065 | 4212 |
| Series BB, Rev., 3.55%, 06/15/2049 (z) | 29190 | 29190 |
| Series CC1, Rev., 4.00%, 06/15/2052 | 5000 | 4567 |
| Series DD, Rev., 5.00%, 06/15/2034 | 1920 | 2205 |
| New York City Municipal Water Finance Authority, Second General Resolution |  |  |
| Rev., VRDO, 3.50%, 10/01/2025 (z) | 8195 | 8195 |
| Rev., VRDO, 3.65%, 10/01/2025 (z) | 8000 | 8000 |
| Rev., 4.00%, 06/15/2051 | 9205 | 8470 |
| Rev., 5.00%, 06/15/2044 | 2755 | 2901 |
| Rev., 5.00%, 06/15/2046 | 5000 | 5066 |
| Rev., 5.25%, 06/15/2054 | 5000 | 5267 |
| Series BB, Rev., 5.00%, 06/15/2043 | 5535 | 5951 |
| Series CC1, Rev., 5.00%, 06/15/2049 | 5000 | 5092 |
| New York City Municipal Water Finance Authority, Subordinate Fiscal 2025, Series AA, Rev., 5.25%, 06/15/2053 | 15890 | 16899 |
| New York City Municipal Water Finance Authority, Subordinated Second General Resolution, Rev., VRDO, 3.55%, 10/01/2025 (z) | 4300 | 4300 |
| New York City Transitional Finance Authority |  |  |
| Rev., VRDO, 4.00%, 10/01/2025 (z) | 11100 | 11100 |
| Rev., 5.00%, 11/01/2027 | 4490 | 4731 |
| Rev., 5.00%, 05/01/2030 | 2000 | 2221 |
| Rev., 5.00%, 11/01/2034 | 2465 | 2847 |
| Rev., 5.00%, 05/01/2038 | 4900 | 5418 |
| Rev., 5.00%, 11/01/2038 | 3485 | 3872 |
| Rev., 5.00%, 05/01/2041 | 6000 | 6506 |
| Rev., 5.25%, 05/01/2048 | 5165 | 5475 |
| Rev., 5.25%, 05/01/2049 | 3000 | 3174 |
| New York City Transitional Finance Authority Building Aid Revenue, Subordinate |  |  |
| Series S1, Rev., 4.00%, 07/15/2034 | 1000 | 1033 |
| Series S1, Rev., 5.00%, 07/15/2043 | 1505 | 1514 |
| New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029 | 1000 | 1094 |
| New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| Rev., VRDO, 3.52%, 10/01/2025 (z) | 10000 | 10000 |
| Rev., 4.00%, 08/01/2036 | 11260 | 11312 |
| Rev., 5.00%, 11/01/2028 | 600 | 646 |
| Series A4, Rev., VRDO, 3.85%, 10/01/2025 (z) | 11200 | 11200 |
| Series B1, Rev., 4.00%, 08/01/2042 | 17500 | 16584 |
| Series E1, Rev., 3.00%, 02/01/2028 | 730 | 738 |
| Series F1, Rev., 5.00%, 02/01/2039 | 3000 | 3221 |
| Series F1, Rev., 5.00%, 02/01/2041 | 2000 | 2160 |
| Series F1, Rev., 5.00%, 02/01/2045 | 5000 | 5241 |
| Series F1, Rev., 5.00%, 02/01/2046 | 3335 | 3480 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured |  |  |
| Rev., 4.00%, 11/01/2035 | 7000 | 7117 |
| Series A3, Rev., 4.00%, 08/01/2043 | 5645 | 5290 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038 | 1000 | 1010 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Subordinated |  |  |
| Series A3, Rev., 4.00%, 08/01/2042 | 2500 | 2369 |
| Series E1, Rev., 4.00%, 02/01/2041 | 12000 | 11660 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate |  |  |
| Rev., 4.00%, 05/01/2038 | 2000 | 2004 |
| Rev., 5.00%, 11/01/2025 | 255 | 255 |
| Series B1, Rev., 4.00%, 08/01/2036 | 7415 | 7521 |
| Series DS, Rev., 4.00%, 11/01/2038 | 4000 | 3993 |
| Series E1, Rev., 4.00%, 02/01/2046 | 2000 | 1873 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Future Tax Secured, Rev., 4.00%, 11/01/2040 | 5000 | 4917 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Multi Modal, Series A, Rev., 5.00%, 05/01/2040 | 1000 | 1080 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025 | 8000 | 7996 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated |  |  |
| Rev., 5.00%, 11/01/2026 | 1000 | 1027 |
| Rev., 5.00%, 05/01/2031 | 1000 | 1110 |
| Rev., 5.25%, 08/01/2042 | 3000 | 3208 |
| Series A3, Rev., 4.00%, 05/01/2042 | 2000 | 1908 |
| Series A3, Rev., 5.00%, 08/01/2040 | 1720 | 1759 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated Future Tax Secured, Rev., VRDO, 3.50%, 10/01/2025 (z) | 7000 | 7000 |
| New York City Transitional Finance Authority, Building Aid Revenue |  |  |
| Series S2, Rev., 5.00%, 07/15/2031 (w) | 4055 | 4567 |
| Series S2, Rev., 5.00%, 07/15/2042 (w) | 1250 | 1346 |
| New York City Transitional Finance Authority, Fiscal 2025 |  |  |
| Series D, Rev., 5.00%, 05/01/2035 | 900 | 1033 |
| Series D, Rev., 5.00%, 05/01/2036 | 1540 | 1752 |
| New York City Transitional Finance Authority, Multi Modal Bonds Subordinate, Rev., 5.00%, 05/01/2039 | 1500 | 1639 |
| New York City Transitional Finance Authority, Subordinate |  |  |
| Series D1, Rev., 5.00%, 11/01/2034 | 4410 | 5060 |
| Series D1, Rev., 5.00%, 11/01/2037 | 715 | 794 |
| Series D1, Rev., 5.00%, 11/01/2039 | 3000 | 3290 |
| New York City Transitional Finance Authority, Subordinate Fiscal 2025 |  |  |
| Rev., 5.00%, 11/01/2032 | 1315 | 1505 |
| Rev., 5.00%, 11/01/2034 | 1965 | 2269 |
| Rev., 5.00%, 11/01/2038 | 4100 | 4538 |
| Series H, Rev., 5.00%, 11/01/2042 | 1000 | 1078 |
| Series H, Rev., 5.25%, 11/01/2045 | 1500 | 1617 |
| New York City Transitional Finance Authority, Subordinate Fiscal 2026, Series A, Rev., 5.00%, 05/01/2044 | 5000 | 5313 |
| New York City Transitional Finance Authority, Subordinated Bonds |  |  |
| Series E, Rev., 5.00%, 11/01/2039 | 6000 | 6609 |
| Series E, Rev., 5.00%, 11/01/2042 | 900 | 968 |
| Series E, Rev., 5.00%, 11/01/2043 | 2485 | 2646 |
| Series E, Rev., 5.00%, 11/01/2053 | 4500 | 4662 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York City Transitional Finance Authority, Subordinated Future Tax |  |  |
| Rev., 5.00%, 11/01/2039 | 3780 | 4164 |
| Series CS, Rev., 5.00%, 05/01/2045 | 5000 | 5259 |
| New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032 | 500 | 552 |
| New York City Water & Sewer System |  |  |
| Series BB1, Rev., 5.00%, 06/15/2049 | 500 | 509 |
| Series FF, Rev., 5.00%, 06/15/2041 | 2000 | 2108 |
| New York City Water & Sewer System, Second General Resolution |  |  |
| Rev., 5.00%, 06/15/2026 | 1005 | 1023 |
| Series CC1, Rev., 5.00%, 06/15/2048 | 2730 | 2764 |
| Series CC1, Rev., 5.25%, 06/15/2037 | 2345 | 2397 |
| Series DD1, Rev., 5.00%, 06/15/2048 | 3115 | 3164 |
| Series DD2, Rev., 5.00%, 06/15/2040 | 2000 | 2058 |
| Series DD, Rev., 5.00%, 06/15/2047 | 6680 | 6700 |
| New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 3.85%, 10/01/2025 (z) | 12800 | 12800 |
| New York City Water & Sewer System, Water and Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042 | 1180 | 1139 |
| New York Liberty Development Corp. |  |  |
| Rev., 5.25%, 10/01/2035 | 19150 | 22020 |
| Series 1WTC, Rev., 3.00%, 02/15/2042 | 1755 | 1445 |
| Series 1WTC, Rev., 4.00%, 02/15/2043 | 4985 | 4789 |
| New York Liberty Development Corp., 3 World Trade Center, Rev., 5.38%, 11/15/2040 (e) | 1945 | 1945 |
| New York Liberty Development Corp., 7 World Trade Center Project, Rev., 3.13%, 09/15/2050 | 3000 | 2234 |
| New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e) | 30100 | 30100 |
| New York Power Authority |  |  |
| Rev., 4.00%, 11/15/2049 | 2000 | 1837 |
| Rev., 5.00%, 11/15/2041 | 1500 | 1639 |
| New York Power Authority, Green Transmission Project |  |  |
| Rev., 5.00%, 11/15/2028 | 1000 | 1086 |
| Rev., 5.00%, 11/15/2034 | 635 | 712 |
| Rev., 5.00%, 11/15/2035 | 1250 | 1390 |
| New York Power Authority, Sustainable Bonds, Rev., 5.13%, 11/15/2063 | 4000 | 4159 |
| New York State Dormitory Authority |  |  |
| Rev., 5.00%, 10/01/2025 | 1350 | 1350 |
| Rev., 5.00%, 10/01/2026 | 875 | 897 |
| Rev., 5.00%, 07/01/2035 | 750 | 867 |
| Rev., 5.00%, 10/01/2037 | 1000 | 1091 |
| Rev., 5.00%, 10/01/2039 | 860 | 925 |
| Rev., 5.00%, 07/01/2042 | 5000 | 5078 |
| Series A1, Rev., 5.00%, 03/15/2036 | 2500 | 2815 |
| Series A, Rev., 4.00%, 03/15/2039 | 1000 | 1001 |
| Series A, Rev., 4.00%, 03/15/2054 | 8090 | 7375 |
| Series A, Rev., 5.00%, 03/15/2029 (p) | 1070 | 1163 |
| Series A, Rev., 5.00%, 03/15/2034 | 2000 | 2039 |
| Series A, Rev., 5.00%, 03/15/2036 | 1765 | 1995 |
| Series A, Rev., 5.00%, 03/15/2040 | 1000 | 1038 |
| Series A, Rev., 5.00%, 02/15/2043 | 3000 | 3008 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Series A, Rev., 5.00%, 03/15/2044 | 2460 | 2592 |
| Series C, Rev., 5.00%, 03/15/2041 | 690 | 751 |
| Series C, Rev., 5.00%, 03/15/2042 | 1060 | 1142 |
| Series C, Rev., 5.00%, 03/15/2043 | 1435 | 1537 |
| New York State Dormitory Authority, Bidding Group 3, Series A, Rev., 5.00%, 03/15/2054 | 14205 | 14657 |
| New York State Dormitory Authority, Cornell University, Series A, Rev., 5.50%, 07/01/2054 | 5000 | 5432 |
| New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031 | 1227 | 1382 |
| New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p) | 95 | 96 |
| New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034 | 1100 | 1292 |
| New York State Dormitory Authority, Group 2 |  |  |
| Series A, Rev., 5.00%, 03/15/2033 | 2000 | 2195 |
| Series A, Rev., 5.00%, 03/15/2036 | 2015 | 2126 |
| New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037 | 5000 | 5257 |
| New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Rev., 5.00%, 07/01/2040 | 1500 | 1499 |
| New York State Dormitory Authority, Montefiore Obligated Group |  |  |
| Series A, Rev., 5.00%, 08/01/2026 | 900 | 913 |
| Series A, Rev., 5.00%, 08/01/2031 | 1010 | 1042 |
| New York State Dormitory Authority, Northwell Health Obligated |  |  |
| Rev., 5.00%, 05/01/2034 | 13180 | 14882 |
| Rev., 5.25%, 05/01/2054 | 5000 | 5148 |
| New York State Dormitory Authority, Northwell Health Obligated Group |  |  |
| Rev., 4.00%, 05/01/2045 | 6500 | 5898 |
| Rev., 4.25%, 05/01/2052 | 4930 | 4431 |
| Rev., 5.00%, 05/01/2052 | 3000 | 3037 |
| New York State Dormitory Authority, Refunded General Purpose, Series B, Rev., 5.00%, 02/15/2026 (p) | 2835 | 2860 |
| New York State Dormitory Authority, Roswell Park Cancer Institute, Rev., 5.50%, 07/01/2050 | 2500 | 2674 |
| New York State Dormitory Authority, Second Bond Financing Program |  |  |
| Rev., 5.00%, 10/01/2029 | 2000 | 2203 |
| Rev., 5.00%, 10/01/2030 | 2670 | 2996 |
| Rev., 5.00%, 10/01/2036 | 260 | 285 |
| New York State Dormitory Authority, St John's University, Series A, Rev., 4.00%, 07/01/2048 | 1000 | 875 |
| New York State Dormitory Authority, Unrefunded, Series A, Rev., 5.00%, 03/15/2029 | 1930 | 2095 |
| New York State Dormitory Authority, Unrefunded 2024 Bidding Group, Rev., 5.00%, 03/15/2029 | 2000 | 2171 |
| New York State Dormitory Authority, Unrefunded General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p) | 5 | 5 |
| New York State Dormitory Authority, Unrefunded Group 2, Series E, Rev., 5.00%, 03/15/2028 (p) | 1000 | 1064 |
| New York State Dormitory Authority, White Plains Hospital Obligated |  |  |
| Rev., 5.00%, 10/01/2039 | 750 | 803 |
| Rev., 5.25%, 10/01/2040 | 500 | 540 |
| Rev., 5.25%, 10/01/2041 | 525 | 560 |
| Rev., 5.25%, 10/01/2049 | 2025 | 2041 |
| New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037 | 2500 | 2579 |
| New York State Energy Research & Development Authority |  |  |
| Series A, Rev., 3.80%, 08/01/2032 | 6710 | 6911 |
| Series B, Rev., 3.80%, 08/01/2032 | 6240 | 6427 |
| Series C, Rev., 3.80%, 08/01/2032 | 6750 | 6953 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project |  |  |
| Rev., 5.00%, 09/15/2028 | 575 | 621 |
| Rev., 5.00%, 09/15/2031 | 250 | 286 |
| New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System, Inc. Project, Rev., AMT, 4.25%, 09/01/2050 (e) (z) | 1100 | 1110 |
| New York State Housing Finance Agency, Series B2, Rev., HUD, SONYMA, 3.60%, 11/01/2064 (z) | 11000 | 11116 |
| New York State Housing Finance Agency, Housing 160 West 62nd Street, Rev., 3.60%, 11/01/2044 (z) | 2805 | 2862 |
| New York State Housing Finance Agency, Sustainability Bonds |  |  |
| Series B, Rev., HUD, SONYMA, 3.60%, 11/01/2062 (z) | 1705 | 1705 |
| Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z) | 4045 | 3902 |
| New York State Thruway Authority |  |  |
| Series A1, Rev., 4.00%, 03/15/2041 | 500 | 487 |
| Series A1, Rev., 5.00%, 03/15/2033 | 1000 | 1109 |
| Series A, Rev., 5.00%, 01/01/2041 | 6000 | 6003 |
| New York State Thruway Authority, Bidding Group 4, Series A, Rev., 5.00%, 03/15/2051 | 5000 | 5198 |
| New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041 | 3120 | 3052 |
| New York State Urban Development Corp. |  |  |
| Series A, Rev., 4.00%, 03/15/2042 | 2000 | 1939 |
| Series E, Rev., 4.00%, 03/15/2046 | 10000 | 9201 |
| New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050 | 4000 | 2933 |
| New York State Urban Development Corp., Group 2, Series E, Rev., 4.00%, 03/15/2038 | 1000 | 1004 |
| New York State Urban Development Corp., Personal Income Tax |  |  |
| Rev., 4.00%, 03/15/2037 | 2000 | 2018 |
| Rev., 4.00%, 03/15/2041 | 5000 | 4876 |
| Rev., 5.00%, 03/15/2030 | 500 | 554 |
| Series C3, Rev., 5.00%, 03/15/2038 | 1860 | 1914 |
| New York State Urban Development Corp., State Personal Income Tax |  |  |
| Rev., 4.00%, 03/15/2042 | 2000 | 1923 |
| Series AG, Rev., 5.00%, 03/15/2038 | 5000 | 5108 |
| New York State Urban Development Corp., State Personal Income Tax, General Purpose |  |  |
| Series A, Rev., 5.00%, 03/15/2042 | 5000 | 5114 |
| Series B, Rev., 3.54%, 03/15/2028 (p) | 7000 | 6957 |
| New York State Urban Development Corp., Sustainable Bond State Person, Rev., 5.00%, 03/15/2063 | 25905 | 26652 |
| New York Transportation Development Corp. |  |  |
| Rev., AMT, 5.00%, 01/01/2036 | 5405 | 5491 |
| Rev., AMT, 5.00%, 12/01/2036 | 4000 | 4221 |
| Rev., AMT, 5.00%, 06/30/2049 | 12000 | 12030 |
| Rev., AMT, 5.00%, 06/30/2054 | 5000 | 4989 |
| Rev., AMT, 5.25%, 06/30/2049 | 5000 | 5044 |
| Rev., AMT, 5.50%, 06/30/2060 | 13500 | 13623 |
| New York Transportation Development Corp., American Airlines Inc |  |  |
| Rev., AMT, 2.25%, 08/01/2026 | 200 | 198 |
| Rev., AMT, 5.00%, 08/01/2026 | 1880 | 1881 |
| New York Transportation Development Corp., Delta Air Lines, Inc, LaGuardia |  |  |
| Rev., AMT, 4.38%, 10/01/2045 | 11130 | 10244 |
| Rev., AMT, 5.00%, 01/01/2032 | 3000 | 3083 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 4.00%, 10/01/2030 | 2500 | 2535 |
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035 | 11000 | 11492 |
| New York Transportation Development Corp., John F. Kennedy International Airport, Rev., AMT, 5.38%, 08/01/2036 | 2000 | 2079 |
| New York Transportation Development Corp., LaGuardia Airport Terminal |  |  |
| Rev., AMT, 5.63%, 04/01/2040 | 15355 | 16045 |
| Rev., AMT, 6.00%, 04/01/2035 | 5000 | 5496 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B |  |  |
| Rev., AMT, 4.00%, 07/01/2033 | 2500 | 2500 |
| Rev., AMT, 5.00%, 07/01/2046 | 16280 | 16118 |
| Rev., AMT, 5.25%, 01/01/2050 | 15195 | 15194 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment |  |  |
| Rev., AMT, 4.00%, 07/01/2031 | 4500 | 4500 |
| Rev., AMT, 4.00%, 07/01/2032 | 11200 | 11202 |
| Rev., AMT, 4.00%, 07/01/2035 | 5080 | 5047 |
| Rev., AMT, 5.00%, 07/01/2041 | 1000 | 1000 |
| New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034 | 600 | 599 |
| New York Transportation Development Corp., Sustainable Bond, JFK International Airport |  |  |
| Rev., AMT, 4.50%, 12/31/2054 | 3000 | 2826 |
| Rev., AMT, 5.00%, 06/30/2049 | 14750 | 14779 |
| Rev., AMT, 5.38%, 06/30/2060 | 3920 | 3878 |
| Rev., AMT, 5.50%, 06/30/2043 | 1585 | 1640 |
| Rev., AMT, 5.50%, 06/30/2054 | 4500 | 4575 |
| Rev., AMT, 5.50%, 12/31/2054 | 12000 | 12320 |
| Rev., AMT, 5.50%, 12/31/2060 | 5000 | 5103 |
| Rev., AMT, 6.00%, 06/30/2043 | 2000 | 2217 |
| Rev., AMT, 6.00%, 06/30/2044 | 2650 | 2869 |
| Rev., AMT, 6.00%, 06/30/2050 | 8000 | 8537 |
| Rev., AMT, 6.00%, 06/30/2054 | 14075 | 14667 |
| New York Transportation Development Corp., Terminal 4 JFK International |  |  |
| Rev., AMT, 5.00%, 12/01/2030 | 1710 | 1857 |
| Rev., AMT, 5.00%, 12/01/2032 | 2005 | 2192 |
| Rev., AMT, 5.00%, 12/01/2033 | 1000 | 1061 |
| Rev., AMT, 5.00%, 12/01/2037 | 3500 | 3666 |
| Rev., AMT, 5.00%, 12/01/2038 | 1000 | 1039 |
| New York Transportation Development Corp., Terminal 4 JFK International Airport |  |  |
| Rev., AMT, 5.00%, 12/01/2030 | 4170 | 4529 |
| Rev., AMT, 5.00%, 12/01/2035 | 1000 | 1064 |
| New York Transportation Development Corp., Terminal 4 John F Kennedy International |  |  |
| Rev., AMT, 4.00%, 12/01/2038 | 300 | 284 |
| Rev., AMT, 4.00%, 12/01/2039 | 300 | 281 |
| Rev., AMT, 4.00%, 12/01/2040 | 1475 | 1362 |
| Rev., AMT, 4.00%, 12/01/2041 | 300 | 272 |
| Rev., AMT, 4.00%, 12/01/2042 | 300 | 267 |
| Rev., 5.00%, 12/01/2025 | 200 | 201 |
| Rev., 5.00%, 12/01/2026 | 995 | 1019 |
| Rev., 5.00%, 12/01/2027 | 200 | 209 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Rev., 5.00%, 12/01/2028 | 200 | 214 |
| Rev., 5.00%, 12/01/2037 | 250 | 265 |
| Rev., 5.00%, 12/01/2038 | 2250 | 2369 |
| Onondaga Civic Development Corp. |  |  |
| Rev., 5.00%, 12/01/2039 | 1000 | 1116 |
| Rev., 5.25%, 12/01/2042 | 1000 | 1109 |
| Port Authority of New York & New Jersey |  |  |
| Rev., AMT, 5.00%, 11/15/2042 | 1500 | 1515 |
| Series 207, Rev., AMT, 5.00%, 09/15/2027 | 2210 | 2300 |
| Series 207, Rev., AMT, 5.00%, 09/15/2028 | 1080 | 1133 |
| Series 207, Rev., AMT, 5.00%, 09/15/2031 | 5000 | 5226 |
| Series 226, Rev., AMT, 5.00%, 10/15/2031 | 4500 | 4974 |
| Series 226, Rev., AMT, 5.00%, 10/15/2032 | 1250 | 1370 |
| Series 226, Rev., AMT, 5.00%, 10/15/2036 | 2040 | 2173 |
| Series 242, Rev., AMT, 5.00%, 12/01/2042 | 7000 | 7233 |
| Port Authority of New York & New Jersey, Consolidated |  |  |
| Series 197, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3045 |
| Series 206, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3110 |
| Series 221, Rev., AMT, 5.00%, 07/15/2031 | 1620 | 1752 |
| Series 221, Rev., AMT, 5.00%, 07/15/2032 | 2620 | 2817 |
| Port Authority of New York & New Jersey, Consolidated 211, Rev., 4.00%, 09/01/2043 | 18590 | 17785 |
| Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038 | 670 | 732 |
| Port Authority of New York & New Jersey, Consolidated Bond Two, Rev., AMT, 5.50%, 08/01/2052 | 8500 | 8938 |
| Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039 | 1250 | 1322 |
| Port Authority of New York & New Jersey, Consolidated Bonds |  |  |
| Series 221, Rev., AMT, 4.00%, 07/15/2039 | 5000 | 4868 |
| Series 221, Rev., AMT, 4.00%, 07/15/2040 | 3715 | 3548 |
| Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, Series 222, Rev., 4.00%, 07/15/2036 | 10250 | 10417 |
| Port Authority of New York & New Jersey, Consolidated One Hundred Eighty Third, Rev., 4.00%, 12/15/2039 | 6000 | 5963 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue, Social Bonds, Series 253, Rev., SONYMA, AMT, 4.70%, 10/01/2038 | 2030 | 2052 |
| State of New York Mortgage Agency, Social Bonds, Series 233, Rev., 3.00%, 10/01/2045 | 1505 | 1487 |
| State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052 | 85 | 85 |
| Suffolk Regional Off-Track Betting Co., Rev., 6.00%, 12/01/2053 | 1000 | 1010 |
| Triborough Bridge & Tunnel Authority |  |  |
| Rev., 5.25%, 05/15/2054 | 9940 | 10494 |
| Series A2, Rev., 2.00%, 05/15/2045 (z) | 4250 | 4082 |
| Series A, Rev., 5.00%, 11/15/2041 | 1975 | 1981 |
| Series A, Rev., 5.00%, 11/15/2047 | 2500 | 2574 |
| Series A, Rev., 5.00%, 11/15/2049 | 3040 | 3111 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |  |
| Series A1, Rev., 5.00%, 05/15/2049 | 2600 | 2717 |
| Series A1, Rev., 5.00%, 05/15/2054 | 2355 | 2445 |
| Series A1, Rev., 5.25%, 05/15/2059 | 16710 | 17629 |
| Series A1, Rev., 5.25%, 05/15/2064 | 5000 | 5260 |
| Series A2, Rev., 5.25%, 05/15/2064 | 24000 | 25144 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Triborough Bridge & Tunnel Authority, Green Bond |  |  |
| Series E1, Rev., 5.00%, 11/15/2027 | 1155 | 1211 |
| Series E-2B, Rev., 5.00%, 11/15/2032 | 575 | 656 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047 | 5250 | 5422 |
| Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Rev., 5.00%, 11/15/2026 | 2440 | 2511 |
| Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels |  |  |
| Series A, Rev., 5.00%, 11/15/2042 | 2000 | 2158 |
| Series A, Rev., 5.00%, 11/15/2043 | 3500 | 3751 |
| Series A, Rev., 5.00%, 11/15/2045 | 2000 | 2122 |
| Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Green Bonds, Rev., 5.00%, 11/15/2029 | 1615 | 1787 |
| Triborough Bridge & Tunnel Authority, Sales Tax Revenue, MTA Bridges & Tunnels TBTA Capital Lockbox Fund, Rev., 5.25%, 05/15/2062 | 7500 | 7828 |
| Triborough Bridge & Tunnel Authority, Senior |  |  |
| Series C, Rev., 5.00%, 05/15/2040 | 5000 | 5343 |
| Series C, Rev., 5.00%, 05/15/2047 | 1000 | 1033 |
| Triborough Bridge & Tunnel Authority, Senior Lien |  |  |
| Rev., 5.00%, 05/15/2050 (z) | 7000 | 7093 |
| Series C, Rev., 5.25%, 05/15/2052 | 10000 | 10449 |
| Series C1-A, Rev., 5.00%, 05/15/2038 | 2000 | 2159 |
| Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels |  |  |
| Rev., 5.00%, 05/15/2035 | 2000 | 2226 |
| Rev., 5.00%, 05/15/2036 | 2000 | 2209 |
| Rev., 5.00%, 05/15/2038 | 4240 | 4608 |
| Triborough Bridge & Tunnel Authority, TBTA Capital Lockbox Fund |  |  |
| Rev., 4.50%, 12/01/2056 | 4085 | 3976 |
| Rev., 5.00%, 12/01/2036 | 500 | 574 |
| Rev., 5.00%, 12/01/2043 | 1400 | 1484 |
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036 | 750 | 753 |
| TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048 | 6780 | 5889 |
| Utility Debt Securitization Authority |  |  |
| Series 1, Rev., 5.00%, 12/15/2031 | 3000 | 3304 |
| Series 1, Rev., 5.00%, 12/15/2039 | 1000 | 1117 |
| Utility Debt Securitization Authority, Restructuring Bonds |  |  |
| Rev., 5.00%, 12/15/2033 | 1500 | 1505 |
| Series TE, Rev., 5.00%, 12/15/2029 | 1500 | 1661 |
| Westchester County Local Development Corp., Rev., 5.00%, 07/01/2056 (e) | 2000 | 1721 |
| Westchester County Local Development Corp., Westchester Med. Ctr. Obligated |  |  |
| Rev., 5.00%, 11/01/2047 | 5610 | 5730 |
| Rev., 5.75%, 11/01/2048 | 1400 | 1497 |
| Rev., 5.75%, 11/01/2049 | 2000 | 2136 |
| Rev., 6.25%, 11/01/2052 | 420 | 420 |
| Westchester County Local Development Corp., Westchester Medical Center |  |  |
| Rev., 5.00%, 11/01/2032 | 1500 | 1458 |
| Rev., 5.00%, 11/01/2046 | 3500 | 3140 |
| Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e) | 140 | 138 |
|  |  | 1620917 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **North Carolina** — **1.1%** |  |  |
| Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z) | 2285 | 2144 |
| Charlotte-Mecklenburg Hospital Authority, The Atrium Health, Series D, Rev., 3.63%, 01/15/2048 (z) | 2200 | 2228 |
| City of Charlotte Airport Revenue, Rev., 5.00%, 07/01/2040 | 2375 | 2563 |
| City of Charlotte Airport Revenue, Airport, Series A, Rev., 4.00%, 07/01/2036 | 1520 | 1548 |
| City of Charlotte Airport Revenue, Charlotte Douglas International, Rev., AMT, 5.00%, 07/01/2026 | 1315 | 1335 |
| City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International |  |  |
| Rev., 5.00%, 07/01/2049 | 5000 | 5092 |
| Rev., AMT, 5.00%, 07/01/2049 | 7335 | 7399 |
| City of Charlotte NC Water & Sewer System Revenue, Rev., 5.00%, 07/01/2041 | 500 | 548 |
| City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027 | 1315 | 1363 |
| City of Mebane, Combined Utilities Revenue, Rev., 4.00%, 08/01/2044 | 1175 | 1116 |
| Columbus County Industrial Facilities & Pollution Control Financing Authority |  |  |
| Rev., 3.45%, 11/01/2033 (z) | 2500 | 2514 |
| Rev., 4.20%, 05/01/2034 | 1000 | 1024 |
| County of Cumberland, Qualified School Construction Bonds, COP, 1.25%, 12/15/2025 | 4000 | 3977 |
| County of Macon NC, Rev., 4.00%, 10/01/2043 | 650 | 624 |
| Greater Asheville Regional Airport Authority |  |  |
| Rev., AMT, 5.25%, 07/01/2040 | 500 | 530 |
| Rev., AMT, 5.25%, 07/01/2041 | 415 | 437 |
| Rev., AMT, 5.25%, 07/01/2048 | 13150 | 13454 |
| Inlivian, Rev., 3.30%, 11/10/2043 (z) | 1130 | 1141 |
| North Carolina Department of Transportation, I-77 Hot Lanes Project, Rev., AMT, 5.00%, 06/30/2054 | 5325 | 5325 |
| North Carolina Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 3.20%, 07/01/2056 (z) | 3760 | 3760 |
| Rev., GNMA/FNMA/FHLMC, 4.35%, 01/01/2044 | 1075 | 1068 |
| Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2044 | 835 | 831 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 920 | 1030 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 3690 | 4079 |
| Series 44, Rev., 2.30%, 01/01/2031 | 1030 | 971 |
| Series 44, Rev., 4.00%, 07/01/2050 | 180 | 182 |
| Series 45, Rev., GNMA/FNMA/FHLMC, 1.90%, 01/01/2032 | 1525 | 1368 |
| North Carolina Housing Finance Agency, 1998 Trust Agreement, Series 5, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2056 | 2120 | 2390 |
| North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 | 620 | 613 |
| North Carolina Housing Finance Agency, Sustainable Bond 1998 Trust Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 2075 | 2259 |
| North Carolina Housing Finance Agency, Sustainable Bonds 1998 Trust |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2043 | 4915 | 5021 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 4685 | 5085 |
| North Carolina Medical Care Commission, CaroMont Health, Series A, Rev., 4.00%, 02/01/2036 | 1875 | 1893 |
| North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041 | 1050 | 949 |
| North Carolina Medical Care Commission, Penick Village Project, Series A, Rev., 5.50%, 09/01/2054 | 460 | 449 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **North Carolina** — **continued** |  |  |
| North Carolina Medical Care Commission, Presbyterian Homes Obligations |  |  |
| Series A, Rev., 4.00%, 10/01/2027 | 600 | 604 |
| Series A, Rev., 4.00%, 10/01/2040 | 1600 | 1475 |
| Series A, Rev., 4.00%, 10/01/2045 | 2250 | 1942 |
| North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031 | 1760 | 1925 |
| North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041 | 830 | 735 |
| North Carolina Medical Care Commission, Vidant Health, Rev., 5.00%, 06/01/2045 | 1145 | 1145 |
| North Carolina State Education Assistance Authority, Series A, Rev., AMT, 5.00%, 06/01/2045 | 4020 | 4151 |
| North Carolina State Education Assistance Authority, Senior Bonds, Series A, Rev., AMT, 5.00%, 06/01/2043 | 1355 | 1402 |
| North Carolina Turnpike Authority, Senior Lien, Rev., 5.00%, 01/01/2038 | 2375 | 2463 |
| North Carolina Turnpike Authority, Triangle Expressway System |  |  |
| Rev., 5.00%, 01/01/2053 | 2000 | 2053 |
| Rev., 5.00%, 01/01/2058 | 14995 | 15357 |
| North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., 5.00%, 01/01/2049 | 1000 | 1014 |
| Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032 | 505 | 518 |
| State of North Carolina, Rev., 3.00%, 05/01/2028 | 3000 | 2986 |
| State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027 | 2750 | 2862 |
| State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029 | 1000 | 1085 |
| The Charlotte-Mecklenburg Hospital Authority, Atrium Health, Rev., VRDO, LOC: Royal Bank of Canada, 3.65%, 10/01/2025 (z) | 15000 | 15000 |
| University of North Carolina at Chapel Hill, Series A, Rev., (United States SOFR \* 0.67 + 1.05%), 3.84%, 12/01/2041 (aa) | 3000 | 3014 |
| University of North Carolina at Wilmington, Rev., 5.00%, 06/01/2028 | 1400 | 1402 |
| Western Carolina University, Series B, Rev., 5.00%, 04/01/2031 | 2120 | 2323 |
|  |  | 149766 |
| **North Dakota** — **0.4%** |  |  |
| Cass County Joint Water Resource District, Series A, Rev., CNTY GTD, 3.45%, 04/01/2027 | 17250 | 17261 |
| City of Grand Forks, Altru Health System |  |  |
| Rev., 5.00%, 12/01/2031 | 1500 | 1606 |
| Series A, Rev., 5.00%, 12/01/2041 | 1000 | 1041 |
| City of Horace |  |  |
| Series C, GO, 4.50%, 05/01/2039 | 1780 | 1783 |
| Series C, GO, 4.75%, 05/01/2044 | 1885 | 1830 |
| County of Ward, Trinity Obligation Group |  |  |
| Series C, Rev., 5.00%, 06/01/2043 | 2500 | 2386 |
| Series C, Rev., 5.00%, 06/01/2048 | 4000 | 3741 |
| Series C, Rev., 5.00%, 06/01/2053 | 2000 | 1832 |
| North Dakota Housing Finance Agency |  |  |
| Rev., 4.65%, 07/01/2044 | 5000 | 5059 |
| Series B, Rev., 3.00%, 07/01/2051 | 1235 | 1223 |
| Series C, Rev., 4.00%, 01/01/2050 | 460 | 466 |
| North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052 | 35 | 35 |
| North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049 | 1460 | 1470 |
| North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052 | 765 | 753 |
| North Dakota Housing Finance Agency, Social Bonds Home Mortgage Finance Program, Rev., 5.75%, 01/01/2054 | 455 | 487 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **North Dakota — continued** |  |  |
| North Dakota Housing Finance Agency, Social Bonds Home Mortgage Financing, Rev., 5.75%, 07/01/2053 | 1125 | 1197 |
| North Dakota Housing Finance Agency, Sustainable Bonds Home Mortgage, Rev., 6.25%, 01/01/2054 | 3520 | 3832 |
| North Dakota Public Finance Authority, Rev., 5.00%, 10/01/2038 | 4840 | 5398 |
| University of North Dakota, Series A, COP, 4.00%, 06/01/2046 | 1480 | 1414 |
| West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026 | 300 | 303 |
|  |  | 53117 |
| **Ohio** — **2.0%** |  |  |
| Akron Bath Copley Joint Township Hospital District |  |  |
| Rev., 4.00%, 11/15/2036 | 1000 | 1016 |
| Rev., 5.00%, 11/15/2030 | 700 | 760 |
| Rev., 5.25%, 11/15/2046 | 6275 | 6354 |
| Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical, Rev., 4.00%, 11/15/2042 | 1265 | 1179 |
| Akron Bath Copley Joint Township Hospital District, Summa Health Obligations |  |  |
| Rev., 4.00%, 11/15/2034 | 500 | 511 |
| Rev., 4.00%, 11/15/2035 | 1000 | 1018 |
| Rev., 4.00%, 11/15/2038 | 750 | 754 |
| Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligation Group, Rev., 4.00%, 11/15/2037 | 1600 | 1620 |
| American Municipal Power, Inc., Fremont Energy Center Project |  |  |
| Rev., 4.00%, 02/15/2036 | 1750 | 1773 |
| Rev., 5.00%, 02/15/2026 | 600 | 605 |
| American Municipal Power, Inc., Prairie State Energy Campus, Rev., 5.00%, 02/15/2026 | 2500 | 2522 |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series B2, Rev., 5.00%, 06/01/2055 | 18415 | 15709 |
| Series B, Rev., Zero Coupon, 06/01/2057 | 5000 | 467 |
| City of Chillicothe, Adena Health System, Rev., 5.00%, 12/01/2047 | 10410 | 10448 |
| City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035 | 1085 | 1086 |
| Columbus Metropolitan Housing Authority, Rev., 4.00%, 06/01/2034 | 2000 | 1993 |
| Columbus Regional Airport Authority, Rev., AMT, 5.00%, 01/01/2033 | 4275 | 4691 |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport |  |  |
| Rev., 5.00%, 01/01/2044 | 2700 | 2845 |
| Rev., AMT, 5.25%, 01/01/2041 | 6500 | 6898 |
| Columbus-Franklin County Finance Authority |  |  |
| Rev., 5.00%, 12/01/2029 (e) | 805 | 843 |
| Rev., 5.00%, 12/01/2038 (e) | 1345 | 1374 |
| Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051 | 1750 | 1698 |
| Columbus-Franklin County Finance Authority, Dering Family Homes Project, Rev., HUD, 5.00%, 07/01/2045 (z) | 2200 | 2241 |
| County of Allen OH Hospital Facilities Revenue, Rev., 4.00%, 12/01/2040 | 1415 | 1366 |
| County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027 | 50 | 52 |
| County of Butler, UC Health, Rev., 5.00%, 11/15/2030 | 1300 | 1328 |
| County of Franklin, Nationwide Children's Hospital |  |  |
| Rev., 4.00%, 11/01/2040 | 2000 | 1938 |
| Rev., 5.00%, 11/01/2031 | 1000 | 1119 |
| County of Hamilton OH Sewer System Revenue, Rev., 5.00%, 12/01/2049 | 2915 | 3048 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Ohio** — **continued** |  |  |
| County of Hamilton, TriHealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040 | 1510 | 1578 |
| County of Hamilton, Uc Health |  |  |
| Series A, Rev., 5.50%, 08/01/2039 | 1000 | 1072 |
| Series A, Rev., 5.50%, 08/01/2042 | 3000 | 3106 |
| Series A, Rev., 5.50%, 08/01/2051 | 1000 | 1009 |
| County of Lucas, ProMedica Healthcare Obligated Group, Rev., 5.25%, 11/15/2048 | 3120 | 3078 |
| County of Miami, Improvement, Kettering Health Network, Rev., 5.00%, 08/01/2049 | 2000 | 2007 |
| County of Montgomery, Dayton Children's Hospital |  |  |
| Rev., 5.00%, 08/01/2027 | 725 | 754 |
| Rev., 5.00%, 08/01/2029 | 145 | 157 |
| Rev., 5.00%, 08/01/2033 | 230 | 253 |
| County of Montgomery, Kettering Health Network Obligations, Rev., 4.00%, 08/01/2041 | 1200 | 1131 |
| County of Van Wert, Van Wert Health Obligated, Rev., 6.13%, 12/01/2049 (p) | 1900 | 2120 |
| County of Warren, Otterbein Homes Obligated Group |  |  |
| Rev., 5.00%, 07/01/2031 | 845 | 924 |
| Rev., 5.00%, 07/01/2032 | 800 | 881 |
| Rev., 5.00%, 07/01/2042 | 1380 | 1415 |
| Franklin County Convention Facilities Authority, Greater Columbus Convention Center, Rev., 5.00%, 12/01/2044 | 1000 | 957 |
| Jefferson County Port Authority, JSW Steel USA Ohio, Rev., AMT, 5.00%, 12/01/2053 (e) (z) | 5835 | 5902 |
| JobsOhio Beverage System, Series A, Rev., 2.83%, 01/01/2038 | 15000 | 12538 |
| Miami University |  |  |
| Series A, Rev., 5.00%, 09/01/2028 | 515 | 551 |
| Series A, Rev., 5.00%, 09/01/2030 | 1005 | 1122 |
| Series A, Rev., 5.00%, 09/01/2037 | 925 | 1033 |
| Northeast Ohio Medical University, Rev., BAM, 5.00%, 12/01/2043 | 1475 | 1495 |
| Ohio Air Quality Development Authority |  |  |
| Rev., AMT, 3.70%, 04/01/2028 | 3345 | 3349 |
| Rev., AMT, 3.70%, 10/01/2028 | 3345 | 3349 |
| Ohio Air Quality Development Authority, American Electric Power Co. Project, Rev., AMT, 2.50%, 08/01/2040 (z) | 2500 | 2392 |
| Ohio Air Quality Development Authority, AMG Vanadium Project, Rev., AMT, 5.00%, 07/01/2049 (e) | 9000 | 8234 |
| Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z) | 7000 | 7158 |
| Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z) | 7205 | 7354 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z) | 1000 | 957 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Rev., 1.50%, 02/01/2026 (z) | 120 | 120 |
| Ohio Higher Educational Facility Commission, Rev., 4.00%, 10/01/2050 | 1500 | 1186 |
| Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 3.12%, 12/01/2042 (aa) | 155 | 154 |
| Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040 | 1065 | 1075 |
| Ohio Higher Educational Facility Commission, Senior University Circle, Inc., Rev., 5.00%, 01/15/2050 | 1000 | 1002 |
| Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034 | 1125 | 1209 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Ohio** — **continued** |  |  |
| Ohio Housing Finance Agency |  |  |
| Rev., 3.35%, 07/01/2043 (z) | 5000 | 5047 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2055 | 1225 | 1348 |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048 | 670 | 677 |
| Ohio Housing Finance Agency, Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2052 | 5360 | 5323 |
| Ohio Housing Finance Agency, Thornwood Commons, Rev., FHA HUD, 5.00%, 12/01/2026 (z) | 2000 | 2006 |
| Ohio State University (The), Sustainable Bonds Multiyear Debt, Rev., 4.00%, 12/01/2041 | 2060 | 2023 |
| Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038 | 1500 | 1511 |
| Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure |  |  |
| Rev., 5.00%, 02/15/2028 | 500 | 530 |
| Rev., 5.00%, 02/15/2033 | 365 | 418 |
| Ohio Water Development Authority |  |  |
| Series A, Rev., 5.00%, 06/01/2029 | 500 | 542 |
| Series A, Rev., 5.00%, 12/01/2039 | 4000 | 4464 |
| Series A, Rev., 5.00%, 12/01/2043 | 2250 | 2436 |
| Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| Series A, Rev., 5.00%, 12/01/2030 | 3000 | 3378 |
| Series B, Rev., 3.00%, 12/01/2034 | 125 | 122 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Sustainable Bonds Water Pollution, Rev., 5.00%, 12/01/2033 | 4420 | 5101 |
| Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031 | 300 | 340 |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, Sustainable Bond, Series D, Rev., 5.00%, 12/01/2038 | 1400 | 1565 |
| Port of Greater Cincinnati Development Authority |  |  |
| Rev., 4.25%, 12/01/2048 | 4865 | 4636 |
| Rev., 5.00%, 12/01/2053 | 5985 | 6103 |
| Port of Greater Cincinnati Development Authority, Subordinated Duke Energy, Rev., 5.00%, 12/01/2063 | 3000 | 3025 |
| State of Ohio |  |  |
| Rev., VRDO, 3.15%, 10/07/2025 (z) | 20250 | 20250 |
| Rev., 5.25%, 08/15/2048 | 3000 | 3196 |
| Series A, GO, 5.00%, 03/01/2034 | 1000 | 1146 |
| Series X, GO, 5.00%, 05/01/2035 | 300 | 336 |
| State of Ohio, Cleveland Clinic, Rev., 5.00%, 01/01/2039 (p) | 105 | 119 |
| State of Ohio, Cleveland Clinic Health System |  |  |
| Rev., 5.00%, 01/01/2033 | 2410 | 2697 |
| Rev., 5.00%, 01/01/2034 | 2425 | 2694 |
| Series A, Rev., 5.00%, 01/01/2027 | 940 | 968 |
| State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030 | 125 | 139 |
| State of Ohio, Garvee |  |  |
| Series 1A, Rev., 5.00%, 12/15/2025 | 800 | 804 |
| Series 1A, Rev., 5.00%, 12/15/2028 | 1000 | 1078 |
| Series 2022-1, Rev., 5.00%, 12/15/2028 | 1000 | 1079 |
| Series 2022-1, Rev., 5.00%, 12/15/2031 | 1000 | 1118 |
| State of Ohio, Higher Education, Series C, GO, 5.00%, 08/01/2028 (p) | 350 | 375 |
| State of Ohio, Infrastructure Improvement, GO, 5.00%, 03/01/2034 | 1000 | 1128 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Ohio — continued** |  |  |
| State of Ohio, Premier Health Partners |  |  |
| Rev., 4.00%, 11/15/2039 | 1320 | 1238 |
| Rev., 4.00%, 11/15/2041 | 1450 | 1309 |
| Rev., 5.00%, 11/15/2028 | 680 | 713 |
| State of Ohio, University Hospital Health, Rev., VRDO, 3.15%, 10/01/2025 (z) | 1500 | 1500 |
| State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037 | 1000 | 992 |
| State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041 | 1000 | 1001 |
| State of Ohio, Unrefunded Cleveland Clinic, Rev., 5.00%, 01/01/2039 | 465 | 498 |
| Summit County Development Finance Authority, University of Akron Parking Project, Rev., 5.63%, 12/01/2048 | 4645 | 4817 |
| University of Cincinnati |  |  |
| Series A, Rev., 5.00%, 06/01/2042 | 3500 | 3721 |
| Series A, Rev., 5.25%, 06/01/2044 | 3545 | 3788 |
|  |  | 265177 |
| **Oklahoma** — **0.6%** |  |  |
| Creek County Educational Facilities Authority, Sapulpa Public Schools Project, Rev., BAM, 4.13%, 09/01/2048 | 4250 | 4019 |
| Grand River Dam Authority, Rev., 5.00%, 06/01/2037 | 1850 | 2034 |
| Oklahoma Capitol Improvement Authority |  |  |
| Rev., 5.00%, 07/01/2043 | 1000 | 1067 |
| Rev., 5.00%, 07/01/2044 | 1250 | 1327 |
| Oklahoma City Economic Development Trust, Increment District #8 Project |  |  |
| Rev., 4.00%, 03/01/2032 | 1640 | 1724 |
| Rev., 4.00%, 03/01/2033 | 5000 | 5210 |
| Rev., 4.00%, 03/01/2034 | 4440 | 4586 |
| Oklahoma City Water Utilities Trust, Rev., 5.25%, 07/01/2059 | 10000 | 10525 |
| Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038 | 2000 | 1877 |
| Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 3.30%, 10/07/2025 (z) | 1610 | 1610 |
| Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%, 08/15/2037 (e) | 1110 | 1156 |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057 | 4000 | 4006 |
| Oklahoma Housing Finance Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 09/01/2055 | 760 | 851 |
| Oklahoma Housing Finance Agency, Home Ownership Loan Program, Rev., GNMA/FNMA/FHLMC, 6.50%, 09/01/2054 | 2500 | 2808 |
| Oklahoma Turnpike Authority |  |  |
| Series A, Rev., 3.75%, 01/01/2033 | 1000 | 1004 |
| Series A, Rev., 5.00%, 01/01/2037 | 1665 | 1674 |
| Oklahoma Turnpike Authority, Senior Bonds |  |  |
| Series A, Rev., 5.00%, 01/01/2039 | 2500 | 2782 |
| Series A, Rev., 5.25%, 01/01/2046 | 5000 | 5386 |
| Series A, Rev., 5.25%, 01/01/2047 | 3000 | 3222 |
| Series B, Rev., 5.00%, 01/01/2041 (w) | 1750 | 1909 |
| Oklahoma Water Resources Board |  |  |
| Rev., 4.25%, 10/01/2050 | 4200 | 4060 |
| Series B, Rev., 5.00%, 10/01/2026 | 1255 | 1286 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Oklahoma — continued** |  |  |
| Oklahoma Water Resources Board, Drinking Water Program 2019 Master, Rev., 4.00%, 04/01/2048 | 13950 | 13082 |
| Osage County Industrial Authority, Rev., 5.75%, 09/01/2053 | 1000 | 981 |
| Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026 | 1500 | 1484 |
| University of Oklahoma, Series A, Rev., BAM, 5.00%, 07/01/2042 | 1740 | 1850 |
|  |  | 81520 |
| **Oregon** — **0.9%** |  |  |
| Astoria Hospital Facilities Authority, Rev., 5.25%, 08/01/2054 | 1340 | 1336 |
| City of Portland Sewer System Revenue, Second Lien |  |  |
| Series A, Rev., 5.00%, 12/01/2031 | 2670 | 3043 |
| Series A, Rev., 5.00%, 10/01/2039 | 3500 | 3894 |
| Series A, Rev., 5.00%, 10/01/2043 | 1125 | 1209 |
| City of Portland Water System Revenue, Second Lien, Series A, Rev., 4.00%, 05/01/2039 | 500 | 502 |
| Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030 | 1000 | 1087 |
| Medford Hospital Facilities Authority, Asante Project, Series A, Rev., 4.00%, 08/15/2045 | 9740 | 8926 |
| Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028 | 1850 | 1979 |
| Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z) | 1500 | 1617 |
| Oregon State Facilities Authority, Samaritan Health Services, Rev., 5.00%, 10/01/2040 | 1750 | 1777 |
| Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031 | 1740 | 1747 |
| Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2033 | 1000 | 1154 |
| Port of Portland Airport Revenue |  |  |
| Series 24B, Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1011 |
| Series 27A, Rev., AMT, 5.00%, 07/01/2028 | 1595 | 1686 |
| Series 27A, Rev., AMT, 5.00%, 07/01/2034 | 1455 | 1552 |
| Series 27A, Rev., AMT, 5.00%, 07/01/2036 | 1000 | 1055 |
| Port of Portland Airport Revenue, Green Bonds, Rev., AMT, 5.00%, 07/01/2036 | 500 | 542 |
| Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035 | 1270 | 1323 |
| Port of Portland Airport Revenue, Portland International Airport |  |  |
| Rev., AMT, 5.00%, 07/01/2026 | 1145 | 1163 |
| Rev., AMT, 5.00%, 07/01/2031 | 2230 | 2371 |
| Series 25B, Rev., AMT, 5.00%, 07/01/2039 | 1020 | 1044 |
| Port of Portland OR Airport Revenue |  |  |
| Rev., AMT, 5.00%, 07/01/2047 | 5000 | 5005 |
| Rev., AMT, 5.25%, 07/01/2040 | 2000 | 2155 |
| Rev., AMT, 5.25%, 07/01/2041 | 1895 | 2023 |
| Rev., AMT, 5.25%, 07/01/2049 | 23500 | 24482 |
| Rev., AMT, 5.25%, 07/01/2054 | 16250 | 16819 |
| RBC Municipal Products Trust, Inc., Series 2025-E, Rev., LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 2.92%, 09/01/2026 (e) (z) | 12475 | 12475 |
| Salem Hospital Facility Authority, Capital Manor Project |  |  |
| Rev., 4.00%, 05/15/2032 | 185 | 187 |
| Rev., 4.00%, 05/15/2040 | 750 | 684 |
| Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046 | 3000 | 3006 |
| State of Oregon |  |  |
| GO, 5.00%, 05/01/2041 | 1000 | 1088 |
| GO, 5.25%, 05/01/2042 | 500 | 555 |
| State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036 | 9095 | 9715 |
| State of Oregon Housing & Community Services Department, Series C, Rev., 3.00%, 01/01/2052 | 2715 | 2688 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Oregon — continued** |  |  |
| State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052 | 405 | 400 |
| State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030 | 100 | 101 |
| State of Oregon, Article XI Q State Project, GO, 5.00%, 05/01/2030 | 405 | 452 |
| State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027 | 1220 | 1271 |
| State of Oregon, Veterans Welfare Bonds, GO, 5.50%, 12/01/2053 | 240 | 258 |
| State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051 | 1010 | 993 |
| Yamhill Clackamas & Washington Counties School District No. 29J Newberg, Series B, GO, SCH BD GTY, 4.00%, 06/15/2039 | 3620 | 3640 |
|  |  | 128015 |
| **Other Territory** — **0.1%** |  |  |
| FHLMC Multifamily ML Certificates |  |  |
| Rev., 0.00%, 11/25/2038 (z) | 11871 | 11186 |
| Rev., 0.00%, 12/25/2038 (z) | 3968 | 3502 |
|  |  | 14688 |
| **Pennsylvania** — **4.7%** |  |  |
| Adams County General Authority, Rev., 5.00%, 06/01/2039 | 1750 | 1800 |
| Allegheny County Airport Authority |  |  |
| Series A, Rev., AMT, 4.00%, 01/01/2046 | 11800 | 10473 |
| Series A, Rev., AMT, 4.00%, 01/01/2056 | 8920 | 7590 |
| Series B, Rev., 4.00%, 01/01/2039 | 2635 | 2639 |
| Allegheny County Hospital Development Authority, Health Network Obligations |  |  |
| Rev., 5.00%, 04/01/2033 | 1000 | 1043 |
| Series A, Rev., 5.00%, 04/01/2047 | 1560 | 1560 |
| Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center |  |  |
| Rev., 4.00%, 07/15/2037 | 1000 | 977 |
| Rev., 4.00%, 07/15/2038 | 3185 | 3047 |
| Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047 | 2250 | 2439 |
| Allegheny County, Hospital Development Authority, Pittsburg University Medical Center |  |  |
| Series A, Rev., 4.00%, 07/15/2036 | 4795 | 4744 |
| Series A, Rev., 5.00%, 07/15/2027 | 765 | 796 |
| Allegheny County, Sanitary Authority |  |  |
| Series B, Rev., 4.00%, 06/01/2035 | 400 | 410 |
| Series B, Rev., 4.00%, 06/01/2036 | 675 | 691 |
| Series B, Rev., 5.00%, 06/01/2030 | 500 | 555 |
| Allentown Commercial and Industrial Development Authority, Executive Education Academy, Rev., 5.00%, 07/01/2040 (e) | 2000 | 2008 |
| Allentown Neighborhood Improvement Zone Development Authority, Rev., 5.25%, 05/01/2032 (e) | 500 | 510 |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Rev., 5.50%, 05/01/2032 (e) | 1250 | 1350 |
| Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042 | 1000 | 1023 |
| Allentown Neighborhood Improvement Zone Development Authority, Neuweiler Lofts Project, Rev., 6.25%, 05/01/2042 (e) | 2010 | 1984 |
| Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e) | 180 | 186 |
| Altoona Area School District, GO, BAM, 5.00%, 12/01/2048 (p) | 1000 | 1004 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Berks County Municipal Authority (The) |  |  |
| Rev., 0.00%, 06/30/2044 | 1647 | 1113 |
| Rev., 5.00%, 06/30/2039 | 3054 | 2761 |
| Rev., 6.00%, 06/30/2034 | 243 | 254 |
| Rev., 7.00%, 06/30/2039 | 700 | 578 |
| Rev., 8.00%, 06/30/2034 | 510 | 503 |
| Bethlehem Area School District Authority, Bethlehem Area School District, Rev., (United States SOFR \* 0.67 + 0.35%), 3.14%, 01/01/2032 (aa) | 240 | 240 |
| Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032 | 1000 | 1061 |
| Chester County Industrial Development Authority, Avon Grove Charter School, Rev., 5.00%, 03/01/2027 | 185 | 187 |
| Chester County School Authority, Chester County Intermediate Unit |  |  |
| Rev., BAM, 5.00%, 04/01/2037 | 1000 | 1086 |
| Rev., BAM, 5.00%, 04/01/2039 | 1000 | 1073 |
| Rev., BAM, 5.00%, 04/01/2040 | 1550 | 1657 |
| Rev., BAM, 5.00%, 04/01/2043 | 1000 | 1055 |
| City of Lancaster, GO, BAM, 5.00%, 11/01/2047 | 6665 | 6826 |
| City of Philadelphia Airport Revenue |  |  |
| Series A, Rev., 5.00%, 07/01/2047 | 8270 | 8324 |
| Series B, Rev., AMT, 5.00%, 07/01/2034 | 5680 | 5807 |
| Series B, Rev., AMT, 5.00%, 07/01/2035 | 2235 | 2280 |
| Series C, Rev., AMT, 4.00%, 07/01/2050 | 1500 | 1311 |
| Series C, Rev., AMT, 5.00%, 07/01/2028 | 10000 | 10546 |
| City of Philadelphia Airport Revenue, Private Activity |  |  |
| Rev., AMT, 4.00%, 07/01/2041 | 1100 | 1033 |
| Rev., AMT, 5.00%, 07/01/2029 | 1435 | 1539 |
| Series B, Rev., AMT, 5.25%, 07/01/2042 | 1900 | 2024 |
| Series B, Rev., AMT, 5.25%, 07/01/2043 | 2400 | 2539 |
| City of Philadelphia PA Airport Revenue, Rev., AMT, 5.00%, 07/01/2042 | 4440 | 4460 |
| City of Philadelphia Water & Wastewater Revenue |  |  |
| Series A, Rev., 5.00%, 11/01/2040 | 2790 | 2928 |
| Series A, Rev., 5.00%, 11/01/2045 | 7000 | 7153 |
| Series C, Rev., 5.00%, 06/01/2042 | 4650 | 4881 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 4.00%, 06/01/2039 | 19840 | 19470 |
| Commonwealth of Pennsylvania, Series 1, GO, 4.00%, 03/01/2035 | 3650 | 3720 |
| Commonwealth of Pennsylvania, Bidding Group C First Series, Series 1, GO, 4.00%, 09/01/2040 | 5000 | 5039 |
| County of Lehigh, Lehigh Valley Health Network, Rev., 5.00%, 07/01/2044 | 1350 | 1361 |
| County of Lehigh, St. Luke's Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 3.99%, 08/15/2038 (aa) | 355 | 350 |
| Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030 | 1000 | 1012 |
| Cumberland County Municipal Authority, Unrefunded Diakon Lutheran, Rev., 5.00%, 01/01/2038 | 2035 | 2032 |
| Delaware Valley Regional Finance Authority |  |  |
| Series A, Rev., AMBAC, 5.50%, 08/01/2028 | 2795 | 3012 |
| Series C, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.75%), 3.72%, 06/01/2037 (aa) | 250 | 233 |
| Doylestown Hospital Authority, Rev., 5.00%, 07/01/2046 | 11195 | 11230 |
| DuBois Hospital Authority, Penn Highlands Healthcare Bay, Rev., BAM, 4.00%, 07/15/2043 | 6450 | 5914 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Erie Sewer Authority |  |  |
| Rev., BAM, 5.00%, 12/01/2043 (w) | 1440 | 1494 |
| Rev., BAM, 5.00%, 12/01/2046 (w) | 2500 | 2557 |
| Geisinger Authority |  |  |
| Rev., 4.00%, 02/15/2039 | 3150 | 3081 |
| Rev., 4.00%, 02/15/2047 | 2500 | 2250 |
| Rev., 5.00%, 02/15/2039 | 2155 | 2186 |
| Geisinger Authority, Geisinger Health System Obligated Group, Rev., 5.00%, 04/01/2050 | 7000 | 7042 |
| Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039 | 7000 | 6825 |
| Geisinger Authority, Geisinger Health System Se, Rev., 5.00%, 02/15/2045 | 5560 | 5602 |
| Hospitals & Higher Education Facilities Authority of Philadelphia (The) |  |  |
| Rev., 5.00%, 07/01/2032 | 1000 | 1018 |
| Rev., 5.00%, 07/01/2033 | 2950 | 2994 |
| Rev., 5.00%, 07/01/2034 | 1000 | 1013 |
| Lancaster County Hospital Authority, Auth Masonic Villages Project, Rev., 5.13%, 11/01/2038 | 1675 | 1789 |
| Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037 | 600 | 627 |
| Lancaster County Hospital Authority/PA, Rev., 5.00%, 08/15/2046 | 1960 | 1967 |
| Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056 | 765 | 591 |
| Lancaster Municipal Authority, Rev., 5.00%, 05/01/2049 | 900 | 886 |
| Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029 | 3455 | 3473 |
| Monroe County Hospital Authority/PA, Rev., 5.10%, 06/15/2039 (e) | 4890 | 4784 |
| Monroeville Finance Authority |  |  |
| Series B, Rev., 5.00%, 02/15/2029 | 1425 | 1528 |
| Series B, Rev., 5.00%, 02/15/2038 | 1200 | 1272 |
| Series B, Rev., 5.00%, 02/15/2039 | 2000 | 2106 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Rev., 4.00%, 05/01/2038 | 250 | 241 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044 | 1610 | 1454 |
| Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Rev., 5.00%, 11/15/2049 | 5000 | 4871 |
| Montgomery County Industrial Development Authority, Constellation Energy, Rev., 4.10%, 04/01/2053 (z) | 8435 | 8688 |
| Montgomery County Industrial Development Authority, Retirement Life Communities |  |  |
| Rev., 5.00%, 11/15/2033 | 1500 | 1518 |
| Series C, Rev., 5.00%, 11/15/2045 | 2585 | 2567 |
| New Castle Sanitation Authority, Series A, Rev., 3.00%, 06/01/2029 | 500 | 504 |
| Norristown Area School District, GO, 5.00%, 09/01/2026 | 1500 | 1530 |
| Northampton County General Purpose Authority, Rev., 5.00%, 08/15/2048 | 1125 | 1127 |
| Northampton County General Purpose Authority, St. Luke's University Health Network |  |  |
| Rev., 5.00%, 08/15/2046 | 5030 | 5037 |
| Rev., 5.00%, 08/15/2049 | 4000 | 4079 |
| Pennsylvania Economic Development Financing Authority |  |  |
| Rev., AMT, 3.80%, 06/01/2049 (z) | 5700 | 5698 |
| Rev., 4.00%, 05/15/2048 | 2055 | 1825 |
| Rev., AMT, 4.25%, 07/01/2041 (z) | 8000 | 8060 |
| Rev., AMT, 5.00%, 12/31/2038 | 1890 | 1896 |
| Rev., 5.25%, 12/01/2038 (z) | 1500 | 1510 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Pennsylvania Economic Development Financing Authority Parking System Revenue, Senior Insured Capitol |  |  |
| Rev., 4.00%, 01/01/2041 | 1000 | 979 |
| Rev., 4.00%, 01/01/2042 | 1035 | 996 |
| Rev., 4.13%, 01/01/2043 | 1070 | 1026 |
| Rev., 5.00%, 01/01/2034 | 2000 | 2167 |
| Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc., Rev., AMT, 5.45%, 01/01/2051 (e) (z) | 500 | 521 |
| Pennsylvania Economic Development Financing Authority, Covanta Project Sustainable, Rev., AMT, 3.25%, 08/01/2039 (e) | 2515 | 2012 |
| Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project |  |  |
| Rev., AMT, 5.00%, 12/31/2030 | 3460 | 3497 |
| Rev., AMT, 5.00%, 12/31/2034 | 10670 | 10741 |
| Rev., AMT, 5.00%, 06/30/2042 | 1250 | 1251 |
| Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility |  |  |
| Rev., 4.00%, 01/01/2028 | 1590 | 1617 |
| Rev., 4.00%, 01/01/2029 | 450 | 460 |
| Rev., 4.00%, 01/01/2031 | 800 | 827 |
| Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges |  |  |
| Rev., AMT, 5.00%, 12/31/2057 | 6730 | 6777 |
| Rev., AMT, 5.25%, 06/30/2035 | 1500 | 1627 |
| Rev., AMT, 5.50%, 06/30/2042 | 5640 | 5986 |
| Rev., AMT, 5.75%, 06/30/2048 | 3750 | 3878 |
| Rev., AMT, 5.75%, 12/31/2062 | 2500 | 2637 |
| Rev., AMT, 6.00%, 06/30/2061 | 1150 | 1207 |
| Pennsylvania Economic Development Financing Authority, The PennDOT Major Bridges, Rev., AMT, 5.25%, 06/30/2053 | 2000 | 2009 |
| Pennsylvania Economic Development Financing Authority, UPMC |  |  |
| Series A1, Rev., 4.00%, 04/15/2045 | 5440 | 4953 |
| Series A, Rev., 4.00%, 02/15/2042 | 1330 | 1227 |
| Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Series B, Rev., 5.00%, 03/15/2050 | 6000 | 6127 |
| Pennsylvania Economic Development Financing Authority, Villanova University Project, Rev., 5.00%, 08/01/2049 | 2525 | 2641 |
| Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z) | 2000 | 1933 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z) | 2000 | 1942 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Rev., AMT, 4.60%, 10/01/2046 (z) | 10000 | 10043 |
| Pennsylvania Higher Education Assistance Agency |  |  |
| Rev., AMT, 5.00%, 06/01/2031 | 1270 | 1353 |
| Series 1A, Rev., AMT, 4.75%, 06/01/2046 | 1000 | 1001 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2030 | 700 | 744 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2031 | 2130 | 2271 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2032 | 4150 | 4453 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2033 | 8810 | 9430 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2034 | 3500 | 3702 |
| Series A, Rev., AMT, 2.45%, 06/01/2041 | 85 | 78 |
| Series A, Rev., AMT, 5.00%, 06/01/2026 | 95 | 96 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Pennsylvania Higher Education Assistance Agency, Senior |  |  |
| Rev., AMT, 4.13%, 06/01/2045 | 430 | 419 |
| Series A, Rev., AMT, 5.00%, 06/01/2028 | 3775 | 3899 |
| Pennsylvania Higher Educational Facilities Authority |  |  |
| Rev., 4.00%, 08/15/2049 | 4000 | 3564 |
| Rev., 5.50%, 08/15/2055 | 2500 | 2690 |
| Pennsylvania Higher Educational Facilities Authority, Trustees University, Series A, Rev., 4.00%, 02/15/2043 | 1000 | 964 |
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System |  |  |
| Rev., 5.00%, 08/15/2042 | 2500 | 2530 |
| Rev., 5.00%, 08/15/2049 | 3000 | 3044 |
| Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035 | 1170 | 1177 |
| Pennsylvania Higher Educational Facilities Authority, Unrefunded 2024, Series AT1, Rev., 4.00%, 06/15/2032 | 2790 | 2804 |
| Pennsylvania Housing Finance Agency |  |  |
| Rev., 4.50%, 10/01/2044 | 5000 | 4949 |
| Rev., 4.60%, 10/01/2044 | 7500 | 7557 |
| Rev., 6.00%, 10/01/2054 | 3805 | 4138 |
| Rev., 6.25%, 10/01/2054 | 80 | 88 |
| Series 133, Rev., 3.00%, 10/01/2050 | 2250 | 2229 |
| Series 149A, Rev., 6.50%, 10/01/2055 | 1875 | 2151 |
| Pennsylvania Housing Finance Agency, Social Bond |  |  |
| Series A, Rev., 4.85%, 10/01/2043 | 4000 | 4069 |
| Series A, Rev., 5.50%, 10/01/2053 | 1375 | 1458 |
| Pennsylvania Housing Finance Agency, Social Bonds, Series 141A, Rev., 5.75%, 10/01/2053 | 2450 | 2601 |
| Pennsylvania Housing Finance Agency, Sustainable Bond |  |  |
| Series 144A, Rev., 4.45%, 10/01/2044 | 2000 | 1980 |
| Series 144A, Rev., 6.00%, 10/01/2054 | 2490 | 2700 |
| Pennsylvania Housing Finance Agency, Sustainable Bonds |  |  |
| Series 150A, Rev., 4.90%, 10/01/2040 | 7500 | 7684 |
| Series 2022, Rev., 4.25%, 10/01/2052 | 1770 | 1795 |
| Pennsylvania Turnpike Commission |  |  |
| Rev., 5.00%, 12/01/2037 | 2100 | 2369 |
| Rev., 5.00%, 12/01/2043 | 715 | 766 |
| Series A1, Rev., 5.00%, 12/01/2027 | 1000 | 1056 |
| Series A1, Rev., 5.00%, 12/01/2034 | 1000 | 1040 |
| Series A1, Rev., 5.00%, 12/01/2046 | 1000 | 1004 |
| Series A, Rev., 4.00%, 12/01/2041 | 1250 | 1229 |
| Series A, Rev., 5.00%, 12/01/2053 | 6380 | 6566 |
| Series A, Rev., 5.25%, 12/01/2044 | 2500 | 2545 |
| Series B1, Rev., 5.25%, 06/01/2047 | 2465 | 2484 |
| Series B, Rev., 4.00%, 12/01/2039 | 3000 | 2987 |
| Series B, Rev., 5.00%, 12/01/2026 | 400 | 412 |
| Series B, Rev., 5.00%, 12/01/2027 | 500 | 528 |
| Series B, Rev., 5.00%, 12/01/2036 | 2000 | 2283 |
| Series B, Rev., 5.00%, 12/01/2039 | 1305 | 1415 |
| Series B, Rev., 5.00%, 12/01/2041 | 1680 | 1836 |
| Series B, Rev., 5.00%, 12/01/2043 | 460 | 494 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Series B, Rev., 5.25%, 12/01/2047 | 3000 | 3146 |
| Series C, Rev., 4.00%, 12/01/2040 | 1400 | 1382 |
| Series C, Rev., 4.00%, 12/01/2042 | 1555 | 1502 |
| Series C, Rev., 5.00%, 12/01/2027 | 345 | 364 |
| Series C, Rev., 5.00%, 12/01/2041 | 1560 | 1654 |
| Series C, Rev., 5.00%, 12/01/2046 | 2110 | 2168 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Subordinate, Series B, Rev., 5.00%, 12/01/2038 | 1500 | 1558 |
| Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040 | 1000 | 1023 |
| Pennsylvania Turnpike Commission, Subordinate, Rev., 5.00%, 12/01/2030 | 1750 | 1835 |
| Pennsylvania Turnpike Commission, Subordinated |  |  |
| Rev., 5.00%, 06/01/2026 | 2000 | 2007 |
| Series B2, Rev., 5.00%, 06/01/2027 | 2480 | 2582 |
| Pennsylvania Turnpike Commission, Third Subordinated, Rev., 5.00%, 12/01/2045 (z) | 1440 | 1624 |
| Philadelphia Authority for Industrial Development |  |  |
| Rev., 5.00%, 05/01/2033 | 1250 | 1315 |
| Rev., 5.00%, 06/15/2039 (e) | 740 | 737 |
| Philadelphia Authority for Industrial Development, Children's Hospital of Philadelphia, Rev., 4.00%, 07/01/2037 | 2000 | 2000 |
| Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e) | 900 | 877 |
| Philadelphia Authority for Industrial Development, Thomas Jefferson University |  |  |
| Series A, Rev., 5.00%, 09/01/2032 | 1110 | 1135 |
| Series A, Rev., 5.00%, 09/01/2035 | 1105 | 1120 |
| Series A, Rev., 5.00%, 09/01/2047 | 1000 | 1002 |
| Philadelphia Gas Works Co., Series A, Rev., 4.00%, 08/01/2045 | 5000 | 4711 |
| Phoenixville Area School District, GO, 4.00%, 11/15/2040 | 695 | 679 |
| Pittsburgh School District, GO, BAM, 4.00%, 09/01/2042 | 2240 | 2109 |
| Pittsburgh Water & Sewer Authority |  |  |
| Series B, Rev., 4.00%, 09/01/2036 | 500 | 509 |
| Series B, Rev., 4.00%, 09/01/2038 | 500 | 505 |
| Series B, Rev., 4.00%, 09/01/2045 | 2250 | 2152 |
| Pittsburgh Water & Sewer Authority, First Lien, Series A, Rev., 5.00%, 09/01/2048 | 1000 | 1036 |
| Ridley School District, GO, BAM, 5.25%, 11/15/2039 | 4545 | 4796 |
| School District of Philadelphia, Series A, GO, BAM, 4.00%, 09/01/2039 | 7500 | 7507 |
| School District of Philadelphia (The) |  |  |
| GO, 4.00%, 09/01/2046 | 2000 | 1853 |
| GO, BAM, 4.00%, 09/01/2046 | 6610 | 6269 |
| Series A, GO, 5.00%, 09/01/2027 | 610 | 635 |
| Series A, GO, 5.00%, 09/01/2031 | 245 | 273 |
| Series A, GO, 5.00%, 09/01/2035 | 3000 | 3123 |
| Series F, GO, 5.00%, 09/01/2035 | 5000 | 5045 |
| Series F, GO, 5.00%, 09/01/2037 | 2000 | 2013 |
| School District of Philadelphia (The), Green Bond |  |  |
| Series B, GO, 5.00%, 09/01/2027 | 895 | 932 |
| Series B, GO, 5.00%, 09/01/2028 | 485 | 516 |
| Series B, GO, 5.00%, 09/01/2029 | 450 | 488 |
| Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037 | 1025 | 1011 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Southeastern Pennsylvania Transportation Authority, Asset Improvement Program |  |  |
| Rev., 5.25%, 06/01/2041 | 3000 | 3248 |
| Rev., 5.25%, 06/01/2042 | 1500 | 1611 |
| Rev., 5.25%, 06/01/2047 | 7750 | 8109 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County |  |  |
| Rev., 5.00%, 02/01/2027 | 2250 | 2317 |
| Rev., 5.00%, 02/01/2028 | 2590 | 2728 |
| State College Area School District, GO, 5.00%, 03/15/2040 | 2500 | 2500 |
| State Public School Building Authority |  |  |
| Rev., 5.00%, 06/01/2032 | 4520 | 4612 |
| Rev., 5.00%, 06/01/2033 | 3320 | 3382 |
| State Public School Building Authority, Northampton County Area Community |  |  |
| Rev., BAM, 4.00%, 03/01/2029 | 1000 | 1032 |
| Rev., BAM, 4.00%, 03/01/2030 | 640 | 659 |
| Rev., BAM, 4.00%, 03/01/2031 | 500 | 515 |
| Rev., BAM, 5.00%, 03/01/2027 | 715 | 739 |
| Rev., BAM, 5.00%, 03/01/2028 | 755 | 794 |
| State Public School Building Authority, Philadelphia Community College, Rev., BAM, 5.00%, 06/15/2028 | 5505 | 5510 |
| State Public School Building Authority, Philadelphia School District, Rev., 5.00%, 06/01/2030 | 3480 | 3563 |
| Tender Option Bond Trust Receipts/Certificates, Series 2025-XX1404, Rev., LIQ: Barclays Bank plc, 2.92%, 10/01/2055 (e) (z) | 12380 | 12380 |
| The Pennsylvania State University, Rev., 5.00%, 09/01/2043 | 1570 | 1681 |
| The School District of Philadelphia, Series A, GO, 5.00%, 09/01/2044 | 16500 | 16730 |
| Union County Hospital Authority, Evangelical Community Hospital, Rev., 5.00%, 08/01/2048 | 7500 | 7500 |
| Westmoreland County Industrial Development Authority, Excela Health Project, Series A, Rev., 5.00%, 07/01/2028 | 1400 | 1457 |
|  |  | 631084 |
| **Puerto Rico** — **0.5%** |  |  |
| Commonwealth of Puerto Rico, Note Claims, 0.00%, 11/01/2051 (z) | 10252 | 6062 |
| Commonwealth of Puerto Rico, Restructured |  |  |
| Series A1, GO, 4.00%, 07/01/2033 | 481 | 476 |
| Series A1, GO, 5.63%, 07/01/2027 | 5045 | 5223 |
| Series A1, GO, 5.63%, 07/01/2029 | 2000 | 2139 |
| Series A1, GO, 5.75%, 07/01/2031 | 2008 | 2225 |
| Series A, GO, Zero Coupon, 07/01/2033 | 7410 | 5292 |
| Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z) | 17010 | 11247 |
| Commonwealth of Puerto Rico, Subordinated, Note Claims, Series CL, 0.00%, 11/01/2051 (z) | 4507 | 3042 |
| Puerto Rico Electric Power Authority |  |  |
| Series AAA, Rev., 5.25%, 07/01/2023 (d) | 100 | 68 |
| Series DDD, Rev., 5.00%, 07/01/2020 (d) | 570 | 385 |
| Series NN, Rev., NATL, 4.75%, 07/01/2033 | 30 | 29 |
| Series TT, Rev., 5.00%, 07/01/2020 (d) | 285 | 192 |
| Series TT, Rev., 5.00%, 07/01/2021 (d) | 100 | 67 |
| Series TT, Rev., 5.00%, 07/01/2037 (d) | 1200 | 810 |
| Series XX, Rev., 4.75%, 07/01/2026 (d) | 295 | 199 |
| Series ZZ, Rev., 4.25%, 07/01/2020 (d) | 470 | 317 |
| Series ZZ, Rev., 5.25%, 07/01/2019 (d) | 580 | 392 |
| Series ZZ, Rev., 5.25%, 07/01/2023 (d) | 500 | 338 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Puerto Rico** — **continued** |  |  |
| Puerto Rico Electric Power Authority, Libor, Series UU, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.52%), 3.57%, 07/01/2029 (aa) | 365 | 351 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured |  |  |
| Series A1, Rev., Zero Coupon, 07/01/2031 | 2925 | 2393 |
| Series A1, Rev., 5.00%, 07/01/2058 | 20950 | 20218 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured |  |  |
| Series A1, Rev., 4.55%, 07/01/2040 | 1385 | 1353 |
| Series A2, Rev., 4.33%, 07/01/2040 | 11000 | 10525 |
|  |  | 73343 |
| **Rhode Island** — **0.2%** |  |  |
| Rhode Island Health and Educational Building Corp., Rev., 5.25%, 05/15/2054 | 1000 | 1009 |
| Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037 | 1000 | 1003 |
| Rhode Island Health and Educational Building Corp., Lifespan Health System, Rev., 5.00%, 05/15/2039 | 5500 | 5502 |
| Rhode Island Housing & Mortgage Finance Corp., Rev., FHA, 3.60%, 10/01/2054 (z) | 1000 | 1003 |
| Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049 | 215 | 216 |
| Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity |  |  |
| Series 73A, Rev., 0.95%, 04/01/2026 | 500 | 493 |
| Series 73A, Rev., 1.10%, 04/01/2027 | 300 | 288 |
| Series 73A, Rev., 1.65%, 10/01/2029 | 715 | 664 |
| Series 73A, Rev., 3.00%, 10/01/2050 | 765 | 757 |
| Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051 | 1855 | 1833 |
| Rhode Island Student Loan Authority |  |  |
| Rev., AMT, 3.63%, 12/01/2037 | 755 | 741 |
| Rev., AMT, 4.13%, 12/01/2041 | 995 | 971 |
| Rev., AMT, 4.13%, 12/01/2043 | 1445 | 1377 |
| Series A, Rev., AMT, 5.00%, 12/01/2044 | 3950 | 3953 |
| Rhode Island Student Loan Authority, Senior Bond |  |  |
| Series A, Rev., AMT, 5.00%, 12/01/2029 | 370 | 393 |
| Series B, Rev., AMT, 4.13%, 12/01/2043 | 1350 | 1276 |
| Rhode Island Turnpike & Bridge Authority, Rev., 5.00%, 10/01/2040 | 1000 | 1004 |
| Tobacco Settlement Financing Corp., Series B, Rev., 4.50%, 06/01/2045 | 1950 | 1906 |
|  |  | 24389 |
| **South Carolina** — **1.0%** |  |  |
| Charleston County Airport District, Rev., 5.00%, 07/01/2042 | 1650 | 1753 |
| City of Columbia Waterworks & Sewer System Revenue |  |  |
| Rev., 5.00%, 02/01/2047 | 2625 | 2722 |
| Series B, Rev., 4.00%, 02/01/2041 | 5000 | 4957 |
| Series B, Rev., 5.00%, 02/01/2036 | 1085 | 1218 |
| Series B, Rev., 5.00%, 02/01/2037 | 1500 | 1669 |
| Series B, Rev., 5.00%, 02/01/2038 | 1500 | 1654 |
| Lexington County Health Services District, Inc., Lexmed Obligated Group |  |  |
| Rev., 4.00%, 11/01/2030 | 1000 | 1019 |
| Rev., 4.00%, 11/01/2031 | 1000 | 1013 |
| Patriots Energy Group Financing Agency, Series B1, Rev., 5.25%, 02/01/2054 (z) | 14400 | 15716 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **South Carolina — continued** |  |  |
| South Carolina Jobs-Economic Development Authority |  |  |
| Rev., 4.50%, 11/01/2054 | 2300 | 2204 |
| Rev., 5.00%, 02/01/2038 | 3975 | 3984 |
| Rev., 5.25%, 07/01/2047 (p) | 7480 | 7492 |
| Rev., 5.50%, 11/01/2046 | 2000 | 2126 |
| South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Projects, Rev., 5.50%, 11/15/2044 | 500 | 505 |
| South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z) | 1000 | 1000 |
| South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048 | 1000 | 1011 |
| South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030 | 1500 | 1580 |
| South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., 5.00%, 05/01/2043 | 2000 | 2026 |
| South Carolina Ports Authority |  |  |
| Rev., AMT, 5.00%, 07/01/2043 | 5680 | 5738 |
| Rev., AMT, 5.00%, 07/01/2055 | 2000 | 2002 |
| South Carolina Public Service Authority |  |  |
| Rev., 5.00%, 12/01/2037 | 3250 | 3617 |
| Rev., 5.00%, 12/01/2039 | 4000 | 4192 |
| Rev., 5.00%, 12/01/2042 | 3250 | 3461 |
| Rev., 5.00%, 12/01/2043 | 2800 | 2924 |
| Series A, Rev., 4.00%, 12/01/2033 | 1000 | 1024 |
| Series A, Rev., 4.00%, 12/01/2034 | 2000 | 2036 |
| Series A, Rev., 4.00%, 12/01/2037 | 2000 | 1999 |
| Series A, Rev., 4.00%, 12/01/2038 | 520 | 514 |
| Series A, Rev., 5.00%, 12/01/2027 | 1525 | 1606 |
| Series A, Rev., 5.00%, 12/01/2029 | 85 | 93 |
| Series A, Rev., 5.00%, 12/01/2031 | 4500 | 4965 |
| Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1092 |
| Series A, Rev., 5.00%, 12/01/2037 | 2025 | 2236 |
| Series A, Rev., 5.00%, 12/01/2043 | 1500 | 1569 |
| Series A, Rev., 5.25%, 12/01/2050 | 3000 | 3119 |
| Series B, Rev., 5.00%, 12/01/2036 | 2200 | 2454 |
| Series B, Rev., 5.00%, 12/01/2040 | 1000 | 1040 |
| Series B, Rev., 5.00%, 12/01/2041 | 2000 | 2013 |
| South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050 | 4290 | 4290 |
| South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027 | 1600 | 1641 |
| South Carolina Public Service Authority, Unrefunded Obligations, Series E, Rev., 5.25%, 12/01/2055 | 7000 | 7004 |
| South Carolina State Housing Finance & Development Authority |  |  |
| Rev., 6.00%, 01/01/2055 | 3290 | 3656 |
| Series A, Rev., 3.00%, 01/01/2052 | 470 | 464 |
| Series A, Rev., 4.00%, 01/01/2052 | 635 | 644 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 3315 | 3786 |
| Series B, Rev., 3.25%, 01/01/2052 | 3975 | 3955 |
| South Carolina Transportation Infrastructure Bank, Rev., 5.00%, 10/01/2039 | 5000 | 5123 |
|  |  | 131906 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **South Dakota** — **0.2%** |  |  |
| County of Lincoln, GO, 5.00%, 12/01/2048 | 3000 | 3101 |
| County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041 | 250 | 218 |
| South Dakota Health & Educational Facilities Authority, Rev., 5.00%, 07/01/2046 | 2000 | 2010 |
| South Dakota Health & Educational Facilities Authority, Avera Health, Series A, Rev., 5.25%, 07/01/2054 | 10000 | 10466 |
| South Dakota Health & Educational Facilities Authority, Sanford Health, Rev., 5.00%, 11/01/2045 | 1975 | 1979 |
| South Dakota Health & Educational Facilities Authority, Unrefunded Balance Sanford, Rev., 5.00%, 11/01/2045 | 2525 | 2530 |
| South Dakota Housing Development Authority |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055 | 3230 | 3624 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 11/01/2055 | 1040 | 1187 |
| Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 05/01/2051 | 655 | 655 |
| Series G, Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 | 4120 | 4478 |
| South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051 | 2010 | 1987 |
|  |  | 32235 |
| **Tennessee** — **1.2%** |  |  |
| Chattanooga Health Educational & Housing Facility Board, Commonspirit Health |  |  |
| Series A1, Rev., 5.00%, 08/01/2028 | 305 | 323 |
| Series A, Rev., 5.00%, 08/01/2044 | 1000 | 1008 |
| City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p) | 965 | 973 |
| City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044 | 3365 | 3411 |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue |  |  |
| Rev., 5.00%, 12/01/2025 | 1085 | 1089 |
| Rev., 5.00%, 12/01/2031 | 600 | 682 |
| Rev., 5.00%, 12/01/2032 | 850 | 973 |
| Series A, Rev., 4.00%, 12/01/2050 | 1225 | 1120 |
| Cleveland Health & Educational Facilities Board, Rev., 5.25%, 08/15/2054 | 14700 | 15446 |
| County of Coffee, GO, 5.00%, 06/01/2026 | 250 | 254 |
| County of Rutherford TN, GO, 3.00%, 04/01/2033 | 6625 | 6539 |
| Johnson City Health & Educational Facilities Board, Tapestry at Roan Hill, Rev., HUD, 3.60%, 12/01/2027 (z) | 3000 | 3024 |
| Knox County Health Educational & Housing Facility Board, University of Tennessee Project |  |  |
| Series A1, Rev., BAM, 5.00%, 07/01/2039 | 500 | 531 |
| Series A1, Rev., BAM, 5.25%, 07/01/2049 | 1365 | 1408 |
| Knox County Health Educational & Housing Facility Board, Westview Towers Project, Rev., HUD, 3.95%, 12/01/2027 (z) | 410 | 411 |
| Knoxville's Community Development Corp., Willow Place Project, Rev., HUD, 3.75%, 12/01/2027 (z) | 2400 | 2409 |
| Memphis-Shelby County Airport Authority |  |  |
| Rev., AMT, 5.00%, 07/01/2032 | 270 | 280 |
| Rev., AMT, 5.00%, 07/01/2043 | 2055 | 2068 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Rev., 5.25%, 05/01/2048 | 1250 | 1288 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Medical Center, Rev., 5.00%, 07/01/2046 | 1285 | 1286 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040 | 7555 | 7587 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Tennessee — continued** |  |  |
| Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project Senior Lien, Series A, Rev., 5.25%, 07/01/2048 | 2925 | 3066 |
| Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project, Senior Lien, Series A, Rev., 5.25%, 07/01/2053 | 4000 | 4161 |
| Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Rev., 5.00%, 05/15/2043 | 1500 | 1602 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Rev., 5.00%, 07/01/2039 | 2045 | 2257 |
| Metropolitan Knoxville Airport Authority, Series A, Rev., 5.25%, 06/01/2054 | 4235 | 4425 |
| Metropolitan Nashville Airport Authority (The) |  |  |
| Series B, Rev., AMT, 5.00%, 07/01/2026 | 70 | 71 |
| Series B, Rev., AMT, 5.00%, 07/01/2027 | 170 | 176 |
| Series B, Rev., AMT, 5.25%, 07/01/2033 | 270 | 302 |
| Series B, Rev., AMT, 5.25%, 07/01/2047 | 3500 | 3608 |
| Series B, Rev., AMT, 5.50%, 07/01/2038 | 1625 | 1772 |
| State of Tennessee, GO, 5.00%, 05/01/2041 | 7470 | 8080 |
| Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z) | 5500 | 5635 |
| Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z) | 5000 | 5396 |
| Tennessee Energy Acquisition Corp. |  |  |
| Rev., 4.00%, 11/01/2049 (z) | 4480 | 4485 |
| Rev., 5.00%, 05/01/2052 (z) | 18000 | 19363 |
| Series A, Rev., 5.00%, 12/01/2035 | 28305 | 30611 |
| Tennessee Energy Acquisition Corp., Gas Project, Series A1, Rev., 5.00%, 05/01/2053 (z) | 9000 | 9396 |
| Tennessee Housing Development Agency, Sustainable Bonds |  |  |
| Series 1A, Rev., 4.50%, 07/01/2044 | 1220 | 1208 |
| Series 2A, Rev., 6.00%, 01/01/2056 | 1295 | 1453 |
| Williamson County Industrial Development Board, Wood Duck Court Apartments, Rev., HUD, 5.00%, 05/01/2042 (z) | 1460 | 1491 |
|  |  | 160668 |
| **Texas** — **10.5%** |  |  |
| Alamo Community College District |  |  |
| GO, 5.00%, 08/15/2042 | 2505 | 2654 |
| GO, 5.00%, 08/15/2045 | 6740 | 7052 |
| Alief Independent School District, GO, PSF-GTD, 2.00%, 02/15/2038 | 1890 | 1442 |
| Allen Independent School District, GO, PSF-GTD, 4.38%, 02/15/2050 | 2600 | 2531 |
| Anson Education Facilities Corp., Arlington Classics Academy, Rev., 5.00%, 08/15/2045 | 1370 | 1333 |
| Arlington Higher Education Finance Corp. |  |  |
| Rev., 4.88%, 06/15/2054 (e) | 1050 | 940 |
| Series A, Rev., PSF-GTD, 4.00%, 08/15/2026 | 265 | 268 |
| Series A, Rev., PSF-GTD, 4.00%, 08/15/2030 | 425 | 442 |
| Series A, Rev., PSF-GTD, 5.00%, 08/15/2031 | 555 | 621 |
| Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc., Rev., 5.00%, 06/15/2035 (e) | 2500 | 2607 |
| Arlington Higher Education Finance Corp., Legacy Traditional Schools |  |  |
| Rev., 4.13%, 02/15/2041 | 815 | 648 |
| Rev., 6.00%, 02/15/2042 (e) | 250 | 241 |
| Austin Community College District |  |  |
| GO, 5.00%, 08/01/2048 | 3500 | 3627 |
| GO, 5.25%, 08/01/2053 | 1500 | 1575 |
| Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033 | 1125 | 1133 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Texas — continued** |  |  |
| Austin Independent School District |  |  |
| GO, 5.00%, 08/01/2026 | 1000 | 1021 |
| GO, 5.00%, 08/01/2038 | 500 | 545 |
| Barbers Hill Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2032 | 500 | 567 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 3000 | 3313 |
| Bastrop Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 2000 | 2140 |
| Beaumont Independent School District |  |  |
| GO, PSF-GTD, 3.00%, 02/15/2033 | 2500 | 2478 |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 1535 | 1549 |
| Bells Independent School District, GO, PSF-GTD, 4.25%, 02/15/2053 | 2310 | 2176 |
| Bexar County Hospital District, Certificates Obligation |  |  |
| GO, 4.00%, 02/15/2039 | 1090 | 1086 |
| GO, 5.00%, 02/15/2043 | 2750 | 2892 |
| Bexar County Hospital District, Certificates of Obligation |  |  |
| GO, 5.00%, 02/15/2036 | 370 | 407 |
| GO, 5.00%, 02/15/2037 | 230 | 251 |
| Board of Regents of the University of Texas System |  |  |
| Series A, Rev., 5.00%, 08/15/2030 | 1000 | 1118 |
| Series E, Rev., 5.00%, 08/15/2027 | 1000 | 1048 |
| Boerne Independent School District, GO, PSF-GTD, 3.13%, 02/01/2053 (z) | 1735 | 1741 |
| Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033 | 1670 | 1723 |
| Brazos Higher Education Authority, Inc. |  |  |
| Rev., AMT, 4.00%, 04/01/2045 | 2630 | 2358 |
| Series 1A, Rev., AMT, 4.50%, 04/01/2046 | 7320 | 7369 |
| Brazosport Independent School District, GO, PSF-GTD, 5.00%, 02/15/2030 | 1925 | 2082 |
| Capital Area Housing Finance Corp., Redwood Apartments, Rev., 3.50%, 01/01/2041 (z) | 2395 | 2396 |
| Carrollton-Farmers Branch Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/15/2053 | 5000 | 4489 |
| GO, PSF-GTD, 5.00%, 02/15/2026 | 2500 | 2523 |
| Castleberry Independent School District, GO, PSF-GTD, 5.00%, 02/15/2041 | 700 | 754 |
| Celina Independent School District, GO, PSF-GTD, 5.00%, 02/15/2031 | 500 | 560 |
| Central Texas Regional Mobility Authority |  |  |
| Rev., 5.00%, 01/01/2037 | 1285 | 1355 |
| Series B, Rev., 4.00%, 01/01/2040 | 800 | 779 |
| Series B, Rev., 4.00%, 01/01/2051 | 1250 | 1121 |
| Series B, Rev., 5.00%, 01/01/2037 | 1000 | 1066 |
| Series B, Rev., 5.00%, 01/01/2046 | 7800 | 7923 |
| Series C, Rev., BAN, 5.00%, 01/01/2027 | 2000 | 2010 |
| Central Texas Regional Mobility Authority, Senior Lien |  |  |
| Series B, Rev., 4.00%, 01/01/2039 | 600 | 594 |
| Series B, Rev., 4.00%, 01/01/2040 | 500 | 487 |
| Series B, Rev., 5.00%, 01/01/2045 | 3595 | 3652 |
| Series D, Rev., 5.00%, 01/01/2033 | 480 | 529 |
| Series E, Rev., 5.00%, 01/01/2045 | 2665 | 2706 |
| Central Texas Turnpike System |  |  |
| Rev., 5.00%, 08/15/2037 | 10000 | 11004 |
| Rev., 5.00%, 08/15/2038 | 7690 | 8405 |
| Rev., 5.00%, 08/15/2040 | 2500 | 2681 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Chapel Hill Independent School District/Smith County, GO, PSF-GTD, 5.00%, 02/15/2039 | 700 | 762 |
| City Austin, Certificates Obligation |  |  |
| GO, 5.00%, 09/01/2032 | 1750 | 1926 |
| GO, 5.00%, 09/01/2033 | 1100 | 1205 |
| GO, 5.00%, 09/01/2034 | 1750 | 1907 |
| City of Arlington TX Water & Wastewater System Revenue |  |  |
| Rev., 5.00%, 06/01/2037 | 1445 | 1610 |
| Rev., 5.00%, 06/01/2039 | 1445 | 1588 |
| City of Arlington, Tax, Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041 | 1000 | 874 |
| City of Austin |  |  |
| GO, 5.00%, 09/01/2039 (w) | 2675 | 2984 |
| GO, 5.00%, 09/01/2040 (w) | 1000 | 1106 |
| GO, 5.00%, 09/01/2041 (w) | 2430 | 2659 |
| City of Austin Electric Utility Revenue |  |  |
| Rev., 5.00%, 11/15/2048 | 6210 | 6462 |
| Series A, Rev., 5.00%, 11/15/2031 | 1595 | 1598 |
| City of Austin TX Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041 | 6500 | 7025 |
| City of Austin Water & Wastewater System Revenue |  |  |
| Rev., 4.00%, 11/15/2036 | 185 | 190 |
| Rev., 4.00%, 11/15/2041 | 1510 | 1485 |
| Rev., 5.00%, 11/15/2041 | 7000 | 7063 |
| Series C, Rev., 5.00%, 11/15/2025 (p) | 510 | 511 |
| Series C, Rev., 5.00%, 11/15/2032 | 1000 | 1100 |
| City of Austin, Airport System Revenue |  |  |
| Rev., AMT, 5.00%, 11/15/2029 | 1400 | 1511 |
| Rev., AMT, 5.00%, 11/15/2040 | 1500 | 1565 |
| Series B, Rev., AMT, 5.00%, 11/15/2030 | 1000 | 1072 |
| Series B, Rev., AMT, 5.00%, 11/15/2033 | 1130 | 1145 |
| Series B, Rev., AMT, 5.00%, 11/15/2036 | 3335 | 3402 |
| Series B, Rev., AMT, 5.00%, 11/15/2044 | 1335 | 1344 |
| City of Austin, Electric Utility Revenue |  |  |
| Series A, Rev., 5.00%, 11/15/2038 | 1265 | 1265 |
| Series B, Rev., 5.00%, 11/15/2037 | 1505 | 1588 |
| Series B, Rev., 5.00%, 11/15/2038 | 1340 | 1408 |
| City of Austin, Public Improvement |  |  |
| GO, 5.00%, 09/01/2033 | 5000 | 5745 |
| GO, 5.00%, 09/01/2034 | 2800 | 3238 |
| City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033 | 620 | 679 |
| City of Beaumont TX Waterworks & Sewer System Revenue, Rev., BAM, 5.00%, 09/01/2049 | 2000 | 2064 |
| City of Celina TX |  |  |
| Special Assessment, BAM, 5.00%, 09/01/2040 | 1200 | 1243 |
| Special Assessment, 5.25%, 09/01/2046 (e) | 1120 | 1121 |
| City of Celina, Mosaic Public Improvement District |  |  |
| Special Assessment, 5.13%, 09/01/2044 (e) | 2150 | 2068 |
| City of Corpus Christi TX Utility System Revenue |  |  |
| Rev., 5.00%, 07/15/2041 | 2110 | 2287 |
| Rev., 5.00%, 07/15/2042 | 2750 | 2947 |
| City of Corpus Christi, Utility System Revenue |  |  |
| Rev., 5.00%, 07/15/2028 | 1885 | 2010 |
| Rev., 5.00%, 07/15/2039 | 1000 | 1078 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| City of Dallas Housing Finance Corp., Rev., FHA, 5.00%, 08/01/2027 (z) | 350 | 356 |
| City of Dallas Housing Finance Corp., Estates at Ferguson, Rev., 5.00%, 07/01/2042 (z) | 1010 | 1035 |
| City of Dallas TX, GO, 4.00%, 02/15/2043 | 6000 | 5781 |
| City of Dallas Waterworks & Sewer System Revenue |  |  |
| Series A, Rev., 5.00%, 10/01/2032 | 1250 | 1271 |
| Series A, Rev., 5.00%, 10/01/2047 | 5000 | 5223 |
| Series C, Rev., 4.00%, 10/01/2031 | 1500 | 1549 |
| City of Dallas, Fair Park Venue Project Senior, Special Tax, 6.25%, 08/15/2053 (e) (z) | 3400 | 3402 |
| City of Dallas, Waterworks & Sewer System Revenue |  |  |
| Series C, Rev., 4.00%, 10/01/2039 | 7470 | 7359 |
| Series C, Rev., 4.00%, 10/01/2040 | 1000 | 978 |
| Series C, Rev., 5.00%, 10/01/2029 | 1125 | 1234 |
| City of Denton, GO, 2.00%, 02/15/2032 | 1345 | 1247 |
| City of Denton, Certificates Obligation |  |  |
| GO, 2.00%, 02/15/2034 | 2565 | 2272 |
| GO, 2.00%, 02/15/2035 | 2625 | 2265 |
| City of Eagle Pass, Certificates Obligation |  |  |
| GO, 4.00%, 03/01/2039 | 500 | 495 |
| GO, 4.00%, 03/01/2041 | 680 | 673 |
| City of El Paso TX |  |  |
| GO, BAM, 4.00%, 08/15/2042 (p) | 10900 | 10503 |
| City of Fort Worth, GO, 4.00%, 03/01/2030 | 1150 | 1196 |
| City of Fort Worth TX Water & Sewer System Revenue |  |  |
| Rev., 5.00%, 02/15/2037 | 2305 | 2538 |
| Rev., 5.00%, 02/15/2038 | 1390 | 1520 |
| Rev., 5.00%, 02/15/2041 | 710 | 758 |
| City of Galveston TX Wharves & Terminal Revenue |  |  |
| Rev., AMT, 5.25%, 08/01/2039 | 750 | 789 |
| Rev., AMT, 5.50%, 08/01/2041 | 1050 | 1109 |
| Rev., AMT, 5.50%, 08/01/2042 | 700 | 736 |
| Rev., AMT, 5.50%, 08/01/2043 | 1100 | 1153 |
| Rev., AMT, 5.50%, 08/01/2044 | 700 | 728 |
| City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e) | 500 | 455 |
| City of Houston Airport System Revenue |  |  |
| Series B, Rev., AMT, 5.25%, 07/15/2033 | 3000 | 3215 |
| Series C, Rev., AMT, 5.00%, 07/01/2028 | 470 | 497 |
| City of Houston Airport System Revenue, Subordinated Lien |  |  |
| Series A, Rev., AMT, 4.00%, 07/01/2035 | 1000 | 1008 |
| Series A, Rev., AMT, 4.00%, 07/01/2040 | 3570 | 3364 |
| Series A, Rev., AMT, 5.00%, 07/01/2028 | 1440 | 1521 |
| Series A, Rev., AMT, 5.00%, 07/01/2029 | 1580 | 1695 |
| Series A, Rev., AMT, 5.00%, 07/01/2034 | 2500 | 2655 |
| Series A, Rev., AMT, 5.00%, 07/01/2037 | 2000 | 2143 |
| Series A, Rev., AMT, 5.25%, 07/01/2040 | 2850 | 3073 |
| Series A, Rev., AMT, 5.50%, 07/01/2043 | 2500 | 2720 |
| Series B, Rev., 5.00%, 07/01/2026 | 1000 | 1017 |
| Series B, Rev., 5.00%, 07/01/2027 | 995 | 1038 |
| City of Houston Airport System Revenue, United Airlines, Inc. |  |  |
| Series B, Rev., AMT, 5.50%, 07/15/2037 | 8565 | 9247 |
| Series B, Rev., AMT, 5.50%, 07/15/2039 | 2000 | 2130 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/15/2041 | 4365 | 3964 |
| City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033 | 1200 | 1256 |
| City of Houston Combined Utility System Revenue, Subordinated First Lien, Rev., 5.00%, 11/15/2025 | 2500 | 2507 |
| City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment, Rev., 4.00%, 09/01/2029 | 280 | 291 |
| City of Houston TX, GO, 5.25%, 03/01/2049 | 16000 | 17040 |
| City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028 | 600 | 615 |
| City of Houston, Combined Utility System Revenue, First Lien |  |  |
| Series A, Rev., 5.00%, 11/15/2029 | 1100 | 1209 |
| Series C, Rev., 5.00%, 11/15/2029 | 3100 | 3405 |
| City of Hutto TX |  |  |
| GO, BAM, 4.13%, 08/01/2049 | 2500 | 2355 |
| GO, BAM, 5.00%, 08/01/2043 | 1220 | 1293 |
| City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e) | 315 | 294 |
| City of Lavon, Elevon Public Improvement District, Special Assessment, 5.00%, 09/15/2044 (e) | 500 | 493 |
| City of Lubbock Electric Light & Power System Revenue |  |  |
| Rev., 5.00%, 04/15/2026 | 800 | 810 |
| Rev., 5.00%, 04/15/2027 | 785 | 815 |
| Rev., 5.00%, 04/15/2035 | 1345 | 1503 |
| Rev., 5.00%, 04/15/2038 | 1045 | 1138 |
| Rev., 5.00%, 04/15/2040 | 1200 | 1283 |
| City of McKinney Waterworks & Sewer System Revenue, Rev., 5.00%, 03/15/2026 | 350 | 354 |
| City of Palestine, Certificates Obligation, GO, 4.00%, 02/15/2046 | 5000 | 4628 |
| City of Pflugerville, Certificates of Obligation, GO, 4.00%, 08/01/2049 | 2750 | 2511 |
| City of Plano, GO, 4.00%, 09/01/2043 | 1000 | 967 |
| City of Round Rock TX, GO, 4.13%, 08/15/2046 | 3210 | 3050 |
| City of San Antonio |  |  |
| GO, 5.00%, 02/01/2042 | 2380 | 2549 |
| GO, 5.00%, 02/01/2044 | 2250 | 2376 |
| City of San Antonio Electric & Gas Systems Revenue |  |  |
| Rev., 4.00%, 02/01/2030 | 1660 | 1758 |
| Rev., 5.00%, 02/01/2033 | 1795 | 1844 |
| Rev., 5.00%, 02/01/2035 | 1650 | 1689 |
| Series B, Rev., 5.25%, 02/01/2040 | 3000 | 3253 |
| City of San Antonio Electric & Gas Systems Revenue, Junior Lien |  |  |
| Rev., (SIFMA Municipal Swap Index + 0.87%), 3.76%, 02/01/2048 (aa) | 3000 | 2999 |
| Rev., 4.00%, 02/01/2037 | 1000 | 1024 |
| Series A, Rev., 5.00%, 02/01/2035 | 2200 | 2390 |
| Series D, Rev., 1.13%, 12/01/2045 (z) | 6510 | 6339 |
| City of San Antonio TX Electric & Gas Systems Revenue |  |  |
| Rev., 5.00%, 02/01/2036 | 1680 | 1872 |
| Rev., 5.00%, 02/01/2040 | 1000 | 1073 |
| Rev., 5.25%, 02/01/2044 | 1660 | 1773 |
| Rev., 5.25%, 02/01/2049 | 4000 | 4224 |
| City of San Antonio, Electric & Gas Systems Revenue |  |  |
| Rev., 4.00%, 02/01/2027 | 2000 | 2042 |
| Series D, Rev., 5.25%, 02/01/2054 | 4500 | 4745 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| City of Sugar Land TX, GO, 5.00%, 02/15/2037 | 1060 | 1178 |
| City of Texas City TX, GO, 5.00%, 02/15/2045 | 10455 | 10867 |
| City of Waco TX, GO, 5.00%, 02/01/2049 | 3000 | 3137 |
| Clear Creek Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2044 | 2875 | 3032 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2033 | 760 | 870 |
| Cleburne Independent School District, Prerefunded School Building, GO, PSF-GTD, 5.00%, 02/15/2036 (p) | 195 | 197 |
| Cleburne Independent School District, Unrefunded School Building, GO, PSF-GTD, 5.00%, 02/15/2036 | 870 | 875 |
| Clifton Higher Education Finance Corp. |  |  |
| Rev., PSF-GTD, 4.00%, 08/15/2044 | 4045 | 3780 |
| Rev., PSF-GTD, 4.00%, 02/15/2055 (z) | 7000 | 7285 |
| Rev., PSF-GTD, 5.00%, 08/15/2035 | 1300 | 1423 |
| Rev., PSF-GTD, 5.00%, 08/15/2037 | 500 | 539 |
| Rev., PSF-GTD, 5.00%, 08/15/2038 | 2905 | 3147 |
| Rev., PSF-GTD, 5.00%, 08/15/2041 | 2550 | 2718 |
| Rev., PSF-GTD, 5.00%, 08/15/2042 | 625 | 661 |
| Rev., PSF-GTD, 5.00%, 08/15/2044 | 2270 | 2374 |
| Rev., PSF-GTD, 5.25%, 02/15/2043 | 3900 | 4124 |
| Rev., PSF-GTD, 5.25%, 02/15/2044 | 2000 | 2106 |
| Clifton Higher Education Finance Corp., Idea Public School |  |  |
| Rev., PSF-GTD, 5.00%, 08/15/2026 | 1840 | 1876 |
| Series A, Rev., 4.00%, 08/15/2035 | 415 | 417 |
| Series A, Rev., 4.00%, 08/15/2047 | 1300 | 1146 |
| Series T, Rev., PSF-GTD, 4.00%, 08/15/2036 | 700 | 715 |
| Series T, Rev., PSF-GTD, 4.00%, 08/15/2047 | 1175 | 1082 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2026 | 55 | 56 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2027 | 30 | 31 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2028 | 40 | 43 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2030 | 215 | 238 |
| Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2028 | 900 | 954 |
| Collin County Community College District, Series A, GO, 4.00%, 08/15/2035 | 1600 | 1640 |
| Comal Independent School District, GO, PSF-GTD, 5.00%, 02/01/2042 | 750 | 803 |
| County of Bexar |  |  |
| GO, 4.00%, 06/15/2040 | 11085 | 11085 |
| GO, 5.00%, 06/15/2043 (p) | 2000 | 2033 |
| County of Bexar TX, GO, 4.00%, 06/15/2038 | 2205 | 2222 |
| County of Collin, GO, 5.00%, 02/15/2029 | 2000 | 2162 |
| County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041 | 2550 | 2722 |
| County of Denton, GO, 5.00%, 07/15/2027 | 1000 | 1046 |
| County of Denton TX, GO, 4.00%, 07/15/2043 | 2800 | 2708 |
| County of El Paso, Series A, GO, 5.00%, 02/15/2027 | 1430 | 1442 |
| County of Harris, Series A, GO, 5.00%, 10/01/2029 | 1150 | 1262 |
| County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026 | 1750 | 1790 |
| County of Nueces, GO, 5.00%, 02/15/2029 | 460 | 494 |
| Cypress-Fairbanks Independent School District |  |  |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2037 | 2000 | 2230 |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2038 | 1330 | 1470 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Dallas Area Rapid Transit |  |  |
| Series A, Rev., 5.00%, 12/01/2029 (p) | 1890 | 1897 |
| Series A, Rev., 5.00%, 12/01/2046 (p) | 2000 | 2008 |
| Dallas Area Rapid Transit, Senior Lien |  |  |
| Rev., 5.00%, 12/01/2032 | 1000 | 1087 |
| Series B, Rev., 4.00%, 12/01/2051 | 2000 | 1793 |
| Dallas Fort Worth International Airport |  |  |
| Series B, Rev., 5.00%, 11/01/2050 | 4000 | 4088 |
| Series C, Rev., AMT, 5.00%, 11/01/2030 | 5000 | 5475 |
| Dallas Fort Worth International Airport, Dallas Fort Worth International, Rev., 5.00%, 11/01/2025 | 1825 | 1828 |
| Dallas Independent School District, Series B, GO, PSF-GTD, 3.00%, 02/15/2034 | 1370 | 1326 |
| Del Valle Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 06/15/2031 | 3085 | 3266 |
| GO, PSF-GTD, 4.00%, 06/15/2032 | 3405 | 3579 |
| GO, PSF-GTD, 4.00%, 06/15/2033 | 5740 | 5994 |
| GO, PSF-GTD, 4.00%, 06/15/2034 | 3280 | 3394 |
| Denton Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2027 | 600 | 627 |
| GO, PSF-GTD, 5.00%, 08/15/2034 | 950 | 1080 |
| GO, PSF-GTD, 5.00%, 08/15/2038 | 5000 | 5590 |
| GO, PSF-GTD, 5.00%, 08/15/2042 | 2000 | 2127 |
| Series B1, GO, PSF-GTD, 4.00%, 08/15/2055 (z) | 5000 | 5199 |
| Series B2, GO, PSF-GTD, 4.00%, 08/15/2055 (z) | 1000 | 1066 |
| Eagle Mountain and Saginaw Independent School District, GO, PSF-GTD, 5.00%, 08/15/2043 | 3070 | 3263 |
| East Montgomery County Improvement District, Sales Tax Revenue, Rev., 5.00%, 08/15/2041 | 500 | 529 |
| El Paso County Hospital District |  |  |
| GO, 5.00%, 02/15/2034 | 3205 | 3612 |
| GO, 5.00%, 02/15/2035 | 1800 | 2032 |
| Flour Bluff Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2041 | 2000 | 2142 |
| GO, PSF-GTD, 5.00%, 08/15/2042 | 3200 | 3395 |
| GO, PSF-GTD, 5.00%, 08/15/2043 | 1800 | 1900 |
| Forney Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2040 | 600 | 643 |
| GO, PSF-GTD, 5.00%, 08/15/2043 | 2075 | 2176 |
| GO, PSF-GTD, 5.25%, 08/15/2041 | 500 | 555 |
| Series A, GO, PSF-GTD, 3.00%, 08/15/2037 | 3585 | 3330 |
| Series A, GO, PSF-GTD, 3.00%, 08/15/2038 | 4950 | 4506 |
| Fort Bend Grand Parkway Toll Road Authority |  |  |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2026 | 750 | 757 |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2027 | 285 | 295 |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2029 | 390 | 422 |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2030 | 1000 | 1101 |
| Fort Bend Independent School District, Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z) | 595 | 581 |
| Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 1750 | 1876 |
| Garland Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2037 | 500 | 551 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2037 | 3500 | 3858 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Georgetown Independent School District |  |  |
| GO, PSF-GTD, 2.00%, 08/15/2034 | 6155 | 5337 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 2100 | 2220 |
| Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 900 | 908 |
| Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045 | 10125 | 9140 |
| Greater Texoma Utility Authority |  |  |
| Rev., BAM, 5.25%, 10/01/2042 | 1000 | 1067 |
| Rev., BAM, 5.25%, 10/01/2045 | 1150 | 1211 |
| Greater Texoma Utility Authority, City of Sherman Project |  |  |
| Rev., BAM, 5.00%, 10/01/2037 | 3060 | 3299 |
| Rev., BAM, 5.00%, 10/01/2038 | 1450 | 1551 |
| Rev., BAM, 5.00%, 10/01/2049 | 10000 | 10216 |
| Series A, Rev., BAM, 4.00%, 10/01/2043 | 1940 | 1823 |
| Harris County Cultural Education Facilities Finance Corp., Series A, Rev., 5.00%, 05/15/2050 (z) | 8000 | 8763 |
| Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Rev., 4.00%, 10/01/2041 | 1000 | 956 |
| Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital |  |  |
| Rev., LOC: TD Bank NA, 2.80%, 10/01/2045 (z) | 2400 | 2400 |
| Rev., BAM, 4.00%, 10/01/2037 | 1790 | 1801 |
| Rev., 4.00%, 10/01/2038 | 1000 | 987 |
| Rev., BAM, 4.00%, 10/01/2038 | 1000 | 1001 |
| Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029 | 1700 | 1863 |
| Harris County Flood Control District, Sustainability Bond |  |  |
| Series A, GO, 4.00%, 09/15/2041 | 2500 | 2453 |
| Series A, GO, 4.00%, 09/15/2048 | 9000 | 8421 |
| Harris County Industrial Development Corp., Energy Transfer, Rev., 4.05%, 11/01/2050 (z) | 5000 | 5132 |
| Harris County, Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030 | 1200 | 1336 |
| Harris County-Houston Sports Authority, Senior Lien, Series A, Rev., 5.00%, 11/15/2029 | 3010 | 3277 |
| Hays Consolidated Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/15/2042 | 18160 | 17664 |
| GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1081 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1305 | 1384 |
| Hidalgo County Regional Mobility Authority, Senior Lien |  |  |
| Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1076 |
| Series A, Rev., 5.00%, 12/01/2033 | 575 | 614 |
| Series A, Rev., 5.00%, 12/01/2034 | 750 | 796 |
| Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051 | 1100 | 855 |
| Houston Higher Education Finance Corp., Kipp Inc, Rev., PSF-GTD, 4.00%, 08/15/2040 | 2500 | 2471 |
| Houston Independent School District, Maintenance Tax Notes, Series A, GO, 5.00%, 07/15/2045 (z) | 20400 | 21600 |
| Hurst-Euless-Bedford Independent School District, GO, PSF-GTD, 5.00%, 08/15/2038 | 1490 | 1643 |
| Hutto Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/01/2055 (z) | 2620 | 2702 |
| GO, PSF-GTD, 5.00%, 08/01/2048 | 2400 | 2503 |
| Irving Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 500 | 530 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 2300 | 2555 |
| GO, PSF-GTD, 5.00%, 02/15/2038 | 4375 | 4714 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 250 | 266 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Jarrell Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037 | 725 | 792 |
| Katy Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2027 | 3000 | 3102 |
| GO, PSF-GTD, 5.00%, 02/15/2036 | 1340 | 1457 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 1000 | 1067 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 1505 | 1596 |
| GO, PSF-GTD, 5.00%, 02/15/2046 | 2560 | 2690 |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2036 | 2475 | 2488 |
| Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 450 | 454 |
| Klein Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 08/01/2046 | 4000 | 3733 |
| GO, PSF-GTD, 5.00%, 08/01/2028 | 4270 | 4570 |
| GO, PSF-GTD, 5.00%, 08/01/2041 | 1775 | 1918 |
| Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035 | 250 | 240 |
| Lake Travis Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2043 (p) | 1090 | 1126 |
| Lamar Consolidated Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2029 | 150 | 162 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 1500 | 1606 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 2100 | 2216 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2058 | 4335 | 4450 |
| Liberty Hill Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/01/2040 | 1890 | 2038 |
| GO, PSF-GTD, 5.00%, 02/01/2041 | 2020 | 2160 |
| Llano Independent School District, GO, PSF-GTD, 5.00%, 02/15/2032 | 1350 | 1360 |
| Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2043 | 1750 | 1851 |
| Love Field Airport Modernization Corp., Southwest Airlines Co Project, Rev., AMT, 5.00%, 11/01/2028 | 1400 | 1401 |
| Lower Colorado River Authority |  |  |
| Rev., 5.00%, 05/15/2031 | 4795 | 5384 |
| Rev., 5.00%, 05/15/2032 | 5000 | 5573 |
| Series A, Rev., 5.00%, 05/15/2027 | 420 | 437 |
| Series B, Rev., 5.00%, 05/15/2039 (z) | 3000 | 3124 |
| Lower Colorado River Authority, LCRA Transmission Services |  |  |
| Rev., 5.00%, 05/15/2030 | 1000 | 1104 |
| Rev., 5.00%, 05/15/2051 | 3500 | 3551 |
| Lower Colorado River Authority, LCRA Transmission Services Corp., Rev., BAM, 5.25%, 05/15/2043 | 3500 | 3780 |
| Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029 | 100 | 108 |
| Mansfield Independent School District, GO, PSF-GTD, 3.00%, 08/01/2036 | 1000 | 940 |
| Matagorda County Navigation District No. 1, Central Power & Light, Rev., AMT, 4.25%, 05/01/2030 | 825 | 861 |
| Matagorda County Navigation District No. 1, Central Power & Light Co., Rev., 2.60%, 11/01/2029 | 3500 | 3398 |
| McKinney Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1245 | 1256 |
| Medina Valley Independent School District |  |  |
| GO, PSF-GTD, 0.82%, 02/15/2051 (z) | 445 | 440 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 3000 | 3222 |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Contractual Obligation, Series B, Rev., 5.00%, 11/01/2025 | 435 | 436 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Midland County Hospital District, Rev., BAM, 5.25%, 05/15/2054 | 2170 | 2251 |
| Midland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2050 (p) | 190 | 201 |
| Midland Independent School District, Unrefunded Balance School Building, GO, PSF-GTD, 5.00%, 02/15/2050 (p) | 2110 | 2136 |
| Mission Economic Development Corp. |  |  |
| Rev., AMT, 0.00%, 06/01/2048 (z) | 5665 | 5698 |
| Rev., AMT, 3.80%, 05/01/2046 (z) | 10000 | 9997 |
| Rev., AMT, 4.00%, 06/01/2054 (z) | 2475 | 2488 |
| Rev., AMT, 5.00%, 12/01/2064 (z) | 1000 | 1036 |
| New Caney Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2037 | 625 | 687 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1375 | 1487 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 2000 | 2146 |
| GO, PSF-GTD, 5.00%, 02/15/2044 | 1250 | 1313 |
| New Hope Cultural Education Facilities Finance Corp., Series A, Rev., 5.00%, 07/01/2047 | 2000 | 1853 |
| New Hope Cultural Education Facilities Finance Corp., Bella Vida Facility Living |  |  |
| Rev., 4.25%, 10/01/2030 | 2000 | 2009 |
| Rev., 4.63%, 10/01/2030 | 2000 | 2013 |
| New Hope Cultural Education Facilities Finance Corp., Children's Health System, Series A, Rev., 5.00%, 08/15/2047 | 1000 | 1008 |
| New Hope Cultural Education Facilities Finance Corp., Children's Health System of Texas |  |  |
| Rev., 5.25%, 08/15/2043 | 1375 | 1491 |
| Rev., 5.25%, 08/15/2045 | 2035 | 2186 |
| Rev., 5.50%, 08/15/2049 | 3000 | 3239 |
| New Hope Cultural Education Facilities Finance Corp., NCCD College Station Project, Series A, Rev., 5.00%, 07/01/2035 | 9400 | 9130 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049 | 100 | 83 |
| New Hope Cultural Education Facilities Finance Corporation, Series A, Rev., 4.00%, 08/15/2040 | 3000 | 2829 |
| Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038 | 1365 | 1467 |
| North East Independent School District |  |  |
| GO, PSF-GTD, 3.75%, 08/01/2049 (z) | 1500 | 1524 |
| GO, PSF-GTD, 4.00%, 08/01/2033 | 4000 | 4000 |
| North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026 | 1520 | 1566 |
| North Texas Higher Education Authority, Inc., Rev., AMT, 4.13%, 06/01/2045 | 4895 | 4804 |
| North Texas Higher Education Authority, Inc., Senior |  |  |
| Rev., AMT, 4.50%, 06/01/2046 (w) | 3105 | 3108 |
| Rev., AMT, 5.00%, 06/01/2031 (w) | 800 | 853 |
| Rev., AMT, 5.00%, 06/01/2032 (w) | 500 | 533 |
| Rev., AMT, 5.00%, 06/01/2033 (w) | 390 | 416 |
| North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041 | 575 | 476 |
| North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System, Rev., 4.50%, 06/01/2054 (w) | 3000 | 2944 |
| North Texas Tollway Authority |  |  |
| Rev., Zero Coupon, 01/01/2035 | 10000 | 7203 |
| Rev., 5.00%, 01/01/2031 | 3000 | 3350 |
| Rev., 5.00%, 01/01/2035 | 3250 | 3670 |
| Rev., 5.25%, 01/01/2044 | 3225 | 3446 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., Zero Coupon, 01/01/2030 | 1500 | 1321 |
| North Texas Tollway Authority, First Tier Bonds |  |  |
| Series A, Rev., 4.00%, 01/01/2035 | 2000 | 2037 |
| Series A, Rev., 5.00%, 01/01/2037 | 1500 | 1629 |
| Series A, Rev., 5.00%, 01/01/2040 | 4000 | 4240 |
| North Texas Tollway Authority, Second Tier |  |  |
| Rev., 4.25%, 01/01/2049 | 4000 | 3602 |
| Rev., 5.00%, 01/01/2048 | 2335 | 2355 |
| Series B, Rev., 4.00%, 01/01/2035 | 2100 | 2138 |
| Series B, Rev., 4.00%, 01/01/2036 | 1000 | 1011 |
| Series B, Rev., 4.00%, 01/01/2037 | 1000 | 1004 |
| Series B, Rev., 5.00%, 01/01/2027 | 215 | 216 |
| Series B, Rev., 5.00%, 01/01/2033 | 1000 | 1025 |
| Northside Independent School District, GO, PSF-GTD, 3.55%, 06/01/2050 (z) | 4000 | 4056 |
| Northwest Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1062 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 2225 | 2397 |
| GO, PSF-GTD, 5.25%, 02/15/2055 | 3820 | 4052 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2036 | 1000 | 1098 |
| Northwest Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2042 (p) | 1505 | 1518 |
| Odessa Junior College District, Consolidated Fund, Rev., 4.00%, 07/01/2026 | 1015 | 1026 |
| Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047 | 2000 | 2062 |
| Pearland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1075 | 1084 |
| Pecos Barstow Toyah Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2027 | 300 | 311 |
| GO, PSF-GTD, 5.00%, 02/15/2039 | 500 | 525 |
| Permanent University Fund—Texas A&M University System, Board of Regents, Rev., 5.00%, 07/01/2042 | 1695 | 1790 |
| Permanent University Fund—Texas A&M University System, Board Of Regents, Rev., 5.00%, 07/01/2039 | 1500 | 1621 |
| Plano Independent School District, GO, 5.00%, 02/15/2027 | 650 | 672 |
| Port Authority of Houston of Harris County Texas |  |  |
| Rev., 5.00%, 10/01/2026 | 850 | 871 |
| Rev., 5.00%, 10/01/2028 | 1250 | 1339 |
| Rev., 5.00%, 10/01/2029 | 1250 | 1367 |
| Port Authority of Houston of Harris County Texas, First Lien |  |  |
| Rev., 5.00%, 10/01/2025 | 950 | 950 |
| Rev., 5.00%, 10/01/2048 | 8500 | 8737 |
| Port Beaumont Navigation District, Jefferson Gulf Coast Energy |  |  |
| Rev., AMT, 2.00%, 01/01/2027 (e) | 550 | 536 |
| Rev., AMT, 2.25%, 01/01/2029 (e) | 800 | 755 |
| Rev., AMT, 2.88%, 01/01/2041 (e) | 120 | 87 |
| Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e) | 8000 | 7179 |
| Port of Beaumont Navigation District, Rev., AMT, 5.00%, 01/01/2039 (e) | 3250 | 3208 |
| Port of Beaumont Navigation District, Taxable Jefferson Gulf Coast, Rev., 10.00%, 07/01/2026 (e) | 4000 | 4018 |
| Prosper Independent School District |  |  |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2030 | 25 | 28 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1104 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Red River Education Finance Corp., Rev., 5.00%, 03/15/2035 | 1430 | 1649 |
| Rockwall Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027 | 1335 | 1381 |
| Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2044 (z) | 10000 | 10982 |
| Royse City Independent School District, GO, PSF-GTD, 5.00%, 02/15/2039 | 1000 | 1084 |
| San Angelo Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 5500 | 5901 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 9010 | 9603 |
| San Antonio Education Facilities Corp., University of The Incarnate Word |  |  |
| Rev., 4.00%, 04/01/2038 | 2065 | 1877 |
| Rev., 4.00%, 04/01/2041 | 1000 | 855 |
| San Antonio Water System |  |  |
| Series 2013F, Rev., 1.00%, 05/01/2043 (z) | 6000 | 5846 |
| Series A, Rev., 5.00%, 05/15/2034 | 2375 | 2493 |
| Series C, Rev., 5.00%, 05/15/2046 | 6670 | 6825 |
| San Antonio Water System, Junior Lien, Series A, Rev., 5.00%, 05/15/2043 | 3500 | 3574 |
| San Marcos Consolidated Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2027 | 1830 | 1918 |
| GO, PSF-GTD, 5.00%, 08/15/2040 | 2000 | 2149 |
| Sherman Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2036 | 1335 | 1517 |
| GO, PSF-GTD, 5.00%, 02/15/2037 | 1000 | 1125 |
| Socorro Independent School District, GO, PSF-GTD, 4.00%, 08/15/2040 | 2575 | 2576 |
| Southwest Independent School District, GO, PSF-GTD, 5.00%, 02/01/2027 | 410 | 424 |
| Spring Branch Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/01/2043 | 1250 | 1340 |
| GO, PSF-GTD, 5.00%, 02/01/2044 | 1625 | 1732 |
| Spring Independent School District |  |  |
| GO, 5.00%, 08/15/2030 | 600 | 668 |
| GO, PSF-GTD, 5.25%, 08/15/2044 | 5000 | 5438 |
| GO, PSF-GTD, 5.25%, 08/15/2046 | 12500 | 13545 |
| Stanton Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037 | 1100 | 1225 |
| State of Texas |  |  |
| GO, 5.00%, 10/01/2042 | 1170 | 1252 |
| Series B, GO, 4.00%, 08/01/2030 | 60 | 60 |
| State of Texas, Mobility Fund, Series B, GO, 5.00%, 10/01/2032 | 14655 | 14602 |
| State of Texas, Public Finance Authority, GO, 5.00%, 10/01/2026 | 1000 | 1026 |
| State of Texas, Water Financial Assistance, Series B, GO, 5.00%, 08/01/2037 | 1000 | 1000 |
| Tarrant County Cultural Education Facilities Finance Corp. |  |  |
| Rev., VRDO, LOC: TD Bank NA, 3.30%, 10/01/2025 (z) | 13400 | 13400 |
| Rev., VRDO, LOC: TD Bank NA, 3.45%, 10/01/2025 (z) | 6000 | 6000 |
| Rev., 5.00%, 07/01/2038 | 5000 | 5170 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health |  |  |
| Rev., 4.00%, 11/15/2042 | 15000 | 14146 |
| Series A, Rev., 5.00%, 11/15/2045 | 4195 | 4207 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047 | 12415 | 13098 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health, Rev., 5.00%, 11/15/2052 (z) | 1890 | 2065 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas |  |  |
| Rev., 4.00%, 10/01/2041 | 1975 | 1892 |
| Rev., 5.00%, 10/01/2030 | 1000 | 1114 |
| Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Rev., 5.00%, 02/15/2041 | 5000 | 5038 |
| Tarrant Regional Water District Water Supply System Revenue, Rev., 5.00%, 03/01/2036 | 3500 | 3916 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0585, Rev., LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 4.05%, 07/01/2064 (e) (z) | 24075 | 24075 |
| Series 2025-XF3424, GO, PSF-GTD, LIQ: Barclays Bank plc, 2.92%, 02/15/2055 (e) (z) | 2250 | 2250 |
| Terrell Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/01/2039 | 1000 | 1103 |
| GO, PSF-GTD, 5.00%, 08/01/2040 | 1000 | 1092 |
| GO, PSF-GTD, 5.00%, 08/01/2041 | 1000 | 1080 |
| Texas A&M University |  |  |
| Rev., 5.00%, 05/15/2036 | 5000 | 5657 |
| Rev., 5.00%, 05/15/2037 | 1000 | 1121 |
| Rev., 5.00%, 05/15/2042 | 4830 | 5164 |
| Texas A&M University, Financing System, Series B, Rev., 4.00%, 05/15/2043 | 20595 | 19975 |
| Texas Department of Housing & Community Affairs |  |  |
| Rev., GNMA COLL, 6.00%, 07/01/2054 | 1990 | 2206 |
| Series A, Rev., GNMA COLL, 4.00%, 03/01/2050 | 270 | 273 |
| Series B, Rev., GNMA COLL, 6.00%, 03/01/2053 | 520 | 569 |
| Series C, Rev., GNMA COLL, 6.00%, 03/01/2054 | 3005 | 3307 |
| Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052 | 1620 | 1598 |
| Texas Department of Housing & Community Affairs, Sustainable Bond, Series B, Rev., GNMA COLL, 5.75%, 01/01/2053 | 885 | 956 |
| Texas Department of Housing and Community Affairs, Series B, Rev., GNMA COLL, 4.90%, 07/01/2045 | 3000 | 3080 |
| Texas Municipal Gas Acquisition & Supply Corp. III |  |  |
| Rev., 5.00%, 12/15/2025 | 1305 | 1309 |
| Rev., 5.00%, 12/15/2030 | 3300 | 3553 |
| Rev., 5.00%, 12/15/2031 | 2000 | 2171 |
| Texas Municipal Gas Acquisition & Supply Corp. IV |  |  |
| Series A, Rev., 5.50%, 01/01/2054 (z) | 15815 | 17013 |
| Series B, Rev., 5.50%, 01/01/2054 (z) | 9795 | 11027 |
| Texas Municipal Gas Acquisition & Supply Corporation V, Rev., 5.00%, 01/01/2055 (z) | 5835 | 6373 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026 | 5470 | 5586 |
| Texas Municipal Power Agency, Rev., 3.00%, 09/01/2038 | 500 | 442 |
| Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058 | 25060 | 24607 |
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group |  |  |
| Rev., 4.00%, 12/31/2030 | 3970 | 4121 |
| Rev., 4.00%, 06/30/2033 | 1000 | 1020 |
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien Bond |  |  |
| Rev., AMT, 5.38%, 06/30/2037 | 1750 | 1853 |
| Rev., AMT, 5.38%, 06/30/2038 | 3955 | 4173 |
| Rev., AMT, 5.50%, 06/30/2041 | 1425 | 1485 |
| Rev., AMT, 5.50%, 06/30/2043 | 2750 | 2836 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien North Tarrant Express Project, Rev., AMT, 5.50%, 12/31/2058 | 6000 | 6183 |
| Texas State Affordable Housing Corp., Juniper Creek Apartments, Rev., 3.75%, 07/01/2044 (z) | 485 | 488 |
| Texas State Affordable Housing Corp., Norman Commons, Rev., 3.63%, 01/01/2045 (z) | 565 | 570 |
| Texas State University System, Rev., 5.00%, 03/15/2041 | 2550 | 2731 |
| Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z) | 4500 | 4434 |
| Texas Water Development Board |  |  |
| Rev., 4.00%, 10/15/2035 | 4000 | 4000 |
| Rev., 5.00%, 08/01/2026 | 2250 | 2297 |
| Series A, Rev., 5.00%, 10/15/2028 | 115 | 124 |
| Series A, Rev., 5.00%, 10/15/2038 | 1900 | 2101 |
| Texas Water Development Board, Master Trust |  |  |
| Rev., 4.00%, 10/15/2033 | 1000 | 1040 |
| Rev., 4.25%, 10/15/2041 (w) | 2000 | 2025 |
| Rev., 5.00%, 10/15/2037 (w) | 4400 | 4985 |
| Rev., 5.00%, 10/15/2038 (w) | 8740 | 9817 |
| Rev., 5.00%, 10/15/2040 (w) | 7535 | 8326 |
| Series A, Rev., 4.25%, 10/15/2051 | 2890 | 2727 |
| Series A, Rev., 4.38%, 10/15/2054 | 3835 | 3681 |
| Series A, Rev., 4.38%, 10/15/2059 | 1610 | 1538 |
| Series A, Rev., 5.00%, 10/15/2039 | 3000 | 3291 |
| Texas Water Development Board, Revolving Fund |  |  |
| Rev., 4.00%, 08/01/2038 | 500 | 506 |
| Rev., 5.00%, 08/01/2028 | 625 | 671 |
| Series A, Rev., 5.00%, 10/15/2028 | 100 | 106 |
| Texas Water Development Board, State Revolving Fund |  |  |
| Rev., 4.00%, 08/01/2037 | 2015 | 2052 |
| Rev., 5.00%, 08/01/2027 | 2835 | 2969 |
| Texas Water Development Board, State Water Implementation Fund |  |  |
| Rev., 3.00%, 10/15/2033 | 2000 | 1965 |
| Series A, Rev., 4.00%, 10/15/2033 | 1900 | 1927 |
| Series A, Rev., 5.00%, 04/15/2026 | 100 | 101 |
| Series A, Rev., 5.00%, 10/15/2030 | 500 | 501 |
| Series A, Rev., 5.00%, 10/15/2047 | 2480 | 2511 |
| Series B, Rev., 5.00%, 04/15/2049 | 11535 | 11726 |
| Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046 | 2000 | 2009 |
| Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z) | 190 | 190 |
| Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029 | 1500 | 1636 |
| University of Houston |  |  |
| Series A, Rev., 5.00%, 02/15/2034 | 2000 | 2227 |
| Series A, Rev., 5.00%, 02/15/2041 | 2000 | 2112 |
| University of Texas, Series C, Rev., 5.00%, 08/15/2028 | 100 | 107 |
| Upper Trinity Regional Water District, Rev., BAM, 4.25%, 08/01/2049 | 1500 | 1424 |
| Uptown Development Authority |  |  |
| Tax Allocation, 4.00%, 09/01/2033 | 400 | 397 |
| Tax Allocation, 4.00%, 09/01/2035 | 995 | 952 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Waco Educational Finance Corp., Baylor University Issue |  |  |
| Rev., 5.00%, 03/01/2035 | 1500 | 1639 |
| Series A, Rev., 4.00%, 03/01/2036 | 750 | 760 |
| Waller Consolidated Independent School District |  |  |
| GO, BAM, 5.00%, 02/15/2040 | 2800 | 2997 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 2000 | 2161 |
| GO, BAM, 5.00%, 02/15/2042 | 6550 | 6911 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 2500 | 2680 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 4000 | 4247 |
| Waxahachie Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/15/2049 | 2500 | 2323 |
| GO, PSF-GTD, 4.25%, 02/15/2053 | 1670 | 1588 |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 1250 | 1325 |
| GO, PSF-GTD, 5.00%, 02/15/2029 | 1370 | 1478 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 1135 | 1284 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1083 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 1000 | 1074 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 1000 | 1064 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 1500 | 1585 |
| GO, PSF-GTD, 5.00%, 02/15/2044 | 900 | 946 |
| Weslaco Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 500 | 544 |
| Whitesboro Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028 | 550 | 583 |
|  |  | 1413340 |
| **Utah** — **0.9%** |  |  |
| Black Desert Public Infrastructure District, Special Assessment, 5.63%, 12/01/2053 (e) | 2135 | 2139 |
| City of Salt Lake City Airport Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2037 | 5000 | 5275 |
| Series A, Rev., AMT, 5.00%, 07/01/2046 | 5000 | 5057 |
| Series A, Rev., AMT, 5.00%, 07/01/2047 | 2560 | 2559 |
| Series A, Rev., AMT, 5.25%, 07/01/2040 | 2400 | 2549 |
| Series A, Rev., AMT, 5.25%, 07/01/2041 | 1000 | 1053 |
| Series A, Rev., AMT, 5.25%, 07/01/2042 | 2750 | 2872 |
| Series A, Rev., AMT, 5.25%, 07/01/2048 | 2750 | 2830 |
| County of Utah, IHC Health Services, Inc. |  |  |
| Series A, Rev., 4.00%, 05/15/2045 | 10020 | 9361 |
| Series B, Rev., 5.00%, 05/15/2060 (z) | 625 | 637 |
| Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien, Series A, GO, 6.00%, 03/01/2053 (e) | 1415 | 1399 |
| Downtown Revitalization Public Infrastructure District |  |  |
| Rev., 5.00%, 07/15/2035 (e) | 1425 | 1434 |
| Rev., 5.00%, 06/01/2036 | 1650 | 1755 |
| Rev., 5.00%, 06/01/2037 | 1700 | 1799 |
| Rev., 5.00%, 06/01/2038 | 1650 | 1738 |
| Rev., 5.00%, 06/01/2039 | 2300 | 2406 |
| Rev., 5.25%, 06/01/2041 | 1425 | 1571 |
| Rev., 5.25%, 06/01/2042 | 1000 | 1091 |
| Rev., 5.25%, 06/01/2043 | 545 | 589 |
| Rev., 5.50%, 06/01/2050 | 9170 | 9837 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Utah** — **continued** |  |  |
| Firefly Public Infrastructure District No. 1 Assessment Area No. 1, Special Assessment, 5.63%, 12/01/2043 (e) | 531 | 531 |
| Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030 | 500 | 551 |
| Mida Cormont Public Infrastructure District |  |  |
| GO, 0.00%, 06/01/2055 (e) | 500 | 416 |
| Series A1, GO, 6.25%, 06/01/2055 (e) | 1000 | 1042 |
| Mida Mountain Village Public Infrastructure District, Subordinate, Series 2, Tax Allocation, 5.75%, 06/15/2044 (e) | 3295 | 3323 |
| Mountain Veterans Program Public Infrastructure District, Tax Allocation, 5.20%, 06/01/2054 (e) | 1190 | 1143 |
| Point Phase 1 Public Infrastructure District No. 1, Series A1, Rev., 5.88%, 03/01/2045 | 1250 | 1277 |
| Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028 | 2000 | 2136 |
| Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e) | 600 | 515 |
| State of Utah |  |  |
| GO, 3.00%, 07/01/2034 | 2000 | 1969 |
| Series B, GO, 5.00%, 07/01/2029 | 100 | 108 |
| Timpanogos Special Service District, Rev., 5.00%, 06/01/2054 | 11150 | 11567 |
| University of Utah (The), Series A, Rev., 5.00%, 08/01/2039 | 1505 | 1542 |
| University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040 | 1750 | 1726 |
| Utah Housing Corp. |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.60%, 07/01/2044 | 2275 | 2291 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1755 | 1946 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2650 | 2977 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 01/01/2054 | 1385 | 1516 |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.45%, 01/01/2044 | 1350 | 1336 |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.65%, 01/01/2049 | 1975 | 1954 |
| Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1955 | 2160 |
| Series I, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 4745 | 5353 |
| Utah Housing Corp., Drawdown New City, Rev., FHA HUD, 3.63%, 02/01/2026 | 906 | 907 |
| Utah Municipal Power Agency, Rev., 5.00%, 07/01/2038 | 8900 | 8959 |
| Utah Telecommunication Open Infrastructure Agency |  |  |
| Rev., 5.00%, 06/01/2027 | 130 | 135 |
| Rev., 5.00%, 06/01/2031 | 210 | 236 |
| Rev., 5.25%, 06/01/2035 | 700 | 787 |
| Rev., 5.25%, 06/01/2037 | 2250 | 2488 |
| Utah Transit Authority, Rev., 5.00%, 12/15/2043 | 950 | 1022 |
|  |  | 119864 |
| **Vermont** — **0.1%** |  |  |
| Vermont Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 2035 | 2016 |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2049 | 180 | 183 |
| Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034 | 250 | 257 |
| Vermont Student Assistance Corp. |  |  |
| Rev., AMT, 4.13%, 06/15/2036 | 460 | 450 |
| Rev., AMT, 4.25%, 06/15/2037 | 780 | 772 |
| Rev., AMT, 4.38%, 06/15/2038 | 690 | 672 |
| Rev., AMT, 4.50%, 06/15/2039 | 735 | 719 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Vermont** — **continued** |  |  |
| Rev., AMT, 5.25%, 06/15/2030 | 600 | 645 |
| Rev., AMT, 5.25%, 06/15/2031 | 700 | 759 |
| Rev., AMT, 5.25%, 06/15/2032 | 950 | 1033 |
| Series A, Rev., AMT, 2.38%, 06/15/2039 | 390 | 360 |
| Vermont Student Assistance Corporation |  |  |
| Series A, Rev., AMT, 5.00%, 06/15/2037 | 2225 | 2277 |
| Series A, Rev., AMT, 5.00%, 06/15/2038 | 1620 | 1635 |
| Series A, Rev., AMT, 5.00%, 06/15/2039 | 1540 | 1542 |
| Series A, Rev., AMT, 5.13%, 06/15/2040 | 1495 | 1496 |
| Series A, Rev., AMT, 5.25%, 06/15/2041 | 1355 | 1355 |
|  |  | 16171 |
| **Virginia** — **1.9%** |  |  |
| Albemarle County Economic Development Authority, Westminster Canterbury of the Blue Ridge, Rev., 4.00%, 06/01/2035 | 1365 | 1385 |
| Alexandria Redevelopment and Housing Authority, 431 S Columbus Street, Rev., HUD, 3.40%, 12/01/2054 (z) | 1000 | 1000 |
| Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution |  |  |
| Rev., 5.00%, 07/01/2046 | 2930 | 2934 |
| Rev., 5.00%, 07/01/2051 | 4000 | 4001 |
| Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027 | 1000 | 1016 |
| County of Fairfax Sewer Revenue, Series A, Rev., 5.00%, 07/15/2037 | 685 | 779 |
| County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p) | 945 | 957 |
| Fairfax County Economic Development Authority, Smithsonian Institution, Series A, Rev., VRDO, 2.89%, 10/07/2025 (z) | 8395 | 8395 |
| Fairfax County Industrial Development Authority, Rev., 4.00%, 05/15/2048 | 20615 | 19213 |
| Fairfax County Industrial Development Authority, Inova Health System Project |  |  |
| Rev., 4.00%, 05/15/2042 | 3440 | 3311 |
| Rev., 5.00%, 05/15/2029 | 2000 | 2173 |
| Fairfax County Redevelopment & Housing Authority, Dominion Square North Project, Rev., 5.00%, 01/01/2045 (z) | 1700 | 1757 |
| FHLMC Multifamily VRD Certificates, Series A, Rev., 2.25%, 12/15/2037 | 940 | 751 |
| Halifax County Industrial Development Authority, Rev., 3.80%, 12/01/2041 (z) | 1000 | 1015 |
| Hampton Roads Sanitation District |  |  |
| Series A, Rev., 5.00%, 11/01/2036 | 1000 | 1144 |
| Series A, Rev., 5.00%, 11/01/2037 | 1600 | 1810 |
| Series A, Rev., 5.00%, 11/01/2038 | 1500 | 1678 |
| Hampton Roads Transportation Accountability Commission, Series A, Rev., BAN, 5.00%, 07/01/2027 | 6310 | 6589 |
| Hampton Roads Transportation Accountability Commission, Senior Lien |  |  |
| Series A, Rev., BAN, 5.00%, 07/01/2026 (p) | 1130 | 1150 |
| Series A, Rev., 5.00%, 07/01/2031 | 1500 | 1667 |
| Series A, Rev., TRAN, 5.00%, 07/01/2038 (p) | 1000 | 1059 |
| Series A, Rev., 5.00%, 07/01/2039 | 2100 | 2227 |
| Henrico County Economic Development Authority, Rev., 5.00%, 11/01/2035 | 7105 | 8034 |
| Isle of Wight County Economic Development Authority, Riverside Health System |  |  |
| Rev., 5.00%, 07/01/2036 | 750 | 832 |
| Rev., 5.00%, 07/01/2037 | 500 | 549 |
| Rev., 5.25%, 07/01/2043 | 1620 | 1706 |
| Rev., 5.25%, 07/01/2053 | 5000 | 5162 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Virginia** — **continued** |  |  |
| Isle Wight County Industrial Development Authority, Riverside Health System, Rev., 5.25%, 07/01/2048 | 3000 | 3119 |
| James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035 | 150 | 143 |
| Lynchburg Economic Development Authority, Centra Health Obligation Group |  |  |
| Rev., 3.00%, 01/01/2051 | 4750 | 3260 |
| Rev., 5.00%, 01/01/2029 | 700 | 746 |
| Norfolk Airport Authority, Rev., 5.00%, 07/01/2038 | 1175 | 1226 |
| Norfolk Redevelopment & Housing Authority, Braywood Manor Apartments Project, Rev., HUD, 5.00%, 05/01/2043 (z) | 350 | 354 |
| Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community Harbor, Rev., 4.38%, 01/01/2039 | 1400 | 1280 |
| Roanoke Economic Development Authority, Carilion Clinic Obligation Group, Rev., 5.00%, 07/01/2047 | 2000 | 2152 |
| Tender Option Bond Trust Receipts/Certificates, Series 2024-BAML6038, Rev., AMT, LOC: Bank of America NA, LIQ: Bank of America NA, 3.65%, 08/31/2027 (e) (z) | 15120 | 15120 |
| Virginia Beach Development Authority, Temps 50Sm Westminster Canterbury, Rev., 5.38%, 09/01/2029 | 2000 | 2020 |
| Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044 | 2215 | 2126 |
| Virginia Beach Development Authority, Westminster Canterbury on Chesapeake Bay, Rev., 6.50%, 09/01/2043 | 3300 | 3601 |
| Virginia College Building Authority |  |  |
| Rev., 4.00%, 02/01/2036 | 12500 | 12543 |
| Series A, Rev., 3.00%, 02/01/2028 | 4000 | 4005 |
| Series A, Rev., 4.00%, 02/01/2034 | 3500 | 3585 |
| Virginia College Building Authority, 21st Century College & Equipment |  |  |
| Rev., 4.00%, 02/01/2044 | 5000 | 4783 |
| Rev., 5.00%, 02/01/2028 | 1000 | 1060 |
| Virginia College Building Authority, 21st Century College and Equipment |  |  |
| Rev., 4.00%, 02/01/2040 | 1815 | 1813 |
| Rev., 5.00%, 02/01/2029 | 1000 | 1084 |
| Rev., 5.00%, 02/01/2033 | 3750 | 4095 |
| Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e) | 1000 | 766 |
| Virginia Commonwealth University Health System Authority, Rev., VRDO, LOC: TD Bank NA, 4.00%, 10/01/2025 (z) | 14400 | 14400 |
| Virginia Housing Development Authority |  |  |
| Rev., 4.40%, 10/01/2044 | 1000 | 997 |
| Rev., 4.70%, 07/01/2040 | 930 | 953 |
| Series E1, Rev., 4.35%, 10/01/2044 | 685 | 678 |
| Series E, Rev., 4.50%, 07/01/2045 | 735 | 734 |
| Series G, Rev., 5.05%, 11/01/2047 | 1750 | 1784 |
| Virginia Housing Development Authority, Commonwealth Mortgage Bond, Rev., 3.63%, 07/01/2055 (z) | 950 | 950 |
| Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2045 (p) | 5000 | 5072 |
| Virginia Public Building Authority, Rev., 5.00%, 08/01/2034 | 4000 | 4644 |
| Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033 | 1000 | 1139 |
| Virginia Public School Authority, Series B, Rev., 5.00%, 08/01/2052 | 3670 | 3815 |
| Virginia Resources Authority Clean Water Revolving Fund, Revolving Fund, Series B, Rev., 4.00%, 10/01/2027 | 5000 | 5000 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Virginia** — **continued** |  |  |
| Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028 | 1510 | 1627 |
| Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028 | 1000 | 1079 |
| Virginia Small Business Financing Authority, National Senior Campuses, Series A, Rev., 5.00%, 01/01/2032 | 1500 | 1582 |
| Virginia Small Business Financing Authority, Pure Salmon Virginia, LLC, Rev., AMT, 4.00%, 11/01/2052 (z) | 3305 | 3307 |
| Virginia Small Business Financing Authority, Senior Lien 95 Express |  |  |
| Rev., AMT, 5.00%, 07/01/2032 | 400 | 431 |
| Rev., AMT, 5.00%, 07/01/2033 | 2320 | 2484 |
| Rev., AMT, 5.00%, 01/01/2036 | 200 | 211 |
| Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1040 |
| Virginia Small Business Financing Authority, Senior Lien Elizabeth River, Rev., AMT, 3.00%, 01/01/2041 | 4000 | 3249 |
| Virginia Small Business Financing Authority, Senior Lien, 495 Hot |  |  |
| Rev., AMT, 5.00%, 06/30/2040 | 3735 | 3838 |
| Rev., AMT, 5.00%, 06/30/2041 | 3470 | 3537 |
| Rev., AMT, 5.00%, 12/31/2047 | 1000 | 1001 |
| Virginia Small Business Financing Authority, Senior Lien, Elizabeth River |  |  |
| Rev., AMT, 3.00%, 01/01/2041 | 4740 | 3779 |
| Rev., AMT, 4.00%, 01/01/2030 | 3125 | 3205 |
| Rev., AMT, 4.00%, 01/01/2033 | 1500 | 1530 |
| Rev., AMT, 4.00%, 01/01/2034 | 2250 | 2279 |
| Virginia Small Business Financing Authority, Transform 66 P3 Project |  |  |
| Rev., AMT, 5.00%, 12/31/2047 | 2575 | 2538 |
| Rev., AMT, 5.00%, 12/31/2052 | 8425 | 8213 |
| Rev., AMT, 5.00%, 12/31/2056 | 7750 | 7507 |
| Williamsburg Economic Development Authority, Williamsburg Properties LLC |  |  |
| Rev., 4.00%, 07/01/2048 | 1245 | 1143 |
| Rev., 5.25%, 07/01/2053 | 5100 | 5366 |
| Winchester Economic Development Authority, Valley Health Systems Obligation, Rev., 4.00%, 01/01/2037 | 2000 | 1992 |
|  |  | 252279 |
| **Washington** — **2.6%** |  |  |
| Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue, Series S1, Rev., 5.00%, 11/01/2035 (p) | 1085 | 1087 |
| Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026 | 1285 | 1307 |
| City of Seattle Municipal Light & Power Revenue |  |  |
| Rev., 4.00%, 09/01/2040 | 1000 | 988 |
| Rev., 5.00%, 02/01/2034 | 1500 | 1738 |
| Rev., 5.00%, 02/01/2035 | 545 | 632 |
| Rev., 5.00%, 02/01/2041 | 1000 | 1089 |
| Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 3.14%, 05/01/2045 (aa) | 2000 | 1982 |
| City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040 | 1300 | 1297 |
| City of Seattle WA Municipal Light & Power Revenue, Series A, Rev., 4.00%, 01/01/2047 | 10000 | 9324 |
| City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044 | 945 | 904 |
| City of Tacoma, Electric System Revenue, Series A, Rev., 4.00%, 01/01/2042 | 5460 | 5177 |
| Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034 | 665 | 693 |
| County of Grant, GO, 5.25%, 12/01/2047 | 1000 | 1051 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Washington** — **continued** |  |  |
| County of King |  |  |
| GO, 5.00%, 12/01/2042 | 5155 | 5504 |
| Series A, GO, 5.00%, 12/01/2034 | 1335 | 1467 |
| Energy Northwest, Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1108 |
| Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027 | 100 | 105 |
| Energy Northwest, Columbia Generating Station |  |  |
| Rev., 4.00%, 07/01/2035 | 5265 | 5266 |
| Rev., 4.00%, 07/01/2042 | 1625 | 1583 |
| Fircrest Properties, Sustainable Bonds State of Water, Rev., 5.50%, 06/01/2049 | 3000 | 3243 |
| Grant County Public Hospital District No. 2, GO, 5.50%, 12/01/2044 | 900 | 926 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project |  |  |
| Rev., 5.00%, 01/01/2040 | 1250 | 1344 |
| Series A, Rev., 5.00%, 01/01/2043 (p) | 1555 | 1564 |
| Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project, Rev., 2.92%, 01/01/2040 | 2000 | 1627 |
| Grant County, Public Utility District No. 2, Electric Revenue |  |  |
| Series 2017-O, Rev., 5.00%, 01/01/2047 | 4950 | 5003 |
| Series R, Rev., 2.00%, 01/01/2044 (z) | 1500 | 1497 |
| Jefferson County Public Hospital District No. 2, Jefferson Healthcare, Series A, Rev., 6.63%, 12/01/2043 | 7500 | 7669 |
| King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 5.00%, 12/01/2042 | 3855 | 4118 |
| King County Housing Authority, Rev., 5.00%, 11/01/2029 | 1325 | 1412 |
| King County Public Hospital District No. 4, GO, 5.00%, 12/01/2038 | 1000 | 998 |
| King County School District No. 401 Highline, GO, SCH BD GTY, 5.00%, 12/01/2041 | 5030 | 5361 |
| King County School District No. 405 Bellevue |  |  |
| GO, SCH BD GTY, 3.00%, 12/01/2037 | 5385 | 4948 |
| GO, SCH BD GTY, 3.00%, 12/01/2038 | 1925 | 1706 |
| Pierce County School District No. 10 Tacoma, GO, SCH BD GTY, 5.00%, 12/01/2048 | 4000 | 4198 |
| Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042 | 10000 | 9726 |
| Pierce County, Sumner School District No. 320, GO, SCH BD GTY, 5.00%, 12/01/2040 | 1600 | 1754 |
| Port of Seattle |  |  |
| Series A, Rev., AMT, 5.00%, 05/01/2036 | 2000 | 2023 |
| Series B, Rev., AMT, 5.00%, 05/01/2028 | 4000 | 4222 |
| Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030 | 2000 | 2000 |
| Port of Seattle WA |  |  |
| Rev., AMT, 5.00%, 07/01/2028 | 2250 | 2383 |
| Rev., AMT, 5.00%, 07/01/2031 | 3450 | 3813 |
| GO, AMT, 5.00%, 06/01/2048 | 10000 | 10289 |
| Rev., AMT, 5.25%, 07/01/2043 | 5000 | 5314 |
| Rev., AMT, 5.25%, 07/01/2044 | 14000 | 14802 |
| Port of Seattle, Intermediate Lien |  |  |
| Rev., AMT, 5.00%, 08/01/2026 | 1000 | 1017 |
| Rev., 5.00%, 02/01/2028 | 900 | 907 |
| Rev., AMT, 5.00%, 04/01/2028 | 2250 | 2371 |
| Rev., AMT, 5.00%, 08/01/2028 | 1000 | 1061 |
| Rev., AMT, 5.00%, 04/01/2030 | 4000 | 4271 |
| Rev., AMT, 5.00%, 04/01/2032 | 2110 | 2234 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Washington** — **continued** |  |  |
| Rev., AMT, 5.00%, 04/01/2044 | 2000 | 2021 |
| Rev., AMT, 5.00%, 08/01/2046 | 3500 | 3547 |
| Rev., AMT, 5.00%, 08/01/2047 | 1250 | 1279 |
| Rev., AMT, 5.50%, 08/01/2047 | 1000 | 1052 |
| Series C, Rev., AMT, 5.00%, 05/01/2026 | 1000 | 1012 |
| Series C, Rev., AMT, 5.00%, 05/01/2028 | 1415 | 1458 |
| Series C, Rev., AMT, 5.00%, 05/01/2034 | 3455 | 3509 |
| Series C, Rev., AMT, 5.00%, 08/01/2034 | 5000 | 5402 |
| Port of Seattle, Intermediate Lien Revenue, Rev., AMT, 5.00%, 04/01/2029 | 3000 | 3213 |
| Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026 | 2045 | 2008 |
| Skagit County Public Hospital District No. 1, Rev., 5.50%, 12/01/2054 | 4500 | 4590 |
| Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031 | 2145 | 2174 |
| Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034 | 2000 | 2074 |
| State of Washington |  |  |
| GO, 4.00%, 06/01/2043 | 2975 | 2874 |
| Series 2020A, GO, 5.00%, 08/01/2038 | 1500 | 1583 |
| Series 2021A, GO, 5.00%, 06/01/2034 | 1000 | 1091 |
| Series A3, GO, 5.00%, 08/01/2044 | 1000 | 1048 |
| Series A, GO, 5.00%, 08/01/2036 | 1475 | 1594 |
| Series A, GO, 5.00%, 08/01/2040 | 3890 | 4110 |
| Series B, GO, 5.00%, 07/01/2027 | 1000 | 1006 |
| Series B, GO, 5.00%, 06/01/2035 | 4760 | 5163 |
| Series B, GO, 5.00%, 02/01/2042 | 1000 | 1062 |
| Series B, GO, 5.00%, 06/01/2044 | 5000 | 5266 |
| Series B, GO, 5.00%, 06/01/2045 | 2900 | 3044 |
| Series D, GO, 4.00%, 07/01/2033 | 2000 | 2110 |
| Series F, GO, AMBAC, Zero Coupon, 12/01/2029 | 1000 | 898 |
| Series R, GO, 5.00%, 02/01/2031 | 1000 | 1127 |
| Series R, GO, 5.00%, 08/01/2031 | 750 | 851 |
| Series R, GO, 5.00%, 08/01/2040 | 1545 | 1687 |
| Series RC, GO, 5.00%, 08/01/2029 | 100 | 105 |
| Series R-2017A, GO, 5.00%, 08/01/2027 | 1000 | 1020 |
| Series R-2022B, GO, 4.00%, 02/01/2035 | 500 | 521 |
| Series R-2022D, GO, 4.00%, 07/01/2028 | 3140 | 3277 |
| Series R-2024C, GO, 5.00%, 08/01/2039 | 6980 | 7695 |
| State of Washington, Bid Group 1, Series C, GO, 5.00%, 02/01/2028 | 1490 | 1580 |
| State of Washington, Bid Group 2, Series C, GO, 5.00%, 02/01/2046 | 7000 | 7381 |
| State of Washington, MVFT/VRF GO Bonds |  |  |
| Series F, GO, 5.00%, 06/01/2034 | 4080 | 4523 |
| Series F, GO, 5.00%, 06/01/2038 | 2775 | 2993 |
| State of Washington, Various Purpose, Series A, GO, 5.00%, 08/01/2041 | 10000 | 10307 |
| Three Rivers Regional Wastewater Authority, Sustainable Bond |  |  |
| Rev., BAM, 4.00%, 09/01/2042 | 1750 | 1709 |
| Rev., BAM, 4.00%, 09/01/2043 | 1000 | 960 |
| Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026 | 1275 | 1312 |
| University of Washington |  |  |
| Rev., 5.00%, 04/01/2026 (p) | 1500 | 1518 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Washington** — **continued** |  |  |
| Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037 | 1200 | 1225 |
| Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, Rev., 4.00%, 12/01/2040 (e) | 1510 | 1430 |
| Washington Health Care Facilities Authority, Seattle Children's Hospital, Series A, Rev., 4.00%, 10/01/2045 | 7500 | 6965 |
| Washington Health Care Facilities Authority, Unrefunded Providence Health, Rev., 5.00%, 10/01/2041 | 9500 | 9503 |
| Washington Health Care Facilities Authority, Unrefunded Providence Health & Services, Rev., 5.00%, 10/01/2044 | 4365 | 4365 |
| Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2036 | 5500 | 5543 |
| Washington State Convention Center Public Facilities District, Rev., 5.00%, 07/01/2058 | 3150 | 3117 |
| Washington State Convention Center Public Facilities District, Subordinated, Rev., 4.00%, 07/01/2058 | 1760 | 1391 |
| Washington State Convention Center Public Facilities District, Subordinated Sustainable Bond, Rev., 5.00%, 07/01/2032 | 1540 | 1665 |
| Washington State Housing Finance Commission |  |  |
| Rev., 3.38%, 04/20/2037 | 2381 | 2212 |
| Rev., 3.50%, 12/20/2035 | 5569 | 5365 |
| Rev., 4.22%, 03/01/2050 | 7032 | 6760 |
| Rev., BAM, 5.25%, 07/01/2055 (e) | 10600 | 10692 |
| Rev., BAM, 5.25%, 07/01/2064 (e) | 4590 | 4598 |
| Series 2025-1, Class A1, 4.08%, 08/20/2063 (z) | 3497 | 3300 |
| Washington State Housing Finance Commission, Ardea at Totem Lake Apartments, Rev., 5.00%, 12/01/2043 (z) | 6540 | 6621 |
| Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030 | 2000 | 2059 |
| Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051 | 750 | 739 |
|  |  | 346407 |
| **West Virginia** — **0.3%** |  |  |
| Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e) | 460 | 395 |
| Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e) | 1050 | 1062 |
| Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e) | 500 | 504 |
| West Virginia Economic Development Authority, Rev., AMT, 4.63%, 04/15/2055 (z) | 2600 | 2628 |
| West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 3.30%, 01/01/2041 (z) | 6000 | 6043 |
| West Virginia Economic Development Authority, Provident Group Marshall Properties |  |  |
| Rev., 5.00%, 07/01/2035 | 3150 | 3456 |
| Rev., 5.00%, 07/01/2036 | 3000 | 3265 |
| Rev., 5.00%, 07/01/2037 | 2250 | 2428 |
| West Virginia Hospital Finance Authority, Rev., 5.75%, 09/01/2043 | 5250 | 5594 |
| West Virginia Hospital Finance Authority, Cabell Huntington Hospital, Rev., 5.00%, 01/01/2043 | 3000 | 2761 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **West Virginia — continued** |  |  |
| West Virginia Hospital Finance Authority, Improvement, University Health System Obligation, Rev., 5.00%, 06/01/2052 | 7000 | 7009 |
| West Virginia Housing Development Fund, Sustainable Bonds, Series A, Rev., 4.40%, 11/01/2044 | 4000 | 3998 |
| West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038 | 1000 | 1075 |
|  |  | 40218 |
| **Wisconsin** — **2.2%** |  |  |
| City of Milwaukee, Promissory Notes |  |  |
| Series N3, GO, 5.00%, 04/01/2031 | 5500 | 6110 |
| Series N4, GO, 5.00%, 04/01/2030 | 10150 | 11109 |
| City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026 | 2665 | 2701 |
| Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031 | 1700 | 1701 |
| Milwaukee Metropolitan Sewerage District, Green Bond Climate Bond Certificate, GO, 4.00%, 10/01/2043 | 6150 | 5957 |
| Public Finance Authority, Rev., 5.20%, 12/01/2037 | 2450 | 2502 |
| Public Finance Authority, A Challenge Foundation Academy |  |  |
| Rev., 6.63%, 07/01/2043 (e) | 700 | 712 |
| Rev., 6.88%, 07/01/2053 (e) | 1650 | 1674 |
| Public Finance Authority, Astro Texas Land Project, Rev., 5.00%, 12/15/2036 (e) | 2385 | 2387 |
| Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045 | 1105 | 1076 |
| Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030 | 5000 | 5006 |
| Public Finance Authority, CFP3 Eastern Michigan University |  |  |
| Rev., BAM, 5.00%, 07/01/2029 | 500 | 536 |
| Rev., BAM, 5.25%, 07/01/2034 | 260 | 289 |
| Rev., BAM, 5.25%, 07/01/2042 | 5625 | 5878 |
| Rev., BAM, 5.38%, 07/01/2047 | 8025 | 8330 |
| Rev., BAM, 5.50%, 07/01/2052 | 6005 | 6253 |
| Public Finance Authority, CHF Wilmington LLC University, Rev., 5.00%, 07/01/2053 | 3970 | 4000 |
| Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z) | 1545 | 1579 |
| Public Finance Authority, Givens Estates, Rev., 4.00%, 12/01/2041 | 1000 | 894 |
| Public Finance Authority, Kahala Nui Project |  |  |
| Rev., 5.00%, 11/15/2040 | 450 | 469 |
| Rev., 5.00%, 11/15/2041 | 715 | 737 |
| Public Finance Authority, KU Campus Development Corp. Project |  |  |
| Rev., 5.00%, 03/01/2041 | 3000 | 3000 |
| Rev., 5.00%, 03/01/2046 | 6495 | 6471 |
| Public Finance Authority, Lake Norman Charter School, Rev., 5.00%, 06/15/2064 | 4630 | 4387 |
| Public Finance Authority, Lenoir Rhyne University |  |  |
| Rev., 5.00%, 04/01/2036 | 1625 | 1673 |
| Rev., 5.00%, 04/01/2037 | 1705 | 1739 |
| Public Finance Authority, Miami Waterworld Center Project, Tax Allocation, 5.00%, 06/01/2041 (e) | 4570 | 4595 |
| Public Finance Authority, Point College Prep Project |  |  |
| Rev., 4.00%, 06/15/2030 (e) | 200 | 185 |
| Rev., 5.00%, 06/15/2041 (e) | 250 | 212 |
| Public Finance Authority, Renown Regional Medical Center Project |  |  |
| Rev., 5.00%, 06/01/2026 | 500 | 507 |
| Rev., 5.00%, 06/01/2027 | 425 | 440 |
| Rev., 5.00%, 06/01/2028 | 600 | 635 |
| Rev., 5.00%, 06/01/2034 | 1000 | 1066 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Public Finance Authority, Senior Georgia SR 400 Express |  |  |
| Rev., AMT, 5.75%, 06/30/2060 | 12750 | 13109 |
| Rev., AMT, 5.75%, 12/31/2065 | 6500 | 6683 |
| Rev., AMT, 6.50%, 06/30/2060 | 3000 | 3290 |
| Rev., AMT, 6.50%, 12/31/2065 | 3000 | 3282 |
| Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042 | 4000 | 4071 |
| Public Finance Authority, Two Steps Project, Rev., Zero Coupon, 12/15/2034 (e) | 2132 | 1231 |
| Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026 | 60 | 60 |
| Public Finance Authority, Waste Management, Inc. Project |  |  |
| Rev., AMT, 1.10%, 07/01/2029 (z) | 1445 | 1419 |
| Rev., AMT, 2.63%, 11/01/2025 | 5000 | 4994 |
| Rev., AMT, 3.85%, 10/01/2025 | 5000 | 5000 |
| State of Wisconsin |  |  |
| GO, 5.00%, 05/01/2026 | 7000 | 7098 |
| Series 1, GO, 5.00%, 05/01/2027 | 2400 | 2497 |
| Series 1, GO, 5.00%, 05/01/2030 | 1000 | 1116 |
| Series 1, GO, 5.00%, 05/01/2035 | 1375 | 1616 |
| Series 1, GO, 5.00%, 05/01/2036 | 1000 | 1154 |
| Series 2, GO, 5.00%, 05/01/2034 | 1000 | 1145 |
| Series 3, GO, 5.00%, 05/01/2037 | 3000 | 3426 |
| Series 2024-2, GO, 5.00%, 05/01/2027 | 2000 | 2081 |
| Series B, GO, 4.00%, 05/01/2039 | 500 | 506 |
| Series B, GO, 5.00%, 05/01/2035 | 10580 | 11321 |
| University of Wisconsin Hospitals & Clinics, Rev., 5.00%, 04/01/2027 | 900 | 933 |
| University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035 | 440 | 450 |
| University of Wisconsin Hospitals & Clinics, Green Bonds, Rev., 4.00%, 04/01/2046 | 4120 | 3834 |
| Wisconsin Center District, Capital Appreciation Senior Dedicated |  |  |
| Series C, Rev., Zero Coupon, 12/15/2036 | 1550 | 1007 |
| Series C, Rev., Zero Coupon, 12/15/2039 | 1750 | 950 |
| Series C, Rev., Zero Coupon, 12/15/2040 | 1650 | 842 |
| Series D, Rev., Zero Coupon, 12/15/2028 | 545 | 497 |
| Wisconsin Center District, Junior Dedicated, Series D, Rev., Zero Coupon, 12/15/2045 | 8500 | 3270 |
| Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027 | 1675 | 1752 |
| Wisconsin Health & Educational Facilities Authority |  |  |
| Rev., 4.50%, 11/15/2039 | 4000 | 4001 |
| Rev., 5.00%, 10/01/2029 | 5940 | 6444 |
| Rev., 5.00%, 10/01/2030 | 6355 | 7016 |
| Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027 | 500 | 525 |
| Wisconsin Health & Educational Facilities Authority, Advocate Aurora Health Care |  |  |
| Rev., 4.00%, 08/15/2035 | 1250 | 1255 |
| Rev., 4.00%, 08/15/2037 | 1605 | 1595 |
| Rev., 4.00%, 08/15/2038 | 1680 | 1644 |
| Wisconsin Health & Educational Facilities Authority, Advocate Aurora Healthcare, Rev., 5.00%, 08/15/2054 (z) | 2590 | 2630 |
| Wisconsin Health & Educational Facilities Authority, Ascension Health Alliance Senor, Rev., 4.00%, 11/15/2043 | 2045 | 1903 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Wisconsin — continued** |  |  |
| Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group |  |  |
| Rev., 4.00%, 11/15/2039 | 10500 | 10007 |
| Rev., 5.00%, 11/15/2035 | 4500 | 4538 |
| Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036 | 1500 | 1511 |
| Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. Obligated Group, Rev., 5.00%, 08/15/2038 | 1000 | 1071 |
| Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc. |  |  |
| Rev., 5.00%, 12/01/2045 | 2500 | 2577 |
| Series B, Rev., 5.25%, 12/01/2048 | 3000 | 3123 |
| Wisconsin Health & Educational Facilities Authority, Beloit Health System, Inc., Rev., 4.00%, 07/01/2046 | 1870 | 1658 |
| Wisconsin Health & Educational Facilities Authority, Forensic Science and Protective Medicine Facility Project, Rev., 5.00%, 08/01/2027 (e) | 7000 | 7094 |
| Wisconsin Health & Educational Facilities Authority, Froedtert Health, Series A, Rev., 4.00%, 04/01/2039 | 2710 | 2657 |
| Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. |  |  |
| Series A, Rev., 5.00%, 04/01/2030 | 1280 | 1410 |
| Series A, Rev., 5.00%, 04/01/2033 | 1010 | 1128 |
| Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated |  |  |
| Rev., 4.00%, 04/01/2039 | 5000 | 4837 |
| Rev., 5.00%, 04/01/2035 | 1325 | 1357 |
| Wisconsin Health & Educational Facilities Authority, Gundersen Health System |  |  |
| Rev., 4.00%, 10/15/2035 | 545 | 553 |
| Rev., 4.00%, 10/15/2036 | 2100 | 2116 |
| Wisconsin Health & Educational Facilities Authority, Hospital Sisters Credit Group, Rev., 5.00%, 08/15/2040 | 7000 | 7547 |
| Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System |  |  |
| Rev., 5.00%, 02/15/2047 | 8955 | 8968 |
| Rev., 5.00%, 02/15/2051 (p) (z) | 2600 | 2653 |
| Series B, Rev., 5.00%, 02/15/2042 | 1000 | 1001 |
| Series B, Rev., 5.00%, 02/15/2046 | 8935 | 8940 |
| Wisconsin Health & Educational Facilities Authority, The Medical College of Wisconsin, Rev., 4.00%, 12/01/2046 | 3000 | 2662 |
| Wisconsin Health & Educational Facilities Authority, The Milwaukee Regional Medical Center, Rev., 5.00%, 04/01/2044 | 2500 | 2518 |
| Wisconsin Health & Educational Facilities Authority, Three Pillars Senior Living Communities, Rev., 4.19%, 08/15/2055 | 1000 | 568 |
| Wisconsin Housing & Economic Development Authority |  |  |
| Rev., 5.00%, 08/01/2058 (z) | 245 | 249 |
| Series D, Rev., 4.00%, 03/01/2047 | 45 | 45 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 1940 | 2109 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Sustainable Bond |  |  |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.38%, 09/01/2044 | 7000 | 6972 |
| Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 690 | 758 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Wisconsin — continued** |  |  |
| Wisconsin Housing & Economic Development Authority Housing Revenue, Series E, Rev., HUD, 3.88%, 11/01/2054 (z) | 805 | 806 |
| Wisconsin Housing & Economic Development Authority, Social Bonds |  |  |
| Series A, Rev., 3.00%, 03/01/2052 | 520 | 513 |
| Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052 | 840 | 828 |
|  |  | 303231 |
| **Wyoming** — **0.1%** |  |  |
| Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039 | 1000 | 1092 |
| County of Laramie, Cheyenne Regional Medical Center, Rev., 4.00%, 05/01/2026 | 615 | 619 |
| County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026 | 1045 | 1029 |
| Wyoming Community Development Authority |  |  |
| Rev., 6.00%, 12/01/2054 | 475 | 518 |
| Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 2.90%, 10/07/2025 (z) | 3000 | 3000 |
| Series 2, Rev., 3.00%, 06/01/2049 | 705 | 698 |
| Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050 | 850 | 843 |
| Series 3, Rev., GNMA/FNMA/FHLMC, 4.70%, 12/01/2043 | 5000 | 5026 |
| Series 6, Rev., 3.90%, 12/01/2034 | 2255 | 2255 |
|  |  | 15080 |
| Total Municipal Bonds<br>(Cost $13,322,692) |  | 13191429 |
| **Short-Term Investments** — **1.2%** |  |  |
| **Municipal Bonds** — **0.2% (t)** |  |  |
| City of Los Angeles, Rev., TRAN, 5.00%, 06/25/2026 | 18500 | 18856 |
| Hampton Roads Sanitation District, Subordinated Bonds, Series A, Rev., 5.00%, 07/15/2026 | 3265 | 3323 |
| Katy Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1000 | 1009 |
| Total Municipal Bonds |  | 23188 |
| **Time Deposits** — **1.0%** |  |  |
| Brown Brothers Harriman & Co., 3.44%, 10/01/2025 | — (h) | — (h) |
| Royal Bank of Canada, 3.44%, 10/01/2025 | 3585 | 3585 |
| Skandinaviska Enskilda Banken AB, 3.44%, 10/01/2025 | 130477 | 130477 |
| Sumitomo Mitsui Banking Corp., 3.44%, 10/01/2025 | 2155 | 2155 |
| Total Time Deposits |  | 136217 |
| Total Short-Term Investments<br>(Cost $159,301) |  | 159405 |
| **Total Investments — 99.1%<br>(Cost - $13,481,993)** |  | **13350834** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **121182** |
| **NET ASSETS — 100.0%** |  | $**13472016** |

---

Percentages indicated are based on net assets.

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

---

| |
|:---|
| AS OF SEPTEMBER 30, 2025 |
| AMBAC – Insured by American Municipal Bond Assurance Corp. |
| AMT – Alternative Minimum Tax |
| BAM – Insured by Build America Mutual |
| BAN – Bond Anticipation Note |
| BHAC – Insured by Berkshire Hathaway Assurance Corp. |
| CNTY – County |
| COLL – Collateral |
| COP – Certificate of Participation |
| CR – Custodial Receipts |
| FHA – Federal Housing Administration |
| FHLMC – Federal Home Loan Mortgage Corp. |
| FNMA – Federal National Mortgage Association |
| GAN – Grant Anticipation Note |
| GNMA – Government National Mortgage Association |
| GO – General Obligation |
| GTD – Guaranteed |
| HUD – U.S. Department of Housing and Urban Development |
| LIQ – Liquidity Agreement |
| LOC – Letter of Credit |
| NATL – Insured by National Public Finance Guarantee Corp. |
| PSF – Permanent School Fund |
| Q-SBLF – Qualified School Bond Loan Fund |
| Rev. – Revenue |
| SCH BD GTY – School Bond Guaranty |
| 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 September 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. |
| (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 September 30, 2025. |
| (aa) – Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 — 1.5%** | **Asset-Backed Securities — 1.5%** | **Asset-Backed Securities — 1.5%** |
| **Automobile ABS — 0.5%** |  |  |
| AmeriCredit Automobile Receivables Trust, |  |  |
| Series 2023-1, Class C, 5.80%, 12/18/2028 | 240 | 245 |
| Series 2024-1, Class A2A, 5.75%, 02/18/2028 | 154 | 154 |
| Series 2024-1, Class A3, 5.43%, 01/18/2029 | 675 | 682 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027 (e) | 958 | 953 |
| Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, (United States 30 Day Average SOFR + 1.10%), 5.46%, 12/26/2031 (e) (aa) | 324 | 325 |
| CarMax Auto Owner Trust, |  |  |
| Series 2023-1, Class B, 4.98%, 01/16/2029 | 1670 | 1691 |
| Series 2023-2, Class B, 5.18%, 11/15/2028 | 2200 | 2231 |
| Series 2023-4, Class B, 6.39%, 05/15/2029 | 1245 | 1297 |
| Series 2024-2, Class A3, 5.50%, 01/16/2029 | 1002 | 1016 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 168 | 168 |
| Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 01/10/2028 | 31 | 30 |
| Citizens Auto Receivables Trust, |  |  |
| Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) | 1193 | 1201 |
| Series 2023-1, Class A4, 5.78%, 10/15/2030 (e) | 1000 | 1020 |
| Series 2023-2, Class A3, 5.83%, 02/15/2028 (e) | 904 | 911 |
| CPS Auto Receivables Trust, Series 2024-A, Class D, 6.13%, 04/15/2030 (e) | 630 | 644 |
| Drive Auto Receivables Trust, Series 2025-1, Class A2, 4.87%, 08/15/2028 | 347 | 348 |
| Exeter Automobile Receivables Trust, |  |  |
| Series 2024-2A, Class C, 5.74%, 05/15/2029 | 737 | 746 |
| Series 2024-3A, Class D, 5.98%, 09/16/2030 | 120 | 123 |
| Series 2025-4A, Class A3, 4.39%, 09/17/2029 | 1780 | 1787 |
| First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 07/15/2027 (e) | 9 | 9 |
| Ford Credit Auto Lease Trust, Series 2024-A, Class B, 5.29%, 06/15/2027 | 1230 | 1240 |
| GLS Auto Receivables Issuer Trust, Series 2025-3A, Class A3, 4.44%, 03/15/2029 (e) | 1441 | 1447 |
| Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032 (e) | 381 | 388 |
| Hyundai Auto Lease Securitization Trust, Series 2025-C, Class A3, 4.36%, 07/17/2028 (e) | 840 | 846 |
| LAD Auto Receivables Trust, |  |  |
| Series 2023-3A, Class C, 6.43%, 12/15/2028 (e) | 1695 | 1736 |
| Series 2024-2A, Class A3, 5.61%, 08/15/2028 (e) | 1091 | 1098 |
| Series 2024-3A, Class A2, 4.64%, 11/15/2027 (e) | 253 | 253 |
| M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, 06/17/2030 (e) | 240 | 243 |
| Merchants Fleet Funding LLC, Series 2024-1A, Class A, 5.82%, 04/20/2037 (e) | 1097 | 1106 |
| Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class A, 5.59%, 04/25/2029 (e) | 1290 | 1299 |
| Nissan Auto Lease Trust, Series 2025-B, Class A3, 4.32%, 11/15/2028 | 895 | 901 |
| Nissan Auto Receivables Owner Trust, |  |  |
| Series 2023-B, Class A3, 5.93%, 03/15/2028 | 1619 | 1633 |
| Series 2025-A, Class A3, 4.49%, 12/17/2029 | 275 | 278 |
| Octane Receivables Trust, |  |  |
| Series 2024-2A, Class A2, 5.80%, 07/20/2032 (e) | 306 | 309 |
| Series 2024-3A, Class A2, 4.94%, 05/20/2030 (e) | 1214 | 1220 |
| Santander Drive Auto Receivables Trust, |  |  |
| Series 2022-7, Class C, 6.69%, 03/17/2031 | 1130 | 1153 |
| Series 2023-1, Class C, 5.09%, 05/15/2030 | 960 | 967 |
| Series 2023-3, Class C, 5.77%, 11/15/2030 | 775 | 789 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Automobile ABS — continued** |  |  |  |
| Series 2024-1, Class C, 5.45%, 03/15/2030 |  | 900 | 912 |
| Series 2024-2, Class B, 5.78%, 07/16/2029 |  | 1395 | 1417 |
| Series 2024-2, Class C, 5.84%, 06/17/2030 |  | 700 | 716 |
| Series 2024-3, Class B, 5.55%, 09/17/2029 |  | 325 | 330 |
| Series 2025-1, Class B, 4.88%, 03/17/2031 |  | 315 | 318 |
| SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3, 4.95%, 05/21/2029 (e) |  | 1116 | 1124 |
| Western Funding Auto Loan Trust, Series 2025-1, Class A, 4.75%, 07/16/2035 (e) |  | 1025 | 1031 |
| Westlake Automobile Receivables Trust, |  |  |  |
| Series 2022-2A, Class C, 4.85%, 09/15/2027 (e) |  | 110 | 110 |
| Series 2023-1A, Class D, 6.79%, 11/15/2028 (e) |  | 560 | 575 |
| Series 2023-3A, Class C, 6.02%, 09/15/2028 (e) |  | 995 | 1009 |
| Series 2024-1A, Class B, 5.55%, 11/15/2027 (e) |  | 1360 | 1369 |
| Series 2024-1A, Class C, 5.65%, 02/15/2029 (e) |  | 1155 | 1169 |
| Series 2024-1A, Class D, 6.02%, 10/15/2029 (e) |  | 505 | 516 |
| Series 2024-2A, Class D, 5.91%, 04/15/2030 (e) |  | 590 | 604 |
| Series 2025-2A, Class B, 4.63%, 01/15/2031 (e) |  | 1560 | 1569 |
| Westlake Flooring Master Trust, Series 2024-1A, Class A, 5.43%, 02/15/2028 (e) |  | 1110 | 1114 |
| Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, 09/19/2039 (e) |  | 749 | 757 |
| Total Automobile ABS |  |  | 47127 |
| **Commercial Services — 0.0% (g)** |  |  |  |
| Verisure Holding AB, (Sweden), Reg. S, 9.25%, 10/15/2027 | EUR | 253 | 305 |
| **Credit Card ABS — 0.0% (g)** |  |  |  |
| First National Master Note Trust, Series 2023-1, Class A, 5.13%, 04/15/2029 |  | 1340 | 1347 |
| **Other ABS — 1.0%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2024-A, Class 1A, 5.61%, 02/15/2029 (e) |  | 920 | 924 |
| Affirm Master Trust, Series 2025-1A, Class A, 4.99%, 02/15/2033 (e) |  | 450 | 454 |
| AGL CLO 1 Ltd., (Cayman Islands), Series 2019-1A, Class ARR, (CME Term SOFR 3 Month + 1.20%), 5.53%, 10/20/2034 (e) (aa) |  | 1860 | 1862 |
| AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.46%, 12/02/2034 (e) (aa) |  | 1000 | 1001 |
| AIMCO CLO 17 Ltd., (Jersey), Series 2022-17A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 7.23%, 07/20/2037 (e) (aa) |  | 1000 | 999 |
| Allegany Park CLO Ltd., (Cayman Islands), Series 2019-1A, Class ARR, (CME Term SOFR 3 Month + 1.10%), 5.37%, 01/20/2035 (e) (aa) |  | 960 | 960 |
| Apidos CLO XL Ltd., (Jersey), Series 2022-40A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 7.22%, 07/15/2037 (e) (aa) |  | 2000 | 2003 |
| ARES LX CLO Ltd., (Cayman Islands), Series 2021-60A, Class AR, (CME Term SOFR 3 Month + 1.18%), 5.51%, 07/18/2034 (e) (aa) |  | 1500 | 1502 |
| Ares LXV CLO Ltd., (Cayman Islands), Series 2022-65A, Class A1R, (CME Term SOFR 3 Month + 1.12%), 5.28%, 07/25/2034 (e) (aa) |  | 290 | 291 |
| Bain Capital Credit CLO 2019-1, (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.23%), 5.56%, 04/19/2034 (e) (aa) |  | 1500 | 1502 |
| Bardot CLO Ltd., (Cayman Islands), Series 2019-2A, Class ARR, (CME Term SOFR 3 Month + 0.98%), 5.31%, 10/22/2032 (e) (aa) |  | 872 | 872 |
| Barings CLO Ltd. 2021-III, (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.46%, 01/18/2035 (e) (aa) |  | 720 | 722 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Other ABS — continued** |  |  |
| Battalion CLO IX Ltd., (Cayman Islands), Series 2015-9A, Class BRR, (CME Term SOFR 3 Month + 1.60%), 5.91%, 07/15/2031 (e) (aa) | 1050 | 1052 |
| Battalion CLO XI Ltd., (Cayman Islands), Series 2017-11A, Class AR2, (CME Term SOFR 3 Month + 1.13%), 5.45%, 04/24/2034 (e) (aa) | 610 | 609 |
| Black Diamond CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class A1AR, (CME Term SOFR 3 Month + 1.25%), 5.57%, 11/22/2034 (e) (aa) | 550 | 551 |
| Carlyle Global Market Strategies CLO 2015-4 Ltd., (Cayman Islands), |  |  |
| Series 2015-4A, Class A1JR, (CME Term SOFR 3 Month + 1.55%), 5.88%, 07/20/2032 (e) (aa) | 1500 | 1505 |
| Series 2015-4A, Class AJR3, (CME Term SOFR 3 Month + 1.20%), 5.53%, 07/20/2032 (e) (aa) (w) | 1500 | 1500 |
| Carlyle Global Market Strategies CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R3, (CME Term SOFR 3 Month + 1.09%), 5.42%, 04/20/2034 (e) (aa) | 450 | 450 |
| Carlyle US CLO 2020-2 Ltd., (Cayman Islands), Series 2020-2A, Class A1R2, (CME Term SOFR 3 Month + 1.08%), 5.30%, 01/25/2035 (e) (aa) | 1130 | 1129 |
| Carlyle US CLO 2021-9 Ltd., (Cayman Islands), Series 2021-9A, Class AR, (CME Term SOFR 3 Month + 1.11%), 5.43%, 10/20/2034 (e) (aa) | 1070 | 1071 |
| CarVal CLO VII-C Ltd., (Jersey), Series 2023-1A, Class D1R, (CME Term SOFR 3 Month + 3.15%), 7.48%, 07/20/2037 (e) (aa) | 2000 | 2008 |
| Cathedral Lake VI Ltd., (Cayman Islands), Series 2021-6A, Class ANR, (CME Term SOFR 3 Month + 1.20%), 5.46%, 04/25/2034 (e) (aa) | 570 | 570 |
| CIFC Funding 2021-IV Ltd., (Cayman Islands), Series 2021-4A, Class DR, (CME Term SOFR 3 Month + 2.95%), 7.27%, 07/23/2037 (e) (aa) | 1000 | 1006 |
| Clover CLO 2021-3 LLC, Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.07%), 5.39%, 01/25/2035 (e) (aa) | 940 | 943 |
| Columbia Cent CLO 32 Ltd., (Cayman Islands), Series 2022-32A, Class A1R2, (CME Term SOFR 3 Month + 1.12%), 5.27%, 07/24/2034 (e) (aa) | 940 | 939 |
| Dell Equipment Finance Trust, Series 2023-3, Class D, 6.75%, 10/22/2029 (e) | 1005 | 1019 |
| Dryden 104 CLO Ltd., (Cayman Islands), Series 2022-104A, Class A1R, (CME Term SOFR 3 Month + 1.29%), 5.49%, 08/20/2034 (e) (aa) | 980 | 983 |
| Dryden 86 CLO Ltd., (Cayman Islands), Series 2020-86A, Class A1R2, (CME Term SOFR 3 Month + 1.13%), 5.45%, 07/17/2034 (e) (aa) | 1260 | 1263 |
| Galaxy XXVI CLO Ltd., (Cayman Islands), Series 2018-26A, Class AR, (CME Term SOFR 3 Month + 1.17%), 5.37%, 11/22/2031 (e) (aa) | 362 | 362 |
| Generate CLO 17 Ltd., (Cayman Islands), Series 2024-17A, Class D1, (CME Term SOFR 3 Month + 3.00%), 7.33%, 10/22/2037 (e) (aa) | 2000 | 2003 |
| Greywolf CLO IV Ltd., (Cayman Islands), Series 2019-1A, Class A2R2, (CME Term SOFR 3 Month + 1.80%), 6.08%, 04/17/2034 (e) (aa) | 1350 | 1350 |
| HPEFS Equipment Trust, Series 2025-1A, Class A3, 4.43%, 09/20/2032 (e) | 560 | 563 |
| IFC Emerging Markets Securitization Ltd., (Cayman Islands), Series 2025-1A, Class A, (CME Term SOFR 3 Month + 1.30%), 5.45%, 12/31/2035 (e) (aa) | 700 | 699 |
| KKR CLO 23 Ltd., (Cayman Islands), Series 23, Class BR, (CME Term SOFR 3 Month + 1.55%), 5.88%, 10/20/2031 (e) (aa) | 1190 | 1193 |
| KKR CLO 27 Ltd., (Cayman Islands), Series 27A, Class A1R2, (CME Term SOFR 3 Month + 1.11%), 5.43%, 01/15/2035 (e) (aa) | 680 | 681 |
| KKR CLO 40 Ltd., (Jersey), Series 40A, Class AR, (CME Term SOFR 3 Month + 1.30%), 5.63%, 10/20/2034 (e) (aa) | 1460 | 1461 |
| KKR Financial CLO 2013-1 Ltd., (Cayman Islands), Series 2013-1A, Class A2R2, (CME Term SOFR 3 Month + 1.45%), 5.77%, 04/15/2029 (e) (aa) | 998 | 998 |
| LCM Ltd., (Cayman Islands), Series 33A, Class AR, (CME Term SOFR 3 Month + 1.18%), 5.49%, 07/20/2034 (e) (aa) | 640 | 640 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Other ABS — continued** |  |  |
| Lendmark Funding Trust, Series 2021-2A, Class A, 2.00%, 04/20/2032 (e) | 915 | 880 |
| Madison Park Funding LVII Ltd., (Cayman Islands), Series 2022-57A, Class A1R, (CME Term SOFR 3 Month + 1.28%), 5.59%, 07/27/2034 (e) (aa) | 2270 | 2278 |
| Marathon CLO XIII Ltd., (Cayman Islands), Series 2019-1A, Class AAR2, (CME Term SOFR 3 Month + 1.20%), 5.52%, 04/15/2032 (e) (aa) | 366 | 367 |
| Mariner Finance Issuance Trust, |  |  |
| Series 2021-AA, Class A, 1.86%, 03/20/2036 (e) | 910 | 891 |
| Series 2021-BA, Class A, 2.10%, 11/20/2036 (e) | 1395 | 1350 |
| Navesink Clo 4 Ltd., (Cayman Islands), Series 2025-4A, Class A1, (CME Term SOFR 3 Month + 1.28%), 0.00%, 10/15/2037 (e) (w) (aa) | 730 | 730 |
| Neuberger Berman Loan Advisers CLO 50 Ltd., (Jersey), Series 2022-50A, Class AR, (CME Term SOFR 3 Month + 1.25%), 5.57%, 07/23/2036 (e) (aa) | 2280 | 2288 |
| Ocean Trails Clo XI, (Cayman Islands), Series 2021-11A, Class AR, (CME Term SOFR 3 Month + 1.03%), 5.36%, 07/20/2034 (e) (aa) | 1350 | 1350 |
| OCP CLO 2023-26 Ltd., (Jersey), Series 2023-26A, Class AR, (CME Term SOFR 3 Month + 1.08%), 5.40%, 04/17/2037 (e) (aa) | 2000 | 2000 |
| OCP CLO 2024-34 Ltd., (Jersey), Series 2024-34A, Class D1, (CME Term SOFR 3 Month + 2.90%), 7.22%, 10/15/2037 (e) (aa) | 1000 | 1001 |
| Octagon Investment Partners 41 Ltd., (Cayman Islands), Series 2019-2A, Class A1R2, (CME Term SOFR 3 Month + 1.09%), 5.41%, 10/15/2033 (e) (aa) | 2050 | 2052 |
| Octagon Investment Partners 44 Ltd., (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.15%), 5.47%, 10/15/2034 (e) (aa) | 720 | 721 |
| Octagon Investment Partners 45 Ltd., (Cayman Islands), Series 2019-1A, Class A1RR, (CME Term SOFR 3 Month + 1.15%), 5.39%, 04/15/2035 (e) (aa) | 800 | 803 |
| Octagon Investment Partners XVII Ltd., (Cayman Islands), Series 2013-1A, Class A1R2, (CME Term SOFR 3 Month + 1.26%), 5.58%, 01/25/2031 (e) (aa) | 2 | 2 |
| OFSI BSL IX Ltd., (Cayman Islands), Series 2018-1A, Class AR, (CME Term SOFR 3 Month + 1.19%), 5.51%, 07/15/2031 (e) (aa) | 3565 | 3566 |
| OHA Credit Funding 13 Ltd., (Bermuda), Series 2022-13A, Class D2R, (CME Term SOFR 3 Month + 4.10%), 8.43%, 07/20/2037 (e) (aa) | 1000 | 1002 |
| OneMain Financial Issuance Trust, |  |  |
| Series 2019-2A, Class A, 3.14%, 10/14/2036 (e) | 535 | 525 |
| Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e) | 290 | 280 |
| Series 2022-3A, Class A, 5.94%, 05/15/2034 (e) | 268 | 270 |
| Series 2023-1A, Class A, 5.50%, 06/14/2038 (e) | 1360 | 1406 |
| Parallel Ltd., (Cayman Islands), Series 2023-1A, Class A1R, (CME Term SOFR 3 Month + 1.39%), 5.72%, 07/20/2036 (e) (aa) | 1080 | 1084 |
| Saratoga Investment Corp. Senior Loan Fund Ltd., (Cayman Islands), Series 2022-1A, Class A1R, (CME Term SOFR 3 Month + 1.39%), 5.34%, 10/20/2037 (e) (aa) | 1250 | 1253 |
| SCF Equipment Leasing LLC, Series 2024-1A, Class A3, 5.52%, 01/20/2032 (e) | 145 | 149 |
| SCF Equipment Trust 2016-1 LLC, Series 2025-1A, Class A3, 5.11%, 11/21/2033 (e) | 415 | 425 |
| Signal Peak CLO 4 Ltd., (Cayman Islands), Series 2017-4A, Class AR2, (CME Term SOFR 3 Month + 1.12%), 5.28%, 10/26/2034 (e) (aa) | 1170 | 1171 |
| Silver Point CLO 5 Ltd., (Cayman Islands), Series 2024-5A, Class D1, (CME Term SOFR 3 Month + 3.25%), 7.58%, 10/20/2037 (e) (aa) | 1500 | 1516 |
| Sycamore Tree CLO 2024-5 Ltd., (Cayman Islands), Series 2024-5A, Class A1, (CME Term SOFR 3 Month + 1.42%), 5.75%, 04/20/2036 (e) (aa) | 860 | 861 |
| Symphony CLO XVIII Ltd., (Cayman Islands), Series 2016-18A, Class AR4, (CME Term SOFR 3 Month + 1.23%), 5.51%, 10/23/2037 (e) (aa) | 260 | 261 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Other ABS — continued** |  |  |
| Trimaran Cavu Ltd., (Cayman Islands), Series 2021-1A, Class D1R, (CME Term SOFR 3 Month + 3.40%), 7.72%, 07/23/2037 (e) (aa) | 1500 | 1508 |
| Trinitas CLO XII Ltd., (Cayman Islands), Series 2020-12A, Class A1R2, (CME Term SOFR 3 Month + 1.05%), 5.31%, 04/25/2033 (e) (aa) | 530 | 531 |
| Trinitas CLO XVI Ltd., (Cayman Islands), Series 2021-16A, Class A1R, (CME Term SOFR 3 Month + 1.13%), 5.27%, 07/20/2034 (e) (aa) | 850 | 849 |
| Trinitas CLO XVIII Ltd., (Cayman Islands), Series 2021-18A, Class A1R, (CME Term SOFR 3 Month + 1.22%), 5.55%, 01/20/2035 (e) (aa) | 250 | 250 |
| Venture 28A CLO Ltd., (Cayman Islands), |  |  |
| Series 2017-28AA, Class A1RR, (CME Term SOFR 3 Month + 1.11%), 5.44%, 10/20/2034 (e) (aa) | 1000 | 1000 |
| Series 2017-28AA, Class A2RR, (CME Term SOFR 3 Month + 1.45%), 5.78%, 10/20/2034 (e) (aa) | 2200 | 2203 |
| Venture 45 CLO Ltd., (Jersey), Series 2022-45A, Class A1R, (CME Term SOFR 3 Month + 1.27%), 5.55%, 07/20/2035 (e) (aa) | 580 | 582 |
| Verizon Master Trust, Series 2024-7, Class A, 4.35%, 08/20/2032 (e) | 235 | 237 |
| Voya CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 5.66%, 01/20/2031 (e) (aa) | 1626 | 1626 |
| Wellfleet CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.52%, 01/15/2035 (e) (aa) | 940 | 943 |
| Wind River 2021-4 CLO Ltd., (Cayman Islands), Series 2021-4A, Class AR, (CME Term SOFR 3 Month + 1.23%), 5.56%, 01/20/2035 (e) (aa) | 320 | 321 |
| Wind River 2022-1 CLO Ltd., (Cayman Islands), Series 2022-1A, Class AR, (CME Term SOFR 3 Month + 1.35%), 5.68%, 07/20/2035 (e) (aa) | 2250 | 2253 |
| Wingspire Equipment Finance LLC, Series 2025-1A, Class A2, 4.33%, 09/20/2033 (e) | 1390 | 1390 |
| Total Other ABS |  | 83815 |
| **Student Loan ABS — 0.0% (g)** |  |  |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e) | 299 | 282 |
| Total Asset-Backed Securities<br>(Cost $132,472) |  | 132876 |
| **Collateralized Mortgage Obligations** — **0.1%** |  |  |
| **WL Collateral CMO — 0.1%** |  |  |
| Connecticut Avenue Securities Series, |  |  |
| Series 2025-R01, Class 1A1, (United States 30 Day Average SOFR + 0.95%), 5.30%, 01/25/2045 (e) (aa) | 315 | 315 |
| Series 2025-R01, Class 1M1, (United States 30 Day Average SOFR + 1.10%), 5.45%, 01/25/2045 (e) (aa) | 90 | 91 |
| Connecticut Avenue Securities Trust, |  |  |
| Series 2023-R01, Class 1M1, (United States 30 Day Average SOFR + 2.40%), 6.75%, 12/25/2042 (e) (aa) | 231 | 237 |
| Series 2024-R03, Class 2M1, (United States 30 Day Average SOFR + 1.15%), 5.50%, 03/25/2044 (e) (aa) | 419 | 419 |
| Series 2025-R02, Class 1A1, (United States 30 Day Average SOFR + 1.00%), 5.35%, 02/25/2045 (e) (aa) | 243 | 243 |
| FHLMC STACR REMIC Trust, |  |  |
| Series 2022-DNA3, Class M2, (United States 30 Day Average SOFR + 4.35%), 8.71%, 04/25/2042 (e) (aa) | 100 | 105 |
| Series 2022-HQA2, Class M1A, (United States 30 Day Average SOFR + 2.65%), 7.01%, 07/25/2042 (e) (aa) | 332 | 339 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **WL Collateral CMO — continued** |  |  |
| Series 2022-HQA3, Class M1A, (United States 30 Day Average SOFR + 2.30%), 6.66%, 08/25/2042 (e) (aa) | 130 | 132 |
| Series 2023-HQA1, Class M1A, (United States 30 Day Average SOFR + 2.00%), 6.36%, 05/25/2043 (e) (aa) | 230 | 231 |
| Series 2024-DNA2, Class A1, (United States 30 Day Average SOFR + 1.25%), 5.61%, 05/25/2044 (e) (aa) | 1033 | 1038 |
| Series 2024-DNA3, Class A1, (United States 30 Day Average SOFR + 1.05%), 5.41%, 10/25/2044 (e) (aa) | 303 | 303 |
| Series 2024-DNA3, Class M1, (United States 30 Day Average SOFR + 1.00%), 5.36%, 10/25/2044 (e) (aa) | 57 | 57 |
| Series 2024-HQA1, Class M1, (United States 30 Day Average SOFR + 1.25%), 5.61%, 03/25/2044 (e) (aa) | 477 | 477 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class A1, 4.91%, 09/25/2070 (e) (z) | 420 | 419 |
| OBX Trust, Series 2025-NQM16, Class A1, SUB, 4.91%, 08/25/2065 (e) | 400 | 399 |
| Towd Point Mortgage Trust, Series 2019-HY1, Class M2, (CME Term SOFR 1 Month + 2.11%), 6.27%, 10/25/2048 (e) (aa) | 385 | 400 |
| Verus Securitization Trust, Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z) | 120 | 108 |
| Total WL Collateral CMO |  | 5313 |
|  Total Collateralized Mortgage Obligations<br> (Cost $5,642) |  | 5313 |
| **Commercial Mortgage-Backed Securities** — **0.4%** |  |  |
| **Commercial MBS — 0.4%** |  |  |
| ACREC Ltd., (Cayman Islands), Series 2021-FL1, Class A, (CME Term SOFR 1 Month + 1.26%), 5.40%, 10/16/2036 (e) (aa) | 226 | 226 |
| Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, (CME Term SOFR 1 Month + 1.35%), 5.49%, 01/20/2043 (e) (aa) | 460 | 460 |
| ARDN Mortgage Trust, Series 2025-ARCP, Class A, (CME Term SOFR 1 Month + 1.75%), 5.90%, 06/15/2035 (e) (aa) | 550 | 550 |
| BANK5, |  |  |
| Series 2024-5YR11, Class A3, 5.89%, 11/15/2057 | 1640 | 1725 |
| Series 2024-5YR8, Class A3, 5.88%, 08/15/2057 | 450 | 473 |
| BBCMS Mortgage Trust, |  |  |
| Series 2024-5C29, Class A2, 4.74%, 09/15/2057 | 700 | 707 |
| Series 2025-5C34, Class A3, 5.66%, 05/15/2058 | 550 | 577 |
| Series 2025-5C33, Class A4, 5.84%, 03/15/2058 | 430 | 453 |
| BDS LLC, Series 2025-FL15, Class A, (CME Term SOFR 1 Month + 1.40%), 5.53%, 03/19/2043 (e) (aa) | 590 | 591 |
| Benchmark Mortgage Trust, |  |  |
| Series 2018-B2, Class A5, 3.88%, 02/15/2051 (z) | 90 | 89 |
| Series 2019-B11, Class A5, 3.54%, 05/15/2052 | 410 | 395 |
| Series 2024-V7, Class A3, 6.23%, 05/15/2056 (z) | 690 | 730 |
| Series 2024-V9, Class A3, 5.60%, 08/15/2057 | 1000 | 1039 |
| Series 2024-V11, Class A3, 5.91%, 11/15/2057 (z) | 1020 | 1073 |
| Series 2025-V14, Class A4, 5.66%, 04/15/2057 | 930 | 974 |
| Series 2025-V16, Class A3, 5.44%, 08/15/2058 (z) | 470 | 489 |
| BMO Mortgage Trust, |  |  |
| Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z) | 640 | 667 |
| Series 2024-5C5, Class A3, 5.86%, 02/15/2057 | 1080 | 1131 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 MBS — continued** |  |  |
| BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.43%), 5.58%, 12/15/2038 (e) (aa) | 100 | 100 |
| BX Commercial Mortgage Trust, |  |  |
| Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.59%, 02/15/2039 (e) (aa) | 204 | 205 |
| Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.54%, 03/15/2041 (e) (aa) | 331 | 331 |
| Series 2025-BCAT, Class A, (CME Term SOFR 1 Month + 1.38%), 5.53%, 08/15/2042 (e) (aa) | 393 | 393 |
| BX Trust, |  |  |
| Series 2019-OC11, Class E, 4.08%, 12/09/2041 (e) (z) | 3005 | 2769 |
| Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.59%, 04/15/2041 (e) (aa) | 877 | 879 |
| Series 2025-ROIC, Class A, (CME Term SOFR 1 Month + 1.14%), 5.29%, 03/15/2030 (e) (aa) | 428 | 427 |
| Series 2025-TAIL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.55%, 06/15/2035 (e) (aa) | 310 | 310 |
| Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.01%, 01/15/2053 | 1910 | 1785 |
| Citigroup Commercial Mortgage Trust, |  |  |
| Series 2016-GC36, Class A5, 3.62%, 02/10/2049 | 945 | 939 |
| Series 2017-P7, Class A4, 3.71%, 04/14/2050 | 1000 | 987 |
| CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.79%, 08/15/2041 (e) (aa) | 300 | 300 |
| DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/2051 | 1260 | 1257 |
| FS Rialto Issuer LLC, Series 2025-FL10, Class A, (CME Term SOFR 1 Month + 1.39%), 5.52%, 08/19/2042 (e) (aa) | 1050 | 1050 |
| GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 1670 | 1584 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.65%, 01/13/2040 (e) (z) | 860 | 889 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, 03/15/2050 | 565 | 557 |
| KIND Commercial Mortgage Trust, Series 2024-1, Class A, (CME Term SOFR 1 Month + 1.89%), 6.04%, 08/15/2041 (e) (aa) | 310 | 310 |
| LoanCore Issuer Ltd., (Cayman Islands), Series 2022-CRE7, Class A, (United States 30 Day Average SOFR + 1.55%), 5.93%, 01/17/2037 (e) (aa) | 349 | 350 |
| MF1 LLC, Series 2022-FL9, Class A, (CME Term SOFR 1 Month + 2.15%), 6.28%, 06/19/2037 (e) (aa) | 1086 | 1087 |
| MF1 Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.19%), 5.33%, 10/16/2036 (e) (aa) | 40 | 40 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| Series 2015-C27, Class A4, 3.75%, 12/15/2047 | 76 | 76 |
| Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 900 | 893 |
| Series 2025-5C1, Class A3, 5.64%, 03/15/2058 | 640 | 669 |
| Morgan Stanley Capital I Trust, Series 2024-NSTB, Class A, 3.90%, 09/24/2057 (e) (z) | 946 | 930 |
| PFP Ltd., (Cayman Islands), Series 2025-12, Class A, (CME Term SOFR 1 Month + 1.49%), 5.63%, 12/18/2042 (e) (aa) | 790 | 790 |
| ROCK Trust, |  |  |
| Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (e) | 1040 | 1072 |
| Series 2024-CNTR, Class E, 8.82%, 11/13/2041 (e) | 590 | 617 |
| SCG Trust, Series 2025-SNIP, Class A, (CME Term SOFR 1 Month + 1.50%), 5.75%, 09/15/2030 (e) (aa) | 520 | 520 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (CME Term SOFR 1 Month + 1.44%), 5.59%, 02/15/2042 (e) (aa) | 540 | 537 |
| UBS Commercial Mortgage Trust, |  |  |
| Series 2018-C9, Class A4, 4.12%, 03/15/2051 (z) | 660 | 649 |
| Series 2019-C18, Class A4, 3.04%, 12/15/2052 | 50 | 47 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** |
| **Commercial Mortgage-Backed Securities — continued** |  |  |  |
| **Commercial MBS — continued** |  |  |  |
| US Bank NA, Series 2025-SUP1, Class B, 5.58%, 02/25/2032 (e) |  | 326 | 326 |
| Wells Fargo Commercial Mortgage Trust, |  |  |  |
| Series 2017-C42, Class A3, 3.33%, 12/15/2050 |  | 1270 | 1252 |
| Series 2019-C50, Class A5, 3.73%, 05/15/2052 |  | 90 | 87 |
| Series 2019-C51, Class A3, 3.06%, 06/15/2052 |  | 717 | 685 |
| Series 2025-5C4, Class A3, 5.67%, 05/15/2058 |  | 631 | 661 |
| Total Commercial MBS |  |  | 38709 |
| Total Commercial Mortgage-Backed Securities<br> (Cost $37,989) |  |  | 38709 |
| **Convertible Bonds** — **0.2%** |  |  |  |
| **Communications** — **0.0% (g)** |  |  |  |
| **Media** — **0.0% (g)** |  |  |  |
| Cable One, Inc., |  |  |  |
| Zero Coupon, 03/15/2026 |  | 857 | 835 |
| 1.13%, 03/15/2028 |  | 2025 | 1728 |
| Total Communications |  |  | 2563 |
| **Consumer Cyclical** — **0.0% (g)** |  |  |  |
| **Home Builders** — **0.0% (g)** |  |  |  |
| Meritage Homes Corp., 1.75%, 05/15/2028 |  | 2804 | 2870 |
| **Lodging** — **0.0% (g)** |  |  |  |
| Wynn Macau Ltd., (Cayman Islands), 4.50%, 03/07/2029 (e) |  | 342 | 368 |
| Total Consumer Cyclical |  |  | 3238 |
| **Consumer Non-cyclical** — **0.0% (g)** |  |  |  |
| **Commercial Services** — **0.0% (g)** |  |  |  |
| Block, Inc., Zero Coupon, 05/01/2026 |  | 566 | 550 |
| Shift4 Payments, Inc., Zero Coupon, 12/15/2025 |  | 1735 | 1780 |
| Worldline SA, (France), Reg. S, Zero Coupon, 07/30/2026 | EUR | 22 | 25 |
|  |  |  | 2355 |
| **Food** — **0.0% (g)** |  |  |  |
| Ocado Group plc, (United Kingdom), Reg. S, 6.25%, 08/06/2029 | GBP | 400 | 484 |
| Total Consumer Non-cyclical |  |  | 2839 |
| **Energy** — **0.1%** |  |  |  |
| **Energy - Alternate Sources** — **0.1%** |  |  |  |
| XPLR Infrastructure LP, 2.50%, 06/15/2026 (e) |  | 4447 | 4336 |
| **Financial** — **0.0% (g)** |  |  |  |
| **Real Estate** — **0.0% (g)** |  |  |  |
| Vonovia SE, (Germany), Reg. S, 0.88%, 05/20/2032 | EUR | 200 | 236 |
| **REITS** — **0.0% (g)** |  |  |  |
| Digital Realty Trust LP, 1.88%, 11/15/2029 (e) |  | 800 | 840 |
| Total Financial |  |  | 1076 |
| **Technology** — **0.1%** |  |  |  |
| **Semiconductors** — **0.1%** |  |  |  |
| MKS, Inc., 1.25%, 06/01/2030 |  | 5915 | 6477 |
| Total Convertible Bonds<br>(Cost $20,167) |  |  | 20529 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** — **79.0%** |  |  |  |
| **Basic Materials** — **3.4%** |  |  |  |
| **Chemicals** — **1.7%** |  |  |  |
| Advancion Sciences, Inc., 9.25% (cash), 11/01/2026 (e) (v) |  | 1785 | 1580 |
| Ashland, Inc., |  |  |  |
| 3.38%, 09/01/2031 (e) |  | 1000 | 886 |
| 6.88%, 05/15/2043 |  | 2425 | 2532 |
| ASK Chemicals Deutschland Holding GmbH, (Germany), Reg. S, 10.00%, 11/15/2029 | EUR | 1150 | 1300 |
| Avient Corp., |  |  |  |
| 6.25%, 11/01/2031 (e) |  | 1697 | 1723 |
| 7.13%, 08/01/2030 (e) |  | 80 | 82 |
| Axalta Coating Systems Dutch Holding B BV, (Netherlands), 7.25%, 02/15/2031 (e) |  | 2069 | 2165 |
| Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e) |  | 1926 | 1825 |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e) |  | 150 | 149 |
| Celanese US Holdings LLC, |  |  |  |
| 5.00%, 04/15/2031 | EUR | 500 | 584 |
| 6.50%, 04/15/2030 |  | 48 | 48 |
| 6.67%, 07/15/2027 |  | 1155 | 1185 |
| 6.75%, 04/15/2033 |  | 1733 | 1726 |
| 6.83%, 07/15/2029 |  | 140 | 145 |
| 6.85%, 11/15/2028 |  | 1240 | 1287 |
| 6.88%, 07/15/2032 |  | 190 | 194 |
| 7.05%, 11/15/2030 |  | 230 | 237 |
| 7.20%, 11/15/2033 |  | 176 | 183 |
| Cerdia Finanz GmbH, (Germany), 9.38%, 10/03/2031 (e) |  | 150 | 159 |
| Chemours Co. (The), |  |  |  |
| 4.63%, 11/15/2029 (e) |  | 90 | 81 |
| 5.38%, 05/15/2027 |  | 1932 | 1930 |
| 5.75%, 11/15/2028 (e) |  | 4520 | 4409 |
| 8.00%, 01/15/2033 (e) |  | 2459 | 2445 |
| Consolidated Energy Finance SA, (Luxembourg), |  |  |  |
| 5.63%, 10/15/2028 (e) |  | 40 | 33 |
| 12.00%, 02/15/2031 (e) |  | 50 | 46 |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 (e) |  | 180 | 180 |
| Element Solutions, Inc., 3.88%, 09/01/2028 (e) |  | 9371 | 9082 |
| EQUATE Petrochemical Co. KSC, (Kuwait), Reg. S, 4.25%, 11/03/2026 |  | 427 | 425 |
| FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027 | EUR | 700 | 828 |
| FMC Corp., (CMT Index 5 Year + 4.37%), 8.45%, 11/01/2055 (aa) |  | 230 | 243 |
| HB Fuller Co., 4.00%, 02/15/2027 |  | 40 | 39 |
| Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e) |  | 1393 | 1219 |
| Herens Midco Sarl, (Luxembourg), Reg. S, 5.25%, 05/15/2029 | EUR | 1000 | 675 |
| Huntsman International LLC, |  |  |  |
| 2.95%, 06/15/2031 |  | 70 | 59 |
| 4.50%, 05/01/2029 |  | 130 | 124 |
| ICL Group Ltd., (Israel), Reg. S, 6.38%, 05/31/2038 (e) |  | 4000 | 4163 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e) |  | 70 | 70 |
| INEOS Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 6.38%, 04/15/2029 | EUR | 2325 | 2703 |
| 6.75%, 05/15/2028 (e) |  | 100 | 98 |
| 7.50%, 04/15/2029 (e) |  | 130 | 127 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Chemicals — continued** |  |  |  |
| INEOS Quattro Finance 2 Plc, (United Kingdom), |  |  |  |
| Reg. S, 6.75%, 04/15/2030 | EUR | 3257 | 3584 |
| 9.63%, 03/15/2029 (e) |  | 90 | 89 |
| Ingevity Corp., 3.88%, 11/01/2028 (e) |  | 80 | 77 |
| Innophos Holdings, Inc., 11.50%, 06/15/2029 (e) |  | 80 | 79 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/2032 (e) |  | 6261 | 6167 |
| Kronos International, Inc., Reg. S, 9.50%, 03/15/2029 | EUR | 297 | 367 |
| Lune Holdings Sarl, (Luxembourg), Reg. S, 5.63%, 11/15/2028 | EUR | 1632 | 592 |
| Mativ Holdings, Inc., 8.00%, 10/01/2029 (e) |  | 2280 | 2257 |
| Methanex Corp., (Canada), 5.65%, 12/01/2044 |  | 20 | 17 |
| Methanex US Operations, Inc., 6.25%, 03/15/2032 (e) |  | 2177 | 2215 |
| Minerals Technologies, Inc., 5.00%, 07/01/2028 (e) |  | 70 | 69 |
| Nufarm Australia Ltd. / Nufarm Americas, Inc., (Australia), 5.00%, 01/27/2030 (e) |  | 60 | 55 |
| OCP SA, (Morocco), |  |  |  |
| Reg. S, 3.75%, 06/23/2031 |  | 3800 | 3564 |
| Reg. S, 4.50%, 10/22/2025 |  | 200 | 200 |
| Reg. S, 5.13%, 06/23/2051 |  | 4900 | 4091 |
| Olin Corp., 6.63%, 04/01/2033 (e) |  | 60 | 60 |
| Olympus Water US Holding Corp., |  |  |  |
| 4.25%, 10/01/2028 (e) |  | 3396 | 3266 |
| Reg. S, 5.38%, 10/01/2029 | EUR | 200 | 223 |
| 6.25%, 10/01/2029 (e) |  | 5396 | 5236 |
| 7.13%, 10/01/2027 (e) |  | 759 | 772 |
| 7.25%, 06/15/2031 (e) |  | 9709 | 9843 |
| 7.25%, 02/15/2033 (e) (w) |  | 9008 | 9010 |
| Reg. S, 9.63%, 11/15/2028 | EUR | 598 | 736 |
| 9.75%, 11/15/2028 (e) |  | 16665 | 17490 |
| Rain Carbon, Inc., 12.25%, 09/01/2029 (e) |  | 80 | 86 |
| Sasol Financing USA LLC, Reg. S, 8.75%, 05/03/2029 |  | 3700 | 3838 |
| SCIH Salt Holdings, Inc., |  |  |  |
| 4.88%, 05/01/2028 (e) |  | 180 | 176 |
| 6.63%, 05/01/2029 (e) |  | 140 | 137 |
| SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026 (e) |  | 240 | 240 |
| SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e) |  | 6350 | 6216 |
| SNF Group SACA, (France), 3.38%, 03/15/2030 (e) |  | 1799 | 1670 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/2033 (e) |  | 4524 | 4540 |
| Tronox, Inc., |  |  |  |
| 4.63%, 03/15/2029 (e) |  | 810 | 528 |
| 9.13%, 09/30/2030 (e) |  | 346 | 339 |
| Vibrantz Technologies, Inc., 9.00%, 02/15/2030 (e) |  | 80 | 45 |
| WR Grace Holdings LLC, |  |  |  |
| 4.88%, 06/15/2027 (e) |  | 1032 | 1026 |
| 5.63%, 08/15/2029 (e) |  | 17664 | 16415 |
| 6.63%, 08/15/2032 (e) |  | 4302 | 4252 |
| 7.38%, 03/01/2031 (e) |  | 168 | 171 |
|  |  |  | 156707 |
| **Forest Products & Paper** — **0.0% (g)** |  |  |  |
| Ahlstrom Holding 3 Oy, (Finland), 4.88%, 02/04/2028 (e) |  | 421 | 408 |
| Domtar Corp., 6.75%, 10/01/2028 (e) |  | 140 | 121 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Forest Products & Paper — continued** |  |  |  |
| Fedrigoni SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.00%), 6.00%, 01/15/2030 (aa) | EUR | 100 | 117 |
| Reg. S, 6.13%, 06/15/2031 | EUR | 560 | 654 |
| Magnera Corp., |  |  |  |
| 4.75%, 11/15/2029 (e) |  | 70 | 62 |
| 7.25%, 11/15/2031 (e) |  | 3586 | 3374 |
| Mercer International, Inc., |  |  |  |
| 5.13%, 02/01/2029 |  | 90 | 66 |
| 12.88%, 10/01/2028 (e) |  | 130 | 119 |
|  |  |  | 4921 |
| **Iron/Steel** — **0.3%** |  |  |  |
| Algoma Steel, Inc., (Canada), 9.13%, 04/15/2029 (e) |  | 40 | 34 |
| Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e) |  | 6192 | 6194 |
| Carpenter Technology Corp., |  |  |  |
| 6.38%, 07/15/2028 |  | 60 | 60 |
| 7.63%, 03/15/2030 |  | 88 | 90 |
| Champion Iron Canada, Inc., (Canada), 7.88%, 07/15/2032 (e) |  | 1405 | 1469 |
| Cleveland-Cliffs, Inc., |  |  |  |
| 4.63%, 03/01/2029 (e) |  | 30 | 29 |
| 4.88%, 03/01/2031 (e) |  | 20 | 19 |
| 6.25%, 10/01/2040 |  | 30 | 25 |
| 6.75%, 04/15/2030 (e) |  | 2950 | 2998 |
| 6.88%, 11/01/2029 (e) |  | 2413 | 2459 |
| 7.00%, 03/15/2032 (e) |  | 820 | 828 |
| 7.38%, 05/01/2033 (e) |  | 1430 | 1460 |
| 7.50%, 09/15/2031 (e) |  | 1925 | 1983 |
| 7.63%, 01/15/2034 (e) |  | 963 | 993 |
| CSN Inova Ventures, (Cayman Islands), Reg. S, 6.75%, 01/28/2028 |  | 2000 | 1943 |
| Infrabuild Australia Pty Ltd., (Australia), 14.50%, 11/15/2028 (e) |  | 130 | 140 |
| Mineral Resources Ltd., (Australia), |  |  |  |
| 7.00%, 04/01/2031 (e) (w) |  | 58 | 59 |
| 8.00%, 11/01/2027 (e) |  | 735 | 749 |
| 8.13%, 05/01/2027 (e) |  | 900 | 900 |
| 8.50%, 05/01/2030 (e) |  | 330 | 343 |
| 9.25%, 10/01/2028 (e) |  | 2550 | 2672 |
| United States Steel Corp., |  |  |  |
| 6.65%, 06/01/2037 |  | 60 | 62 |
| 6.88%, 03/01/2029 |  | 70 | 71 |
| Vale Overseas Ltd., (Cayman Islands), 6.40%, 06/28/2054 |  | 862 | 886 |
|  |  |  | 26466 |
| **Mining** — **1.4%** |  |  |  |
| Alcoa Nederland Holding BV, (Netherlands), |  |  |  |
| 4.13%, 03/31/2029 (e) |  | 50 | 48 |
| 7.13%, 03/15/2031 (e) |  | 140 | 147 |
| Alumina Pty Ltd., (Australia), |  |  |  |
| 6.13%, 03/15/2030 (e) |  | 80 | 82 |
| 6.38%, 09/15/2032 (e) |  | 60 | 61 |
| Antofagasta plc, (United Kingdom), Reg. S, 2.38%, 10/14/2030 |  | 4900 | 4441 |
| Aris Mining Corp., (Canada), 8.00%, 10/31/2029 (e) |  | 775 | 806 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
|  **Mining — continued** |  |  |
| Arsenal AIC Parent LLC, |  |  |
| 8.00%, 10/01/2030 (e) | 1309 | 1386 |
| 11.50%, 10/01/2031 (e) | 13791 | 15317 |
| Boroo Investments Pte Ltd., (Singapore), 9.50%, 08/07/2032 (e) | 50 | 47 |
| Capstone Copper Corp., (Canada), 6.75%, 03/31/2033 (e) | 940 | 968 |
| Century Aluminum Co., 6.88%, 08/01/2032 (e) | 865 | 896 |
| Coeur Mining, Inc., 5.13%, 02/15/2029 (e) | 50 | 49 |
| Compass Minerals International, Inc., |  |  |
| 6.75%, 12/01/2027 (e) | 20 | 20 |
| 8.00%, 07/01/2030 (e) | 140 | 146 |
| Constellium SE, (France), |  |  |
| 3.75%, 04/15/2029 (e) | 7828 | 7449 |
| 5.63%, 06/15/2028 (e) | 30 | 30 |
| 6.38%, 08/15/2032 (e) | 3786 | 3870 |
| Corp. Nacional del Cobre de Chile, (Chile), |  |  |
| Reg. S, 4.50%, 08/01/2047 | 4300 | 3502 |
| Reg. S, 5.95%, 01/08/2034 | 2200 | 2310 |
| Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e) | 2850 | 2856 |
| ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e) | 1107 | 1105 |
| First Quantum Minerals Ltd., (Canada), |  |  |
| 7.25%, 02/15/2034 (e) | 2965 | 3066 |
| 8.00%, 03/01/2033 (e) | 3670 | 3871 |
| 8.63%, 06/01/2031 (e) | 1400 | 1471 |
| 9.38%, 03/01/2029 (e) | 9700 | 10281 |
| Fortescue Treasury Pty Ltd., (Australia), |  |  |
| 4.38%, 04/01/2031 (e) | 140 | 134 |
| 4.50%, 09/15/2027 (e) | 90 | 89 |
| Freeport Indonesia PT, (Indonesia), Reg. S, 4.76%, 04/14/2027 | 600 | 601 |
| Glencore Funding LLC, |  |  |
| 4.00%, 03/27/2027 (e) | 746 | 743 |
| 4.91%, 04/01/2028 (e) | 121 | 123 |
| 5.19%, 04/01/2030 (e) | 347 | 357 |
| 5.34%, 04/04/2027 (e) | 335 | 340 |
| 5.37%, 04/04/2029 (e) | 973 | 1003 |
| 6.13%, 10/06/2028 (e) | 83 | 87 |
| Hecla Mining Co., 7.25%, 02/15/2028 | 1237 | 1248 |
| Hudbay Minerals, Inc., (Canada), |  |  |
| 4.50%, 04/01/2026 (e) | 5737 | 5723 |
| 6.13%, 04/01/2029 (e) | 3261 | 3286 |
| Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, (Indonesia), |  |  |
| Reg. S, 5.45%, 05/15/2030 | 3300 | 3405 |
| Reg. S, 5.80%, 05/15/2050 | 1600 | 1570 |
| Ivanhoe Mines Ltd., (Canada), 7.88%, 01/23/2030 (e) | 1400 | 1444 |
| JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 (e) | 80 | 84 |
| Kaiser Aluminum Corp., |  |  |
| 4.50%, 06/01/2031 (e) | 9905 | 9337 |
| 4.63%, 03/01/2028 (e) | 1357 | 1344 |
| New Gold, Inc., (Canada), 6.88%, 04/01/2032 (e) | 3908 | 4093 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Mining — continued** |  |  |  |
| Novelis Corp., |  |  |  |
| 3.88%, 08/15/2031 (e) |  | 5565 | 5075 |
| 4.75%, 01/30/2030 (e) |  | 5080 | 4901 |
| 6.38%, 08/15/2033 (e) |  | 5695 | 5761 |
| 6.88%, 01/30/2030 (e) |  | 4936 | 5118 |
| Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029 | EUR | 2640 | 3018 |
| Stillwater Mining Co., Reg. S, 4.00%, 11/16/2026 |  | 268 | 265 |
| Taseko Mines Ltd., (Canada), 8.25%, 05/01/2030 (e) |  | 725 | 768 |
|  |  |  | 124142 |
| Total Basic Materials |  |  | 312236 |
| **Communications** — **12.3%** |  |  |  |
| **Advertising** — **0.6%** |  |  |  |
| Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028 (e) |  | 60 | 52 |
| Clear Channel Outdoor Holdings, Inc., |  |  |  |
| 7.13%, 02/15/2031 (e) |  | 8252 | 8533 |
| 7.50%, 06/01/2029 (e) |  | 7595 | 7377 |
| 7.50%, 03/15/2033 (e) |  | 9556 | 9991 |
| 7.75%, 04/15/2028 (e) |  | 2176 | 2172 |
| 7.88%, 04/01/2030 (e) |  | 8816 | 9257 |
| CMG Media Corp., 8.88%, 06/18/2029 (e) |  | 915 | 842 |
| Dotdash Meredith, Inc., 7.63%, 06/15/2032 (e) |  | 70 | 69 |
| Lamar Media Corp., |  |  |  |
| 3.63%, 01/15/2031 |  | 170 | 158 |
| 3.75%, 02/15/2028 |  | 110 | 107 |
| 4.00%, 02/15/2030 |  | 160 | 153 |
| 4.88%, 01/15/2029 |  | 120 | 119 |
| 5.38%, 11/01/2033 (e) |  | 2012 | 1998 |
| Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e) |  | 6605 | 6478 |
| Outfront Media Capital LLC / Outfront Media Capital Corp., |  |  |  |
| 4.25%, 01/15/2029 (e) |  | 2514 | 2415 |
| 4.63%, 03/15/2030 (e) |  | 428 | 411 |
| 5.00%, 08/15/2027 (e) |  | 920 | 915 |
| 7.38%, 02/15/2031 (e) |  | 70 | 74 |
| Stagwell Global LLC, 5.63%, 08/15/2029 (e) |  | 170 | 165 |
| Summer BC Holdco A Sarl, (Luxembourg), Reg. S, 5.88%, 02/15/2030 | EUR | 1350 | 1548 |
|  |  |  | 52834 |
| **Internet** — **1.1%** |  |  |  |
| Acuris Finance US, Inc. / Acuris Finance Sarl, |  |  |  |
| 5.00%, 05/01/2028 (e) |  | 3000 | 2915 |
| 9.00%, 08/01/2029 (e) |  | 1727 | 1805 |
| ANGI Group LLC, 3.88%, 08/15/2028 (e) |  | 905 | 851 |
| AppLovin Corp., 5.13%, 12/01/2029 |  | 1854 | 1897 |
| Arches Buyer, Inc., |  |  |  |
| 4.25%, 06/01/2028 (e) |  | 130 | 128 |
| 6.13%, 12/01/2028 (e) |  | 90 | 88 |
| Cablevision Lightpath LLC, |  |  |  |
| 3.88%, 09/15/2027 (e) |  | 6442 | 6252 |
| 5.63%, 09/15/2028 (e) |  | 2655 | 2612 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Internet — continued** |  |  |  |
| Cars.com, Inc., 6.38%, 11/01/2028 (e) |  | 30 | 30 |
| Cogent Communications Group LLC / Cogent Finance, Inc., |  |  |  |
| 6.50%, 07/01/2032 (e) |  | 80 | 77 |
| 7.00%, 06/15/2027 (e) |  | 90 | 90 |
| eDreams ODIGEO SA, (Spain), |  |  |  |
| 4.88%, 12/30/2030 (e) | EUR | 3540 | 4205 |
| Reg. S, 4.88%, 12/30/2030 | EUR | 1200 | 1426 |
| Engineering - Ingegneria Informatica - SpA, (Italy), |  |  |  |
| Reg. S, 8.63%, 02/15/2030 | EUR | 2975 | 3763 |
| Reg. S, 11.13%, 05/15/2028 | EUR | 217 | 271 |
| Future plc, (United Kingdom), Reg. S, 6.75%, 07/10/2030 | GBP | 1475 | 1983 |
| Gen Digital, Inc., |  |  |  |
| 6.25%, 04/01/2033 (e) |  | 1560 | 1593 |
| 6.75%, 09/30/2027 (e) |  | 815 | 827 |
| 7.13%, 09/30/2030 (e) |  | 180 | 185 |
| Getty Images, Inc., |  |  |  |
| 9.75%, 03/01/2027 (e) |  | 50 | 48 |
| 11.25%, 02/21/2030 (e) |  | 80 | 76 |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc., |  |  |  |
| 3.50%, 03/01/2029 (e) |  | 1631 | 1545 |
| 5.25%, 12/01/2027 (e) |  | 100 | 100 |
| iliad SA, (France), Reg. S, 5.63%, 02/15/2030 | EUR | 500 | 630 |
| ION Trading Technologies Sarl, (Luxembourg), |  |  |  |
| 5.75%, 05/15/2028 (e) |  | 400 | 391 |
| 9.50%, 05/30/2029 (e) |  | 1476 | 1554 |
| Match Group Holdings II LLC, |  |  |  |
| 3.63%, 10/01/2031 (e) |  | 505 | 458 |
| 4.13%, 08/01/2030 (e) |  | 150 | 141 |
| 4.63%, 06/01/2028 (e) |  | 441 | 433 |
| 5.00%, 12/15/2027 (e) |  | 80 | 80 |
| 5.63%, 02/15/2029 (e) |  | 110 | 110 |
| 6.13%, 09/15/2033 (e) |  | 3344 | 3373 |
| Newfold Digital Holdings Group, Inc., |  |  |  |
| 6.00%, 02/15/2029 (e) |  | 80 | 47 |
| 11.75%, 10/15/2028 (e) |  | 90 | 60 |
| Prosus NV, (Netherlands), |  |  |  |
| 3.26%, 01/19/2027 (e) |  | 200 | 197 |
| Reg. S, 3.26%, 01/19/2027 |  | 3100 | 3052 |
| Reg. S, 4.99%, 01/19/2052 |  | 3800 | 3067 |
| Rakuten Group, Inc., (Japan), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 4.49%), 4.25%, 04/22/2027 (x) (aa) | EUR | 4499 | 5169 |
| (CMT Index 5 Year + 4.96%), 6.25%, 04/22/2031 (e) (x) (aa) |  | 140 | 135 |
| (CMT Index 5 Year + 4.25%), 8.13%, 12/15/2029 (e) (x) (aa) |  | 1019 | 1059 |
| 9.75%, 04/15/2029 (e) |  | 4300 | 4836 |
| 11.25%, 02/15/2027 (e) |  | 2991 | 3243 |
| Snap, Inc., |  |  |  |
| 6.88%, 03/01/2033 (e) |  | 8159 | 8339 |
| 6.88%, 03/15/2034 (e) |  | 3737 | 3787 |
| Uber Technologies, Inc., 4.50%, 08/15/2029 (e) |  | 1547 | 1543 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Internet — continued** |  |  |  |
| United Group BV, (Netherlands), |  |  |  |
| Reg. S, 4.00%, 11/15/2027 | EUR | 32 | 37 |
| Reg. S, 4.63%, 08/15/2028 | EUR | 7117 | 8324 |
| Reg. S, 5.25%, 02/01/2030 | EUR | 10765 | 12497 |
| Reg. S, 6.50%, 10/31/2031 | EUR | 5884 | 6995 |
| Reg. S, 6.75%, 02/15/2031 | EUR | 700 | 841 |
| Wayfair LLC, |  |  |  |
| 7.25%, 10/31/2029 (e) |  | 90 | 93 |
| 7.75%, 09/15/2030 (e) |  | 80 | 84 |
| Ziff Davis, Inc., 4.63%, 10/15/2030 (e) |  | 40 | 38 |
|  |  |  | 103380 |
| **Media** — **3.4%** |  |  |  |
| AMC Networks, Inc., |  |  |  |
| 4.25%, 02/15/2029 |  | 40 | 35 |
| 10.25%, 01/15/2029 (e) |  | 40 | 42 |
| 10.50%, 07/15/2032 (e) |  | 50 | 53 |
| Arqiva Broadcast Finance plc, (United Kingdom), Reg. S, 8.63%, 07/01/2030 | GBP | 3200 | 4496 |
| Beasley Mezzanine Holdings LLC, 9.20%, 08/01/2028 (e) |  | 30 | 11 |
| Belo Corp., |  |  |  |
| 7.25%, 09/15/2027 |  | 140 | 145 |
| 7.75%, 06/01/2027 |  | 130 | 136 |
| Block Communications, Inc., 4.88%, 03/01/2028 (e) |  | 80 | 77 |
| Cable One, Inc., 4.00%, 11/15/2030 (e) |  | 30 | 26 |
| CCO Holdings LLC / CCO Holdings Capital Corp., |  |  |  |
| 4.25%, 02/01/2031(e) |  | 10564 | 9732 |
| 4.25%, 01/15/2034(e) |  | 18694 | 16149 |
| 4.50%, 08/15/2030(e) |  | 878 | 829 |
| 4.50%, 05/01/2032 |  | 6192 | 5635 |
| 4.50%, 06/01/2033(e) |  | 402 | 358 |
| 4.75%, 03/01/2030(e) |  | 602 | 578 |
| 4.75%, 02/01/2032(e) |  | 3986 | 3686 |
| 5.00%, 02/01/2028(e) |  | 9951 | 9840 |
| 5.13%, 05/01/2027(e) |  | 4375 | 4344 |
| 5.38%, 06/01/2029(e) |  | 640 | 636 |
| 5.50%, 05/01/2026(e) |  | 500 | 499 |
| 6.38%, 09/01/2029(e) |  | 6132 | 6216 |
| 7.38%, 03/01/2031(e) |  | 6424 | 6637 |
| CSC Holdings LLC, |  |  |  |
| 3.38%, 02/15/2031(e) |  | 620 | 400 |
| 4.13%, 12/01/2030(e) |  | 615 | 403 |
| 4.50%, 11/15/2031(e) |  | 190 | 123 |
| 4.63%, 12/01/2030(e) |  | 7780 | 2730 |
| 5.00%, 11/15/2031(e) |  | 1760 | 616 |
| 5.38%, 02/01/2028(e) |  | 5285 | 4633 |
| 5.50%, 04/15/2027(e) |  | 9545 | 9059 |
| 5.75%, 01/15/2030(e) |  | 2260 | 861 |
| 6.50%, 02/01/2029(e) |  | 1900 | 1404 |
| 7.50%, 04/01/2028(e) |  | 630 | 456 |
| 11.25%, 05/15/2028(e) |  | 6966 | 6449 |
| 11.75%, 01/31/2029(e) |  | 4529 | 3809 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Media — continued** |  |  |  |
| Cumulus Media New Holdings, Inc., 8.00%, 07/01/2029 (e) |  | 40 | 10 |
| Digi Romania SA, (Romania), Reg. S, 3.25%, 02/05/2028 | EUR | 200 | 232 |
| Directv Financing LLC, |  |  |  |
| 8.88%, 02/01/2030(e) |  | 4592 | 4536 |
| Directv Financing LLC / Directv Financing Co-Obligor, Inc., |  |  |  |
| 5.88%, 08/15/2027(e) |  | 4330 | 4326 |
| 10.00%, 02/15/2031(e) |  | 445 | 444 |
| Discovery Communications LLC, |  |  |  |
| 3.63%, 05/15/2030 |  | 102 | 94 |
| 3.95%, 03/20/2028 |  | 505 | 493 |
| 4.13%, 05/15/2029 |  | 73 | 70 |
| 5.00%, 09/20/2037 |  | 63 | 54 |
| 5.30%, 05/15/2049 |  | 60 | 45 |
| 6.35%, 06/01/2040 |  | 111 | 99 |
| DISH DBS Corp., |  |  |  |
| 5.13%, 06/01/2029 |  | 1525 | 1304 |
| 5.25%, 12/01/2026(e) |  | 7094 | 6971 |
| 5.75%, 12/01/2028(e) |  | 9627 | 9232 |
| 7.38%, 07/01/2028 |  | 4193 | 3837 |
| 7.75%, 07/01/2026 |  | 10083 | 9986 |
| DISH Network Corp., 11.75%, 11/15/2027 (e) |  | 20511 | 21706 |
| EW Scripps Co. (The), 9.88%, 08/15/2030 (e) |  | 140 | 131 |
| FactSet Research Systems, Inc., 2.90%, 03/01/2027 |  | 86 | 84 |
| Gray Media, Inc., |  |  |  |
| 4.75%, 10/15/2030(e) |  | 120 | 92 |
| 5.38%, 11/15/2031(e) |  | 1385 | 1037 |
| 7.25%, 08/15/2033(e) |  | 5456 | 5404 |
| 9.63%, 07/15/2032(e) |  | 4826 | 4930 |
| 10.50%, 07/15/2029(e) |  | 2645 | 2858 |
| iHeartCommunications, Inc., |  |  |  |
| 4.75%, 01/15/2028(e) |  | 50 | 43 |
| 7.00%, 01/15/2031 (e) |  | 30 | 23 |
| 7.75%, 08/15/2030 (e) |  | 2070 | 1713 |
| 9.13%, 05/01/2029 (e) |  | 110 | 99 |
| 10.88%, 05/01/2030 (e) |  | 120 | 81 |
| LCPR Senior Secured Financing DAC, (Ireland), |  |  |  |
| 5.13%, 07/15/2029 (e) |  | 90 | 50 |
| 6.75%, 10/15/2027 (e) |  | 4917 | 2950 |
| McGraw-Hill Education, Inc., |  |  |  |
| 5.75%, 08/01/2028 (e) |  | 50 | 50 |
| 7.38%, 09/01/2031 (e) |  | 100 | 104 |
| 8.00%, 08/01/2029 (e) |  | 110 | 112 |
| Midcontinent Communications, 8.00%, 08/15/2032 (e) |  | 3110 | 3204 |
| News Corp., 3.88%, 05/15/2029 (e) |  | 550 | 531 |
| Nexstar Media, Inc., |  |  |  |
| 4.75%, 11/01/2028 (e) |  | 290 | 283 |
| 5.63%, 07/15/2027 (e) |  | 782 | 781 |
| Paramount Global, |  |  |  |
| (ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa) |  | 208 | 205 |
| (CMT Index 5 Year + 4.00%), 6.38%, 03/30/2062 (aa) |  | 336 | 335 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Media — continued** |  |  |  |
| Radiate Holdco LLC / Radiate Finance, Inc., 9.25% (Blend (cash 6.00% + PIK 3.25%)), 03/25/2030 (e) (v) |  | 5412 | 3383 |
| Scripps Escrow II, Inc., |  |  |  |
| 3.88%, 01/15/2029 (e) |  | 60 | 53 |
| 5.38%, 01/15/2031 (e) |  | 70 | 49 |
| Sinclair Television Group, Inc., |  |  |  |
| 4.38%, 12/31/2032 (e) |  | 20 | 14 |
| 5.50%, 03/01/2030 (e) |  | 70 | 59 |
| 8.13%, 02/15/2033 (e) |  | 8271 | 8506 |
| 9.75%, 02/15/2033 (e) |  | 60 | 66 |
| Sirius XM Radio LLC, |  |  |  |
| 3.13%, 09/01/2026 (e) |  | 1285 | 1267 |
| 3.88%, 09/01/2031 (e) |  | 110 | 100 |
| 4.00%, 07/15/2028 (e) |  | 666 | 643 |
| 4.13%, 07/01/2030 (e) |  | 180 | 169 |
| 5.00%, 08/01/2027 (e) |  | 4189 | 4169 |
| 5.50%, 07/01/2029 (e) |  | 90 | 90 |
| Summer BidCo BV, (Netherlands), Reg. S, 10.00% (cash), 02/15/2029 (v) | EUR | 7444 | 8898 |
| Sunrise FinCo. I BV, (Netherlands), |  |  |  |
| 4.63%, 05/15/2032 (e) | EUR | 5520 | 6568 |
| 4.88%, 07/15/2031 (e) |  | 3015 | 2872 |
| TEGNA, Inc., |  |  |  |
| 4.63%, 03/15/2028 |  | 120 | 118 |
| 5.00%, 09/15/2029 |  | 160 | 159 |
| Tele Columbus AG, (Germany), Reg. S, 10.00% (PIK), 01/01/2029 (v) | EUR | 3315 | 2623 |
| Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e) |  | 2200 | 2187 |
| Univision Communications, Inc., |  |  |  |
| 4.50%, 05/01/2029 (e) |  | 1600 | 1510 |
| 7.38%, 06/30/2030 (e) |  | 140 | 140 |
| 8.00%, 08/15/2028 (e) |  | 8817 | 9135 |
| 8.50%, 07/31/2031 (e) |  | 4903 | 5063 |
| 9.38%, 08/01/2032 (e) |  | 6209 | 6619 |
| UPCB Finance VII Ltd., (Cayman Islands), Reg. S, 3.63%, 06/15/2029 | EUR | 5480 | 6407 |
| Urban One, Inc., 7.38%, 02/01/2028 (e) |  | 50 | 26 |
| Virgin Media Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 3.75%, 07/15/2030 | EUR | 2307 | 2598 |
| 5.00%, 07/15/2030 (e) |  | 160 | 149 |
| Virgin Media O2 Vendor Financing Notes V DAC, (Ireland), Reg. S, 7.88%, 03/15/2032 | GBP | 200 | 278 |
| Virgin Media Secured Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.13%, 08/15/2030 | GBP | 100 | 123 |
| Reg. S, 4.25%, 01/15/2030 | GBP | 1042 | 1299 |
| 4.50%, 08/15/2030 (e) |  | 717 | 676 |
| 5.50%, 05/15/2029 (e) |  | 2030 | 2008 |
| Virgin Media Vendor Financing Notes III DAC, (Ireland), |  |  |  |
| 4.88%, 07/15/2028 (e) | GBP | 700 | 917 |
| Reg. S, 4.88%, 07/15/2028 | GBP | 10560 | 13833 |
| Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e) |  | 2495 | 2444 |
| VZ Secured Financing BV, (Netherlands), 5.00%, 01/15/2032 (e) |  | 3200 | 2895 |
| VZ Vendor Financing II BV, (Netherlands), Reg. S, 2.88%, 01/15/2029 | EUR | 5862 | 6488 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Media — continued** |  |  |  |
| Ziggo Bond Co. BV, (Netherlands), |  |  |  |
| Reg. S, 3.38%, 02/28/2030 | EUR | 806 | 850 |
| 5.13%, 02/28/2030 (e) |  | 1092 | 989 |
| 6.13%, 11/15/2032 (e) | EUR | 3572 | 4020 |
| Ziggo BV, (Netherlands), |  |  |  |
| Reg. S, 2.88%, 01/15/2030 | EUR | 7696 | 8594 |
| 4.88%, 01/15/2030 (e) |  | 302 | 285 |
|  |  |  | 308981 |
| **Telecommunications** — **7.2%** |  |  |  |
| Altice Financing SA, (Luxembourg), |  |  |  |
| Reg. S, 3.00%, 01/15/2028 | EUR | 14256 | 12902 |
| Reg. S, 4.25%, 08/15/2029 | EUR | 16714 | 14955 |
| 5.00%, 01/15/2028 (e) |  | 5657 | 4398 |
| 5.75%, 08/15/2029 (e) |  | 9819 | 7389 |
| 9.63%, 07/15/2027 (e) |  | 1535 | 1381 |
| Altice Finco SA, (Luxembourg), Reg. S, 4.75%, 01/15/2028 | EUR | 3131 | 1330 |
| Altice France Holding SA, (Luxembourg), |  |  |  |
| Reg. S, 4.00%, 02/15/2028 | EUR | 5125 | 2153 |
| Reg. S, 8.00%, 05/15/2027 (d) | EUR | 4500 | 1876 |
| Altice France SA, (France), |  |  |  |
| Reg. S, 3.38%, 01/15/2028 | EUR | 1359 | 1372 |
| Reg. S, 4.13%, 01/15/2029 | EUR | 1000 | 1013 |
| Reg. S, 4.25%, 10/15/2029 | EUR | 16755 | 17060 |
| 5.13%, 01/15/2029 (e) |  | 1498 | 1288 |
| 5.13%, 07/15/2029 (e) |  | 6350 | 5423 |
| 5.50%, 01/15/2028 (e) |  | 2735 | 2407 |
| 5.50%, 10/15/2029 (e) |  | 7655 | 6621 |
| Reg. S, 5.88%, 02/01/2027 | EUR | 3500 | 3709 |
| 8.13%, 02/01/2027 (e) |  | 225 | 214 |
| Reg. S, 11.50%, 02/01/2027 | EUR | 6823 | 7762 |
| Axiata SPV2 Bhd., (Malaysia), Reg. S, 2.16%, 08/19/2030 |  | 7400 | 6655 |
| Bell Telephone Co. of Canada or Bell Canada, (Canada), |  |  |  |
| (CMT Index 5 Year + 2.39%), 6.88%, 09/15/2055 (aa) |  | 170 | 177 |
| (CMT Index 5 Year + 2.36%), 7.00%, 09/15/2055 (aa) |  | 180 | 188 |
| British Telecommunications plc, (United Kingdom), (CMT Index 5 Year + 2.99%), 4.25%, 11/23/2081 (e) (aa) |  | 100 | 99 |
| CommScope LLC, |  |  |  |
| 4.75%, 09/01/2029 (e) |  | 6950 | 6905 |
| 7.13%, 07/01/2028 (e) |  | 90 | 90 |
| 8.25%, 03/01/2027 (e) |  | 482 | 487 |
| 9.50%, 12/15/2031 (e) |  | 300 | 311 |
| CommScope Technologies LLC, 5.00%, 03/15/2027 (e) |  | 520 | 516 |
| Connect Finco Sarl / Connect US Finco LLC, (Multinational), 9.00%, 09/15/2029 (e) |  | 4105 | 4310 |
| Connect Holding II LLC, 10.50%, 04/03/2031 (e) |  | 278 | 278 |
| Digicel Group Holdings Ltd., (Bermuda), |  |  |  |
| Series 1B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 95 | 4 |
| Series 3B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 64 | — (h) |
| Digicel International Finance Ltd. / Difl US LLC, (Multinational), 8.63%, 08/01/2032 (e) |  | 14670 | 15083 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Telecommunications — continued** |  |  |  |
| EchoStar Corp., |  |  |  |
| 6.75% (cash), 11/30/2030 (v) |  | 25135 | 25944 |
| 10.75%, 11/30/2029 |  | 13078 | 14402 |
| eircom Finance DAC, (Ireland), |  |  |  |
| Reg. S, 2.63%, 02/15/2027 | EUR | 3125 | 3664 |
| Reg. S, 5.00%, 04/30/2031 | EUR | 343 | 413 |
| Embarq LLC, 8.00%, 06/01/2036 |  | 150 | 73 |
| Eutelsat SA, (France), |  |  |  |
| Reg. S, 1.50%, 10/13/2028 | EUR | 2500 | 2752 |
| Reg. S, 2.25%, 07/13/2027 | EUR | 100 | 116 |
| Reg. S, 9.75%, 04/13/2029 | EUR | 176 | 223 |
| Fibercop SpA, (Italy), |  |  |  |
| 1.63%, 01/18/2029 | EUR | 5100 | 5595 |
| Reg. S, 2.38%, 10/12/2027 | EUR | 13935 | 16073 |
| Reg. S, (EURIBOR 3 Month + 3.00%), 4.98%, 06/30/2031 (aa) | EUR | 2500 | 2950 |
| Reg. S, 5.13%, 06/30/2032 | EUR | 7695 | 9183 |
| 6.00%, 09/30/2034 (e) |  | 2520 | 2402 |
| Reg. S, 6.88%, 02/15/2028 | EUR | 2697 | 3383 |
| 7.20%, 07/18/2036 (e) |  | 2456 | 2474 |
| 7.72%, 06/04/2038 (e) |  | 18 | 18 |
| Reg. S, 7.88%, 07/31/2028 | EUR | 5318 | 6903 |
| Series 2033, 6.38%, 11/15/2033 (e) |  | 10 | 10 |
| Frontier Communications Holdings LLC, |  |  |  |
| 5.00%, 05/01/2028 (e) |  | 15312 | 15278 |
| 5.88%, 10/15/2027 (e) |  | 8100 | 8096 |
| 5.88%, 11/01/2029 |  | 4799 | 4848 |
| 6.00%, 01/15/2030 (e) |  | 2371 | 2399 |
| 6.75%, 05/01/2029 (e) |  | 2494 | 2519 |
| 8.63%, 03/15/2031 (e) |  | 2096 | 2210 |
| 8.75%, 05/15/2030 (e) |  | 15056 | 15728 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/2028 |  | 40 | 42 |
| Frontier North, Inc., Series G, 6.73%, 02/15/2028 |  | 30 | 31 |
| GCI LLC, 4.75%, 10/15/2028 (e) |  | 90 | 87 |
| GoTo Group, Inc., |  |  |  |
| 5.50%, 05/01/2028 (e) |  | 130 | 66 |
| Kaixo Bondco Telecom SA, (Spain), Reg. S, 5.13%, 09/30/2029 | EUR | 300 | 357 |
| Koninklijke KPN NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.77%), 6.00%, 09/21/2027 (x) (aa) | EUR | 3820 | 4750 |
| Level 3 Financing, Inc., |  |  |  |
| 3.63%, 01/15/2029 (e) |  | 647 | 560 |
| 3.75%, 07/15/2029 (e) |  | 2390 | 2037 |
| 3.88%, 10/15/2030 (e) |  | 1116 | 974 |
| 4.00%, 04/15/2031 (e) |  | 1862 | 1596 |
| 4.25%, 07/01/2028 (e) |  | 40 | 38 |
| 4.50%, 04/01/2030 (e) |  | 4594 | 4192 |
| 4.88%, 06/15/2029 (e) |  | 10392 | 9821 |
| 6.88%, 06/30/2033 (e) |  | 20957 | 21359 |
| 7.00%, 03/31/2034 (e) |  | 23737 | 24200 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Telecommunications — continued** |  |  |  |
| Lorca Telecom Bondco SA, (Spain), |  |  |  |
| Reg. S, 4.00%, 09/18/2027 | EUR | 13874 | 16288 |
| Reg. S, 5.75%, 04/30/2029 | EUR | 4680 | 5718 |
| Lumen Technologies, Inc., |  |  |  |
| 4.13%, 04/15/2029 (e) |  | 50 | 49 |
| 4.13%, 04/15/2030 (e) |  | 951 | 932 |
| 4.50%, 01/15/2029 (e) |  | 50 | 45 |
| 5.38%, 06/15/2029 (e) |  | 40 | 37 |
| 10.00%, 10/15/2032 (e) |  | 2286 | 2312 |
| Series P, 7.60%, 09/15/2039 |  | 50 | 47 |
| Series U, 7.65%, 03/15/2042 |  | 40 | 37 |
| Matterhorn Telecom SA, (Luxembourg), Reg. S, 5.25%, 07/31/2028 | CHF | 1750 | 2255 |
| Maya SAS, (France), |  |  |  |
| Reg. S, 5.38%, 04/15/2030 | EUR | 300 | 360 |
| 5.38%, 04/15/2030 (e) | EUR | 17015 | 20403 |
| Reg. S, 6.88%, 04/15/2031 | EUR | 12021 | 14991 |
| 7.00%, 10/15/2028 (e) |  | 4733 | 4811 |
| 7.00%, 04/15/2032 (e) |  | 6255 | 6379 |
| 8.50%, 04/15/2031 (e) |  | 3599 | 3860 |
| Odido Group Holding BV, (Netherlands), Reg. S, 5.50%, 01/15/2030 | EUR | 7316 | 8652 |
| Odido Holding BV, (Netherlands), Reg. S, 3.75%, 01/15/2029 | EUR | 7300 | 8496 |
| PLT VII Finance Sarl, (Luxembourg), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 3.50%), 5.51%, 06/15/2031 (aa) | EUR | 2750 | 3236 |
| 6.00%, 06/15/2031 (e) | EUR | 5400 | 6596 |
| Reg. S, 6.00%, 06/15/2031 | EUR | 775 | 947 |
| Proximus SADP, (Belgium), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.41%), 4.75%, 07/02/2031 (x) (aa) | EUR | 1400 | 1662 |
| Rogers Communications, Inc., (Canada), |  |  |  |
| (CMT Index 5 Year + 3.59%), 5.25%, 03/15/2082 (e) (aa) |  | 320 | 318 |
| (CMT Index 5 Year + 2.65%), 7.00%, 04/15/2055 (aa) |  | 330 | 344 |
| (CMT Index 5 Year + 2.62%), 7.13%, 04/15/2055 (aa) |  | 270 | 286 |
| Sable International Finance Ltd., (Cayman Islands), 7.13%, 10/15/2032 (e) |  | 6940 | 7028 |
| SES SA, (Luxembourg), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.23%), 5.50%, 09/12/2054 (aa) | EUR | 500 | 598 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.59%), 6.00%, 09/12/2054 (aa) | EUR | 1175 | 1399 |
| SoftBank Group Corp., (Japan), |  |  |  |
| Reg. S, 3.38%, 07/06/2029 | EUR | 7427 | 8477 |
| Reg. S, 4.00%, 09/19/2029 | EUR | 3756 | 4381 |
| Reg. S, 5.00%, 04/15/2028 | EUR | 13768 | 16620 |
| Reg. S, 5.38%, 01/08/2029 | EUR | 1499 | 1823 |
| Reg. S, 5.75%, 07/08/2032 | EUR | 6681 | 8196 |
| Reg. S, 5.88%, 07/10/2031 | EUR | 100 | 124 |
| Reg. S, 6.38%, 07/10/2033 | EUR | 142 | 177 |
| Sprint Capital Corp., 6.88%, 11/15/2028 |  | 1025 | 1103 |
| Sunrise HoldCo IV BV, (Netherlands), 5.50%, 01/15/2028 (e) |  | 60 | 60 |
| TDC Net A/S, (Denmark), Reg. S, 6.50%, 06/01/2031 | EUR | 1975 | 2571 |
| Telecom Italia Capital SA, (Luxembourg), |  |  |  |
| 6.00%, 09/30/2034 |  | 50 | 51 |
| 6.38%, 11/15/2033 |  | 70 | 73 |
| 7.20%, 07/18/2036 |  | 70 | 75 |
| 7.72%, 06/04/2038 |  | 3529 | 3900 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Telecommunications — continued** |  |  |  |
| Telecom Italia SpA, (Italy), |  |  |  |
| Reg. S, 6.88%, 02/15/2028 | EUR | 628 | 793 |
| Reg. S, 7.88%, 07/31/2028 | EUR | 4390 | 5753 |
| Telecommunications co Telekom Srbija AD Belgrade, (Serbia), Reg. S, 7.00%, 10/28/2029 |  | 1300 | 1319 |
| Telefonica Europe BV, (Netherlands), |  |  |  |
| Reg. S, (EUR Swap Rate 8 Year + 2.62%), 2.38%, 02/12/2029 (x) (aa) | EUR | 12500 | 13925 |
| Reg. S, (EUR Swap Rate 8 Year + 3.07%), 2.88%, 06/24/2027 (x) (aa) | EUR | 3000 | 3475 |
| Reg. S, (EUR Swap Rate 6 Year + 2.87%), 2.88%, 02/24/2028 (x) (aa) | EUR | 5100 | 5873 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.12%), 5.75%, 01/15/2032 (x) (aa) | EUR | 2300 | 2860 |
| Reg. S, (EUR Swap Rate + 3.35%), 6.14%, 02/03/2030 (x) (aa) | EUR | 1400 | 1773 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.62%), 6.75%, 06/07/2031 (x) (aa) | EUR | 9100 | 11930 |
| Telesat Canada / Telesat LLC, (Canada), |  |  |  |
| 4.88%, 06/01/2027 (e) |  | 40 | 31 |
| 5.63%, 12/06/2026 (e) |  | 50 | 40 |
| 6.50%, 10/15/2027 (e) |  | 30 | 15 |
| TELUS Corp., (Canada), |  |  |  |
| (CMT Index 5 Year + 2.77%), 6.63%, 10/15/2055 (aa) |  | 220 | 226 |
| (CMT Index 5 Year + 2.71%), 7.00%, 10/15/2055 (aa) |  | 220 | 232 |
| Viasat, Inc., |  |  |  |
| 5.63%, 04/15/2027 (e) |  | 90 | 90 |
| 6.50%, 07/15/2028 (e) |  | 80 | 78 |
| 7.50%, 05/30/2031 (e) |  | 120 | 112 |
| Viavi Solutions, Inc., 3.75%, 10/01/2029 (e) |  | 1101 | 1038 |
| Vmed O2 UK Financing I plc, (United Kingdom), |  |  |  |
| Reg. S, 3.25%, 01/31/2031 | EUR | 9801 | 11049 |
| Reg. S, 4.00%, 01/31/2029 | GBP | 1775 | 2273 |
| 4.25%, 01/31/2031 (e) |  | 4230 | 3921 |
| Reg. S, 4.50%, 07/15/2031 | GBP | 11480 | 14126 |
| 4.75%, 07/15/2031 (e) |  | 1910 | 1797 |
| Reg. S, 5.63%, 04/15/2032 | EUR | 10434 | 12558 |
| 7.75%, 04/15/2032 (e) |  | 2232 | 2344 |
| Vodafone Group plc, (United Kingdom), |  |  |  |
| (CMT Index 5 Year + 2.77%), 4.13%, 06/04/2081 (aa) |  | 400 | 375 |
| Reg. S, (GBP Swap Rate 5 Year + 3.27%), 4.88%, 10/03/2078 (aa) | GBP | 200 | 269 |
| (CMT Index 5 Year + 3.07%), 5.13%, 06/04/2081 (aa) |  | 100 | 79 |
| (USD Semi-annual Swap Rate 5 Year + 4.87%), 7.00%, 04/04/2079 (aa) |  | 470 | 496 |
| Reg. S, (UK Gilts 5 Year + 3.84%), 8.00%, 08/30/2086 (aa) | GBP | 9065 | 13285 |
| Windstream Services LLC, 7.50%, 10/15/2033 (e) (w) |  | 4369 | 4369 |
| Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (e) |  | 18299 | 18955 |
| Zayo Group Holdings, Inc., |  |  |  |
| 9.25% (cash), 03/09/2030 (e) (v) |  | 5305 | 5066 |
| 13.75% (cash), 09/09/2030 (e) (v) |  | 2851 | 2702 |
| Zegona Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 6.75%, 07/15/2029 | EUR | 540 | 671 |
| 8.63%, 07/15/2029 (e) |  | 1180 | 1256 |
|  |  |  | 656993 |
| Total Communications |  |  | 1122188 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Consumer Cyclical** — **13.3%** |  |  |  |
| **Airlines** — **0.4%** |  |  |  |
| Air Canada, (Canada), 3.88%, 08/15/2026 (e) |  | 566 | 561 |
| Air France-KLM, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.58%), 5.75%, 05/21/2030 (x) (aa) | EUR | 2500 | 2995 |
| Allegiant Travel Co., 7.25%, 08/15/2027 (e) |  | 50 | 51 |
| American Airlines, Inc., |  |  |  |
| 7.25%, 02/15/2028 (e) |  | 1385 | 1419 |
| 8.50%, 05/15/2029 (e) |  | 409 | 426 |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational), |  |  |  |
| 5.50%, 04/20/2026 (e) |  | 322 | 323 |
| 5.75%, 04/20/2029 (e) |  | 3409 | 3421 |
| AS Mileage Plan IP Ltd., (Cayman Islands), 5.02%, 10/20/2029 (e) |  | 159 | 159 |
| Avianca Midco 2 plc, (United Kingdom), |  |  |  |
| 9.00%, 12/01/2028 (e) |  | 330 | 329 |
| 9.63%, 02/14/2030 (e) |  | 260 | 259 |
| JetBlue Airways Corp. / JetBlue Loyalty LP, (Multinational), 9.88%, 09/20/2031 (e) |  | 2780 | 2821 |
| OneSky Flight LLC, 8.88%, 12/15/2029 (e) |  | 2177 | 2288 |
| Spirit Airlines Pass Through Trust 2015-1A, Series A, 4.10%, 04/01/2028 |  | 157 | 149 |
| Transportes Aereos Portugueses SA, (Portugal), Reg. S, 5.13%, 11/15/2029 | EUR | 1000 | 1211 |
| United Airlines 2014-1 Class A Pass Through Trust, Series A, 4.00%, 04/11/2026 |  | 198 | 198 |
| United Airlines 2016-2 Class A Pass Through Trust, Series A, 3.10%, 10/07/2028 |  | 25 | 24 |
| United Airlines Pass Through Trust, Series 20-1, Class A, 5.88%, 10/15/2027 |  | 266 | 273 |
| United Airlines, Inc., |  |  |  |
| 4.38%, 04/15/2026 (e) |  | 3415 | 3405 |
| 4.63%, 04/15/2029 (e) |  | 4815 | 4742 |
| VistaJet Malta Finance plc / Vista Management Holding, Inc., (Multinational), |  |  |  |
| 6.38%, 02/01/2030 (e) |  | 2160 | 2106 |
| 7.88%, 05/01/2027 (e) |  | 3869 | 3927 |
| 9.50%, 06/01/2028 (e) |  | 2430 | 2530 |
|  |  |  | 33617 |
| **Apparel** — **0.6%** |  |  |  |
| Beach Acquisition Bidco LLC, |  |  |  |
| 5.25%, 07/15/2032 (e) | EUR | 10457 | 12585 |
| 10.00% (cash), 07/15/2033 (e) (v) |  | 7163 | 7727 |
| Champ Acquisition Corp., 8.38%, 12/01/2031 (e) |  | 90 | 96 |
| Crocs, Inc., |  |  |  |
| 4.13%, 08/15/2031 (e) |  | 223 | 204 |
| 4.25%, 03/15/2029 (e) |  | 1221 | 1170 |
| Golden Goose SpA, (Italy), (EURIBOR 3 Month + 3.75%), 5.79%, 05/15/2031 (e) (aa) | EUR | 4813 | 5707 |
| Hanesbrands, Inc., 9.00%, 02/15/2031 (e) |  | 240 | 254 |
| Kontoor Brands, Inc., 4.13%, 11/15/2029 (e) |  | 1470 | 1392 |
| Levi Strauss & Co., |  |  |  |
| 3.50%, 03/01/2031 (e) |  | 779 | 723 |
| 4.00%, 08/15/2030 (e) | EUR | 9940 | 11842 |
| S&S Holdings LLC, 8.38%, 10/01/2031 (e) |  | 150 | 146 |
| Under Armour, Inc., 7.25%, 07/15/2030 (e) |  | 120 | 120 |
| VF Corp., |  |  |  |
| 0.63%, 02/25/2032 | EUR | 2350 | 2085 |
| 2.80%, 04/23/2027 |  | 100 | 97 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Apparel — continued** |  |  |  |
| 2.95%, 04/23/2030 |  | 200 | 176 |
| 4.25%, 03/07/2029 | EUR | 202 | 237 |
| 6.00%, 10/15/2033 |  | 10 | 10 |
| 6.45%, 11/01/2037 |  | 20 | 19 |
| Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e) |  | 6780 | 6203 |
|  |  |  | 50793 |
| **Auto Manufacturers** — **0.7%** |  |  |  |
| Allison Transmission, Inc., |  |  |  |
| 3.75%, 01/30/2031 (e) |  | 170 | 157 |
| 4.75%, 10/01/2027 (e) |  | 70 | 70 |
| 5.88%, 06/01/2029 (e) |  | 120 | 121 |
| Aston Martin Capital Holdings Ltd., (Jersey), |  |  |  |
| 10.00%, 03/31/2029 (e) |  | 1865 | 1826 |
| Reg. S, 10.38%, 03/31/2029 | GBP | 325 | 425 |
| Ford Motor Credit Co. LLC, |  |  |  |
| 2.70%, 08/10/2026 |  | 1235 | 1215 |
| 3.38%, 11/13/2025 |  | 1241 | 1239 |
| 4.27%, 01/09/2027 |  | 2500 | 2480 |
| 5.13%, 11/05/2026 |  | 1374 | 1378 |
| 5.30%, 09/06/2029 |  | 452 | 451 |
| 5.80%, 03/08/2029 |  | 2067 | 2098 |
| 5.85%, 05/17/2027 |  | 943 | 955 |
| 5.88%, 11/07/2029 |  | 1700 | 1730 |
| 6.80%, 05/12/2028 |  | 225 | 234 |
| 6.95%, 06/10/2026 |  | 343 | 347 |
| 7.35%, 11/04/2027 |  | 325 | 339 |
| General Motors Financial Co., Inc., |  |  |  |
| 5.00%, 07/15/2027 |  | 230 | 233 |
| 5.40%, 05/08/2027 |  | 491 | 499 |
| 5.55%, 07/15/2029 |  | 151 | 156 |
| (United States SOFR + 1.29%), 5.63%, 01/07/2030 (aa) |  | 229 | 228 |
| 5.65%, 01/17/2029 |  | 641 | 663 |
| Hyundai Capital America, |  |  |  |
| 2.00%, 06/15/2028 (e) |  | 248 | 233 |
| 4.30%, 09/24/2027 (e) |  | 417 | 417 |
| 5.30%, 01/08/2029 (e) |  | 83 | 85 |
| 6.10%, 09/21/2028 (e) |  | 735 | 769 |
| 6.50%, 01/16/2029 (e) |  | 72 | 76 |
| Jaguar Land Rover Automotive plc, (United Kingdom), |  |  |  |
| 4.50%, 10/01/2027 (e) |  | 180 | 177 |
| 5.50%, 07/15/2029 (e) |  | 50 | 50 |
| 5.88%, 01/15/2028 (e) |  | 60 | 60 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/2031 (e) |  | 1326 | 1389 |
| New Flyer Holdings, Inc., 9.25%, 07/01/2030 (e) |  | 1030 | 1102 |
| Nissan Motor Acceptance Co. LLC, |  |  |  |
| 2.00%, 03/09/2026 (e) |  | 138 | 136 |
| 2.45%, 09/15/2028 (e) |  | 80 | 73 |
| 2.75%, 03/09/2028 (e) |  | 142 | 133 |
| 5.30%, 09/13/2027 (e) |  | 50 | 50 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Auto Manufacturers — continued** |  |  |  |
| 5.55%, 09/13/2029 (e) |  | 70 | 70 |
| 5.63%, 09/29/2028 (e) |  | 1512 | 1513 |
| 6.13%, 09/30/2030 (e) |  | 6123 | 6121 |
| 6.95%, 09/15/2026 (e) |  | 462 | 468 |
| 7.05%, 09/15/2028 (e) |  | 166 | 173 |
| Nissan Motor Co. Ltd., (Japan), |  |  |  |
| 4.35%, 09/17/2027 (e) |  | 670 | 657 |
| 4.81%, 09/17/2030 (e) |  | 600 | 564 |
| 5.25%, 07/17/2029 (e) | EUR | 2823 | 3378 |
| Reg. S, 5.25%, 07/17/2029 | EUR | 327 | 391 |
| 6.38%, 07/17/2033 (e) | EUR | 3163 | 3823 |
| Reg. S, 6.38%, 07/17/2033 | EUR | 875 | 1058 |
| 7.50%, 07/17/2030 (e) |  | 3490 | 3663 |
| 7.75%, 07/17/2032 (e) |  | 5601 | 5924 |
| 8.13%, 07/17/2035 (e) |  | 5820 | 6248 |
| PM General Purchaser LLC, 9.50%, 10/01/2028 (e) |  | 4500 | 3881 |
| RCI Banque SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 5.50%, 10/09/2034 (aa) | EUR | 300 | 370 |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) |  | 1428 | 1329 |
| Stellantis Finance US, Inc., 5.35%, 03/17/2028 (e) |  | 400 | 405 |
| Volkswagen Group of America Finance LLC, |  |  |  |
| 4.90%, 08/14/2026 (e) |  | 200 | 201 |
| 4.95%, 03/25/2027 (e) |  | 400 | 403 |
| 5.70%, 09/12/2026 (e) |  | 222 | 225 |
| 6.00%, 11/16/2026 (e) |  | 200 | 204 |
| Volkswagen International Finance NV, (Netherlands), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.17%), 5.49%, 11/15/2030 (x) (aa) | EUR | 2800 | 3393 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.49%), 5.99%, 11/15/2033 (x) (aa) | EUR | 100 | 122 |
| Series PNC5, Reg. S, (EUR Swap Rate 5 Year + 4.29%), 7.50%, 09/06/2028 (x) (aa) | EUR | 900 | 1156 |
| Wabash National Corp., 4.50%, 10/15/2028 (e) |  | 120 | 111 |
|  |  |  | 67445 |
| **Auto Parts & Equipment** — **2.2%** |  |  |  |
| Adient Global Holdings Ltd., (Jersey), |  |  |  |
| 7.00%, 04/15/2028 (e) |  | 2800 | 2869 |
| 7.50%, 02/15/2033 (e) |  | 80 | 83 |
| 8.25%, 04/15/2031 (e) |  | 30 | 31 |
| Adler Pelzer Holding GmbH, (Germany), Reg. S, 9.50%, 04/01/2027 | EUR | 400 | 447 |
| American Axle & Manufacturing, Inc., |  |  |  |
| 5.00%, 10/01/2029 |  | 40 | 38 |
| 6.38%, 10/15/2032 (e) (w) |  | 2552 | 2546 |
| 6.50%, 04/01/2027 |  | 1420 | 1421 |
| 6.88%, 07/01/2028 |  | 40 | 40 |
| 7.75%, 10/15/2033 (e) (w) |  | 3325 | 3350 |
| Aptiv Swiss Holdings Ltd., (Jersey), (CMT Index 5 Year + 3.39%), 6.88%, 12/15/2054 (aa) |  | 2450 | 2503 |
| Clarios Global LP / Clarios US Finance Co., (Multinational), |  |  |  |
| 4.75%, 06/15/2031 (e) | EUR | 14551 | 17405 |
| 6.75%, 05/15/2028 (e) |  | 5800 | 5929 |
| 6.75%, 02/15/2030 (e) |  | 8910 | 9204 |
| 6.75%, 09/15/2032 (e) |  | 7881 | 8055 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Auto Parts & Equipment — continued** |  |  |  |
| Cooper-Standard Automotive, Inc., 5.63% (cash), 05/15/2027 (e) (v) |  | 60 | 57 |
| Dana, Inc., |  |  |  |
| 4.25%, 09/01/2030 |  | 845 | 837 |
| 4.50%, 02/15/2032 |  | 1258 | 1239 |
| 5.38%, 11/15/2027 |  | 315 | 315 |
| 5.63%, 06/15/2028 |  | 740 | 739 |
| Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029 (e) |  | 70 | 60 |
| Forvia SE, (France), |  |  |  |
| Reg. S, 5.13%, 06/15/2029 | EUR | 924 | 1121 |
| 5.38%, 03/15/2031 (e) | EUR | 3149 | 3766 |
| Reg. S, 5.38%, 03/15/2031 | EUR | 725 | 867 |
| Reg. S, 5.50%, 06/15/2031 | EUR | 14898 | 17984 |
| Reg. S, 5.63%, 06/15/2030 | EUR | 7672 | 9323 |
| 6.75%, 09/15/2033 (e) |  | 78 | 79 |
| 8.00%, 06/15/2030 (e) |  | 70 | 74 |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 (e) |  | 2859 | 2997 |
| Gestamp Automocion SA, (Spain), 4.38%, 10/15/2030 (e) (w) | EUR | 1650 | 1945 |
| Goodyear Tire & Rubber Co. (The), |  |  |  |
| 4.88%, 03/15/2027 |  | 80 | 80 |
| 5.00%, 07/15/2029 |  | 768 | 741 |
| 5.25%, 04/30/2031 |  | 183 | 173 |
| 5.25%, 07/15/2031 |  | 100 | 94 |
| 5.63%, 04/30/2033 |  | 506 | 471 |
| 6.63%, 07/15/2030 |  | 326 | 331 |
| 7.00%, 03/15/2028 |  | 20 | 21 |
| IHO Verwaltungs GmbH, (Germany), |  |  |  |
| Reg. S, 6.75% (cash), 11/15/2029 (v) | EUR | 1725 | 2144 |
| Reg. S, 7.00% (cash), 11/15/2031 (v) | EUR | 8120 | 10320 |
| 7.75% (cash), 11/15/2030 (e) (v) |  | 150 | 157 |
| 8.00% (cash), 11/15/2032 (e) (v) |  | 100 | 105 |
| Reg. S, 8.75% (cash), 05/15/2028 (v) | EUR | 7186 | 8836 |
| Mahle GmbH, (Germany), |  |  |  |
| Reg. S, 2.38%, 05/14/2028 | EUR | 300 | 335 |
| Reg. S, 7.13%, 07/15/2032 | EUR | 1725 | 2117 |
| Opmobility, (France), Reg. S, 4.30%, 02/05/2031 | EUR | 500 | 590 |
| Phinia, Inc., |  |  |  |
| 6.63%, 10/15/2032 (e) |  | 985 | 1015 |
| 6.75%, 04/15/2029 (e) |  | 715 | 738 |
| Qnity Electronics, Inc., |  |  |  |
| 5.75%, 08/15/2032 (e) |  | 3411 | 3438 |
| 6.25%, 08/15/2033 (e) |  | 2322 | 2371 |
| Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 (e) |  | 110 | 75 |
| Schaeffler AG, (Germany), |  |  |  |
| Reg. S, 4.50%, 03/28/2030 | EUR | 6300 | 7515 |
| Reg. S, 5.38%, 04/01/2031 | EUR | 8400 | 10326 |
| Tenneco, Inc., 8.00%, 11/17/2028 (e) |  | 12793 | 12816 |
| Titan International, Inc., 7.00%, 04/30/2028 |  | 2625 | 2628 |
| Valeo SE, (France), |  |  |  |
| Reg. S, 4.63%, 03/23/2032 | EUR | 700 | 818 |
| Reg. S, 5.13%, 05/20/2031 | EUR | 1600 | 1928 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Auto Parts & Equipment — continued** |  |  |  |
| ZF Europe Finance BV, (Netherlands), |  |  |  |
| Reg. S, 2.50%, 10/23/2027 | EUR | 600 | 682 |
| Reg. S, 3.00%, 10/23/2029 | EUR | 3800 | 4067 |
| Reg. S, 4.75%, 01/31/2029 | EUR | 4700 | 5418 |
| Reg. S, 6.13%, 03/13/2029 | EUR | 3000 | 3600 |
| Reg. S, 7.00%, 06/12/2030 | EUR | 11800 | 14381 |
| ZF Finance GmbH, (Germany), |  |  |  |
| Reg. S, 2.25%, 05/03/2028 | EUR | 1400 | 1545 |
| Reg. S, 2.75%, 05/25/2027 | EUR | 1200 | 1380 |
| Reg. S, 3.75%, 09/21/2028 | EUR | 1300 | 1474 |
| ZF North America Capital, Inc., |  |  |  |
| 6.75%, 04/23/2030 (e) |  | 70 | 68 |
| 6.88%, 04/14/2028 (e) |  | 885 | 897 |
| 6.88%, 04/23/2032 (e) |  | 220 | 211 |
| 7.13%, 04/14/2030 (e) |  | 90 | 89 |
| 7.50%, 03/24/2031 (e) |  | 3203 | 3181 |
|  |  |  | 202500 |
| **Distribution/Wholesale** — **0.2%** |  |  |  |
| American Builders & Contractors Supply Co., Inc., |  |  |  |
| 3.88%, 11/15/2029 (e) |  | 71 | 67 |
| 4.00%, 01/15/2028 (e) |  | 10 | 10 |
| Azelis Finance NV, (Belgium), |  |  |  |
| Reg. S, 4.75%, 09/25/2029 | EUR | 900 | 1092 |
| 4.75%, 09/25/2029 (e) | EUR | 5730 | 6952 |
| Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e) |  | 90 | 89 |
| Gates Corp., 6.88%, 07/01/2029 (e) |  | 1545 | 1604 |
| RB Global Holdings, Inc., |  |  |  |
| 6.75%, 03/15/2028 (e) |  | 120 | 123 |
| 7.75%, 03/15/2031 (e) |  | 250 | 261 |
| Resideo Funding, Inc., |  |  |  |
| 4.00%, 09/01/2029 (e) |  | 248 | 237 |
| 6.50%, 07/15/2032 (e) |  | 2571 | 2635 |
| Rexel SA, (France), Reg. S, 4.00%, 09/15/2030 | EUR | 1075 | 1278 |
| Velocity Vehicle Group LLC, 8.00%, 06/01/2029 (e) |  | 500 | 502 |
| Windsor Holdings III LLC, 8.50%, 06/15/2030 (e) |  | 2170 | 2297 |
|  |  |  | 17147 |
| **Entertainment** — **2.2%** |  |  |  |
| 888 Acquisitions Ltd., (Gibraltar), |  |  |  |
| 8.00%, 09/30/2031 (e) | EUR | 5595 | 6417 |
| Reg. S, 10.75%, 05/15/2030 | GBP | 5393 | 7227 |
| Affinity Interactive, 6.88%, 12/15/2027 (e) |  | 100 | 57 |
| Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 02/15/2028 (e) |  | 110 | 49 |
| Allwyn Entertainment Financing UK plc, (United Kingdom), Reg. S, 7.25%, 04/30/2030 | EUR | 3330 | 4110 |
| AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029 (e) |  | 40 | 35 |
| Banijay Entertainment SAS, (France), |  |  |  |
| Reg. S, 7.00%, 05/01/2029 | EUR | 425 | 517 |
| 8.13%, 05/01/2029 (e) |  | 80 | 83 |
| Boyne USA, Inc., 4.75%, 05/15/2029 (e) |  | 2156 | 2115 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Entertainment — continued** |  |  |  |
| Caesars Entertainment, Inc., |  |  |  |
| 4.63%, 10/15/2029 (e) |  | 7145 | 6833 |
| 6.00%, 10/15/2032 (e) |  | 70 | 69 |
| 6.50%, 02/15/2032 (e) |  | 5388 | 5496 |
| 7.00%, 02/15/2030 (e) |  | 7899 | 8122 |
| Churchill Downs, Inc., |  |  |  |
| 4.75%, 01/15/2028 (e) |  | 130 | 128 |
| 5.50%, 04/01/2027 (e) |  | 40 | 40 |
| 5.75%, 04/01/2030 (e) |  | 6075 | 6068 |
| 6.75%, 05/01/2031 (e) |  | 5317 | 5450 |
| Cinemark USA, Inc., |  |  |  |
| 5.25%, 07/15/2028 (e) |  | 110 | 109 |
| 7.00%, 08/01/2032 (e) |  | 561 | 583 |
| Cirsa Finance International Sarl, (Luxembourg), |  |  |  |
| Reg. S, 4.50%, 03/15/2027 | EUR | 1100 | 1292 |
| Reg. S, 6.50%, 03/15/2029 | EUR | 5611 | 6860 |
| Reg. S, 7.88%, 07/31/2028 | EUR | 1700 | 2078 |
| Empire Resorts, Inc., 7.75%, 11/01/2026 (e) |  | 391 | 390 |
| Flutter Treasury DAC, (Ireland), |  |  |  |
| 4.00%, 06/04/2031 (e) | EUR | 1250 | 1471 |
| 5.88%, 06/04/2031 (e) |  | 4499 | 4567 |
| 6.38%, 04/29/2029 (e) |  | 799 | 825 |
| Great Canadian Gaming Corp. / Raptor LLC, (Multinational), 8.75%, 11/15/2029 (e) |  | 3107 | 3072 |
| Jacobs Entertainment, Inc., |  |  |  |
| 6.75%, 02/15/2029 (e) |  | 3650 | 3549 |
| LHMC Finco 2 Sarl, (Luxembourg), Reg. S, 8.63% (cash), 05/15/2030 (v) | EUR | 1925 | 2346 |
| Light & Wonder International, Inc., |  |  |  |
| 6.25%, 10/01/2033 (e) |  | 3617 | 3623 |
| 7.25%, 11/15/2029 (e) |  | 140 | 144 |
| 7.50%, 09/01/2031 (e) |  | 406 | 422 |
| Live Nation Entertainment, Inc., |  |  |  |
| 3.75%, 01/15/2028 (e) |  | 80 | 78 |
| 4.75%, 10/15/2027 (e) |  | 2470 | 2454 |
| 6.50%, 05/15/2027 (e) |  | 180 | 182 |
| Loarre Investments Sarl, (Luxembourg), Reg. S, 6.50%, 05/15/2029 | EUR | 4200 | 5093 |
| Lottomatica Group SpA, (Italy), |  |  |  |
| 4.88%, 01/31/2031 (e) | EUR | 5220 | 6315 |
| Reg. S, 4.88%, 01/31/2031 | EUR | 2000 | 2419 |
| Lottomatica SpA, (Italy), 5.38%, 06/01/2030 (e) | EUR | 12518 | 15229 |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (e) |  | 3650 | 3141 |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e) |  | 4769 | 4635 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, |  |  |  |
| 8.25%, 04/15/2030 (e) |  | 2395 | 2489 |
| 11.88%, 04/15/2031 (e) |  | 150 | 157 |
| 13.25%, 12/15/2029 (e) |  | 25 | 28 |
| Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e) |  | 70 | 68 |
| Motion Finco Sarl, (Luxembourg), |  |  |  |
| Reg. S, 7.38%, 06/15/2030 | EUR | 500 | 529 |
| 8.38%, 02/15/2032 (e) |  | 80 | 69 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Entertainment — continued** |  |  |  |
| Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e) |  | 2471 | 2559 |
| Ontario Gaming GTA LP / OTG Co-Issuer, Inc., (Canada), 8.00%, 08/01/2030 (e) |  | 50 | 50 |
| Penn Entertainment, Inc., |  |  |  |
| 4.13%, 07/01/2029 (e) |  | 20 | 19 |
| 5.63%, 01/15/2027 (e) |  | 2399 | 2397 |
| Pinewood Finco plc, (United Kingdom), |  |  |  |
| Reg. S, 3.63%, 11/15/2027 | GBP | 244 | 318 |
| Reg. S, 6.00%, 03/27/2030 | GBP | 291 | 394 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., |  |  |  |
| 5.63%, 09/01/2029 (e) |  | 1549 | 836 |
| 5.88%, 09/01/2031 (e) |  | 2701 | 1393 |
| Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (e) |  | 4687 | 4749 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/2030 (e) (w) |  | 2444 | 2464 |
| Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e) |  | 5196 | 4829 |
| SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 (e) |  | 100 | 98 |
| Six Flags Entertainment Corp., |  |  |  |
| 5.50%, 04/15/2027 (e) |  | 20 | 20 |
| 7.25%, 05/15/2031 (e) |  | 120 | 120 |
| Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., |  |  |  |
| 5.25%, 07/15/2029 |  | 70 | 68 |
| 5.38%, 04/15/2027 |  | 740 | 738 |
| 6.50%, 10/01/2028 |  | 30 | 30 |
| Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / Canada's Wonderland Co., 6.63%, 05/01/2032 (e) |  | 120 | 122 |
| Speedway Motorsports LLC / Speedway Funding II, Inc., 4.88%, 11/01/2027 (e) |  | 10 | 10 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030 (e) |  | 2507 | 2378 |
| Vail Resorts, Inc., |  |  |  |
| 5.63%, 07/15/2030 (e) |  | 1873 | 1885 |
| 6.50%, 05/15/2032 (e) |  | 1382 | 1429 |
| Voyager Parent LLC, 9.25%, 07/01/2032 (e) |  | 7531 | 7964 |
| Warnermedia Holdings, Inc., |  |  |  |
| 3.76%, 03/15/2027 |  | 716 | 704 |
| 4.05%, 03/15/2029 |  | 427 | 411 |
| 4.28%, 03/15/2032 |  | 361 | 326 |
| 4.30%, 01/17/2030 | EUR | 946 | 1102 |
| 4.69%, 05/17/2033 | EUR | 5340 | 6058 |
| 5.05%, 03/15/2042 |  | 17169 | 13692 |
| 5.14%, 03/15/2052 |  | 7707 | 5737 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., |  |  |  |
| 5.13%, 10/01/2029 (e) |  | 3301 | 3306 |
| 6.25%, 03/15/2033 (e) |  | 3874 | 3932 |
| 7.13%, 02/15/2031 (e) |  | 4629 | 4984 |
|  |  |  | 202155 |
| **Food Service — 0.0% (g)** |  |  |  |
| Aramark Services, Inc., 5.00%, 02/01/2028 (e) |  | 190 | 189 |
| Sodexo, Inc., 5.15%, 08/15/2030 (e) |  | 200 | 205 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
|  **Food Service — continued** |  |  |
| TKC Holdings, Inc., |  |  |
| 6.88%, 05/15/2028 (e) | 60 | 60 |
| 10.50%, 05/15/2029 (e) | 120 | 123 |
|  |  | 577 |
| **Home Builders** — **1.2%** |  |  |
| Adams Homes, Inc., 9.25%, 10/15/2028 (e) | 170 | 177 |
| Ashton Woods USA LLC / Ashton Woods Finance Co., |  |  |
| 4.63%, 08/01/2029 (e) | 2098 | 2009 |
| 4.63%, 04/01/2030 (e) | 1885 | 1786 |
| 6.63%, 01/15/2028 (e) | 1575 | 1584 |
| 6.88%, 08/01/2033 (e) | 2258 | 2277 |
| Beazer Homes USA, Inc., |  |  |
| 5.88%, 10/15/2027 | 6402 | 6398 |
| 7.25%, 10/15/2029 | 5352 | 5444 |
| 7.50%, 03/15/2031 (e) | 1845 | 1869 |
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada), |  |  |
| 4.88%, 02/15/2030 (e) | 7413 | 6952 |
| 5.00%, 06/15/2029 (e) | 4241 | 4038 |
| 6.25%, 09/15/2027 (e) | 2505 | 2499 |
| Century Communities, Inc., |  |  |
| 3.88%, 08/15/2029 (e) | 160 | 150 |
| 6.63%, 09/15/2033 (e) | 1860 | 1877 |
| Dream Finders Homes, Inc., |  |  |
| 6.88%, 09/15/2030 (e) | 835 | 840 |
| 8.25%, 08/15/2028 (e) | 677 | 703 |
| Empire Communities Corp., (Canada), 9.75%, 05/01/2029 (e) | 1956 | 2051 |
| Forestar Group, Inc., |  |  |
| 5.00%, 03/01/2028 (e) | 3290 | 3260 |
| 6.50%, 03/15/2033 (e) | 2355 | 2409 |
| Installed Building Products, Inc., 5.75%, 02/01/2028 (e) | 60 | 60 |
| K Hovnanian Enterprises, Inc., |  |  |
| 8.00%, 04/01/2031 (e) | 2613 | 2678 |
| 8.38%, 10/01/2033 (e) | 3453 | 3539 |
| KB Home, |  |  |
| 4.00%, 06/15/2031 | 1450 | 1362 |
| 4.80%, 11/15/2029 | 2950 | 2919 |
| 6.88%, 06/15/2027 | 698 | 712 |
| 7.25%, 07/15/2030 | 50 | 52 |
| LGI Homes, Inc., |  |  |
| 4.00%, 07/15/2029 (e) | 70 | 64 |
| 7.00%, 11/15/2032 (e) | 1653 | 1610 |
| 8.75%, 12/15/2028 (e) | 715 | 750 |
| M/I Homes, Inc., |  |  |
| 3.95%, 02/15/2030 | 1450 | 1385 |
| 4.95%, 02/01/2028 | 1688 | 1676 |
| Mattamy Group Corp., (Canada), |  |  |
| 4.63%, 03/01/2030 (e) | 4952 | 4779 |
| 5.25%, 12/15/2027 (e) | 6289 | 6248 |
| Meritage Homes Corp., 3.88%, 04/15/2029 (e) | 287 | 279 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Home Builders — continued** |  |  |  |
| Miller Homes Group Finco plc, (United Kingdom), (EURIBOR 3 Month + 4.25%), 6.29%, 10/15/2030 (e) (aa) | EUR | 7770 | 9259 |
| New Home Co., Inc. (The), |  |  |  |
| 8.50%, 11/01/2030 (e) |  | 910 | 945 |
| 9.25%, 10/01/2029 (e) |  | 3026 | 3180 |
| Shea Homes LP / Shea Homes Funding Corp., |  |  |  |
| 4.75%, 02/15/2028 |  | 3460 | 3406 |
| 4.75%, 04/01/2029 |  | 3065 | 3000 |
| STL Holding Co. LLC, 8.75%, 02/15/2029 (e) |  | 2585 | 2709 |
| Taylor Morrison Communities, Inc., |  |  |  |
| 5.13%, 08/01/2030 (e) |  | 1600 | 1595 |
| 5.75%, 01/15/2028 (e) |  | 1300 | 1318 |
| 5.88%, 06/15/2027 (e) |  | 3595 | 3638 |
| Thor Industries, Inc., 4.00%, 10/15/2029 (e) |  | 80 | 76 |
| Tri Pointe Homes, Inc., |  |  |  |
| 5.25%, 06/01/2027 |  | 500 | 499 |
| 5.70%, 06/15/2028 |  | 2946 | 3003 |
| Winnebago Industries, Inc., 6.25%, 07/15/2028 (e) |  | 60 | 60 |
|  |  |  | 107124 |
| **Home Furnishings** — **0.1%** |  |  |  |
| FXI Holdings, Inc., |  |  |  |
| 12.25%, 11/15/2026 (e) |  | 190 | 167 |
| Leggett & Platt, Inc., 3.50%, 11/15/2027 |  | 63 | 62 |
| Somnigroup International, Inc., |  |  |  |
| 3.88%, 10/15/2031 (e) |  | 275 | 252 |
| 4.00%, 04/15/2029 (e) |  | 1681 | 1613 |
| Whirlpool Corp., |  |  |  |
| 2.40%, 05/15/2031 |  | 50 | 42 |
| 4.50%, 06/01/2046 |  | 10 | 8 |
| 4.60%, 05/15/2050 |  | 70 | 52 |
| 4.70%, 05/14/2032 |  | 50 | 46 |
| 4.75%, 02/26/2029 |  | 40 | 40 |
| 5.15%, 03/01/2043 |  | 30 | 25 |
| 5.50%, 03/01/2033 |  | 50 | 48 |
| 5.75%, 03/01/2034 |  | 40 | 39 |
| 6.13%, 06/15/2030 |  | 1252 | 1261 |
| 6.50%, 06/15/2033 |  | 4342 | 4331 |
|  |  |  | 7986 |
| **Housewares** — **0.2%** |  |  |  |
| CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.50%, 10/15/2029 (e) |  | 80 | 62 |
| Newell Brands, Inc., |  |  |  |
| 6.38%, 09/15/2027 |  | 60 | 61 |
| 6.38%, 05/15/2030 |  | 987 | 978 |
| 6.63%, 09/15/2029 |  | 100 | 100 |
| 6.63%, 05/15/2032 |  | 1793 | 1763 |
| 6.88%, 04/01/2036 |  | 50 | 50 |
| 7.00%, 04/01/2046 |  | 1671 | 1473 |
| 8.50%, 06/01/2028 (e) |  | 3130 | 3310 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Housewares — continued** |  |  |  |
| Scotts Miracle-Gro Co. (The), |  |  |  |
| 4.00%, 04/01/2031 |  | 3851 | 3552 |
| 4.38%, 02/01/2032 |  | 4073 | 3761 |
| 5.25%, 12/15/2026 |  | 40 | 40 |
| SWF Holdings I Corp., |  |  |  |
| 6.50%, 10/01/2029 (e) |  | 7670 | 2915 |
| 6.50%, 10/06/2029 (e) |  | 20 | 10 |
|  |  |  | 18075 |
| **Leisure Time** — **1.5%** |  |  |  |
| Acushnet Co., 7.38%, 10/15/2028 (e) |  | 60 | 62 |
| Amer Sports Co., 6.75%, 02/16/2031 (e) |  | 1660 | 1729 |
| Carnival Corp., (Panama), |  |  |  |
| 4.00%, 08/01/2028 (e) |  | 6585 | 6488 |
| Reg. S, 5.75%, 01/15/2030 | EUR | 1606 | 2033 |
| 5.75%, 03/15/2030 (e) |  | 1650 | 1685 |
| 5.75%, 08/01/2032 (e) |  | 5715 | 5815 |
| 5.88%, 06/15/2031 (e) |  | 2061 | 2112 |
| 6.00%, 05/01/2029 (e) |  | 2493 | 2528 |
| 6.13%, 02/15/2033 (e) |  | 5271 | 5403 |
| 6.65%, 01/15/2028 |  | 30 | 31 |
| Carnival plc, (United Kingdom), 4.13%, 07/15/2031 (e) | EUR | 3696 | 4393 |
| Deuce Finco Plc, (United Kingdom), Reg. S, 5.50%, 06/15/2027 | GBP | 2388 | 3206 |
| Life Time, Inc., 6.00%, 11/15/2031 (e) |  | 40 | 41 |
| Lindblad Expeditions LLC, |  |  |  |
| 6.75%, 02/15/2027 (e) |  | 1300 | 1310 |
| 7.00%, 09/15/2030 (e) |  | 4358 | 4442 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e) |  | 2828 | 2318 |
| NCL Corp. Ltd., (Bermuda), |  |  |  |
| 5.88%, 01/15/2031 (e) |  | 4700 | 4698 |
| 6.25%, 03/01/2030 (e) |  | 1987 | 2011 |
| 6.25%, 09/15/2033 (e) |  | 6435 | 6471 |
| 6.75%, 02/01/2032 (e) |  | 3444 | 3541 |
| 7.75%, 02/15/2029 (e) |  | 2135 | 2273 |
| NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e) |  | 3866 | 3950 |
| Pinnacle Bidco plc, (United Kingdom), |  |  |  |
| Reg. S, 8.25%, 10/11/2028 | EUR | 14514 | 17855 |
| Reg. S, 10.00%, 10/11/2028 | GBP | 7950 | 11280 |
| Royal Caribbean Cruises Ltd., (Liberia), |  |  |  |
| 3.70%, 03/15/2028 |  | 907 | 893 |
| 4.25%, 07/01/2026 (e) |  | 498 | 498 |
| 5.38%, 07/15/2027 (e) |  | 462 | 466 |
| 5.50%, 08/31/2026 (e) |  | 231 | 232 |
| 5.50%, 04/01/2028 (e) |  | 127 | 129 |
| 5.63%, 09/30/2031 (e) |  | 1155 | 1177 |
| Sabre GLBL, Inc., |  |  |  |
| 8.63%, 06/01/2027 (e) |  | 2096 | 2126 |
| 10.75%, 11/15/2029 (e) |  | 3918 | 3787 |
| 11.13%, 07/15/2030 (e) |  | 3823 | 3703 |
| TUI AG, (Germany), Reg. S, 5.88%, 03/15/2029 | EUR | 6092 | 7431 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Leisure Time — continued** |  |  |  |
| Viking Cruises Ltd., (Bermuda), |  |  |  |
| 5.88%, 09/15/2027 (e) |  | 897 | 897 |
| 5.88%, 10/15/2033 (e) (w) |  | 6378 | 6384 |
| 7.00%, 02/15/2029 (e) |  | 2720 | 2734 |
| 9.13%, 07/15/2031 (e) |  | 3759 | 4035 |
| Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e) |  | 3488 | 3485 |
| VOC Escrow Ltd., (Bermuda), 5.00%, 02/15/2028 (e) |  | 2940 | 2932 |
|  |  |  | 136584 |
| **Lodging** — **1.1%** |  |  |  |
| Boyd Gaming Corp., |  |  |  |
| 4.75%, 12/01/2027 |  | 170 | 169 |
| 4.75%, 06/15/2031 (e) |  | 3880 | 3741 |
| Essendi SA, (Luxembourg), |  |  |  |
| Reg. S, 5.38%, 05/15/2030 | EUR | 100 | 121 |
| Reg. S, 5.50%, 11/15/2031 | EUR | 245 | 296 |
| 5.50%, 11/15/2031 (e) | EUR | 8574 | 10366 |
| Reg. S, 5.63%, 05/15/2032 | EUR | 1175 | 1422 |
| Reg. S, (EURIBOR 3 Month + 3.75%), 5.79%, 05/15/2032 (aa) | EUR | 100 | 119 |
| 6.38%, 10/15/2029 (e) | EUR | 7540 | 9342 |
| Reg. S, 6.38%, 10/15/2029 | EUR | 3476 | 4307 |
| Fortune Star BVI Ltd., (British Virgin Islands), |  |  |  |
| Reg. S, 3.95%, 10/02/2026 | EUR | 1800 | 2106 |
| Reg. S, 5.00%, 05/18/2026 |  | 1600 | 1592 |
| Reg. S, 5.05%, 01/27/2027 |  | 4400 | 4346 |
| Full House Resorts, Inc., 8.25%, 02/15/2028 (e) |  | 60 | 56 |
| Genting New York LLC / GENNY Capital, Inc., 7.25%, 10/01/2029 (e) |  | 90 | 93 |
| Hilton Domestic Operating Co., Inc., |  |  |  |
| 3.63%, 02/15/2032 (e) |  | 3608 | 3302 |
| 3.75%, 05/01/2029 (e) |  | 190 | 183 |
| 4.00%, 05/01/2031 (e) |  | 290 | 274 |
| 4.88%, 01/15/2030 |  | 230 | 229 |
| 5.75%, 05/01/2028 (e) |  | 70 | 70 |
| 5.75%, 09/15/2033 (e) |  | 1230 | 1246 |
| 5.88%, 04/01/2029 (e) |  | 1150 | 1175 |
| 5.88%, 03/15/2033 (e) |  | 1622 | 1656 |
| 6.13%, 04/01/2032 (e) |  | 1286 | 1322 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., |  |  |  |
| 4.88%, 07/01/2031 (e) |  | 30 | 28 |
| 5.00%, 06/01/2029 (e) |  | 140 | 134 |
| 6.63%, 01/15/2032 (e) |  | 70 | 71 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 |  | 80 | 80 |
| Hyatt Hotels Corp., 5.25%, 06/30/2029 |  | 146 | 150 |
| Las Vegas Sands Corp., |  |  |  |
| 3.50%, 08/18/2026 |  | 435 | 431 |
| 5.90%, 06/01/2027 |  | 25 | 26 |
| Marriott Ownership Resorts, Inc., |  |  |  |
| 4.50%, 06/15/2029 (e) |  | 40 | 39 |
| 4.75%, 01/15/2028 |  | 30 | 29 |
| 6.50%, 10/01/2033 (e) |  | 54 | 54 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Lodging — continued** |  |  |  |
| Melco Resorts Finance Ltd., (Cayman Islands), |  |  |  |
| 5.38%, 12/04/2029 (e) |  | 4237 | 4155 |
| 5.63%, 07/17/2027 (e) |  | 200 | 199 |
| Reg. S, 5.63%, 07/17/2027 |  | 70 | 70 |
| 5.75%, 07/21/2028 (e) |  | 1450 | 1445 |
| 6.50%, 09/24/2033 (e) |  | 472 | 473 |
| 7.63%, 04/17/2032 (e) |  | 2132 | 2234 |
| MGM China Holdings Ltd., (Cayman Islands), |  |  |  |
| 4.75%, 02/01/2027 (e) |  | 130 | 130 |
| 7.13%, 06/26/2031 (e) |  | 774 | 816 |
| MGM Resorts International, |  |  |  |
| 4.63%, 09/01/2026 |  | 275 | 274 |
| 4.75%, 10/15/2028 |  | 4776 | 4739 |
| 5.50%, 04/15/2027 |  | 4610 | 4640 |
| 6.13%, 09/15/2029 |  | 2065 | 2102 |
| 6.50%, 04/15/2032 |  | 2600 | 2649 |
| Motel One GmbH, (Germany), Reg. S, 7.75%, 04/02/2031 | EUR | 3613 | 4577 |
| Station Casinos LLC, |  |  |  |
| 4.50%, 02/15/2028 (e) |  | 1299 | 1277 |
| 4.63%, 12/01/2031 (e) |  | 1821 | 1718 |
| 6.63%, 03/15/2032 (e) |  | 1295 | 1330 |
| Studio City Finance Ltd., (British Virgin Islands), |  |  |  |
| 5.00%, 01/15/2029 (e) |  | 300 | 289 |
| 6.50%, 01/15/2028 (e) |  | 190 | 190 |
| Travel + Leisure Co., |  |  |  |
| 4.50%, 12/01/2029 (e) |  | 80 | 77 |
| 4.63%, 03/01/2030 (e) |  | 90 | 87 |
| 6.00%, 04/01/2027 |  | 140 | 142 |
| 6.13%, 09/01/2033 (e) |  | 80 | 80 |
| Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (e) |  | 140 | 137 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027 (e) |  | 240 | 239 |
| Wynn Macau Ltd., (Cayman Islands), |  |  |  |
| 5.13%, 12/15/2029 (e) |  | 3307 | 3245 |
| 5.50%, 10/01/2027 (e) |  | 1880 | 1880 |
| 5.63%, 08/26/2028 (e) |  | 10952 | 10942 |
| 6.75%, 02/15/2034 (e) |  | 170 | 172 |
|  |  |  | 98883 |
| **Office Furnishings** — **0.0% (g)** |  |  |  |
|  Interface, Inc., 5.50%, 12/01/2028 (e) |  | 40 | 40 |
|  Steelcase, Inc., 5.13%, 01/18/2029 |  | 70 | 70 |
|  |  |  | 110 |
| **Retail** — **2.9%** |  |  |  |
| 1011778 BC ULC / New Red Finance, Inc., (Canada), |  |  |  |
| 3.50%, 02/15/2029 (e) |  | 2025 | 1933 |
| 3.88%, 01/15/2028 (e) |  | 1055 | 1030 |
| 4.00%, 10/15/2030 (e) |  | 6451 | 6078 |
| 4.38%, 01/15/2028 (e) |  | 1287 | 1264 |
| 6.13%, 06/15/2029 (e) |  | 120 | 123 |
| Academy Ltd., 6.00%, 11/15/2027 (e) |  | 60 | 60 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Retail — continued** |  |  |  |
| Advance Auto Parts, Inc., |  |  |  |
| 1.75%, 10/01/2027 |  | 50 | 47 |
| 3.50%, 03/15/2032 |  | 50 | 44 |
| 3.90%, 04/15/2030 |  | 50 | 46 |
| 7.00%, 08/01/2030 (e) |  | 1840 | 1894 |
| 7.38%, 08/01/2033 (e) |  | 190 | 196 |
| Afflelou SAS, (France), Reg. S, 6.00%, 07/25/2029 | EUR | 654 | 801 |
| Agrifarma SpA, (Italy), Reg. S, 4.50%, 10/31/2028 | EUR | 2455 | 2897 |
| Arko Corp., 5.13%, 11/15/2029 (e) |  | 2695 | 2293 |
| Asbury Automotive Group, Inc., |  |  |  |
| 4.63%, 11/15/2029 (e) |  | 80 | 78 |
| 4.75%, 03/01/2030 |  | 73 | 71 |
| B&M European Value Retail SA, (Luxembourg), Reg. S, 6.50%, 11/27/2031 | GBP | 166 | 226 |
| Bath & Body Works, Inc., |  |  |  |
| 5.25%, 02/01/2028 |  | 50 | 50 |
| 6.63%, 10/01/2030 (e) |  | 90 | 92 |
| 6.69%, 01/15/2027 |  | 30 | 31 |
| 6.75%, 07/01/2036 |  | 50 | 51 |
| 6.88%, 11/01/2035 |  | 60 | 62 |
| 6.95%, 03/01/2033 |  | 40 | 42 |
| 7.50%, 06/15/2029 |  | 70 | 72 |
| 7.60%, 07/15/2037 |  | 40 | 41 |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc., 9.50%, 07/01/2032 (e) |  | 110 | 115 |
| Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029 (e) |  | 20 | 17 |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029 (e) |  | 90 | 89 |
| Boots Group Finco LP, |  |  |  |
| 5.38%, 08/31/2032 (e) | EUR | 9570 | 11559 |
| 7.38%, 08/31/2032 (e) | GBP | 3914 | 5362 |
| Brinker International, Inc., 8.25%, 07/15/2030 (e) |  | 2645 | 2798 |
| Bubbles Bidco SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.25%), 6.25%, 09/30/2031 (aa) | EUR | 201 | 238 |
| Reg. S, 6.50%, 09/30/2031 | EUR | 338 | 406 |
| Bubbles Bidco SPA, (Italy), 6.50%, 09/30/2031 (e) | EUR | 2888 | 3473 |
| Carvana Co., |  |  |  |
| 9.00% (cash), 06/01/2030 (e) (v) |  | 17866 | 18693 |
| 9.00% (cash), 06/01/2031 (e) (v) |  | 22546 | 25526 |
| CD&R Firefly Bidco plc, (United Kingdom), Reg. S, 8.63%, 04/30/2029 | GBP | 9451 | 13354 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (e) |  | 2294 | 2440 |
| Dufry One BV, (Netherlands), |  |  |  |
| Reg. S, 3.38%, 04/15/2028 | EUR | 3120 | 3662 |
| Reg. S, 4.50%, 05/23/2032 | EUR | 2450 | 2956 |
| Duomo Bidco SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.13%), 6.15%, 07/15/2031 (aa) | EUR | 235 | 278 |
| eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) |  | 4371 | 4806 |
| Eroski S Coop, (Spain), Reg. S, 10.63%, 04/30/2029 | EUR | 10750 | 13341 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 (e) |  | 120 | 112 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., |  |  |  |
| 4.63%, 01/15/2029 (e) |  | 4110 | 3912 |
| 6.75%, 01/15/2030 (e) |  | 8445 | 7916 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Retail — continued** |  |  |  |
| FirstCash, Inc., 6.88%, 03/01/2032 (e) |  | 140 | 145 |
| Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e) |  | 2897 | 2936 |
| Fressnapf Holding SE, (Germany), Reg. S, 5.25%, 10/31/2031 | EUR | 9289 | 11052 |
| Gap, Inc. (The), |  |  |  |
| 3.63%, 10/01/2029 (e) |  | 1555 | 1455 |
| 3.88%, 10/01/2031 (e) |  | 3375 | 3066 |
| Global Auto Holdings Ltd. / AAG FH UK Ltd., (United Kingdom), |  |  |  |
| 8.38%, 01/15/2029 (e) |  | 50 | 49 |
| 8.75%, 01/15/2032 (e) |  | 50 | 49 |
| 11.50%, 08/15/2029 (e) |  | 1403 | 1480 |
| Goldstory SAS, (France), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.00%), 6.02%, 02/01/2030 (aa) | EUR | 100 | 119 |
| Reg. S, 6.75%, 02/01/2030 | EUR | 1719 | 2095 |
| GPS Hospitality Holding Co. LLC / GPS Finco Inc, 7.00%, 08/15/2028 (e) |  | 70 | 40 |
| Group 1 Automotive, Inc., |  |  |  |
| 4.00%, 08/15/2028 (e) |  | 40 | 39 |
| 6.38%, 01/15/2030 (e) |  | 1480 | 1514 |
| Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e) |  | 63 | 62 |
| KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 4.75%, 06/01/2027 (e) |  | 190 | 189 |
| Kohl's Corp., |  |  |  |
| 5.13%, 05/01/2031 |  | 70 | 55 |
| 5.55%, 07/17/2045 |  | 60 | 39 |
| 10.00%, 06/01/2030 (e) |  | 20 | 22 |
| Lagardere SA, (France), Reg. S, 4.75%, 06/12/2030 | EUR | 1600 | 1914 |
| LBM Acquisition LLC, |  |  |  |
| 6.25%, 01/15/2029 (e) |  | 3595 | 3327 |
| 9.50%, 06/15/2031 (e) |  | 1485 | 1563 |
| LCM Investments Holdings II LLC, |  |  |  |
| 4.88%, 05/01/2029 (e) |  | 3590 | 3516 |
| 8.25%, 08/01/2031 (e) |  | 3967 | 4195 |
| Liberty Interactive LLC, 8.25%, 02/01/2030 |  | 80 | 11 |
| Lithia Motors, Inc., |  |  |  |
| 3.88%, 06/01/2029 (e) |  | 1630 | 1557 |
| 4.38%, 01/15/2031 (e) |  | 110 | 105 |
| 5.50%, 10/01/2030 (e) |  | 2876 | 2877 |
| Macy's Retail Holdings LLC, |  |  |  |
| 4.30%, 02/15/2043 |  | 10 | 7 |
| 4.50%, 12/15/2034 |  | 10 | 9 |
| 5.13%, 01/15/2042 |  | 20 | 16 |
| 5.88%, 03/15/2030 (e) |  | 30 | 30 |
| 6.13%, 03/15/2032 (e) |  | 60 | 60 |
| 6.38%, 03/15/2037 |  | 20 | 19 |
| 6.70%, 07/15/2034 (e) |  | 120 | 110 |
| 7.38%, 08/01/2033 (e) |  | 80 | 83 |
| Michaels Cos., Inc. (The), |  |  |  |
| 5.25%, 05/01/2028 (e) |  | 100 | 92 |
| 7.88%, 05/01/2029 (e) |  | 200 | 167 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Retail — continued** |  |  |  |
| Murphy Oil USA, Inc., |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 10 | 9 |
| 4.75%, 09/15/2029 |  | 20 | 20 |
| 5.63%, 05/01/2027 |  | 70 | 70 |
| Nordstrom, Inc., |  |  |  |
| 4.00%, 03/15/2027 |  | 60 | 59 |
| 4.25%, 08/01/2031 |  | 20 | 18 |
| 4.38%, 04/01/2030 |  | 20 | 19 |
| 5.00%, 01/15/2044 |  | 80 | 59 |
| 6.95%, 03/15/2028 |  | 50 | 51 |
| Papa John's International, Inc., 3.88%, 09/15/2029 (e) |  | 40 | 38 |
| Park River Holdings, Inc., |  |  |  |
| 5.63%, 02/01/2029 (e) |  | 3345 | 3278 |
| 6.75%, 08/01/2029 (e) |  | 1675 | 1658 |
| 8.00%, 03/15/2031 (e) (w) |  | 3588 | 3637 |
| Patrick Industries, Inc., |  |  |  |
| 4.75%, 05/01/2029 (e) |  | 585 | 573 |
| 6.38%, 11/01/2032 (e) |  | 1840 | 1867 |
| Penske Automotive Group, Inc., 3.75%, 06/15/2029 (e) |  | 80 | 77 |
| PetSmart LLC / PetSmart Finance Corp., |  |  |  |
| 7.50%, 09/15/2032 (e) |  | 1667 | 1671 |
| 10.00%, 09/15/2033 (e) |  | 130 | 131 |
| PEU Fin plc, (United Kingdom), Reg. S, 7.25%, 07/01/2028 | EUR | 11983 | 14585 |
| Punch Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 7.88%, 12/30/2030 | GBP | 2475 | 3394 |
| 7.88%, 12/30/2030 (e) | GBP | 4112 | 5638 |
| QVC, Inc., |  |  |  |
| 5.45%, 08/15/2034 |  | 40 | 21 |
| 5.95%, 03/15/2043 |  | 40 | 20 |
| 6.88%, 04/15/2029 (e) |  | 50 | 27 |
| QXO Building Products, Inc., 6.75%, 04/30/2032 (e) |  | 9076 | 9383 |
| Raising Cane's Restaurants LLC, 9.38%, 05/01/2029 (e) |  | 20 | 21 |
| Saks Global Enterprises LLC, |  |  |  |
| 11.00%, 12/15/2029 (e) |  | 280 | 135 |
| Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 |  | 2344 | 2437 |
| Sonic Automotive, Inc., 4.88%, 11/15/2031 (e) |  | 70 | 67 |
| Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 (e) |  | 40 | 41 |
| Staples, Inc., |  |  |  |
| 10.75%, 09/01/2029 (e) |  | 2200 | 2176 |
| 12.75%, 01/15/2030 (e) |  | 150 | 120 |
| Stonegate Pub Co. Financing 2019 plc, (United Kingdom), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 6.63%), 8.66%, 07/31/2029 (aa) | EUR | 1160 | 1342 |
| Reg. S, 10.75%, 07/31/2029 | GBP | 219 | 295 |
| Suburban Propane Partners LP / Suburban Energy Finance Corp., |  |  |  |
| 5.00%, 06/01/2031 (e) |  | 1230 | 1170 |
| 5.88%, 03/01/2027 |  | 2875 | 2869 |
| Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e) |  | 2101 | 2027 |
| Victoria's Secret & Co., 4.63%, 07/15/2029 (e) |  | 40 | 38 |
| Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029 (e) |  | 110 | 115 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Retail — continued** |  |  |  |
| White Cap Buyer LLC, 6.88%, 10/15/2028 (e) |  | 20784 | 20711 |
| Yum! Brands, Inc., |  |  |  |
| 3.63%, 03/15/2031 |  | 320 | 299 |
| 4.63%, 01/31/2032 |  | 330 | 321 |
| 4.75%, 01/15/2030 (e) |  | 230 | 228 |
| 5.35%, 11/01/2043 |  | 50 | 48 |
| 5.38%, 04/01/2032 |  | 280 | 281 |
| 6.88%, 11/15/2037 |  | 10 | 11 |
|  |  |  | 265694 |
| **Toys/Games/Hobbies** — **0.0% (g)** |  |  |  |
| Hasbro, Inc., 3.90%, 11/19/2029 |  | 857 | 835 |
| Mattel, Inc., |  |  |  |
| 3.38%, 04/01/2026 (e) |  | 110 | 109 |
| 5.88%, 12/15/2027 (e) |  | 1898 | 1903 |
|  |  |  | 2847 |
| Total Consumer Cyclical |  |  | 1211537 |
| **Consumer Non-cyclical** — **13.0%** |  |  |  |
| **Agriculture** — **0.1%** |  |  |  |
| Adecoagro SA, (Luxembourg), 7.50%, 07/29/2032 (e) |  | 1100 | 1077 |
| BAT Capital Corp., 3.56%, 08/15/2027 |  | 503 | 498 |
| Darling Ingredients, Inc., 6.00%, 06/15/2030 (e) |  | 499 | 504 |
| Imperial Brands Finance plc, (United Kingdom), |  |  |  |
| 5.50%, 02/01/2030 (e) |  | 1271 | 1319 |
| 6.13%, 07/27/2027 (e) |  | 403 | 416 |
| Japan Tobacco, Inc., (Japan), 5.25%, 06/15/2030 (e) |  | 539 | 559 |
| Kernel Holding SA, (Luxembourg), Reg. S, 6.75%, 10/27/2027 |  | 1500 | 1365 |
| Roquette Freres SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.25%), 5.49%, 11/25/2029 (x) (aa) | EUR | 3500 | 4200 |
| Tereos Finance Groupe I SA, (France), |  |  |  |
| Reg. S, 5.88%, 04/30/2030 | EUR | 1400 | 1645 |
| Reg. S, 7.25%, 04/15/2028 | EUR | 875 | 1057 |
| Turning Point Brands, Inc., 7.63%, 03/15/2032 (e) |  | 180 | 190 |
|  |  |  | 12830 |
| **Beverages** — **0.0% (g)** |  |  |  |
| Bacardi-Martini BV, (Netherlands), 5.55%, 02/01/2030 (e) |  | 482 | 498 |
| Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, (British Virgin Islands), 5.25%, 04/27/2029 (e) |  | 550 | 544 |
| Keurig Dr Pepper, Inc., |  |  |  |
| 4.35%, 05/15/2028 |  | 310 | 310 |
| 5.10%, 03/15/2027 |  | 203 | 205 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., |  |  |  |
| 4.38%, 04/30/2029 (e) |  | 130 | 126 |
| 6.25%, 04/01/2029 (e) |  | 90 | 90 |
|  |  |  | 1773 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Biotechnology** — **0.3%** |  |  |  |
| Cidron Aida Finco Sarl, (Luxembourg), |  |  |  |
| 7.00%, 10/27/2031 (e) | EUR | 11483 | 13694 |
| 9.13%, 10/27/2031 (e) | GBP | 6097 | 8331 |
| Emergent BioSolutions, Inc., 3.88%, 08/15/2028 (e) |  | 70 | 58 |
| Illumina, Inc., 5.75%, 12/13/2027 |  | 108 | 111 |
| Royalty Pharma plc, (United Kingdom), |  |  |  |
| 4.45%, 03/25/2031 |  | 328 | 325 |
| 5.15%, 09/02/2029 |  | 54 | 56 |
|  |  |  | 22575 |
| **Commercial Services** — **5.3%** |  |  |  |
| ADT Security Corp. (The), 4.13%, 08/01/2029 (e) |  | 40 | 39 |
| Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e) |  | 1730 | 1724 |
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg), |  |  |  |
| Reg. S, 5.38%, 05/21/2030 | EUR | 608 | 740 |
| 5.38%, 05/21/2030 (e) | EUR | 14145 | 17228 |
| 7.00%, 05/21/2030 (e) |  | 4513 | 4659 |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e) |  | 23898 | 25061 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp., |  |  |  |
| 6.00%, 06/01/2029 (e) |  | 13359 | 13134 |
| 6.88%, 06/15/2030 (e) |  | 9181 | 9436 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational), |  |  |  |
| Reg. S, 3.63%, 06/01/2028 | EUR | 3338 | 3883 |
| 4.63%, 06/01/2028 (e) |  | 19008 | 18634 |
| Reg. S, 4.88%, 06/01/2028 | GBP | 2045 | 2689 |
| Alta Equipment Group, Inc., 9.00%, 06/01/2029 (e) |  | 1269 | 1184 |
| Amber Finco plc, (United Kingdom), |  |  |  |
| Reg. S, 6.63%, 07/15/2029 | EUR | 2579 | 3183 |
| 6.63%, 07/15/2029 (e) | EUR | 7565 | 9335 |
| AMN Healthcare, Inc., |  |  |  |
| 4.00%, 04/15/2029 (e) |  | 3105 | 2928 |
| 4.63%, 10/01/2027 (e) |  | 3232 | 3231 |
| 6.50%, 01/15/2031 (e) (w) |  | 1062 | 1066 |
| APCOA Group GmbH, (Germany), Reg. S, 6.00%, 04/15/2031 | EUR | 5717 | 6796 |
| APi Group DE, Inc., |  |  |  |
| 4.13%, 07/15/2029 (e) |  | 1780 | 1715 |
| 4.75%, 10/15/2029 (e) |  | 40 | 39 |
| Ashtead Capital, Inc., 4.38%, 08/15/2027 (e) |  | 488 | 488 |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc., |  |  |  |
| 4.75%, 04/01/2028 (e) |  | 4775 | 4628 |
| 5.38%, 03/01/2029 (e) |  | 60 | 58 |
| 5.75%, 07/15/2027 (e) |  | 60 | 60 |
| 8.00%, 02/15/2031 (e) |  | 70 | 72 |
| 8.25%, 01/15/2030 (e) |  | 70 | 73 |
| 8.38%, 06/15/2032 (e) |  | 130 | 136 |
| Avis Budget Finance Plc, (Jersey), |  |  |  |
| Reg. S, 7.00%, 02/28/2029 | EUR | 2936 | 3545 |
| Reg. S, 7.25%, 07/31/2030 | EUR | 2649 | 3207 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Commercial Services — continued** |  |  |  |
| BCP V Modular Services Finance II plc, (United Kingdom), |  |  |  |
| Reg. S, 4.75%, 11/30/2028 | EUR | 5758 | 6472 |
| Reg. S, 6.13%, 11/30/2028 | GBP | 200 | 251 |
| Reg. S, 6.50%, 07/10/2031 | EUR | 147 | 161 |
| 6.50%, 07/10/2031 (e) | EUR | 4901 | 5380 |
| BCP V Modular Services Finance plc, (United Kingdom), Reg. S, 6.75%, 11/30/2029 | EUR | 3803 | 3347 |
| Belron UK Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.63%, 10/15/2029 | EUR | 200 | 241 |
| 4.63%, 10/15/2029 (e) | EUR | 11525 | 13887 |
| 5.75%, 10/15/2029 (e) |  | 3873 | 3924 |
| Block, Inc., |  |  |  |
| 2.75%, 06/01/2026 |  | 2571 | 2537 |
| 3.50%, 06/01/2031 |  | 10 | 9 |
| 5.63%, 08/15/2030 (e) |  | 4419 | 4477 |
| 6.00%, 08/15/2033 (e) |  | 5674 | 5811 |
| 6.50%, 05/15/2032 |  | 10821 | 11200 |
| Boels Topholding BV, (Netherlands), |  |  |  |
| Reg. S, 5.75%, 05/15/2030 | EUR | 15115 | 18405 |
| Reg. S, 6.25%, 02/15/2029 | EUR | 1238 | 1501 |
| Boost Newco Borrower LLC, 7.50%, 01/15/2031 (e) |  | 9991 | 10599 |
| Boost Newco Borrower LLC / GTCR W Dutch Finance Sub BV, (Multinational), Reg. S, 8.50%, 01/15/2031 | GBP | 2950 | 4268 |
| Brink's Co. (The), |  |  |  |
| 4.63%, 10/15/2027 (e) |  | 80 | 79 |
| 6.50%, 06/15/2029 (e) |  | 60 | 62 |
| 6.75%, 06/15/2032 (e) |  | 3105 | 3229 |
| Carriage Services, Inc., 4.25%, 05/15/2029 (e) |  | 100 | 95 |
| Champions Financing, Inc., 8.75%, 02/15/2029 (e) |  | 70 | 68 |
| Cimpress plc, (Ireland), 7.38%, 09/15/2032 (e) |  | 90 | 90 |
| Clarivate Science Holdings Corp., |  |  |  |
| 3.88%, 07/01/2028 (e) |  | 6534 | 6288 |
| 4.88%, 07/01/2029 (e) |  | 10845 | 10249 |
| CoreCivic, Inc., |  |  |  |
| 4.75%, 10/15/2027 |  | 150 | 148 |
| 8.25%, 04/15/2029 |  | 50 | 53 |
| CPI CG, Inc., 10.00%, 07/15/2029 (e) |  | 70 | 73 |
| Currenta Group Holdings Sarl, (Luxembourg), |  |  |  |
| 5.50%, 05/15/2030 (e) | EUR | 2100 | 2527 |
| Reg. S, 5.50%, 05/15/2030 | EUR | 700 | 842 |
| Reg. S, (EURIBOR 3 Month + 4.00%), 6.04%, 05/15/2032 (aa) | EUR | 800 | 947 |
| Dcli Bidco LLC, 7.75%, 11/15/2029 (e) |  | 2110 | 2194 |
| Deluxe Corp., |  |  |  |
| 8.00%, 06/01/2029 (e) |  | 100 | 100 |
| 8.13%, 09/15/2029 (e) |  | 1243 | 1298 |
| DP World Ltd., (United Arab Emirates), Reg. S, 4.70%, 09/30/2049 |  | 1000 | 864 |
| EquipmentShare.com, Inc., |  |  |  |
| 8.00%, 03/15/2033 (e) |  | 1428 | 1525 |
| 8.63%, 05/15/2032 (e) |  | 120 | 130 |
| 9.00%, 05/15/2028 (e) |  | 210 | 222 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Commercial Services — continued** |  |  |  |
| Garda World Security Corp., (Canada), |  |  |  |
| 4.63%, 02/15/2027 (e) |  | 1295 | 1285 |
| 6.00%, 06/01/2029 (e) |  | 445 | 441 |
| 7.75%, 02/15/2028 (e) |  | 2567 | 2631 |
| 8.25%, 08/01/2032 (e) |  | 6814 | 7063 |
| 8.38%, 11/15/2032 (e) |  | 12585 | 13064 |
| GEO Group, Inc. (The), |  |  |  |
| 8.63%, 04/15/2029 |  | 710 | 752 |
| 10.25%, 04/15/2031 |  | 240 | 264 |
| Global Payments, Inc., 4.45%, 06/01/2028 |  | 110 | 110 |
| Grand Canyon University, |  |  |  |
| 4.38%, 10/01/2026 |  | 23 | 22 |
| 5.13%, 10/01/2028 |  | 80 | 79 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 |  | 1177 | 1236 |
| Herc Holdings, Inc., |  |  |  |
| 5.50%, 07/15/2027 (e) |  | 2460 | 2454 |
| 6.63%, 06/15/2029 (e) |  | 2000 | 2055 |
| 7.00%, 06/15/2030 (e) |  | 6147 | 6384 |
| 7.25%, 06/15/2033 (e) |  | 3045 | 3179 |
| Hertz Corp. (The), |  |  |  |
| 4.63%, 12/01/2026 (e) |  | 460 | 452 |
| 5.00%, 12/01/2029 (e) |  | 110 | 88 |
| 12.63%, 07/15/2029 (e) |  | 2094 | 2220 |
| House of HR Group BV, (Netherlands), Reg. S, 9.00%, 11/03/2029 | EUR | 2654 | 3074 |
| ION Platform Finance Sarl, (Luxembourg), |  |  |  |
| 6.50%, 09/30/2030 (e) (w) | EUR | 1481 | 1739 |
| 6.88%, 09/30/2032 (e) (w) | EUR | 1481 | 1739 |
| ION Platform Finance US, Inc., 7.88%, 09/30/2032 (e) (w) |  | 8177 | 8187 |
| Kapla Holding SAS, (France), Reg. S, 5.00%, 04/30/2031 | EUR | 208 | 247 |
| Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032 (e) |  | 56 | 53 |
| Korn Ferry, 4.63%, 12/15/2027 (e) |  | 70 | 70 |
| La Financiere Atalian SAS, (France), Reg. S, 8.50% (Blend (cash 3.50% + PIK 5.00%)), 06/30/2028 (v) | EUR | 155 | 64 |
| Loxam SAS, (France), |  |  |  |
| 4.25%, 02/15/2030 (e) | EUR | 2280 | 2690 |
| 4.25%, 02/15/2031 (e) | EUR | 3905 | 4587 |
| Reg. S, 6.38%, 05/15/2028 | EUR | 200 | 242 |
| Matthews International Corp., 8.63%, 10/01/2027 (e) |  | 130 | 134 |
| Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (e) |  | 7379 | 7344 |
| Mobius Merger Sub, Inc., 9.00%, 06/01/2030 (e) |  | 60 | 50 |
| NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e) |  | 2585 | 2532 |
| OT Midco, Inc., 10.00%, 02/15/2030 (e) |  | 70 | 47 |
| Pachelbel Bidco SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.25%), 6.27%, 05/17/2031 (aa) | EUR | 400 | 473 |
| Reg. S, 7.13%, 05/17/2031 | EUR | 3895 | 4927 |
| 7.13%, 05/17/2031 (e) | EUR | 5016 | 6345 |
| Paysafe Finance PLC / Paysafe Holdings US Corp., (Multinational), 4.00%, 06/15/2029 (e) |  | 50 | 46 |
| Pelabuhan Indonesia Persero PT, (Indonesia), Reg. S, 5.38%, 05/05/2045 |  | 2100 | 1995 |
| PeopleCert Wisdom Issuer plc, (United Kingdom), Reg. S, 5.75%, 09/15/2026 | EUR | 1000 | 1171 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Commercial Services — continued** |  |  |  |
| Prime Security Services Borrower LLC / Prime Finance, Inc., |  |  |  |
| 3.38%, 08/31/2027 (e) |  | 270 | 262 |
| 6.25%, 01/15/2028 (e) |  | 1208 | 1207 |
| PROG Holdings, Inc., 6.00%, 11/15/2029 (e) |  | 120 | 118 |
| Q-Park Holding I BV, (Netherlands), |  |  |  |
| Reg. S, 4.25%, 09/01/2030 | EUR | 1650 | 1967 |
| Reg. S, 5.13%, 03/01/2029 | EUR | 1986 | 2405 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 (e) |  | 3550 | 3648 |
| Rekeep SpA, (Italy), |  |  |  |
| Reg. S, 9.00%, 09/15/2029 | EUR | 750 | 865 |
| 9.00%, 09/15/2029 (e) | EUR | 1398 | 1612 |
| RR Donnelley & Sons Co., |  |  |  |
| 9.50%, 08/01/2029 (e) |  | 3133 | 3211 |
| 10.88%, 08/01/2029 (e) |  | 190 | 189 |
| RRD Intermediate Holdings, Inc., 11.00% (cash), 12/01/2030 (e) (v) |  | 70 | 68 |
| RRD Parent, Inc., 10.00% (PIK), 10/15/2031 (e) (v) |  | 130 | 230 |
| Rutas 2 & 7 Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 09/30/2036 |  | 953 | 724 |
| Service Corp. International, |  |  |  |
| 3.38%, 08/15/2030 |  | 1625 | 1507 |
| 4.00%, 05/15/2031 |  | 3641 | 3433 |
| 4.63%, 12/15/2027 |  | 70 | 70 |
| 5.13%, 06/01/2029 |  | 60 | 60 |
| 5.75%, 10/15/2032 |  | 7441 | 7538 |
| 7.50%, 04/01/2027 |  | 1510 | 1564 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., |  |  |  |
| 5.50%, 05/15/2033 (e) | EUR | 6467 | 7906 |
| Reg. S, 5.50%, 05/15/2033 | EUR | 2776 | 3393 |
| 6.75%, 08/15/2032 (e) |  | 8108 | 8383 |
| Signal Parent, Inc., 6.13%, 04/01/2029 (e) |  | 50 | 17 |
| Sotheby's, 7.38%, 10/15/2027 (e) |  | 8432 | 8413 |
| Sotheby's / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e) |  | 1534 | 1398 |
| StoneMor, Inc., 8.50%, 05/15/2029 (e) |  | 160 | 156 |
| Techem Verwaltungsgesellschaft 675 mbH, (Germany), |  |  |  |
| 4.63%, 07/15/2032 (e) | EUR | 1250 | 1471 |
| Reg. S, (EURIBOR 3 Month + 3.00%), 4.96%, 07/15/2032 (aa) | EUR | 100 | 118 |
| Reg. S, 5.38%, 07/15/2029 | EUR | 5861 | 7115 |
| TriNet Group, Inc., |  |  |  |
| 3.50%, 03/01/2029 (e) |  | 80 | 75 |
| 7.13%, 08/15/2031 (e) |  | 60 | 62 |
| Triton Container International Ltd., (Bermuda), 2.05%, 04/15/2026 (e) |  | 1133 | 1119 |
| United Rentals North America, Inc., |  |  |  |
| 3.75%, 01/15/2032 |  | 3487 | 3230 |
| 3.88%, 11/15/2027 |  | 10 | 10 |
| 3.88%, 02/15/2031 |  | 1869 | 1768 |
| 4.00%, 07/15/2030 |  | 70 | 67 |
| 4.88%, 01/15/2028 |  | 2305 | 2298 |
| 5.25%, 01/15/2030 |  | 2876 | 2890 |
| 5.50%, 05/15/2027 |  | 80 | 80 |
| 6.13%, 03/15/2034 (e) |  | 80 | 83 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Commercial Services — continued** |  |  |  |
| Upbound Group, Inc., 6.38%, 02/15/2029 (e) |  | 140 | 138 |
| Valvoline, Inc., 3.63%, 06/15/2031 (e) |  | 2466 | 2257 |
| Verisure Holding AB, (Sweden), |  |  |  |
| Reg. S, 3.88%, 07/15/2026 | EUR | 14999 | 17599 |
| Reg. S, 5.50%, 05/15/2030 | EUR | 7274 | 8864 |
| Veritiv Operating Co., 10.50%, 11/30/2030 (e) |  | 3648 | 3923 |
| VM Consolidated, Inc., 5.50%, 04/15/2029 (e) |  | 30 | 30 |
| VT Topco, Inc., 8.50%, 08/15/2030 (e) |  | 955 | 972 |
| Wand NewCo. 3, Inc., 7.63%, 01/30/2032 (e) |  | 3757 | 3959 |
| WEX, Inc., 6.50%, 03/15/2033 (e) |  | 4302 | 4392 |
| Williams Scotsman, Inc., |  |  |  |
| 4.63%, 08/15/2028 (e) |  | 20 | 19 |
| 6.63%, 06/15/2029 (e) |  | 700 | 716 |
| 6.63%, 04/15/2030 (e) |  | 3263 | 3358 |
| 7.38%, 10/01/2031 (e) |  | 476 | 497 |
| Worldline SA, (France), |  |  |  |
| Reg. S, 4.13%, 09/12/2028 | EUR | 2100 | 2009 |
| Reg. S, 5.50%, 06/10/2030 | EUR | 1100 | 1001 |
| ZipRecruiter, Inc., 5.00%, 01/15/2030 (e) |  | 80 | 64 |
|  |  |  | 484587 |
| **Cosmetics/Personal Care** — **0.2%** |  |  |  |
| Coty, Inc., 5.00%, 04/15/2026 (e) |  | 197 | 196 |
| Edgewell Personal Care Co., |  |  |  |
| 4.13%, 04/01/2029 (e) |  | 50 | 47 |
| 5.50%, 06/01/2028 (e) |  | 170 | 170 |
| Opal Bidco SAS, (France), |  |  |  |
| 5.50%, 03/31/2032 (e) | EUR | 4739 | 5758 |
| Reg. S, 5.50%, 03/31/2032 | EUR | 202 | 245 |
| 6.50%, 03/31/2032 (e) |  | 3082 | 3159 |
| P&L Development LLC / PLD Finance Corp., 12.00% (cash), 05/15/2029 (e) (v) |  | 717 | 742 |
| Perrigo Finance Unlimited Co., (Ireland), |  |  |  |
| 4.90%, 06/15/2030 |  | 70 | 69 |
| 4.90%, 12/15/2044 |  | 20 | 16 |
| 6.13%, 09/30/2032 |  | 2947 | 2964 |
| Prestige Brands, Inc., |  |  |  |
| 3.75%, 04/01/2031 (e) |  | 120 | 111 |
| 5.13%, 01/15/2028 (e) |  | 130 | 129 |
|  |  |  | 13606 |
| **Food** — **1.8%** |  |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, |  |  |  |
| 3.50%, 03/15/2029 (e) |  | 190 | 180 |
| 4.63%, 01/15/2027 (e) |  | 1797 | 1786 |
| 4.88%, 02/15/2030 (e) |  | 160 | 157 |
| 5.88%, 02/15/2028 (e) |  | 80 | 80 |
| 6.25%, 03/15/2033 (e) |  | 1124 | 1149 |
| 6.50%, 02/15/2028 (e) |  | 987 | 1003 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Food** — **continued** |  |  |  |
| B&G Foods, Inc., |  |  |  |
| 5.25%, 09/15/2027 |  | 7976 | 7751 |
| 8.00%, 09/15/2028 (e) |  | 3221 | 3121 |
| Bellis Acquisition Co. plc , (United Kingdom), |  |  |  |
| Reg. S, 8.00%, 07/01/2031 | EUR | 2232 | 2659 |
| 8.00%, 07/01/2031 (e) | EUR | 2953 | 3519 |
| Reg. S, 8.13%, 05/14/2030 | GBP | 17155 | 22079 |
| Boparan Finance plc, (United Kingdom), Reg. S, 9.38%, 11/07/2029 | GBP | 1975 | 2769 |
| C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e) |  | 90 | 81 |
| Chobani Holdco II LLC, 8.75% (cash), 10/01/2029 (e) (v) |  | 14773 | 15664 |
| Chobani LLC / Chobani Finance Corp., Inc., |  |  |  |
| 4.63%, 11/15/2028 (e) |  | 3417 | 3379 |
| 7.63%, 07/01/2029 (e) |  | 6046 | 6304 |
| Darling Global Finance BV, (Netherlands), 4.50%, 07/15/2032 (e) | EUR | 1731 | 2052 |
| ELO SACA, (France), Reg. S, 2.88%, 01/29/2026 | EUR | 700 | 818 |
| Fiesta Purchaser, Inc., |  |  |  |
| 7.88%, 03/01/2031 (e) |  | 143 | 151 |
| 9.63%, 09/15/2032 (e) |  | 1457 | 1573 |
| Flora Food Management BV, (Netherlands), Reg. S, 6.88%, 07/02/2029 | EUR | 4825 | 5663 |
| Froneri Lux FinCo. SARL, (Luxembourg), |  |  |  |
| 4.75%, 08/01/2032 (e) | EUR | 14077 | 16673 |
| Reg. S, 4.75%, 08/01/2032 | EUR | 169 | 200 |
| 6.00%, 08/01/2032 (e) |  | 40 | 40 |
| Iceland Bondco plc, (United Kingdom), Reg. S, 4.38%, 05/15/2028 | GBP | 6949 | 9105 |
| Irca SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 5.76%, 12/15/2029 (aa) | EUR | 283 | 335 |
| JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg), 3.00%, 02/02/2029 |  | 346 | 331 |
| KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (e) |  | 1827 | 1922 |
| Koninklijke FrieslandCampina NV, (Netherlands), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.85%), 4.85%, 10/23/2029 (x) (aa) | EUR | 2675 | 3176 |
| Lamb Weston Holdings, Inc., |  |  |  |
| 4.13%, 01/31/2030 (e) |  | 1698 | 1630 |
| 4.38%, 01/31/2032 (e) |  | 2057 | 1944 |
| 4.88%, 05/15/2028 (e) |  | 60 | 60 |
| Land O'Lakes Capital Trust I, 7.45%, 03/15/2028 (e) |  | 160 | 165 |
| Lion / Polaris Lux 4 SA, (Luxembourg), Reg. S, (EURIBOR 3 Month + 3.63%), 5.64%, 07/01/2029 (aa) | EUR | 349 | 414 |
| Market Bidco Finco plc, (United Kingdom), |  |  |  |
| 6.75%, 01/31/2031 (e) | EUR | 2844 | 3297 |
| Reg. S, 6.75%, 01/31/2031 | EUR | 3775 | 4377 |
| Reg. S, 8.75%, 01/31/2031 | GBP | 1925 | 2545 |
| Ocado Group plc, (United Kingdom), |  |  |  |
| Reg. S, 10.50%, 08/08/2029 | GBP | 3338 | 4480 |
| Reg. S, 11.00%, 06/15/2030 | GBP | 272 | 368 |
| Performance Food Group, Inc., |  |  |  |
| 4.25%, 08/01/2029 (e) |  | 772 | 750 |
| 5.50%, 10/15/2027 (e) |  | 300 | 299 |
| 6.13%, 09/15/2032 (e) |  | 3020 | 3094 |
| Picard Groupe SAS, (France), Reg. S, 6.38%, 07/01/2029 | EUR | 100 | 123 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Food** — **continued** |  |  |  |
| Pilgrim's Pride Corp., |  |  |  |
| 3.50%, 03/01/2032 |  | 2600 | 2380 |
| 4.25%, 04/15/2031 |  | 3440 | 3326 |
| Post Holdings, Inc., |  |  |  |
| 4.50%, 09/15/2031 (e) |  | 1870 | 1747 |
| 4.63%, 04/15/2030 (e) |  | 3435 | 3312 |
| 5.50%, 12/15/2029 (e) |  | 1780 | 1772 |
| 6.25%, 02/15/2032 (e) |  | 143 | 147 |
| 6.25%, 10/15/2034 (e) |  | 5435 | 5479 |
| 6.38%, 03/01/2033 (e) |  | 1310 | 1322 |
| Premier Foods Finance plc, (United Kingdom), Reg. S, 3.50%, 10/15/2026 | GBP | 1000 | 1332 |
| Safeway, Inc., 7.25%, 02/01/2031 |  | 50 | 54 |
| Sammontana Italia SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 5.78%, 10/15/2031 (aa) | EUR | 925 | 1089 |
| Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e) |  | 491 | 471 |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 |  | 90 | 87 |
| United Natural Foods, Inc., 6.75%, 10/15/2028 (e) |  | 2027 | 2025 |
| US Foods, Inc., |  |  |  |
| 4.63%, 06/01/2030 (e) |  | 70 | 69 |
| 4.75%, 02/15/2029 (e) |  | 150 | 148 |
| 5.75%, 04/15/2033 (e) |  | 80 | 80 |
| 6.88%, 09/15/2028 (e) |  | 70 | 72 |
| 7.25%, 01/15/2032 (e) |  | 595 | 623 |
| Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031 (e) |  | 160 | 160 |
|  |  |  | 162961 |
| **Healthcare - Products** — **0.6%** |  |  |  |
| 180 Medical, Inc., 3.88%, 10/15/2029 (e) |  | 200 | 191 |
| Avantor Funding, Inc., |  |  |  |
| Reg. S, 2.63%, 11/01/2025 | EUR | 416 | 488 |
| Reg. S, 3.88%, 07/15/2028 | EUR | 100 | 117 |
| 3.88%, 11/01/2029 (e) |  | 50 | 47 |
| 4.63%, 07/15/2028 (e) |  | 2769 | 2724 |
| Bausch + Lomb Corp., (Canada), 8.38%, 10/01/2028 (e) |  | 11163 | 11634 |
| Bausch + Lomb Netherlands BV and Bausch & Lomb, Inc., (Multinational), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 3.88%), 5.87%, 01/15/2031 (aa) | EUR | 1000 | 1190 |
| (EURIBOR 3 Month + 3.88%), 5.87%, 01/15/2031 (e) (aa) | EUR | 1225 | 1457 |
| DENTSPLY SIRONA, Inc., (CMT Index 5 Year + 4.38%), 8.38%, 09/12/2055 (aa) |  | 245 | 253 |
| Embecta Corp., |  |  |  |
| 5.00%, 02/15/2030 (e) |  | 50 | 47 |
| 6.75%, 02/15/2030 (e) |  | 160 | 156 |
| Hologic, Inc., 3.25%, 02/15/2029 (e) |  | 110 | 106 |
| Insulet Corp., 6.50%, 04/01/2033 (e) |  | 1868 | 1942 |
| Medline Borrower LP, |  |  |  |
| 3.88%, 04/01/2029 (e) |  | 16234 | 15646 |
| 5.25%, 10/01/2029 (e) |  | 13251 | 13135 |
| Medline Borrower LP / Medline Co-Issuer, Inc., 6.25%, 04/01/2029 (e) |  | 4255 | 4368 |
| Neogen Food Safety Corp., 8.63%, 07/20/2030 (e) |  | 832 | 870 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Healthcare - Products** — **continued** |  |  |  |
| Solventum Corp., |  |  |  |
| 5.40%, 03/01/2029 |  | 489 | 505 |
| 5.45%, 02/25/2027 |  | 92 | 93 |
| Teleflex, Inc., |  |  |  |
| 4.25%, 06/01/2028 (e) |  | 80 | 78 |
| 4.63%, 11/15/2027 |  | 80 | 79 |
| Varex Imaging Corp., 7.88%, 10/15/2027 (e) |  | 130 | 133 |
|  |  |  | 55259 |
| **Healthcare - Services** — **2.4%** |  |  |  |
| Acadia Healthcare Co., Inc., |  |  |  |
| 5.00%, 04/15/2029 (e) |  | 50 | 49 |
| 5.50%, 07/01/2028 (e) |  | 40 | 39 |
| 7.38%, 03/15/2033 (e) |  | 1945 | 2019 |
| Adventist Health System, Series 2025, 4.74%, 12/01/2030 |  | 1105 | 1106 |
| AHP Health Partners, Inc., 5.75%, 07/15/2029 (e) |  | 2996 | 2948 |
| CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028 | EUR | 12110 | 13316 |
| Centene Corp., |  |  |  |
| 2.45%, 07/15/2028 |  | 550 | 511 |
| 4.25%, 12/15/2027 |  | 2302 | 2261 |
| Cerba Healthcare SACA, (France), Reg. S, 3.50%, 05/31/2028 | EUR | 15273 | 12491 |
| Charles River Laboratories International, Inc., |  |  |  |
| 4.00%, 03/15/2031 (e) |  | 15 | 14 |
| 4.25%, 05/01/2028 (e) |  | 452 | 442 |
| CHS / Community Health Systems, Inc., |  |  |  |
| 4.75%, 02/15/2031 (e) |  | 5778 | 4993 |
| 5.25%, 05/15/2030 (e) |  | 6547 | 5915 |
| 6.00%, 01/15/2029 (e) |  | 5519 | 5357 |
| 6.13%, 04/01/2030 (e) |  | 150 | 109 |
| 6.88%, 04/15/2029 (e) |  | 150 | 119 |
| 9.75%, 01/15/2034 (e) |  | 11634 | 11920 |
| 10.88%, 01/15/2032 (e) |  | 5159 | 5460 |
| Clariane SE, (France), Reg. S, 7.88%, 06/27/2030 | EUR | 200 | 241 |
| Concentra Health Services, Inc., 6.88%, 07/15/2032 (e) |  | 2320 | 2409 |
| DaVita, Inc., |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 10066 | 9223 |
| 4.63%, 06/01/2030 (e) |  | 10861 | 10403 |
| 6.75%, 07/15/2033 (e) |  | 870 | 897 |
| 6.88%, 09/01/2032 (e) |  | 1601 | 1654 |
| Encompass Health Corp., |  |  |  |
| 4.50%, 02/01/2028 |  | 200 | 198 |
| 4.63%, 04/01/2031 |  | 120 | 117 |
| 4.75%, 02/01/2030 |  | 240 | 237 |
| Ephios Subco 3 Sarl, (Luxembourg), Reg. S, 7.88%, 01/31/2031 | EUR | 4482 | 5602 |
| Eurofins Scientific SE, (Luxembourg), Reg. S, (EURIBOR 3 Month + 4.24%), 6.75%, 04/24/2028 (x) (aa) | EUR | 2500 | 3137 |
| Fortrea Holdings, Inc., 7.50%, 07/01/2030 (e) |  | 289 | 274 |
| Fresenius Medical Care US Finance III, Inc., |  |  |  |
| 1.88%, 12/01/2026 (e) |  | 150 | 146 |
| 3.75%, 06/15/2029 (e) |  | 530 | 516 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Healthcare - Services** — **continued** |  |  |  |
| Global Medical Response, Inc., 7.38%, 10/01/2032 (e) |  | 134 | 138 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/2031 (e) |  | 2250 | 2138 |
| HCA, Inc., 7.50%, 11/06/2033 |  | 1100 | 1258 |
| Health Care Service Corp. A Mutual Legal Reserve Co, 5.20%, 06/15/2029 (e) |  | 124 | 127 |
| HealthEquity, Inc., 4.50%, 10/01/2029 (e) |  | 4777 | 4631 |
| IQVIA, Inc., |  |  |  |
| Reg. S, 1.75%, 03/15/2026 | EUR | 200 | 233 |
| Reg. S, 2.25%, 03/15/2029 | EUR | 100 | 113 |
| Reg. S, 2.88%, 06/15/2028 | EUR | 4630 | 5372 |
| 5.00%, 10/15/2026 (e) |  | 240 | 240 |
| 5.00%, 05/15/2027 (e) |  | 110 | 110 |
| 5.70%, 05/15/2028 |  | 200 | 206 |
| 6.25%, 02/01/2029 |  | 76 | 80 |
| 6.25%, 06/01/2032 (e) |  | 6817 | 7012 |
| Kedrion SpA, (Italy), 6.50%, 09/01/2029 (e) |  | 110 | 109 |
| Laboratoire Eimer Selas, (France), Reg. S, 5.00%, 02/01/2029 | EUR | 1020 | 1049 |
| LifePoint Health, Inc., |  |  |  |
| 5.38%, 01/15/2029 (e) |  | 5690 | 5420 |
| 8.38%, 02/15/2032 (e) |  | 3795 | 4044 |
| 9.88%, 08/15/2030 (e) |  | 374 | 405 |
| 10.00%, 06/01/2032 (e) |  | 3500 | 3675 |
| 11.00%, 10/15/2030 (e) |  | 8322 | 9172 |
| Mehilainen Yhtiot Oy, (Finland), |  |  |  |
| Reg. S, 5.13%, 06/30/2032 | EUR | 167 | 200 |
| 5.13%, 06/30/2032 (e) | EUR | 2998 | 3594 |
| (EURIBOR 3 Month + 3.38%), 5.38%, 06/30/2032 (e) (aa) | EUR | 4775 | 5644 |
| Molina Healthcare, Inc., |  |  |  |
| 3.88%, 05/15/2032 (e) |  | 20 | 18 |
| 4.38%, 06/15/2028 (e) |  | 130 | 127 |
| 6.25%, 01/15/2033 (e) |  | 1724 | 1738 |
| MPH Acquisition Holdings LLC, |  |  |  |
| 5.75%, 12/31/2030 (e) |  | 3939 | 3440 |
| 11.50% (Blend (cash 6.50% + PIK 5.00%)), 12/31/2030 (e) (v) |  | 2446 | 2559 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (e) |  | 4826 | 5019 |
| Radiology Partners, Inc., |  |  |  |
| 8.50%, 07/15/2032 (e) |  | 190 | 197 |
| 9.78% (PIK), 02/15/2030 (e) (v) |  | 120 | 117 |
| Select Medical Corp., 6.25%, 12/01/2032 (e) |  | 360 | 360 |
| Sotera Health Holdings LLC, 7.38%, 06/01/2031 (e) |  | 2380 | 2499 |
| Star Parent, Inc., 9.00%, 10/01/2030 (e) |  | 8738 | 9237 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/2032 (e) |  | 5531 | 5681 |
| Team Health Holdings, Inc., 8.38%, 06/30/2028 (e) |  | 80 | 82 |
| Tenet Healthcare Corp., |  |  |  |
| 4.25%, 06/01/2029 |  | 8047 | 7857 |
| 4.38%, 01/15/2030 |  | 13257 | 12888 |
| 4.63%, 06/15/2028 |  | 80 | 79 |
| 5.13%, 11/01/2027 |  | 160 | 160 |
| 6.13%, 10/01/2028 |  | 350 | 350 |
| 6.13%, 06/15/2030 |  | 240 | 243 |
| 6.25%, 02/01/2027 |  | 220 | 220 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Healthcare - Services** — **continued** |  |  |  |
| 6.75%, 05/15/2031 |  | 4729 | 4896 |
| 6.88%, 11/15/2031 |  | 40 | 43 |
| Toledo Hospital (The), Series B, 5.33%, 11/15/2028 |  | 90 | 92 |
| UnitedHealth Group, Inc., 4.65%, 01/15/2031 |  | 1056 | 1071 |
| Universal Health Services, Inc., 4.63%, 10/15/2029 |  | 353 | 353 |
| US Acute Care Solutions LLC, 9.75%, 05/15/2029 (e) |  | 3112 | 3183 |
|  |  |  | 221602 |
| **Household Products/Wares** — **0.1%** |  |  |  |
| ACCO Brands Corp., 4.25%, 03/15/2029 (e) |  | 4969 | 4488 |
| Central Garden & Pet Co., 4.13%, 10/15/2030 |  | 14 | 13 |
| Kronos Acquisition Holdings, Inc., |  |  |  |
| 8.25%, 06/30/2031 (e) |  | 2400 | 1860 |
| 10.75%, 06/30/2032 (e) |  | 4265 | 2326 |
|  |  |  | 8687 |
| **Pharmaceuticals** — **2.2%** |  |  |  |
| 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) |  | 37080 | 38009 |
| AdaptHealth LLC, |  |  |  |
| 4.63%, 08/01/2029 (e) |  | 3005 | 2841 |
| 5.13%, 03/01/2030 (e) |  | 3745 | 3571 |
| 6.13%, 08/01/2028 (e) |  | 2625 | 2618 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 (e) |  | 1670 | 1728 |
| Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e) |  | 100 | 99 |
| Bausch Health Cos., Inc., (Canada), |  |  |  |
| 4.88%, 06/01/2028 (e) |  | 3644 | 3261 |
| 5.00%, 01/30/2028 (e) |  | 1195 | 1026 |
| 5.00%, 02/15/2029 (e) |  | 205 | 155 |
| 5.25%, 01/30/2030 (e) |  | 10630 | 7494 |
| 5.25%, 02/15/2031 (e) |  | 2550 | 1670 |
| 6.25%, 02/15/2029 (e) |  | 155 | 121 |
| 7.00%, 01/15/2028 (e) |  | 480 | 427 |
| 7.25%, 05/30/2029 (e) |  | 60 | 47 |
| 11.00%, 09/30/2028 (e) |  | 11355 | 11810 |
| 14.00%, 10/15/2030 (e) |  | 60 | 60 |
| Bayer AG, (Germany), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 3.11%), 3.13%, 11/12/2079 (aa) | EUR | 4100 | 4738 |
| Reg. S, (EUR Swap Rate 5 Year + 4.46%), 5.38%, 03/25/2082 (aa) | EUR | 4300 | 5188 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.27%), 5.50%, 09/13/2054 (aa) | EUR | 1600 | 1945 |
| Reg. S, (EUR Swap Rate 5 Year + 3.90%), 7.00%, 09/25/2083 (aa) | EUR | 12400 | 15962 |
| Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.43%), 6.63%, 09/25/2083 (aa) | EUR | 600 | 751 |
| Bayer US Finance II LLC, |  |  |  |
| 4.25%, 12/15/2025 (e) |  | 1610 | 1609 |
| 4.38%, 12/15/2028 (e) |  | 1667 | 1661 |
| Bayer US Finance LLC, 6.38%, 11/21/2030 (e) |  | 200 | 214 |
| Cheplapharm Arzneimittel GmbH, (Germany), |  |  |  |
| 5.50%, 01/15/2028 (e) |  | 40 | 39 |
| 7.13%, 06/15/2031 (e) | EUR | 5612 | 6743 |
| CVS Health Corp., |  |  |  |
| (CMT Index 5 Year + 2.52%), 6.75%, 12/10/2054 (aa) |  | 180 | 186 |
| (CMT Index 5 Year + 2.89%), 7.00%, 03/10/2055 (aa) |  | 665 | 698 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Pharmaceuticals** — **continued** |  |  |  |
| Dolcetto Holdco SpA, (Italy), Reg. S, 5.63%, 07/14/2032 | EUR | 275 | 331 |
| Elanco Animal Health, Inc., 6.65%, 08/28/2028 |  | 80 | 83 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (e) |  | 170 | 182 |
| Grifols SA, (Spain), |  |  |  |
| Reg. S, 2.25%, 11/15/2027 | EUR | 2561 | 2956 |
| Reg. S, 3.88%, 10/15/2028 | EUR | 20006 | 22981 |
| 4.75%, 10/15/2028 (e) |  | 280 | 272 |
| Reg. S, 7.13%, 05/01/2030 | EUR | 1245 | 1540 |
| 7.13%, 05/01/2030 (e) | EUR | 2500 | 3092 |
| Reg. S, 7.50%, 05/01/2030 | EUR | 3650 | 4515 |
| Gruenenthal GmbH, (Germany), |  |  |  |
| Reg. S, 4.13%, 05/15/2028 | EUR | 2860 | 3370 |
| Reg. S, 4.63%, 11/15/2031 | EUR | 2866 | 3436 |
| 4.63%, 11/15/2031 (e) | EUR | 3389 | 4062 |
| HLF Financing Sarl LLC / Herbalife International, Inc., |  |  |  |
| 4.88%, 06/01/2029 (e) |  | 50 | 44 |
| 12.25%, 04/15/2029 (e) |  | 895 | 971 |
| Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e) |  | 50 | 49 |
| Nidda Healthcare Holding GmbH, (Germany), |  |  |  |
| (EURIBOR 3 Month + 3.75%), 5.79%, 10/23/2030 (e) (aa) | EUR | 5051 | 5972 |
| Reg. S, 7.00%, 02/21/2030 | EUR | 3275 | 4008 |
| Option Care Health, Inc., 4.38%, 10/31/2029 (e) |  | 779 | 751 |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV, |  |  |  |
| 4.13%, 04/30/2028 (e) |  | 1489 | 1438 |
| 5.13%, 04/30/2031 (e) |  | 3508 | 3071 |
| 7.88%, 05/15/2034 (e) |  | 70 | 65 |
| Owens & Minor, Inc., |  |  |  |
| 4.50%, 03/31/2029 (e) |  | 20 | 16 |
| 6.63%, 04/01/2030 (e) |  | 30 | 25 |
| Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 (e) |  | 80 | 78 |
| Rossini Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.75%, 12/31/2029 | EUR | 815 | 1009 |
| 6.75%, 12/31/2029 (e) | EUR | 9910 | 12275 |
| Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 4.38%, 05/09/2030 | EUR | 1083 | 1302 |
| Teva Pharmaceutical Finance Netherlands III BV, (Netherlands), |  |  |  |
| 3.15%, 10/01/2026 |  | 974 | 958 |
| 6.00%, 12/01/2032 |  | 923 | 961 |
| 6.75%, 03/01/2028 |  | 500 | 519 |
| 7.88%, 09/15/2029 |  | 312 | 341 |
|  |  |  | 195344 |
| Total Consumer Non-cyclical |  |  | 1179224 |
| **Diversified** — **0.2%** |  |  |  |
| **Holding Companies - Diversified** — **0.2%** |  |  |  |
| Benteler International AG, (Austria), 7.25%, 06/15/2031 (e) | EUR | 5457 | 6852 |
| Clue Opco LLC, 9.50%, 10/15/2031 (e) |  | 5642 | 6033 |
| ProGroup AG, (Germany), |  |  |  |
| Reg. S, 5.13%, 04/15/2029 | EUR | 100 | 120 |
| Reg. S, 5.38%, 04/15/2031 | EUR | 1829 | 2168 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Holding Companies - Diversified** — **continued** |  |  |  |
| Stena International SA, (Luxembourg), |  |  |  |
| 7.25%, 01/15/2031 (e) |  | 420 | 428 |
| 7.63%, 02/15/2031 (e) |  | 120 | 124 |
| Total Diversified |  |  | 15725 |
| **Energy** — **8.1%** |  |  |  |
| **Coal** — **0.0% (g)** |  |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 (e) |  | 160 | 169 |
| Conuma Resources Ltd., (Canada), |  |  |  |
| 13.13%, 05/01/2028 (e) |  | 70 | 69 |
| Coronado Finance Pty Ltd., (Australia), 9.25%, 10/01/2029 (e) |  | 1920 | 1690 |
| SunCoke Energy, Inc., 4.88%, 06/30/2029 (e) |  | 190 | 178 |
| Warrior Met Coal, Inc., 7.88%, 12/01/2028 (e) |  | 60 | 61 |
|  |  |  | 2167 |
| **Energy - Alternate Sources** — **0.1%** |  |  |  |
| Cullinan Holdco Scsp, (Luxembourg), 8.50%, 10/15/2029 (e) | EUR | 9426 | 8688 |
| Greenko Dutch BV, (Netherlands), 3.85%, 03/29/2026 (e) |  | 695 | 688 |
| TerraForm Power Operating LLC, |  |  |  |
| 4.75%, 01/15/2030 (e) |  | 230 | 222 |
| 5.00%, 01/31/2028 (e) |  | 230 | 229 |
|  |  |  | 9827 |
| **Oil & Gas** — **4.5%** |  |  |  |
| Adnoc Murban Rsc Ltd., (United Arab Emirates), 5.13%, 09/11/2054 (e) |  | 4100 | 3889 |
| Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 (e) |  | 5825 | 6074 |
| Antero Resources Corp., 7.63%, 02/01/2029 (e) |  | 964 | 982 |
| APA Corp., 4.38%, 10/15/2028 |  | 1670 | 1627 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., |  |  |  |
| 5.88%, 06/30/2029 (e) |  | 1921 | 1917 |
| 6.63%, 10/15/2032 (e) |  | 1430 | 1460 |
| 6.63%, 07/15/2033 (e) |  | 2846 | 2886 |
| 9.00%, 11/01/2027 (e) |  | 2978 | 3598 |
| Baytex Energy Corp., (Canada), |  |  |  |
| 7.38%, 03/15/2032 (e) |  | 260 | 254 |
| 8.50%, 04/30/2030 (e) |  | 670 | 689 |
| BKV Upstream Midstream LLC, 7.50%, 10/15/2030 (e) |  | 30 | 30 |
| California Resources Corp., |  |  |  |
| 7.00%, 01/15/2034 (e) (w) |  | 151 | 150 |
| 7.13%, 02/01/2026 (e) |  | 451 | 450 |
| 8.25%, 06/15/2029 (e) |  | 392 | 409 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp., |  |  |  |
| 8.13%, 01/15/2027 (e) |  | 30 | 30 |
| 9.25%, 07/15/2029 (e) |  | 20 | 20 |
| 9.75%, 07/15/2028 (e) |  | 30 | 30 |
| Caturus Energy LLC, 8.50%, 02/15/2030 (e) |  | 5854 | 6095 |
| Chord Energy Corp., |  |  |  |
| 6.00%, 10/01/2030 (e) |  | 320 | 318 |
| 6.75%, 03/15/2033 (e) |  | 1244 | 1260 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Oil & Gas** — **continued** |  |  |  |
| CITGO Petroleum Corp., |  |  |  |
| 6.38%, 06/15/2026 (e) |  | 1365 | 1365 |
| 8.38%, 01/15/2029 (e) |  | 7660 | 7958 |
| Civitas Resources, Inc., |  |  |  |
| 5.00%, 10/15/2026 (e) |  | 1106 | 1101 |
| 8.38%, 07/01/2028 (e) |  | 4310 | 4467 |
| 8.63%, 11/01/2030 (e) |  | 1785 | 1848 |
| 8.75%, 07/01/2031 (e) |  | 5001 | 5107 |
| 9.63%, 06/15/2033 (e) |  | 1770 | 1862 |
| CNX Resources Corp., |  |  |  |
| 6.00%, 01/15/2029 (e) |  | 150 | 150 |
| 7.25%, 03/01/2032 (e) |  | 1761 | 1827 |
| 7.38%, 01/15/2031 (e) |  | 150 | 155 |
| Comstock Resources, Inc., |  |  |  |
| 5.88%, 01/15/2030 (e) |  | 6446 | 6208 |
| 6.75%, 03/01/2029 (e) |  | 7589 | 7572 |
| Continental Resources, Inc., |  |  |  |
| 2.27%, 11/15/2026 (e) |  | 1838 | 1792 |
| 4.38%, 01/15/2028 |  | 545 | 541 |
| 5.75%, 01/15/2031 (e) |  | 340 | 351 |
| Coterra Energy, Inc., |  |  |  |
| 3.90%, 05/15/2027 |  | 1129 | 1122 |
| 4.38%, 03/15/2029 |  | 1048 | 1046 |
| Crescent Energy Finance LLC, |  |  |  |
| 7.38%, 01/15/2033 (e) |  | 7195 | 7011 |
| 7.63%, 04/01/2032 (e) |  | 7823 | 7769 |
| 8.38%, 01/15/2034 (e) |  | 4672 | 4734 |
| 9.25%, 02/15/2028 (e) |  | 2440 | 2534 |
| CVR Energy, Inc., |  |  |  |
| 5.75%, 02/15/2028 (e) |  | 40 | 39 |
| 8.50%, 01/15/2029 (e) |  | 140 | 143 |
| Devon Energy Corp., 5.25%, 10/15/2027 |  | 292 | 292 |
| Diamond Foreign Asset Co. / Diamond Finance LLC, (Cayman Islands), 8.50%, 10/01/2030 (e) |  | 1340 | 1420 |
| Ecopetrol SA, (Colombia), |  |  |  |
| 5.88%, 11/02/2051 |  | 1900 | 1408 |
| 7.38%, 09/18/2043 |  | 200 | 185 |
| 7.75%, 02/01/2032 |  | 2100 | 2174 |
| 8.38%, 01/19/2036 |  | 2200 | 2270 |
| 8.63%, 01/19/2029 |  | 1228 | 1334 |
| Empresa Nacional del Petroleo, (Chile), Reg. S, 6.15%, 05/10/2033 |  | 3500 | 3710 |
| Eni SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 2.08%), 4.50%, 01/21/2031 (x) (aa) | EUR | 225 | 270 |
| EnQuest plc, (United Kingdom), 11.63%, 11/01/2027 (e) |  | 70 | 72 |
| EQT Corp., |  |  |  |
| 3.13%, 05/15/2026 (e) |  | 881 | 873 |
| 4.50%, 01/15/2029 |  | 186 | 186 |
| 6.38%, 04/01/2029 |  | 172 | 178 |
| 7.00%, 02/01/2030 |  | 314 | 342 |
| 7.50%, 06/01/2027 |  | 2252 | 2296 |
| 7.50%, 06/01/2030 |  | 186 | 205 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Oil & Gas** — **continued** |  |  |  |
| Expand Energy Corp., |  |  |  |
| 4.75%, 02/01/2032 |  | 1031 | 1013 |
| 5.38%, 02/01/2029 |  | 455 | 455 |
| 5.38%, 03/15/2030 |  | 1444 | 1469 |
| 5.88%, 02/01/2029 (e) |  | 1221 | 1226 |
| 6.75%, 04/15/2029 (e) |  | 1431 | 1446 |
| FORESEA Holding SA, (Luxembourg), 7.50%, 06/15/2030 (e) |  | 100 | 98 |
| Global Marine, Inc., 7.00%, 06/01/2028 |  | 40 | 39 |
| Greenfire Resources Ltd., (Canada), 12.00%, 10/01/2028 (e) |  | 110 | 117 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (e) |  | 2413 | 2478 |
| Helmerich & Payne, Inc., |  |  |  |
| 4.65%, 12/01/2027 |  | 243 | 244 |
| 4.85%, 12/01/2029 |  | 312 | 311 |
| Hess Corp., 7.88%, 10/01/2029 |  | 529 | 600 |
| HF Sinclair Corp., 5.00%, 02/01/2028 |  | 660 | 661 |
| Hilcorp Energy I LP / Hilcorp Finance Co., |  |  |  |
| 5.75%, 02/01/2029 (e) |  | 5361 | 5281 |
| 6.00%, 04/15/2030 (e) |  | 900 | 886 |
| 6.00%, 02/01/2031 (e) |  | 1548 | 1491 |
| 6.25%, 11/01/2028 (e) |  | 2893 | 2904 |
| 6.25%, 04/15/2032 (e) |  | 1197 | 1148 |
| 6.88%, 05/15/2034 (e) |  | 4670 | 4491 |
| 7.25%, 02/15/2035 (e) |  | 3688 | 3604 |
| 8.38%, 11/01/2033 (e) |  | 5301 | 5567 |
| Ithaca Energy North Sea plc, (United Kingdom), |  |  |  |
| 5.50%, 10/01/2031 (e) | EUR | 2350 | 2783 |
| 8.13%, 10/15/2029 (e) |  | 170 | 178 |
| KazMunayGas National Co. JSC, (Kazakhstan), |  |  |  |
| Reg. S, 5.75%, 04/19/2047 |  | 5800 | 5399 |
| Reg. S, 6.38%, 10/24/2048 |  | 2700 | 2682 |
| Kosmos Energy Ltd., |  |  |  |
| Reg. S, 7.13%, 04/04/2026 |  | 831 | 826 |
| 8.75%, 10/01/2031 (e) |  | 550 | 427 |
| Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029 (e) |  | 160 | 159 |
| Leviathan Bond Ltd., (Israel), Reg. S, 6.75%, 06/30/2030 (e) |  | 1000 | 1002 |
| Long Ridge Energy LLC, 8.75%, 02/15/2032 (e) |  | 80 | 82 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032 (e) |  | 1577 | 1618 |
| Matador Resources Co., |  |  |  |
| 6.25%, 04/15/2033 (e) |  | 230 | 231 |
| 6.50%, 04/15/2032 (e) |  | 4261 | 4301 |
| 6.88%, 04/15/2028 (e) |  | 1841 | 1879 |
| MEG Energy Corp., (Canada), 5.88%, 02/01/2029 (e) |  | 730 | 730 |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 (e) |  | 250 | 245 |
| Murphy Oil Corp., 6.00%, 10/01/2032 |  | 30 | 30 |
| Nabors Industries Ltd., (Bermuda), 7.50%, 01/15/2028 (e) |  | 2195 | 2193 |
| Nabors Industries, Inc., |  |  |  |
| 7.38%, 05/15/2027 (e) |  | 4944 | 5019 |
| 8.88%, 08/15/2031 (e) |  | 1585 | 1473 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
|  **Oil & Gas** — **continued** |  |  |
| 9.13%, 01/31/2030 (e) | 2285 | 2388 |
| Noble Finance II LLC, 8.00%, 04/15/2030 (e) | 3578 | 3703 |
| Northern Oil & Gas, Inc., |  |  |
| 7.88%, 10/15/2033 (e) (w) | 4482 | 4464 |
| 8.75%, 06/15/2031 (e) | 190 | 196 |
| Occidental Petroleum Corp., |  |  |
| 5.20%, 08/01/2029 | 187 | 190 |
| 6.38%, 09/01/2028 | 1058 | 1106 |
| 8.50%, 07/15/2027 | 1005 | 1054 |
| 8.88%, 07/15/2030 | 531 | 614 |
| Ovintiv, Inc., |  |  |
| 5.38%, 01/01/2026 | 390 | 390 |
| 5.65%, 05/15/2028 | 276 | 284 |
| Parkland Corp., (Canada), |  |  |
| 4.50%, 10/01/2029 (e) | 1990 | 1939 |
| 4.63%, 05/01/2030 (e) | 2422 | 2355 |
| 5.88%, 07/15/2027 (e) | 1620 | 1618 |
| 6.63%, 08/15/2032 (e) | 2347 | 2410 |
| PBF Holding Co. LLC / PBF Finance Corp., |  |  |
| 6.00%, 02/15/2028 | 120 | 119 |
| 7.88%, 09/15/2030 (e) | 1019 | 1006 |
| 9.88%, 03/15/2030 (e) | 160 | 168 |
| Permian Resources Operating LLC, |  |  |
| 5.88%, 07/01/2029 (e) | 2130 | 2140 |
| 6.25%, 02/01/2033 (e) | 4946 | 5038 |
| 7.00%, 01/15/2032 (e) | 2681 | 2781 |
| 8.00%, 04/15/2027 (e) | 1465 | 1490 |
| Pertamina Persero PT, (Indonesia), Reg. S, 6.50%, 11/07/2048 | 1000 | 1071 |
| Petrobras Global Finance BV, (Netherlands), 5.13%, 09/10/2030 | 629 | 622 |
| Petrofac Ltd., (Jersey), 9.75%, 11/15/2026 (e) | 80 | 7 |
| Petroleos del Peru SA, (Peru), |  |  |
| Reg. S, 4.75%, 06/19/2032 | 5600 | 4855 |
| Reg. S, 5.63%, 06/19/2047 | 4700 | 3460 |
| Petroleos Mexicanos, (Mexico), |  |  |
| 4.50%, 01/23/2026 | 681 | 677 |
| 6.35%, 02/12/2048 | 18700 | 14851 |
| 6.38%, 01/23/2045 | 3250 | 2641 |
| 6.49%, 01/23/2027 | 2645 | 2675 |
| 6.63%, 06/15/2035 | 4400 | 4195 |
| 6.70%, 02/16/2032 | 1200 | 1189 |
| 6.88%, 10/16/2025 | 1053 | 1052 |
| 6.88%, 08/04/2026 | 935 | 947 |
| 7.69%, 01/23/2050 | 1600 | 1455 |
| Petronas Capital Ltd., (Malaysia), |  |  |
| 4.55%, 04/21/2050 (e) | 3700 | 3272 |
| Reg. S, 4.55%, 04/21/2050 | 700 | 619 |
| Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e) | 3810 | 3831 |
| PRIO Luxembourg Holding Sarl, (Luxembourg), Reg. S, 6.13%, 06/09/2026 | 4600 | 4592 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Oil & Gas** — **continued** |  |  |  |
| Puma International Financing SA, (Luxembourg), 7.75%, 04/25/2029 (e) |  | 260 | 269 |
| QatarEnergy, (Qatar), |  |  |  |
| Reg. S, 1.38%, 09/12/2026 |  | 1200 | 1168 |
| Reg. S, 3.13%, 07/12/2041 |  | 12800 | 9854 |
| Reg. S, 3.30%, 07/12/2051 |  | 10000 | 7039 |
| Raizen Fuels Finance SA, (Luxembourg), |  |  |  |
| Reg. S, 5.70%, 01/17/2035 |  | 900 | 823 |
| Reg. S, 6.25%, 07/08/2032 |  | 800 | 782 |
| Reg. S, 6.45%, 03/05/2034 |  | 1100 | 1070 |
| Range Resources Corp., |  |  |  |
| 4.75%, 02/15/2030 (e) |  | 1190 | 1164 |
| 8.25%, 01/15/2029 |  | 460 | 471 |
| Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028 (e) |  | 200 | 201 |
| Rio Oil Finance Trust Series 2014-3, Reg. S, 9.75%, 01/06/2027 |  | 471 | 486 |
| Rio Oil Finance Trust Series 2018-1, 8.20%, 04/06/2028 (e) |  | 77 | 80 |
| Saturn Oil & Gas, Inc., (Canada), 9.63%, 06/15/2029 (e) |  | 50 | 52 |
| Seadrill Finance Ltd., (Bermuda), 8.38%, 08/01/2030 (e) |  | 130 | 135 |
| Shelf Drilling Holdings Ltd., (Cayman Islands), 9.63%, 04/15/2029 (e) |  | 702 | 736 |
| SM Energy Co., |  |  |  |
| 6.50%, 07/15/2028 |  | 526 | 529 |
| 6.63%, 01/15/2027 |  | 80 | 80 |
| 6.75%, 09/15/2026 |  | 1037 | 1037 |
| 6.75%, 08/01/2029 (e) |  | 1120 | 1125 |
| 7.00%, 08/01/2032 (e) |  | 130 | 130 |
| Societatea Nationala de Gaze Naturale ROMGAZ SA, (Romania), Reg. S, 4.75%, 10/07/2029 | EUR | 1675 | 2016 |
| State Oil Co. of the Azerbaijan Republic, (Azerbaijan), Reg. S, 6.95%, 03/18/2030 |  | 6000 | 6427 |
| Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026 |  | 103 | 106 |
| Sunoco LP, |  |  |  |
| 5.63%, 03/15/2031 (e) |  | 1863 | 1850 |
| 5.88%, 03/15/2034 (e) |  | 1131 | 1121 |
| 6.25%, 07/01/2033 (e) |  | 3059 | 3114 |
| 7.00%, 05/01/2029 (e) |  | 1450 | 1501 |
| 7.25%, 05/01/2032 (e) |  | 90 | 95 |
| (CMT Index 5 Year + 4.23%), 7.88%, 09/18/2030 (e) (x) (aa) |  | 13738 | 13981 |
| Sunoco LP / Sunoco Finance Corp., |  |  |  |
| 4.50%, 05/15/2029 |  | 3265 | 3187 |
| 4.50%, 04/30/2030 |  | 1430 | 1377 |
| 5.88%, 03/15/2028 |  | 515 | 515 |
| 6.00%, 04/15/2027 |  | 100 | 100 |
| Talos Production, Inc., |  |  |  |
| 9.00%, 02/01/2029 (e) |  | 200 | 207 |
| 9.38%, 02/01/2031 (e) |  | 90 | 94 |
| Tengizchevroil Finance Co. International Ltd., (Bermuda), |  |  |  |
| Reg. S, 3.25%, 08/15/2030 |  | 1900 | 1752 |
| Reg. S, 4.00%, 08/15/2026 |  | 2162 | 2148 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029 (e) |  | 3390 | 3317 |
| Transocean Aquila Ltd., (Cayman Islands), 8.00%, 09/30/2028 (e) |  | 36 | 37 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Oil & Gas** — **continued** |  |  |  |
| Transocean International Ltd., (Bermuda), |  |  |  |
| 6.80%, 03/15/2038 |  | 90 | 76 |
| 7.50%, 04/15/2031 |  | 50 | 46 |
| 7.88%, 10/15/2032 (e) (w) |  | 2256 | 2256 |
| 8.00%, 02/01/2027 (e) |  | 3636 | 3637 |
| 8.25%, 05/15/2029 (e) |  | 6294 | 6187 |
| 8.50%, 05/15/2031 (e) |  | 3412 | 3345 |
| 8.75%, 02/15/2030 (e) |  | 2511 | 2642 |
| 9.35%, 12/15/2041 |  | 20 | 19 |
| Transocean Poseidon Ltd., (Cayman Islands), 6.88%, 02/01/2027 (e) |  | 77 | 76 |
| Transocean Titan Financing Ltd., (Cayman Islands), 8.38%, 02/01/2028 (e) |  | 465 | 476 |
| Uzbekneftegaz JSC, (Uzbekistan), Reg. S, 4.75%, 11/16/2028 |  | 3200 | 3049 |
| Valaris Ltd., (Bermuda), 8.38%, 04/30/2030 (e) |  | 4912 | 5089 |
| Var Energi ASA, (Norway), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.77%), 7.86%, 11/15/2083 (aa) | EUR | 12159 | 15829 |
| Vermilion Energy, Inc., (Canada), |  |  |  |
| 6.88%, 05/01/2030 (e) |  | 100 | 98 |
| 7.25%, 02/15/2033 (e) |  | 235 | 222 |
| Viper Energy Partners LLC, 4.90%, 08/01/2030 |  | 313 | 315 |
| Vital Energy, Inc., |  |  |  |
| 7.75%, 07/31/2029 (e) |  | 1007 | 997 |
| 7.88%, 04/15/2032 (e) |  | 6199 | 6017 |
| 9.75%, 10/15/2030 |  | 2561 | 2674 |
| Vnom Sub, Inc., 5.38%, 11/01/2027 (e) |  | 575 | 575 |
| W&T Offshore, Inc., 10.75%, 02/01/2029 (e) |  | 20 | 19 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 (e) |  | 2592 | 2619 |
| 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 | 8100 | 9165 |
|  |  |  | 405939 |
| **Oil & Gas Services** — **0.7%** |  |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp., |  |  |  |
| 6.25%, 04/01/2028 (e) |  | 1428 | 1430 |
| 6.63%, 09/01/2032 (e) |  | 3635 | 3729 |
| 6.88%, 04/01/2027 (e) |  | 40 | 40 |
| Aris Water Holdings LLC, 7.25%, 04/01/2030 (e) |  | 1024 | 1081 |
| Bristow Group, Inc., 6.88%, 03/01/2028 (e) |  | 180 | 181 |
| CHC Group LLC, (Cayman Islands), 11.75%, 09/01/2030 (e) |  | 90 | 89 |
| Deepocean Ltd., (Jersey), 6.00%, 04/08/2031 (e) (w) | EUR | 575 | 684 |
| Enerflex Ltd., (Canada), 9.00%, 10/15/2027 (e) |  | 386 | 393 |
| Guara Norte Sarl, (Luxembourg), Reg. S, 5.20%, 06/15/2034 |  | 4072 | 3983 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 (e) |  | 200 | 211 |
| Kodiak Gas Services LLC, |  |  |  |
| 6.50%, 10/01/2033 (e) |  | 3449 | 3511 |
| 6.75%, 10/01/2035 (e) |  | 2664 | 2736 |
| 7.25%, 02/15/2029 (e) |  | 4812 | 4991 |
| Nine Energy Service, Inc., 13.00%, 02/01/2028 |  | 30 | 15 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Oil & Gas Services** — **continued** |  |  |  |
| Oceaneering International, Inc., |  |  |  |
| 6.00%, 02/01/2028 |  | 515 | 521 |
| OEG Finance plc, (United Kingdom), Reg. S, 7.25%, 09/27/2029 | EUR | 3706 | 4548 |
| SESI LLC, 7.88%, 09/30/2030 (e) (w) |  | 665 | 665 |
| Star Holding LLC, 8.75%, 08/01/2031 (e) |  | 2964 | 2941 |
| TGS ASA, (Norway), 8.50%, 01/15/2030 (e) |  | 130 | 133 |
| Tidewater, Inc., 9.13%, 07/15/2030 (e) |  | 3018 | 3240 |
| USA Compression Partners LP / USA Compression Finance Corp., |  |  |  |
| 6.25%, 10/01/2033 (e) |  | 5168 | 5192 |
| 6.88%, 09/01/2027 |  | 1122 | 1122 |
| 7.13%, 03/15/2029 (e) |  | 2698 | 2783 |
| Viridien, (France), 10.00%, 10/15/2030 (e) |  | 140 | 143 |
| Weatherford International Ltd., (Bermuda), |  |  |  |
| 6.75%, 10/15/2033 (e) (w) |  | 5718 | 5723 |
| 8.63%, 04/30/2030 (e) |  | 4347 | 4444 |
| Welltec International ApS, (Denmark), 8.25%, 10/15/2026 (e) |  | 40 | 40 |
| Yinson Boronia Production BV, (Netherlands), |  |  |  |
| 8.95%, 07/31/2042 (e) |  | 2158 | 2401 |
| Reg. S, 8.95%, 07/31/2042 |  | 1246 | 1386 |
| Yinson Production Financial Services Pte Ltd., (Singapore), Reg. S, 9.63%, 05/03/2029 (e) |  | 3600 | 3804 |
|  |  |  | 62160 |
| **Pipelines** — **2.8%** |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., |  |  |  |
| 5.38%, 06/15/2029 (e) |  | 3818 | 3805 |
| 5.75%, 01/15/2028 (e) |  | 4752 | 4743 |
| 5.75%, 10/15/2033 (e) |  | 100 | 99 |
| 6.63%, 02/01/2032 (e) |  | 1606 | 1654 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp., |  |  |  |
| 7.00%, 07/15/2029 (e) |  | 3483 | 3609 |
| 7.25%, 07/15/2032 (e) |  | 2160 | 2272 |
| Buckeye Partners LP, |  |  |  |
| 3.95%, 12/01/2026 |  | 188 | 186 |
| 4.13%, 12/01/2027 |  | 70 | 69 |
| 4.50%, 03/01/2028 (e) |  | 60 | 59 |
| 5.60%, 10/15/2044 |  | 116 | 106 |
| 5.85%, 11/15/2043 |  | 1850 | 1725 |
| 6.75%, 02/01/2030 (e) |  | 694 | 721 |
| 6.75%, 08/15/2033 |  | 60 | 61 |
| 6.88%, 07/01/2029 (e) |  | 261 | 271 |
| Cheniere Energy, Inc., 4.63%, 10/15/2028 |  | 214 | 213 |
| CNX Midstream Partners LP, 4.75%, 04/15/2030 (e) |  | 1230 | 1179 |
| Columbia Pipelines Holding Co. LLC, |  |  |  |
| 6.04%, 08/15/2028 (e) |  | 675 | 704 |
| 6.06%, 08/15/2026 (e) |  | 352 | 357 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e) |  | 6027 | 5971 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp., |  |  |  |
| 7.13%, 06/01/2028 (e) |  | 170 | 171 |
| 7.38%, 06/30/2033 (e) |  | 2766 | 2812 |
| 8.63%, 03/15/2029 (e) |  | 280 | 292 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
|  **Pipelines** — **continued** |  |  |
| DT Midstream, Inc., 4.13%, 06/15/2029 (e) | 1024 | 999 |
| Enbridge, Inc., (Canada), |  |  |
| (CMT Index 5 Year + 2.97%), 7.20%, 06/27/2054 (aa) | 2888 | 3060 |
| (CMT Index 5 Year + 3.12%), 7.38%, 03/15/2055 (aa) | 1688 | 1786 |
| Energy Transfer LP, |  |  |
| 5.63%, 05/01/2027 (e) | 794 | 794 |
| 6.00%, 02/01/2029 (e) | 1201 | 1218 |
| (CMT Index 5 Year + 2.68%), 6.50%, 02/15/2056 (aa) | 350 | 348 |
| (CMT Index 5 Year + 2.48%), 6.75%, 02/15/2056 (aa) | 150 | 150 |
| (CMT Index 5 Year + 2.83%), 7.13%, 10/01/2054 (aa) | 4648 | 4811 |
| 7.38%, 02/01/2031 (e) | 272 | 284 |
| (CMT Index 5 Year + 4.02%), 8.00%, 05/15/2054 (aa) | 3868 | 4134 |
| Series G, (CMT Index 5 Year + 5.31%), 7.13%, 05/15/2030 (x) (aa) | 1877 | 1940 |
| Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) | 4655 | 4672 |
| Excelerate Energy LP, 8.00%, 05/15/2030 (e) | 1852 | 1971 |
| Genesis Energy LP / Genesis Energy Finance Corp., |  |  |
| 7.75%, 02/01/2028 | 100 | 101 |
| 7.88%, 05/15/2032 | 2847 | 2968 |
| 8.00%, 05/15/2033 | 2415 | 2529 |
| 8.25%, 01/15/2029 | 90 | 94 |
| 8.88%, 04/15/2030 | 80 | 84 |
| Global Partners LP / GLP Finance Corp., |  |  |
| 6.88%, 01/15/2029 | 1350 | 1362 |
| 7.13%, 07/01/2033 (e) | 1998 | 2048 |
| 8.25%, 01/15/2032 (e) | 1750 | 1845 |
| Harvest Midstream I LP, |  |  |
| 7.50%, 09/01/2028 (e) | 190 | 192 |
| 7.50%, 05/15/2032 (e) | 1152 | 1177 |
| Hess Midstream Operations LP, |  |  |
| 4.25%, 02/15/2030 (e) | 629 | 610 |
| 5.13%, 06/15/2028 (e) | 942 | 941 |
| 5.88%, 03/01/2028 (e) | 40 | 41 |
| 6.50%, 06/01/2029 (e) | 1090 | 1124 |
| Howard Midstream Energy Partners LLC, |  |  |
| 6.63%, 01/15/2034 (e) | 4116 | 4195 |
| 7.38%, 07/15/2032 (e) | 858 | 890 |
| ITT Holdings LLC, 6.50%, 08/01/2029 (e) | 6071 | 5969 |
| Kinder Morgan, Inc., 5.00%, 02/01/2029 | 66 | 68 |
| Kinetik Holdings LP, |  |  |
| 5.88%, 06/15/2030 (e) | 93 | 94 |
| 6.63%, 12/15/2028 (e) | 758 | 778 |
| Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (e) | 170 | 180 |
| New Generation Gas, Reg. S, 0.00%, 09/30/2029 (e) (bb) | 35 | 35 |
| New Generation Gas Gathering LLC, |  |  |
| 0.00%, 09/30/2029 (e) (bb) | 264 | 260 |
| Reg. S, 0.00%, 12/31/2049 (e) (bb) | 176 | 173 |
| Reg. S, 10.08%, 09/30/2029 (e) (bb) | 176 | 173 |
| NFE Financing LLC, 12.00%, 11/15/2029 (e) | 2980 | 861 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
|  **Pipelines** — **continued** |  |  |
| NGL Energy Operating LLC / NGL Energy Finance Corp., |  |  |
| 8.13%, 02/15/2029 (e) | 2419 | 2481 |
| 8.38%, 02/15/2032 (e) | 9797 | 10038 |
| NGPL PipeCo. LLC, 4.88%, 08/15/2027 (e) | 387 | 388 |
| Northriver Midstream Finance LP, (Canada), 6.75%, 07/15/2032 (e) | 1209 | 1241 |
| NuStar Logistics LP, |  |  |
| 5.63%, 04/28/2027 | 80 | 80 |
| 6.38%, 10/01/2030 | 80 | 83 |
| ONEOK, Inc., 5.63%, 01/15/2028 (e) | 87 | 89 |
| Prairie Acquiror LP, 9.00%, 08/01/2029 (e) | 1257 | 1305 |
| Rockies Express Pipeline LLC, |  |  |
| 4.80%, 05/15/2030 (e) | 2225 | 2173 |
| 4.95%, 07/15/2029 (e) | 213 | 211 |
| 6.75%, 03/15/2033 (e) | 965 | 1007 |
| 6.88%, 04/15/2040 (e) | 2630 | 2706 |
| 7.50%, 07/15/2038 (e) | 1425 | 1520 |
| Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (e) | 787 | 782 |
| Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 | 59 | 59 |
| South Bow Canadian Infrastructure Holdings Ltd., (Canada), |  |  |
| (CMT Index 5 Year + 3.67%), 7.50%, 03/01/2055 (aa) | 90 | 96 |
| (CMT Index 5 Year + 3.95%), 7.63%, 03/01/2055 (aa) | 70 | 73 |
| South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 | 702 | 708 |
| Southern Gas Corridor CJSC, (Azerbaijan), Reg. S, 6.88%, 03/24/2026 | 9300 | 9396 |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (e) | 160 | 161 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., |  |  |
| 5.50%, 01/15/2028 (e) | 5326 | 5299 |
| 6.00%, 03/01/2027 (e) | 1063 | 1063 |
| 6.00%, 12/31/2030 (e) | 868 | 857 |
| 6.00%, 09/01/2031 (e) | 1999 | 1955 |
| 6.75%, 03/15/2034 (e) | 1461 | 1448 |
| 7.38%, 02/15/2029 (e) | 4609 | 4746 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp., |  |  |
| 5.00%, 01/15/2028 | 758 | 759 |
| 6.88%, 01/15/2029 | 1637 | 1668 |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030 (e) | 624 | 650 |
| Venture Global Calcasieu Pass LLC, |  |  |
| 3.88%, 08/15/2029 (e) | 2155 | 2066 |
| 3.88%, 11/01/2033 (e) | 60 | 54 |
| 4.13%, 08/15/2031 (e) | 1400 | 1322 |
| 6.25%, 01/15/2030 (e) | 1130 | 1178 |
| Venture Global LNG, Inc., |  |  |
| 7.00%, 01/15/2030 (e) | 1520 | 1571 |
| 8.13%, 06/01/2028 (e) | 590 | 611 |
| 8.38%, 06/01/2031 (e) | 6701 | 7034 |
| (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) | 36300 | 35974 |
| 9.50%, 02/01/2029 (e) | 20928 | 23056 |
| 9.88%, 02/01/2032 (e) | 8639 | 9406 |
| Venture Global Plaquemines LNG LLC, |  |  |
| 6.50%, 01/15/2034 (e) | 9452 | 9946 |
| 6.75%, 01/15/2036 (e) | 9776 | 10384 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
|  **Pipelines** — **continued** |  |  |  |
| 7.50%, 05/01/2033 (e) |  | 5415 | 5984 |
| 7.75%, 05/01/2035 (e) |  | 4679 | 5281 |
| Western Midstream Operating LP, |  |  |  |
| 4.65%, 07/01/2026 |  | 785 | 785 |
| 4.75%, 08/15/2028 |  | 87 | 88 |
| Whistler Pipeline LLC, 5.40%, 09/30/2029 (e) |  | 353 | 363 |
|  |  |  | 254183 |
| Total Energy |  |  | 734276 |
| **Financial** — **14.0%** |  |  |  |
| **Banks** — **3.1%** |  |  |  |
| ABN AMRO Bank NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.24%), 6.88%, 09/22/2031 (x) (aa) | EUR | 4000 | 5123 |
| AIB Group plc, (Ireland), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.71%), 6.00%, 07/14/2031 (x) (aa) | EUR | 1675 | 2008 |
| (United States SOFR + 2.33%), 6.61%, 09/13/2029 (e) (aa) |  | 416 | 442 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.39%), 7.13%, 10/30/2029 (x) (aa) | EUR | 800 | 1007 |
| Armor Holdco, Inc., 8.50%, 11/15/2029 (e) |  | 80 | 79 |
| Banco Bilbao Vizcaya Argentaria SA, (Spain), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 4.27%), 6.88%, 12/13/2030 (x) (aa) | EUR | 200 | 254 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.54%), 8.38%, 06/21/2028 (x) (aa) | EUR | 600 | 781 |
| Banco Comercial Portugues SA, (Portugal), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.78%), 8.13%, 01/18/2029 (x) (aa) | EUR | 2800 | 3612 |
| Banco Davivienda SA, (Colombia), Reg. S, (CMT Index 1 Year + 5.10%), 6.65%, 04/22/2031 (x) (aa) |  | 1300 | 1208 |
| Banco de Sabadell SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 6.83%), 9.38%, 07/18/2028 (x) (aa) | EUR | 7800 | 10382 |
| Banco Mercantil del Norte SA, (Mexico), (CMT Index 5 Year + 4.07%), 8.38%, 05/20/2031 (e) (x) (aa) |  | 2800 | 2948 |
| Banco Nacional de Comercio Exterior SNC, (Mexico), |  |  |  |
| Reg. S, 4.38%, 10/14/2025 |  | 1128 | 1129 |
| 5.88%, 05/07/2030 (e) |  | 1727 | 1789 |
| Banco Santander SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.82%), 6.00%, 01/02/2031 (x) (aa) | EUR | 1400 | 1687 |
| Bank of America Corp., |  |  |  |
| (CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa) |  | 1023 | 1014 |
| (CME Term SOFR 3 Month + 1.33%), 3.97%, 03/05/2029 (aa) |  | 1151 | 1146 |
| (CMT Index 5 Year + 2.35%), 6.25%, 07/26/2030 (x) (aa) |  | 6920 | 7014 |
| (CMT Index 5 Year + 2.68%), 6.63%, 05/01/2030 (x) (aa) |  | 10110 | 10521 |
| Bank of Ireland Group plc, (Ireland), |  |  |  |
| (CMT Index 1 Year + 1.10%), 2.03%, 09/30/2027 (e) (aa) |  | 922 | 901 |
| (United States SOFR + 1.62%), 5.60%, 03/20/2030 (e) (aa) |  | 334 | 347 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.03%), 6.38%, 03/10/2030 (x) (aa) | EUR | 1300 | 1591 |
| Bankinter SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.71%), 7.38%, 08/15/2028 (x) (aa) | EUR | 400 | 510 |
| Barclays plc, (United Kingdom), |  |  |  |
| (CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa) |  | 465 | 440 |
| (United States SOFR + 1.23%), 5.37%, 02/25/2031 (aa) |  | 283 | 292 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks** — **continued** |  |  |  |
| (United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa) |  | 462 | 471 |
| (USD SOFR ICE Swap Rate 5 Year + 3.69%), 7.63%, 03/15/2035 (x) (aa) |  | 2000 | 2119 |
| (CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa) |  | 600 | 635 |
| (ICE Swap Rate GBP SONIA 5 Year + 5.64%), 9.25%, 09/15/2028 (x) (aa) | GBP | 9050 | 13165 |
| (USD SOFR ICE Swap Rate 5 Year + 5.78%), 9.63%, 12/15/2029 (x) (aa) |  | 10305 | 11699 |
| BNP Paribas SA, (France), |  |  |  |
| (United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa) |  | 400 | 381 |
| (United States SOFR + 1.23%), 2.59%, 01/20/2028 (e) (aa) |  | 1086 | 1063 |
| (United States SOFR + 1.28%), 5.28%, 11/19/2030 (e) (aa) |  | 200 | 206 |
| BOI Finance BV, (Netherlands), Reg. S, 7.50%, 02/16/2027 | EUR | 1400 | 1687 |
| BPCE SA, (France), |  |  |  |
| (United States SOFR + 1.09%), 2.05%, 10/19/2027 (e) (aa) |  | 305 | 298 |
| 4.88%, 04/01/2026 (e) |  | 200 | 200 |
| BPER Banca SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.35%), 6.50%, 03/20/2030 (x) (aa) | EUR | 200 | 246 |
| CaixaBank SA, (Spain), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 4.50%), 5.25%, 03/23/2026 (x) (aa) | EUR | 400 | 474 |
| Reg. S, (EUR Swap Rate 5 Year + 6.35%), 5.88%, 10/09/2027 (x) (aa) | EUR | 400 | 487 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.94%), 6.25%, 07/24/2032 (x) (aa) | EUR | 200 | 246 |
| Capital One NA, (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 1.73%), 5.97%, 08/09/2028 (aa) |  | 282 | 292 |
| Citigroup, Inc., |  |  |  |
| (CME Term SOFR 3 Month + 1.82%), 3.89%, 01/10/2028 (aa) |  | 805 | 802 |
| (United States SOFR + 1.17%), 4.50%, 09/11/2031 (aa) |  | 369 | 369 |
| (United States SOFR + 0.87%), 4.79%, 03/04/2029 (aa) |  | 1001 | 1014 |
| (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) |  | 1099 | 1128 |
| Series CC, (CMT Index 5 Year + 2.69%), 7.13%, 08/15/2029 (x) (aa) |  | 8870 | 9163 |
| Series DD, (CMT Index 1 Year + 2.76%), 7.00%, 08/15/2034 (x) (aa) |  | 1380 | 1466 |
| Series EE, (CMT Index 5 Year + 2.57%), 6.75%, 02/15/2030 (x) (aa) |  | 3611 | 3670 |
| Series FF, (CMT Index 5 Year + 2.73%), 6.95%, 02/15/2030 (x) (aa) |  | 2629 | 2700 |
| Series GG, (CMT Index 5 Year + 2.89%), 6.88%, 08/15/2030 (x) (aa) |  | 2450 | 2525 |
| Series X, (CMT Index 5 Year + 3.42%), 3.88%, 02/18/2026 (x) (aa) |  | 4871 | 4826 |
| Citizens Financial Group, Inc., |  |  |  |
| (United States SOFR + 1.26%), 5.25%, 03/05/2031 (aa) |  | 825 | 846 |
| (United States SOFR + 2.01%), 5.84%, 01/23/2030 (aa) |  | 388 | 404 |
| Commerzbank AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 6.74%), 6.50%, 10/09/2029 (x) (aa) | EUR | 200 | 251 |
| Credit Agricole SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.64%), 5.88%, 03/23/2035 (x) (aa) | EUR | 200 | 239 |
| Danske Bank A/S, (Denmark), (CMT Index 1 Year + 1.75%), 4.30%, 04/01/2028 (e) (aa) |  | 630 | 631 |
| Deutsche Bank AG, (Germany), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.55%), 4.50%, 11/30/2026 (x) (aa) | EUR | 3800 | 4428 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.75%), 4.63%, 10/30/2027 (x) (aa) | EUR | 200 | 231 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.69%), 6.75%, 10/30/2028 (x) (aa) | EUR | 8000 | 9875 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.60%), 7.13%, 10/30/2030 (x) (aa) | EUR | 200 | 248 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.11%), 7.38%, 10/30/2031 (x) (aa) | EUR | 200 | 253 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.26%), 8.13%, 10/30/2029 (x) (aa) | EUR | 8600 | 11027 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks** — **continued** |  |  |  |
| Deutsche Pfandbriefbank AG, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.86%), 7.13%, 10/04/2035 (aa) | EUR | 1200 | 1495 |
| Dresdner Funding Trust I, 8.15%, 06/30/2031 (e) |  | 70 | 77 |
| Eurobank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.70%), 4.00%, 02/07/2036 (aa) | EUR | 383 | 452 |
| Federation des Caisses Desjardins du Quebec, (Canada), 4.57%, 08/26/2030 (e) |  | 200 | 201 |
| First Citizens BancShares, Inc., (United States SOFR + 1.41%), 5.23%, 03/12/2031 (aa) |  | 826 | 839 |
| First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa) |  | 328 | 338 |
| Freedom Mortgage Corp., |  |  |  |
| 6.63%, 01/15/2027 (e) |  | 2065 | 2060 |
| 12.00%, 10/01/2028 (e) |  | 2234 | 2368 |
| 12.25%, 10/01/2030 (e) |  | 1865 | 2081 |
| Goldman Sachs Group, Inc. (The), |  |  |  |
| (United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) |  | 1481 | 1450 |
| (CME Term SOFR 3 Month + 1.56%), 4.22%, 05/01/2029 (aa) |  | 1657 | 1659 |
| (United States SOFR + 1.32%), 4.94%, 04/23/2028 (aa) |  | 334 | 338 |
| (United States SOFR + 1.58%), 5.22%, 04/23/2031 (aa) |  | 395 | 408 |
| (CMT Index 5 Year + 2.46%), 6.85%, 02/10/2030 (x) (aa) |  | 4735 | 4919 |
| Series Y, (CMT Index 1 Year + 2.40%), 6.13%, 11/10/2034 (x) (aa) |  | 8008 | 8128 |
| HSBC Holdings plc, (United Kingdom), |  |  |  |
| (United States SOFR + 1.03%), 4.90%, 03/03/2029 (aa) |  | 434 | 440 |
| (United States SOFR + 1.06%), 5.60%, 05/17/2028 (aa) |  | 286 | 292 |
| Huntington Bancshares, Inc., (United States SOFR + 1.97%), 4.44%, 08/04/2028 (aa) |  | 36 | 36 |
| ING Groep NV, (Netherlands), (United States SOFR + 1.56%), 6.08%, 09/11/2027 (aa) |  | 332 | 338 |
| Intesa Sanpaolo SpA, (Italy), |  |  |  |
| (CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa) |  | 3570 | 3375 |
| (CMT Index 1 Year + 2.75%), 4.95%, 06/01/2042 (e) (aa) |  | 450 | 380 |
| Reg. S, (EUR Swap Rate 5 Year + 5.85%), 5.50%, 03/01/2028 (x) (aa) | EUR | 350 | 425 |
| 5.71%, 01/15/2026 (e) |  | 410 | 411 |
| Reg. S, (EUR Swap Rate 5 Year + 6.09%), 5.88%, 09/01/2031 (x) (aa) | EUR | 5610 | 6973 |
| KBC Group NV, (Belgium), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.81%), 6.00%, 11/27/2030 (x) (aa) | EUR | 1400 | 1690 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.99%), 6.25%, 09/17/2031 (x) (aa) | EUR | 800 | 981 |
| KeyCorp., (SOFR Compounded Index + 1.23%), 5.12%, 04/04/2031 (aa) |  | 80 | 82 |
| Lloyds Banking Group plc, (United Kingdom), |  |  |  |
| 4.58%, 12/10/2025 |  | 200 | 200 |
| (CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa) |  | 200 | 203 |
| Macquarie Bank Ltd., (Australia), 3.62%, 06/03/2030 (e) |  | 239 | 228 |
| Macquarie Group Ltd., (Australia), (CME Term SOFR 3 Month + 1.63%), 3.76%, 11/28/2028 (e) (aa) |  | 506 | 500 |
| Morgan Stanley, |  |  |  |
| (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) |  | 394 | 402 |
| (United States SOFR + 1.22%), 5.04%, 07/19/2030 (aa) |  | 155 | 159 |
| (United States SOFR + 1.73%), 5.12%, 02/01/2029 (aa) |  | 476 | 486 |
| (United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa) |  | 98 | 101 |
| Morgan Stanley Private Bank NA, (United States SOFR + 1.08%), 4.73%, 07/18/2031 (aa) |  | 250 | 254 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Banks** — **continued** |  |  |  |
| National Bank of Greece SA, (Greece), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.15%), 5.88%, 06/28/2035 (aa) | EUR | 9550 | 12062 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.65%), 8.00%, 01/03/2034 (aa) | EUR | 4636 | 6129 |
| NatWest Group plc, (United Kingdom), |  |  |  |
| (CMT Index 1 Year + 1.22%), 4.96%, 08/15/2030 (aa) |  | 296 | 301 |
| (CMT Index 5 Year + 3.75%), 8.13%, 11/10/2033 (x) (aa) |  | 2382 | 2682 |
| Nova Ljubljanska Banka dd, (Slovenia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.23%), 6.88%, 01/24/2034 (aa) | EUR | 2200 | 2799 |
| Piraeus Bank SA, (Greece), Reg. S, (EUR Swap Rate 1 Year + 3.84%), 6.75%, 12/05/2029 (aa) | EUR | 6052 | 7892 |
| PNC Financial Services Group, Inc. (The), |  |  |  |
| (United States SOFR + 1.33%), 4.90%, 05/13/2031 (aa) |  | 1028 | 1050 |
| Series W, (CMT Index 7 Year + 2.81%), 6.25%, 03/15/2030 (x) (aa) |  | 954 | 979 |
| Popular, Inc., (Puerto Rico), 7.25%, 03/13/2028 |  | 194 | 203 |
| Santander UK Group Holdings plc, (United Kingdom), |  |  |  |
| (SOFR Compounded Index + 1.07%), 4.32%, 09/22/2029 (aa) |  | 248 | 247 |
| (United States SOFR + 2.60%), 6.53%, 01/10/2029 (aa) |  | 990 | 1036 |
| (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 617 | 619 |
| Societe Generale SA, (France), |  |  |  |
| (CMT Index 5 Year + 3.79%), 8.13%, 11/21/2029 (e) (x) (aa) |  | 1123 | 1176 |
| Reg. S, (CMT Index 5 Year + 5.45%)10.00%, 11/14/2028 (x) (aa) |  | 3380 | 3745 |
| Standard Chartered plc, (United Kingdom), |  |  |  |
| (CMT Index 1 Year + 1.05%), 5.69%, 05/14/2028 (e) (aa) |  | 256 | 262 |
| (CMT Index 1 Year + 1.85%), 6.75%, 02/08/2028 (e) (aa) |  | 400 | 412 |
| Synchrony Bank, 5.63%, 08/23/2027 |  | 1056 | 1078 |
| Toronto-Dominion Bank (The), (Canada), (CMT Index 5 Year + 2.98%), 7.25%, 07/31/2084 (aa) |  | 2441 | 2569 |
| Turkiye Vakiflar Bankasi TAO, (Turkey), 7.25%, 07/31/2030 (e) |  | 1600 | 1635 |
| UBS Group AG, (Switzerland), |  |  |  |
| (CMT Index 1 Year + 0.85%), 1.49%, 08/10/2027 (e) (aa) |  | 1067 | 1042 |
| (ICE LIBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa) |  | 806 | 799 |
| Reg. S, (CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (x) (aa) |  | 520 | 473 |
| (CMT Index 1 Year + 2.05%), 4.70%, 08/05/2027 (e) (aa) |  | 1194 | 1198 |
| (CMT Index 1 Year + 1.52%), 5.43%, 02/08/2030 (e) (aa) |  | 200 | 207 |
| (USD SOFR ICE Swap Rate 5 Year + 3.12%), 6.60%, 08/05/2030 (e) (x) (aa) |  | 2200 | 2212 |
| (USD SOFR ICE Swap Rate 5 Year + 3.63%), 6.85%, 09/10/2029 (e) (x) (aa) |  | 1865 | 1923 |
| (USD SOFR ICE Swap Rate 5 Year + 3.08%), 7.00%, 02/10/2030 (e) (x) (aa) |  | 2427 | 2487 |
| (USD SOFR ICE Swap Rate 5 Year + 3.30%), 7.00%, 02/05/2035 (e) (x) (aa) |  | 3800 | 3874 |
| (USD SOFR ICE Swap Rate 5 Year + 3.18%), 7.13%, 08/10/2034 (e) (x) (aa) |  | 2746 | 2826 |
| (USD SOFR ICE Swap Rate 5 Year + 4.16%), 7.75%, 04/12/2031 (e) (x) (aa) |  | 7396 | 7967 |
| (CMT Index 5 Year + 4.75%), 9.25%, 11/13/2028 (e) (x) (aa) |  | 4217 | 4645 |
| (CMT Index 5 Year + 4.76%), 9.25%, 11/13/2033 (e) (x) (aa) |  | 5351 | 6369 |
| Unicaja Banco SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 2.80%), 5.50%, 06/22/2034 (aa) | EUR | 1400 | 1741 |
| US Bancorp, |  |  |  |
| (United States SOFR + 1.06%), 5.05%, 02/12/2031 (aa) |  | 1007 | 1033 |
| (United States SOFR + 2.02%), 5.78%, 06/12/2029 (aa) |  | 219 | 228 |
| (United States SOFR + 1.88%), 6.79%, 10/26/2027 (aa) |  | 157 | 161 |
| Uzbek Industrial and Construction Bank ATB, (Uzbekistan), |  |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Banks** — **continued** |  |  |
| 8.95%, 07/24/2029 (e) | 1000 | 1083 |
| Reg. S, 8.95%, 07/24/2029 | 200 | 217 |
| Vakifbank DPR, 6.83%, 03/15/2035 (f) (bb) | 2200 | 2200 |
| Valley National Bancorp, (CME Term SOFR 3 Month + 2.78%), 6.25%, 09/30/2032 (aa) | 110 | 105 |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033 (e) | 889 | 911 |
| Wells Fargo & Co., |  |  |
| (United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) | 101 | 102 |
| (United States SOFR + 1.37%), 4.97%, 04/23/2029 (aa) | 319 | 325 |
| (United States SOFR + 1.50%), 5.20%, 01/23/2030 (aa) | 244 | 251 |
| (United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa) | 178 | 185 |
| (United States SOFR + 1.79%), 6.30%, 10/23/2029 (aa) | 786 | 833 |
| (CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa) | 2015 | 2118 |
|  |  | 285150 |
| **Diversified Financial Services** — **3.3%** |  |  |
| AG Issuer LLC, 6.25%, 03/01/2028 (e) (w) | 372 | 373 |
| Aircastle Ltd. / Aircastle Ireland DAC, (Bermuda), |  |  |
| 5.00%, 09/15/2030 (e) | 188 | 190 |
| 5.25%, 03/15/2030 (e) | 150 | 153 |
| Aircastle Ltd., (Bermuda), 5.95%, 02/15/2029 (e) | 187 | 195 |
| Ally Financial, Inc., |  |  |
| 5.75%, 11/20/2025 | 329 | 329 |
| (CMT Index 5 Year + 2.45%), 6.65%, 01/17/2040 (aa) | 110 | 110 |
| American Express Co., (United States SOFR + 1.33%), 6.34%, 10/30/2026 (aa) | 294 | 295 |
| Aretec Group, Inc., |  |  |
| 7.50%, 04/01/2029 (e) | 70 | 70 |
| 10.00%, 08/15/2030 (e) | 120 | 131 |
| Atlanticus Holdings Corp., 9.75%, 09/01/2030 (e) | 70 | 69 |
| Atlas Warehouse Lending Co. LP, |  |  |
| 6.05%, 01/15/2028 (e) | 600 | 614 |
| 6.25%, 01/15/2030 (e) | 250 | 257 |
| Aviation Capital Group LLC, |  |  |
| 1.95%, 09/20/2026 (e) | 614 | 600 |
| 3.50%, 11/01/2027 (e) | 337 | 331 |
| 4.88%, 10/01/2025 (e) | 908 | 908 |
| 5.38%, 07/15/2029 (e) | 630 | 645 |
| Avolon Holdings Funding Ltd., (Cayman Islands), |  |  |
| 2.13%, 02/21/2026 (e) | 305 | 302 |
| 2.53%, 11/18/2027 (e) | 397 | 382 |
| 2.75%, 02/21/2028 (e) | 81 | 78 |
| 3.25%, 02/15/2027 (e) | 251 | 247 |
| 4.95%, 01/15/2028 (e) | 74 | 74 |
| 5.50%, 01/15/2026 (e) | 352 | 352 |
| 5.75%, 03/01/2029 (e) | 453 | 469 |
| 5.75%, 11/15/2029 (e) | 585 | 608 |
| Azorra Finance Ltd., (Cayman Islands), |  |  |
| 7.25%, 01/15/2031 (e) | 2244 | 2337 |
| 7.75%, 04/15/2030 (e) | 3390 | 3564 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Diversified Financial Services** — **continued** |  |  |  |
| Bracken MidCo1 plc, (United Kingdom), Reg. S, 6.75% (cash), 11/01/2027 (v) | GBP | 3269 | 4379 |
| Bread Financial Holdings, Inc., |  |  |  |
| (CMT Index 5 Year + 4.30%), 8.38%, 06/15/2035 (e) (aa) |  | 1270 | 1303 |
| 9.75%, 03/15/2029 (e) |  | 753 | 804 |
| Burford Capital Global Finance LLC, |  |  |  |
| 6.25%, 04/15/2028 (e) |  | 230 | 231 |
| 6.88%, 04/15/2030 (e) |  | 230 | 231 |
| 7.50%, 07/15/2033 (e) |  | 100 | 102 |
| 9.25%, 07/01/2031 (e) |  | 230 | 244 |
| CIMA Finance DAC, (Ireland), Reg. S, 2.95%, 09/05/2029 |  | 3609 | 3361 |
| Citadel Securities Global Holdings LLC, 5.50%, 06/18/2030 (e) |  | 250 | 257 |
| Cobra AcquisitionCo. LLC, |  |  |  |
| 6.38%, 11/01/2029 (e) |  | 70 | 61 |
| 12.25%, 11/01/2029 (e) |  | 40 | 41 |
| Coinbase Global, Inc., |  |  |  |
| 3.38%, 10/01/2028 (e) |  | 240 | 228 |
| 3.63%, 10/01/2031 (e) |  | 200 | 178 |
| Credicorp Capital Sociedad Titulizadora SA, (Peru), |  |  |  |
| Reg. S, 9.70%, 03/05/2045 (e) | PEN | 8200 | 2486 |
| Reg. S, 10.10%, 12/15/2043 (e) | PEN | 6300 | 1941 |
| Credit Acceptance Corp., |  |  |  |
| 6.63%, 03/15/2030 (e) |  | 90 | 90 |
| 9.25%, 12/15/2028 (e) |  | 90 | 95 |
| CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/2030 (e) |  | 2373 | 2381 |
| Encore Capital Group, Inc., |  |  |  |
| Reg. S, 4.25%, 06/01/2028 | GBP | 8008 | 10289 |
| 6.63%, 04/15/2031 (e) (w) |  | 860 | 856 |
| 8.50%, 05/15/2030 (e) |  | 985 | 1046 |
| 9.25%, 04/01/2029 (e) |  | 120 | 126 |
| Enova International, Inc., |  |  |  |
| 9.13%, 08/01/2029 (e) |  | 110 | 116 |
| 11.25%, 12/15/2028 (e) |  | 150 | 159 |
| EZCORP, Inc., 7.38%, 04/01/2032 (e) |  | 50 | 53 |
| Finance of America Funding LLC, 7.88%, 11/30/2026 (e) |  | 30 | 28 |
| Focus Financial Partners LLC, 6.75%, 09/15/2031 (e) |  | 3968 | 4063 |
| Freedom Funding Center LLC, 12.00% (cash), 10/01/2032 (e) (v) |  | 1947 | 1947 |
| Freedom Mortgage Holdings LLC, |  |  |  |
| 7.88%, 04/01/2033 (e) |  | 70 | 72 |
| 8.38%, 04/01/2032 (e) |  | 1949 | 2043 |
| 9.13%, 05/15/2031 (e) |  | 4020 | 4275 |
| 9.25%, 02/01/2029 (e) |  | 5851 | 6175 |
| Garfunkelux Holdco 3 SA, (Luxembourg), Reg. S, 9.00%, 09/01/2028 | EUR | 187 | 223 |
| Garfunkelux Holdco 4 SA, (Luxembourg), Reg. S, 10.50% (Blend (cash 0.02% + PIK 10.48%)), 05/01/2030 (v) | EUR | 25 | 3 |
| GGAM Finance Ltd., (Cayman Islands), |  |  |  |
| 5.88%, 03/15/2030 (e) |  | 2338 | 2367 |
| 6.88%, 04/15/2029 (e) |  | 2343 | 2430 |
| 7.75%, 05/15/2026 (e) |  | 653 | 655 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Diversified Financial Services** — **continued** |  |  |  |
| 8.00%, 02/15/2027 (e) |  | 2035 | 2083 |
| 8.00%, 06/15/2028 (e) |  | 3138 | 3322 |
| Global Aircraft Leasing Co. Ltd., (Cayman Islands), 8.75%, 09/01/2027 (e) |  | 3154 | 3259 |
| goeasy Ltd., (Canada), |  |  |  |
| 6.88%, 05/15/2030 (e) |  | 110 | 109 |
| 6.88%, 02/15/2031 (e) |  | 2355 | 2280 |
| 7.38%, 10/01/2030 (e) |  | 3395 | 3412 |
| 7.63%, 07/01/2029 (e) |  | 1290 | 1306 |
| 9.25%, 12/01/2028 (e) |  | 1070 | 1117 |
| Hightower Holding LLC, |  |  |  |
| 6.75%, 04/15/2029 (e) |  | 110 | 109 |
| 9.13%, 01/31/2030 (e) |  | 70 | 74 |
| Interoceanica IV Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 11/30/2025 |  | 590 | 584 |
| Intrum Investments And Financing AB, (Sweden), |  |  |  |
| Reg. S, 7.75%, 09/11/2027 | EUR | 81 | 88 |
| Reg. S, 8.00%, 09/11/2027 | EUR | 167 | 199 |
| Reg. S, 8.50%, 09/11/2029 | EUR | 101 | 104 |
| Series 1, Reg. S, 7.75%, 09/11/2028 (e) | EUR | 223 | 231 |
| Jane Street Group / JSG Finance, Inc., |  |  |  |
| 4.50%, 11/15/2029 (e) |  | 734 | 716 |
| 6.13%, 11/01/2032 (e) |  | 901 | 913 |
| 6.75%, 05/01/2033 (e) |  | 1384 | 1435 |
| 7.13%, 04/30/2031 (e) |  | 150 | 158 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp., |  |  |  |
| 5.00%, 08/15/2028 (e) |  | 3229 | 3120 |
| 6.63%, 10/15/2031 (e) |  | 1971 | 1983 |
| Jefferson Capital Holdings LLC, |  |  |  |
| 6.00%, 08/15/2026 (e) |  | 635 | 635 |
| 8.25%, 05/15/2030 (e) |  | 140 | 146 |
| 9.50%, 02/15/2029 (e) |  | 170 | 179 |
| Jerrold Finco plc, (United Kingdom), |  |  |  |
| 7.50%, 06/15/2031 (e) | GBP | 6024 | 8283 |
| Reg. S, 7.50%, 06/15/2031 | GBP | 2850 | 3918 |
| Reg. S, 7.88%, 04/15/2030 | GBP | 9991 | 13851 |
| LD Holdings Group LLC, |  |  |  |
| 6.13%, 04/01/2028 (e) |  | 983 | 909 |
| 8.75%, 11/01/2027 (e) |  | 50 | 50 |
| LFS Topco LLC, 8.75%, 07/15/2030 (e) |  | 100 | 100 |
| LPL Holdings, Inc., |  |  |  |
| 4.00%, 03/15/2029 (e) |  | 596 | 583 |
| 4.63%, 11/15/2027 (e) |  | 1147 | 1145 |
| 4.90%, 04/03/2028 |  | 192 | 194 |
| 5.15%, 06/15/2030 |  | 287 | 293 |
| Macquarie Airfinance Holdings Ltd., (United Kingdom), |  |  |  |
| 5.15%, 03/17/2030 (e) |  | 938 | 951 |
| 6.40%, 03/26/2029 (e) |  | 392 | 412 |
| 6.50%, 03/26/2031 (e) |  | 2585 | 2770 |
| 8.13%, 03/30/2029 (e) |  | 1018 | 1060 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Diversified Financial Services** — **continued** |  |  |
| Midcap Financial Issuer Trust, |  |  |
| 5.63%, 01/15/2030 (e) | 975 | 921 |
| 6.50%, 05/01/2028 (e) | 873 | 867 |
| Nationstar Mortgage Holdings, Inc., |  |  |
| 5.00%, 02/01/2026 (e) | 575 | 575 |
| 5.13%, 12/15/2030 (e) | 2935 | 2961 |
| 5.50%, 08/15/2028 (e) | 3288 | 3288 |
| 5.75%, 11/15/2031 (e) | 4172 | 4216 |
| 6.00%, 01/15/2027 (e) | 140 | 140 |
| 6.50%, 08/01/2029 (e) | 1200 | 1231 |
| Navient Corp., |  |  |
| 4.88%, 03/15/2028 | 1710 | 1678 |
| 5.00%, 03/15/2027 | 3325 | 3312 |
| 5.50%, 03/15/2029 | 110 | 108 |
| 5.63%, 08/01/2033 | 90 | 82 |
| 6.75%, 06/15/2026 | 2978 | 3012 |
| 7.88%, 06/15/2032 | 2738 | 2881 |
| 9.38%, 07/25/2030 | 2955 | 3266 |
| 11.50%, 03/15/2031 | 70 | 79 |
| OneMain Finance Corp., |  |  |
| 3.50%, 01/15/2027 | 511 | 501 |
| 3.88%, 09/15/2028 | 2700 | 2595 |
| 4.00%, 09/15/2030 | 3737 | 3474 |
| 5.38%, 11/15/2029 | 2167 | 2144 |
| 6.13%, 05/15/2030 | 3843 | 3891 |
| 6.50%, 03/15/2033 | 3987 | 3997 |
| 6.63%, 01/15/2028 | 515 | 527 |
| 6.63%, 05/15/2029 | 2462 | 2531 |
| 6.75%, 03/15/2032 | 8040 | 8199 |
| 7.13%, 03/15/2026 | 1316 | 1328 |
| 7.13%, 11/15/2031 | 1343 | 1393 |
| 7.13%, 09/15/2032 | 2167 | 2239 |
| 7.50%, 05/15/2031 | 2857 | 2985 |
| 7.88%, 03/15/2030 | 1951 | 2065 |
| Osaic Holdings, Inc., |  |  |
| 6.75%, 08/01/2032 (e) | 1200 | 1239 |
| 8.00%, 08/01/2033 (e) | 2002 | 2075 |
| Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.38%, 02/01/2027 (e) | 140 | 140 |
| Panama Infrastructure Receivable Purchaser plc, (United Kingdom), Zero Coupon, 04/05/2032 (e) | 10200 | 7650 |
| PennyMac Financial Services, Inc., |  |  |
| 4.25%, 02/15/2029 (e) | 3730 | 3610 |
| 5.75%, 09/15/2031 (e) | 90 | 89 |
| 6.75%, 02/15/2034 (e) | 2532 | 2583 |
| 6.88%, 05/15/2032 (e) | 5201 | 5389 |
| 6.88%, 02/15/2033 (e) | 1340 | 1385 |
| 7.13%, 11/15/2030 (e) | 1380 | 1437 |
| 7.88%, 12/15/2029 (e) | 1838 | 1951 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Diversified Financial Services** — **continued** |  |  |  |
| PHH Escrow Issuer LLC / PHH Corp., 9.88%, 11/01/2029 (e) |  | 1840 | 1865 |
| Phoenix Aviation Capital Ltd., (Ireland), 9.25%, 07/15/2030 (e) |  | 4055 | 4315 |
| Planet Financial Group LLC, 10.50%, 12/15/2029 (e) |  | 190 | 200 |
| PRA Group, Inc., |  |  |  |
| 5.00%, 10/01/2029 (e) |  | 500 | 464 |
| 8.38%, 02/01/2028 (e) |  | 170 | 174 |
| 8.88%, 01/31/2030 (e) |  | 3475 | 3586 |
| Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029 (e) |  | 120 | 127 |
| Rfna LP, 7.88%, 02/15/2030 (e) |  | 70 | 71 |
| Rocket Cos., Inc., |  |  |  |
| 6.13%, 08/01/2030 (e) |  | 12648 | 13012 |
| 6.38%, 08/01/2033 (e) |  | 11490 | 11869 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., |  |  |  |
| 2.88%, 10/15/2026 (e) |  | 5461 | 5348 |
| 3.63%, 03/01/2029 (e) |  | 2425 | 2313 |
| 3.88%, 03/01/2031 (e) |  | 7118 | 6646 |
| 4.00%, 10/15/2033 (e) |  | 2721 | 2486 |
| SOCAR Turkey Enerji AS via Steas Funding 1 DAC, (Ireland), Reg. S, 7.23%, 03/17/2026 |  | 4600 | 4586 |
| Stellantis Financial Services US Corp., |  |  |  |
| 4.95%, 09/15/2028 (e) |  | 200 | 200 |
| 5.40%, 09/15/2030 (e) |  | 200 | 200 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 (e) |  | 100 | 103 |
| StoneX Group, Inc., 7.88%, 03/01/2031 (e) |  | 200 | 210 |
| Synchrony Financial, |  |  |  |
| 3.70%, 08/04/2026 |  | 163 | 162 |
| 3.95%, 12/01/2027 |  | 141 | 140 |
| (United States SOFR + 1.40%), 5.02%, 07/29/2029 (aa) |  | 236 | 238 |
| 7.25%, 02/02/2033 |  | 20 | 21 |
| TIB Diversified Payment Rights Finance Company, Series 2024-H, 7.96%, 11/15/2034 (f) (bb) |  | 3900 | 3900 |
| Titanium 2l Bondco Sarl, (Luxembourg), 6.25% (PIK), 01/14/2031 (v) | EUR | 11284 | 3423 |
| TrueNoord Capital DAC, (Ireland), 8.75%, 03/01/2030 (e) |  | 70 | 74 |
| United Wholesale Mortgage LLC, |  |  |  |
| 5.50%, 11/15/2025 (e) |  | 1490 | 1489 |
| 5.50%, 04/15/2029 (e) |  | 455 | 449 |
| 5.75%, 06/15/2027 (e) |  | 458 | 458 |
| UWM Holdings LLC, |  |  |  |
| 6.25%, 03/15/2031 (e) |  | 2737 | 2724 |
| 6.63%, 02/01/2030 (e) |  | 3203 | 3262 |
| VFH Parent LLC / Valor Co-Issuer, Inc., 7.50%, 06/15/2031 (e) |  | 150 | 155 |
|  |  |  | 299407 |
| **Insurance** — **2.7%** |  |  |  |
| Acrisure LLC / Acrisure Finance, Inc., |  |  |  |
| 4.25%, 02/15/2029 (e) |  | 2205 | 2125 |
| 6.00%, 08/01/2029 (e) |  | 90 | 89 |
| 6.75%, 07/01/2032 (e) |  | 1122 | 1155 |
| 7.50%, 11/06/2030 (e) |  | 130 | 135 |
| 8.25%, 02/01/2029 (e) |  | 8620 | 8997 |
| 8.50%, 06/15/2029 (e) |  | 2955 | 3102 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Insurance — continued** |  |  |  |
| AEGON Funding Co. LLC, 5.50%, 04/16/2027 (e) |  | 476 | 484 |
| AIA Group Ltd., (Hong Kong), |  |  |  |
| Reg. S, 3.20%, 09/16/2040 |  | 1650 | 1297 |
| 5.40%, 09/30/2054 (e) |  | 4800 | 4715 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, |  |  |  |
| 4.25%, 10/15/2027 (e) |  | 3616 | 3556 |
| 5.88%, 11/01/2029 (e) |  | 9257 | 9210 |
| 6.50%, 10/01/2031 (e) |  | 120 | 123 |
| 6.75%, 10/15/2027 (e) |  | 6333 | 6346 |
| 6.75%, 04/15/2028 (e) |  | 214 | 218 |
| 7.00%, 01/15/2031 (e) |  | 13215 | 13653 |
| 7.38%, 10/01/2032 (e) |  | 8583 | 8844 |
| Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.58%), 2.60%, 10/30/2031 (x) (aa) | EUR | 1000 | 1024 |
| American National Group, Inc., (CMT Index 5 Year + 3.18%), 7.00%, 12/01/2055 (aa) |  | 90 | 93 |
| AmWINS Group, Inc., |  |  |  |
| 4.88%, 06/30/2029 (e) |  | 3133 | 3045 |
| 6.38%, 02/15/2029 (e) |  | 1957 | 1995 |
| Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/2033 (e) |  | 3126 | 3200 |
| Aon Corp., 8.21%, 01/01/2027 |  | 2163 | 2266 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor, 7.88%, 11/01/2029 (e) |  | 2867 | 2992 |
| Ardonagh Finco Ltd., (Jersey), |  |  |  |
| Reg. S, 6.88%, 02/15/2031 | EUR | 4573 | 5549 |
| 6.88%, 02/15/2031 (e) | EUR | 2419 | 2936 |
| 7.75%, 02/15/2031 (e) |  | 13435 | 14056 |
| Ardonagh Group Finance Ltd., (Jersey), 8.88%, 02/15/2032 (e) |  | 12060 | 12685 |
| Assurant, Inc., 4.90%, 03/27/2028 |  | 202 | 204 |
| Athene Global Funding, |  |  |  |
| 1.99%, 08/19/2028 (e) |  | 1055 | 991 |
| 4.95%, 01/07/2027 (e) |  | 283 | 285 |
| 5.38%, 01/07/2030 (e) |  | 500 | 516 |
| 5.58%, 01/09/2029 (e) |  | 145 | 150 |
| Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031 (e) |  | 10 | 10 |
| Brighthouse Financial Global Funding, |  |  |  |
| 1.55%, 05/24/2026 (e) |  | 231 | 226 |
| 2.00%, 06/28/2028 (e) |  | 1136 | 1058 |
| 5.55%, 04/09/2027 (e) |  | 354 | 360 |
| 5.65%, 06/10/2029 (e) |  | 390 | 400 |
| Broadstreet Partners Group LLC, 5.88%, 04/15/2029 (e) |  | 1688 | 1684 |
| Brown & Brown, Inc., 4.90%, 06/23/2030 |  | 844 | 856 |
| CNO Global Funding, |  |  |  |
| 1.75%, 10/07/2026 (e) |  | 256 | 250 |
| 4.38%, 09/08/2028 (e) |  | 244 | 244 |
| 4.88%, 12/10/2027 (e) |  | 315 | 319 |
| 4.95%, 09/09/2029 (e) |  | 117 | 119 |
| 5.88%, 06/04/2027 (e) |  | 1190 | 1221 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Insurance — continued** |  |  |
| Corebridge Financial, Inc., (CMT Index 5 Year + 2.65%), 6.38%, 09/15/2054 (aa) | 1584 | 1626 |
| Corebridge Global Funding, 5.20%, 01/12/2029 (e) | 316 | 325 |
| Equitable America Global Funding, 4.65%, 06/09/2028 (e) | 234 | 237 |
| Equitable Financial Life Global Funding, 5.45%, 03/03/2028 (e) | 107 | 110 |
| F&G Global Funding, |  |  |
| 1.75%, 06/30/2026 (e) | 178 | 174 |
| 2.00%, 09/20/2028 (e) | 1208 | 1123 |
| 2.30%, 04/11/2027 (e) | 632 | 613 |
| 4.65%, 09/08/2028 (e) | 160 | 161 |
| Fidelis Insurance Holdings Ltd., (Bermuda), (CMT Index 5 Year + 4.28%), 7.75%, 06/15/2055 (aa) | 30 | 32 |
| FWD Group Holdings Ltd., (Cayman Islands), |  |  |
| 5.25%, 09/22/2030 (e) | 1900 | 1904 |
| 5.84%, 09/22/2035 (e) | 500 | 506 |
| GA Global Funding Trust, |  |  |
| 4.40%, 09/23/2027 (e) | 467 | 468 |
| 4.50%, 09/18/2030 (e) | 493 | 489 |
| 5.50%, 01/08/2029 (e) | 275 | 285 |
| Genworth Holdings, Inc., 6.50%, 06/15/2034 | 80 | 82 |
| Global Atlantic Fin Co., (CMT Index 5 Year + 3.80%), 4.70%, 10/15/2051 (e) (aa) | 140 | 138 |
| Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC, (United Kingdom), |  |  |
| 7.25%, 02/15/2031 (e) | 11944 | 12297 |
| 8.13%, 02/15/2032 (e) | 6326 | 6563 |
| HUB International Ltd., |  |  |
| 5.63%, 12/01/2029 (e) | 90 | 90 |
| 7.25%, 06/15/2030 (e) | 24299 | 25334 |
| 7.38%, 01/31/2032 (e) | 32049 | 33375 |
| Jackson National Life Global Funding, 3.05%, 04/29/2026 (e) | 800 | 794 |
| Jones Deslauriers Insurance Management, Inc., (Canada), |  |  |
| 6.88%, 10/01/2033 (e) | 3350 | 3332 |
| 8.50%, 03/15/2030 (e) | 2475 | 2601 |
| Liberty Mutual Group, Inc., |  |  |
| (CMT Index 5 Year + 3.32%), 4.13%, 12/15/2051 (e) (aa) | 30 | 29 |
| 4.30%, 02/01/2061 (e) | 20 | 13 |
| 7.80%, 03/15/2037 (e) | 20 | 23 |
| Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e) | 331 | 343 |
| MGIC Investment Corp., 5.25%, 08/15/2028 | 475 | 474 |
| Mutual of Omaha Cos. Global Funding, 5.45%, 12/12/2028 (e) | 551 | 570 |
| Nassau Cos. of New York (The), 7.88%, 07/15/2030 (e) | 112 | 114 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (e) | 20452 | 21271 |
| Ryan Specialty LLC, |  |  |
| 4.38%, 02/01/2030 (e) | 50 | 48 |
| 5.88%, 08/01/2032 (e) | 2321 | 2348 |
| Sammons Financial Group Global Funding, |  |  |
| 5.05%, 01/10/2028 (e) | 202 | 206 |
| 5.10%, 12/10/2029 (e) | 215 | 221 |
| USI, Inc., 7.50%, 01/15/2032 (e) | 3201 | 3353 |
| Wilton RE Ltd., (Canada), (CMT Index 5 Year + 5.27%), 6.00%, 10/22/2030 (e) (x) (aa) | 130 | 129 |
|  |  | 244584 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Investment Companies** — **0.8%** |  |  |
| Abu Dhabi Developmental Holding Co. PJSC, (United Arab Emirates), |  |  |
| 5.38%, 05/08/2029 (e) | 1000 | 1041 |
| 5.50%, 05/08/2034 (e) | 1500 | 1588 |
| Reg. S, 5.50%, 05/08/2034 | 1000 | 1059 |
| Apollo Debt Solutions BDC, |  |  |
| 5.88%, 08/30/2030 (e) | 1478 | 1505 |
| 6.55%, 03/15/2032 (e) | 346 | 363 |
| 6.70%, 07/29/2031 | 649 | 688 |
| Ares Strategic, Inc.ome Fund, |  |  |
| 5.15%, 01/15/2031 (e) | 1600 | 1581 |
| 5.60%, 02/15/2030 | 858 | 867 |
| 5.80%, 09/09/2030 (e) | 1670 | 1697 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/2030 | 528 | 531 |
| BlackRock TCP Capital Corp., 6.95%, 05/30/2029 | 80 | 82 |
| Blackstone Private Credit Fund, |  |  |
| 2.63%, 12/15/2026 | 407 | 397 |
| 3.25%, 03/15/2027 | 42 | 41 |
| 4.95%, 09/26/2027 | 116 | 117 |
| 6.00%, 11/22/2034 | 4893 | 5013 |
| Blackstone Secured Lending Fund, |  |  |
| 2.13%, 02/15/2027 | 230 | 223 |
| 3.63%, 01/15/2026 | 647 | 645 |
| 5.88%, 11/15/2027 | 163 | 167 |
| Blue Owl Capital Corp., 6.20%, 07/15/2030 | 3781 | 3889 |
| Blue Owl Credit Income Corp., |  |  |
| 3.13%, 09/23/2026 | 42 | 41 |
| 4.70%, 02/08/2027 | 159 | 159 |
| Blue Owl Technology Finance Corp., 3.75%, 06/17/2026 (e) | 108 | 107 |
| Compass Group Diversified Holdings LLC, |  |  |
| 5.00%, 01/15/2032 (e) | 60 | 54 |
| 5.25%, 04/15/2029 (e) | 1675 | 1548 |
| Gaci First Investment Co., (Cayman Islands), |  |  |
| Reg. S, 4.75%, 02/14/2030 | 2700 | 2742 |
| Reg. S, 4.88%, 02/14/2035 | 8000 | 7969 |
| Reg. S, 5.25%, 10/13/2032 | 17600 | 18220 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 | 1823 | 1855 |
| HAT Holdings I LLC / HAT Holdings II LLC, |  |  |
| 3.38%, 06/15/2026 (e) | 127 | 126 |
| 8.00%, 06/15/2027 (e) | 230 | 239 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., |  |  |
| 4.38%, 02/01/2029 | 2150 | 1856 |
| 5.25%, 05/15/2027 | 6511 | 6396 |
| 9.00%, 06/15/2030 | 110 | 106 |
| 9.75%, 01/15/2029 | 2649 | 2674 |
| 10.00%, 11/15/2029 (e) | 3152 | 3174 |
| Khazanah Capital Ltd., (Malaysia), Reg. S, 4.88%, 06/01/2033 | 4700 | 4806 |
| Prospect Capital Corp., |  |  |
| 3.36%, 11/15/2026 | 60 | 58 |
| 3.44%, 10/15/2028 | 60 | 54 |
|  |  | 73678 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Private Equity** — **0.1%** |  |  |  |
| Brookfield Finance, Inc., (Canada), (CMT Index 5 Year + 2.08%), 6.30%, 01/15/2055 (aa) |  | 5935 | 5886 |
| **Real Estate** — **2.2%** |  |  |  |
| Adler Financing Sarl, (Luxembourg), Series 1L, 8.25% (PIK), 12/31/2028 (v) | EUR | 16303 | 20373 |
| Alexandrite Lake Lux Holdings Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.75%, 07/30/2030 | EUR | 341 | 409 |
| 6.75%, 07/30/2030 (e) | EUR | 4444 | 5338 |
| Alstria Office AG, (Germany), Reg. S, 5.50%, 03/20/2031 | EUR | 100 | 122 |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp., |  |  |  |
| 7.00%, 04/15/2030 (e) |  | 2418 | 2447 |
| Series AI, 7.00%, 04/15/2030 |  | 720 | 728 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp., |  |  |  |
| 5.25%, 04/15/2030 (e) |  | 70 | 65 |
| 5.75%, 01/15/2029 (e) |  | 90 | 87 |
| 9.75%, 04/15/2030 (e) |  | 1211 | 1322 |
| Aroundtown Finance Sarl, (Luxembourg), |  |  |  |
| (ICE EURIBOR Swap Rate 5 Year + 2.35%), 5.00%, 04/16/2029 (x) (aa) | EUR | 4054 | 4544 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.51%), 7.13%, 01/16/2030 (x) (aa) | EUR | 1162 | 1439 |
| Reg. S, (UK Gilts 5 Year + 4.49%)8.63%, 05/07/2029 (x) (aa) | GBP | 906 | 1255 |
| Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 2.42%), 1.63%, 04/15/2026 (x) (aa) | EUR | 1300 | 1463 |
| BRANICKS Group AG, (Germany), Reg. S, 2.25%, 09/22/2026 | EUR | 6800 | 6306 |
| Citycon Treasury BV, (Netherlands), Reg. S, 5.38%, 07/08/2031 | EUR | 100 | 118 |
| CPI Property Group SA, (Luxembourg), |  |  |  |
| Reg. S, 4.75%, 07/22/2030 | EUR | 750 | 860 |
| Reg. S, 6.00%, 01/27/2032 | EUR | 2175 | 2608 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.23%), 7.50%, 03/26/2031 (x) (aa) | EUR | 1533 | 1742 |
| Cushman & Wakefield US Borrower LLC, |  |  |  |
| 6.75%, 05/15/2028 (e) |  | 200 | 202 |
| 8.88%, 09/01/2031 (e) |  | 2307 | 2465 |
| DEMIRE Deutsche Mittelstand Real Estate AG, (Germany), Reg. S, SUB, 5.00%, 12/31/2027 | EUR | 176 | 195 |
| DL Invest Group PM SA, (Poland), Reg. S, 6.63%, 07/15/2030 | EUR | 2125 | 2488 |
| Emeria SASU, (France), |  |  |  |
| Reg. S, 3.38%, 03/31/2028 | EUR | 1135 | 1137 |
| Reg. S, 7.75%, 03/31/2028 | EUR | 2036 | 2193 |
| Fastighets AB Balder, (Sweden), Reg. S, 1.13%, 01/29/2027 | EUR | 150 | 172 |
| Five Point Operating Co. LP, 8.00%, 10/01/2030 (e) |  | 1440 | 1461 |
| GLP China Holdings Ltd., (Hong Kong), Reg. S, 2.95%, 03/29/2026 |  | 2600 | 2559 |
| Grand City Properties SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 2.18%), 1.50%, 03/09/2026 (x) (aa) | EUR | 100 | 115 |
| Greystar Real Estate Partners LLC, 7.75%, 09/01/2030 (e) |  | 230 | 243 |
| Heimstaden Bostad AB, (Sweden), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 3.15%), 2.63%, 02/01/2027 (x) (aa) | EUR | 5709 | 6451 |
| Reg. S, (EUR Swap Rate 5 Year + 3.27%), 3.00%, 10/29/2027 (x) (aa) | EUR | 8254 | 9217 |
| Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa) | EUR | 2150 | 2505 |
| Reg. S, (EUR Swap Rate 5 Year + 3.90%), 3.63%, 10/13/2026 (x) (aa) | EUR | 2000 | 2309 |
| Howard Hughes Corp. (The), |  |  |  |
| 4.13%, 02/01/2029 (e) |  | 5351 | 5132 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Real Estate** — **continued** |  |  |  |
| 4.38%, 02/01/2031 (e) |  | 4348 | 4076 |
| 5.38%, 08/01/2028 (e) |  | 2755 | 2744 |
| Hunt Cos., Inc., 5.25%, 04/15/2029 (e) |  | 4700 | 4585 |
| IWG US Finance LLC, Reg. S, 6.50%, 06/28/2030 | EUR | 1400 | 1795 |
| Kennedy-Wilson, Inc., |  |  |  |
| 4.75%, 03/01/2029 |  | 120 | 115 |
| 4.75%, 02/01/2030 |  | 160 | 149 |
| 5.00%, 03/01/2031 |  | 70 | 65 |
| MLP Group SA, (Poland), Reg. S, 6.13%, 10/15/2029 | EUR | 1800 | 2201 |
| New Immo Holding SA, (France), |  |  |  |
| Reg. S, 2.75%, 11/26/2026 | EUR | 800 | 928 |
| Reg. S, 3.25%, 07/23/2027 | EUR | 6800 | 7867 |
| Reg. S, 4.88%, 12/08/2028 | EUR | 4800 | 5703 |
| Reg. S, 5.88%, 04/17/2028 | EUR | 5900 | 7152 |
| Reg. S, 6.00%, 03/22/2029 | EUR | 5600 | 6853 |
| Public Property Invest A/S, (Norway), |  |  |  |
| Reg. S, 4.38%, 10/01/2032 | EUR | 1625 | 1924 |
| Reg. S, 4.63%, 03/12/2030 | EUR | 1950 | 2351 |
| Samhallsbyggnadsbolaget i Norden AB, (Sweden), |  |  |  |
| Reg. S, 2.63%, 12/14/2025 (x) | EUR | 437 | 344 |
| Reg. S, 2.88%, 10/30/2026 (x) | EUR | 1983 | 1575 |
| Samhallsbyggnadsbolaget I Norden Holding AB, (Sweden), |  |  |  |
| Reg. S, 0.75%, 11/14/2028 | EUR | 8425 | 7890 |
| Reg. S, 1.13%, 09/26/2029 | EUR | 6546 | 5887 |
| Reg. S, 2.25%, 07/12/2027 | EUR | 12505 | 13505 |
| Reg. S, 2.38%, 08/04/2026 | EUR | 7864 | 8906 |
| Reg. S, 5.00%, 10/20/2029 | EUR | 4100 | 4344 |
| Unique Pub Finance Co. plc (The) , (United Kingdom), Series N, Reg. S, 6.46%, 03/30/2032 | GBP | 231 | 324 |
| Via Celere Desarrollos Inmobiliarios SA, (Spain), 4.88%, 04/15/2031 (e) (w) | EUR | 6748 | 7903 |
| Vivion Investments Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.50% (cash), 08/31/2028 (v) | EUR | 455 | 533 |
| Reg. S, 6.50% (cash), 02/28/2029 (v) | EUR | 4656 | 5420 |
|  |  |  | 195209 |
| **REITS** — **1.8%** |  |  |  |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029 (e) |  | 50 | 48 |
| Arbor Realty SR, Inc., |  |  |  |
| 7.88%, 07/15/2030 (e) |  | 2503 | 2632 |
| Series QIB, 5.00%, 12/30/2028 (e) |  | 30 | 27 |
| Series QIB, 8.50%, 10/15/2027 (e) |  | 20 | 20 |
| Arbor Realty Trust, Inc., Series QIB, 4.50%, 03/15/2027 (e) |  | 40 | 38 |
| Blackstone Mortgage Trust, Inc., |  |  |  |
| 3.75%, 01/15/2027 (e) |  | 1375 | 1342 |
| 7.75%, 12/01/2029 (e) |  | 70 | 74 |
| Brandywine Operating Partnership LP, |  |  |  |
| 3.95%, 11/15/2027 |  | 100 | 98 |
| 4.55%, 10/01/2029 |  | 60 | 57 |
| 6.13%, 01/15/2031 (w) |  | 820 | 819 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **REITS** — **continued** |  |  |  |
| 8.30%, 03/15/2028 |  | 70 | 74 |
| 8.88%, 04/12/2029 |  | 405 | 440 |
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e) |  | 2155 | 2117 |
| Crown Castle, Inc., |  |  |  |
| 3.65%, 09/01/2027 |  | 213 | 211 |
| 4.80%, 09/01/2028 |  | 63 | 64 |
| Diversified Healthcare Trust, |  |  |  |
| 4.38%, 03/01/2031 |  | 1255 | 1109 |
| 4.75%, 02/15/2028 |  | 3110 | 2965 |
| 7.25%, 10/15/2030 (e) |  | 1894 | 1926 |
| EPR Properties, 4.75%, 12/15/2026 |  | 700 | 702 |
| Global Net Lease, Inc., 4.50%, 09/30/2028 (e) |  | 180 | 176 |
| Globalworth Real Estate Investments Ltd., (Guernsey), Reg. S, 6.25%, 03/31/2030 | EUR | 1786 | 2138 |
| GLP Capital LP / GLP Financing II, Inc., |  |  |  |
| 5.30%, 01/15/2029 |  | 194 | 197 |
| 5.75%, 06/01/2028 |  | 717 | 737 |
| Hudson Pacific Properties LP, |  |  |  |
| 3.25%, 01/15/2030 |  | 70 | 60 |
| 3.95%, 11/01/2027 |  | 180 | 173 |
| 4.65%, 04/01/2029 |  | 90 | 84 |
| 5.95%, 02/15/2028 |  | 80 | 79 |
| Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e) |  | 3027 | 2917 |
| Iron Mountain, Inc., |  |  |  |
| 4.50%, 02/15/2031 (e) |  | 290 | 277 |
| 4.75%, 01/15/2034 (e) | EUR | 11777 | 13857 |
| 4.88%, 09/15/2027 (e) |  | 900 | 896 |
| 4.88%, 09/15/2029 (e) |  | 170 | 167 |
| 5.00%, 07/15/2028 (e) |  | 80 | 80 |
| 5.25%, 03/15/2028 (e) |  | 140 | 140 |
| 5.25%, 07/15/2030 (e) |  | 425 | 420 |
| 5.63%, 07/15/2032 (e) |  | 160 | 159 |
| 6.25%, 01/15/2033 (e) |  | 451 | 460 |
| 7.00%, 02/15/2029 (e) |  | 170 | 175 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 06/15/2029 (e) |  | 1082 | 1062 |
| Millrose Properties, Inc., |  |  |  |
| 6.25%, 09/15/2032 (e) |  | 3589 | 3597 |
| 6.38%, 08/01/2030 (e) |  | 7411 | 7537 |
| MPT Operating Partnership LP / MPT Finance Corp., |  |  |  |
| 0.99%, 10/15/2026 | EUR | 4710 | 5272 |
| 3.50%, 03/15/2031 |  | 6318 | 4645 |
| 4.63%, 08/01/2029 |  | 1100 | 918 |
| 5.00%, 10/15/2027 |  | 210 | 203 |
| Reg. S, 7.00%, 02/15/2032 | EUR | 600 | 736 |
| 7.00%, 02/15/2032 (e) | EUR | 2543 | 3120 |
| 8.50%, 02/15/2032 (e) |  | 7610 | 8087 |
| Office Properties Income Trust, |  |  |  |
| 3.25%, 03/15/2027 (e) |  | 75 | 62 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **REITS** — **continued** |  |  |
| 9.00%, 03/31/2029 (e) | 40 | 41 |
| 9.00%, 09/30/2029 (e) | 70 | 45 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, |  |  |
| 4.88%, 05/15/2029 (e) | 530 | 517 |
| 5.88%, 10/01/2028 (e) | 1085 | 1083 |
| 7.00%, 02/01/2030 (e) | 3436 | 3542 |
| Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029 (e) | 816 | 828 |
| RHP Hotel Properties LP / RHP Finance Corp., |  |  |
| 4.50%, 02/15/2029 (e) | 1560 | 1530 |
| 4.75%, 10/15/2027 | 485 | 483 |
| 6.50%, 04/01/2032 (e) | 6404 | 6584 |
| 6.50%, 06/15/2033 (e) | 2578 | 2655 |
| 7.25%, 07/15/2028 (e) | 395 | 407 |
| Rithm Capital Corp., |  |  |
| 8.00%, 04/01/2029 (e) | 270 | 277 |
| 8.00%, 07/15/2030 (e) | 1555 | 1591 |
| RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e) | 289 | 273 |
| SBA Communications Corp., |  |  |
| 3.13%, 02/01/2029 | 3301 | 3099 |
| 3.88%, 02/15/2027 | 230 | 226 |
| Service Properties Trust, |  |  |
| Zero Coupon, 09/30/2027 (e) | 2323 | 2050 |
| 3.95%, 01/15/2028 | 46 | 43 |
| 4.38%, 02/15/2030 | 48 | 41 |
| 4.75%, 10/01/2026 | 605 | 606 |
| 4.95%, 02/15/2027 | 6 | 6 |
| 4.95%, 10/01/2029 | 50 | 44 |
| 5.50%, 12/15/2027 | 50 | 49 |
| 8.38%, 06/15/2029 | 100 | 102 |
| 8.63%, 11/15/2031 (e) | 12448 | 13258 |
| 8.88%, 06/15/2032 | 5495 | 5524 |
| Starwood Property Trust, Inc., |  |  |
| 4.38%, 01/15/2027 (e) | 2680 | 2657 |
| 5.25%, 10/15/2028 (e) (w) | 536 | 536 |
| 6.00%, 04/15/2030 (e) | 1269 | 1288 |
| 6.50%, 07/01/2030 (e) | 2776 | 2872 |
| 6.50%, 10/15/2030 (e) | 2170 | 2240 |
| 7.25%, 04/01/2029 (e) | 3288 | 3456 |
| Tanger Properties LP, 3.88%, 07/15/2027 | 764 | 757 |
| Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (e) | 150 | 136 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, |  |  |
| 4.75%, 04/15/2028 (e) | 2265 | 2218 |
| 6.50%, 02/15/2029 (e) | 2860 | 2686 |
| 8.63%, 06/15/2032 (e) | 1480 | 1414 |
| 10.50%, 02/15/2028 (e) | 18946 | 19954 |
| VICI Properties LP / VICI Note Co., Inc., |  |  |
| 3.75%, 02/15/2027 (e) | 500 | 494 |
| 3.88%, 02/15/2029 (e) | 680 | 664 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **REITS** — **continued** |  |  |  |
| 4.25%, 12/01/2026 (e) |  | 621 | 619 |
| 4.50%, 09/01/2026 (e) |  | 332 | 332 |
| 5.75%, 02/01/2027 (e) |  | 2082 | 2108 |
| Vornado Realty LP, 2.15%, 06/01/2026 |  | 793 | 779 |
| XHR LP, |  |  |  |
| 4.88%, 06/01/2029 (e) |  | 50 | 49 |
| 6.63%, 05/15/2030 (e) |  | 1262 | 1297 |
|  |  |  | 164654 |
| **Savings & Loans** — **0.0% (g)** |  |  |  |
| Nationwide Building Society, (United Kingdom), Reg. S, (UK Gilts 5 Year + 5.63%), 5.75%, 06/20/2027 (x) (aa) | GBP | 295 | 395 |
| Total Financial |  |  | 1268963 |
| **Government** — **0.0% (g)** |  |  |  |
| **Multi-National** — **0.0% (g)** |  |  |  |
| Africa Finance Corp., (Supranational), Reg. S, 2.87%, 08/13/2031 |  | 200 | 179 |
| Total Government |  |  | 179 |
| **Industrial** — **8.1%** |  |  |  |
| **Aerospace/Defense** — **1.7%** |  |  |  |
| AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (e) |  | 2302 | 2371 |
| ATI, Inc., |  |  |  |
| 4.88%, 10/01/2029 |  | 866 | 851 |
| 5.13%, 10/01/2031 |  | 2117 | 2084 |
| 5.88%, 12/01/2027 |  | 60 | 60 |
| 7.25%, 08/15/2030 |  | 3353 | 3520 |
| Boeing Co. (The), |  |  |  |
| 2.20%, 02/04/2026 |  | 2443 | 2424 |
| 2.25%, 06/15/2026 |  | 133 | 131 |
| 2.70%, 02/01/2027 |  | 63 | 62 |
| 3.10%, 05/01/2026 |  | 350 | 348 |
| 3.20%, 03/01/2029 |  | 220 | 212 |
| 3.25%, 02/01/2028 |  | 263 | 257 |
| 5.04%, 05/01/2027 |  | 142 | 144 |
| 6.26%, 05/01/2027 |  | 598 | 615 |
| 6.30%, 05/01/2029 |  | 385 | 409 |
| Bombardier, Inc., (Canada), |  |  |  |
| 6.00%, 02/15/2028 (e) |  | 4163 | 4173 |
| 6.75%, 06/15/2033 (e) |  | 5015 | 5233 |
| 7.00%, 06/01/2032 (e) |  | 3329 | 3483 |
| 7.13%, 06/15/2026 (e) |  | 682 | 680 |
| 7.25%, 07/01/2031 (e) |  | 5240 | 5545 |
| 7.45%, 05/01/2034 (e) |  | 460 | 508 |
| 7.50%, 02/01/2029 (e) |  | 755 | 787 |
| 7.88%, 04/15/2027 (e) |  | 596 | 599 |
| 8.75%, 11/15/2030 (e) |  | 4890 | 5273 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Aerospace/Defense** — **continued** |  |  |  |
| Czechoslovak Group A/S, (Czech Republic), |  |  |  |
| Reg. S, 5.25%, 01/10/2031 | EUR | 3700 | 4513 |
| 5.25%, 01/10/2031 (e) | EUR | 1390 | 1696 |
| Efesto Bidco SpA Efesto US LLC, (Italy), Series XR, 7.50%, 02/15/2032 (e) |  | 12679 | 12897 |
| Goat Holdco LLC, 6.75%, 02/01/2032 (e) |  | 2144 | 2197 |
| Moog, Inc., 4.25%, 12/15/2027 (e) |  | 100 | 98 |
| Rolls-Royce plc, (United Kingdom), 3.63%, 10/14/2025 (e) |  | 1322 | 1321 |
| Spirit AeroSystems, Inc., |  |  |  |
| 3.85%, 06/15/2026 |  | 774 | 768 |
| 4.60%, 06/15/2028 |  | 100 | 100 |
| 9.38%, 11/30/2029 (e) |  | 5354 | 5638 |
| 9.75%, 11/15/2030 (e) |  | 5449 | 5993 |
| TransDigm, Inc., |  |  |  |
| 4.63%, 01/15/2029 |  | 3533 | 3462 |
| 4.88%, 05/01/2029 |  | 170 | 167 |
| 6.00%, 01/15/2033 (e) |  | 10116 | 10227 |
| 6.25%, 01/31/2034 (e) |  | 1828 | 1878 |
| 6.38%, 03/01/2029 (e) |  | 10599 | 10836 |
| 6.38%, 05/31/2033 (e) |  | 21158 | 21374 |
| 6.63%, 03/01/2032 (e) |  | 11342 | 11676 |
| 6.75%, 08/15/2028 (e) |  | 2909 | 2965 |
| 6.75%, 01/31/2034 (e) |  | 12796 | 13230 |
| 6.88%, 12/15/2030 (e) |  | 360 | 373 |
| 7.13%, 12/01/2031 (e) |  | 250 | 261 |
|  |  |  | 151439 |
| **Building Materials** — **1.3%** |  |  |  |
| ACProducts Holdings, Inc., 6.38%, 05/15/2029 (e) |  | 90 | 50 |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033 (e) |  | 2172 | 2257 |
| Boise Cascade Co., 4.88%, 07/01/2030 (e) |  | 60 | 59 |
| Builders FirstSource, Inc., |  |  |  |
| 4.25%, 02/01/2032 (e) |  | 160 | 151 |
| 5.00%, 03/01/2030 (e) |  | 490 | 485 |
| 6.38%, 06/15/2032 (e) |  | 70 | 72 |
| 6.38%, 03/01/2034 (e) |  | 569 | 586 |
| 6.75%, 05/15/2035 (e) |  | 1700 | 1775 |
| Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e) |  | 2125 | 2053 |
| Cornerstone Building Brands, Inc., |  |  |  |
| 6.13%, 01/15/2029 (e) |  | 3625 | 2937 |
| 9.50%, 08/15/2029 (e) |  | 70 | 68 |
| CP Atlas Buyer, Inc., 9.75%, 07/15/2030 (e) |  | 1419 | 1486 |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc., |  |  |  |
| Reg. S, 6.38%, 12/15/2030 | EUR | 5495 | 6740 |
| 6.38%, 12/15/2030 (e) | EUR | 731 | 896 |
| 6.63%, 12/15/2030 (e) |  | 18567 | 19082 |
| 6.75%, 07/15/2031 (e) |  | 3427 | 3559 |
| Griffon Corp., 5.75%, 03/01/2028 |  | 1680 | 1680 |
| HT Troplast GmbH, (Germany), Reg. S, 9.38%, 07/15/2028 | EUR | 1550 | 1900 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Building Materials** — **continued** |  |  |  |
| JELD-WEN, Inc., |  |  |  |
| 4.88%, 12/15/2027 (e) |  | 4974 | 4853 |
| 7.00%, 09/01/2032 (e) |  | 2390 | 2020 |
| JH North America Holdings, Inc., |  |  |  |
| 5.88%, 01/31/2031 (e) |  | 2167 | 2198 |
| 6.13%, 07/31/2032 (e) |  | 2456 | 2516 |
| Knife River Corp., 7.75%, 05/01/2031 (e) |  | 140 | 147 |
| Masterbrand, Inc., 7.00%, 07/15/2032 (e) |  | 110 | 114 |
| Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (e) |  | 1036 | 1064 |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e) |  | 1980 | 1928 |
| New Enterprise Stone & Lime Co., Inc., |  |  |  |
| 5.25%, 07/15/2028 (e) |  | 1903 | 1885 |
| 9.75%, 07/15/2028 (e) |  | 1127 | 1130 |
| Oscar AcquisitionCo. LLC / Oscar Finance Inc, 9.50%, 04/15/2030 (e) |  | 70 | 57 |
| PCF GmbH, (Germany), Reg. S, 4.75%, 04/15/2029 | EUR | 1874 | 1699 |
| Project Grand UK plc, (United Kingdom), Reg. S, 9.00%, 06/01/2029 | EUR | 1825 | 2248 |
| Quikrete Holdings, Inc., |  |  |  |
| 6.38%, 03/01/2032 (e) |  | 15265 | 15814 |
| 6.75%, 03/01/2033 (e) |  | 4567 | 4746 |
| Smyrna Ready Mix Concrete LLC, |  |  |  |
| 6.00%, 11/01/2028 (e) |  | 3071 | 3072 |
| 8.88%, 11/15/2031 (e) |  | 4256 | 4491 |
| Standard Building Solutions, Inc., |  |  |  |
| 6.25%, 08/01/2033 (e) |  | 7529 | 7626 |
| 6.50%, 08/15/2032 (e) |  | 6565 | 6737 |
| Standard Industries, Inc., |  |  |  |
| Reg. S, 2.25%, 11/21/2026 | EUR | 342 | 399 |
| 3.38%, 01/15/2031 (e) |  | 3435 | 3110 |
| 4.38%, 07/15/2030 (e) |  | 4392 | 4211 |
| 4.75%, 01/15/2028 (e) |  | 1140 | 1128 |
| Wilsonart LLC, 11.00%, 08/15/2032 (e) |  | 4042 | 3935 |
|  |  |  | 122964 |
| **Electrical Components & Equipment** — **0.1%** |  |  |  |
| Belden, Inc., |  |  |  |
| Reg. S, 3.38%, 07/15/2027 | EUR | 3100 | 3635 |
| Reg. S, 3.38%, 07/15/2031 | EUR | 404 | 462 |
| Energizer Holdings, Inc., |  |  |  |
| 4.38%, 03/31/2029 (e) |  | 330 | 316 |
| 4.75%, 06/15/2028 (e) |  | 60 | 59 |
| 6.00%, 09/15/2033 (e) |  | 1528 | 1492 |
| EnerSys, |  |  |  |
| 4.38%, 12/15/2027 (e) |  | 50 | 49 |
| 6.63%, 01/15/2032 (e) |  | 370 | 381 |
| Molex Electronic Technologies LLC, 4.75%, 04/30/2028 (e) |  | 393 | 397 |
| WESCO Distribution, Inc., |  |  |  |
| 6.38%, 03/15/2029 (e) |  | 955 | 983 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electrical Components & Equipment** — **continued** |  |  |  |
| 6.38%, 03/15/2033 (e) |  | 1292 | 1339 |
| 6.63%, 03/15/2032 (e) |  | 2903 | 3017 |
| 7.25%, 06/15/2028 (e) |  | 1505 | 1525 |
|  |  |  | 13655 |
| **Electronics** — **0.2%** |  |  |  |
| Castello BC Bidco SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.50%), 6.50%, 11/14/2031 (aa) | EUR | 700 | 830 |
| Coherent Corp., 5.00%, 12/15/2029 (e) |  | 2019 | 1990 |
| Imola Merger Corp., 4.75%, 05/15/2029 (e) |  | 1805 | 1756 |
| Sensata Technologies BV, (Netherlands), 4.00%, 04/15/2029 (e) |  | 184 | 177 |
| Sensata Technologies, Inc., |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 1275 | 1177 |
| 4.38%, 02/15/2030 (e) |  | 4968 | 4794 |
| 6.63%, 07/15/2032 (e) |  | 4185 | 4330 |
| TTM Technologies, Inc., 4.00%, 03/01/2029 (e) |  | 50 | 48 |
| Vontier Corp., |  |  |  |
| 1.80%, 04/01/2026 |  | 483 | 476 |
| 2.40%, 04/01/2028 |  | 1875 | 1784 |
|  |  |  | 17362 |
| **Engineering & Construction** — **0.7%** |  |  |  |
| Abertis Infraestructuras Finance BV, (Netherlands), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 3.27%), 2.63%, 01/26/2027 (x) (aa) | EUR | 9600 | 11115 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.62%), 4.87%, 11/28/2029 (x) (aa) | EUR | 3400 | 4113 |
| AECOM, 6.00%, 08/01/2033 (e) |  | 7359 | 7525 |
| Arcosa, Inc., |  |  |  |
| 4.38%, 04/15/2029 (e) |  | 782 | 761 |
| 6.88%, 08/15/2032 (e) |  | 1873 | 1956 |
| Artera Services LLC, 8.50%, 02/15/2031 (e) |  | 70 | 62 |
| ASG Finance DAC, (Ireland), 9.75%, 05/15/2029 (e) |  | 90 | 87 |
| Assemblin Caverion Group AB, (Sweden), Reg. S, 6.25%, 07/01/2030 | EUR | 850 | 1043 |
| Bioceanico Sovereign Certificate Ltd., (Cayman Islands), Reg. S, Zero Coupon, 06/05/2034 |  | 2664 | 2175 |
| Brand Industrial Services, Inc., 10.38%, 08/01/2030 (e) |  | 10325 | 10284 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (e) |  | 685 | 692 |
| Dycom Industries, Inc., 4.50%, 04/15/2029 (e) |  | 433 | 423 |
| Global Infrastructure Solutions, Inc., |  |  |  |
| 5.63%, 06/01/2029 (e) |  | 160 | 157 |
| 7.50%, 04/15/2032 (e) |  | 160 | 169 |
| GMR Hyderabad International Airport Ltd., (India), Reg. S, 4.25%, 10/27/2027 |  | 629 | 620 |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 (e) |  | 130 | 126 |
| Heathrow Finance plc, (United Kingdom), |  |  |  |
| Reg. S, SUB, 3.88%, 03/01/2027 | GBP | 2000 | 2630 |
| Reg. S, 6.63%, 03/01/2031 | GBP | 9977 | 13482 |
| INNOVATE Corp., 10.50% (PIK), 02/01/2027 (e) (v) |  | 60 | 52 |
| Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 |  | 218 | 230 |
| Kier Group plc, (United Kingdom), Reg. S, 9.00%, 02/15/2029 | GBP | 1450 | 2058 |
| Kingston Airport Revenue Finance Ltd., (Cayman Islands), 6.75%, 12/15/2036 (e) |  | 800 | 819 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Engineering & Construction** — **continued** |  |  |  |
| MasTec, Inc., 4.50%, 08/15/2028 (e) |  | 1021 | 1019 |
| Montego Bay Airport Revenue Finance Ltd., (Cayman Islands), 6.60%, 06/15/2035 (e) |  | 1400 | 1432 |
| Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 (e) |  | 40 | 40 |
| TopBuild Corp., |  |  |  |
| 3.63%, 03/15/2029 (e) |  | 760 | 728 |
| 4.13%, 02/15/2032 (e) |  | 1125 | 1055 |
| 5.63%, 01/31/2034 (e) |  | 1085 | 1082 |
| Tutor Perini Corp., 11.88%, 04/30/2029 (e) |  | 60 | 67 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/2028 (e) |  | 70 | 69 |
|  |  |  | 66071 |
| **Environmental Control** — **0.6%** |  |  |  |
| Clean Harbors, Inc., |  |  |  |
| 4.88%, 07/15/2027 (e) |  | 200 | 200 |
| 5.13%, 07/15/2029 (e) |  | 131 | 130 |
| 5.75%, 10/15/2033 (e) (w) |  | 945 | 953 |
| 6.38%, 02/01/2031 (e) |  | 160 | 164 |
| Enviri Corp., 5.75%, 07/31/2027 (e) |  | 30 | 30 |
| GFL Environmental, Inc., (Canada), |  |  |  |
| 4.00%, 08/01/2028 (e) |  | 1667 | 1628 |
| 4.38%, 08/15/2029 (e) |  | 2780 | 2709 |
| 4.75%, 06/15/2029 (e) |  | 2839 | 2805 |
| 6.75%, 01/15/2031 (e) |  | 5366 | 5615 |
| Luna 1.5 Sarl, (Luxembourg), |  |  |  |
| 10.50% (PIK), 07/01/2032 (e) (v) | EUR | 9463 | 11513 |
| 12.00% (PIK), 07/01/2032 (e) (v) |  | 90 | 93 |
| Luna 2 5 Sarl, (Luxembourg), Reg. S, 5.50%, 07/01/2032 | EUR | 100 | 119 |
| Madison IAQ LLC, |  |  |  |
| 4.13%, 06/30/2028 (e) |  | 928 | 906 |
| 5.88%, 06/30/2029 (e) |  | 6354 | 6275 |
| Reworld Holding Corp., 4.88%, 12/01/2029 (e) |  | 4808 | 4521 |
| Seche Environnement SACA, (France), Reg. S, 4.50%, 03/25/2030 | EUR | 475 | 568 |
| Waste Pro USA, Inc., 7.00%, 02/01/2033 (e) |  | 8632 | 8940 |
| Wrangler Holdco Corp., 6.63%, 04/01/2032 (e) |  | 5264 | 5490 |
|  |  |  | 52659 |
| **Machinery - Construction & Mining** — **0.1%** |  |  |  |
| BWX Technologies, Inc., |  |  |  |
| 4.13%, 06/30/2028 (e) |  | 60 | 59 |
| 4.13%, 04/15/2029 (e) |  | 80 | 77 |
| Manitowoc Co., Inc. (The), 9.25%, 10/01/2031 (e) |  | 1470 | 1545 |
| Terex Corp., |  |  |  |
| 5.00%, 05/15/2029 (e) |  | 3307 | 3257 |
| 6.25%, 10/15/2032 (e) |  | 3520 | 3586 |
| Vertiv Group Corp., 4.13%, 11/15/2028 (e) |  | 2647 | 2584 |
|  |  |  | 11108 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Machinery - Diversified** — **0.4%** |  |  |  |
| ATS Corp., (Canada), 4.13%, 12/15/2028 (e) |  | 114 | 109 |
| Chart Industries, Inc., |  |  |  |
| 7.50%, 01/01/2030 (e) |  | 3848 | 4004 |
| 9.50%, 01/01/2031 (e) |  | 1748 | 1873 |
| Esab Corp., 6.25%, 04/15/2029 (e) |  | 1409 | 1448 |
| GrafTech Finance, Inc., 4.63%, 12/23/2029 (e) |  | 3700 | 2591 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029 (e) |  | 650 | 554 |
| Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC, (Canada), 9.00%, 02/15/2029 (e) |  | 9583 | 10011 |
| Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028 (e) |  | 3521 | 3730 |
| Mueller Water Products, Inc., 4.00%, 06/15/2029 (e) |  | 157 | 151 |
| Regal Rexnord Corp., |  |  |  |
| 6.05%, 02/15/2026 |  | 82 | 82 |
| 6.05%, 04/15/2028 |  | 1604 | 1660 |
| 6.30%, 02/15/2030 |  | 691 | 733 |
| SPX FLOW, Inc., 8.75%, 04/01/2030 (e) |  | 80 | 82 |
| TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027 | EUR | 1053 | 1238 |
| TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e) |  | 10230 | 10194 |
|  |  |  | 38460 |
| **Metal Fabricate/Hardware** — **0.1%** |  |  |  |
| Advanced Drainage Systems, Inc., |  |  |  |
| 5.00%, 09/30/2027 (e) |  | 160 | 159 |
| 6.38%, 06/15/2030 (e) |  | 90 | 92 |
| Park-Ohio Industries, Inc., 8.50%, 08/01/2030 (e) |  | 50 | 52 |
| Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e) |  | 2655 | 2579 |
| TMS International Corp., 6.25%, 04/15/2029 (e) |  | 60 | 58 |
| Vallourec SACA, (France), 7.50%, 04/15/2032 (e) |  | 3048 | 3248 |
|  |  |  | 6188 |
| **Miscellaneous Manufacturers** — **0.2%** |  |  |  |
| Amsted Industries, Inc., |  |  |  |
| 4.63%, 05/15/2030 (e) |  | 3026 | 2924 |
| 6.38%, 03/15/2033 (e) |  | 3049 | 3130 |
| Axon Enterprise, Inc., |  |  |  |
| 6.13%, 03/15/2030 (e) |  | 1265 | 1300 |
| 6.25%, 03/15/2033 (e) |  | 1765 | 1816 |
| Calderys Financing LLC, 11.25%, 06/01/2028 (e) |  | 80 | 85 |
| Enpro, Inc., 6.13%, 06/01/2033 (e) |  | 1524 | 1558 |
| LSB Industries, Inc., 6.25%, 10/15/2028 (e) |  | 70 | 69 |
| Maxam Prill Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.00%, 07/15/2030 | EUR | 425 | 506 |
| 7.75%, 07/15/2030 (e) |  | 170 | 172 |
| Trinity Industries, Inc., 7.75%, 07/15/2028 (e) |  | 3160 | 3270 |
|  |  |  | 14830 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Packaging & Containers** — **1.9%** |  |  |  |
| ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v) |  | 2388 | 60 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational), |  |  |  |
| Reg. S, 3.00%, 09/01/2029 | EUR | 403 | 436 |
| 4.00%, 09/01/2029 (e) |  | 15531 | 14370 |
| 6.00%, 06/15/2027 (e) |  | 3174 | 3173 |
| Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational), |  |  |  |
| Reg. S, 2.13%, 08/15/2026 | EUR | 11195 | 12784 |
| 4.13%, 08/15/2026 (e) |  | 10207 | 9799 |
| Ball Corp., |  |  |  |
| 2.88%, 08/15/2030 |  | 40 | 36 |
| 4.25%, 07/01/2032 | EUR | 1483 | 1781 |
| 5.50%, 09/15/2033 (e) |  | 2458 | 2485 |
| 6.00%, 06/15/2029 |  | 70 | 72 |
| 6.88%, 03/15/2028 |  | 50 | 51 |
| Cascades, Inc./Cascades USA, Inc., (Multinational), |  |  |  |
| 5.38%, 01/15/2028 (e) |  | 140 | 139 |
| 6.75%, 07/15/2030 (e) |  | 190 | 193 |
| Clearwater Paper Corp., 4.75%, 08/15/2028 (e) |  | 40 | 38 |
| Clydesdale Acquisition Holdings, Inc., |  |  |  |
| 6.63%, 04/15/2029 (e) |  | 2613 | 2643 |
| 6.75%, 04/15/2032 (e) |  | 9918 | 10174 |
| 6.88%, 01/15/2030 (e) |  | 5408 | 5545 |
| 8.75%, 04/15/2030 (e) |  | 6025 | 6189 |
| Crown Americas LLC, 5.88%, 06/01/2033 (e) |  | 4060 | 4101 |
| Crown European Holdings SACA, (France), |  |  |  |
| 3.75%, 09/30/2031 (e) (w) | EUR | 3855 | 4519 |
| Reg. S, 4.75%, 03/15/2029 | EUR | 2570 | 3150 |
| Reg. S, 5.00%, 05/15/2028 | EUR | 2389 | 2938 |
| Fiber Midco SpA, (Italy), Reg. S, 10.75% (PIK), 06/15/2029 (v) | EUR | 100 | 109 |
| Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e) |  | 1570 | 1573 |
| Graphic Packaging International LLC, |  |  |  |
| Reg. S, 2.63%, 02/01/2029 | EUR | 400 | 455 |
| 3.50%, 03/15/2028 (e) |  | 975 | 941 |
| 3.50%, 03/01/2029 (e) |  | 425 | 403 |
| 6.38%, 07/15/2032 (e) |  | 30 | 30 |
| Iris Holding, Inc., 10.00%, 12/15/2028 (e) |  | 1654 | 1494 |
| Kleopatra Finco Sarl, (Luxembourg), |  |  |  |
| Reg. S, 4.25%, 03/01/2026 | EUR | 365 | 241 |
| Reg. S, 9.00% (Blend (cash 6.50% + PIK 2.50%)), 09/01/2029 (v) | EUR | 101 | 12 |
| LABL, Inc., |  |  |  |
| 5.88%, 11/01/2028 (e) |  | 1890 | 1464 |
| 8.25%, 11/01/2029 (e) |  | 50 | 31 |
| 8.63%, 10/01/2031 (e) |  | 5732 | 4211 |
| 9.50%, 11/01/2028 (e) |  | 4669 | 3963 |
| 10.50%, 07/15/2027 (e) |  | 3150 | 2595 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Packaging & Containers** — **continued** |  |  |  |
| Mauser Packaging Solutions Holding Co., |  |  |  |
| 7.88%, 04/15/2027 (e) |  | 32818 | 33141 |
| 9.25%, 04/15/2027 (e) |  | 1512 | 1516 |
| OI European Group BV, (Netherlands), |  |  |  |
| 4.75%, 02/15/2030 (e) |  | 310 | 296 |
| 6.25%, 05/15/2028 (e) | EUR | 274 | 332 |
| Owens-Brockway Glass Container, Inc., |  |  |  |
| 6.63%, 05/13/2027 (e) |  | 424 | 423 |
| 7.25%, 05/15/2031 (e) |  | 325 | 331 |
| 7.38%, 06/01/2032 (e) |  | 20 | 20 |
| Sealed Air Corp., |  |  |  |
| 4.00%, 12/01/2027 (e) |  | 807 | 792 |
| 5.00%, 04/15/2029 (e) |  | 40 | 40 |
| 6.50%, 07/15/2032 (e) |  | 278 | 288 |
| Sealed Air Corp. / Sealed Air Corp. US, |  |  |  |
| 6.13%, 02/01/2028 (e) |  | 455 | 461 |
| 7.25%, 02/15/2031 (e) |  | 872 | 915 |
| Silgan Holdings, Inc., |  |  |  |
| 4.13%, 02/01/2028 |  | 80 | 78 |
| 4.25%, 02/15/2031 (e) | EUR | 8520 | 10043 |
| Toucan FinCo. Ltd. / Toucan FinCo Can, Inc. / Toucan FinCo US LLC, (Multinational), |  |  |  |
| Reg. S, 8.25%, 05/15/2030 | EUR | 1675 | 1880 |
| 8.25%, 05/15/2030 (e) | EUR | 5214 | 5829 |
| 9.50%, 05/15/2030 (e) |  | 2270 | 2231 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (e) |  | 6735 | 7181 |
| TriMas Corp., 4.13%, 04/15/2029 (e) |  | 1135 | 1098 |
| Trivium Packaging Finance BV, (Netherlands), |  |  |  |
| Reg. S, 6.63%, 07/15/2030 | EUR | 750 | 926 |
| 8.25%, 07/15/2030 (e) |  | 1364 | 1455 |
| 12.25%, 01/15/2031 (e) |  | 1110 | 1201 |
|  |  |  | 172675 |
| **Shipbuilding** — **0.0% (g)** |  |  |  |
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028 |  | 540 | 507 |
| **Transportation** — **0.4%** |  |  |  |
| Beacon Mobility Corp., 7.25%, 08/01/2030 (e) |  | 90 | 93 |
| Brightline East LLC, 11.00%, 01/31/2030 (e) |  | 120 | 50 |
| Carriage Purchaser, Inc., 7.88%, 10/15/2029 (e) |  | 50 | 47 |
| CMA CGM SA, (France), |  |  |  |
| 4.88%, 01/15/2032 (e) | EUR | 5343 | 6245 |
| Reg. S, 5.00%, 01/15/2031 | EUR | 1350 | 1612 |
| 5.00%, 01/15/2031 (e) | EUR | 2853 | 3406 |
| Danaos Corp., (Marshall Island), 8.50%, 03/01/2028 (e) |  | 80 | 82 |
| Edge Finco plc, (United Kingdom), Reg. S, 8.13%, 08/15/2031 | GBP | 5431 | 7788 |
| Empresa de los Ferrocarriles del Estado, (Chile), Reg. S, 3.83%, 09/14/2061 |  | 1700 | 1153 |
| First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 (e) |  | 90 | 86 |
| gategroup Finance Luxembourg SA, (Luxembourg), Reg. S, 3.00%, 02/28/2027 | CHF | 450 | 559 |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (e) |  | 2440 | 2479 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Transportation** — **continued** |  |  |  |
| Mobico Group plc, (United Kingdom), |  |  |  |
| Reg. S, 3.63%, 11/20/2028 | GBP | 175 | 199 |
| Reg. S, 4.88%, 09/26/2031 | EUR | 100 | 92 |
| Rand Parent LLC, 8.50%, 02/15/2030 (e) |  | 1911 | 1986 |
| RXO, Inc., 7.50%, 11/15/2027 (e) |  | 1674 | 1702 |
| Seaspan Corp., (Marshall Island), 5.50%, 08/01/2029 (e) |  | 170 | 164 |
| SGL Group ApS, (Denmark), (EURIBOR 3 Month + 4.75%), 6.75%, 04/22/2030 (aa) | EUR | 416 | 484 |
| Star Leasing Co. LLC, 7.63%, 02/15/2030 (e) |  | 2750 | 2672 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/2032 (e) |  | 678 | 714 |
| Watco Cos. LLC / Watco Finance Corp, 7.13%, 08/01/2032 (e) |  | 1728 | 1788 |
| XPO, Inc., |  |  |  |
| 6.25%, 06/01/2028 (e) |  | 1700 | 1732 |
| 7.13%, 06/01/2031 (e) |  | 150 | 157 |
| 7.13%, 02/01/2032 (e) |  | 575 | 604 |
|  |  |  | 35894 |
| **Trucking & Leasing** — **0.4%** |  |  |  |
| FTAI Aviation Investors LLC, |  |  |  |
| 5.50%, 05/01/2028 (e) |  | 3982 | 3984 |
| 5.88%, 04/15/2033 (e) |  | 4388 | 4415 |
| 7.00%, 05/01/2031 (e) |  | 10015 | 10482 |
| 7.00%, 06/15/2032 (e) |  | 6441 | 6740 |
| 7.88%, 12/01/2030 (e) |  | 5959 | 6332 |
| GATX Corp., 5.40%, 03/15/2027 |  | 100 | 101 |
| Penske Truck Leasing Co. LP / PTL Finance Corp., |  |  |  |
| 3.40%, 11/15/2026 (e) |  | 81 | 80 |
| 4.20%, 04/01/2027 (e) |  | 489 | 489 |
|  |  |  | 32623 |
| Total Industrial |  |  | 736435 |
| **Technology** — **3.3%** |  |  |  |
| **Computers** — **0.9%** |  |  |  |
| Ahead DB Holdings LLC, 6.63%, 05/01/2028 (e) |  | 80 | 80 |
| Almaviva-The Italian Innovation Co. SpA, (Italy), |  |  |  |
| 5.00%, 10/30/2030 (e) | EUR | 1500 | 1789 |
| Reg. S, 5.00%, 10/30/2030 | EUR | 3595 | 4288 |
| Amentum Holdings, Inc., 7.25%, 08/01/2032 (e) |  | 3375 | 3504 |
| ASGN, Inc., 4.63%, 05/15/2028 (e) |  | 200 | 196 |
| Atos SE, (France), |  |  |  |
| Reg. S, SUB, 1.00%, 12/18/2032 | EUR | 340 | 206 |
| Reg. S, SUB, 5.00%, 12/18/2030 | EUR | 6875 | 7612 |
| Reg. S, SUB, 9.00%, 12/18/2029 | EUR | 10550 | 14249 |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e) |  | 123 | 121 |
| CA Magnum Holdings, (Mauritius), 5.38%, 10/31/2026 (e) |  | 4637 | 4617 |
| CACI International, Inc., 6.38%, 06/15/2033 (e) |  | 3379 | 3487 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Computers** — **continued** |  |  |  |
| Cedacri SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.63%), 6.66%, 05/15/2028 (aa) | EUR | 500 | 590 |
| Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (e) |  | 110 | 106 |
| Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 |  | 550 | 524 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/2030 (e) |  | 100 | 106 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (e) |  | 5304 | 5554 |
| Gartner, Inc., 4.50%, 07/01/2028 (e) |  | 623 | 618 |
| Insight Enterprises, Inc., 6.63%, 05/15/2032 (e) |  | 1786 | 1831 |
| KBR, Inc., 4.75%, 09/30/2028 (e) |  | 628 | 621 |
| McAfee Corp., 7.38%, 02/15/2030 (e) |  | 10360 | 9610 |
| NCR Atleos Corp., 9.50%, 04/01/2029 (e) |  | 2645 | 2864 |
| NCR Voyix Corp., |  |  |  |
| 5.00%, 10/01/2028 (e) |  | 3195 | 3155 |
| 5.13%, 04/15/2029 (e) |  | 964 | 948 |
| OVH Groupe SA, (France), Reg. S, 4.75%, 02/05/2031 | EUR | 2450 | 2929 |
| Science Applications International Corp., |  |  |  |
| 4.88%, 04/01/2028 (e) |  | 70 | 70 |
| 5.88%, 11/01/2033 (e) |  | 2086 | 2088 |
| Seagate Data Storage Technology Pte Ltd., (Singapore), |  |  |  |
| 4.09%, 06/01/2029 (e) |  | 70 | 68 |
| 4.13%, 01/15/2031 (e) |  | 60 | 55 |
| 5.75%, 12/01/2034 (e) |  | 50 | 50 |
| 5.88%, 07/15/2030 (e) |  | 2375 | 2416 |
| 8.25%, 12/15/2029 (e) |  | 1600 | 1694 |
| 8.50%, 07/15/2031 (e) |  | 1280 | 1355 |
| 9.63%, 12/01/2032 (e) |  | 220 | 249 |
| Unisys Corp., 10.63%, 01/15/2031 (e) |  | 120 | 128 |
| Virtusa Corp., 7.13%, 12/15/2028 (e) |  | 70 | 68 |
|  |  |  | 77846 |
| **Office/Business & Equipment** — **0.0% (g)** |  |  |  |
| Pitney Bowes, Inc., |  |  |  |
| 6.88%, 03/15/2027 (e) |  | 40 | 40 |
| 7.25%, 03/15/2029 (e) |  | 50 | 50 |
| Xerox Corp., |  |  |  |
| 4.80%, 03/01/2035 |  | 30 | 14 |
| 6.75%, 12/15/2039 |  | 46 | 21 |
| 10.25%, 10/15/2030 (e) |  | 50 | 51 |
| 13.50%, 04/15/2031 (e) |  | 20 | 19 |
| Xerox Holdings Corp., |  |  |  |
| 5.50%, 08/15/2028 (e) |  | 20 | 12 |
| 8.88%, 11/30/2029 (e) |  | 30 | 16 |
| Zebra Technologies Corp., 6.50%, 06/01/2032 (e) |  | 1677 | 1723 |
|  |  |  | 1946 |
| **Semiconductors** — **0.2%** |  |  |  |
| Amkor Technology, Inc., |  |  |  |
| 5.88%, 10/01/2033 (e) |  | 786 | 794 |
| 6.63%, 09/15/2027 (e) |  | 60 | 60 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Semiconductors** — **continued** |  |  |  |
| ams-OSRAM AG, (Austria), |  |  |  |
| Reg. S, 10.50%, 03/30/2029 | EUR | 1900 | 2377 |
| 12.25%, 03/30/2029 (e) |  | 80 | 86 |
| Entegris, Inc., |  |  |  |
| 3.63%, 05/01/2029 (e) |  | 60 | 57 |
| 4.38%, 04/15/2028 (e) |  | 1170 | 1145 |
| 4.75%, 04/15/2029 (e) |  | 1625 | 1611 |
| 5.95%, 06/15/2030 (e) |  | 90 | 91 |
| Foundry JV Holdco LLC, |  |  |  |
| 5.50%, 01/25/2031 (e) |  | 200 | 208 |
| 5.90%, 01/25/2030 (e) |  | 1646 | 1736 |
| Intel Corp., |  |  |  |
| 2.45%, 11/15/2029 |  | 156 | 145 |
| 3.75%, 08/05/2027 |  | 563 | 559 |
| Kioxia Holdings Corp., (Japan), |  |  |  |
| 6.25%, 07/24/2030 (e) |  | 190 | 194 |
| 6.63%, 07/24/2033 (e) |  | 1590 | 1634 |
| Microchip Technology, Inc., 5.05%, 03/15/2029 |  | 326 | 333 |
| ON Semiconductor Corp., 3.88%, 09/01/2028 (e) |  | 10 | 10 |
| SK Hynix, Inc., (South Korea), |  |  |  |
| 6.50%, 01/17/2033 (e) |  | 2500 | 2757 |
| Reg. S, 6.50%, 01/17/2033 |  | 400 | 441 |
| Synaptics, Inc., 4.00%, 06/15/2029 (e) |  | 30 | 29 |
|  |  |  | 14267 |
| **Software** — **2.2%** |  |  |  |
| AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e) |  | 33381 | 33081 |
| Atlassian Corp., 5.25%, 05/15/2029 |  | 710 | 730 |
| Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e) |  | 319 | 318 |
| Capstone Borrower, Inc., 8.00%, 06/15/2030 (e) |  | 8496 | 8886 |
| Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (e) |  | 1101 | 970 |
| Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e) |  | 4824 | 4150 |
| Cloud Software Group, Inc., |  |  |  |
| 6.50%, 03/31/2029 (e) |  | 12598 | 12708 |
| 6.63%, 08/15/2033 (e) |  | 180 | 183 |
| 8.25%, 06/30/2032 (e) |  | 15678 | 16637 |
| 9.00%, 09/30/2029 (e) |  | 27509 | 28449 |
| Consensus Cloud Solutions, Inc., |  |  |  |
| 6.00%, 10/15/2026 (e) |  | 30 | 30 |
| 6.50%, 10/15/2028 (e) |  | 70 | 71 |
| Constellation Software, Inc., (Canada), 5.16%, 02/16/2029 (e) |  | 443 | 452 |
| CoreLogic, Inc., 4.50%, 05/01/2028 (e) |  | 11636 | 11258 |
| CoreWeave, Inc., |  |  |  |
| 9.00%, 02/01/2031 (e) |  | 2435 | 2494 |
| 9.25%, 06/01/2030 (e) |  | 6958 | 7187 |
| Dye & Durham Ltd., (Canada), 8.63%, 04/15/2029 (e) |  | 120 | 119 |
| Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e) |  | 2614 | 2510 |
| Electronic Arts, Inc., 2.95%, 02/15/2051 |  | 1377 | 1196 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Software** — **continued** |  |  |  |
| Ellucian Holdings, Inc., 6.50%, 12/01/2029 (e) |  | 6711 | 6817 |
| Fair Isaac Corp., |  |  |  |
| 4.00%, 06/15/2028 (e) |  | 32 | 31 |
| 6.00%, 05/15/2033 (e) |  | 10849 | 10984 |
| Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, |  |  |  |
| Reg. S, 7.88%, 05/01/2029 | EUR | 594 | 730 |
| 8.75%, 05/01/2029 (e) |  | 1144 | 1184 |
| IPD 3 BV, (Netherlands), |  |  |  |
| 5.50%, 06/15/2031 (e) | EUR | 4943 | 5894 |
| Reg. S, 5.50%, 06/15/2031 | EUR | 1900 | 2265 |
| MSCI, Inc., |  |  |  |
| 3.63%, 09/01/2030 (e) |  | 203 | 194 |
| 3.88%, 02/15/2031 (e) |  | 83 | 80 |
| 4.00%, 11/15/2029 (e) |  | 503 | 491 |
| Open Text Corp., (Canada), |  |  |  |
| 3.88%, 02/15/2028 (e) |  | 100 | 97 |
| 3.88%, 12/01/2029 (e) |  | 100 | 94 |
| 6.90%, 12/01/2027 (e) |  | 425 | 443 |
| Open Text Holdings, Inc., |  |  |  |
| 4.13%, 02/15/2030 (e) |  | 150 | 142 |
| 4.13%, 12/01/2031 (e) |  | 70 | 65 |
| Oracle Corp., 4.45%, 09/26/2030 |  | 316 | 316 |
| Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030 (e) |  | 90 | 84 |
| Playtika Holding Corp., 4.25%, 03/15/2029 (e) |  | 428 | 393 |
| PTC, Inc., 4.00%, 02/15/2028 (e) |  | 100 | 98 |
| Rackspace Finance LLC, 3.50%, 05/15/2028 (e) |  | 50 | 21 |
| RingCentral, Inc., 8.50%, 08/15/2030 (e) |  | 60 | 64 |
| Rocket Software, Inc., |  |  |  |
| 6.50%, 02/15/2029 (e) |  | 130 | 127 |
| 9.00%, 11/28/2028 (e) |  | 260 | 268 |
| SS&C Technologies, Inc., |  |  |  |
| 5.50%, 09/30/2027 (e) |  | 2535 | 2532 |
| 6.50%, 06/01/2032 (e) |  | 4422 | 4575 |
| TeamSystem SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 3.50%), 5.53%, 07/31/2031 (aa) | EUR | 600 | 706 |
| (EURIBOR 3 Month + 3.50%), 5.53%, 07/31/2031 (e) (aa) | EUR | 6665 | 7848 |
| Twilio, Inc., |  |  |  |
| 3.63%, 03/15/2029 |  | 288 | 274 |
| 3.88%, 03/15/2031 |  | 969 | 911 |
| UKG, Inc., 6.88%, 02/01/2031 (e) |  | 20800 | 21462 |
| West Technology Group LLC, 8.50%, 04/10/2027 (e) |  | 70 | 5 |
| ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e) |  | 2971 | 2816 |
|  |  |  | 203440 |
| Total Technology |  |  | 297499 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Utilities** — **3.3%** |  |  |  |
| **Electric** — **3.0%** |  |  |  |
| A2A SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.26%), 5.00%, 06/11/2029 (x) (aa) | EUR | 100 | 122 |
| AES Corp. (The), |  |  |  |
| 5.45%, 06/01/2028 |  | 1231 | 1260 |
| (CMT Index 5 Year + 2.89%), 6.95%, 07/15/2055 (aa) |  | 80 | 78 |
| (CMT Index 5 Year + 3.20%), 7.60%, 01/15/2055 (aa) |  | 3282 | 3399 |
| Alexander Funding Trust II, 7.47%, 07/31/2028 (e) |  | 819 | 876 |
| Algonquin Power & Utilities Corp., (Canada), |  |  |  |
| (CMT Index 5 Year + 3.25%), 4.75%, 01/18/2082 (aa) |  | 220 | 216 |
| SUB, 5.37%, 06/15/2026 |  | 753 | 758 |
| Alliant Energy Finance LLC, |  |  |  |
| 5.40%, 06/06/2027 (e) |  | 97 | 98 |
| 5.95%, 03/30/2029 (e) |  | 712 | 745 |
| Alpha Generation LLC, 6.75%, 10/15/2032 (e) |  | 2733 | 2823 |
| Atlantica Sustainable Infrastructure Ltd., (United Kingdom), 4.13%, 06/15/2028 (e) |  | 10 | 10 |
| Black Hills Corp., 5.95%, 03/15/2028 |  | 98 | 102 |
| California Buyer Ltd / Atlantica Sustainable Infrastructure plc, (United Kingdom), 5.63%, 02/15/2032 (e) | EUR | 8405 | 10262 |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure plc, (United Kingdom), |  |  |  |
| Reg. S, 5.63%, 02/15/2032 | EUR | 4553 | 5563 |
| 6.38%, 02/15/2032 (e) |  | 2383 | 2442 |
| Calpine Corp., |  |  |  |
| 3.75%, 03/01/2031 (e) |  | 410 | 390 |
| 4.50%, 02/15/2028 (e) |  | 636 | 633 |
| 4.63%, 02/01/2029 (e) |  | 5375 | 5324 |
| 5.00%, 02/01/2031 (e) |  | 7573 | 7551 |
| 5.13%, 03/15/2028 (e) |  | 6803 | 6807 |
| Capital Power US Holdings, Inc., 5.26%, 06/01/2028 (e) |  | 367 | 374 |
| CenterPoint Energy, Inc., Series B, (CMT Index 5 Year + 2.95%), 6.85%, 02/15/2055 (aa) |  | 1019 | 1081 |
| Centrais Eletricas Brasileiras SA, (Brazil), 6.50%, 01/11/2035 (e) |  | 1200 | 1239 |
| Clearway Energy Operating LLC, |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 40 | 36 |
| 3.75%, 01/15/2032 (e) |  | 2116 | 1900 |
| 4.75%, 03/15/2028 (e) |  | 561 | 554 |
| Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 |  | 167 | 166 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, (El Salvador), |  |  |  |
| 8.65%, 01/24/2033 (e) |  | 2200 | 2300 |
| Reg. S, 8.65%, 01/24/2033 |  | 700 | 732 |
| Comision Federal de Electricidad, (Mexico), |  |  |  |
| Reg. S, 5.70%, 01/24/2030 |  | 600 | 609 |
| Reg. S, 6.26%, 02/15/2052 |  | 400 | 375 |
| 6.26%, 02/15/2052 (e) |  | 1000 | 938 |
| ContourGlobal Power Holdings SA, (Luxembourg), |  |  |  |
| Reg. S, 3.13%, 01/01/2028 | EUR | 3370 | 3927 |
| Reg. S, 5.00%, 02/28/2030 | EUR | 2969 | 3568 |
| 5.00%, 02/28/2030 (e) | EUR | 9744 | 11711 |
| 6.75%, 02/28/2030 (e) |  | 3454 | 3588 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric** — **continued** |  |  |  |
| Dominion Energy, Inc., (CMT Index 5 Year + 2.21%), 6.63%, 05/15/2055 (aa) |  | 915 | 949 |
| Duke Energy Corp., (CMT Index 5 Year + 2.59%), 6.45%, 09/01/2054 (aa) |  | 641 | 677 |
| Edison International, |  |  |  |
| (CMT Index 5 Year + 3.66%), 7.88%, 06/15/2054 (aa) |  | 170 | 173 |
| (CMT Index 5 Year + 3.86%), 8.13%, 06/15/2053 (aa) |  | 420 | 429 |
| Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/09/2026 (x) (aa) |  | 3109 | 3021 |
| EDP SA, (Portugal), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 2.38%), 1.88%, 08/02/2081 (aa) | EUR | 200 | 233 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.05%), 4.75%, 05/29/2054 (aa) | EUR | 2000 | 2430 |
| Reg. S, (EUR Swap Rate 5 Year + 3.18%), 5.94%, 04/23/2083 (aa) | EUR | 4300 | 5347 |
| Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.08%), 1.88%, 03/14/2082 (aa) | EUR | 8600 | 9389 |
| Eesti Energia A/S, (Estonia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.17%), 7.88%, 07/15/2029 (x) (aa) | EUR | 3725 | 4544 |
| Electricite de France SA, (France), |  |  |  |
| 5.70%, 05/23/2028 (e) |  | 260 | 269 |
| Reg. S, (GBP Swap Rate 13 Year + 4.23%), 6.00%, 01/29/2026 (x) (aa) | GBP | 1100 | 1484 |
| Reg. S, (UK Gilts 5 Year + 3.78%), 7.38%, 06/17/2035 (x) (aa) | GBP | 100 | 137 |
| Enel Finance International NV, (Netherlands), |  |  |  |
| 4.13%, 09/30/2028 (e) |  | 200 | 200 |
| 4.38%, 09/30/2030 (e) |  | 244 | 242 |
| Enel SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.01%), 4.25%, 01/14/2030 (x) (aa) | EUR | 2175 | 2591 |
| Engie SA, (France), 5.25%, 04/10/2029 (e) |  | 200 | 206 |
| EPH Financing International A/S, (Czech Republic), Reg. S, 6.65%, 11/13/2028 | EUR | 3200 | 4085 |
| Eskom Holdings, (South Africa), |  |  |  |
| Reg. S, 6.35%, 08/10/2028 |  | 3800 | 3901 |
| Reg. S, 8.45%, 08/10/2028 |  | 5200 | 5556 |
| EUSHI Finance, Inc., (CMT Index 5 Year + 3.14%), 7.63%, 12/15/2054 (aa) |  | 70 | 73 |
| Evergy Missouri West, Inc., 5.15%, 12/15/2027 (e) |  | 166 | 169 |
| Eversource Energy, 5.95%, 02/01/2029 |  | 211 | 221 |
| Fells Point Funding Trust, 3.05%, 01/31/2027 (e) |  | 726 | 714 |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 (e) |  | 444 | 448 |
| Israel Electric Corp. Ltd., (Israel), Reg. S, 4.25%, 08/14/2028 (e) |  | 3600 | 3547 |
| Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029 (e) |  | 250 | 236 |
| Liberty Utilities Co., 5.58%, 01/31/2029 (e) |  | 392 | 405 |
| Lightning Power LLC, 7.25%, 08/15/2032 (e) |  | 250 | 265 |
| MVM Energetika Zrt, (Hungary), Reg. S, 7.50%, 06/09/2028 |  | 3400 | 3608 |
| NextEra Energy Capital Holdings, Inc., |  |  |  |
| (CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa) |  | 2128 | 2209 |
| (CMT Index 5 Year + 2.46%), 6.75%, 06/15/2054 (aa) |  | 1108 | 1191 |
| Niagara Mohawk Power Corp., 4.65%, 10/03/2030 (e) |  | 274 | 275 |
| NRG Energy, Inc., |  |  |  |
| 3.38%, 02/15/2029 (e) |  | 790 | 746 |
| 3.63%, 02/15/2031 (e) |  | 4305 | 3980 |
| 3.88%, 02/15/2032 (e) |  | 2830 | 2608 |
| 5.25%, 06/15/2029 (e) |  | 2434 | 2425 |
| 5.75%, 01/15/2028 |  | 1205 | 1206 |
| 5.75%, 07/15/2029 (e) |  | 2220 | 2210 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric** — **continued** |  |  |  |
| 5.75%, 01/15/2034 (e) (w) |  | 6760 | 6751 |
| 6.00%, 02/01/2033 (e) |  | 6720 | 6825 |
| 6.00%, 01/15/2036 (e) (w) |  | 14479 | 14484 |
| 6.25%, 11/01/2034 (e) |  | 4979 | 5104 |
| (CMT Index 5 Year + 5.92%), 10.25%, 03/15/2028 (e) (x) (aa) |  | 6745 | 7355 |
| OGE Energy Corp., 5.45%, 05/15/2029 |  | 101 | 105 |
| Orsted A/S, (Denmark), |  |  |  |
| Reg. S, (UK Gilts 5 Year + 2.14%), 2.50%, 02/18/3021 (aa) | GBP | 134 | 135 |
| Reg. S, (EUR Swap Rate 5 Year + 2.62%), 5.25%, 12/08/3022 (aa) | EUR | 1000 | 1204 |
| Pacific Gas and Electric Co., |  |  |  |
| 3.15%, 01/01/2026 |  | 910 | 908 |
| 3.30%, 12/01/2027 |  | 889 | 870 |
| 5.00%, 06/04/2028 |  | 236 | 239 |
| 5.45%, 06/15/2027 |  | 7 | 7 |
| PacifiCorp., (CMT Index 5 Year + 3.32%), 7.38%, 09/15/2055 (aa) |  | 240 | 253 |
| Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e) |  | 358 | 349 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), |  |  |  |
| Reg. S, 4.00%, 06/30/2050 |  | 3400 | 2515 |
| Reg. S, 4.13%, 05/15/2027 |  | 1200 | 1195 |
| Reg. S, 4.38%, 02/05/2050 |  | 600 | 481 |
| Reg. S, 5.25%, 10/24/2042 |  | 2800 | 2613 |
| Reg. S, 5.25%, 05/15/2047 |  | 1400 | 1284 |
| Reg. S, 6.15%, 05/21/2048 |  | 3000 | 3056 |
| PG&E Corp., |  |  |  |
| 5.00%, 07/01/2028 |  | 1760 | 1744 |
| 5.25%, 07/01/2030 |  | 160 | 158 |
| (CMT Index 5 Year + 3.88%), 7.38%, 03/15/2055 (aa) |  | 1860 | 1910 |
| Pike Corp., |  |  |  |
| 5.50%, 09/01/2028 (e) |  | 40 | 40 |
| 8.63%, 01/31/2031 (e) |  | 422 | 452 |
| Public Power Corp. SA, (Greece), Reg. S, 4.63%, 10/31/2031 | EUR | 4100 | 4958 |
| System Energy Resources, Inc., 6.00%, 04/15/2028 |  | 584 | 608 |
| Talen Energy Supply LLC, 8.63%, 06/01/2030 (e) |  | 90 | 96 |
| TransAlta Corp., (Canada), 7.75%, 11/15/2029 |  | 38 | 40 |
| Trinidad Generation UnLtd, (Trinidad and Tobago), 7.75%, 06/16/2033 (e) |  | 800 | 841 |
| Vistra Corp., |  |  |  |
| (CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa) |  | 11887 | 12069 |
| (CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) |  | 2550 | 2608 |
| Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa) |  | 680 | 747 |
| Vistra Operations Co. LLC, |  |  |  |
| 3.70%, 01/30/2027 (e) |  | 343 | 340 |
| 4.38%, 05/01/2029 (e) |  | 6789 | 6648 |
| 5.00%, 07/31/2027 (e) |  | 9660 | 9628 |
| 5.50%, 09/01/2026 (e) |  | 1063 | 1062 |
| 5.63%, 02/15/2027 (e) |  | 2785 | 2785 |
| 6.88%, 04/15/2032 (e) |  | 3242 | 3390 |
| 7.75%, 10/15/2031 (e) |  | 190 | 201 |
| XPLR Infrastructure Operating Partners LP, |  |  |  |
| 3.88%, 10/15/2026 (e) |  | 311 | 307 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric** — **continued** |  |  |  |
| 4.50%, 09/15/2027 (e) |  | 20 | 20 |
| 7.25%, 01/15/2029 (e) |  | 50 | 51 |
| 8.38%, 01/15/2031 (e) |  | 6454 | 6762 |
| 8.63%, 03/15/2033 (e) |  | 120 | 126 |
|  |  |  | 268280 |
| **Gas** — **0.1%** |  |  |  |
| AltaGas Ltd., (Canada), (CMT Index 5 Year + 3.57%), 7.20%, 10/15/2054 (e) (aa) |  | 2397 | 2479 |
| AmeriGas Partners LP / AmeriGas Finance Corp., |  |  |  |
| 5.75%, 05/20/2027 |  | 1730 | 1729 |
| 9.38%, 06/01/2028 (e) |  | 70 | 72 |
| 9.50%, 06/01/2030 (e) |  | 1726 | 1807 |
| Brooklyn Union Gas Co. (The), 4.63%, 08/05/2027 (e) |  | 488 | 492 |
| National Fuel Gas Co., |  |  |  |
| 5.50%, 10/01/2026 |  | 476 | 481 |
| 5.50%, 03/15/2030 |  | 965 | 998 |
| National Gas Co. of Trinidad & Tobago Ltd, (Trinidad and Tobago), Reg. S, 6.05%, 01/15/2036 |  | 1600 | 1471 |
| Snam SpA, (Italy), 5.00%, 05/28/2030 (e) |  | 236 | 239 |
| South Jersey Industries, Inc., 5.02%, 04/15/2031 |  | 190 | 163 |
| Southwest Gas Corp., 5.45%, 03/23/2028 |  | 72 | 74 |
| UGI International LLC, Reg. S, 2.50%, 12/01/2029 | EUR | 1300 | 1440 |
|  |  |  | 11445 |
| **Water** — **0.2%** |  |  |  |
| Veolia Environnement SA, (France), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 2.84%), 2.50%, 01/20/2029 (x) (aa) | EUR | 8100 | 9116 |
| Reg. S, (EUR Swap Rate 5 Year + 2.82%), 5.99%, 11/22/2028 (x) (aa) | EUR | 7700 | 9667 |
|  |  |  | 18783 |
| Total Utilities |  |  | 298508 |
| Total Corporate Bonds<br>(Cost $6,866,933) |  |  | 7176770 |
| **Foreign Government Securities** — **8.0%** |  |  |  |
| **Banks — 0.2%** |  |  |  |
| Bank Gospodarstwa Krajowego, (Poland), |  |  |  |
| Reg. S, 3.88%, 03/13/2035 | EUR | 3800 | 4514 |
| Reg. S, 6.25%, 10/31/2028 |  | 2500 | 2653 |
| 6.25%, 07/09/2054 (e) |  | 2700 | 2807 |
| MFB Magyar Fejlesztesi Bank Zrt, (Hungary), Reg. S, 6.50%, 06/29/2028 |  | 6200 | 6499 |
| National Bank of Uzbekistan, (Uzbekistan), Reg. S, 4.85%, 10/21/2025 |  | 500 | 499 |
| Total Banks |  |  | 16972 |
| **Municipal — 0.0% (g)** |  |  |  |
| City of Ulaanbaatar Mongolia, (Mongolia), Reg. S, 7.75%, 08/21/2027 |  | 600 | 612 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Oil & Gas — 0.0% (g)** |  |  |  |
| Korea National Oil Corp., (South Korea), |  |  |  |
| 4.88%, 04/03/2029 (e) |  | 1500 | 1534 |
| Reg. S, 4.88%, 04/03/2029 |  | 200 | 204 |
| Total Oil & Gas |  |  | 1738 |
| **Sovereign — 7.8%** |  |  |  |
| Abu Dhabi Government International Bond, (United Arab Emirates), Reg. S, 3.88%, 04/16/2050 |  | 1300 | 1065 |
| Angolan Government International Bond, (Angola), |  |  |  |
| Reg. S, 8.00%, 11/26/2029 |  | 8500 | 8273 |
| Reg. S, 9.38%, 05/08/2048 |  | 5500 | 4715 |
| Reg. S, 9.50%, 11/12/2025 |  | 2400 | 2404 |
| Argentine Republic Government International Bond, (Argentina), |  |  |  |
| SUB, 0.75%, 07/09/2030 |  | 592 | 403 |
| 1.00%, 07/09/2029 |  | 4864 | 3546 |
| SUB, 3.50%, 07/09/2041 |  | 37100 | 18034 |
| SUB, 4.13%, 07/09/2035 |  | 900 | 472 |
| Avenir Issuer III Ireland DAC, (Ireland), Series 3Y, Reg. S, 6.00%, 03/22/2027 |  | 3596 | 3551 |
| Avenir Issuer IV Ireland DAC, (Ireland), Series 2, Reg. S, 6.00%, 12/30/2027 |  | 2370 | 2271 |
| Bahrain Government International Bond, (Bahrain), |  |  |  |
| Reg. S, 4.25%, 01/25/2028 |  | 8900 | 8721 |
| Reg. S, 5.63%, 09/30/2031 |  | 3700 | 3713 |
| Benin Government International Bond, (Benin), Reg. S, 6.88%, 01/19/2052 | EUR | 400 | 427 |
| Bermuda Government International Bond, (Bermuda), |  |  |  |
| Reg. S, 2.38%, 08/20/2030 |  | 1375 | 1253 |
| Reg. S, 3.72%, 01/25/2027 |  | 850 | 839 |
| Brazilian Government International Bond, (Brazil), |  |  |  |
| 4.75%, 01/14/2050 |  | 800 | 596 |
| 6.13%, 01/22/2032 |  | 500 | 520 |
| 6.13%, 03/15/2034 |  | 950 | 970 |
| 7.13%, 05/13/2054 |  | 8550 | 8645 |
| Bulgaria Government International Bond, (Bulgaria), |  |  |  |
| Series 8Y, Reg. S, 3.63%, 09/05/2032 | EUR | 7800 | 9425 |
| Series 13Y, Reg. S, 5.00%, 03/05/2037 |  | 3300 | 3300 |
| Chile Government International Bond, (Chile), |  |  |  |
| 3.50%, 04/15/2053 |  | 1500 | 1072 |
| 4.85%, 01/22/2029 |  | 6400 | 6544 |
| 4.95%, 01/05/2036 |  | 8000 | 8031 |
| Colombia Government International Bond, (Colombia), |  |  |  |
| 3.25%, 04/22/2032 |  | 3600 | 3042 |
| 3.88%, 03/22/2026 | EUR | 2500 | 2937 |
| 3.88%, 04/25/2027 |  | 900 | 891 |
| 5.63%, 02/26/2044 |  | 8100 | 6624 |
| 7.38%, 04/25/2030 |  | 900 | 958 |
| 7.50%, 02/02/2034 |  | 6900 | 7248 |
| 8.00%, 04/20/2033 |  | 400 | 436 |
| 8.00%, 11/14/2035 |  | 1500 | 1609 |
| 8.38%, 11/07/2054 |  | 2900 | 3068 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| 8.50%, 04/25/2035 |  | 1200 | 1329 |
| 8.75%, 11/14/2053 |  | 1500 | 1646 |
| Costa Rica Government International Bond, (Costa Rica), |  |  |  |
| Reg. S, 5.63%, 04/30/2043 |  | 1700 | 1579 |
| Reg. S, 7.30%, 11/13/2054 |  | 3500 | 3843 |
| Dominican Republic International Bond, (Dominican Republic), |  |  |  |
| Reg. S, 4.50%, 01/30/2030 |  | 3300 | 3227 |
| Reg. S, 5.30%, 01/21/2041 |  | 5000 | 4513 |
| Reg. S, 5.95%, 01/25/2027 |  | 5800 | 5894 |
| Reg. S, 6.00%, 02/22/2033 |  | 8100 | 8251 |
| Reg. S, 6.85%, 01/27/2045 |  | 5200 | 5381 |
| Reg. S, 6.88%, 01/29/2026 |  | 100 | 101 |
| Reg. S, 8.63%, 04/20/2027 |  | 175 | 182 |
| Eagle Funding Luxco Sarl, (Luxembourg), 5.50%, 08/17/2030 (e) |  | 13230 | 13431 |
| Ecuador Government International Bond, (Ecuador), |  |  |  |
| Reg. S, Zero Coupon, 07/31/2030 |  | 1236 | 958 |
| Reg. S, SUB, 5.00%, 07/31/2040 |  | 5200 | 3452 |
| Reg. S, SUB, 6.90%, 07/31/2030 |  | 7110 | 6417 |
| Reg. S, SUB, 6.90%, 07/31/2035 |  | 12247 | 9233 |
| Egypt Government International Bond, (Egypt), |  |  |  |
| Reg. S, 3.88%, 02/16/2026 |  | 2600 | 2578 |
| Reg. S, 4.75%, 04/16/2026 | EUR | 11000 | 12913 |
| Reg. S, 5.88%, 02/16/2031 |  | 4000 | 3712 |
| Reg. S, 6.38%, 04/11/2031 | EUR | 12500 | 14066 |
| Reg. S, 7.30%, 09/30/2033 |  | 800 | 756 |
| Reg. S, 7.50%, 02/16/2061 |  | 5600 | 4388 |
| Reg. S, 7.63%, 05/29/2032 |  | 2000 | 1964 |
| El Salvador Government International Bond, (El Salvador), |  |  |  |
| Reg. S, 7.12%, 01/20/2050 |  | 800 | 688 |
| Reg. S, 7.65%, 06/15/2035 |  | 4800 | 4865 |
| Reg. S, 8.25%, 04/10/2032 |  | 1900 | 2016 |
| 9.65%, 11/21/2054 (e) |  | 5100 | 5508 |
| Gabon Blue Bond Master Trust Series 2s, Reg. S, 6.10%, 08/01/2038 |  | 300 | 304 |
| Gabon Government International Bond, (Gabon), Reg. S, 6.63%, 02/06/2031 |  | 1200 | 965 |
| Ghana Government International Bond, (Ghana), |  |  |  |
| Zero Coupon, 07/03/2026 (e) |  | 322 | 310 |
| Reg. S, 1.50%, 01/03/2037 |  | 1400 | 691 |
| SUB, 5.00%, 07/03/2029 (e) |  | 1964 | 1910 |
| Reg. S, SUB, 5.00%, 07/03/2029 |  | 5600 | 5445 |
| Guatemala Government Bond, (Guatemala), |  |  |  |
| Reg. S, 4.38%, 06/05/2027 |  | 9900 | 9826 |
| Reg. S, 5.38%, 04/24/2032 |  | 3000 | 3014 |
| 6.05%, 08/06/2031 (e) |  | 1300 | 1349 |
| Reg. S, 6.05%, 08/06/2031 |  | 200 | 208 |
| 6.25%, 08/15/2036 (e) |  | 1600 | 1651 |
| 6.55%, 02/06/2037 (e) |  | 2600 | 2739 |
| Reg. S, 6.55%, 02/06/2037 |  | 2100 | 2212 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 6.60%, 06/13/2036 |  | 3200 | 3377 |
| 6.88%, 08/15/2055 (e) |  | 1200 | 1256 |
| Hazine Mustesarligi Varlik Kiralama A/S, (Turkey), 6.75%, 09/01/2030 (e) |  | 2200 | 2276 |
| Honduras Government International Bond, (Honduras), 8.63%, 11/27/2034 (e) |  | 1400 | 1537 |
| Hungary Government International Bond, (Hungary), |  |  |  |
| Reg. S, 5.25%, 06/16/2029 |  | 2400 | 2455 |
| 5.38%, 09/26/2030 (e) |  | 824 | 848 |
| Reg. S, 5.50%, 03/26/2036 |  | 2100 | 2116 |
| Reg. S, 6.13%, 05/22/2028 |  | 2100 | 2192 |
| Reg. S, 6.75%, 09/25/2052 |  | 2600 | 2808 |
| Series 30Y, 7.63%, 03/29/2041 |  | 6600 | 7817 |
| Indonesia Government International Bond, (Indonesia), Reg. S, 6.63%, 02/17/2037 |  | 3900 | 4411 |
| Iraq International Bond, (Iraq), Reg. S, 5.80%, 01/15/2028 |  | 750 | 746 |
| Israel Government International Bond, (Israel), Series 5Y, 5.38%, 03/12/2029 |  | 1000 | 1027 |
| Ivory Coast Government International Bond, (Ivory Coast), |  |  |  |
| Reg. S, 4.88%, 01/30/2032 | EUR | 2600 | 2908 |
| Reg. S, 5.25%, 03/22/2030 | EUR | 3500 | 4098 |
| Reg. S, SUB, 5.75%, 12/31/2032 |  | 184 | 182 |
| Reg. S, 6.63%, 03/22/2048 | EUR | 2700 | 2708 |
| Reg. S, 6.88%, 10/17/2040 | EUR | 1500 | 1642 |
| Reg. S, 8.25%, 01/30/2037 |  | 7700 | 8026 |
| Jordan Government International Bond, (Jordan), |  |  |  |
| Reg. S, 5.75%, 01/31/2027 |  | 7200 | 7198 |
| Reg. S, 7.38%, 10/10/2047 |  | 800 | 765 |
| Latvia Government International Bond, (Latvia), Reg. S, 5.13%, 07/30/2034 |  | 1200 | 1234 |
| Magyar Export-Import Bank Zrt, (Hungary), Reg. S, 6.13%, 12/04/2027 |  | 2300 | 2378 |
| Mexican Udibonos, (Mexico), |  |  |  |
| Series S, 2.75%, 11/27/2031 | MXN | 1710 | 84 |
| Series S, 3.00%, 12/03/2026 | MXN | 25655 | 1394 |
| Mexico Government International Bond, (Mexico), |  |  |  |
| 5.75%, 10/12/2110 |  | 3800 | 3245 |
| 5.85%, 07/02/2032 |  | 3516 | 3629 |
| 6.40%, 05/07/2054 |  | 1100 | 1074 |
| 6.63%, 01/29/2038 |  | 1600 | 1682 |
| Mongolia Government International Bond, (Mongolia), |  |  |  |
| Reg. S, 3.50%, 07/07/2027 |  | 1600 | 1540 |
| Reg. S, 4.45%, 07/07/2031 |  | 2300 | 2079 |
| 7.88%, 06/05/2029 (e) |  | 300 | 318 |
| Reg. S, 7.88%, 06/05/2029 |  | 100 | 106 |
| 8.65%, 01/19/2028 (e) |  | 300 | 319 |
| Reg. S, 8.65%, 01/19/2028 |  | 300 | 319 |
| Montenegro Government International Bond, (Montenegro), 7.25%, 03/12/2031 (e) |  | 1700 | 1813 |
| Morocco Government International Bond, (Morocco), Reg. S, 5.50%, 12/11/2042 |  | 1700 | 1626 |
| Namibia International Bonds, (Namibia), Reg. S, 5.25%, 10/29/2025 |  | 400 | 398 |
| Nigeria Government International Bond, (Nigeria), |  |  |  |
| Reg. S, 7.38%, 09/28/2033 |  | 14409 | 13629 |
| Reg. S, 7.63%, 11/21/2025 |  | 6400 | 6407 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| North Macedonia Government International Bond, (North Macedonia), Reg. S, 6.96%, 03/13/2027 | EUR | 3300 | 4030 |
| Oman Government International Bond, (Oman), |  |  |  |
| Reg. S, 4.75%, 06/15/2026 |  | 1000 | 1000 |
| Reg. S, 6.25%, 01/25/2031 |  | 15900 | 17163 |
| Reg. S, 6.75%, 01/17/2048 |  | 2700 | 2963 |
| Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060 |  | 5800 | 5437 |
| Pakistan Government International Bond, (Pakistan), |  |  |  |
| Reg. S, 6.00%, 04/08/2026 |  | 2000 | 1992 |
| Reg. S, 6.88%, 12/05/2027 |  | 3700 | 3696 |
| Reg. S, 8.88%, 04/08/2051 |  | 2000 | 1839 |
| Panama Government International Bond, (Panama), |  |  |  |
| 3.88%, 03/17/2028 |  | 228 | 224 |
| 4.50%, 04/01/2056 |  | 5200 | 3800 |
| 6.85%, 03/28/2054 |  | 1800 | 1825 |
| 7.13%, 01/29/2026 |  | 500 | 503 |
| 7.50%, 03/01/2031 |  | 7200 | 7907 |
| 7.88%, 03/01/2057 |  | 4000 | 4502 |
| 8.00%, 03/01/2038 |  | 4000 | 4555 |
| 8.88%, 09/30/2027 |  | 12600 | 13628 |
| Paraguay Government International Bond, (Paraguay), |  |  |  |
| Reg. S, 5.40%, 03/30/2050 |  | 2300 | 2111 |
| Reg. S, 5.85%, 08/21/2033 |  | 4900 | 5145 |
| 6.00%, 02/09/2036 (e) |  | 400 | 424 |
| Reg. S, 6.00%, 02/09/2036 |  | 600 | 636 |
| 6.65%, 03/04/2055 (e) |  | 1200 | 1276 |
| 7.90%, 02/09/2031 (e) | PYG | 9789000 | 1329 |
| 8.50%, 03/04/2035 (e) | PYG | 15550000 | 2122 |
| Perusahaan Penerbit SBSN Indonesia III, (Indonesia), Reg. S, 5.65%, 11/25/2054 |  | 1000 | 998 |
| Peruvian Government International Bond, (Peru), |  |  |  |
| 3.23%, 07/28/2121 |  | 9800 | 5470 |
| 3.60%, 01/15/2072 |  | 3900 | 2476 |
| 5.50%, 03/30/2036 |  | 1600 | 1630 |
| 5.88%, 08/08/2054 |  | 1690 | 1695 |
| 6.20%, 06/30/2055 |  | 1600 | 1663 |
| 6.55%, 03/14/2037 |  | 5600 | 6227 |
| 6.90%, 08/12/2037 (e) | PEN | 6300 | 1893 |
| Reg. S, 6.95%, 08/12/2031 | PEN | 3800 | 1213 |
| Philippine Government International Bond, (Philippines), |  |  |  |
| 2.95%, 05/05/2045 |  | 2400 | 1715 |
| 3.70%, 03/01/2041 |  | 2500 | 2124 |
| 5.18%, 09/05/2049 |  | 1200 | 1163 |
| 6.38%, 10/23/2034 |  | 1200 | 1351 |
| Qatar Government International Bond, (Qatar), |  |  |  |
| Reg. S, 4.82%, 03/14/2049 |  | 2300 | 2190 |
| Reg. S, 6.40%, 01/20/2040 |  | 1400 | 1616 |
| Republic of Armenia International Bond, (Armenia), |  |  |  |
| Reg. S, 3.60%, 02/02/2031 |  | 1500 | 1347 |
| Reg. S, 3.95%, 09/26/2029 |  | 2200 | 2066 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Republic of Cameroon International Bond, (Cameroon), |  |  |  |
| Reg. S, 5.95%, 07/07/2032 | EUR | 3700 | 3562 |
| Reg. S, 9.50%, 11/19/2025 |  | 267 | 265 |
| Series 7Y, Reg. S, 9.50%, 07/31/2031 |  | 2000 | 1924 |
| Republic of Kenya Government International Bond, (Kenya), |  |  |  |
| Reg. S, 7.25%, 02/28/2028 |  | 1600 | 1642 |
| Reg. S, 8.00%, 05/22/2032 |  | 2100 | 2088 |
| 9.50%, 03/05/2036 (e) |  | 3700 | 3788 |
| 9.75%, 02/16/2031 (e) |  | 2800 | 2989 |
| Reg. S, 9.75%, 02/16/2031 |  | 4600 | 4910 |
| Republic of Poland Government International Bond, (Poland), |  |  |  |
| Series 5Y, 4.88%, 02/12/2030 |  | 1100 | 1132 |
| Series 10Y, 4.88%, 10/04/2033 |  | 200 | 202 |
| Series 10Y, 5.38%, 02/12/2035 |  | 1900 | 1972 |
| Series 30Y, 5.50%, 04/04/2053 |  | 8100 | 7850 |
| Republic of South Africa Government Bond, (South Africa), |  |  |  |
| Series 2035, 8.88%, 02/28/2035 | ZAR | 179800 | 10212 |
| Series 2037, 8.50%, 01/31/2037 | ZAR | 59900 | 3191 |
| Republic of South Africa Government International Bond, (South Africa), |  |  |  |
| 7.10%, 11/19/2036 (e) |  | 2700 | 2814 |
| 7.95%, 11/19/2054 (e) |  | 2700 | 2743 |
| Series 10Y, 4.85%, 09/30/2029 |  | 3000 | 2966 |
| Series 30Y, 5.75%, 09/30/2049 |  | 2800 | 2238 |
| Series 30Y, 7.30%, 04/20/2052 |  | 3500 | 3356 |
| Republic of Uzbekistan International Bond, (Uzbekistan), Reg. S, 3.90%, 10/19/2031 |  | 3300 | 3029 |
| Romanian Government International Bond, (Romania), |  |  |  |
| Reg. S, 2.12%, 07/16/2031 | EUR | 2700 | 2708 |
| Reg. S, 2.13%, 03/07/2028 | EUR | 1100 | 1253 |
| Reg. S, 2.63%, 12/02/2040 | EUR | 5100 | 3831 |
| Reg. S, 3.00%, 02/27/2027 |  | 5800 | 5662 |
| Reg. S, 3.38%, 01/28/2050 | EUR | 600 | 443 |
| Reg. S, 3.88%, 10/29/2035 | EUR | 2200 | 2198 |
| Reg. S, 5.13%, 09/24/2031 | EUR | 1400 | 1642 |
| Reg. S, 5.25%, 11/25/2027 |  | 1396 | 1411 |
| Reg. S, 5.75%, 03/24/2035 |  | 300 | 289 |
| 5.75%, 03/24/2035 (e) |  | 1000 | 963 |
| 5.88%, 01/30/2029 (e) |  | 414 | 425 |
| Reg. S, 6.13%, 01/22/2044 |  | 900 | 841 |
| Reg. S, 6.38%, 09/18/2033 | EUR | 1700 | 2096 |
| Reg. S, 6.38%, 01/30/2034 |  | 1800 | 1822 |
| 6.38%, 01/30/2034 (e) |  | 1800 | 1822 |
| 6.75%, 07/11/2039 (e) | EUR | 1900 | 2284 |
| Reg. S, 7.13%, 01/17/2033 |  | 5900 | 6295 |
| Saudi Government International Bond, (Saudi Arabia), |  |  |  |
| Reg. S, 3.45%, 02/02/2061 |  | 5700 | 3726 |
| Reg. S, 3.75%, 01/21/2055 |  | 1400 | 1009 |
| Reg. S, 4.38%, 04/16/2029 |  | 5100 | 5131 |
| Reg. S, 5.00%, 01/16/2034 |  | 2000 | 2046 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Sovereign — continued** |  |  |  |
| 5.13%, 01/13/2028 (e) |  | 570 | 582 |
| Reg. S, 5.75%, 01/16/2054 |  | 1800 | 1808 |
| Senegal Government International Bond, (Senegal), |  |  |  |
| Reg. S, 4.75%, 03/13/2028 | EUR | 4200 | 4279 |
| Reg. S, 5.38%, 06/08/2037 | EUR | 5500 | 4229 |
| Reg. S, 6.25%, 05/23/2033 |  | 3900 | 2816 |
| Series 7Y, Reg. S, 7.75%, 06/10/2031 |  | 700 | 564 |
| Serbia International Bond, (Serbia), |  |  |  |
| Reg. S, 2.05%, 09/23/2036 | EUR | 2500 | 2293 |
| 6.00%, 06/12/2034 (e) |  | 1400 | 1459 |
| Reg. S, 6.00%, 06/12/2034 |  | 1700 | 1772 |
| Reg. S, 6.25%, 05/26/2028 |  | 5600 | 5841 |
| Reg. S, 6.50%, 09/26/2033 |  | 1000 | 1085 |
| Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033 |  | 2500 | 2576 |
| Sri Lanka Government International Bond, (Sri Lanka), |  |  |  |
| Reg. S, SUB, 3.60%, 06/15/2035 |  | 5500 | 4009 |
| Reg. S, SUB, 3.60%, 02/15/2038 |  | 3200 | 2844 |
| Trinidad & Tobago Government International Bond, (Trinidad and Tobago), |  |  |  |
| 5.95%, 01/14/2031 (e) |  | 700 | 710 |
| Reg. S, 5.95%, 01/14/2031 |  | 200 | 203 |
| Turkiye Government Bond, (Turkey), |  |  |  |
| Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 42.49%, 05/20/2026 (aa) | TRY | 9600 | 234 |
| Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 42.49%, 05/17/2028 (aa) | TRY | 67300 | 1593 |
| Series 5Y, (Turkish Lira Overnight Reference Rate + 0.00%), 42.49%, 08/19/2026 (aa) | TRY | 45900 | 1118 |
| Turkiye Government International Bond, (Turkey), |  |  |  |
| Series 5Y, 6.38%, 10/14/2025 |  | 825 | 825 |
| Series 6Y, 9.38%, 03/14/2029 |  | 3200 | 3571 |
| Series 10Y, 7.63%, 05/15/2034 |  | 6900 | 7316 |
| Series 30Y, 5.75%, 05/11/2047 |  | 9100 | 7216 |
| Series 30Y, 6.88%, 03/17/2036 |  | 7900 | 7930 |
| Turkiye Ihracat Kredi Bankasi A/S, (Turkey), |  |  |  |
| 6.88%, 07/03/2028 (e) |  | 1100 | 1123 |
| 7.50%, 02/06/2028 (e) |  | 500 | 516 |
| Reg. S, 7.50%, 02/06/2028 |  | 200 | 207 |
| Ukraine Government International Bond, (Ukraine), |  |  |  |
| Reg. S, SUB, 0.00%, 02/01/2030 |  | 900 | 472 |
| Reg. S, SUB, 0.00%, 02/01/2034 |  | 8500 | 3525 |
| Reg. S, SUB, 0.00%, 02/01/2035 |  | 2400 | 1164 |
| Reg. S, SUB, 0.00%, 02/01/2036 |  | 200 | 97 |
| Reg. S, SUB, 4.50%, 02/01/2029 |  | 2200 | 1513 |
| Reg. S, SUB, 4.50%, 02/01/2034 |  | 10800 | 6080 |
| Reg. S, SUB, 4.50%, 02/01/2035 |  | 2600 | 1435 |
| Reg. S, SUB, 4.50%, 02/01/2036 |  | 2600 | 1415 |
| Uruguay Government International Bond, (Uruguay), |  |  |  |
| 5.10%, 06/18/2050 |  | 4100 | 3885 |
| 5.75%, 10/28/2034 |  | 2500 | 2685 |
| Zambia Government International Bond, (Zambia), Reg. S, 0.50%, 12/31/2053 |  | 1600 | 1078 |
| Total Sovereign |  |  | 710567 |
| Total Foreign Government Securities<br>(Cost $690,362) |  |  | 729889 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities** — **0.1%** |  |  |
| **FHLMC Collateral — 0.1%** |  |  |
| FHLMC Non Gold Pool, |  |  |
| ARM, (United States 30 Day Average SOFR + 2.13%), 5.21%, 08/01/2055 (aa) | 526 | 530 |
| ARM, (United States 30 Day Average SOFR + 2.16%), 5.44%, 08/01/2055 (aa) | 2300 | 2328 |
| Total FHLMC Collateral |  | 2858 |
| **FNMA Collateral — 0.0%** |  |  |
| FNMA Pool, |  |  |
| ARM, (United States 30 Day Average SOFR + 2.30%), 5.03%, 02/01/2055 (aa) | 300 | 303 |
|  ARM, (United States 30 Day Average SOFR + 2.03%), 5.47%, 10/01/2055 (aa) | 1815 | 1835 |
| ARM, (United States 30 Day Average SOFR + 2.21%), 5.72%, 08/01/2055 (aa) | 485 | 493 |
| Total FNMA Collateral |  | 2631 |
| Total Mortgage-Backed Securities<br>(Cost $5,511) |  | 5489 |
| **U.S. Treasury Obligations** — **1.5%** |  |  |
| **Sovereign — 1.5%** |  |  |
| U.S. Treasury Notes, |  |  |
| 2.75%, 04/30/2027 (ff) | 740 | 730 |
| 3.63%, 08/31/2027 | 8997 | 8998 |
| 3.75%, 06/30/2027 | 29729 | 29787 |
| 3.75%, 04/15/2028 | 3077 | 3087 |
| 3.75%, 12/31/2028 (ee) | 6020 | 6040 |
| 3.88%, 07/31/2027 | 10000 | 10043 |
| 4.13%, 10/31/2026 (ee) | 23225 | 23325 |
| 4.25%, 01/31/2026 (ff) | 22650 | 22667 |
| 4.25%, 11/30/2026 | 320 | 322 |
| 4.25%, 12/31/2026 | 9600 | 9663 |
| 4.25%, 05/15/2035 | 23000 | 23212 |
| Total Sovereign |  | 137874 |
| Total U.S. Treasury Obligations<br>(Cost $137,208) |  | 137874 |
|  | **SHARES** |  |
| **Common Stocks** — **0.2%** |  |  |
| **Basic Materials** — **0.0% (g)** |  |  |
| **Chemicals** — **0.0% (g)** |  |  |
| Venator Materials plc, (United Kingdom) (a) (bb) | 4 | 21 |
| **Communications** — **0.2%** |  |  |
| **Internet** — **0.0% (g)** |  |  |
| Xplore, Inc., (Canada), (a) | 51 | 153 |
|  |  | 153 |
| **Media** — **0.0% (g)** |  |  |
| Diamond Sports Group LLC (a) | 137 | 1402 |
| **Telecommunications** — **0.2%** |  |  |
| Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Jamaica) (a) | 796 | 13269 |
| Intelsat SA, (Luxembourg) (a) | 87 | 998 |
|  |  | 14267 |
| Total Communications |  | 15822 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks** — **continued** |  |  |
| **Consumer Non-cyclical** — **0.0% (g)** |  |  |
| **Healthcare - Services** — **0.0% (g)** |  |  |
| Quorum Health Corp. (a) (f) | 8 | 6 |
| **Financial** — **0.0%** |  |  |
| **Real Estate** — **0.0%** |  |  |
| ADLER Group SA, (Luxembourg) (a) (bb) | 1268 |  |
| Total Financial |  |  |
| **Utilities** — **0.0% (g)** |  |  |
| **Electric** — **0.0% (g)** |  |  |
| Heritage Power LLC (a) (bb) | 47 | 1436 |
| Total Utilities |  | 1436 |
| Total Common Stocks<br> (Cost $7,919) |  | 17285 |
| **Preferred Stocks** — **0.1%** |  |  |
| **Communications** — **0.0% (g)** |  |  |
| **Telecommunications** — **0.0% (g)** |  |  |
| Digicel Holdings Bermuda Ltd., expiring, (Bermuda) (a) (bb) | 56 | 675 |
| Qwest Corp., 6.75%, 06/15/2057 | 40 | 816 |
| Total Communications |  | 1491 |
| **Consumer Cyclical** — **0.1%** |  |  |
| **Retail** — **0.1%** |  |  |
| Ferrellgas Escrow LLC, expiring (a) (bb) | 6 | 6467 |
| Total Preferred Stocks<br> (Cost $7,427) |  | 7958 |
|  | **PRINCIPAL<br> AMOUNT ($)** |  |
| **Loan Assignments** — **4.8% (o)** |  |  |
| **Basic Materials** — **0.2%** |  |  |
| **Chemicals** — **0.2%** |  |  |
| Consolidated Energy Finance S.A., 2024 Incremental Term Loan, (Luxembourg), (CME Term SOFR 1 Month + 4.50%), 8.66%, 11/15/2030 (aa) | 1589 | 1482 |
| Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.08%, 10/04/2029 (aa) | 3330 | 3310 |
| Ecovyst Catalyst Technologies LLC, Second Amendment Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.31%, 06/12/2031 (aa) | 990 | 988 |
| Herens Holdco S.a r.l., Facility B (USD), (Switzerland), (CME Term SOFR 3 Month + 3.93%), 8.03%, 07/03/2028 (aa) | 2176 | 1959 |
| Olympus Water US Holding Corp., |  |  |
| Term Loan B, (CME Term SOFR 3 Month + 3.25%), 7.60%, 07/23/2032 (u) (aa) | 1879 | 1864 |
| Term B-6 Dollar Loan, (CME Term SOFR 3 Month + 3.00%), 7.00%, 06/20/2031 (aa) | 1070 | 1058 |
| TPC Group, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.75%), 9.77%, 12/16/2031 (aa) | 6197 | 5956 |
| Venator Materials LLC, |  |  |
| First-Out B Term Loan, (CME Term SOFR 3 Month + 8.00% (PIK) + 2.00 (Cash)), 14.00%, 07/16/2026 (aa) | 967 | 919 |
| Initial Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.32%, 10/12/2028 (aa) | 1372 | 926 |
| First-Out Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.32%, 07/16/2026 (aa) | 962 | 914 |
|  |  | 19376 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Forest Products & Paper** — **0.0% (g)** |  |  |  |
| Glatfelter Corp., Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.45%, 11/04/2031 (aa) |  | 885 | 877 |
| Total Basic Materials |  |  | 20253 |
| **Communications** — **1.2%** |  |  |  |
| **Advertising** — **0.2%** |  |  |  |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.28%, 08/21/2028 (aa) |  | 2710 | 2712 |
| Neptune BidCo US, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.43%, 04/11/2029 (aa) |  | 4045 | 3847 |
| Pax Midco Spain, S.L.U., (Add-on) Term Loan B, (Spain), (EURIBOR + 4.00%), 12/31/2029 (u) (aa) | EUR | 5070 | 5971 |
|  |  |  | 12530 |
| **Internet** — **0.1%** |  |  |  |
| AVIV Group GmbH, Facility B, (Germany), (EURIBOR 3 Month + 4.00%), 6.10%, 04/23/2032 (aa) | EUR | 3824 | 4518 |
| Cablevision Lightpath LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.15%, 11/30/2027 (aa) |  | 1357 | 1358 |
| Gen Digital Inc., Initial Tranche A Term Loan, (CME Term SOFR 1 Month + 1.50%), 5.76%, 09/10/2027 (aa) |  | 1440 | 1438 |
| MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.25%, 05/03/2028 (aa) |  | 2717 | 2609 |
| Proofpoint, Inc., Term Loan (Add-On), (CME Term SOFR 3 Month + 3.00%), 7.16% 08/31/2028 (u) (aa) |  | 480 | 481 |
|  |  |  | 10404 |
| **Media** — **0.5%** |  |  |  |
| CSC Holdings LLC, |  |  |  |
| 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.65%, 01/18/2028 (u) (aa) |  | 15899 | 15787 |
| September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 8.75%, 04/15/2027 (u) (aa) |  | 1948 | 1883 |
| Diamond Sports Net LLC, Term Loan (First Lien), 15.00% (PIK), 01/02/2028 |  | 978 | 831 |
| DIRECTV Financing LLC, |  |  |  |
| Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.57%, 08/02/2027 (aa) |  | 102 | 102 |
| 2025 Incremental Term B Loan, (CME Term SOFR 3 Month + 5.50%), 9.81%, 02/17/2031 (aa) |  | 6314 | 6163 |
| Gray Television, Inc., |  |  |  |
| Term D Loan, (CME Term SOFR 1 Month + 3.00%), 7.39%, 12/01/2028 (aa) |  | 1027 | 1027 |
| Term F Loan, (CME Term SOFR 1 Month + 5.25%), 9.53%, 06/04/2029 (aa) |  | 10 | 10 |
| iHeartCommunications, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.78%), 10.05%, 05/01/2029 (aa) |  | 1067 | 930 |
| Radiate Holdco LLC, First Out Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 09/25/2029 (u) (aa) |  | 16342 | 13161 |
| Summer (BC) Bidco B LLC, Extended Facility B (USD), (CME Term SOFR 3 Month + 5.00%), 9.26%, 02/15/2029 (aa) |  | 760 | 746 |
| Virgin Media Bristol LLC, |  |  |  |
| N Facility, (CME Term SOFR 1 Month + 2.50%), 6.76%, 01/31/2028 (aa) |  | 373 | 373 |
| Facility Q, (CME Term SOFR 1 Month + 3.25%), 7.51%, 01/31/2029 (u) (aa) |  | 600 | 599 |
|  |  |  | 41612 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Telecommunications** — **0.6%** |  |  |  |
| Altice Financing S.A., 2022 Refinancing Dollar Commitments, (Luxembourg), (CME Term SOFR 3 Month + 5.00%), 9.32%, 10/31/2027 (aa) |  | 2721 | 2279 |
| Altice France S.A., EUR TLB-[14] Loan, (France), (EURIBOR 3 Month + 5.50%), 7.53%, 08/15/2028 (aa) | EUR | 6124 | 6759 |
| Commscope LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.75%), 8.91%, 12/17/2029 (aa) |  | 2508 | 2536 |
| Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan (2024), (Luxembourg), (CME Term SOFR 1 Month + 3.50%), 7.66%, 12/11/2026 (aa) |  | 253 | 252 |
| Digicel International Finance Ltd., Initial Term Loan (First Lien), (Bermuda), (CME Term SOFR 3 Month + 5.25%), 9.49%, 08/06/2032 (aa) |  | 2563 | 2560 |
| Level 3 Financing, Inc., |  |  |  |
| Term B-3 Refinancing Loan, (CME Term SOFR 1 Month + 0.00%), 4.17%, 03/29/2032 (aa) |  | 538 | 538 |
| Term B-4 Refinancing Loans, (CME Term SOFR 1 Month + 3.25%), 7.42%, 03/29/2032 (u) (aa) |  | 1388 | 1388 |
| Lorca Telecom Bidco, S.A., Facility B5, (United Kingdom), (EURIBOR 6 Month + 2.50%), 4.56%, 03/25/2031 (aa) | EUR | 4000 | 4691 |
| Lumen Technologies, Inc., |  |  |  |
| Term B-1 Loan, (CME Term SOFR 1 Month + 2.35%), 6.63%, 04/16/2029 (aa) |  | 6683 | 6634 |
| Term B-2 Loan, (CME Term SOFR 1 Month + 2.35%), 6.63%, 04/15/2030 (aa) |  | 4398 | 4365 |
| Term A Loan, (CME Term SOFR 1 Month + 6.00%), 10.16%, 06/01/2028 (aa) |  | 260 | 264 |
| Odido Holding BV, Facility B2, (Netherlands), (EURIBOR 3 Month + 2.90%), 4.90%, 03/30/2029 (aa) | EUR | 6277 | 7393 |
| Eircom Finco S.a r. l., (Luxembourg), Facility B5, (EURIBOR + 2.75%), 4.68%, 05/15/2029 (aa) | EUR | 3000 | 3533 |
| Matterhorn Telecom S.A., Term Loan B, (Luxembourg), 01/30/2032 (u) | EUR | 600 | 706 |
| ViaSat, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.75%, 05/30/2030 (aa) |  | 1737 | 1707 |
| Xplore, Inc., |  |  |  |
| Initial Term Loan (First Lien), (Canada), (CME Term SOFR 1 Month + 1.50%), 5.78%, 10/24/2029 (aa) |  | 228 | 215 |
| Second Out Term Loan (First Lien), (Canada), (CME Term SOFR 1 Month + 1.50%), 6.00%, 10/24/2031 (aa) |  | 780 | 533 |
| Zayo Group Holdings, Inc., |  |  |  |
| Initial Dollar Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.66%, 03/09/2027 (aa) |  | 7936 | 7812 |
| Initial Dollar Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.77%, 03/11/2030 (u) (aa) |  | 1230 | 1192 |
|  |  |  | 55357 |
| Total Communications |  |  | 119903 |
| **Consumer Cyclical** — **0.6%** |  |  |  |
| **Airlines** — **0.0% (g)** |  |  |  |
| AAdvantage Loyalty IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 6.58%, 04/20/2028 (aa) |  | 319 | 318 |
| SkyMiles IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 1.50%), 4.33%, 10/20/2028 (u) (aa) |  | 239 | 239 |
| VistaJet Malta Finance plc, Initial Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.04%, 04/01/2031 (aa) |  | 446 | 448 |
|  |  |  | 1005 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Auto Parts & Equipment** — **0.1%** |  |  |  |
| First Brands Group LLC, 2021 Term Loan (Second Lien), (CME Term SOFR 3 Month + 8.50%), 13.07%, 03/30/2028 (aa) |  | 6382 | 354 |
| Qnity Electronics, Inc., Term Loan B, (CME Term SOFR 3 Month + 2.00%), 6.36%, 08/12/2032 (u) (aa) |  | 2780 | 2777 |
| Tenneco, Inc., |  |  |  |
| Term A Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 9.05%, 11/17/2028 (aa) |  | 3957 | 3862 |
| Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.30%, 11/17/2028 (aa) |  | 1980 | 1935 |
|  |  |  | 8928 |
| **Entertainment** — **0.0% (g)** |  |  |  |
| Great Canadian Gaming Corp., 2024 Refinancing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.75%), 8.75%, 11/01/2029 (aa) |  | 1119 | 1075 |
| Live Nation Entertainment, Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 1.75%), 5.99%, 10/19/2026 (aa) |  | 748 | 746 |
|  |  |  | 1821 |
| **Housewares** — **0.0% (g)** |  |  |  |
| SWF Holdings I Corp., |  |  |  |
| Tranche A-2 Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.28%, 10/06/2028 (aa) |  | 332 | 270 |
| Tranche A-1 Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.66%, 12/19/2029 (aa) |  | 364 | 364 |
|  |  |  | 634 |
| **Leisure Time** — **0.0% (g)** |  |  |  |
| City Football Group Ltd., Term B-1 Loan, (United Kingdom), (CME Term SOFR 1 Month + 3.50%), 7.78%, 07/21/2030 (aa) |  | 1160 | 1159 |
| **Lodging** — **0.0% (g)** |  |  |  |
| Wyndham Hotels & Resorts, Inc., 2022 Term A Loan, (CME Term SOFR 1 Month + 1.75%), 6.01%, 04/08/2027 (aa) |  | 1194 | 1192 |
| **Retail** — **0.5%** |  |  |  |
| Boots Group Finco LP, Closing Date Dollar Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.71%, 08/30/2032 (u) (aa) |  | 7295 | 7310 |
| Breitling Holdings S.a r.l., Facility B, (Luxembourg), (EURIBOR 6 Month + 3.90%), 5.94%, 10/25/2028 (aa) | EUR | 3441 | 3685 |
| CD&R Firefly Bidco Ltd., Facility B10, (United Kingdom), (SONIA + 4.75%), 9.21%, 04/29/2029 (aa) | GBP | 2800 | 3768 |
| Foundation Building Materials, Inc., |  |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.82%, 01/31/2028 (aa) |  | 1339 | 1340 |
| 2024 Incremental Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.31%, 01/29/2031 (aa) |  | 6297 | 6304 |
| 2025 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 5.25%), 11.50%, 01/29/2031 (aa) |  | 1011 | 1015 |
| IRB Holding Corp., 2024 Second Replacement Term B Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 12/15/2027 (aa) |  | 672 | 672 |
| Marshall Group Holding (Luxembourg) SARL, Facility B, (Luxembourg), (EURIBOR 3 Month + 4.50%), 6.48%, 04/01/2032 (aa) | EUR | 3615 | 4205 |
| Medline Borrower LP, 2028 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.00%), 4.16%, 10/23/2028 (u) (aa) |  | 782 | 782 |
| Sabre GLBL, Inc., |  |  |  |
| 2021 Other Term B-2 Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 12/17/2027 (aa) |  | 34 | 32 |
| 2021 Other Term B-1 Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 12/17/2027 (aa) |  | 103 | 98 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Retail** — **continued** |  |  |  |
| 2022 Other Term B Loan, (CME Term SOFR 1 Month + 4.25%), 8.51%, 06/30/2028 (aa) |  | 37 | 34 |
| 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 10.26%, 11/15/2029 (aa) |  | 396 | 372 |
| Sabre GLBL Inc., 2024 Term B-2 Loan, (CME Term SOFR 1 Month + 6.00%), 10.26%, 11/15/2029 (aa) |  | 144 | 135 |
| White Cap Supply Holdings LLC, Tranche C Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.42%, 10/19/2029 (u) (aa) |  | 9195 | 9194 |
|  |  |  | 38946 |
| Total Consumer Cyclical |  |  | 53685 |
| **Consumer Non-cyclical** — **0.9%** |  |  |  |
| **Beverages** — **0.0% (g)** |  |  |  |
| Sazerac Co., Inc., Incremental Term B-1 Loan, (CME Term SOFR 1 Month + 2.50%), 6.70%, 07/09/2032 (u) (aa) |  | 1673 | 1682 |
| **Biotechnology** — **0.0% (g)** |  |  |  |
| Cooper Consumer Health, Facility B4, (France), (EURIBOR 3 Month + 3.75%), 5.75%, 11/06/2028 (aa) | EUR | 3775 | 4462 |
| **Commercial Services** — **0.3%** |  |  |  |
| AlixPartners LLP, 2025 Refinancing Dollar Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 08/12/2032 (aa) |  | 1079 | 1071 |
| Allied Universal Holdco LLC, |  |  |  |
| Amendment No. 7 Replacement Euro Term Loan, (EURIBOR + 3.75%), 08/20/2032 (u) (aa) | EUR | 6580 | 7742 |
| Amendment No. 7 Replacement U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.51%, 08/20/2032 (aa) |  | 3288 | 3298 |
| Amber Finco plc, Facility B3, (United Kingdom), (EURIBOR + 3.25%), 5.25%, 06/11/2029 (aa) | EUR | 300 | 354 |
| Camelot U.S. Acquisition LLC, Amendment No. 7 Incremental Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.41%, 01/31/2031 (aa) |  | 2439 | 2434 |
| Champions Holdco, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 8.95%, 02/23/2029 (aa) |  | 1975 | 1847 |
| Jupiter Buyer, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.25%, 11/01/2031 (aa) |  | 733 | 738 |
| Lernen Bidco Ltd., Incremental Facility B3-A (USD), (United Kingdom), (CME Term SOFR 6 Month + 3.50%), 7.84%, 10/27/2031 (aa) |  | 3722 | 3731 |
| Obol France 2.5 SAS, Facility B3, (France), (EURIBOR 6 Month + 5.00%), 7.19%, 12/31/2028 (aa) | EUR | 4250 | 4892 |
| Vortex Opco LLC, Second-Out New Money Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 4.25%), 8.37%, 12/17/2028 (aa) |  | 276 | 61 |
| Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.66%, 01/30/2031 (u) (aa) |  | 1989 | 1981 |
|  |  |  | 28149 |
| **Cosmetics/Personal Care** — **0.0% (g)** |  |  |  |
| ACP Tara Holdings, Inc., Term Loan B, (CME Term SOFR 3 Month + 3.25%), 7.39%, 09/17/2032 (u) (aa) |  | 659 | 659 |
| **Food** — **0.0% (g)** |  |  |  |
| Market Bidco Limited, Facility B4 (GBP), (United Kingdom), (SONIA 3 Month + 5.25%), 9.32%, 11/04/2030 (aa) | GBP | 750 | 996 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Healthcare - Products** — **0.1%** |  |  |  |
| Bausch + Lomb Corp., Third Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 4.25%), 8.41%, 01/15/2031 (aa) |  | 4846 | 4842 |
| **Healthcare - Services** — **0.3%** |  |  |  |
| Celeste BidCo BV, Facility B2, (Netherlands), (EURIBOR 2 Month + 3.75%), 5.70%, 07/20/2029 (aa) | EUR | 4825 | 5678 |
| Cidron Atrium SE, Facility B1 (First Lien), (Germany), (EURIBOR + 5.00%), 05/22/2028 (u) (aa) | EUR | 2500 | 2962 |
| Elsan SAS, Term Loan B, (France), (EURIBOR 3 Month + 3.50%), 5.50%, 06/16/2031 (aa) | EUR | 4920 | 5773 |
| LifePoint Health, Inc., |  |  |  |
| 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.66%, 05/19/2031 (aa) |  | 1014 | 1009 |
| 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.07%, 05/17/2031 (aa) |  | 2964 | 2956 |
| MPH Acquisition Holdings LLC, |  |  |  |
| Exchange First Out Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.06%, 12/31/2030 (u) (aa) |  | 1556 | 1549 |
| Second Out Term Loan, (CME Term SOFR 3 Month + 4.60%), 9.17%, 12/31/2030 (u) (aa) |  | 1180 | 1082 |
| Quorum Health Corp., Term Loan (Exit), (CME Term SOFR 3 Month + 6.50%), 10.93%, 01/31/2028 (aa) |  | 682 | 488 |
| Star Parent, Inc., Term Loan B, (CME Term SOFR 3 Month + 4.00%), 8.00%, 09/27/2030 (aa) |  | 5228 | 5226 |
|  |  |  | 26723 |
| **Pharmaceuticals** — **0.2%** |  |  |  |
| Amneal Pharmaceuticals LLC, Amendment No.1 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 08/01/2032 (aa) |  | 3389 | 3383 |
| Elanco Animal Health, Inc., Term Loan, (CME Term SOFR 1 Month + 1.75%), 6.13%, 08/01/2027 (aa) |  | 1395 | 1393 |
| Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.16%, 04/23/2031 (aa) |  | 973 | 975 |
| Gainwell Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.10%, 10/01/2027 (aa) |  | 2635 | 2590 |
| Skio Bidco BV, Facility B, (Netherlands), (EURIBOR 6 Month + 3.50%), 5.59%, 06/16/2032 (aa) | EUR | 4426 | 5222 |
| Asterix AcquiCo GmbH, Facility B3, (Germany), 03/30/2032 (u) (aa) | EUR | 1500 | 1768 |
|  |  |  | 15331 |
| Total Consumer Non-cyclical |  |  | 82844 |
| **Diversified** — **0.0% (g)** |  |  |  |
| **Holding Companies - Diversified** — **0.0% (g)** |  |  |  |
| GN Loanco LLC, Term B Loan, (CME Term SOFR 3 Month + 4.50%), 8.81%, 12/19/2030 (u) (aa) |  | 1534 | 1529 |
| **Energy** — **0.0% (g)** |  |  |  |
| **Oil & Gas** — **0.0% (g)** |  |  |  |
| Stakeholder Midstream LLC, Initial Term Loan, (CME Term SOFR 6 Month + 4.00%), 8.04%, 01/01/2031 (aa) |  | 2227 | 2230 |
| **Oil & Gas Services** — **0.0% (g)** |  |  |  |
| Star Holding LLC, Term B Loan (First Lien), (CME Term SOFR 1 Month + 4.50%), 8.66%, 07/31/2031 (aa) |  | 749 | 743 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Pipelines** — **0.0% (g)** |  |  |  |
| Buckeye Partners LP, 2024 Tranche B-5 Term Loan, (CME Term SOFR 1 Month + 1.75%), 5.91%, 11/01/2026 (aa) |  | 746 | 746 |
| Total Energy |  |  | 3719 |
| **Financial** — **0.4%** |  |  |  |
| **Banks** — **0.0% (g)** |  |  |  |
| Ziraat Katilim Bankasi Anonim Sirketi, Tranche B, (CME Term SOFR 3 Month + 3.00%), 4.02%, 06/15/2034 (aa) (bb) |  | 2400 | 2400 |
| **Diversified Financial Services** — **0.1%** |  |  |  |
| Corpay Technologies Operating Co. LLC, Term B-5 Loan, (CME Term SOFR 1 Month + 1.75%), 5.91%, 04/28/2028 (aa) |  | 1477 | 1475 |
| CPI Holdco B LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 05/17/2031 (u) (aa) |  | 1 | 1 |
| Osaic Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 07/30/2032 (u) (aa) |  | 2806 | 2804 |
| Osttra Group Ltd., Term Loan (First Lien), (Bermuda), (CME Term SOFR 3 Month + 3.50%), 7.66%, 05/20/2032 (u) (aa) |  | 760 | 764 |
| Setanta Aircraft Leasing Designated Activity Co., New Loan, (Ireland), (CME Term SOFR 3 Month + 1.75%), 5.75%, 11/05/2028 (aa) |  | 83 | 83 |
|  |  |  | 5127 |
| **Insurance** — **0.2%** |  |  |  |
| Acrisure LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 11/06/2030 (aa) |  | 1485 | 1481 |
| Asurion LLC, |  |  |  |
| New B-9 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.53%, 07/31/2027 (aa) |  | 1820 | 1819 |
| New B-12 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.41%, 09/19/2030 (aa) |  | 5044 | 5022 |
| New Term B-13 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.41%, 09/19/2030 (aa) |  | 1524 | 1513 |
| New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.53%, 01/20/2029 (aa) |  | 2910 | 2780 |
| Truist Insurance Holdings LLC, |  |  |  |
| Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.75%, 05/06/2031 (aa) |  | 538 | 537 |
| Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 8.75%, 05/06/2032 (aa) |  | 2094 | 2130 |
|  |  |  | 15282 |
| **Investment Companies** — **0.1%** |  |  |  |
| Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 07/30/2031 (aa) |  | 402 | 402 |
| Artemis BidCo S.A.S., Facility B (EUR), (France), (EURIBOR 3 Month + 3.75%), 5.77%, 08/07/2032 (aa) | EUR | 4535 | 5336 |
| Grant Thornton Advisors LLC, 2025 EUR Incremental Term Loan, (EURIBOR + 3.25%), 09/23/2032 (u) (aa) | EUR | 7065 | 8299 |
|  |  |  | 14037 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Real Estate** — **0.0% (g)** |  |  |  |
| CoreLogic, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.78%, 06/02/2028 (aa) |  | 735 | 734 |
| Total Financial |  |  | 37580 |
| **Government** — **0.1%** |  |  |  |
| **Sovereign** — **0.1%** |  |  |  |
| Republic of Cote d'Ivoire, Term Loan, (EURIBOR 6 Month + 3.05%), 5.15%, 02/11/2034 (aa) (bb) | EUR | 4000 | 4680 |
| Republic of Tanzania, Term Loan, (CME Term SOFR 6 Month + 5.47%), 4.24%, 06/20/2030 (aa) (bb) |  | 5000 | 4981 |
| Total Government |  |  | 9661 |
| **Industrial** — **0.3%** |  |  |  |
| **Aerospace/Defense** — **0.0% (g)** |  |  |  |
| TransDigm, Inc., Tranche M Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.50%, 08/19/2032 (u) (aa) |  | 3542 | 3538 |
| **Building Materials** — **0.0% (g)** |  |  |  |
| Chariot Buyer LLC, Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 09/08/2032 (aa) |  | 397 | 397 |
| Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.41%, 02/10/2032 (aa) |  | 871 | 870 |
| Wilsonart LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.25%, 08/05/2031 (aa) |  | 1617 | 1561 |
|  |  |  | 2828 |
| **Electronics** — **0.1%** |  |  |  |
| LSF12 Crown US Commercial Bidco LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 12/02/2031 (u) (aa) |  | 3060 | 3062 |
| Pinnacle Buyer LLC, |  |  |  |
| Initial Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.68%, 10/01/2032 (u) (aa) |  | 1103 | 1104 |
| Delayed Draw Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.68%, 10/01/2032 (u) (aa) |  | 212 | 213 |
|  |  |  | 4379 |
| **Engineering & Construction** — **0.1%** |  |  |  |
| Brand Industrial Services, Inc., Tranche C Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.80%, 08/01/2030 (aa) |  | 7777 | 7030 |
| **Machinery - Diversified** — **0.1%** |  |  |  |
| GrafTech Global Enterprises, Inc., Term Loan, (CME Term SOFR 1 Month + 6.00%), 10.16%, 12/21/2029 (aa) |  | 1352 | 1373 |
| Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 6 Month + 3.75%), 7.92%, 02/15/2029 (aa) |  | 3753 | 3760 |
|  |  |  | 5133 |
| **Metal Fabricate/Hardware** — **0.0% (g)** |  |  |  |
| Crosby US Acquisition Corp., Amendment No. 4 Replacement Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 08/16/2029 (aa) |  | 553 | 555 |
| Doncasters US Finance LLC, Initial Term Loan, (CME Term SOFR 3 Month + 6.50%), 10.50%, 04/23/2030 (aa) |  | 2197 | 2218 |
|  |  |  | 2773 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Packaging & Containers** — **0.0% (g)** |  |  |
| Iris Holding, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 9.16%, 06/28/2028 (aa) | 1449 | 1404 |
| LABL, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.26%, 10/30/2028 (aa) | 2214 | 1810 |
|  |  | 3214 |
| Total Industrial |  | 28895 |
| **Technology** — **0.8%** |  |  |
| **Computers** — **0.2%** |  |  |
| Atlas CC Acquisition Corp., |  |  |
| Second Out Term B Loan, (CME Term SOFR 3 Month + 4.25%), 8.83%, 05/25/2029 (u) (aa) | 1422 | 810 |
| Second Out Term C Loan, (CME Term SOFR 3 Month + 4.25%), 8.83%, 05/25/2029 (u) (aa) | 204 | 116 |
| Bingo Holdings I LLC, Term B Loan, (CME Term SOFR 3 Month + 4.75%), 8.75%, 06/30/2032 (u) (aa) | 1700 | 1697 |
| Clover Holdings 2 LLC, Initial Floating Rate Term Loan, (CME Term SOFR 1 Month + 3.75%), 7.94%, 12/09/2031 (aa) | 4988 | 4986 |
| McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.22%, 03/01/2029 (aa) | 1719 | 1639 |
| NCR Atleos Corp., New Term B Loan, (CME Term SOFR 3 Month + 3.00%), 7.03%, 04/16/2029 (aa) | 683 | 683 |
| X Corp., Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 | 5045 | 5057 |
|  |  | 14988 |
| **Semiconductors** — **0.0% (g)** |  |  |
| Gryphon Acquire NewCo LLC, Term Loan, (CME Term SOFR 6 Month + 3.00%), 6.88%, 09/10/2032 (aa) | 2663 | 2669 |
| **Software — 0.6%** |  |  |
| athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 02/15/2029 (u) (aa) | 6033 | 6018 |
| Boxer Parent Co., Inc., |  |  |
| 2031 Replacement Dollar Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.20%, 07/30/2031 (aa) | 622 | 621 |
| Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.75%), 9.95%, 07/30/2032 (aa) | 1366 | 1328 |
| Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.25%, 07/06/2029 (aa) | 1793 | 1547 |
| Cloud Software Group, Inc., |  |  |
| Tenth Amendment Tranche B-2 Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 03/21/2031 (aa) | 4810 | 4827 |
| Tenth Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 08/13/2032 (aa) | 1349 | 1353 |
| Cotiviti, Inc., |  |  |
| Initial Floating Rate Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.03%, 05/01/2031 (aa) | 3950 | 3876 |
| Initial Fixed Rate Term Loan, 7.63%, 05/01/2031 (u) | 12912 | 12948 |
| Ellucian Holdings, Inc., |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.91%, 10/09/2029 (aa) | 385 | 385 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 8.91%, 11/22/2032 (aa) | 5738 | 5857 |
| Finastra USA, Inc., |  |  |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 7.00%), 11.36%, 09/15/2033 (u) (aa) | 1454 | 1444 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Software** — **continued** |  |  |
| Initial USD Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.04%, 09/15/2032 (aa) | 6756 | 6725 |
| RealPage, Inc., |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.26%, 04/24/2028 (aa) | 2862 | 2854 |
| 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.75%, 04/24/2028 (aa) | 1311 | 1315 |
| Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.53%, 07/14/2028 (u) (aa) | 1641 | 1452 |
|  |  | 52551 |
| Total Technology |  | 70208 |
| **Utilities** — **0.1%** |  |  |
| **Electric** — **0.1%** |  |  |
| Calpine Corp., |  |  |
| 2024 Term Loan (08/19), (CME Term SOFR 1 Month + 1.75%), 5.91%, 01/31/2031 (aa) | 450 | 449 |
| 2024-2 Term Loan, (CME Term SOFR 1 Month + 1.75%), 5.91%, 02/15/2032 (aa) | 1624 | 1622 |
| CP Atlas Buyer, Inc., 2025 Term B Loan, (CME Term SOFR 1 Month + 5.25%), 9.41%, 07/08/2030 (aa) | 1046 | 1023 |
| Edgewater Generation LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 08/01/2030 (aa) | 601 | 602 |
| Heritage Power LLC, Term Loan, (CME Term SOFR 3 Month + 5.50%), 9.50%, 07/20/2028 (aa) | 160 | 158 |
| Total Utilities |  | 3854 |
| Total Loan Assignments<br>(Cost $435,266) |  | 432131 |
|  | **NUMBER OF** <br> **RIGHTS** |  |
| **Right** — **0.0% (g)** |  |  |
| **Communications** — **0.0% (g)** |  |  |
| **Telecommunications** — **0.0% (g)** |  |  |
| SES SA, expiring 12/31/2049 (a) (bb)<br>(Cost $0) | 87 | — (h) |
|  | **NUMBER OF** <br> **WARRANTS** |  |
| **Warrant** — **0.0%** |  |  |
| **Communications** — **0.0% (g)** |  |  |
| **Media** — **0.0% (g)** |  |  |
| Diamond Sports Group LLC, expiring 06/30/2026 (a) (bb)<br>(Cost $0) | 256 | 38 |
|  | **PRINCIPAL** <br> **AMOUNT ($)** |  |
| **Short-Term Investments** — **3.1%** |  |  |
| **Commercial Papers** — **0.0% (g)** |  |  |
| Crown Castle, Inc., 4.64%, 10/23/2025 (e) (n) | 628 | 626 |
| International Flavors & Fragrances, Inc., 4.43%, 11/24/2025 (e) (n) | 560 | 556 |
| Oracle Corp. |  |  |
| 4.29%, 01/13/2026 (e) (n) | 415 | 410 |
| 4.29%, 01/15/2026 (e) (n) | 426 | 421 |
| Total Commercial Papers |  | 2013 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** |
| **Short-Term Investments — continued** |  |  |  |
| **Corporate Bonds** — **0.0% (g)** |  |  |  |
| Bunge Ltd. Finance Corp., 2.00%, 04/21/2026 |  | 1000 | 988 |
| Encore Issuances SA, (Luxembourg), Series 155, Reg. S, (EURIBOR 3 Month + 10.00%), 12.05%, 11/06/2025 (aa) | EUR | 43 | 51 |
| Kona Spc Ltd., (Cayman Islands), (EURIBOR 1 Year + 3.55%), 5.72%, 09/15/2026 (e) (aa) | EUR | 1000 | 1180 |
| Total Corporate Bonds |  |  | 2219 |
| **Time Deposits** — **2.5%** |  |  |  |
| Brown Brothers Harriman & Co., |  |  |  |
| (0.60%), 10/01/2025 | CHF | 128 | 161 |
| 0.82%, 10/01/2025 | SEK | 93 | 10 |
| 2.14%, 10/02/2025 | HKD | — (h) | — (h) |
| 4.88%, 10/01/2025 | ZAR | 60 | 3 |
| Citibank NA, |  |  |  |
| 0.79%, 10/01/2025 | EUR | 38099 | 44731 |
| 2.92%, 10/01/2025 | GBP | 14761 | 19853 |
| 3.44%, 10/01/2025 |  | 102850 | 102850 |
| Royal Bank of Canada, 1.33%, 10/01/2025 | CAD | 1 | — (h) |
| Sumitomo Mitsui Banking Corp., |  |  |  |
| 0.12%, 10/01/2025 | JPY | 6901 | 47 |
| 3.44%, 10/01/2025 |  | 1363 | 1363 |
| Sumitomo Mitsui Trust Bank Ltd., 3.44%, 10/01/2025 |  | 57182 | 57182 |
| Total Time Deposits |  |  | 226200 |
| **U.S. Government Agency Security** — **0.0% (g)** |  |  |  |
| FHLB Discount Note, 3.95%, 12/26/2025 (n) |  | 2100 | 2080 |
| **U.S. Treasury Obligations** — **0.6%** |  |  |  |
| U.S. Treasury Bills, |  |  |  |
| 3.96%, 12/11/2025 (n) |  | 1000 | 992 |
| 3.96%, 12/04/2025 (n) |  | 800 | 795 |
| 4.01%, 11/18/2025 (n) |  | 4800 | 4775 |
| 4.02%, 11/25/2025 (n) |  | 13500 | 13418 |
| 4.02%, 11/12/2025 (n) (ee) |  | 3100 | 3086 |
| 4.09%, 10/23/2025 (n) |  | 6500 | 6484 |
| 4.18%, 12/02/2025 (n) |  | 1300 | 1291 |
| 4.18%, 10/21/2025 (n) (ee) (ii) |  | 4754 | 4743 |
| 4.18%, 11/06/2025 (n) (ii) |  | 900 | 896 |
| 4.23%, 10/09/2025 (n) |  | 61 | 61 |
| 4.27%, 10/30/2025 (n) |  | 6100 | 6080 |
| 4.28%, 10/14/2025 (n) |  | 5540 | 5532 |
| 4.29%, 11/04/2025 (n) |  | 500 | 498 |
| Total U.S. Treasury Obligations |  |  | 48651 |
| Total Short-Term Investments<br>(Cost $281,153) |  |  | 281163 |
| **Total Investments — 99.0%<br>(Cost - $8,628,049)** |  |  | **8986024** |
| **Other Assets in Excess of Liabilities — 1.0%** |  |  | **97221** |
| **NET ASSETS — 100.0%** |  |  | $**9083245** |

---

Percentages indicated are based on net assets.

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| **Long Contracts** |  |  |  |  |  |
| Euro BOBL | 705 | 12/2025 | EUR | 97507 | 5 |
| Euro BTP Italian Government Bonds | 13 | 12/2025 | EUR | 1812 | 17 |
| Euro Schatz | 1228 | 12/2025 | EUR | 154403 | (166) |
| U.S. Treasury 2 Year Note | 1150 | 12/2025 | USD | 239467 | 192 |
| U.S. Treasury 5 Year Note | 783 | 12/2025 | USD | 85512 | (12) |
| U.S. Treasury 10 Year Note | 900 | 12/2025 | USD | 100745 | 505 |
| U.S. Treasury Long Bond | 56 | 12/2025 | USD | 6409 | 121 |
| U.S. Treasury Ultra Bond | 81 | 12/2025 | USD | 9491 | 234 |
| U.S. Ultra Treasury 10 Year Note | 13 | 12/2025 | USD | 1496 | (—)(h) |
|  |  |  |  |  | 896 |
| **Short Contracts** |  |  |  |  |  |
| Euro BOBL | (1) | 12/2025 | EUR | (139) | — (h) |
| Euro Bund | (23) | 12/2025 | EUR | (3459) | (12) |
| Euro-Oat French Government Bonds | (4) | 12/2025 | EUR | (564) | (6) |
| U.S. Treasury 2 Year Note | (6) | 12/2025 | USD | (1253) | 3 |
| U.S. Treasury 5 Year Note | (315) | 12/2025 | USD | (34359) | (38) |
| U.S. Treasury Ultra Bond | (12) | 12/2025 | USD | (1443) | 3 |
|  |  |  |  |  | (50) |
| Total unrealized appreciation (depreciation) |  |  |  |  | 846 |

---

**Forward foreign currency exchange contracts outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| TRY | 6916 | USD | 163 | Barclays Bank plc | 10/01/2025 | 4 |
| BRL | 4250 | USD | 754 | Citibank, NA\* | 10/02/2025 | 45 |
| EUR | 1627 | USD | 1907 | Bank of America, NA | 10/02/2025 | 4 |
| EUR | 89222 | USD | 104595 | Barclays Bank plc | 10/02/2025 | 156 |
| USD | 510 | EUR | 430 | Citibank, NA | 10/02/2025 | 5 |
| USD | 456 | EUR | 388 | Citibank, NA | 10/02/2025 | — (h) |
| USD | 2893 | EUR | 2458 | Morgan Stanley & Co. | 10/02/2025 | 7 |
| USD | 1511 | GBP | 1118 | Morgan Stanley & Co. | 10/02/2025 | 7 |
| TRY | 7125 | USD | 167 | Barclays Bank plc | 10/03/2025 | 4 |
| PEN | 6822 | USD | 1951 | Morgan Stanley & Co.\* | 10/07/2025 | 14 |
| TRY | 2702 | USD | 63 | Barclays Bank plc | 10/10/2025 | 2 |
| TRY | 5348 | USD | 124 | Barclays Bank plc | 10/14/2025 | 3 |
| TRY | 31089 | USD | 725 | Barclays Bank plc | 10/15/2025 | 15 |
| EUR | 8181 | USD | 9556 | Citibank, NA | 10/16/2025 | 57 |
| EUR | 7491 | USD | 8760 | Citibank, NA | 10/16/2025 | 42 |
| EUR | 19000 | USD | 22163 | Citibank, NA | 10/16/2025 | 164 |
| EUR | 7000 | USD | 8215 | Citibank, NA | 10/16/2025 | 11 |
| EUR | 2700 | USD | 3151 | Citibank, NA | 10/16/2025 | 22 |
| USD | 3195 | EUR | 2714 | Citibank, NA | 10/16/2025 | 5 |
| USD | 13064 | EUR | 11100 | Citibank, NA | 10/16/2025 | 21 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| USD | 3765 | EUR | 3201 | Citibank, NA | 10/16/2025 | 4 |
| USD | 11766 | EUR | 10000 | Citibank, NA | 10/16/2025 | 15 |
| USD | 4723 | EUR | 3982 | Citibank, NA | 10/16/2025 | 45 |
| USD | 3380 | EUR | 2854 | Citibank, NA | 10/16/2025 | 27 |
| USD | 17628 | EUR | 15000 | Citibank, NA | 10/16/2025 | 2 |
| USD | 7669 | EUR | 6500 | Citibank, NA | 10/16/2025 | 31 |
| USD | 15416 | EUR | 13000 | Citibank, NA | 10/16/2025 | 140 |
| USD | 8402 | EUR | 7121 | Citibank, NA | 10/16/2025 | 34 |
| USD | 4702 | EUR | 3977 | Citibank, NA | 10/16/2025 | 29 |
| GBP | 8000 | USD | 10661 | Citibank, NA | 10/16/2025 | 99 |
| USD | 238186 | GBP | 174906 | Citibank, NA | 10/16/2025 | 2935 |
| USD | 2793 | GBP | 2055 | Citibank, NA | 10/16/2025 | 28 |
| USD | 3504 | GBP | 2598 | Citibank, NA | 10/16/2025 | 10 |
| USD | 172 | GBP | 128 | Citibank, NA | 10/16/2025 | — (h) |
| USD | 4 | INR | 327 | Citibank, NA\* | 10/17/2025 | — (h) |
| TRY | 1363 | USD | 32 | Barclays Bank plc | 10/20/2025 | 1 |
| USD | 1178 | EUR | 1000 | Brown Brothers Harriman & Co. | 10/21/2025 | 3 |
| USD | 3529 | EUR | 3000 | Brown Brothers Harriman & Co. | 10/21/2025 | 3 |
| USD | 14171 | EUR | 12000 | Brown Brothers Harriman & Co. | 10/21/2025 | 65 |
| USD | 588 | EUR | 500 | Brown Brothers Harriman & Co. | 10/21/2025 | 1 |
| USD | 1177 | EUR | 1000 | Brown Brothers Harriman & Co. | 10/21/2025 | 2 |
| USD | 4703 | EUR | 4000 | Brown Brothers Harriman & Co. | 10/21/2025 | 1 |
| USD | 162637 | EUR | 138000 | Brown Brothers Harriman & Co. | 10/21/2025 | 421 |
| TRY | 15467 | USD | 359 | Barclays Bank plc | 10/21/2025 | 7 |
| TRY | 14880 | USD | 346 | Barclays Bank plc | 10/22/2025 | 6 |
| TRY | 2742 | USD | 63 | Barclays Bank plc | 10/27/2025 | 1 |
| TRY | 2742 | USD | 63 | Barclays Bank plc | 10/27/2025 | 1 |
| TRY | 15648 | USD | 361 | Barclays Bank plc | 10/31/2025 | 6 |
| USD | 2012 | EUR | 1701 | Bank of America, NA | 11/05/2025 | 11 |
| USD | 1513 | GBP | 1118 | Citibank, NA | 11/05/2025 | 9 |
| TRY | 56684 | USD | 1305 | Barclays Bank plc | 11/06/2025 | 18 |
| TRY | 73119 | USD | 1678 | Barclays Bank plc | 11/07/2025 | 27 |
| TRY | 71870 | USD | 1650 | Barclays Bank plc | 11/10/2025 | 22 |
| TRY | 96863 | USD | 2224 | Barclays Bank plc | 11/20/2025 | 12 |
| TRY | 3524 | USD | 81 | Barclays Bank plc | 11/25/2025 | — (h) |
| NGN | 3871150 | USD | 2450 | Citibank, NA | 12/03/2025 | 86 |
| TRY | 73382 | USD | 1673 | Barclays Bank plc | 12/03/2025 | 4 |
| TRY | 3646 | USD | 83 | Barclays Bank plc | 12/08/2025 | — (h) |
| NGN | 3277595 | USD | 2080 | Citibank, NA | 12/09/2025 | 62 |
| NGN | 2826683 | USD | 1787 | Citibank, NA | 12/09/2025 | 60 |
| USD | 3557 | EUR | 3000 | Brown Brothers Harriman & Co. | 12/10/2025 | 21 |
| USD | 59054 | GBP | 43600 | Brown Brothers Harriman & Co. | 12/10/2025 | 409 |
| TRY | 3671 | USD | 83 | Barclays Bank plc | 12/10/2025 | — (h) |
| USD | 566 | CHF | 446 | Morgan Stanley & Co. | 12/17/2025 | — (h) |
| USD | 132 | CZK | 2711 | Citibank, NA | 12/17/2025 | 1 |
| USD | 154 | CZK | 3185 | Morgan Stanley & Co. | 12/17/2025 | — (h) |
| USD | 158 | CZK | 3258 | Morgan Stanley & Co. | 12/17/2025 | 1 |
| USD | 88217 | EUR | 74581 | Morgan Stanley & Co. | 12/17/2025 | 264 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| USD | 434 | EUR | 368 | UBS AG London | 12/17/2025 | — (h) |
| USD | 3158 | EUR | 2673 | UBS AG London | 12/17/2025 | 5 |
| USD | 1157 | EUR | 980 | UBS AG London | 12/17/2025 | 1 |
| USD | 12016 | GBP | 8860 | Morgan Stanley & Co. | 12/17/2025 | 99 |
| USD | 1824 | GBP | 1346 | Morgan Stanley & Co. | 12/17/2025 | 14 |
| MXN | 74243 | USD | 3935 | Barclays Bank plc | 12/17/2025 | 86 |
| MXN | 2344 | USD | 126 | Citibank, NA | 12/17/2025 | 1 |
| MXN | 4618 | USD | 247 | Morgan Stanley & Co. | 12/17/2025 | 3 |
| MXN | 88675 | USD | 4651 | Morgan Stanley & Co. | 12/17/2025 | 151 |
| BRL | 4347 | USD | 794 | Citibank, NA\* | 01/05/2026 | 4 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 5876 |
| USD | 83 | TRY | 3448 | Barclays Bank plc | 10/01/2025 | (—)(h) |
| USD | 794 | BRL | 4255 | Citibank, NA\* | 10/02/2025 | (5) |
| BRL | 5 | USD | 1 | Citibank, NA\* | 10/02/2025 | (—)(h) |
| EUR | 1701 | USD | 2008 | Bank of America, NA | 10/02/2025 | (11) |
| USD | 102434 | EUR | 87573 | Barclays Bank plc | 10/02/2025 | (382) |
| USD | 1995 | EUR | 1701 | Goldman Sachs International | 10/02/2025 | (2) |
| GBP | 1118 | USD | 1513 | Citibank, NA | 10/02/2025 | (9) |
| USD | 4644 | ZAR | 80430 | Citibank, NA | 10/02/2025 | (13) |
| USD | 1915 | PEN | 6822 | Barclays Bank plc\* | 10/07/2025 | (50) |
| USD | 370792 | EUR | 317000 | Citibank, NA | 10/16/2025 | (1713) |
| EUR | 6200 | USD | 7304 | Citibank, NA | 10/16/2025 | (18) |
| EUR | 16000 | USD | 18923 | Citibank, NA | 10/16/2025 | (121) |
| EUR | 18000 | USD | 21328 | Citibank, NA | 10/16/2025 | (177) |
| EUR | 80000 | USD | 94483 | Citibank, NA | 10/16/2025 | (475) |
| USD | 374199 | EUR | 319899 | Citibank, NA | 10/16/2025 | (1714) |
| USD | 369628 | EUR | 316000 | Citibank, NA | 10/16/2025 | (1702) |
| USD | 371969 | EUR | 318000 | Citibank, NA | 10/16/2025 | (1711) |
| EUR | 6221 | USD | 7329 | Citibank, NA | 10/16/2025 | (18) |
| USD | 44873 | EUR | 38250 | Citibank, NA | 10/16/2025 | (74) |
| USD | 2341 | EUR | 2000 | Citibank, NA | 10/16/2025 | (9) |
| USD | 6443 | EUR | 5500 | Citibank, NA | 10/16/2025 | (20) |
| USD | 6261 | EUR | 5395 | Citibank, NA | 10/16/2025 | (79) |
| USD | 8206 | EUR | 7000 | Citibank, NA | 10/16/2025 | (19) |
| USD | 9261 | EUR | 7949 | Citibank, NA | 10/16/2025 | (79) |
| USD | 3297 | EUR | 2819 | Citibank, NA | 10/16/2025 | (16) |
| USD | 9578 | EUR | 8221 | Citibank, NA | 10/16/2025 | (83) |
| GBP | 5000 | USD | 6822 | Citibank, NA | 10/16/2025 | (97) |
| USD | 1330 | GBP | 1000 | Citibank, NA | 10/16/2025 | (15) |
| GBP | 5000 | USD | 6806 | Citibank, NA | 10/16/2025 | (81) |
| GBP | 4800 | USD | 6507 | Citibank, NA | 10/16/2025 | (51) |
| GBP | 9000 | USD | 12297 | Citibank, NA | 10/16/2025 | (192) |
| INR | 498 | USD | 6 | Bank of America, NA\* | 10/17/2025 | (—)(h) |
| INR | 363 | USD | 4 | Citibank, NA\* | 10/17/2025 | (—)(h) |
| INR | 440 | USD | 5 | Citibank, NA\* | 10/17/2025 | (—)(h) |
| INR | 443 | USD | 5 | Citibank, NA\* | 10/17/2025 | (—)(h) |
| INR | 1327 | USD | 15 | Citibank, NA\* | 10/17/2025 | (—)(h) |
| INR | 1410 | USD | 16 | Morgan Stanley & Co.\* | 10/17/2025 | (—)(h) |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| USD | 11489 | EUR | 10000 | Brown Brothers Harriman & Co. | 10/21/2025 | (266) |
| USD | 3477 | EUR | 3000 | Brown Brothers Harriman & Co. | 10/21/2025 | (49) |
| USD | 1170 | EUR | 1000 | Brown Brothers Harriman & Co. | 10/21/2025 | (6) |
| USD | 1165 | EUR | 1000 | Brown Brothers Harriman & Co. | 10/21/2025 | (10) |
| USD | 104806 | EUR | 89222 | Barclays Bank plc | 11/04/2025 | (166) |
| INR | 328 | USD | 4 | Citibank, NA\* | 11/19/2025 | (—)(h) |
| USD | 3820 | ZAR | 66746 | Bank of America, NA | 11/20/2025 | (31) |
| USD | 3111 | ZAR | 54783 | Barclays Bank plc | 11/20/2025 | (50) |
| USD | 404 | PEN | 1495 | Citibank, NA\* | 12/05/2025 | (26) |
| USD | 202 | PEN | 748 | Citibank, NA\* | 12/05/2025 | (13) |
| USD | 2406 | CHF | 1900 | Brown Brothers Harriman & Co. | 12/10/2025 | (1) |
| USD | 181132 | EUR | 154000 | Brown Brothers Harriman & Co. | 12/10/2025 | (407) |
| USD | 384 | EUR | 327 | Barclays Bank plc | 12/17/2025 | (1) |
| USD | 119 | EUR | 101 | Barclays Bank plc | 12/17/2025 | 1 |
| USD | 5608 | EUR | 4758 | Citibank, NA | 12/17/2025 | (3) |
| USD | 9254 | MXN | 171760 | Citibank, NA | 12/17/2025 | (48) |
| USD | 1663 | PEN | 5957 | Bank of America, NA\* | 12/17/2025 | (49) |
| USD | 1947 | PEN | 6822 | Morgan Stanley & Co.\* | 12/17/2025 | (14) |
| KZT | 1121260 | USD | 2000 | Citibank, NA | 12/24/2025 | (11) |
| USD | 2193 | PEN | 7819 | Citibank, NA\* | 05/26/2026 | (43) |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (10129) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | (4253) |

---

\* Non-deliverable forward.

**Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2025:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/04/2027 | BRL | 69400 | – | (1236) | (1236) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Receive | 01/04/2027 | BRL | 69400 | – | (74) | (74) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/04/2027 | BRL | 45000 | – | (389) | (389) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/04/2027 | BRL | 3500 | – | (31) | (31) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Receive | 01/04/2027 | BRL | 50600 | – | 519 | 519 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/02/2029 | BRL | 30600 | – | (19) | (19) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/02/2029 | BRL | 28300 | – | 72 | 72 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued):** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/02/2029 | BRL | 28300 |  | 57 | 57 |
|  Czech Interbank Offered Rates 6 Month | 4.25% annually | Pay | 04/18/2029 | CZK | 199400 | 247 | (84) | 163 |
|  Czech Interbank Offered Rates 6 Month | 3.53% annually | Pay | 07/15/2029 | CZK | 426900 | 34 | (266) | (232) |
|  Czech Interbank Offered Rates 6 Month | 3.08% annually | Pay | 10/03/2029 | CZK | 56700 | 47 | (2) | 45 |
|  Czech Interbank Offered Rates 6 Month | 3.49% annually | Pay | 10/30/2029 | CZK | 222300 | (66) | 98 | 32 |
|  Czech Interbank Offered Rates 6 Month | 3.36% annually | Receive | 05/29/2030 | CZK | 703200 | 321 | 478 | 799 |
|  EURIBOR 6 Month | 2.82% annually | Receive | 06/26/2029 | EUR | 24900 | 803 | (195) | 608 |
|  EURIBOR 6 Month | 2.50% annually | Pay | 03/18/2031 | EUR | 30300 | (74) | (24) | (98) |
|  EURIBOR 6 Month | 2.75% annually | Pay | 03/18/2036 | EUR | 8900 | 68 | (50) | 18 |
|  EURIBOR 6 Month | 3.00% annually | Receive | 03/18/2056 | EUR | 8590 | (172) | 2 | (170) |
|  United States SOFR | 3.75% annually | Receive | 06/20/2029 | USD | 25300 | 75 | (389) | (314) |
|  United States SOFR | 3.75% annually | Receive | 12/18/2029 | USD | 17300 | 14 | 164 | 178 |
|  United States SOFR | 3.75% annually | Pay | 12/18/2029 | USD | 21100 | 46 | 171 | 217 |
|  United States SOFR | 3.00% annually | Pay | 03/19/2030 | USD | 14100 | (764) | 447 | (317) |
|  United States SOFR | 3.25% annually | Pay | 06/18/2030 | USD | 2700 | 38 | (15) | 23 |
|  United States SOFR | 3.75% annually | Pay | 06/20/2034 | USD | 4100 | — (h) | (43) | (43) |
|  United States SOFR | 3.75% annually | Pay | 06/20/2034 | USD | 29800 | (311) | 625 | 314 |
|  United States SOFR | 3.75% annually | Receive | 12/18/2034 | USD | 7100 | 294 | (255) | 39 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2039 | USD | 700 | 39 | (32) | 7 |
|  United States SOFR | 3.50% annually | Pay | 06/20/2054 | USD | 18600 | (374) | (1100) | (1474) |
|  United States SOFR | 3.25% annually | Receive | 06/18/2055 | USD | 700 | (96) | 9 | (87) |
|  Total |  |  |  |  |  | 169 | (1562) | (1393) |

---

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
| Brazil Cetip DI Interbank Deposite 1 Year | 14.90% |
| Czech Interbank Offered Rates 6 Month | 3.50% |
| EURIBOR 6 Month | 2.10% |
| United States SOFR | 4.24% |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 (1) as of September 30, 2025:** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>RECEIVED**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Republic of Turkiye, 11.88%, 01/15/2030 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 12/20/2025 | 0.63 | USD | 3300 | 1 | 3 | 4 |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 0.64 | EUR | 10 | 1 | (1) | (—)(h) |
|  Adler Real Estate, 3.00%, 04/27/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 3.13 | EUR | 100 | (3) | 5 | 2 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2026 | 1.24 | USD | 300 | (9) | 9 | (—)(h) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 1.24 | USD | 600 | (20) | 19 | (1) |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2026 | 1.08 | USD | 1000 | (34) | 34 | (—)(h) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 1.24 | USD | 325 | (10) | 10 | (—)(h) |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 1.08 | USD | 175 | (6) | 6 | (—)(h) |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2027 | 0.86 | EUR | 70 | 2 | 4 | 6 |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2027 | 0.86 | EUR | 49 | 2 | 3 | 5 |
|  State of Israel, 2.88%, 03/16/2026 | 1.00 | Quarterly | Citibank, NA | 06/20/2027 | 0.41 | USD | 4600 | (26) | 73 | 47 |
|  Republic of Argentina, 1.00%, 07/09/2029 | 5.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2027 | 15.08 | USD | 1000 | (121) | (28) | (149) |
|  Republic of Argentina, 1.00%, 07/09/2029 | 5.00 | Quarterly | Bank of America, NA | 06/20/2027 | 15.08 | USD | 700 | (91) | (13) | (104) |
|  Adler Real Estate AG, 2.13%, 02/06/2024 | 5.00 | Quarterly | Bank of America, NA | 12/20/2027 | 2.37 | EUR | 200 | (50) | 63 | 13 |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2028 | 2.18 | USD | 400 | (27) | 15 | (12) |
|  Forvia SA, Reg. S, 3.13%, 06/15/2026 | 5.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2029 | 1.95 | EUR | 127 | 16 | — (h) | 16 |
|  Forvia SA, Reg. S, 3.13%, 06/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2029 | 1.95 | EUR | 100 | 12 | 1 | 13 |
|  ITRX EUR XOVER 12/29 | 5.00 | Quarterly | BNP Paribas | 12/20/2029 | 1.55 | EUR | 307 | 39 | (2) | 37 |
|  ITRX EUR XOVER 12/29 | 5.00 | Quarterly | Goldman Sachs | 12/20/2029 | 2.32 | EUR | 164 | 26 | (6) | 20 |
|  Forvia SA, Reg. S, 3.13%, 06/15/2026 | 5.00 | Quarterly | Goldman Sachs | 12/20/2029 | 2.28 | EUR | 419 | 31 | 22 | 53 |
|  Romanian Government International Bond, 2.75%, 02/26/2026 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 12/20/2029 | 1.32 | USD | 1800 | (79) | 57 | (22) |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 (1) as of September 30, 2025 (continued):** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>RECEIVED**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 1.29 | USD | 1100 | (40) | 26 | (14) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2030 | 1.29 | USD | 2800 | (98) | 64 | (34) |
|  Saudi International Bond, 4.75%, 01/16/2030 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2030 | 0.63 | USD | 19600 | 273 | 44 | 317 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 3.13 | USD | 325 | (41) | 12 | (29) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2030 | 3.13 | USD | 575 | (73) | 23 | (50) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Citibank, NA | 06/20/2030 | 1.29 | USD | 300 | (11) | 7 | (4) |
|  Zegona Finance plc, 6.75%, 07/15/2029 | 5.00 | Quarterly | BNP Paribas | 06/20/2030 | 1.48 | EUR | 69 | 12 | 1 | 13 |
|  Republic o Nigeria, 6.13%, 09/28/2028 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 3.94 | USD | 120 | (32) | 18 | (14) |
|  Republic of Indonesia, 2.15%, 07/28/2031 | 1.00 | Quarterly | Morgan Stanley Capital Service | 12/20/2030 | 0.82 | USD | 7600 | 60 | 6 | 66 |
|  Virgin Media Finance plc, 3.75%, 07/15/2030 | 5.00 | Quarterly | Goldman Sachs | 12/20/2030 | 3.28 | EUR | 65 | 6 | (—)(h) | 6 |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Bank of America, NA | 06/20/2035 | 2.23 | USD | 200 | (27) | 9 | (18) |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Citibank, NA | 06/20/2035 | 2.23 | USD | 600 | (83) | 27 | (56) |
|  Total |  |  |  |  |  |  |  | (400) | 511 | 111 |

---

**OTC Credit Default Swaps contracts outstanding — buy protection (2) as of September 30, 2025:** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>PAID**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD (%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Morocco Government International Bond, 3.00%, 12/15/2032 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 06/20/2029 | 0.50 | USD | 2700 |  | (48) | (48) |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2029 | 0.64 | USD | 3400 | 25 | (69) | (44) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 06/20/2029 | 1.04 | USD | 50 | 2 | (2) | (—)(h) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America,<br>NA | 06/20/2029 | 1.04 | USD | 1100 | 26 | (24) | 2 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America,<br>NA | 12/20/2029 | 1.14 | USD | 1000 | 35 | (29) | 6 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 12/20/2029 | 1.14 | USD | 400 | 12 | (11) | 1 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 — buy protection (2) as of September 30, 2025 (continued):** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>PAID**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD (%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 06/20/2034 | 0.96 | USD | 8500 | (94) | 68 | (26) |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2034 | 0.96 | USD | 5200 | (58) | 43 | (15) |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 06/20/2035 | 1.61 | USD | 1100 | 73 | (22) | 51 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Citibank, NA | 06/20/2035 | 1.61 | USD | 1200 | 82 | (25) | 57 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Bank of America,<br>NA | 06/20/2035 | 1.61 | USD | 1550 | 107 | (34) | 73 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2035 | 1.61 | USD | 650 | 45 | (14) | 31 |
|  Total |  |  |  |  |  |  |  | 255 | (167) | 88 |

---

**Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of September 30, 2025:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>RECEIVED**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
| CDX.EM.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 1.06 | USD | 2200 | (73) | 70 | (3) |
| CDX.NA.IG.41-V1 | 1.00 | Quarterly | 12/20/2028 | 0.31 | USD | 820 | 8 | 10 | 18 |
| CDX.EM HY.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 1.85 | USD | 15600 | (1417) | 1026 | (391) |
| CDX.EM.41 06/29 | 1.00 | Quarterly | 06/20/2029 | 1.15 | USD | 700 | (26) | 23 | (3) |
| CDX.NA.IG.42-V1 | 1.00 | Quarterly | 06/20/2029 | 0.37 | USD | 13301 | 282 | 14 | 296 |
| CDX.EM HY.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 2.08 | USD | 25000 | (1913) | 905 | (1008) |
| CDX.NA.IG.43 | 1.00 | Quarterly | 12/20/2029 | 0.42 | USD | 6675 | 142 | 12 | 154 |
| CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.22 | USD | 99952 | 7608 | 161 | 7769 |
| CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.22 | USD | 79260 | 6024 | 136 | 6160 |
| CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.22 | USD | 7300 | 564 | 3 | 567 |
| Total |  |  |  |  |  |  | 11199 | 2360 | 13559 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 (2) as of September 30, 2025:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>PAID**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
| CDX.EM.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 1.22 | USD | 10000 | 238 | (156) | 82 |
| Total |  |  |  |  |  |  | 238 | (156) | 82 |

---

(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, 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 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 SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of September 30, 2025. |
| CDX | Credit Default Swap Index |
| CLO | Collateralized Loan Obligations |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |
| DN | Discount Notes |
| EURIBOR | Euro Interbank Offered Rate |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| ICE | Intercontinental Exchange |
| ITRX | Markit iTraxx index |
| LIBOR | London Interbank Offered Rate |
| Reg. S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| SUB | Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2025. |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 (continued)** 

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (d) | Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. 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 September 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 September 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 September 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 September 30, 2025. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |
| (bb) | Security has been valued using significant unobservable inputs. |
| (ee) | Approximately $5,439 of these investments are restricted as collateral for swaps to various brokers. |
| (ff) | Approximately $47 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc. |
| (ii) | Approximately $94 of these investments are restricted as collateral for forwards to Morgan Stanley Capital Services LLC. |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KZT | Kazakhstan tenge |
| MXN | Mexican Peso |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PYG | Paraguayan Guarani |
| SEK | Swedish Krona |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Long Positions — 125.6%** |  |  |
| **Asset-Backed Securities — 8.0%** |  |  |
| **Automobile ABS — 0.9%** |  |  |
| American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 03/15/2028 (e) | 1995 | 1999 |
| Carvana Auto Receivables Trust, |  |  |
| Series 2021-N1, Class F, 4.55%, 01/10/2028 (e) | 305 | 303 |
| Series 2021-N2, Class E, 2.90%, 03/10/2028 (e) | 492 | 482 |
| Series 2024-N3, Class A2, 4.84%, 12/10/2027 (e) | 82 | 82 |
| Series 2024-N3, Class A3, 4.53%, 01/10/2029 (e) | 240 | 240 |
| Series 2024-N3, Class B, 4.67%, 12/10/2030 (e) | 240 | 241 |
| Series 2024-N3, Class C, 4.90%, 12/10/2030 (e) | 240 | 241 |
| Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) | 5100 | 5131 |
| Series 2024-P4, Class A2, 4.62%, 02/10/2028 | 734 | 734 |
| Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 1600 | 1611 |
| Series 2024-P4, Class A4, 4.74%, 12/10/2030 | 1600 | 1624 |
| Flagship Credit Auto Trust, Series 2024-3, Class A, 4.88%, 11/15/2028 (e) | 1180 | 1183 |
| GM Financial Automobile Leasing Trust, Series 2024-3, Class A2A, 4.29%, 01/20/2027 | 67 | 67 |
| Total Automobile ABS |  | 13938 |
| **Home Equity ABS — 2.2%** |  |  |
| ACE Securities Corp. Home Equity Loan Trust Series, Series 2005-HE3, Class M4, (CME Term SOFR 1 Month + 1.06%), 5.22%, 05/25/2035 (aa) | 1274 | 1177 |
| Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A3, (CME Term SOFR 1 Month + 0.71%), 4.87%, 10/25/2036 (aa) | 2823 | 1648 |
| CWABS Asset-Backed Certificates Trust, Series 2006-2, Class M2, (CME Term SOFR 1 Month + 0.74%), 4.90%, 06/25/2036 (aa) | 2103 | 2018 |
| EFMT, |  |  |
| Series 2024-CES1, Class A1, SUB, 5.52%, 01/26/2060 (e) | 5570 | 5615 |
| Series 2025-CES1, Class A1A, SUB, 5.73%, 01/25/2060 (e) | 3563 | 3606 |
| Series 2025-CES2, Class A1A, SUB, 5.66%, 02/25/2060 (e) | 3052 | 3084 |
| Finance of America HECM Buyout, Series 2024-HB1, Class A1A, 4.00%, 10/01/2034 (e) (z) | 214 | 214 |
| GE-WMC Mortgage Securities Trust, Series 2006-1, Class A2B, (CME Term SOFR 1 Month + 0.41%), 4.57%, 08/25/2036 (aa) | 7729 | 3256 |
| Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A3, (CME Term SOFR 1 Month + 0.43%), 4.59%, 09/25/2036 (aa) | 2100 | 535 |
| Master Asset Backed Securities Trust, Series 2007-HE1, Class A4, (CME Term SOFR 1 Month + 0.67%), 4.83%, 05/25/2037 (aa) | 436 | 372 |
| Merrill Lynch Mortgage Investors Trust Series, Series 2006-HE6, Class A2B, (CME Term<br>SOFR 1 Month + 0.41%), 4.11%, 11/25/2037 (aa) | 8659 | 2709 |
| Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M6, (CME Term<br>SOFR 1 Month + 1.16%), 5.32%, 04/25/2035 (aa) | 1563 | 1468 |
| Newcastle Mortgage Securities Trust, Series 2006-1, Class M6, (CME Term SOFR 1 Month + 0.97%), 5.13%, 03/25/2036 (aa) | 2935 | 2818 |
| Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, (CME Term SOFR 1 Month + 0.25%), 4.41%, 03/25/2037 (aa) | 538 | 494 |
| RCKT Mortgage Trust, |  |  |
| Series 2024-CES7, Class A1A, SUB, 5.16%, 10/25/2044 (e) | 92 | 93 |
| Series 2025-CES1, Class A1A, SUB, 5.65%, 01/25/2045 (e) | 2769 | 2802 |
| Series 2025-CES3, Class A1A, SUB, 5.55%, 03/25/2055 (e) | 2977 | 3013 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Home Equity ABS — continued** |  |  |  |
| Renaissance Home Equity Loan Trust, Series 2005-1, Class AF5, SUB, 5.95%, 05/25/2035 |  | 228 | 229 |
| Total Home Equity ABS |  |  | 35151 |
| **Other ABS — 4.5%** |  |  |  |
| 522 Funding CLO 2020-6 Ltd., (Cayman Islands), Series 2020-6A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 5.52%, 10/23/2034 (e) (aa) |  | 3200 | 3204 |
| AMMC CLO 24 Ltd., (Cayman Islands), Series 2021-24A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.53%, 01/20/2035 (e) (aa) |  | 3200 | 3205 |
| Anchorage Capital CLO 20 Ltd., (Cayman Islands), Series 2021-20A, Class A1R, (CME Term SOFR 3 Month + 1.10%), 5.43%, 01/20/2035 (e) (aa) |  | 3300 | 3302 |
| Anchorage Credit Funding 12 Ltd., (Cayman Islands), Series 2020-12A, Class A1, 3.18%, 10/25/2038 (e) |  | 1000 | 971 |
| Anchorage Credit Funding 4 Ltd., (Cayman Islands), Series 2016-4A, Class AR, 2.72%, 04/27/2039 (e) |  | 1000 | 961 |
| Arbour CLO VII DAC, (Ireland), Series 7A, Class BR, (EURIBOR 3 Month + 2.05%), 2.05%, 12/15/2038 (e) (aa) | EUR | 1000 | 1175 |
| Ares XXVII CLO Ltd., (Cayman Islands), Series 2013-2A, Class AR3, (CME Term SOFR 3 Month + 1.15%), 5.46%, 10/28/2034 (e) (aa) |  | 3100 | 3104 |
| Bain Capital Credit CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.06%), 5.38%, 07/24/2034 (e) (aa) |  | 1500 | 1501 |
| Bain Capital Credit CLO 2021-5 Ltd., (Cayman Islands), Series 2021-5A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.47%, 10/23/2034 (e) (aa) |  | 3000 | 3002 |
| BBAM European CLO I DAC, (Ireland), Series 1A, Class AR, (EURIBOR 3 Month + 0.87%), 0.87%, 07/22/2034 (e) (aa) | EUR | 250 | 294 |
| Canyon CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class AR2, (CME Term SOFR 3 Month + 1.08%), 5.40%, 07/15/2034 (e) (aa) |  | 3200 | 3201 |
| CQS US CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.53%, 01/20/2035 (e) (aa) |  | 3200 | 3211 |
| Elmwood CLO 15 Ltd., (Jersey), Series 2022-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.41%, 04/22/2035 (e) (aa) |  | 900 | 903 |
| Fortress Credit Bsl X Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.10%), 0.00%, 04/20/2033 (e) (w) (aa) |  | 5300 | 5302 |
| GoodLeap Home Improvement Solutions Trust, Series 2025-2A, Class A, 5.32%, 06/20/2049 (e) |  | 3282 | 3319 |
| Greywolf CLO III Ltd., (Cayman Islands), |  |  |  |
| Series 2020-3RA, Class A1R2, (CME Term SOFR 3 Month + 1.23%), 5.56%, 04/22/2033 (e) (aa) |  | 488 | 489 |
| Series 2020-3RA, Class A2R2, (CME Term SOFR 3 Month + 1.85%), 6.18%, 04/22/2033 (e) (aa) |  | 500 | 500 |
| ICG US CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.48%, 10/20/2034 (e) (aa) |  | 3300 | 3302 |
| LCM Ltd., (Cayman Islands), Series 31A, Class AR, (CME Term SOFR 3 Month + 1.28%), 5.61%, 07/20/2034 (e) (aa) |  | 250 | 250 |
| Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, 5.76%, 12/22/2064 (e) |  | 3096 | 3140 |
| Mountain View CLO XIV Ltd., (Cayman Islands), Series 2019-1A, Class A1R, (CME Term SOFR 3 Month + 1.16%), 6.81%, 10/15/2034 (e) (aa) |  | 3200 | 3204 |
| OFSI BSL X Ltd., (Cayman Islands), Series 2021-10A, Class AR, (CME Term SOFR 3 Month + 1.27%), 5.60%, 04/20/2034 (e) (aa) |  | 3000 | 3002 |
| Pagaya AI Debt Grantor Trust, |  |  |  |
| Series 2024-10, Class A, 5.18%, 06/15/2032 (e) |  | 585 | 588 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Other ABS — continued** |  |  |  |
| Series 2024-10, Class B, 5.75%, 06/15/2032 (e) |  | 1109 | 1117 |
| Series 2024-10, Class C, 5.99%, 06/15/2032 (e) |  | 1216 | 1225 |
| Series 2024-11, Class A, 5.09%, 07/15/2032 (e) |  | 956 | 961 |
| Series 2024-11, Class B, 5.64%, 07/15/2032 (e) |  | 370 | 373 |
| Series 2024-11, Class C, 5.87%, 07/15/2032 (e) |  | 448 | 451 |
| PK ALIFT Loan Funding 4 LP, Series 2024-2, Class A, 5.05%, 10/15/2039 (e) |  | 180 | 181 |
| PK ALIFT Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, 11/15/2042 (e) |  | 2900 | 2918 |
| Providus CLO II DAC, (Ireland), Series 2A, Class ARR, (EURIBOR 3 Month + 1.16%), 1.16%, 10/15/2038 (e) (aa) | EUR | 250 | 294 |
| Reach ABS Trust, Series 2025-2A, Class A, 4.93%, 08/18/2032 (e) |  | 1881 | 1889 |
| Romark CLO—IV Ltd., (Cayman Islands), Series 2021-4A, Class A1R, (CME Term SOFR 3 Month + 1.14%), 0.00%, 07/10/2034 (e) (w) (aa) |  | 2200 | 2201 |
| 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 | 1004 |
| Trinitas CLO XIX Ltd., (Bermuda), Series 2022-19A, Class A1R, (CME Term SOFR 3 Month + 1.11%), 5.44%, 10/20/2033 (e) (aa) |  | 3200 | 3205 |
| Venture 44 CLO Ltd., (Cayman Islands), Series 2021-44A, Class A1NR, (CME Term SOFR 3 Month + 1.14%), 5.47%, 10/20/2034 (e) (aa) |  | 3200 | 3201 |
| Total Other ABS |  |  | 70150 |
| **Student Loan ABS — 0.4%** |  |  |  |
| SMB Private Education Loan Trust, |  |  |  |
| Series 2018-A, Class B, 3.96%, 07/15/2042 (e) |  | 3400 | 3338 |
| Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.82%, 03/15/2056 (e) (aa) |  | 3198 | 3232 |
| Total Student Loan ABS |  |  | 6570 |
| Total Asset-Backed Securities<br>(Cost $128,678) |  |  | 125809 |
| **Collateralized Mortgage Obligations — 19.4%** |  |  |  |
| **Agency Collateral CMO — 12.6%** |  |  |  |
| FHLMC REMICS, |  |  |  |
| Series 4136, Class QS, IF, IO, (6.14% - United States 30 Day Average SOFR), 1.76%, 07/15/2042 (aa) |  | 807 | 81 |
| Series 4851, Class PF, (United States 30 Day Average SOFR + 0.51%), 4.89%, 08/15/2057 (aa) |  | 747 | 718 |
| Series 5008, Class DI, IO, 3.00%, 09/25/2050 |  | 593 | 85 |
| Series 5010, Class IK, IO, 2.50%, 09/25/2050 |  | 59 | 9 |
| Series 5010, Class JI, IO, 2.50%, 09/25/2050 |  | 213 | 35 |
| Series 5013, Class IN, IO, 2.50%, 09/25/2050 |  | 70 | 12 |
| Series 5038, Class MI, IO, 4.00%, 11/25/2050 |  | 4319 | 909 |
| Series 5040, Class CI, IO, 4.00%, 11/25/2050 |  | 6656 | 1435 |
| Series 5059, Class IB, IO, 2.50%, 01/25/2051 |  | 674 | 116 |
| Series 5069, Class MI, IO, 2.50%, 02/25/2051 |  | 5510 | 838 |
| Series 5070, Class CI, IO, 2.00%, 02/25/2051 |  | 67069 | 9140 |
| Series 5071, Class IH, IO, 2.50%, 02/25/2051 |  | 578 | 75 |
| Series 5152, Class IC, IO, 3.00%, 10/25/2051 |  | 15271 | 2679 |
| Series 5196, Class DI, IO, 3.00%, 02/25/2052 |  | 16877 | 2773 |
| Series 5229, Class KI, IO, 4.50%, 08/25/2049 |  | 2348 | 377 |
| Series 5273, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.61%, 11/25/2052 (aa) |  | 1469 | 1469 |
| Series 5274, Class IO, IO, 2.50%, 01/25/2051 |  | 586 | 99 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 5426, Class BI, IO, (), 1.41%, 04/15/2049 (z) | 34676 | 1401 |
| Series 5471, Class FH, (United States 30 Day Average SOFR + 1.30%), 5.66%, 11/25/2054 (aa) | 11898 | 11953 |
| Series 5479, Class FA, (United States 30 Day Average SOFR + 1.20%), 5.56%, 12/25/2054 (aa) | 11560 | 11617 |
| Series 5510, Class FM, (United States 30 Day Average SOFR + 1.15%), 5.51%, 02/25/2055 (aa) | 1988 | 1996 |
| Series 5526, Class AI, IO, 4.50%, 06/25/2050 | 843 | 190 |
| Series 5526, Class DI, IO, 4.50%, 02/15/2051 | 41259 | 9620 |
| Series 5534, Class FP, (United States 30 Day Average SOFR + 1.30%), 5.66%, 05/25/2055 (aa) | 9050 | 8995 |
| Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 5.56%, 08/25/2055 (aa) | 99 | 100 |
| Series 5583, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.60%, 10/25/2055 (aa) | 10000 | 10006 |
| FHLMC Strips, |  |  |
| Series 358, Class PO, PO, Zero Coupon, 10/15/2047 | 1403 | 1063 |
| Series 362, Class C4, IO, 3.00%, 12/15/2047 | 8152 | 1359 |
| Series 397, Class C52, IO, 5.00%, 01/25/2053 | 424 | 90 |
| Series 408, Class C64, IO, 5.00%, 09/25/2053 | 2327 | 500 |
| FNMA Interest Strip, |  |  |
| Series 427, Class C21, IO, 2.00%, 03/25/2050 | 1459 | 187 |
| Series 428, Class C14, IO, 2.50%, 01/25/2048 | 759 | 87 |
| Series 429, Class C10, IO, 1.50%, 04/25/2037 | 3113 | 169 |
| Series 438, Class C28, IO, 5.00%, 08/25/2053 | 1942 | 415 |
| Series 439, Class C25, IO, 5.00%, 09/25/2053 | 872 | 186 |
| Series 440, Class C50, IO, 4.50%, 10/25/2053 | 5250 | 1176 |
| Series 440, Class C54, IO, 5.00%, 11/25/2053 | 34592 | 7465 |
| FNMA REMICS, |  |  |
| Series 2014-2, Class PO, PO, Zero Coupon, 01/25/2041 | 1824 | 1438 |
| Series 2020-61, Class FB, (United States 30 Day Average SOFR + 0.41%), 4.50%, 09/25/2050 (aa) | 335 | 313 |
| Series 2020-89, Class DI, IO, 2.50%, 12/25/2050 | 1680 | 264 |
| Series 2020-89, Class IG, IO, 3.00%, 12/25/2050 | 8798 | 1494 |
| Series 2021-3, Class NI, IO, 2.50%, 02/25/2051 | 633 | 96 |
| Series 2021-3, Class TI, IO, 2.50%, 02/25/2051 | 12497 | 2123 |
| Series 2022-78, Class FC, (United States 30 Day Average SOFR + 1.25%), 5.61%, 11/25/2052 (aa) | 2350 | 2341 |
| Series 2023-2, Class DI, IO, 2.00%, 05/25/2051 | 85945 | 11283 |
| Series 2024-6, Class IO, IO, 3.50%, 11/25/2051 | 669 | 123 |
| Series 2024-18, Class IO, IO, 4.00%, 11/25/2049 | 2559 | 436 |
| Series 2024-67, Class FA, (United States 30 Day Average SOFR + 1.17%), 5.53%, 09/25/2054 (aa) | 12268 | 12285 |
| Series 2024-100, Class FB, (United States 30 Day Average SOFR + 1.35%), 5.71%, 01/25/2055 (aa) | 25307 | 25464 |
| Series 2024-100, Class FD, (United States 30 Day Average SOFR + 1.45%), 5.81%, 06/25/2054 (aa) | 16621 | 16695 |
| Series 2025-18, Class SM, IF, IO, (7.10% - United States 30 Day Average SOFR), 2.74%, 09/25/2054 (aa) | 33913 | 2864 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 2025-35, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.36%, 05/25/2055 (aa) | 9314 | 9363 |
| Series 2025-49, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.16%, 06/25/2055 (aa) | 1257 | 1249 |
| GNMA, |  |  |
| Series 2016-H24, Class KF, (CME Term SOFR 1 Year + 0.97%), 4.78%, 11/20/2066 (aa) | 196 | 197 |
| Series 2017-H16, Class F, (CME Term SOFR 1 Year + 0.77%), 4.63%, 08/20/2067 (aa) | 146 | 146 |
| Series 2018-H09, Class FA, (CME Term SOFR 1 Year + 1.22%), 4.98%, 04/20/2068 (aa) | 428 | 433 |
| Series 2021-H05, Class AF, (United States 30 Day Average SOFR + 1.50%), 5.89%, 03/20/2071 (aa) | 989 | 1013 |
| Series 2022-H11, Class FE, (United States 30 Day Average SOFR + 0.78%), 5.17%, 05/20/2072 (aa) | 887 | 885 |
| Series 2022-H16, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.29%, 08/20/2072 (aa) | 939 | 939 |
| Series 2025-105, Class WF, (United States 30 Day Average SOFR + 1.00%), 5.39%, 06/20/2055 (aa) | 2454 | 2464 |
| Series 2025-134, Class NF, (United States 30 Day Average SOFR + 1.05%), 5.44%, 08/20/2055 (aa) | 14987 | 14946 |
| Total Agency Collateral CMO |  | 198279 |
| **Agency Collateral PAC CMO — 0.1%** |  |  |
| FHLMC REMICS, |  |  |
| Series 5018, Class IO, IO, 3.50%, 10/25/2050 | 6632 | 1148 |
| Series 5564, Class PF, (United States 30 Day Average SOFR + 1.20%), 5.56%, 08/25/2055 (aa) | 99 | 100 |
| Total Agency Collateral PAC CMO |  | 1248 |
| **WL Collateral CMO — 6.7%** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00%, 10/25/2054 (e) (z) | 1876 | 1843 |
| CIM TRUST, Series 2025-R1, Class A1, SUB, 5.00%, 02/25/2099 (e) | 3039 | 3023 |
| CSMC Trust, |  |  |
| Series 2017-RPL1, Class A2, 2.97%, 07/25/2057 (e) (z) | 3300 | 3101 |
| Series 2021-RPL2, Class A1, 2.00%, 01/25/2060 (e) | 1922 | 1702 |
| Series 2021-RPL3, Class A1, 2.00%, 01/25/2060 (e) (z) | 1089 | 966 |
| GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, SUB, 4.10%, 07/25/2065 (e) | 3728 | 3630 |
| Merrill Lynch Alternative Note Asset Trust Series, Series 2007-OAR5, Class 1A1, 3.46%, 10/25/2047 (z) | 2439 | 603 |
| MFA Trust, Series 2022-RPL1, Class A1, 3.30%, 08/25/2061 (e) (z) | 1777 | 1674 |
| Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 2A6S, SUB, 6.20%, 02/25/2047 | 81 | 27 |
| Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| Series 2024-NQM3, Class A1, 5.04%, 07/25/2069 (e) (z) | 179 | 178 |
| Series 2024-RPL1, Class A1, SUB, 4.00%, 06/25/2064 | 3817 | 3728 |
| 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) | 362 | 339 |
| NYMT Loan Trust, Series 2025-CP1, Class A1, 3.75%, 11/25/2069 (e) (z) | 3917 | 3757 |
| OBX Trust, |  |  |
| Series 2022-NQM7, Class A1, SUB, 5.11%, 08/25/2062 (e) | 467 | 467 |
| Series 2025-NQM4, Class A1, SUB, 5.40%, 02/25/2055 (e) | 4050 | 4078 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **WL Collateral CMO — continued** |  |  |
| Oceanview Mortgage Trust, Series 2025-3, Class AF1, (United States 30 Day Average SOFR + 0.95%), 5.30%, 05/25/2055 (e) (aa) | 3314 | 3314 |
| PRET 2025-NPL10 LLC, Series A1, 0.00%, 10/25/2055 (e) | 5300 | 5300 |
| Pret LLC, Series 2025-NPL7, Class A1, SUB, 5.66%, 07/25/2055 (e) | 7434 | 7456 |
| PRET LLC, |  |  |
| Series 2022-RN1, Class A1, SUB, 6.72%, 07/25/2051 (e) | 328 | 329 |
| Series 2024-NPL8, Class A1, SUB, 5.96%, 11/25/2054 (e) | 2693 | 2695 |
| Series 2025-NPL5, Class A1, SUB, 6.24%, 05/25/2055 (e) | 5444 | 5486 |
| Series 2025-NPL6, Class A1, SUB, 5.74%, 06/25/2055 (e) | 1537 | 1545 |
| Series 2025-NPL9, Class A1, SUB, 5.39%, 08/25/2055 (e) | 1976 | 1978 |
| PRET Trust, |  |  |
| Series 2025-RPL1, Class A1, SUB, 4.00%, 07/25/2069 (e) | 939 | 911 |
| Series 2025-RPL3, Class A1, SUB, 4.15%, 04/25/2065 (e) | 3589 | 3481 |
| Series 2025-RPL4, Class A1, SUB, 4.00%, 03/25/2065 (e) | 5400 | 5397 |
| PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e) | 103 | 103 |
| PRPM LLC, |  |  |
| Series 2024-6, Class A1, SUB, 5.70%, 11/25/2029 (e) | 1711 | 1712 |
| Series 2024-7, Class A1, SUB, 5.87%, 11/25/2029 (e) | 2674 | 2675 |
| Series 2024-RCF1, Class A1, SUB, 4.00%, 01/25/2054 (e) | 236 | 232 |
| Series 2024-RPL3, Class A1, SUB, 4.00%, 11/25/2054 (e) | 2984 | 2918 |
| Series 2025-4, Class A1, SUB, 6.18%, 06/25/2030 (e) | 3591 | 3600 |
| Series 2025-5, Class A1, SUB, 5.73%, 07/25/2030 (e) | 2954 | 2957 |
| Series 2025-7, Class A1, SUB, 5.50%, 08/25/2030 (e) | 3587 | 3593 |
| Series 2025-RPL2, Class A1, SUB, 3.75%, 04/25/2055 (e) | 3248 | 3162 |
| RALI Series Trust, Series 2007-QS1, Class 1A5, (CME Term SOFR 1 Month + 0.66%), 4.82%, 01/25/2037 (aa) | 2006 | 1486 |
| Sequoia Mortgage Trust, |  |  |
| Series 2007-2, Class 1A1, (CME Term SOFR 1 Month + 0.53%), 4.67%, 06/20/2036 (aa) | 96 | 89 |
| Series 2024-HYB1, Class A1A, 4.44%, 11/25/2063 (e) (z) | 2530 | 2547 |
| Specialty Underwriting & Residential Finance Trust Series, Series 2006-AB3, Class A2C, (CME Term SOFR 1 Month + 0.59%), 4.75%, 09/25/2037 (aa) | 978 | 681 |
| Towd Point Mortgage Trust, Series 2017-6, Class A2, 3.00%, 10/25/2057 (e) (z) | 2000 | 1919 |
| VCAT LLC, |  |  |
| Series 2025-NPL1, Class A1, SUB, 5.88%, 01/25/2055 (e) | 2574 | 2580 |
| Series 2025-NPL2, Class A1, SUB, 5.98%, 01/25/2055 (e) | 5322 | 5331 |
| Series 2025-NPL3, Class A1, SUB, 5.89%, 02/25/2055 (e) | 2218 | 2220 |
| Total WL Collateral CMO |  | 104813 |
| Total Collateralized Mortgage Obligations<br>(Cost $302,725) |  | 304340 |
| **Commercial Mortgage-Backed Securities — 1.1%** |  |  |
| **Commercial MBS — 1.1%** |  |  |
| ACRES LLC, (Cayman Islands), Series 2025-FL3, Class A, (CME Term SOFR 1 Month + 1.62%), 5.75%, 08/18/2040 (e) (aa) | 2900 | 2903 |
| Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A2, 4.24%, 11/10/2051 | 3877 | 3869 |
| FHLMC Multifamily Structured Pass Through Certificates, Series Q034, Class APT2, 2.87%, 07/25/2054 (z) | 1088 | 1034 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| Series 2025-AGLN, Class A, (CME Term SOFR 1 Month + 1.64%), 5.79%, 07/15/2037 (e) (aa) | 3800 | 3808 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Commercial MBS — continued** |  |  |
| Series 2025-AURA, Class A, (CME Term SOFR 1 Month + 1.59%), 5.69%, 10/15/2042 (e) (w) (aa) | 5300 | 5286 |
| Total Commercial MBS |  | 16900 |
| Total Commercial Mortgage-Backed Securities<br>(Cost $16,862) |  | 16900 |
| **Corporate Bonds — 2.1%** |  |  |
| **Basic Materials — 0.0% (g)** |  |  |
| **Mining — 0.0% (g)** |  |  |
| Arsenal AIC Parent LLC, 11.50%, 10/01/2031 (e) | 230 | 256 |
|  **Total Basic Materials** |  | 256 |
| **Communications — 0.4%** |  |  |
| **Advertising — 0.1%** |  |  |
| Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/2028 (e) | 600 | 599 |
| Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e) | 630 | 618 |
|  |  | 1217 |
| **Internet — 0.0% (g)** |  |  |
| Getty Images, Inc., 11.25%, 02/21/2030 (e) | 630 | 601 |
| **Media — 0.3%** |  |  |
|  CSC Holdings LLC, |  |  |
| 11.25%, 05/15/2028 (e) | 515 | 477 |
| 11.75%, 01/31/2029 (e) | 1070 | 900 |
| Directv Financing LLC / Directv Financing Co-Obligor, Inc., 10.00%, 02/15/2031 (e) | 470 | 469 |
| Gray Media, Inc., 9.63%, 07/15/2032 (e) | 755 | 771 |
| Univision Communications, Inc., 8.00%, 08/15/2028 (e) | 1465 | 1518 |
|  |  | 4135 |
| **Telecommunications — 0.0% (g)** |  |  |
| Level 3 Financing, Inc., 4.88%, 06/15/2029 (e) | 485 | 458 |
| Lumen Technologies, Inc., 10.00%, 10/15/2032 (e) | 220 | 223 |
|  |  | 681 |
| Total Communications |  | 6634 |
| **Consumer Cyclical — 0.7%** |  |  |
| **Auto Manufacturers — 0.2%** |  |  |
| Ford Motor Credit Co. LLC, (United States SOFR + 2.95%), 7.15%, 03/06/2026 (aa) | 905 | 912 |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) | 2875 | 2675 |
|  |  | 3587 |
| **Leisure Time — 0.1%** |  |  |
|  Sabre GLBL, Inc., |  |  |
| 10.75%, 11/15/2029 (e) | 317 | 306 |
| 11.13%, 07/15/2030 (e) | 430 | 417 |
|  |  | 723 |
| **Retail — 0.4%** |  |  |
| Beignet Co. (The), 6.85%, 06/01/2049 (e) | 5310 | 5310 |
| eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) | 965 | 1061 |
|  |  | 6371 |
| Total Consumer Cyclical |  | 10681 |
| **Consumer Non-cyclical — 0.3%** |  |  |
| **Commercial Services — 0.1%** |  |  |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e) | 1030 | 1080 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Healthcare - Services — 0.2%** |  |  |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 (e) | 965 | 1021 |
| LifePoint Health, Inc., 11.00%, 10/15/2030 (e) | 1445 | 1593 |
|  |  | 2614 |
| **Pharmaceuticals — 0.0% (g)** |  |  |
| 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) | 515 | 528 |
| Total Consumer Non-cyclical |  | 4222 |
| **Energy — 0.1%** |  |  |
| **Pipelines — 0.1%** |  |  |
| NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (e) | 215 | 220 |
| Venture Global LNG, Inc., |  |  |
| (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) | 1060 | 1051 |
| 9.50%, 02/01/2029 (e) | 270 | 297 |
| 9.88%, 02/01/2032 (e) | 280 | 305 |
| Total Energy |  | 1873 |
| **Financial — 0.2%** |  |  |
| **Diversified Financial Services — 0.1%** |  |  |
| Aretec Group, Inc., 10.00%, 08/15/2030 (e) | 350 | 381 |
| Hightower Holding LLC, 9.13%, 01/31/2030 (e) | 930 | 987 |
| Navient Corp., 9.38%, 07/25/2030 | 400 | 442 |
| Osaic Holdings, Inc., 6.75%, 08/01/2032 (e) | 205 | 212 |
|  |  | 2022 |
| **Insurance — 0.1%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc., 8.50%, 06/15/2029 (e) | 300 | 315 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, |  |  |
| 6.75%, 10/15/2027 (e) | 245 | 245 |
| 6.75%, 04/15/2028 (e) | 105 | 107 |
| HUB International Ltd., 7.25%, 06/15/2030 (e) | 295 | 307 |
| Jones Deslauriers Insurance Management, Inc., (Canada), 8.50%, 03/15/2030 (e) | 725 | 762 |
|  |  | 1736 |
| Total Financial |  | 3758 |
| **Industrial — 0.0% (g)** |  |  |
| **Aerospace/Defense — 0.0% (g)** |  |  |
| TransDigm, Inc., 6.75%, 08/15/2028 (e) | 240 | 245 |
|  **Total Industrial** |  | 245 |
| **Technology — 0.3%** |  |  |
| **Software — 0.3%** |  |  |
|  Cloud Software Group, Inc., |  |  |
| 6.63%, 08/15/2033 (e) | 300 | 305 |
| 8.25%, 06/30/2032 (e) | 530 | 562 |
| 9.00%, 09/30/2029 (e) | 2501 | 2587 |
| UKG, Inc., 6.88%, 02/01/2031 (e) | 160 | 165 |
| X.AI LLC / X.AI Co Issuer Corp., 12.50%, 06/30/2030 | 315 | 331 |
| Total Technology |  | 3950 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Utilities — 0.1%** |  |  |
| **Electric — 0.1%** |  |  |
| Talen Energy Supply LLC, 8.63%, 06/01/2030 (e) | 580 | 615 |
| Vistra Corp., |  |  |
| (CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) | 180 | 184 |
| Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa) | 1040 | 1143 |
| Total Utilities |  | 1942 |
| Total Corporate Bonds<br>(Cost $33,586) |  | 33561 |
| **Mortgage-Backed Securities — 35.6%** |  |  |
| **FNMA Collateral — 1.7%** |  |  |
|  FNMA Pool, |  |  |
| 4.30%, 12/01/2029 | 5011 | 5053 |
| 5.03%, 11/01/2032 | 12231 | 12570 |
| 5.08%, 10/01/2032 | 355 | 366 |
| 5.12%, 02/01/2030 | 1187 | 1226 |
| 5.17%, 01/01/2030 | 1000 | 1032 |
| 5.19%, 09/01/2044 | 582 | 596 |
| 5.21%, 04/01/2029 | 2291 | 2374 |
| 5.21%, 01/01/2032 | 1430 | 1492 |
| 5.24%, 01/01/2030 | 1913 | 1987 |
| 5.55%, 11/01/2031 | 249 | 263 |
| Total FNMA Collateral |  | 26959 |
| **GNMA II Collateral — 6.3%** |  |  |
|  GNMA II Pool, Single Family, 30 years, |  |  |
| 3.00%, 02/20/2055 | 29 | 26 |
| 4.00%, 09/20/2055 | 350 | 329 |
| 4.50%, 06/20/2055 | 3330 | 3234 |
| GNMA, Single Family, 30 years, |  |  |
| TBA, 2.00%, 11/01/2055 (w) | 6000 | 4967 |
| TBA, 3.00%, 11/01/2055 (w) | 27220 | 24330 |
| TBA, 4.00%, 11/01/2055 (w) | 24900 | 23431 |
| TBA, 4.50%, 11/01/2055 (w) | 26920 | 26112 |
| TBA, 5.00%, 11/01/2055 (w) | 6950 | 6908 |
| TBA, 5.50%, 11/01/2055 (w) | 1000 | 1007 |
| TBA, 6.00%, 11/01/2052 (w) | 1000 | 1017 |
| TBA, 6.50%, 11/01/2055 (w) | 7000 | 7188 |
| Total GNMA II Collateral |  | 98549 |
| **UMBS Collateral — 27.6%** |  |  |
| FHLMC Pool, Single Family, 20 years, 6.50%, 05/01/2045 | 344 | 356 |
|  FHLMC Pool, Single Family, 30 years, |  |  |
| 5.00%, 07/01/2053 | 1709 | 1701 |
| 6.00%, 07/01/2054 | 5487 | 5645 |
| 6.00%, 09/01/2054 | 54 | 56 |
| 6.00%, 11/01/2054 | 51 | 53 |
| 6.00%, 12/01/2054 | 52 | 54 |
| 6.00%, 01/01/2055 | 170 | 176 |
| 6.00%, 02/01/2055 | 59 | 62 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 Securities — continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| FNMA, 4.43%, 10/01/2030 | 3000 | 3024 |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 2.00%, 10/01/2055 (w) | 500 | 403 |
| TBA, 3.00%, 10/01/2055 (w) | 4000 | 3516 |
| TBA, 3.50%, 11/01/2055 (w) | 16250 | 14852 |
| TBA, 4.00%, 10/01/2055 (w) | 3000 | 2829 |
| TBA, 4.50%, 10/01/2055 (w) | 9000 | 8735 |
| TBA, 4.50%, 11/01/2055 (w) | 20000 | 19404 |
| TBA, 5.00%, 10/01/2055 (w) | 26600 | 26389 |
| TBA, 5.50%, 11/01/2050 (w) | 92800 | 93537 |
| TBA, 6.00%, 11/01/2055 (w) | 66180 | 67595 |
| TBA, 6.50%, 10/01/2055 (w) | 1400 | 1447 |
| TBA, 6.50%, 11/01/2055 (w) | 63400 | 65558 |
| TBA, 7.00%, 11/01/2055 (w) | 39665 | 41539 |
| FNMA Pool, Single Family, 20 years, 6.50%, 05/01/2045 | 1140 | 1180 |
|  FNMA Pool, Single Family, 30 years, |  |  |
| 5.00%, 11/01/2052 | 1784 | 1780 |
| 5.00%, 12/01/2054 | 3784 | 3789 |
| 6.00%, 11/01/2053 | 1237 | 1278 |
| 6.00%, 08/01/2054 | 11209 | 11628 |
| 6.00%, 11/01/2054 | 45 | 47 |
| 6.00%, 01/01/2055 | 2066 | 2151 |
| 6.00%, 06/01/2055 | 480 | 492 |
| 6.50%, 11/01/2053 | 384 | 398 |
| 6.50%, 06/01/2054 | 3532 | 3729 |
| 6.50%, 07/01/2054 | 127 | 132 |
| 6.50%, 08/01/2054 | 86 | 89 |
| 6.50%, 11/01/2054 | 193 | 201 |
| 6.50%, 02/01/2055 | 3692 | 3907 |
| 6.50%, 07/01/2055 (gg) | 12527 | 13231 |
| 6.50%, 08/01/2055 (gg) | 21066 | 22151 |
| 6.50%, 09/01/2055 | 8660 | 9134 |
| Total UMBS Collateral |  | 432248 |
| Total Mortgage-Backed Securities<br>(Cost $557,758) |  | 557756 |
|  | **SHARES** |  |
| **Preferred Stock — 0.0% (g)** |  |  |
| **Financial — 0.0% (g)** |  |  |
| **Insurance — 0.0% (g)** |  |  |
| Acruise Holdings, Inc., Series A-2 (a) (f) (bb)<br>(Cost $300) | 12 | 300 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 — 17.4% (o)** |  |  |
| **Basic Materials — 0.1%** |  |  |
| **Chemicals — 0.1%** |  |  |
| Nouryon Finance BV, |  |  |
| November 2024 B-1 Dollar Term Loan, (Netherlands), 04/03/2028 (u) | 733 | 734 |
| November 2024 B-2 Dollar Term Loan, (Netherlands), (CME Term SOFR 1 Month + 3.25%), 7.42%, 04/03/2028 (u) (aa) | 487 | 486 |
| Vibrantz Technologies, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.73%, 04/23/2029 (aa) | 487 | 393 |
|  |  | 1613 |
| **Mining — 0.0% (g)** |  |  |
| Arsenal AIC Parent LLC, 2025 Refinancing Term B Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 08/18/2030 (aa) | 641 | 640 |
| Total Basic Materials |  | 2253 |
| **Communications — 1.9%** |  |  |
| **Advertising — 0.4%** |  |  |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.28%, 08/21/2028 (u) (aa) | 1268 | 1269 |
| CMG Media Corp., Term B-2 Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.60%, 06/18/2029 (u) (aa) | 2381 | 2272 |
| Neptune BidCo US, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.43%, 04/11/2029 (aa) | 2775 | 2638 |
|  |  | 6179 |
| **Internet — 0.4%** |  |  |
| Arches Buyer, Inc., Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.51%, 12/06/2027 (u) (aa) | 1543 | 1543 |
| Delivery Hero SE, Extended Dollar Term Loan, (Germany), 12/12/2029 (u) | 249 | 251 |
| MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.25%, 05/03/2028 (aa) | 1072 | 1030 |
| 2024 December New Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.41%, 12/31/2031 (aa) | 715 | 657 |
| 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 1 Month + 6.25%), 10.41%, 02/23/2029 (aa) | 830 | 716 |
| Proofpoint, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 08/31/2028 (aa) | 1941 | 1946 |
|  |  | 6143 |
| **Media — 0.4%** |  |  |
| Cable One, Inc., Incremental Term B-4 Loan, 05/03/2028 (u) | 90 | 88 |
| CSC Holdings LLC, 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.65%, 01/18/2028 (aa) | 635 | 630 |
| September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 8.75%, 04/15/2027 (aa) | 298 | 288 |
| DIRECTV Financing LLC, |  |  |
| Radiate Holdco LLC, First Out Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 09/25/2029 (aa) | 617 | 532 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Media — continued** |  |  |
| Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.57%, 08/02/2027 (aa) | 22 | 23 |
| 2025 Incremental Term B Loan, (CME Term SOFR 3 Month + 5.50%), 9.81%, 02/17/2031 (u) (aa) | 331 | 323 |
| 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 5.25%), 9.82%, 08/02/2029 (u) (aa) | 1156 | 1157 |
| Gray Television, Inc., |  |  |
| Term D Loan, (CME Term SOFR 1 Month + 3.00%), 7.39%, 12/01/2028 (u) (aa) | 772 | 772 |
| Term F Loan, (CME Term SOFR 1 Month + 5.25%), 9.53%, 06/04/2029 (aa) | 4 | 4 |
| iHeartCommunications, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.78%), 05/01/2029 (u) (aa) | 1162 | 1013 |
| Univision Communications, Inc., 2024 Replacement Converted First-Lien Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 01/31/2029 (u) (aa) | 1382 | 1375 |
|  |  | 6205 |
| **Telecommunications — 0.7%** |  |  |
| Commscope LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.75%), 12/17/2029 (u) (aa) | 895 | 905 |
| Connect Finco Sarl, Amendment No. 4 Term Loan, (Luxembourg), (CME Term SOFR 1 Month + 4.50%), 8.66%, 09/27/2029 (u) (aa) | 1812 | 1787 |
| Crown Subsea Communications Holding, Inc., 2025 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 01/30/2031 (u) (aa) | 627 | 630 |
| Delta Topco, Inc., |  |  |
| Fourth Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.96%, 11/30/2029 (aa) | 422 | 417 |
| Second Amendment Refinancing Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.43%, 11/29/2030 (aa) | 1595 | 1585 |
| Frontier Communications Holdings LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.65%, 07/01/2031 (aa) | 819 | 818 |
| Iridium Communications, Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 2.25%), 6.41%, 09/20/2030 (aa) | 331 | 313 |
| Level 3 Financing, Inc., |  |  |
| Term B-4 Refinancing Loans, (CME Term SOFR 1 Month + 3.25%), 7.41%, 03/29/2032 (u) (aa) | 2130 | 2130 |
| Term B-4 Refinancing Loan, 03/29/2032 (u) | 345 | 345 |
| Lumen Technologies, Inc., |  |  |
| Term B-1 Loan, (CME Term SOFR 1 Month + 2.35%), 6.63%, 04/16/2029 (u) (aa) | 506 | 502 |
| Term B-2 Loan, (CME Term SOFR 1 Month + 2.35%), 6.63%, 04/15/2030 (aa) | 304 | 302 |
| Term A Loan, (CME Term SOFR 1 Month + 6.00%), 10.16%, 06/01/2028 (aa) | 645 | 655 |
| QualityTech, LP, Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.72%, 11/04/2031 (aa) | 348 | 348 |
| Zayo Group Holdings, Inc., |  |  |
| Initial Dollar Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.44%, 03/09/2027 (aa) | 692 | 681 |
| Initial Dollar Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.77%, 03/11/2030 (u) (aa) | 362 | 350 |
|  |  | 11768 |
| Total Communications |  | 30295 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Consumer Cyclical — 1.9%** |  |  |
| **Airlines — 0.3%** |  |  |
| AAdvantage Loyalty IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 6.58%, 04/20/2028 (u) (aa) | 2597 | 2592 |
| BCPE Pequod Buyer, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 11/25/2031 (u) (aa) | 1787 | 1789 |
| SkyMiles IP Ltd., Initial Term Loan Retired 09/30/2025, (Cayman Islands), (CME Term SOFR 3 Month + 3.75%), 0.00%, 10/20/2027 (u) (aa) | 75 | 75 |
|  |  | 4456 |
| **Apparel — 0.1%** |  |  |
| ABG Intermediate Holdings 2 LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.41%, 12/21/2028 (u) (aa) | 1538 | 1534 |
| Canada Goose, Inc., 2025 Refinancing Term Loan, (Canada), (CME Term SOFR 3 Month + 3.50%), 7.71%, 08/23/2032 (aa) | 615 | 615 |
|  |  | 2149 |
| **Auto Parts & Equipment — 0.1%** |  |  |
| Autokiniton US Holdings, Inc., 2024 Replacement Term B Loan, (CME Term SOFR 1 Month + 4.00%), 8.28%, 04/06/2028 (u) (aa) | 933 | 923 |
| Tenneco, Inc., Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.30%, 11/17/2028 (aa) | 600 | 586 |
|  |  | 1509 |
| **Distribution/Wholesale — 0.1%** |  |  |
| Windsor Holdings III LLC, 2025 Dollar Refinancing Term B Loan, 08/01/2030 (u) | 1077 | 1077 |
| **Entertainment — 0.9%** |  |  |
| AMC Entertainment Holdings, Inc., Term Loan, (CME Term SOFR 1 Month + 7.00%), 11.13%, 01/04/2029 (u) (aa) | 1640 | 1643 |
| Caesars Entertainment, Inc., 2023 Incremental Term B Loan, (CME Term SOFR 1 Month + 2.25%), 6.41%, 02/06/2030 (aa) | 556 | 554 |
| Incremental Term B-1 Loan, (CME Term SOFR 1 Month + 2.25%), 6.41%, 02/06/2031 (aa) | 872 | 869 |
| Cinemark USA, Inc., Replacement Term Loan (2025), (CME Term SOFR 3 Month + 2.25%), 6.37%, 05/24/2030 (aa) | 387 | 387 |
| Crown Finance US, Inc., First Amendment Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.78%, 12/02/2031 (u) (aa) | 2609 | 2601 |
| EOC Borrower LLC, Term B Loan, 03/24/2032 (u) | 1317 | 1316 |
| Formula One Management Limited, Incremental Term Facility, (United Kingdom), 09/30/2031 | 17 | 17 |
| Formula One Management Ltd., Facility B, (United Kingdom), (CME Term SOFR 3 Month + 2.00%), 09/30/2031 (u) (aa) | 518 | 518 |
| Light and Wonder International, Inc., Term B-2 Loan, (CME Term SOFR 1 Month + 2.25%), 6.39%, 04/16/2029 (aa) | 277 | 277 |
| Ontario Gaming GTA LP, Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.25%), 8.24%, 08/01/2030 (aa) | 537 | 523 |
| TKO Worldwide Holdings LLC, Additional Term B-5 Loan (First Lien), (CME Term SOFR 3 Month + 2.00%), 6.04%, 11/21/2031 (aa) | 3636 | 3640 |
| Voyager Parent LLC, Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 8.75%, 07/01/2032 (u) (aa) | 1070 | 1072 |
|  |  | 13417 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Leisure Time — 0.1%** |  |  |
| Life Time, Inc., 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.25%, 11/05/2031 (u) (aa) | 1223 | 1221 |
| Recess Holdings, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.07%, 02/20/2030 (aa) | 209 | 210 |
|  |  | 1431 |
| **Lodging — 0.0% (g)** |  |  |
| HRNI Holdings LLC, Term B Loan, (CME Term SOFR 3 Month + 4.25%), 8.40%, 12/11/2028 (aa) | 741 | 720 |
| **Retail — 0.3%** |  |  |
| Dave & Buster's, Inc., 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 3.25%), 7.56%, 06/29/2029 (u) (aa) | 198 | 185 |
| IRB Holding Corp., 2024 Second Replacement Term B Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 12/15/2027 (u) (aa) | 2446 | 2446 |
| Petco Health and Wellness Co., Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.51%, 03/03/2028 (u) (aa) | 945 | 919 |
| QXO Building Products, Inc., Term B Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 04/30/2032 (u) (aa) | 156 | 158 |
| Sabre GLBL, Inc., 2022 Other Term B Loan, (CME Term SOFR 1 Month + 4.25%), 8.51%, 06/30/2028 (aa) | 257 | 238 |
| 2022 Term B-2 Loan, (CME Term SOFR 1 Month + 5.00%), 9.26%, 06/30/2028 (aa) | 220 | 206 |
| 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 10.26%, 11/15/2029 (aa) | 369 | 347 |
| Victra Holdings LLC, Fifth Amendment Incremental Term Loan, (CME Term SOFR 3 Month + 3.75%), 7.75%, 03/29/2029 (u) (aa) | 712 | 712 |
|  |  | 5211 |
| Total Consumer Cyclical |  | 29970 |
| **Consumer Non-cyclical — 2.4%** |  |  |
| **Beverages — 0.1%** |  |  |
| Celsius, Inc., 2025 Refinancing Term Loan, 04/01/2032 (u) | 340 | 340 |
| Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.29%, 04/01/2032 (aa) | 618 | 619 |
| Primo Brands Corp., 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.25%), 6.25%, 03/31/2028 (aa) | 450 | 450 |
|  |  | 1409 |
| **Commercial Services — 0.7%** |  |  |
| Albion Financing 3 S.a r.l., 2025-A Refinancing U.S. Dollar Term Loan, (Luxembourg), (CME Term SOFR 3 Month + 3.00%), 7.21%, 05/21/2031 (aa) | 1175 | 1177 |
| Allied Universal Holdco LLC, Amendment No. 7 Replacement U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.51%, 08/20/2032 (u) (aa) | 400 | 401 |
| Anticimex Global AB, |  |  |
| Facility B1, (Sweden), (CME Term SOFR 3 Month + 3.40%), 7.76%, 11/16/2028 (aa) | 444 | 445 |
| Facility B6, (Sweden), (CME Term SOFR 3 Month + 3.40%), 7.76%, 11/16/2028 (aa) | 84 | 84 |
| Bach Finance Ltd., Fourteenth Amendment Dollar Term Loan (First Lien), (Cayman Islands), (CME Term SOFR 3 Month + 2.75%), 6.95%, 01/09/2032 (u) (aa) | 1068 | 1069 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Commercial Services — continued** |  |  |
| Belron Finance 2019 LLC, 2031 Dollar Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.74%, 10/16/2031 (u) (aa) | 2079 | 2088 |
| Boost Newco Borrower LLC, USD Term B-2 Loan, (CME Term SOFR 3 Month + 2.00%), 6.00%, 01/31/2031 (aa) | 850 | 850 |
| Hertz Corp. (The), |  |  |
| Initial Term C Loan, (CME Term SOFR 3 Month + 3.50%), 8.07%, 06/30/2028 (aa) | 125 | 112 |
| Initial Term B Loan, (CME Term SOFR 3 Month + 3.50%), 8.07%, 06/30/2028 (aa) | 634 | 568 |
| Mavis Tire Express Services Topco Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.20%, 05/04/2028 (aa) | 2069 | 2068 |
| Peloton Interactive, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.50%), 9.66%, 05/30/2029 (aa) | 268 | 271 |
| Shift4 Payments LLC, Amendment No. 2 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.50%), 6.50%, 06/30/2032 (aa) | 250 | 252 |
| Townsquare Media, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.19%, 02/19/2030 (u) (aa) | 504 | 441 |
| Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.66%, 01/30/2031 (u) (aa) | 1053 | 1049 |
| Wash Bidco, Inc., Term Loan B, 09/10/2032 (u) | 480 | 482 |
|  |  | 11357 |
| **Cosmetics/Personal Care — 0.2%** |  |  |
| Opal Bidco SAS, Facility B2, (France), (CME Term SOFR 3 Month + 3.25%), 7.25%, 04/28/2032 (u) (aa) | 3385 | 3392 |
| **Food — 0.2%** |  |  |
| 1440 Foods Topco LLC, Initial Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.16%, 10/31/2031 (u) (aa) | 642 | 626 |
| Chobani LLC, 2025 New Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 10/25/2027 (aa) | 1541 | 1545 |
|  |  | 2171 |
| **Healthcare - Products — 0.2%** |  |  |
| Bausch + Lomb Corp., Third Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 4.25%), 8.41%, 01/15/2031 (aa) | 508 | 507 |
| Medline Borrower LP, 2028 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.00%), 0.00%, 10/23/2028 (u) (aa) | 2299 | 2299 |
| QuidelOrtho Corp., Term B Loan, (CME Term SOFR 3 Month + 4.00%), 8.00%, 08/20/2032 (u) (aa) | 910 | 905 |
|  |  | 3711 |
| **Healthcare - Services — 0.8%** |  |  |
| Aveanna Healthcare LLC, 2025 Incremental Term Loan (First Lien), 09/17/2032 (u) | 930 | 929 |
| Heartland Dental LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 3.75%), 7.91%, 08/25/2032 (aa) | 2237 | 2232 |
| LGC Science Group Holdings Ltd., Facility B3 (USD), (United Kingdom), (CME Term SOFR 3 Month + 4.00%), 8.31%, 01/21/2030 (u) (aa) | 1026 | 1026 |
| LifePoint Health, Inc., 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.66%, 05/19/2031 (u) (aa) | 1647 | 1639 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Healthcare - Services — continued** |  |  |
| 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.07%, 05/17/2031 (u) (aa) | 1406 | 1403 |
| Star Parent, Inc., Term Loan B, (CME Term SOFR 3 Month + 4.00%), 8.00%, 09/27/2030 (u) (aa) | 1075 | 1074 |
| Surgery Center Holdings, Inc., 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 12/19/2030 (u) (aa) | 2617 | 2617 |
| Team Health Holdings, Inc., 2028 Refinancing Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.80%, 06/30/2028 (aa) | 1227 | 1224 |
| U.S. Renal Care, Inc., Closing Date Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.28%, 06/28/2028 (u) (aa) | 771 | 734 |
|  |  | 12878 |
| **Household Products/Wares — 0.0% (g)** |  |  |
| Lavender Dutch BorrowerCo BV, Term Loan, (Netherlands), 09/27/2032 (u) | 355 | 355 |
| **Pharmaceuticals — 0.2%** |  |  |
| 1261229 B.C. Ltd., Initial Term Loan, (Canada), (CME Term SOFR 1 Month + 6.25%), 10.41%, 10/08/2030 (u) (aa) | 798 | 785 |
| Dechra Pharmaceuticals Holdings Ltd., Facility B1, (United Kingdom), (CME Term SOFR 6 Month + 3.25%), 7.45%, 01/27/2032 (u) (aa) | 587 | 588 |
| Financiere Mendel, Additional Term Facility 2 (USD), (France), 11/08/2030 (u) | 748 | 748 |
| IVC Acquisition Ltd., Facility B12, (United Kingdom), (CME Term SOFR 3 Month + 3.75%), 7.75%, 12/12/2028 (aa) | 282 | 284 |
| Paradigm Parent LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.82%, 04/16/2032 (aa) | 455 | 408 |
|  |  | 2813 |
| Total Consumer Non-cyclical |  | 38086 |
| **Energy — 0.4%** |  |  |
| **Energy - Alternate Sources — 0.0% (g)** |  |  |
| TerraForm Power Operating LLC, Specified Refinancing Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.00%, 05/21/2029 (aa) | 454 | 453 |
| **Oil & Gas Services — 0.1%** |  |  |
| Goodnight Water Solutions Holdings LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.16%, 06/04/2029 (u) (aa) | 944 | 930 |
| **Pipelines — 0.3%** |  |  |
| Brazos Delaware II LLC, 2025 B-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.72%, 02/11/2030 (u) (aa) | 631 | 631 |
| CPPIB OVM Member U.S. LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.50%, 08/20/2031 (u) (aa) | 302 | 303 |
| Epic Crude Services, LP, 2025 Refinancing Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.83%, 10/15/2031 (u) (aa) | 1130 | 1130 |
| NGL Energy Operating LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 02/03/2031 (u) (aa) | 1224 | 1224 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Pipelines — continued** |  |  |
| NorthRiver Midstream Finance LP, Initial Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.25%), 6.54%, 08/16/2030 (u) (aa) | 451 | 451 |
| Prairie Acquiror LP, Initial Term B-4 Loan, (CME Term SOFR 1 Month + 3.75%), 7.91%, 08/01/2029 (aa) | 363 | 365 |
| Waterbridge NDB Operating LLC, Initial Term Loan Retired 10/06/2025, (CME Term SOFR 1 Month + 4.00%), 8.17%, 05/10/2029 (u) (aa) | 437 | 437 |
|  |  | 4541 |
| Total Energy |  | 5924 |
| **Financial — 3.7%** |  |  |
| **Banks — 0.0% (g)** |  |  |
| 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) | 523 | 522 |
| **Diversified Financial Services — 1.0%** |  |  |
| Citadel Securities LP, 2024-1 Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 10/31/2031 (u) (aa) | 608 | 609 |
| Edelman Financial Engines Center LLC (The), 2024 Refinancing Term Loan (Second Lien), 10/06/2028 (u) | 200 | 200 |
| 2024-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 04/07/2028 (aa) | 2235 | 2235 |
| Focus Financial Partners LLC, Tranche B Incremental Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 09/15/2031 (u) (aa) | 3727 | 3728 |
| GTCR Everest Borrower LLC, 2025 Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.75%, 09/05/2031 (u) (aa) | 1039 | 1039 |
| HighTower Holding LLC, Amendment No. 10 Replacement Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.07%, 02/03/2032 (aa) | 99 | 99 |
| Inception Holdco S.a.r.l., Facility B9, (Luxembourg), (CME Term SOFR 3 Month + 3.25%), 7.25%, 04/18/2031 (u) (aa) | 686 | 690 |
| Jane Street Group LLC, Seventh Amendment Extended Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.20%, 12/15/2031 (aa) | 1538 | 1525 |
| Mermaid Bidco, Inc., Facility B (USD), (CME Term SOFR 3 Month + 3.25%), 7.57%, 07/03/2031 (aa) | 455 | 454 |
| Osaic Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 07/30/2032 (aa) | 2233 | 2231 |
| Osttra Group Ltd., |  |  |
| Term Loan (First Lien), (Bermuda), (CME Term SOFR 3 Month + 3.50%), 05/20/2032 (u) (aa) | 775 | 779 |
| 2nd lien TL, (Bermuda), (CME Term SOFR 3 Month + 5.50%), 05/20/2033 (u) (aa) | 600 | 602 |
| PEX Holdings LLC, Term Loan, (CME Term SOFR 6 Month + 2.75%), 6.75%, 11/26/2031 (aa) | 323 | 323 |
| RFS Opco LLC, Amendment No.1 Delayed Draw Term Loan, (CME Term SOFR 3 Month + 4.75%), 8.75%, 04/04/2031 (aa) (bb) | 179 | 178 |
| Speed Midco 3 S.a r.l., Facility B (USD), (Luxembourg), 09/23/2032 (u) | 625 | 624 |
|  |  | 15316 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Insurance — 2.6%** |  |  |
| Acrisure LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 11/06/2030 (aa) | 1211 | 1207 |
| 2025 Term B Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.41%, 06/20/2032 (aa) | 184 | 184 |
| Alera Group, Inc., |  |  |
| Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.41%, 05/30/2032 (u) (aa) | 2990 | 3000 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.50%), 9.66%, 05/30/2033 (aa) | 4485 | 4605 |
| Alliant Holdings Intermediate LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.67%, 09/19/2031 (u) (aa) | 4607 | 4593 |
| AmWINS Group, Inc., Initial Term Loan, 01/30/2032 (u) | 768 | 768 |
| Asurion LLC, |  |  |
| New Term B-13 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.41%, 09/19/2030 (aa) | 731 | 726 |
| New B-11 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.51%, 08/19/2028 (u) (aa) | 765 | 767 |
| New B-3 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.53%, 01/31/2028 (aa) | 2280 | 2217 |
| New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.53%, 01/20/2029 (u) (aa) | 2419 | 2311 |
| EG Group Ltd., New Facility B3 (USD), (United Kingdom), (CME Term SOFR 3 Month + 3.50%), 7.70%, 02/07/2028 (u) (aa) | 1382 | 1388 |
| Hub International Ltd., 2025 Incremental Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.58%, 06/20/2030 (u) (aa) | 4258 | 4263 |
| Jones DesLauriers Insurance Management, Inc., 2025-1 Repricing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.75%), 7.06%, 03/15/2030 (u) (aa) | 1176 | 1170 |
| OneDigital Borrower LLC, 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 07/02/2031 (aa) | 549 | 549 |
| Initial Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.41%, 07/02/2032 (aa) | 1330 | 1340 |
| Ryan Specialty LLC, 2024 Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 09/15/2031 (aa) | 333 | 333 |
| Sedgwick Claims Management Services, Inc., 2024 Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 07/31/2031 (aa) | 4281 | 4275 |
| Truist Insurance Holdings LLC, |  |  |
| Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.75%, 05/06/2031 (aa) | 1018 | 1016 |
| Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 8.75%, 05/06/2032 (aa) | 4774 | 4856 |
| USI, Inc., 2024-D Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.25%, 11/21/2029 (u) (aa) | 774 | 772 |
|  |  | 40340 |
| **Investment Companies — 0.0% (g)** |  |  |
| Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 07/30/2031 (aa) | 651 | 652 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **REITS — 0.1%** |  |  |
| Blackstone Mortgage Trust, Inc., Term B-6 Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 12/10/2030 (aa) | 429 | 431 |
| KREF Holdings X LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.68%, 03/05/2032 (u) (aa) | 937 | 935 |
|  |  | 1366 |
| Total Financial |  | 58196 |
| **Industrial — 2.5%** |  |  |
| **Aerospace/Defense — 0.4%** |  |  |
| Bleriot US Bidco, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.50%, 10/31/2030 (u) (aa) | 914 | 914 |
| Kaman Corp., |  |  |
| Delayed Draw Term Loan, (CME Term SOFR 3 Month + 2.50%), 1.56%, 02/26/2032 (u) (aa) | 5 | 5 |
| Initial Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.66%, 02/26/2032 (u) (aa) | 708 | 706 |
| TransDigm, Inc., |  |  |
| New Tranche K Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.25%, 03/22/2030 (aa) | 1162 | 1161 |
| New Tranche J Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.50%, 02/28/2031 (u) (aa) | 2444 | 2443 |
| Tranche L Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.50%, 01/19/2032 (aa) | 442 | 441 |
|  |  | 5670 |
| **Building Materials — 0.4%** |  |  |
| Chariot Buyer LLC, Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 09/08/2032 (u) (aa) | 1832 | 1832 |
| CP Atlas Buyer, Inc., 2025 Term B Loan, (CME Term SOFR 1 Month + 5.25%), 9.41%, 07/08/2030 (aa) | 800 | 782 |
| MI Windows and Doors LLC, Term B-3 Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 03/28/2031 (u) (aa) | 611 | 612 |
| Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.41%, 02/10/2032 (aa) | 3073 | 3071 |
| Watlow Electric Manufacturing Co., Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.31%, 03/02/2028 (aa) | 613 | 613 |
|  |  | 6910 |
| **Engineering & Construction — 0.1%** |  |  |
| Brown Group Holding LLC, Incremental Term B-2 Facility, (CME Term SOFR 3 Month + 2.75%), 6.99%, 07/01/2031 (u) (aa) | 1692 | 1695 |
| **Environmental Control — 0.3%** |  |  |
| Filtration Group Corp., 2025-B Incremental Dollar Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 10/21/2028 (u) (aa) | 3825 | 3839 |
| Madison IAQ LLC, |  |  |
| Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.70%, 06/21/2028 (u) (aa) | 1059 | 1060 |
| 2025 Incremental Term Loan, (CME Term SOFR 6 Month + 3.25%), 7.45%, 05/06/2032 (u) (aa) | 549 | 551 |
|  |  | 5450 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Hand/MachineTools — 0.1%** |  |  |  |
| Alliance Laundry Systems LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 2.25%), 6.39%, 08/19/2031 (u) (aa) |  | 1145 | 1144 |
| Madison Safety & Flow LLC, 2025 Incremental Term Loan (First Lien) Retired 10/07/2025, (CME Term SOFR 1 Month + 2.75%), 6.91%, 09/26/2031 (aa) |  | 248 | 248 |
|  |  |  | 1392 |
| **Machinery - Diversified — 0.7%** |  |  |  |
| CPM Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.78%, 09/28/2028 (u) (aa) |  | 1276 | 1272 |
| Engineered Machinery Holdings, Inc., |  |  |  |
| Incremental Amendment No. 5 Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.76%, 05/19/2028 (aa) |  | 1812 | 1821 |
| Incremental Amendment No. 3 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 10.26%, 05/21/2029 (aa) |  | 1229 | 1229 |
| Incremental Amendment No. 2 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.50%), 10.76%, 05/21/2029 (aa) |  | 759 | 759 |
| Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 6 Month + 3.75%), 7.92%, 02/15/2029 (u) (aa) |  | 1762 | 1765 |
| INNIO Group Holding GmbH, 2025 Amended Facility B (USD) Loan, (Austria), (CME Term SOFR 1 Month + 2.25%), 6.39%, 11/02/2028 (u) (aa) |  | 233 | 233 |
| Merlin Buyer, Inc., Initial Term Loan (First Lien), 12/14/2028 (u) |  | 852 | 854 |
| Pro Mach Group, Inc., Amendment No.5 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.91%, 08/31/2028 (u) (aa) |  | 1532 | 1534 |
| TK Elevator Midco GmbH, Facility B (USD), (Germany), (CME Term SOFR 6 Month + 3.00%), 7.20%, 04/30/2030 (u) (aa) |  | 1922 | 1926 |
|  |  |  | 11393 |
| **Miscellaneous Manufacturers — 0.3%** |  |  |  |
| LTI Holdings, Inc., 2024 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 7.91%, 07/29/2029 (u) (aa) |  | 4144 | 4178 |
| **Packaging & Containers — 0.2%** |  |  |  |
| Charter Next Generation, Inc., 2024 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.93%, 11/29/2030 (aa) |  | 2396 | 2403 |
| ProAmpac PG Borrower LLC, 2024-1 Refinancing Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.26%, 09/15/2028 (aa) |  | 362 | 362 |
| Twist Beauty International Holdings S.A., Facility BA, (Luxembourg), (EURIBOR 3 Month + 5.00%), 7.00%, 12/31/2027 (u) (aa) | EUR | 395 | 461 |
|  |  |  | 3226 |
| Total Industrial |  |  | 39914 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |
| **Technology — 3.6%** |  |  |
| **Computers — 0.6%** |  |  |
| Kaseya, Inc., |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.41%, 03/20/2032 (u) (aa) | 1066 | 1066 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.00%), 9.16%, 03/20/2033 (aa) | 1446 | 1446 |
| McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.22%, 03/01/2029 (u) (aa) | 3116 | 2971 |
| X Corp., |  |  |
| Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 | 1685 | 1689 |
| Tranche B-1 Loan (First Lien), (CME Term SOFR 3 Month + 6.50%), 10.96%, 10/26/2029 (aa) | 1844 | 1808 |
|  |  | 8980 |
| **Semiconductors — 0.2%** |  |  |
| Altar BidCo, Inc., Initial Term Loan (First Lien), (CME Term SOFR 12 Month + 3.10%), 7.08%, 02/01/2029 (u) (aa) | 442 | 442 |
| Icon Parent I, Inc., 2025 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.75%, 11/13/2031 (aa) | 1657 | 1654 |
| Initial Term Loan (Second Lien), (CME Term SOFR 6 Month + 5.00%), 9.21%, 11/12/2032 (u) (aa) | 1340 | 1355 |
|  |  | 3451 |
| **Software — 2.8%** |  |  |
| Applied Systems, Inc., |  |  |
| Tranche B-1 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.25%), 6.25%, 02/24/2031 (u) (aa) | 4735 | 4736 |
| Initial Term Loan (2024) (Second Lien), (CME Term SOFR 3 Month + 4.50%), 8.50%, 02/23/2032 (aa) | 2558 | 2613 |
| Ascend Learning LLC, Amendment No. 5 Incremental Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 12/11/2028 (u) (aa) | 994 | 992 |
| Athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 02/15/2029 (aa) | 1450 | 1446 |
| Avalara, Inc., Term Loan B, 03/29/2032 (u) | 1426 | 1426 |
| Boxer Parent Co., Inc., 2031 Replacement Dollar Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.20%, 07/30/2031 (aa) | 603 | 602 |
| Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.75%), 9.95%, 07/30/2032 (aa) | 330 | 321 |
| Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.25%, 07/06/2029 (aa) | 897 | 774 |
| Cloud Software Group, Inc., |  |  |
| Tenth Amendment Tranche B-2 Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 03/21/2031 (u) (aa) | 1140 | 1144 |
| Tenth Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 08/13/2032 (u) (aa) | 2130 | 2136 |
| ConnectWise LLC, Initial Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.76%, 09/29/2028 (u) (aa) | 745 | 746 |
| Dye & Durham Corp., Term Loan B, (Canada), (CME Term SOFR 3 Month + 4.25%), 8.35%, 04/11/2031 (aa) | 421 | 419 |
| ECi Macola/MAX Holding LLC, 2025 Repricing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.75%, 05/09/2030 (u) (aa) | 441 | 441 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Software — continued** |  |  |  |
| Ellucian Holdings, Inc., |  |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.91%, 10/09/2029 (u) (aa) |  | 3864 | 3861 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 8.91%, 11/22/2032 (aa) |  | 1131 | 1154 |
| Epicor Software Corp., Term F Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 05/30/2031 (u) (aa) |  | 4592 | 4596 |
| Genuine Financial Holdings LLC, 2025 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.41%, 09/27/2030 (u) (aa) |  | 928 | 852 |
| Javelin Buyer, Inc., Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 9.20%, 12/06/2032 (aa) |  | 1060 | 1057 |
| Playtika Holding Corp., Term B-1 Loan, (CME Term SOFR 1 Month + 2.75%), 7.03%, 03/13/2028 (aa) |  | 129 | 127 |
| Polaris Newco LLC, |  |  |  |
| Euro Term Loan (First Lien), (EURIBOR 3 Month + 4.00%), 6.03%, 06/02/2028 (u) (aa) | EUR | 953 | 1040 |
| Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.57%, 06/02/2028 (aa) |  | 1088 | 1047 |
| Project Alpha Intermediate Holding, Inc., |  |  |  |
| Second Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.25%, 10/26/2030 (u) (aa) |  | 353 | 353 |
| Initial Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 9.00%, 05/09/2033 (aa) |  | 1685 | 1673 |
| Project Boost Purchaser LLC, 2025-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 7.07%, 07/16/2031 (u) (aa) |  | 1234 | 1231 |
| RealPage, Inc., |  |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.26%, 04/24/2028 (aa) |  | 123 | 123 |
| 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.75%, 04/24/2028 (u) (aa) |  | 633 | 634 |
| Red Planet Borrower LLC, Fourth Amendment Incremental Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.16%, 09/08/2032 (u) (aa) |  | 770 | 748 |
| Renaissance Holding Corp., 2024-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.00%), 8.16%, 04/05/2030 (u) (aa) |  | 1054 | 910 |
| UKG, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.50%), 6.81%, 02/10/2031 (aa) |  | 5362 | 5355 |
| Waystar Technologies, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.00%), 6.16%, 10/22/2029 (aa) |  | 549 | 549 |
| X.AI Corp., Term Loan, (CME Term SOFR 6 Month + 7.25%), 11.12%, 06/28/2030 (aa) |  | 469 | 453 |
|  |  |  | 43559 |
| Total Technology |  |  | 55990 |
| **Utilities — 0.9%** |  |  |  |
| **Electric — 0.9%** |  |  |  |
| Alpha Generation LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 09/30/2031 (u) (aa) |  | 2459 | 2454 |
| Compass Power Generation LLC., Tranche B-4 Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.41%, 04/14/2029 (u) (aa) |  | 254 | 255 |
| Constellation Renewables LLC, Loan, (CME Term SOFR 3 Month + 2.25%), 6.45%, 12/15/2027 (u) (aa) |  | 1798 | 1793 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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** |  |  |  |
| **Electric — continued** |  |  |  |
| Cornerstone Generation LLC, Term Loan B, (CME Term SOFR 3 Month + 3.25%), 7.48%, 08/11/2032 (u) (aa) |  | 2385 | 2400 |
| Edgewater Generation LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 08/01/2030 (aa) |  | 1165 | 1166 |
| Hamilton Projects Acquiror LLC, 2025-2 Repricing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 05/30/2031 (u) (aa) |  | 1197 | 1200 |
| MRP Buyer LLC, |  |  |  |
| Delayed Draw Term Loan, (CME Term SOFR 3 Month + 3.25%), 5.02%, 06/04/2032 (aa) |  | 40 | 39 |
| Closing Date Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 06/04/2032 (aa) |  | 519 | 510 |
| Pike Corp., 2028 Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.28%, 01/21/2028 (u) (aa) |  | 732 | 736 |
| Talen Energy Supply LLC, |  |  |  |
| Initial Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.73%, 05/17/2030 (aa) |  | 1592 | 1592 |
| 2024-1 Incremental Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.73%, 12/13/2031 (aa) |  | 1331 | 1332 |
| Total Utilities |  |  | 13477 |
| Total Loan Assignments<br>(Cost $274,783) |  |  | 274105 |
| **Purchased Option contracts — 0.0% (g)** |  |  |  |
| **Call Option Contract — 0.0% (g)** |  |  |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 96.67 |  | 8000 | 5 |
| **Put Option contracts — 0.0% (g)** |  |  |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 73.00 |  | 39000 |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 76.00 |  | 92000 |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 12/04/2025, Strike Price 99.09 |  | 2500 | 3 |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 77.00 |  | 93000 |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 70.00 |  | 20000 |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 79.00 |  | 94000 |  |
| Total Put Option contracts |  |  | 3 |
| Total Purchased Option contracts<br>(Cost $31) |  |  | 8 |
| **Short-Term Investments — 42.0%** |  |  |  |
| **Time Deposits — 9.3%** |  |  |  |
| Australia & New Zealand Banking Group Ltd., 2.35%, 10/01/2025 | AUD | 213 | 141 |
| Brown Brothers Harriman & Co., |  |  |  |
| (0.60%), 10/01/2025 | CHF | 45 | 56 |
| 0.33%, 10/01/2025 | SGD | 227 | 176 |
| 0.65%, 10/01/2025 | DKK | 11 | 2 |
| 0.82%, 10/01/2025 | SEK | 1541 | 164 |
| 1.49%, 10/01/2025 | NZD | 3 | 1 |
| 2.14%, 10/02/2025 | HKD | 1098 | 141 |
|  Citibank NA, |  |  |  |
| 0.79%, 10/01/2025 | EUR | 241 | 283 |
| 2.92%, 10/01/2025 | GBP | 285 | 383 |
| 3.44%, 10/01/2025 |  | 15598 | 15598 |
| Royal Bank of Canada, 1.33%, 10/01/2025 | CAD | 473 | 340 |
|  Sumitomo Mitsui Banking Corp., |  |  |  |
| 0.12%, 10/01/2025 | JPY | 29973 | 202 |
| 3.44%, 10/01/2025 |  | 72064 | 72064 |
| Sumitomo Mitsui Trust Bank Ltd., 3.44%, 10/01/2025 |  | 56913 | 56913 |
| Total Time Deposits |  |  | 146464 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 ($)** | **VALUE ($)** |
| **Short-Term Investments — continued** |  |  |
| **U.S. Treasury Obligations — 32.7%** |  |  |
|  U.S. Treasury Bills, |  |  |
| 3.77%, 03/05/2026 (n) | 20000 | 19678 |
| 3.86%, 01/13/2026 (n) (ii) | 11 | 11 |
| 3.90%, 12/04/2025 (n) (ii) | 9724 | 9657 |
| 3.98%, 11/28/2025 (n) | 1303 | 1295 |
| 3.98%, 11/20/2025 (n) | 10000 | 9945 |
| 3.99%, 11/18/2025 (n) | 12000 | 11936 |
| 4.01%, 01/08/2026 (c) (n) | 4500 | 4453 |
| 4.01%, 11/25/2025 (n) | 15000 | 14908 |
| 4.02%, 11/04/2025 (n) | 15000 | 14943 |
| 4.02%, 10/14/2025 (n) | 1000 | 999 |
| 4.02%, 10/21/2025 (n) | 9200 | 9179 |
| 4.06%, 10/28/2025 (n) | 148000 | 147551 |
| 4.06%, 10/30/2025 (c) (n) | 27000 | 26912 |
| 4.08%, 10/07/2025 (n) | 13250 | 13241 |
| 4.08%, 10/23/2025 (c) (n) | 132300 | 131974 |
| 4.10%, 10/02/2025 (n) | 13000 | 12999 |
| 4.13%, 10/09/2025 (c) (n) | 46500 | 46458 |
| 4.14%, 10/16/2025 (n) | 37000 | 36938 |
| Total U.S. Treasury Obligations |  | 513077 |
| Total Short-Term Investments<br> (Cost $659,540) |  | 659541 |
| **Total Investments, Before Short Positions — 125.6%<br>(Cost - $1,974,263)** |  | **1972320** |
| **Liabilities in Excess of Other Assets — (25.6)%** |  | **(403688)** |
| **NET ASSETS — 100.0%** |  | $**1568632** |
| **Short Positions — 4.0%** |  |  |
| **Mortgage-Backed Securities — 4.0%** |  |  |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 0.00%, 11/01/2055 (w) | 14400 | 13844 |
| TBA, 2.00%, 10/01/2055 (w) | 500 | 403 |
| TBA, 2.50%, 10/01/2052 (w) | 1000 | 843 |
| TBA, 3.00%, 10/01/2055 (w) | 4000 | 3516 |
| TBA, 3.00%, 11/01/2055 (w) | 11700 | 10284 |
| TBA, 4.00%, 10/01/2055 (w) | 2600 | 2452 |
| TBA, 5.00%, 10/01/2055 (w) | 26600 | 26389 |
| TBA, 6.50%, 10/01/2055 (w) | 1400 | 1447 |
| GNMA, Single Family, 30 years, TBA, 2.50%, 10/01/2055 (w) | 4000 | 3445 |
| Total Mortgage-Backed Securities<br>(Cost $62,594) |  | 62623 |
| **Total Securities Sold Short— 4.0%**<br> (Proceeds $62,594) |  | **62623** |

---

Percentages indicated are based on net assets.

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| **Long Contracts** |  |  |  |  |  |
| 90 Day Bank Accepted Bills | 23 | 03/2026 | AUD | 15098 | (6) |
| 90 Day Bank Accepted Bills | 19 | 06/2026 | AUD | 12474 | (5) |
| 90 Day Bank Accepted Bills | 11 | 09/2026 | AUD | 7221 | (3) |
| 90 Day Bank Accepted Bills | 10 | 12/2026 | AUD | 6565 | (3) |
| 90 Day Bank Accepted Bills | 4 | 03/2027 | AUD | 2626 | (1) |
| ASX SPI 200 Index | 45 | 12/2025 | AUD | 6623 | (18) |
| Australian Dollar | 230 | 12/2025 | USD | 15194 | 36 |
| Australian Government 3 Year Bond | 18 | 12/2025 | AUD | 1277 | (5) |
| Brent Crude Oil | 73 | 10/2025 | USD | 4958 | (138)(c) |
| Brent Crude Oil | 2 | 11/2025 | USD | 132 | (1)(c) |
| British Pound | 285 | 12/2025 | USD | 24202 | (242) |
| CAC40 10 Euro | 72 | 10/2025 | EUR | 6652 | 22 |
| Canadian Government 10 Year Bond | 106 | 12/2025 | CAD | 9307 | 20 |
| Cboe Volatility Index | 45 | 10/2025 | USD | 792 | (1) |
| Cboe Volatility Index | 15 | 11/2025 | USD | 288 | 1 |
| Cboe Volatility Index | 4 | 12/2025 | USD | 79 |  |
| Coffee | 34 | 12/2025 | USD | 4800 | (21)(c) |
| Coffee | 1 | 03/2026 | USD | 135 | (1)(c) |
| Copper | 84 | 12/2025 | USD | 9739 | 460 (c) |
| Cotton | 6 | 12/2025 | USD | 200 | (3)(c) |
| Cotton | 2 | 03/2026 | USD | 69 | (1)(c) |
| Crude Oil | 65 | 10/2025 | USD | 4185 | (131)(c) |
| Crude Oil | 94 | 11/2025 | USD | 5991 | (167)(c) |
| Crude Oil | 2 | 12/2025 | USD | 126 | (2)(c) |
| Crude Oil | 1 | 01/2026 | USD | 62 | (—)(c)(h) |
| Czech Koruna Cross-Rate | 4 | 12/2025 | EUR | 770 | (—)(h) |
| Dax Index | 10 | 12/2025 | EUR | 6987 | 60 |
| Dollar Index | 177 | 10/2025 | KRW | 1745 | 23 |
| Dollar Index | 72 | 12/2025 | USD | 7007 | 10 |
| E-mini Russell 2000 Index | 102 | 12/2025 | USD | 12313 | 210 |
| Euro BOBL | 81 | 12/2025 | EUR | 11207 | (4) |
| Euro BTP Italian Government Bonds | 294 | 12/2025 | EUR | 41498 | (133) |
| Euro Bund | 110 | 12/2025 | EUR | 16640 | (36) |
| Euro Fx | 127 | 12/2025 | USD | 18749 | (29) |
| Euro STOXX 50 Index | 122 | 12/2025 | EUR | 7803 | 133 |
| Euro-Oat French Government Bonds | 22 | 12/2025 | EUR | 3136 | (1) |
| Feeder Cattle | 1 | 11/2025 | USD | 177 | 2 (c) |
| Frozen Concentrated Orange Juice | 1 | 11/2025 | USD | 36 | 1 (c) |
| FTSE 100 Index | 79 | 12/2025 | GBP | 9883 | 113 |
| FTSE MIB Index | 29 | 12/2025 | EUR | 7257 | (23) |
| Gas Oil | 3 | 10/2025 | USD | 210 | (1)(c) |
| Gas Oil | 102 | 11/2025 | USD | 7218 | (210)(c) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued)**:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| Gas Oil | 2 | 12/2025 | USD | 135 | (—)(c)(h) |
| Gasoline RBOB | 81 | 10/2025 | USD | 6611 | (72)(c) |
| Gasoline RBOB | 3 | 11/2025 | USD | 240 | (4)(c) |
| Gasoline RBOB | 2 | 12/2025 | USD | 160 | (4)(c) |
| Gasoline RBOB | 1 | 01/2026 | USD | 79 | (1)(c) |
| Gold 100 oz | 106 | 12/2025 | USD | 37944 | 3112 (c) |
| Hang Seng China Enterprise Index | 123 | 10/2025 | HKD | 7435 | 133 |
| Hang Seng Index | 60 | 10/2025 | HKD | 10186 | 188 |
| Hungarian Forint | 11 | 12/2025 | EUR | 986 | (1) |
| ICE 3 Month SONIA | 136 | 12/2027 | GBP | 44072 | (30) |
| IFSC NIFTY 50 Index | 9 | 10/2025 | USD | 450 | (5) |
| Japanese Yen | 1 | 12/2025 | USD | 85 | — (h) |
| KOSPI 200 Index | 24 | 12/2025 | KRW | 2025 | 10 |
| Lean Hogs | 45 | 10/2025 | USD | 1648 | 149 (c) |
| Lean Hogs | 55 | 12/2025 | USD | 1905 | 47 (c) |
| Long Gilt | 21 | 12/2025 | GBP | 2578 | (13) |
| Mexican Peso | 1872 | 12/2025 | USD | 49796 | 860 |
| Mini MSCI EAFE Index | 323 | 12/2025 | USD | 44954 | 28 |
| MSCI Emerging Markets Index | 785 | 12/2025 | USD | 52592 | 776 |
| NASDAQ 100 E-mini Index | 55 | 12/2025 | USD | 26809 | 583 |
| Natural Gas | 5 | 10/2025 | EUR | 141 | (8)(c) |
| New York Harbor ULSD | 52 | 10/2025 | USD | 5159 | (83)(c) |
| New York Harbor ULSD | 2 | 11/2025 | USD | 195 | (1)(c) |
| Norwegian Krone Cross-Rate | 5 | 12/2025 | NOK | 731 | 7 |
| OMXS 30 Index | 276 | 10/2025 | SEK | 7693 | 120 |
| Palladium | 10 | 12/2025 | USD | 1188 | 99 (c) |
| Platinum | 64 | 01/2026 | USD | 4704 | 434 (c) |
| Polish Zloty | 8 | 12/2025 | EUR | 1096 | (1) |
| Robusta Coffee 10-Tonne | 8 | 11/2025 | USD | 363 | (27)(c) |
| Robusta Coffee 10-Tonne | 3 | 01/2026 | USD | 129 | (4)(c) |
| S&P 500 E-mini Index | 124 | 12/2025 | USD | 41303 | 477 |
| S&P MidCap 400 E-mini Index | 28 | 12/2025 | USD | 9262 | (60) |
| S&P Toronto Stock Exchange 60 Index | 46 | 12/2025 | CAD | 11514 | 205 |
| SGX FTSE China A50 Index | 717 | 10/2025 | USD | 10840 | (2) |
| SGX FTSE Taiwan Index | 78 | 10/2025 | USD | 6723 | (52) |
| SGX MSCI Singapore Index | 217 | 10/2025 | SGD | 7557 | (32) |
| SGX Nikkei | 39 | 12/2025 | JPY | 5758 | 163 |
| Short Euro-BTP | 54 | 12/2025 | EUR | 6847 | (4) |
| Silver | 50 | 12/2025 | USD | 9866 | 1794 (c) |
| SOFR 3 Month | 31 | 03/2026 | USD | 7499 | (35) |
| SOFR 3 Month | 75 | 09/2026 | USD | 18142 | (7) |
| SOFR 3 Month | 262 | 03/2027 | USD | 63413 | 60 |
| SOFR 3 Month | 456 | 06/2027 | USD | 110680 | (197) |
| SOFR 3 Month | 295 | 12/2027 | USD | 71460 | (22) |
| SOFR 3 Month | 310 | 09/2028 | USD | 74950 | 12 |
| South African Rand | 28 | 12/2025 | USD | 801 | (793) |
| Swiss Franc | 80 | 12/2025 | USD | 12762 | (89) |
| Swiss Market Index | 21 | 12/2025 | CHF | 3182 | 12 |
| TOPIX Index | 46 | 12/2025 | JPY | 9702 | 68 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued)**:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| U.S. Treasury 2 Year Note | 216 | 12/2025 | USD | 45043 | (29) |
| U.S. Treasury 5 Year Note | 156 | 12/2025 | USD | 17101 | (67) |
| U.S. Treasury 10 Year Note | 352 | 12/2025 | USD | 39751 | (151) |
| U.S. Treasury Long Bond | 29 | 12/2025 | USD | 3406 | (24) |
| U.S. Treasury Ultra Bond | 48 | 12/2025 | USD | 5821 | (58) |
| WTI Crude | 1 | 10/2025 | USD | 64 | (2)(c) |
| WTI Crude | 2 | 11/2025 | USD | 126 | (2)(c) |
| WTI Crude | 1 | 12/2025 | USD | 63 | (1)(c) |
|  |  |  |  |  | 7361 |
| **Short Contracts** |  |  |  |  |  |
| 3MO Euro EURIBOR | (7) | 03/2026 | EUR | (2014) | — (h) |
| 3MO Euro EURIBOR | (6) | 06/2026 | EUR | (1727) | — (h) |
| 3MO Euro EURIBOR | (5) | 09/2026 | EUR | (1439) | 1 |
| 3MO Euro EURIBOR | (338) | 12/2026 | EUR | (97223) | 25 |
| 3MO Euro EURIBOR | (3) | 03/2027 | EUR | (862) | — (h) |
| 3MO Euro EURIBOR | (3) | 06/2027 | EUR | (862) | — (h) |
| 3MO Euro EURIBOR | (84) | 09/2027 | EUR | (24109) | (3) |
| 3MO Euro EURIBOR | (1) | 12/2027 | EUR | (287) | — (h) |
| 3MO Euro EURIBOR | (21) | 06/2028 | EUR | (6018) | — (h) |
| ASX SPI 200 Index | (3) | 12/2025 | AUD | (437) | (4) |
| Australian Dollar | (125) | 12/2025 | USD | (8283) | 5 |
| Australian Government 3 Year Bond | (164) | 12/2025 | AUD | (11625) | 31 |
| Australian Government 10 Year Bond | (56) | 12/2025 | AUD | (4219) | 19 |
| Bovespa | (205) | 10/2025 | BRL | (10348) | 21 (c) |
| Bovespa Index-Mini | (334) | 10/2025 | BRL | (1841) | 6 (c) |
| CAC40 10 Euro | (19) | 10/2025 | EUR | (1752) | (9) |
| Canadian Dollar | (462) | 12/2025 | USD | (33519) | 209 |
| Canadian Government 2 Year Bond | (9) | 12/2025 | CAD | (684) | (—)(h) |
| Canola | (5) | 11/2025 | CAD | (45) | 2 (c) |
| Canola | (19) | 01/2026 | CAD | (172) | 3 (c) |
| Cocoa | (9) | 12/2025 | USD | (626) | 19 (c) |
| Cocoa | (1) | 03/2026 | USD | (72) | 4 (c) |
| Coffee | (2) | 12/2025 | USD | (285) | 4 (c) |
| Coffee | (1) | 03/2026 | USD | (134) | (—)(c)(h) |
| Corn | (267) | 12/2025 | USD | (5811) | 264 (c) |
| Corn | (13) | 03/2026 | USD | (288) | 7 (c) |
| Corn | (3) | 05/2026 | USD | (68) | 2 (c) |
| Corn | (5) | 07/2026 | USD | (115) | 2 (c) |
| Corn | (1) | 09/2026 | USD | (23) | — (c)(h) |
| Corn | (2) | 12/2026 | USD | (46) | — (c)(h) |
| Cotton | (60) | 12/2025 | USD | (2002) | 29 (c) |
| ECX Emission | (1) | 12/2025 | EUR | (92) | 3 (c) |
| E-mini Dow Jones Industrial Average Index | (3) | 12/2025 | USD | (696) | (4) |
| E-mini Russell 2000 Index | (37) | 12/2025 | USD | (4595) | 52 |
| Euro BOBL | (165) | 12/2025 | EUR | (22804) | (18) |
| Euro Bund | (24) | 12/2025 | EUR | (3612) | (11) |
| Euro Buxl | (62) | 12/2025 | EUR | (8187) | (146) |
| Euro Fx | (115) | 12/2025 | USD | (17006) | 55 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued)**:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| Euro Schatz | (1220) | 12/2025 | EUR | (153337) | 105 |
| Euro STOXX 50 Index | (23) | 12/2025 | EUR | (1477) | (20) |
| Euro-Oat French Government Bonds | (24) | 12/2025 | EUR | (3405) | (14) |
| FTSE 40 Index | (17) | 12/2025 | ZAR | (977) | (29) |
| FTSE 100 Index | (14) | 12/2025 | GBP | (1748) | (24) |
| Hard Red Winter Wheat | (262) | 12/2025 | USD | (7102) | 581 (c) |
| Hard Red Winter Wheat | (13) | 03/2026 | USD | (348) | 11 (c) |
| Hard Red Winter Wheat | (4) | 05/2026 | USD | (109) | 3 (c) |
| Hard Red Winter Wheat | (5) | 07/2026 | USD | (140) | 3 (c) |
| IBEX 35 Index | (15) | 10/2025 | EUR | (2673) | (58) |
| ICE 3 Month SONIA | (15) | 06/2026 | GBP | (4856) | 2 |
| ICE 3 Month SONIA | (16) | 09/2026 | GBP | (5184) | 1 |
| ICE 3 Month SONIA | (16) | 12/2026 | GBP | (5187) | 2 |
| ICE 3 Month SONIA | (102) | 03/2027 | GBP | (33059) | 1 |
| IFSC NIFTY 50 Index | (53) | 10/2025 | USD | (2628) | 3 |
| Israeli Shekel | (5) | 12/2025 | USD | (1495) | (15) |
| Japan Government 10 Year Bond | (55) | 12/2025 | JPY | (50854) | 353 |
| Japanese Yen | (929) | 12/2025 | USD | (79256) | 129 |
| Korea 3-Year Bond | (24) | 12/2025 | KRW | (1836) | 9 |
| Korea 10-Year Bond | (17) | 12/2025 | KRW | (1441) | 19 |
| Lean Hogs | (2) | 10/2025 | USD | (78) | (2)(c) |
| Lean Hogs | (11) | 12/2025 | USD | (384) | (6)(c) |
| Lean Hogs | (3) | 02/2026 | USD | (107) | (1)(c) |
| Lean Hogs | (3) | 04/2026 | USD | (110) | (1)(c) |
| Live Cattle | (1) | 12/2025 | USD | (93) | (1)(c) |
| Live Cattle | (1) | 04/2026 | USD | (95) | (—)(c)(h) |
| London Cocoa | (3) | 12/2025 | GBP | (210) | 19 (c) |
| London Cocoa | (7) | 03/2026 | GBP | (480) | 33 (c) |
| Long Gilt | (65) | 12/2025 | GBP | (7906) | (35) |
| Milling Wheat | (358) | 12/2025 | EUR | (4187) | 273 (c) |
| Milling Wheat | (21) | 03/2026 | EUR | (245) | 8 (c) |
| Milling Wheat | (8) | 05/2026 | EUR | (96) | 3 (c) |
| Milling Wheat | (2) | 09/2026 | EUR | (25) | — (c)(h) |
| Natural Gas | (375) | 10/2025 | USD | (12558) | 172 (c) |
| New Zealand Dollar | (220) | 12/2025 | USD | (12874) | 82 |
| Nikkei 225 | (5) | 12/2025 | JPY | (1520) | (1) |
| Nikkei 225 | (48) | 12/2025 | JPY | (1459) | (1) |
| Platinum | (22) | 01/2026 | USD | (1622) | (144)(c) |
| Rapeseed Euro | (12) | 10/2025 | EUR | (336) | 8 (c) |
| Rapeseed Euro | (19) | 01/2026 | EUR | (526) | 8 (c) |
| Rapeseed Euro | (3) | 04/2026 | EUR | (83) | 1 (c) |
| Rapeseed Euro | (1) | 07/2026 | EUR | (27) | — (c)(h) |
| Red Spring Wheat | (94) | 12/2025 | USD | (2818) | 173 (c) |
| S&P MidCap 400 E-mini Index | (4) | 12/2025 | USD | (1330) | 15 |
| SGX Nikkei | (3) | 12/2025 | JPY | (455) | (—)(h) |
| Silver | (39) | 12/2025 | USD | (8208) | (887)(c) |
| SOFR 3 Month | (424) | 06/2026 | USD | (102667) | 372 |
| SOFR 3 Month | (105) | 09/2026 | USD | (25410) | 22 |
| SOFR 3 Month | (95) | 12/2026 | USD | (23029) | 27 |
| SOFR 3 Month | (138) | 03/2027 | USD | (33467) | 35 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued):** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| SOFR 3 Month | (92) | 06/2027 | USD | (22316) | 26 |
| SOFR 3 Month | (86) | 09/2027 | USD | (20856) | 22 |
| SOFR 3 Month | (79) | 12/2027 | USD | (19151) | 20 |
| SOFR 3 Month | (74) | 03/2028 | USD | (17930) | 18 |
| Soybean | (70) | 11/2025 | USD | (3568) | 62 (c) |
| Soybean | (4) | 01/2026 | USD | (212) | 8 (c) |
| Soybean | (2) | 03/2026 | USD | (107) | 4 (c) |
| Soybean | (2) | 05/2026 | USD | (108) | 3 (c) |
| Soybean | (1) | 07/2026 | USD | (55) | 2 (c) |
| Soybean Meal | (190) | 12/2025 | USD | (5724) | 532 (c) |
| Soybean Meal | (2) | 01/2026 | USD | (58) | 2 (c) |
| Soybean Meal | (2) | 03/2026 | USD | (59) | 2 (c) |
| Soybean Meal | (1) | 05/2026 | USD | (30) | 1 (c) |
| Soybean Meal | (1) | 07/2026 | USD | (30) | 1 (c) |
| Soybean Oil | (45) | 12/2025 | USD | (1356) | 20 (c) |
| Soybean Oil | (2) | 01/2026 | USD | (61) | 1 (c) |
| Soybean Oil | (1) | 03/2026 | USD | (31) | 1 (c) |
| Soybean Oil | (1) | 05/2026 | USD | (31) | — (c)(h) |
| Sugar | (478) | 02/2026 | USD | (8773) | (114)(c) |
| Sugar | (11) | 04/2026 | USD | (195) | (4)(c) |
| Sugar | (1) | 06/2026 | USD | (18) | — (c)(h) |
| Swedish Krona | (1) | 12/2025 | SEK | (146) | (1) |
| Swiss Franc | (73) | 12/2025 | USD | (11671) | 107 |
| U.S. Treasury 2 Year Note | (298) | 12/2025 | USD | (62162) | 60 |
| U.S. Treasury 5 Year Note | (121) | 12/2025 | USD | (13246) | 34 |
| U.S. Treasury 10 Year Note | (123) | 12/2025 | USD | (13923) | 85 |
| U.S. Treasury Long Bond | (353) | 12/2025 | USD | (40684) | (473) |
| U.S. Ultra Treasury 10 Year Note | (14) | 12/2025 | USD | (1611) | — (h) |
| Wheat | (15) | 12/2025 | USD | (396) | 15 (c) |
| Wheat | (3) | 03/2026 | USD | (82) | 3 (c) |
| Wheat | (1) | 05/2026 | USD | (28) | 1 (c) |
| Wheat | (1) | 07/2026 | USD | (28) | 1 (c) |
| White Sugar | (10) | 11/2025 | USD | (228) | (7)(c) |
| White Sugar | (6) | 02/2026 | USD | (135) | (4)(c) |
| White Sugar | (1) | 04/2026 | USD | (22) | (1)(c) |
|  |  |  |  |  | 2229 |
| Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) |  |  |  | 9590 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| EUR | 1448 | USD | 1691 | Wells Fargo Bank NA | 10/02/2025 | 8 |
| AUD | 147 | USD | 97 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| AUD | 106 | USD | 70 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| AUD | 77 | USD | 51 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 109 | AUD | 164 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 131 | CAD | 182 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (c) |
| USD | 1035 | CAD | 1427 | Brown Brothers Harriman & Co. | 10/16/2025 | 9 |
| USD | 99 | CAD | 137 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 43 | CAD | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 62 | CAD | 86 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 36 | EUR | 30 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| EUR | 90 | USD | 106 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 57 | USD | 67 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 204 | USD | 239 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 71 | EUR | 60 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 3198 | EUR | 2713 | Brown Brothers Harriman & Co. | 10/16/2025 | 10 |
| USD | 132 | EUR | 112 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 384 | EUR | 327 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 119 | EUR | 101 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 49 | EUR | 42 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 55 | EUR | 47 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 403 | EUR | 340 | Brown Brothers Harriman & Co. | 10/16/2025 | 4 |
| EUR | 58 | USD | 68 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 53 | EUR | 45 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| USD | 546 | EUR | 463 | Brown Brothers Harriman & Co. | 10/16/2025 | 2 (c) |
| EUR | 125 | USD | 146 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 89 | USD | 104 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| EUR | 48 | USD | 56 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 168 | EUR | 143 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 126 | USD | 148 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 80 | EUR | 68 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| GBP | 68 | USD | 91 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 68 | GBP | 50 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 1349 | GBP | 993 | Brown Brothers Harriman & Co. | 10/16/2025 | 13 |
| USD | 81 | GBP | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 375 | GBP | 276 | Brown Brothers Harriman & Co. | 10/16/2025 | 4 (c) |
| USD | 30 | GBP | 22 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| USD | 97 | GBP | 72 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 108 | GBP | 79 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 164 | HKD | 1280 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 112 | HKD | 874 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 75 | HKD | 582 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 115 | HKD | 896 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 65 | HKD | 507 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 53 | HKD | 412 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 991 | HKD | 7706 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 957 | USD | 123 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 363 | USD | 47 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 25315 | USD | 171 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued)**:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| USD | 72 | JPY | 10625 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 80 | JPY | 11748 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 1053 | JPY | 153711 | Brown Brothers Harriman & Co. | 10/16/2025 | 12 |
| SEK | 473 | USD | 50 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SEK | 469 | USD | 50 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 69 | SEK | 644 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 43 | SEK | 399 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 102 | SEK | 945 | Brown Brothers Harriman & Co. | 10/16/2025 | 2 |
| USD | 83 | SEK | 777 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 66 | SGD | 85 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 77 | SGD | 99 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 45 | SGD | 57 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SEK | 414 | USD | 44 | Brown Brothers Harriman & Co. | 10/23/2025 | — (h) |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | 77 |
| USD | 1693 | EUR | 1448 | Barclays Bank plc | 10/02/2025 | (6) |
| AUD | 222 | USD | 148 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| AUD | 80 | USD | 53 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 100 | AUD | 154 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| USD | 102 | AUD | 154 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 1171 | AUD | 1769 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| CAD | 82 | USD | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| CAD | 130 | USD | 94 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| CAD | 77 | USD | 55 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| CAD | 73 | USD | 53 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| CAD | 90 | USD | 65 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| CAD | 74 | USD | 54 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| CAD | 144 | USD | 103 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 40 | USD | 46 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| USD | 128 | EUR | 109 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 90 | EUR | 76 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| USD | 195 | EUR | 167 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| EUR | 206 | USD | 242 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 64 | USD | 75 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 47 | USD | 56 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| EUR | 35 | USD | 41 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| EUR | 66 | USD | 78 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| GBP | 104 | USD | 141 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| GBP | 119 | USD | 161 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| GBP | 43 | USD | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| GBP | 29 | USD | 40 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| GBP | 101 | USD | 137 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(c) |
| USD | 76 | HKD | 590 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 116 | HKD | 904 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 18 | HKD | 140 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 807 | USD | 104 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 1478 | USD | 190 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 1013 | USD | 130 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 11801 | USD | 80 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 8600 | USD | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| JPY | 18307 | USD | 124 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 September 30, 2025 (continued)**:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| JPY | 23576 | USD | 160 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| USD | 55 | JPY | 8107 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 18838 | USD | 128 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| USD | 42 | JPY | 6234 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 54 | JPY | 8146 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| JPY | 23111 | USD | 157 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 5527 | USD | 38 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| USD | 57 | JPY | 8484 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SEK | 575 | USD | 61 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 58 | SEK | 547 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SEK | 473 | USD | 51 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SGD | 218 | USD | 171 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| SGD | 136 | USD | 106 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| USD | 1695 | EUR | 1448 | Wells Fargo Bank NA | 11/04/2025 | (9) |
| USD | 747 | EUR | 637 | Morgan Stanley & Co. | 11/21/2025 | (3) |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (36) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | 41 |

---

**Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2025:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  United States SOFR | 3.75%<br>annually | Pay | 12/18/2034 | USD | 3300 | (7) | 25 | 18 |
|  United States SOFR | 3.25%<br>annually | Pay | 03/19/2035 | USD | 4200 | 276 | (123) | 153 |
|  United States SOFR | 3.25%<br>annually | Receive | 06/18/2035 | USD | 4200 | 123 | 26 | 149 |
|  United States SOFR | 3.75%<br>annually | Pay | 09/17/2035 | USD | 23600 | (186) | (3) | (189) |
|  Total | Total | Total | Total | Total |  | 206 | (75) | 131 |

---

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
| United States SOFR | 4.24% |

---

**Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of September 30, 2025:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE <br>OBLIGATION/ <br>INDEX** | **FINANCING<br>RATE RECEIVED<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%) (2)** | **NOTIONAL<br>AMOUNT (3)** | **NOTIONAL<br>AMOUNT (3)** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) (4)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (5)** | **VALUE<br>($)** |
| CDX.EM.44 12/30 | 1.00 | Quarterly | 12/20/2030 | 1.48 | USD | 2000 | (42) | (1) | (43) |
| ITRX EUROPE 12/30 | 1.00 | Quarterly | 12/20/2030 | 0.56 | EUR | 7000 | 181 | (2) | 179 |
| CDX.NA.IG.45 12/30 | 1.00 | Quarterly | 12/20/2030 | 0.52 | USD | 14000 | 320 | — (h) | 320 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 — sell protection (1) as of September 30, 2025 (continued):** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE <br>OBLIGATION/ <br>INDEX** | **FINANCING<br>RATE RECEIVED<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%) (2)** | **NOTIONAL<br>AMOUNT (3)** | **NOTIONAL<br>AMOUNT (3)** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) (4)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (5)** | **VALUE<br>($)** |
| ITRX EUR XOVER 12/30 | 5.00 | Quarterly | 12/20/2030 | 2.63 | EUR | 3000 | 373 | 6 | 379 |
| ITRX EUR SNR FIN 12/30 | 1.00 | Quarterly | 12/20/2030 | 0.60 | EUR | 2000 | 46 | — (h) | 46 |
| Total |  |  |  |  |  |  | 878 | 3 | 881 |

---

(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, 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 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).

**OTC Total Return Swap contracts outstanding as of September 30, 2025:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE<br>INDEX** | **FLOATING<br>RATE<br>PAID<br>BY THE<br>FUND** | **PAYMENT<br>FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** |  | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United<br>States<br>SOFR | quarterly | Morgan<br>Stanley &<br>Co. | 03/20/2026 | USD | 1040 | (—)(h) | 13 | 13 |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United<br>States<br>SOFR | quarterly | Morgan<br>Stanley &<br>Co. | 12/20/2025 | USD | 1040 | (—)(h) | 14 | 14 |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United<br>States<br>SOFR | maturity | Morgan<br>Stanley &<br>Co. | 12/20/2025 | USD | 2600 | (—)(h) | (28) | (28) |
| Total | Total | Total | Total | Total | Total |  | (—)(h) | (1) | (1) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Written Call Option Contract on securities as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 10/14/2055 | Citigroup Global<br>Markets, Inc. | (2000) | USD<br>(920) | USD<br>93.94 | 10/07/2025 | $(10) |
|  Total Written Options Contract (Premiums Received $7) |  |  |  |  |  | (10) |

---

**Purchased Call Interest Rate Swaptions contracts outstanding as of September 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<br>America, NA | 1700 | 633 | 4.26 | 02/13/2035 | $88 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1700 | 622 | 4.25 | 02/20/2035 | 87 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1100 | 415 | 4.27 | 05/01/2035 | 57 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 59 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 4000 | 1572 | 4.40 | 06/25/2035 | 225 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 4200 | 1752 | 4.64 | 07/23/2035 | 271 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 2000 | 779 | 4.43 | 08/06/2035 | 114 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1400 | 566 | 4.69 | 08/27/2035 | 93 |
|  5-Year Swaption, United States SOFR | Bank of<br>America, NA | 3700 | 45 | 3.23 | 10/06/2025 | 1 |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 6200 | 61 | 2.50 | 05/29/2026 | 12 |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 12100 | 191 | 3.18 | 12/04/2025 | 30 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 12800 | 95 | 2.50 | 06/16/2026 | 27 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 31000 | 232 | 2.50 | 06/17/2026 | 65 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 11300 | 97 | 2.60 | 06/17/2026 | 30 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 4800 | 31 | 2.70 | 03/23/2026 | 9 |
|  |  |  |  |  |  | 1168 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Purchased Put Interest Rate Swaptions contracts outstanding as of September 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<br>America, NA | 3000 | 69 | 5.50 | 01/30/2026 | —(h) |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 2000 | 779 | 4.43 | 08/06/2035 | 114 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 2100 | 876 | 4.64 | 07/23/2035 | 110 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 2000 | 795 | 4.40 | 06/25/2035 | 116 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 56 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1400 | 566 | 4.69 | 08/27/2035 | 72 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1100 | 415 | 4.27 | 05/01/2035 | 67 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1700 | 622 | 4.25 | 02/20/2035 | 105 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1700 | 633 | 4.26 | 02/13/2035 | 104 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 20800 | 898 | 3.91 | 03/04/2026 | 196 |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | 5100 | 77 | 5.00 | 04/06/2026 | 1 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 29700 | 220 | 5.00 | 10/08/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 2900 | 54 | 5.00 | 03/31/2026 | 1 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 88000 | 124 | 5.00 | 03/30/2026 | 22 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 3200 | 58 | 5.00 | 03/20/2026 | 1 |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | 47700 | 82 | 4.75 | 10/09/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 52600 | 76 | 4.75 | 10/14/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | 3700 | 1 | 3.98 | 10/17/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 3900 | 64 | 5.00 | 04/03/2026 | 1 |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 2400 | 47 | 5.00 | 03/30/2026 | 1 |
|  |  |  |  |  |  | 967 |
|  Total Purchased Interest Rate Swaptions contract (Premiums Paid $3,345) |  |  |  |  |  | 2135 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Written Call Interest Rate Swaption contracts on securities as of September 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<br>America, NA | (3300) | (147) | 3.33 | 10/08/2025 | $(2) |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | (3100) | (60) | 3.45 | 10/09/2025 | (7) |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | (3000) | (55) | 3.41 | 10/14/2025 | (5) |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | (3700) |  | 3.48 | 10/17/2025 | (14) |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | (3800) | (79) | 3.20 | 03/30/2026 | (27) |
|  |  |  |  |  |  | (55) |

---

**Written Put Interest Rate Swaptions contract outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | (14000) | (221) | 3.68 | 12/04/2025 | (49) |
|  |  |  |  |  |  | (49) |
|  Total Written Interest Rate Swaptions contract (Premiums Received $162) |  |  |  |  |  | (104) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.30%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/16/2026 | 40 | 40 | – (h) | 40 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 3156 | (12) | (12) | 0.0 (g) |
|  ASX Ltd. | 7 | —(h) | —(h) | 0.0 (g) |
|  BlueScope Steel Ltd. | 40 | —(h) | —(h) | 0.0 (g) |
|  Brambles Ltd. | 38 | —(h) | —(h) | 0.0 (g) |
|  Cochlear Ltd. | 53 | 2 | 2 | 0.0 (g) |
|  Genesis Minerals Ltd. | 16 | —(h) | —(h) | 0.0 (g) |
|  Goodman Group | 89 | 1 | 1 | 0.0 (g) |
|  Medibank Pvt Ltd. | 208 | 1 | 1 | 0.0 (g) |
|  National Australia Bank Ltd. | 3194 | (25) | (25) | 0.0 (g) |
|  NEXTDC Ltd. | 30 | 1 | 1 | 0.0 (g) |
|  Northern Star Resources Ltd. | 469 | (19) | (19) | 0.0 (g) |
|  Ramelius Resources Ltd. | 6 | —(h) | —(h) | 0.0 (g) |
|  Ramsay Health Care Ltd. | 7 | —(h) | —(h) | 0.0 (g) |
|  Rio Tinto Ltd. | 9 | —(h) | —(h) | 0.0 (g) |
|  Sigma Healthcare Ltd. | 134 | 2 | 2 | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 58 | 1 | 1 | 0.0 (g) |
|  Vicinity Ltd. | 26 | —(h) | —(h) | 0.0 (g) |
|  Westpac Banking Corp. | 96 | (1) | (1) | 0.0 (g) |
|  WiseTech Global Ltd. | 962 | 43 | 43 | 0.0 (g) |
|  Woodside Energy Group Ltd. | 629 | (4) | (4) | 0.0 (g) |
|  Woolworths Group Ltd. | 1039 | 15 | 15 | 0.0 (g) |
|  Zip Co. Ltd. | 49 | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Ireland** |  |  |  |  |
|  James Hardie Industries plc | 198 | 6 | 6 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 13 | 13 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (66) | — (h) | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (81) | — (h) | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | (44) | 2 | 2 | 0.0 (g) |
|  GPT Group (The) | (208) | 1 | 1 | 0.0 (g) |
|  Insurance Australia Group Ltd. | (350) | (7) | (7) | 0.0 (g) |
|  Macquarie Group Ltd. | (32) | — (h) | — (h) | 0.0 (g) |
|  Orica Ltd. | (47) | — (h) | — (h) | 0.0 (g) |
|  Qantas Airways Ltd. | (29) | — (h) | — (h) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (69) | — (h) | — (h) | 0.0 (g) |
|  REA Group Ltd. | (58) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (313) | 32 | 32 | 0.0 (g) |
|  Santos Ltd. | (111) | (2) | (2) | 0.0 (g) |
|  SEEK Ltd. | (10) | — (h) | — (h) | 0.0 (g) |
|  Sonic Healthcare Ltd. | (34) | (1) | (1) | 0.0 (g) |
|  South32 Ltd. | (8) | — (h) | — (h) | 0.0 (g) |
|  Technology One Ltd. | (73) | — (h) | — (h) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (34) | — (h) | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Worley Ltd. | (442) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 27 | 27 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 40 | 40 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from (0.20)% to 0.00%) which is denominated in CAD based on the local currencies of the positions within the swap | 10/13/2026 | (103) | (103) | 18 | (85) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Alimentation Couche-Tard, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  AltaGas Ltd. | 6 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  Bank of Nova Scotia (The) | 4132 | (31) | (31) | 0.0 (g) |
|  Bombardier, Inc. | 48 | — (h) | — (h) | 0.0 (g) |
|  CAE, Inc. | 304 | (15) | (15) | 0.0 (g) |
|  Canadian Utilities Ltd. | 403 | (10) | (10) | 0.0 (g) |
|  Emera, Inc. | 41 | (1) | (1) | 0.0 (g) |
|  Equinox Gold Corp. | 97 | (2) | (2) | 0.0 (g) |
|  Fortis, Inc./Canada | 434 | (12) | (12) | 0.0 (g) |
|  Gildan Activewear, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  IAMGOLD Corp. | 47 | (3) | (3) | 0.0 (g) |
|  Imperial Oil Ltd. | 1101 | 12 | 12 | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  Keyera Corp. | 420 | (8) | (8) | 0.0 (g) |
|  MEG Energy Corp. | 239 | — (h) | — (h) | 0.0 (g) |
|  NexGen Energy Ltd. | 177 | (2) | (2) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 331 | 5 | 5 | 0.0 (g) |
|  Teck Resources Ltd. | 467 | (48) | (48) | 0.0 (g) |
|  Toromont Industries Ltd. | 11 | — (h) | — (h) | 0.0 (g) |
|  Tourmaline Oil Corp. | 1730 | 35 | 35 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  RB Global, Inc. | 172 | 6 | 6 | 0.0 (g) |
|  SSR Mining, Inc. | 654 | (29) | (29) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (103) | (103) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (103) | (103) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 10/15/2026 | (55) | (55) | 1 | (54) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  BKW AG | 81 | (3) | (3) | 0.0 (g) |
|  Geberit AG | 534 | (14) | (14) | 0.0 (g) |
|  Sandoz Group AG | 103 | 3 | 3 | 0.0 (g) |
|  SIG Group AG | 2 | — (h) | — (h) | 0.0 (g) |
|  Straumann Holding AG | 9 | — (h) | — (h) | 0.0 (g) |
|  Swiss Life Holding AG | 101 | — (h) | — (h) | 0.0 (g) |
|  Swiss Re AG | 469 | (28) | (28) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  VAT Group AG | 138 | 16 | 16 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (26) | (26) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Accelleron Industries AG | (19) | (1) | (1) | 0.0 (g) |
|  Alcon AG | (351) | (17) | (17) | 0.0 (g) |
|  Avolta AG | (31) | (2) | (2) | 0.0 (g) |
|  Baloise Holding AG | (6) | — (h) | — (h) | 0.0 (g) |
|  Logitech International SA | (71) | (2) | (2) | 0.0 (g) |
|  Lonza Group AG | (238) | (7) | (7) | 0.0 (g) |
|  Partners Group Holding AG | (9) | — (h) | — (h) | 0.0 (g) |
|  PSP Swiss Property AG | (23) | — (h) | — (h) | 0.0 (g) |
|  Schindler Holding AG | (257) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (29) | (29) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (55) | (55) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 10/19/2026 | (5) | (5) | – | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Coloplast A/S | 156 | 1 | 1 | 0.0 (g) |
|  DSV A/S | 394 | 1 | 1 | 0.0 (g) |
|  Novonesis Novozymes B | 534 | (3) | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Genmab A/S | (46) | — (h) | — (h) | 0.0 (g) |
|  GN Store Nord A/S | (117) | (1) | (1) | 0.0 (g) |
|  Pandora A/S | (380) | (2) | (2) | 0.0 (g) |
|  Tryg A/S | (580) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4) | (4) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (5) | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.50)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 10/15/2026 | (5) | (4) | 3 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | 57 | — (h) | — (h) | 0.0 (g) |
|  Verbund AG | 27 | (1) | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | 990 | (24) | (24) | 0.0 (g) |
|  Elia Group SA | 4 | — (h) | — (h) | 0.0 (g) |
|  KBC Group NV | 247 | (5) | (5) | 0.0 (g) |
|  Lotus Bakeries NV | 24 | (1) | (1) | 0.0 (g) |
|  Sofina SA | 15 | — (h) | — (h) | 0.0 (g) |
|  Syensqo SA | 28 | — (h) | — (h) | 0.0 (g) |
|  UCB SA | 392 | (64) | (64) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 4 | — (h) | — (h) | 0.0 (g) |
|  Kesko OYJ | 28 | — (h) | — (h) | 0.0 (g) |
|  Metso OYJ | 191 | 5 | 5 | 0.0 (g) |
|  Stora Enso OYJ | 113 | 3 | 3 | 0.0 (g) |
|  UPM-Kymmene OYJ | 11 | — (h) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | 208 | (6) | (6) | 0.0 (g) |
|  Airbus SE | 2914 | (40) | (40) | 0.0 (g) |
|  Alstom SA | 95 | (4) | (4) | 0.0 (g) |
|  Amundi SA | 24 | — (h) | — (h) | 0.0 (g) |
|  EssilorLuxottica SA | 1642 | (8) | (8) | 0.0 (g) |
|  Getlink SE | 136 | (3) | (3) | 0.0 (g) |
|  Kering SA | 29 | (2) | (2) | 0.0 (g) |
|  Legrand SA | 181 | 2 | 2 | 0.0 (g) |
|  Rexel SA | 587 | (5) | (5) | 0.0 (g) |
|  Sartorius Stedim Biotech | 67 | — (h) | — (h) | 0.0 (g) |
|  Schneider Electric SE | 109 | (3) | (3) | 0.0 (g) |
|  Sodexo SA | 29 | — (h) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BASF SE | 1835 | (10) | (10) | 0.0 (g) |
|  Beiersdorf AG | 4 | — (h) | — (h) | 0.0 (g) |
|  Brenntag SE | 40 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  CTS Eventim AG & Co. KGaA | 55 | (1) | (1) | 0.0 (g) |
|  Daimler Truck Holding AG | 11 | 1 | 1 | 0.0 (g) |
|  Dr Ing hc F Porsche AG | 493 | (11) | (11) | 0.0 (g) |
|  Fresenius SE & Co. KGaA | 759 | (12) | (12) | 0.0 (g) |
|  Hannover Rueck SE | 529 | (29) | (29) | 0.0 (g) |
|  KION Group AG | 15 | — (h) | — (h) | 0.0 (g) |
|  Puma SE | 28 | 1 | 1 | 0.0 (g) |
|  RWE AG | 69 | — (h) | — (h) | 0.0 (g) |
|  Talanx AG | 39 | — (h) | — (h) | 0.0 (g) |
|  Volkswagen AG | 1378 | (29) | (29) | 0.0 (g) |
|  Zalando SE | 13 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Bank of Ireland Group plc | 13 | (1) | (1) | 0.0 (g) |
|  Ryanair Holdings plc | 21 | (2) | (2) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Brunello Cucinelli SpA | 125 | 15 | 15 | 0.0 (g) |
|  Davide Campari-Milano NV | 37 | 1 | 1 | 0.0 (g) |
|  Ferrari NV | 8 | — (h) | — (h) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | 242 | 2 | 2 | 0.0 (g) |
|  Infrastrutture Wireless Italiane SpA | 101 | — (h) | — (h) | 0.0 (g) |
|  Moncler SpA | 223 | 2 | 2 | 0.0 (g) |
|  Prysmian SpA | 864 | (23) | (23) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 27 | 1 | 1 | 0.0 (g) |
|  CVC Capital Partners plc | 119 | 1 | 1 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 63 | (2) | (2) | 0.0 (g) |
|  Akzo Nobel NV | 158 | 1 | 1 | 0.0 (g) |
|  Argenx SE | 20 | 1 | 1 | 0.0 (g) |
|  EXOR NV | 24 |  | — (h) | 0.0 (g) |
|  Ferrovial SE | 62 | (1) | (1) | 0.0 (g) |
|  Heineken NV | 277 | (7) | (7) | 0.0 (g) |
|  Koninklijke Philips NV | 295 | 11 | 11 | 0.0 (g) |
|  Randstad NV | 63 | (2) | (2) | 0.0 (g) |
|  Universal Music Group NV | 38 | (2) | (2) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Jeronimo Martins SGPS SA | 264 | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Amadeus IT Group SA | 30 | (1) | (1) | 0.0 (g) |
|  Cellnex Telecom SA | 53 | (2) | (2) | 0.0 (g) |
|  EDP Renovaveis SA | 4 | (1) | (1) | 0.0 (g) |
|  Endesa SA | 4 | — (h) | — (h) | 0.0 (g) |
|  Indra Sistemas SA | 141 | (1) | (1) | 0.0 (g) |
|  Industria de Diseno Textil SA | 233 | (10) | (10) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | 12 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (267) | (267) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (381) | (4) | (4) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (416) | 4 | 4 | 0.0 (g) |
|  Sofina SA | — (h) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | (238) | (3) | (3) | 0.0 (g) |
|  Neste OYJ | (8) | — (h) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | (17) | — (h) | — (h) | 0.0 (g) |
|  AXA SA | (6) | — (h) | — (h) | 0.0 (g) |
|  Bouygues SA | (334) | 11 | 11 | 0.0 (g) |
|  Capgemini SE | (4) | — (h) | — (h) | 0.0 (g) |
|  Carrefour SA | (334) | 34 | 34 | 0.0 (g) |
|  Covivio SA | (11) | — (h) | — (h) | 0.0 (g) |
|  Credit Agricole SA | (1304) | 11 | 11 | 0.0 (g) |
|  Eiffage SA | (57) | (1) | (1) | 0.0 (g) |
|  Gecina SA | (30) | 1 | 1 | 0.0 (g) |
|  Ipsen SA | (17) | — (h) | — (h) | 0.0 (g) |
|  Safran SA | (37) | 1 | 1 | 0.0 (g) |
|  SPIE SA | (147) | (8) | (8) | 0.0 (g) |
|  Thales SA | (1008) | 74 | 74 | 0.0 (g) |
|  Valeo SE | (78) | (3) | (3) | 0.0 (g) |
|  Veolia Environnement SA | (132) | — (h) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | (1463) | 4 | 4 | 0.0 (g) |
|  Allianz SE | (436) | 14 | 14 | 0.0 (g) |
|  Aurubis AG | (168) | 20 | 20 | 0.0 (g) |
|  Bayer AG | (309) | 11 | 11 | 0.0 (g) |
|  Evonik Industries AG | (8) | — (h) | — (h) | 0.0 (g) |
|  GEA Group AG | (126) | — (h) | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | (11) | — (h) | — (h) | 0.0 (g) |
|  HOCHTIEF AG | (17) | — (h) | — (h) | 0.0 (g) |
|  LEG Immobilien SE | (58) | 1 | 1 | 0.0 (g) |
|  Nemetschek SE | (21) | 1 | 1 | 0.0 (g) |
|  Sartorius AG | (13) | — (h) | — (h) | 0.0 (g) |
|  Scout24 SE | (338) | 7 | 7 | 0.0 (g) |
|  Vonovia SE | (284) | 9 | 9 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | (50) | 1 | 1 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (356) | (24) | (24) | 0.0 (g) |
|  Banca Mediolanum SpA | (30) | — (h) | — (h) | 0.0 (g) |
|  Intesa Sanpaolo SpA | (34) | 1 | 1 | 0.0 (g) |
|  Italgas SpA | (369) | 18 | 18 | 0.0 (g) |
|  Leonardo SpA | (29) | 1 | 1 | 0.0 (g) |
|  UniCredit SpA | (13) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | (197) | (3) | (3) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (33) | 1 | 1 | 0.0 (g) |
|  BE Semiconductor Industries NV | (66) | — (h) | — (h) | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | (1141) | 34 | 34 | 0.0 (g) |
|  QIAGEN NV | (22) | — (h) | — (h) | 0.0 (g) |
|  Wolters Kluwer NV | (949) | 26 | 26 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (262) | (29) | (29) | 0.0 (g) |
|  EDP SA | (418) | 28 | 28 | 0.0 (g) |
|  Galp Energia SGPS SA | (4) | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (31) | — (h) | — (h) | 0.0 (g) |
|  Banco Santander SA | (401) | 20 | 21 | 0.0 (g) |
|  Enagas SA | (135) | 3 | 3 | 0.0 (g) |
|  Unicaja Banco SA | (53) | 1 | 1 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | (5) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 262 | 263 | 0.0 (g) |
|  Total of Long and Short Positions of Total Return Swaps |  | (5) | (4) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 10/15/2026 | 206 | 206 | 1 | 207 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 7 | (1) | (1) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | 7 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | 187 | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | 378 | (21) | (21) | 0.0 (g) |
|  AstraZeneca plc | 1223 | 46 | 46 | 0.0 (g) |
|  BT Group plc | 35 | 3 | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  Centrica plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Convatec Group plc | 35 | — (h) | — (h) | 0.0 (g) |
|  easyJet plc | 21 | — (h) | — (h) | 0.0 (g) |
|  GSK plc | 66 | (4) | (4) | 0.0 (g) |
|  Haleon plc | 47 | — (h) | — (h) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | 58 | (3) | (3) | 0.0 (g) |
|  Howden Joinery Group plc | 56 | (1) | (1) | 0.0 (g) |
|  JET2 plc | 23 | (1) | (1) | 0.0 (g) |
|  Land Securities Group plc | 86 | (5) | (5) | 0.0 (g) |
|  LondonMetric Property plc | 24 | (1) | (1) | 0.0 (g) |
|  Marks & Spencer Group plc | 20 | (1) | (1) | 0.0 (g) |
|  Melrose Industries plc | 7 | — (h) | — (h) | 0.0 (g) |
|  Mondi plc | 151 | (6) | (6) | 0.0 (g) |
|  National Grid plc | 8 | — (h) | — (h) | 0.0 (g) |
|  Rentokil Initial plc | 26 | (2) | (2) | 0.0 (g) |
|  Rio Tinto plc | 11 | (1) | (1) | 0.0 (g) |
|  Shell plc | 1184 | (20) | (20) | 0.0 (g) |
|  Spirax Group plc | 17 | — (h) | — (h) | 0.0 (g) |
|  Taylor Wimpey plc | — (h) | 1 | 1 | 0.0 (g) |
|  Vistry Group plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Whitbread plc | 24 | (1) | (1) | 0.0 (g) |
|  WPP plc | 263 | (11) | (11) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (29) | (29) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (34) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (50) | (2) | (2) | 0.0 (g) |
|  Glencore plc | (15) | 2 | 2 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | (18) | — (h) | — (h) | 0.0 (g) |
|  Aviva plc | (288) | 5 | 5 | 0.0 (g) |
|  Babcock International Group plc | (17) | 1 | 1 | 0.0 (g) |
|  British Land Co. plc (The) | (145) | 6 | 6 | 0.0 (g) |
|  Entain plc | (80) | 2 | 2 | 0.0 (g) |
|  Halma plc | (23) | 1 | 1 | 0.0 (g) |
|  IG Group Holdings plc | (22) | — (h) | — (h) | 0.0 (g) |
|  IMI plc | (25) | — (h) | — (h) | 0.0 (g) |
|  InterContinental Hotels Group plc | (4) | — (h) | — (h) | 0.0 (g) |
|  Intertek Group plc | (59) | 1 | 1 | 0.0 (g) |
|  J Sainsbury plc | (174) | 13 | 13 | 0.0 (g) |
|  Johnson Matthey plc | (79) | 5 | 5 | 0.0 (g) |
|  London Stock Exchange Group plc | (1600) | 93 | 93 | 0.0 (g) |
|  M&G plc | (10) | — (h) | — (h) | 0.0 (g) |
|  NatWest Group plc | (12) | — (h) | — (h) | 0.0 (g) |
|  Next plc | (554) | 29 | 29 | 0.0 (g) |
|  Pearson plc | (73) | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  Rightmove plc | (18) | — (h) | — (h) | 0.0 (g) |
|  Rolls-Royce Holdings plc | (1480) | 78 | 78 | 0.0 (g) |
|  Smiths Group plc | (455) | (5) | (5) | 0.0 (g) |
|  UNITE Group plc (The) | (14) | — (h) | — (h) | 0.0 (g) |
|  United Utilities Group plc | (215) | 4 | 4 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | (4) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 235 | 235 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 206 | 206 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION DATE** | **NATIONAL**<br>**VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/16/2026 | 5 | 5 | 5 | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE ($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  CLP Holdings Ltd. | 3440 | 2 | 2 | 0.0(g) |
|  MTR Corp. Ltd. | 2244 | 1 | 1 | 0.0(g) |
|  **Total Long Positions of Total Return Swaps** |  | 3 | 3 | 0.0(g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Galaxy Entertainment Group Ltd. | (2458) | 7 | 7 | 0.0(g) |
|  Hong Kong Exchanges & Clearing Ltd. | (265) | —(h) | —(h) | 0.0(g) |
|  Link REIT | (3654) | (5) | (5) | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  | 2 | 2 | 0.0(g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 5 | 5 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION DATE** | **NATIONAL**<br>**VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0.60% to 0.60%) which is denominated in ILS based on the local currencies of the positions within the swap | 10/19/2026 | 5 | 5 | – | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (74) | 2 | 2 | 0.0 (g) |
|  Israel Discount Bank Ltd. | (244) | 3 | 3 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 5 | 5 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 5 | 5 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION DATE** | **NATIONAL**<br>**VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (0.58)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/17/2026 | (209) | (209) | 350 | 141 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 18599 | 7 | 7 | 0.0 (g) |
|  Aeon Co. Ltd. | 3071 | — (h) | — (h) | 0.0 (g) |
|  Asics Corp. | 71517 | (3) | (3) | 0.0 (g) |
|  Central Japan Railway Co. | 159273 | (22) | (22) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | 2263 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cosmos Pharmaceutical Corp. | 31913 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 43617 | (3) | (3) | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 100533 | 11 | 11 | 0.0 (g) |
|  Disco Corp. | 56855 | 7 | 7 | 0.0 (g) |
|  East Japan Railway Co. | 10994 | 1 | 1 | 0.0 (g) |
|  Ebara Corp. | 24414 | (13) | (13) | 0.0 (g) |
|  Fast Retailing Co. Ltd. | 4660 | 1 | 1 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | 4915 | — (h) | — (h) | 0.0 (g) |
|  Fujikura Ltd. | 19949 | (2) | (2) | 0.0 (g) |
|  GMO Payment Gateway, Inc. | 3355 | — (h) | — (h) | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 5379 | 1 | 1 | 0.0 (g) |
|  Hoshizaki Corp. | 2273 | — (h) | — (h) | 0.0 (g) |
|  Hoya Corp. | 6291 | 1 | 1 | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 70809 | 32 | 32 | 0.0 (g) |
|  ITOCHU Corp. | 9522 | 2 | 2 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 10705 | 1 | 1 | 0.0 (g) |
|  Japan Real Estate Investment Corp. | 2164 | — (h) | — (h) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 2630 | — (h) | — (h) | 0.0 (g) |
|  JFE Holdings, Inc. | 2425 | — (h) | — (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | 951 | — (h) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | 53943 | 10 | 10 | 0.0 (g) |
|  Kokusai Electric Corp. | 6712 | 3 | 3 | 0.0 (g) |
|  Komatsu Ltd. | 25322 | 4 | 4 | 0.0 (g) |
|  Kurita Water Industries Ltd. | 17087 | 3 | 3 | 0.0 (g) |
|  Kyoto Financial Group, Inc. | 11715 | (2) | (2) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 6373 | 1 | 1 | 0.0 (g) |
|  M3, Inc. | 4896 | (1) | (1) | 0.0 (g) |
|  Makita Corp. | 7762 | 1 | 1 | 0.0 (g) |
|  Marubeni Corp. | 179635 | (18) | (18) | 0.0 (g) |
|  MatsukiyoCocokara & Co. | 3022 | — (h) | — (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 15593 | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | 2957 | — (h) | — (h) | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 7351 | (2) | (2) | 0.0 (g) |
|  Nexon Co. Ltd. | 6718 | 2 | 2 | 0.0 (g) |
|  Nikon Corp. | 15549 | 6 | 6 | 0.0 (g) |
|  Nippon Building Fund, Inc. | 36745 | 2 | 2 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | 5087 | — (h) | — (h) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | 114712 | (8) | (8) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 51102 | 26 | 26 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | 684 | — (h) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | 14713 | 3 | 3 | 0.0 (g) |
|  Nitto Denko Corp. | 2810 | — (h) | — (h) | 0.0 (g) |
|  NTT, Inc. | 16695 | 3 | 3 | 0.0 (g) |
|  Oji Holdings Corp. | 57490 | 9 | 9 | 0.0 (g) |
|  Organo Corp. | 16598 | 5 | 5 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | 87924 | 9 | 9 | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 1023 | — (h) | — (h) | 0.0 (g) |
|  Rakuten Bank Ltd. | 800 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  SCREEN Holdings Co. Ltd. | 16133 | — (h) | — (h) | 0.0 (g) |
|  SCSK Corp. | 51916 | 10 | 10 | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | 3086 | — (h) | — (h) | 0.0 (g) |
|  Seibu Holdings, Inc. | 16348 | 2 | 2 | 0.0 (g) |
|  SG Holdings Co. Ltd. | 28771 | 5 | 5 | 0.0 (g) |
|  SHIFT, Inc. | 924 | — (h) | — (h) | 0.0 (g) |
|  Shimamura Co. Ltd. | 3232 | 2 | 2 | 0.0 (g) |
|  Shimano, Inc. | 1660 | — (h) | — (h) | 0.0 (g) |
|  Shiseido Co. Ltd. | 5756 | — (h) | — (h) | 0.0 (g) |
|  Socionext, Inc. | 1183 | — (h) | — (h) | 0.0 (g) |
|  SoftBank Group Corp. | 247420 | (70) | (70) | 0.0 (g) |
|  Sony Financial Group, Inc. | 1 | 1 | — (h) | 0.0 (g) |
|  SUMCO Corp. | 790 | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 14700 | (1) | (1) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | 18548 | (3) | (3) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | 3768 | — (h) | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. | 856 | — (h) | — (h) | 0.0 (g) |
|  Taisei Corp. | 29952 | (4) | (4) | 0.0 (g) |
|  TDK Corp. | 16048 | (2) | (2) | 0.0 (g) |
|  TIS, Inc. | 40088 | 7 | 7 | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 10301 | (1) | (1) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings Inc | 14298 | (5) | (5) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | 56572 | 5 | 5 | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | 10002 | 2 | 2 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 59861 | 7 | 7 | 0.0 (g) |
|  Toray Industries, Inc. | 38364 | 7 | 7 | 0.0 (g) |
|  Toyota Tsusho Corp. | 144418 | 9 | 9 | 0.0 (g) |
|  West Japan Railway Co. | 4232 | — (h) | — (h) | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 97310 | 2 | 2 | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 46061 | 4 | 4 | 0.0 (g) |
|  Yokogawa Electric Corp. | 1316 | — (h) | — (h) | 0.0 (g) |
|  Yokohama Financial Group, Inc. | 22374 | (1) | (1) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 53452 | 20 | 20 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 73 | 72 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (1048) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (13918) | (1) | (1) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (1765) | — (h) | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | (71491) | (13) | (13) | 0.0 (g) |
|  Astellas Pharma, Inc. | (99090) | (29) | (29) | 0.0 (g) |
|  Canon, Inc. | (1776) | — (h) | — (h) | 0.0 (g) |
|  Cosmo Energy Holdings Co. Ltd. | (8999) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CyberAgent, Inc. | (95192) | 9 | 9 | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (40779) | (4) | (4) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (4314) | — (h) | — (h) | 0.0 (g) |
|  Denso Corp. | (9234) | (2) | (2) | 0.0 (g) |
|  Dentsu Group, Inc. | (971) | — (h) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (20216) | — (h) | — (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | (203665) | (1) | (1) | 0.0 (g) |
|  Fujitsu Ltd. | (2905) | (1) | (1) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (22623) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (56717) | (7) | (7) | 0.0 (g) |
|  Hitachi Ltd. | (10384) | 2 | 2 | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | (78924) | (8) | (8) | 0.0 (g) |
|  Inpex Corp. | (48257) | 4 | 4 | 0.0 (g) |
|  Isuzu Motors Ltd. | (70184) | (20) | (20) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | (78157) | (12) | (12) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (18771) | (1) | (1) | 0.0 (g) |
|  Japan Tobacco, Inc. | (2426) | — (h) | — (h) | 0.0 (g) |
|  Kyocera Corp. | (21051) | (4) | (4) | 0.0 (g) |
|  LY Corp. | (68747) | (10) | (10) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd | (22152) | (3) | (3) | 0.0 (g) |
|  MISUMI Group, Inc. | (37261) | (9) | (9) | 0.0 (g) |
|  Mitsubishi Corp. | (141801) | (18) | (18) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (68650) | (11) | (11) | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | (45244) | 5 | 5 | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (1159) | — (h) | — (h) | 0.0 (g) |
|  NEC Corp. | (218808) | 20 | 20 | 0.0 (g) |
|  NH Foods Ltd. | (23892) | 1 | 1 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (12439) | (2) | (2) | 0.0 (g) |
|  Obayashi Corp. | (95781) | (1) | (1) | 0.0 (g) |
|  Omron Corp. | (91249) | (20) | (20) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (1720) | — (h) | — (h) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (11842) | (1) | (1) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (212799) | (1) | (1) | 0.0 (g) |
|  Renesas Electronics Corp. | (53505) | (27) | (27) | 0.0 (g) |
|  Resona Holdings, Inc. | (3385) | — (h) | — (h) | 0.0 (g) |
|  Sanwa Holdings Corp. | (2140) | — (h) | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | (4423) | — (h) | — (h) | 0.0 (g) |
|  Sekisui House Ltd. | (47627) | 1 | 1 | 0.0 (g) |
|  Shimizu Corp. | (3742) | — (h) | — (h) | 0.0 (g) |
|  SMC Corp. | (173515) | 25 | 25 | 0.0 (g) |
|  SoftBank Corp. | (161703) | (40) | (40) | 0.0 (g) |
|  Sompo Holdings, Inc. | (41527) | (9) | (9) | 0.0 (g) |
|  Sony Group Corp. | (2633) | (1) | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (13145) | 1 | 1 | 0.0 (g) |
|  Sysmex Corp. | (16181) | (2) | (2) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | (269588) | (58) | (58) | 0.0 (g) |
|  Terumo Corp. | (3676) | — (h) | — (h) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. | (6214) | (1) | (1) | 0.0 (g) |
|  Tokyo Electron Ltd. | (228751) | (14) | (14) | 0.0 (g) |
|  Tokyo Tatemono Co. Ltd. | (13860) | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Tosoh Corp. | (24216) | (10) | (10) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (19703) | 1 | 1 | 0.0 (g) |
|  Unicharm Corp. | (3305) | — (h) | — (h) | 0.0 (g) |
|  Yaskawa Electric Corp. | (107435) | (12) | (12) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (282) | (281) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (209) | (209) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 10/15/2026 | (8) | (7) | – | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Equinor ASA | 5483 | (5) | (5) | 0.0 (g) |
|  Gjensidige Forsikring ASA | 1117 | (6) | (6) | 0.0 (g) |
|  Mowi ASA | 619 | 1 | 2 | 0.0 (g) |
|  Norsk Hydro ASA | 3151 | (6) | (6) | 0.0 (g) |
|  Orkla ASA | 1127 | 2 | 2 | 0.0 (g) |
|  Salmar ASA | 96 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (14) | (13) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (110) | — (h) | — (h) | 0.0 (g) |
|  Kongsberg Gruppen ASA | (2234) | 1 | 1 | 0.0 (g) |
|  Var Energi ASA | (2895) | 5 | 5 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 6 | 6 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (8) | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to (0.40)%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/16/2026 | (2) | (2) | – (h) | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Auckland International Airport Ltd. | 58 | (1) | (1) | 0.0 (g) |
|  Infratil Ltd. | 130 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 10/15/2026 | (36) | (36) | – | (36) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | 87 | — (h) | — (h) | 0.0 (g) |
|  Atlas Copco AB | 101 | — (h) | — (h) | 0.0 (g) |
|  Epiroc AB | 860 | — (h) | — (h) | 0.0 (g) |
|  EQT AB | 512 | 2 | 2 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 147 | (2) | (2) | 0.0 (g) |
|  Holmen AB | 205 | — (h) | — (h) | 0.0 (g) |
|  Industrivarden AB | 48 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nibe Industrier AB | 1150 | (1) | (1) | 0.0 (g) |
|  Sandvik AB | 233 | — (h) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 382 | — (h) | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 235 | — (h) | — (h) | 0.0 (g) |
|  Swedbank AB | 121 | — (h) | — (h) | 0.0 (g) |
|  Volvo AB | 100 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | (2197) | (12) | (12) | 0.0 (g) |
|  Assa Abloy AB | (2961) | — (h) | — (h) | 0.0 (g) |
|  Boliden AB | (118) | 1 | 1 | 0.0 (g) |
|  Getinge AB | (1830) | (10) | (10) | 0.0 (g) |
|  Industrivarden AB | (563) | 1 | 1 | 0.0 (g) |
|  Indutrade AB | (1176) | (6) | (6) | 0.0 (g) |
|  Sinch AB | (1809) | (9) | (9) | 0.0 (g) |
|  SSAB AB | (84) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (35) | (35) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (36) | (36) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to (0.30)%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/16/2026 | 1 | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Keppel Ltd. | 144 | (1) | (1) | 0.0 (g) |
|  Sembcorp Industries Ltd. | 17 | — (h) | — (h) | 0.0 (g) |
|  Singapore Airlines Ltd. | 139 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  United Overseas Bank Ltd. | 1586 | 1 | 1 | 0.0 (g) |
|  Wilmar International Ltd. | 31 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (5.25)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 10/13/2026 | (202) | (204) | 100 | (104) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 22 | (1) | (1) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | 15 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Eaton Corp. plc | 1064 | 11 | 12 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Nova Ltd. | 207 | (3) | (3) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Grab Holdings Ltd. | 43 | 3 | 3 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  nVent Electric plc | 389 | 6 | 6 | 0.0 (g) |
|  Willis Towers Watson plc | 24 | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AAON, Inc. | 29 | — (h) | — (h) | 0.0 (g) |
|  Abbott Laboratories | 2567 | 51 | 51 | 0.0 (g) |
|  AeroVironment, Inc. | 24 | (1) | (1) | 0.0 (g) |
|  Agilent Technologies, Inc. | 547 | (9) | (9) | 0.0 (g) |
|  AGNC Investment Corp. | 48 | — (h) | — (h) | 0.0 (g) |
|  Albertsons Cos., Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 187 | 6 | 6 | 0.0 (g) |
|  Amentum Holdings, Inc. | 84 | (4) | (4) | 0.0 (g) |
|  American Financial Group, Inc./OH | 51 | (1) | (1) | 0.0 (g) |
|  Antero Midstream Corp. | 406 | (15) | (15) | 0.0 (g) |
|  Apollo Global Management, Inc. | 13 | 1 | 1 | 0.0 (g) |
|  Appfolio, Inc. | 246 | 8 | 8 | 0.0 (g) |
|  Applied Materials, Inc. | 48 | — (h) | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | 6 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  AST SpaceMobile, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  ATI, Inc. | 277 | (5) | (5) | 0.0 (g) |
|  Aurora Innovation, Inc. | 36 | 4 | 4 | 0.0 (g) |
|  Avis Budget Group, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  BILL Holdings, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  Boeing Co. (The) | 171 | (3) | (3) | 0.0 (g) |
|  Brown & Brown, Inc. | 1261 | (16) | (16) | 0.0 (g) |
|  Bunge Global SA | 5 | — (h) | — (h) | 0.0 (g) |
|  BWX Technologies, Inc. | 319 | (11) | (11) | 0.0 (g) |
|  BXP, Inc. | 659 | 11 | 12 | 0.0 (g) |
|  Cadence Bank | 362 | (2) | (2) | 0.0 (g) |
|  Carlisle Cos., Inc. | 286 | 8 | 8 | 0.0 (g) |
|  Casella Waste Systems, Inc. | 46 | (2) | (2) | 0.0 (g) |
|  Cava Group, Inc. | 16 | 1 | 1 | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 389 | 17 | 17 | 0.0 (g) |
|  CenterPoint Energy, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | 35 | — (h) | — (h) | 0.0 (g) |
|  Choice Hotels International, Inc. | 179 | 2 | 2 | 0.0 (g) |
|  Church & Dwight Co., Inc. | 1443 | (16) | (16) | 0.0 (g) |
|  Citizens Financial Group, Inc. | 889 | (11) | (10) | 0.0 (g) |
|  Clorox Co. (The) | 26 | — (h) | — (h) | 0.0 (g) |
|  CMS Energy Corp. | 848 | (34) | (34) | 0.0 (g) |
|  CNX Resources Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | 650 | (12) | (12) | 0.0 (g) |
|  Comerica, Inc. | 332 | — (h) | — (h) | 0.0 (g) |
|  Commvault Systems, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Constellation Energy Corp. | 889 | 46 | 46 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | 12 | — (h) | — (h) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  CSW Industrials, Inc. | 23 | 1 | 1 | 0.0 (g) |
|  Cummins, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | 1016 | (31) | (31) | 0.0 (g) |
|  Docusign, Inc. | 16 | 3 | 3 | 0.0 (g) |
|  Dominion Energy, Inc. | 20 | — (h) | — (h) | 0.0 (g) |
|  DoorDash, Inc. | 1063 | (38) | (37) | 0.0 (g) |
|  DraftKings, Inc. | 167 | 25 | 25 | 0.0 (g) |
|  DT Midstream, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Eagle Materials, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | 15 | — (h) | — (h) | 0.0 (g) |
|  Eastman Chemical Co. | 166 | 3 | 3 | 0.0 (g) |
|  Elanco Animal Health, Inc. | 530 | (33) | (33) | 0.0 (g) |
|  elf Beauty, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | 253 | (9) | (9) | 0.0 (g) |
|  EQT Corp. | 7 | (1) | (1) | 0.0 (g) |
|  Essex Property Trust, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Fidelity National Financial, Inc. | 464 | (13) | (13) | 0.0 (g) |
|  First Solar, Inc. | 677 | (4) | (4) | 0.0 (g) |
|  FirstEnergy Corp. | 963 | (57) | (57) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Floor & Decor Holdings, Inc. | 165 | 15 | 15 | 0.0 (g) |
|  FTAI Aviation Ltd. | 319 | 27 | 27 | 0.0 (g) |
|  Gen Digital, Inc. | 27 | — (h) | — (h) | 0.0 (g) |
|  Genuine Parts Co. | 64 | — (h) | — (h) | 0.0 (g) |
|  Gitlab, Inc. | 15 | 1 | 1 | 0.0 (g) |
|  Graphic Packaging Holding Co. | 40 | — (h) | — (h) | 0.0 (g) |
|  Hecla Mining Co. | 6 | — (h) | — (h) | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | 1093 | 27 | 27 | 0.0 (g) |
|  Hormel Foods Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | 212 | 2 | 2 | 0.0 (g) |
|  HP, Inc. | 15 | 1 | 1 | 0.0 (g) |
|  Hyatt Hotels Corp. | 86 | (1) | (1) | 0.0 (g) |
|  IDACORP, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | 57 | — (h) | — (h) | 0.0 (g) |
|  InterDigital, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  International Paper Co. | 1029 | (5) | (5) | 0.0 (g) |
|  J M Smucker Co. (The) | 21 | — (h) | — (h) | 0.0 (g) |
|  Jacobs Solutions, Inc. | 1064 | 5 | 5 | 0.0 (g) |
|  JBT Marel Corp. | 13 | — (h) | — (h) | 0.0 (g) |
|  Kilroy Realty Corp. | 25 | 1 | 1 | 0.0 (g) |
|  Levi Strauss & Co. | 70 | (1) | (1) | 0.0 (g) |
|  Liberty Broadband Corp. | 34 | (1) | (1) | 0.0 (g) |
|  Loar Holdings, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Lyft, Inc. | 168 | 5 | 5 | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | 157 | 6 | 6 | 0.0 (g) |
|  Maplebear, Inc. | 48 | 5 | 5 | 0.0 (g) |
|  MARA Holdings, Inc. | 105 | 1 | 1 | 0.0 (g) |
|  Markel Group, Inc. | 14 | — (h) | — (h) | 0.0 (g) |
|  Middleby Corp. (The) | 187 | 2 | 2 | 0.0 (g) |
|  Mohawk Industries, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Molson Coors Beverage Co. | 297 | (1) | (1) | 0.0 (g) |
|  Monolithic Power Systems, Inc. | 734 | 2 | 2 | 0.0 (g) |
|  NetApp, Inc. | 568 | 28 | 28 | 0.0 (g) |
|  New York Times Co. (The) | 4 | — (h) | — (h) | 0.0 (g) |
|  NewMarket Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  NIKE, Inc. | 888 | 20 | 20 | 0.0 (g) |
|  NiSource, Inc. | 557 | (28) | (28) | 0.0 (g) |
|  Northern Trust Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | 563 | 18 | 18 | 0.0 (g) |
|  Old National Bancorp | 10 | — (h) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Onestream, Inc. | 32 | 3 | 3 | 0.0 (g) |
|  Pegasystems, Inc. | 146 | 6 | 6 | 0.0 (g) |
|  Planet Fitness, Inc. | 335 | (7) | (7) | 0.0 (g) |
|  Primerica, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  QuantumScape Corp. | 50 | 4 | 4 | 0.0 (g) |
|  QXO, Inc. | 26 | 1 | 1 | 0.0 (g) |
|  RadNet, Inc. | 97 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Range Resources Corp. | 316 | (25) | (25) | 0.0 (g) |
|  Raymond James Financial, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  Realty Income Corp. | 25 | — (h) | — (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 751 | 20 | 20 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | 20 | — (h) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 39 | (1) | (1) | 0.0 (g) |
|  Sealed Air Corp. | 180 | (11) | (11) | 0.0 (g) |
|  Sempra | 13 | (1) | (1) | 0.0 (g) |
|  SharkNinja, Inc. | 21 | 1 | 1 | 0.0 (g) |
|  Sherwin-Williams Co. (The) | 1722 | 1 | 1 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  Snap-on, Inc. | 43 | (1) | (1) | 0.0 (g) |
|  SoFi Technologies, Inc. | 633 | 74 | 75 | 0.0 (g) |
|  SoundHound AI, Inc. | 199 | 15 | 15 | 0.0 (g) |
|  Southwest Airlines Co. | 128 | 2 | 2 | 0.0 (g) |
|  Starwood Property Trust, Inc. | 21 | 1 | 1 | 0.0 (g) |
|  Sterling Infrastructure, Inc. | 49 | 4 | 4 | 0.0 (g) |
|  Summit Therapeutics, Inc. | 58 | (5) | (5) | 0.0 (g) |
|  T Rowe Price Group, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Teradyne, Inc. | 40 | (1) | (1) | 0.0 (g) |
|  Terreno Realty Corp. | 170 | 6 | 6 | 0.0 (g) |
|  Tesla, Inc. | 540 | (13) | (13) | 0.0 (g) |
|  Texas Pacific Land Corp. | 30 | (2) | (2) | 0.0 (g) |
|  Timken Co. (The) | 5 | — (h) | — (h) | 0.0 (g) |
|  TKO Group Holdings, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  TransDigm Group, Inc. | 1147 | (20) | (20) | 0.0 (g) |
|  Twilio, Inc. | 87 | 4 | 4 | 0.0 (g) |
|  Ubiquiti, Inc. | 185 | (5) | (5) | 0.0 (g) |
|  UDR, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  U-Haul Holding Co. | 6 | — (h) | — (h) | 0.0 (g) |
|  UiPath, Inc. | 54 | (1) | (1) | 0.0 (g) |
|  UL Solutions, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | 32 | — (h) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | 25 | — (h) | — (h) | 0.0 (g) |
|  Vontier Corp. | 286 | 8 | 8 | 0.0 (g) |
|  W R Berkley Corp. | 35 | (2) | (2) | 0.0 (g) |
|  Warner Music Group Corp. | 244 | (7) | (7) | 0.0 (g) |
|  Watsco, Inc. | 235 | (8) | (8) | 0.0 (g) |
|  Watts Water Technologies, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Webster Financial Corp. | 432 | 9 | 9 | 0.0 (g) |
|  Western Alliance Bancorp | 15 | — (h) | — (h) | 0.0 (g) |
|  Whirlpool Corp. | 197 | 6 | 6 | 0.0 (g) |
|  Wingstop, Inc. | 158 | 3 | 3 | 0.0 (g) |
|  Wynn Resorts Ltd. | 448 | (8) | (8) | 0.0 (g) |
|  Xcel Energy, Inc. | 1272 | (148) | (148) | 0.0 (g) |
|  XPO, Inc. | 53 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Yum! Brands, Inc. | 1580 | (29) | (29) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | 190 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (123) | (118) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Lululemon Athletica, Inc. | (330) | 9 | 9 | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (17) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (233) | (4) | (4) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BioNTech SE | (166) | — (h) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | (8) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | (1050) | (12) | (12) | 0.0 (g) |
|  Allegion plc | (645) | (2) | (2) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | (15) | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | (768) | (18) | (18) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (13) | (1) | (1) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Janus Henderson Group plc | (321) | (2) | (2) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AbbVie, Inc. | (228) | 9 | 9 | 0.0 (g) |
|  Alaska Air Group, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  Albemarle Corp. | (493) | 4 | 4 | 0.0 (g) |
|  Align Technology, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Allegro MicroSystems, Inc. | (7) | (1) | (1) | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | (246) | (10) | (10) | 0.0 (g) |
|  Ally Financial, Inc. | (40) | (3) | (3) | 0.0 (g) |
|  Alphabet, Inc. | (57) | (2) | (2) | 0.0 (g) |
|  Amdocs Ltd. | (386) | (12) | (12) | 0.0 (g) |
|  American International Group, Inc. | (742) | 20 | 20 | 0.0 (g) |
|  Amkor Technology, Inc. | (138) | (5) | (5) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (25) | — (h) | — (h) | 0.0 (g) |
|  Axalta Coating Systems Ltd. | (14) | (1) | (1) | 0.0 (g) |
|  Badger Meter, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Bank of America Corp. | (1415) | (9) | (9) | 0.0 (g) |
|  BellRing Brands, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  Bio-Techne Corp. | (29) | 1 | 1 | 0.0 (g) |
|  BorgWarner, Inc. | (106) | 1 | 1 | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (100) | 1 | 1 | 0.0 (g) |
|  Brightstar Lottery plc | (28) | 1 | 1 | 0.0 (g) |
|  CarMax, Inc. | (643) | (149) | (149) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Carnival Corp. | (473) | (29) | (29) | 0.0 (g) |
|  Caterpillar, Inc. | (782) | 8 | 8 | 0.0 (g) |
|  Celanese Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Charles River Laboratories International, Inc. | (242) | 5 | 5 | 0.0 (g) |
|  Charles Schwab Corp. (The) | (50) | 1 | 1 | 0.0 (g) |
|  Chord Energy Corp. | (415) | (4) | (4) | 0.0 (g) |
|  Clean Harbors, Inc. | (251) | (5) | (5) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | (30) | — (h) | — (h) | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | (451) | 7 | 7 | 0.0 (g) |
|  CoStar Group, Inc. | (329) | (7) | (8) | 0.0 (g) |
|  Costco Wholesale Corp. | (1573) | (29) | (30) | 0.0 (g) |
|  Crane Co. | (18) | — (h) | — (h) | 0.0 (g) |
|  Crown Castle, Inc. | (679) | 16 | 16 | 0.0 (g) |
|  CubeSmart | (24) | — (h) | — (h) | 0.0 (g) |
|  DuPont de Nemours, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  Dycom Industries, Inc. | (238) | 9 | 9 | 0.0 (g) |
|  Dynatrace, Inc. | (292) | (1) | (1) | 0.0 (g) |
|  Edison International | (14) | — (h) | — (h) | 0.0 (g) |
|  Elastic NV | (6) | — (h) | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Etsy, Inc. | (610) | 47 | 47 | 0.0 (g) |
|  Evercore, Inc. | (501) | (24) | (24) | 0.0 (g) |
|  ExlService Holdings, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  FedEx Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Fifth Third Bancorp | (992) | (9) | (9) | 0.0 (g) |
|  First American Financial Corp. | (232) | (4) | (4) | 0.0 (g) |
|  Five Below, Inc. | (26) | — (h) | — (h) | 0.0 (g) |
|  Flex Ltd. | (41) | — (h) | — (h) | 0.0 (g) |
|  Fox Corp. | (36) | 1 | 1 | 0.0 (g) |
|  Freeport-McMoRan, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  General Motors Co. | (545) | 20 | 20 | 0.0 (g) |
|  Gentex Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Gilead Sciences, Inc. | (227) | (3) | (3) | 0.0 (g) |
|  Group 1 Automotive, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  H&R Block, Inc. | (226) | 2 | 2 | 0.0 (g) |
|  Hancock Whitney Corp. | (365) | — (h) | — (h) | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | (234) | 8 | 8 | 0.0 (g) |
|  Hasbro, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  HealthEquity, Inc. | (26) | — (h) | — (h) | 0.0 (g) |
|  HEICO Corp. | (23) | — (h) | — (h) | 0.0 (g) |
|  Honeywell International, Inc. | (1918) | 14 | 14 | 0.0 (g) |
|  Houlihan Lokey, Inc. | (558) | (7) | (8) | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | (541) | 23 | 23 | 0.0 (g) |
|  Insmed, Inc. | (156) | (1) | (1) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | (13) | 1 | 1 | 0.0 (g) |
|  Intercontinental Exchange, Inc. | (932) | (9) | (9) | 0.0 (g) |
|  Invitation Homes, Inc. | (25) | — (h) | — (h) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | (15) | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Jefferies Financial Group, Inc. | (13) | (1) | (1) | 0.0 (g) |
|  KBR, Inc. | (190) | (5) | (5) | 0.0 (g) |
|  KeyCorp. | (985) | (2) | (2) | 0.0 (g) |
|  Kimberly-Clark Corp. | (837) | 2 | 2 | 0.0 (g) |
|  Kirby Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (23) | — (h) | — (h) | 0.0 (g) |
|  Leidos Holdings, Inc. | (291) | 2 | 2 | 0.0 (g) |
|  Lennar Corp. | (465) | 16 | 16 | 0.0 (g) |
|  LyondellBasell Industries NV | (33) | (1) | (1) | 0.0 (g) |
|  Manhattan Associates, Inc. | (381) | (19) | (19) | 0.0 (g) |
|  MarketAxess Holdings, Inc. | (362) | (9) | (9) | 0.0 (g) |
|  MasTec, Inc. | (31) | 1 | 1 | 0.0 (g) |
|  McDonald's Corp. | (129) | — (h) | — (h) | 0.0 (g) |
|  McKesson Corp. | (13) | 1 | 1 | 0.0 (g) |
|  Medpace Holdings, Inc. | (535) | 17 | 17 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (651) | (16) | (16) | 0.0 (g) |
|  MGIC Investment Corp. | (12) | — (h) | — (h) | 0.0 (g) |
|  Microchip Technology, Inc. | (467) | (8) | (8) | 0.0 (g) |
|  Microsoft Corp. | (2088) | 14 | 14 | 0.0 (g) |
|  Moderna, Inc. | (3) | — (h) | — (h) | 0.0 (g) |
|  MP Materials Corp. | (85) | (7) | (7) | 0.0 (g) |
|  Nasdaq, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  National Fuel Gas Co. | (9) | 1 | 1 | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | (217) | (9) | (9) | 0.0 (g) |
|  Nucor Corp. | (14) | — (h) | — (h) | 0.0 (g) |
|  Okta, Inc. | (228) | (2) | (2) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | (378) | (13) | (13) | 0.0 (g) |
|  Option Care Health, Inc. | (92) | (3) | (3) | 0.0 (g) |
|  Palo Alto Networks, Inc. | (255) | (6) | (6) | 0.0 (g) |
|  Paylocity Holding Corp. | (31) | (2) | (2) | 0.0 (g) |
|  PepsiCo., Inc. | (612) | (3) | (3) | 0.0 (g) |
|  Performance Food Group Co. | (325) | 2 | 2 | 0.0 (g) |
|  Pfizer, Inc. | (1157) | 72 | 71 | 0.0 (g) |
|  PG&E Corp. | (628) | 19 | 19 | 0.0 (g) |
|  Primo Brands Corp. | (11) | — (h) | — (h) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Qorvo, Inc. | (353) | (19) | (19) | 0.0 (g) |
|  Ralph Lauren Corp. | (9) | — (h) | — (h) | 0.0 (g) |
|  Revvity, Inc. | (274) | 4 | 4 | 0.0 (g) |
|  Roper Technologies, Inc. | (254) | (5) | (6) | 0.0 (g) |
|  Royal Gold, Inc. | (127) | 6 | 6 | 0.0 (g) |
|  RPM International, Inc. | (253) | (7) | (7) | 0.0 (g) |
|  RTX Corp. | (885) | 44 | 44 | 0.0 (g) |
|  SEI Investments Co. | (9) | — (h) | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  SLB Ltd. | (15) | — (h) | — (h) | 0.0 (g) |
|  SouthState Bank Corp. | (280) | (3) | (3) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | (5) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Synovus Financial Corp. | (418) | (8) | (8) | 0.0 (g) |
|  Tapestry, Inc. | (972) | (6) | (6) | 0.0 (g) |
|  Teledyne Technologies, Inc. | (285) | 9 | 9 | 0.0 (g) |
|  Textron, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Toro Co. (The) | (7) | — (h) | — (h) | 0.0 (g) |
|  VeriSign, Inc. | (929) | (10) | (11) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | (39) | 1 | 1 | 0.0 (g) |
|  Voya Financial, Inc. | (371) | (8) | (8) | 0.0 (g) |
|  Waters Corp. | (254) | (2) | (2) | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | (16) | — (h) | — (h) | 0.0 (g) |
|  Woodward, Inc. | (755) | 38 | 37 | 0.0 (g) |
|  Zions Bancorp NA | (14) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (79) | (86) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (202) | (204) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.25%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/10/2027 | (214) | (213) | – (h) | (213) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 150 | (1) | (1) | 0.0 (g) |
|  APA Group | 95 |  | — (h) | 0.0 (g) |
|  ASX Ltd. | 393 | 10 | 10 | 0.0 (g) |
|  BHP Group Ltd. | 2663 | (87) | (87) | 0.0 (g) |
|  BlueScope Steel Ltd. | 11 | — (h) | — (h) | 0.0 (g) |
|  Brambles Ltd. | 784 | 10 | 10 | 0.0 (g) |
|  CAR Group Ltd. | 29 | 1 | 1 | 0.0 (g) |
|  Cochlear Ltd. | 22 | 1 | 1 | 0.0 (g) |
|  Fortescue Ltd. | 15 | — (h) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | 51 | (3) | (3) | 0.0 (g) |
|  Goodman Group | 38 | 1 | 1 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | 218 | (27) | (27) | 0.0 (g) |
|  Medibank Pvt Ltd. | 12 | — (h) | — (h) | 0.0 (g) |
|  Mineral Resources Ltd. | 21 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  National Australia Bank Ltd. | 25 | — (h) | — (h) | 0.0 (g) |
|  NEXTDC Ltd. | 262 | 5 | 5 | 0.0 (g) |
|  Northern Star Resources Ltd. | 26 | — (h) | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | 80 | (2) | (2) | 0.0 (g) |
|  Sigma Healthcare Ltd. | 36 | 1 | 1 | 0.0 (g) |
|  Stockland | 397 | 12 | 13 | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 33 | — (h) | — (h) | 0.0 (g) |
|  Vicinity Ltd. | 222 | 6 | 6 | 0.0 (g) |
|  Westpac Banking Corp. | 14 | — (h) | — (h) | 0.0 (g) |
|  WiseTech Global Ltd. | 144 | 6 | 6 | 0.0 (g) |
|  Woolworths Group Ltd. | 62 | 1 | 1 | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  a2 Milk Co. Ltd. (The) | 10 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (67) | (66) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (118) | (1) | (1) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (102) | — (h) | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | (77) | 7 | 7 | 0.0 (g) |
|  HUB24 Ltd. | (221) | — (h) | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (473) | 4 | 4 | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (42) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (22) | — (h) | — (h) | 0.0 (g) |
|  Orica Ltd. | (806) | (2) | (2) | 0.0 (g) |
|  Pro Medicus Ltd. | (64) | 1 | 1 | 0.0 (g) |
|  Qantas Airways Ltd. | (70) | (1) | (1) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (82) | 1 | 1 | 0.0 (g) |
|  REA Group Ltd. | (76) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (24) | 3 | 3 | 0.0 (g) |
|  Santos Ltd. | (1385) | (128) | (128) | 0.0 (g) |
|  Technology One Ltd. | (45) | 1 | 1 | 0.0 (g) |
|  Transurban Group | (621) | (22) | (22) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (21) | (1) | (1) | 0.0 (g) |
|  Wesfarmers Ltd. | (1205) | (9) | (9) | 0.0 (g) |
|  Worley Ltd. | (72) | — (h) | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (7) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (147) | (147) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (214) | (213) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CORRA on long positions and short positions respectively, plus or minus spread (rates range from (1.50)% to (0.20)%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/13/2027 | (206) | (199) | 45 | (154) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Alimentation Couche-Tard, Inc. | 2665 | (28) | (27) | 0.0 (g) |
|  Bombardier, Inc. | 77 | (3) | (3) | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | 2927 | (30) | (28) | 0.0 (g) |
|  Equinox Gold Corp. | 13 | (1) | (1) | 0.0 (g) |
|  Franco-Nevada Corp. | 2675 | (199) | (198) | 0.0 (g) |
|  G Mining Ventures Corp. | 155 | (13) | (13) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 8 | (1) | (1) | 0.0 (g) |
|  National Bank of Canada | 3840 | 52 | 53 | 0.0 (g) |
|  Open Text Corp. | 2097 | (4) | (4) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 53 | — (h) | — (h) | 0.0 (g) |
|  Rogers Communications, Inc. | 2007 | 40 | 41 | 0.0 (g) |
|  South Bow Corp. | 68 | (1) | (1) | 0.0 (g) |
|  Toromont Industries Ltd. | 602 | (20) | (19) | 0.0 (g) |
|  Whitecap Resources, Inc. | 38 | 1 | 1 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc./Canada | 16 | 1 | 1 | 0.0 (g) |
|  Galaxy Digital, Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (206) | (199) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (206) | (199) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/03/2027 | (2) | (2) | 8 | 6 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Belimo Holding AG | 16 | 1 | 1 | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | 124 | 6 | 6 | 0.0 (g) |
|  Galderma Group AG | 125 | 8 | 8 | 0.0 (g) |
|  Nestle SA | 5 | — (h) | — (h) | 0.0 (g) |
|  Sandoz Group AG | 12 | — (h) | — (h) | 0.0 (g) |
|  Straumann Holding AG | 27 | 2 | 2 | 0.0 (g) |
|  Swiss Life Holding AG | 64 | (1) | (1) | 0.0 (g) |
|  Swiss Prime Site AG | 4 | — (h) | — (h) | 0.0 (g) |
|  Swiss Re AG | 32 | (1) | (1) | 0.0 (g) |
|  Swisscom AG | 56 | — (h) | — (h) | 0.0 (g) |
|  VAT Group AG | 31 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 15 | 15 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Accelleron Industries AG | (35) | (1) | (1) | 0.0 (g) |
|  Cie Financiere Richemont SA | (305) | (3) | (3) | 0.0 (g) |
|  Holcim AG | (398) | (11) | (11) | 0.0 (g) |
|  PSP Swiss Property AG | (10) | — (h) | — (h) | 0.0 (g) |
|  Schindler Holding AG | (13) | — (h) | — (h) | 0.0 (g) |
|  SGS SA | (233) | (6) | (6) | 0.0 (g) |
|  Swissquote Group Holding SA | (78) | 4 | 4 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (17) | (17) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/03/2027 | 25 | 25 | – | 25 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | 1503 | 10 | 10 | 0.0 (g) |
|  DSV A/S | 786 | 8 | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Novo Nordisk A/S | 301 | 1 | 1 | 0.0 (g) |
|  Novonesis Novozymes B | 2462 | 10 | 10 | 0.0 (g) |
|  ROCKWOOL A/S | 30 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 29 | 29 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Genmab A/S | (3332) | 44 | 44 | 0.0 (g) |
|  GN Store Nord A/S | (307) | (3) | (3) | 0.0 (g) |
|  Pandora A/S | (4411) | (34) | (34) | 0.0 (g) |
|  Tryg A/S | (1901) | (11) | (11) | 0.0 (g) |
|  Vestas Wind Systems A/S | (47) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4) | (4) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 25 | 25 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/03/2027 | (257) | (257) | – (h) | (257) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | 28 | — (h) | — (h) | 0.0 (g) |
|  Verbund AG | 70 | (2) | (2) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  D'ieteren Group | 84 | 3 | 3 | 0.0 (g) |
|  Elia Group SA | 77 | (2) | (2) | 0.0 (g) |
|  KBC Group NV | 121 | (1) | (1) | 0.0 (g) |
|  Lotus Bakeries NV | 31 | (1) | (1) | 0.0 (g) |
|  Sofina SA | 73 | 1 | 1 | 0.0 (g) |
|  Syensqo SA | 50 | 1 | 1 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 188 | (9) | (9) | 0.0 (g) |
|  Kesko OYJ | 11 | — (h) | — (h) | 0.0 (g) |
|  Kone OYJ | 323 | (9) | (9) | 0.0 (g) |
|  Orion OYJ | 237 | 4 | 4 | 0.0 (g) |
|  Stora Enso OYJ | 31 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Germany** |  |  |  |  |
|  Beiersdorf AG | 5 | — (h) | — (h) | 0.0 (g) |
|  Brenntag SE | 269 | (3) | (3) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | 476 | 24 | 24 | 0.0 (g) |
|  Daimler Truck Holding AG | 28 | 2 | 2 | 0.0 (g) |
|  Dr Ing hc F Porsche AG | 159 | 8 | 8 | 0.0 (g) |
|  Hannover Rueck SE | 61 | (2) | (2) | 0.0 (g) |
|  K+S AG | 28 | (1) | (1) | 0.0 (g) |
|  Merck KGaA | 42 | (1) | (1) | 0.0 (g) |
|  RWE AG | 793 | (44) | (44) | 0.0 (g) |
|  Talanx AG | 70 | (1) | (1) | 0.0 (g) |
|  Volkswagen AG | 10 | — (h) | — (h) | 0.0 (g) |
|  Zalando SE | 8 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Bank of Ireland Group plc | 11 | — (h) | — (h) | 0.0 (g) |
|  Kingspan Group plc | 22 | (1) | (1) | 0.0 (g) |
|  Ryanair Holdings plc | 16 | (1) | (1) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Davide Campari-Milano NV | 85 | 7 | 7 | 0.0 (g) |
|  Ferrari NV | 46 | (1) | (1) | 0.0 (g) |
|  Iveco Group NV | 513 | (2) | (2) | 0.0 (g) |
|  Moncler SpA | 10 | — (h) | — (h) | 0.0 (g) |
|  Prysmian SpA | 8 | — (h) | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  CVC Capital Partners plc | 51 | 1 | 1 | 0.0 (g) |
|  Tenaris SA | 392 | 2 | 2 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 31 | — (h) | — (h) | 0.0 (g) |
|  Adyen NV | 793 | (11) | (11) | 0.0 (g) |
|  Aegon Ltd. | 190 | (4) | (4) | 0.0 (g) |
|  Akzo Nobel NV | 596 | 15 | 15 | 0.0 (g) |
|  ASML Holding NV | 1205 | (192) | (191) | 0.0 (g) |
|  EXOR NV | 76 | (1) | (1) | 0.0 (g) |
|  Ferrovial SE | 387 | (4) | (4) | 0.0 (g) |
|  Heineken Holding NV | 16 | — (h) | — (h) | 0.0 (g) |
|  IMCD NV | 705 | 28 | 28 | 0.0 (g) |
|  Randstad NV | 44 | — (h) | — (h) | 0.0 (g) |
|  Stellantis NV | 552 | 26 | 26 | 0.0 (g) |
|  Universal Music Group NV | 740 | 8 | 8 | 0.0 (g) |
|  **Poland** |  |  |  |  |
|  InPost SA | 4 | — (h) | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Jeronimo Martins SGPS SA | 29 | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  EDP Renovaveis SA | 83 | (11) | (11) | 0.0 (g) |
|  Industria de Diseno Textil SA | 98 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (174) | (173) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (100) | 2 | 2 | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (25) | — (h) | — (h) | 0.0 (g) |
|  Sofina SA | — (h) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nokia OYJ | (17) | 1 | 1 | 0.0 (g) |
|  Wartsila OYJ Abp | (229) | (9) | (9) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | (109) | — (h) | — (h) | 0.0 (g) |
|  Continental AG | (69) | — (h) | — (h) | 0.0 (g) |
|  Deutsche Post AG | (738) | (10) | (10) | 0.0 (g) |
|  Deutsche Telekom AG | (1350) | (46) | (46) | 0.0 (g) |
|  E.ON SE | (1410) | 26 | 26 | 0.0 (g) |
|  Evonik Industries AG | (4) | — (h) | — (h) | 0.0 (g) |
|  GEA Group AG | (9) | — (h) | — (h) | 0.0 (g) |
|  Heidelberg Materials AG | (547) | (41) | (41) | 0.0 (g) |
|  Henkel AG & Co. KGaA | (792) | (58) | (58) | 0.0 (g) |
|  Knorr-Bremse AG | (12) | — (h) | — (h) | 0.0 (g) |
|  LEG Immobilien SE | (21) | — (h) | — (h) | 0.0 (g) |
|  Nemetschek SE | (53) | 3 | 3 | 0.0 (g) |
|  Nordex SE | (13) | 1 | 1 | 0.0 (g) |
|  SAP SE | (50) | 3 | 3 | 0.0 (g) |
|  Scout24 SE | (6) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | (377) | (8) | (8) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (97) | (7) | (7) | 0.0 (g) |
|  Intesa Sanpaolo SpA | (33) | — (h) | — (h) | 0.0 (g) |
|  Italgas SpA | (33) | 2 | 2 | 0.0 (g) |
|  Snam SpA | (4) | — (h) | — (h) | 0.0 (g) |
|  UniCredit SpA | (71) | (1) | (1) | 0.0 (g) |
|  Unipol Assicurazioni SpA | (100) | 3 | 3 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (206) | 1 | 1 | 0.0 (g) |
|  NN Group NV | (708) | 10 | 10 | 0.0 (g) |
|  QIAGEN NV | (14) | (1) | (1) | 0.0 (g) |
|  Wolters Kluwer NV | (12) | 1 | 1 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (60) | (9) | (9) | 0.0 (g) |
|  EDP SA | (11) | — (h) | — (h) | 0.0 (g) |
|  Galp Energia SGPS SA | (6) | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (36) | (1) | (1) | 0.0 (g) |
|  Iberdrola SA | (1462) | 32 | 32 | 0.0 (g) |
|  Repsol SA | (934) | 26 | 25 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Telefonica SA | (69) | (3) | (3) | 0.0 (g) |
|  Unicaja Banco SA | (5) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (83) | (84) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (257) | (257) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/03/2027 | 72 | 74 | 3 | 77 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | 354 | (6) | (6) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | 12 | — (h) | — (h) | 0.0 (g) |
|  Associated British Foods plc | 173 | (11) | (11) | 0.0 (g) |
|  Auto Trader Group plc | 5 | — (h) | — (h) | 0.0 (g) |
|  B&M European Value Retail SA | 23 | (4) | (4) | 0.0 (g) |
|  Berkeley Group Holdings plc | 34 | (3) | (3) | 0.0 (g) |
|  British American Tobacco plc | 683 | 42 | 43 | 0.0 (g) |
|  BT Group plc | 66 | 4 | 4 | 0.0 (g) |
|  Bunzl plc | 15 | 1 | 1 | 0.0 (g) |
|  Croda International plc | 37 | (4) | (4) | 0.0 (g) |
|  Diageo plc | 934 | 51 | 51 | 0.0 (g) |
|  easyJet plc | 126 | 3 | 3 | 0.0 (g) |
|  Haleon plc | 23 | — (h) | — (h) | 0.0 (g) |
|  Informa plc | 212 | (8) | (7) | 0.0 (g) |
|  International Consolidated Airlines Group SA | 12 | — (h) | — (h) | 0.0 (g) |
|  Land Securities Group plc | 7 | — (h) | — (h) | 0.0 (g) |
|  Lloyds Banking Group plc | 8 | — (h) | — (h) | 0.0 (g) |
|  LondonMetric Property plc | 10 | — (h) | — (h) | 0.0 (g) |
|  Marks & Spencer Group plc | 36 | (1) | (1) | 0.0 (g) |
|  Mondi plc | 36 | (1) | (1) | 0.0 (g) |
|  National Grid plc | 668 | (17) | (16) | 0.0 (g) |
|  QinetiQ Group plc | 13 | (2) | (2) | 0.0 (g) |
|  Rentokil Initial plc | 40 | (2) | (2) | 0.0 (g) |
|  Rio Tinto plc | 47 | (4) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Segro plc | 61 | (4) | (4) | 0.0 (g) |
|  Spirax Group plc | 20 | 1 | 1 | 0.0 (g) |
|  Standard Chartered plc | 323 | 3 | 3 | 0.0 (g) |
|  Tesco plc | 5 | — (h) | — (h) | 0.0 (g) |
|  Vodafone Group plc | 80 | (8) | (8) | 0.0 (g) |
|  Wise plc | 9 | 1 | 1 | 0.0 (g) |
|  WPP plc | 39 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 33 | 36 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (25) | (1) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (454) | (30) | (30) | 0.0 (g) |
|  Glencore plc | (9) | 2 | 2 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Babcock International Group plc | (12) | 2 | 2 | 0.0 (g) |
|  BAE Systems plc | (1151) | 35 | 35 | 0.0 (g) |
|  Barclays plc | (3) | — (h) | — (h) | 0.0 (g) |
|  Beazley plc | (134) | 19 | 19 | 0.0 (g) |
|  British Land Co. plc (The) | (4) | — (h) | — (h) | 0.0 (g) |
|  Compass Group plc | (431) | (9) | (9) | 0.0 (g) |
|  IG Group Holdings plc | (61) | (2) | (2) | 0.0 (g) |
|  IMI plc | (40) | — (h) | — (h) | 0.0 (g) |
|  InterContinental Hotels Group plc | (67) | 3 | 3 | 0.0 (g) |
|  Intertek Group plc | (67) | 2 | 2 | 0.0 (g) |
|  J Sainsbury plc | (3) | — (h) | — (h) | 0.0 (g) |
|  JD Sports Fashion plc | (5) | (3) | (3) | 0.0 (g) |
|  Johnson Matthey plc | (4) | — (h) | — (h) | 0.0 (g) |
|  London Stock Exchange Group plc | (25) | — (h) | — (h) | 0.0 (g) |
|  M&G plc | (59) | (1) | (1) | 0.0 (g) |
|  NatWest Group plc | (68) | (3) | (3) | 0.0 (g) |
|  Next plc | (46) | 4 | 4 | 0.0 (g) |
|  Pearson plc | (22) | 1 | 1 | 0.0 (g) |
|  Phoenix Group Holdings plc | (21) | (1) | (1) | 0.0 (g) |
|  RELX plc | (476) | 20 | 19 | 0.0 (g) |
|  Sage Group plc (The) | (21) | 1 | 1 | 0.0 (g) |
|  Schroders plc | (8) | — (h) | — (h) | 0.0 (g) |
|  St James's Place plc | (13) | — (h) | — (h) | 0.0 (g) |
|  Taylor Wimpey plc | — (h) | — (h) | — (h) | 0.0 (g) |
|  United Utilities Group plc | (31) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | (4) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 39 | 38 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 72 | 74 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/10/2027 | (7) | (7) | – (h) | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Henderson Land Development Co. Ltd. | 352 | 1 | 1 | 0.0 (g) |
|  MTR Corp. Ltd. | 51 | — (h) | — (h) | 0.0 (g) |
|  Power Assets Holdings Ltd. | 50 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Galaxy Entertainment Group Ltd. | (41) | — (h) | — (h) | 0.0 (g) |
|  HKT Trust & HKT Ltd. | (54) | — (h) | — (h) | 0.0 (g) |
|  WH Group Ltd. | (1270) | (8) | (8) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (8) | (8) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (7) | (7) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0.70% to 0.70%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/03/2027 | 3 | 3 | – | 3 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (43) | 1 | 1 | 0.0 (g) |
|  Bank Leumi Le-Israel BM | (16) | — (h) | — (h) | 0.0 (g) |
|  Nice Ltd. | (252) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (2.50)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/10/2027 | (40) | (42) | 201 | 159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 9819 | (3) | (3) | 0.0 (g) |
|  Aeon Co. Ltd. | 6951 | 1 | 1 | 0.0 (g) |
|  Ajinomoto Co., Inc. | 2527 | — (h) | — (h) | 0.0 (g) |
|  Central Japan Railway Co. | 19225 | 1 | 1 | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | 31692 | 7 | 7 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 4376 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 5131 | (1) | (1) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 50484 | 1 | 1 | 0.0 (g) |
|  East Japan Railway Co. | 24533 | 2 | 2 | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 32938 | 1 | 1 | 0.0 (g) |
|  Honda Motor Co. Ltd. | 237878 | 126 | 126 | 0.0 (g) |
|  Hoshizaki Corp. | 37291 | 12 | 12 | 0.0 (g) |
|  Hoya Corp. | 4214 | 1 | 1 | 0.0 (g) |
|  IHI Corp. | 108194 | (130) | (130) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 4281 | 1 | 1 | 0.0 (g) |
|  ITOCHU Corp. | 29031 | 3 | 3 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | 40498 | 5 | 5 | 0.0 (g) |
|  Japan Real Estate Investment Corp. | 1690 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Japan Steel Works Ltd. (The) | 2555 | (1) | (1) | 0.0 (g) |
|  JFE Holdings, Inc. | 8027 | 3 | 3 | 0.0 (g) |
|  Kadokawa Corp. | 48129 | (16) | (16) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | 37686 | 6 | 6 | 0.0 (g) |
|  Kikkoman Corp. | 7216 | — (h) | — (h) | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | 3231 | — (h) | — (h) | 0.0 (g) |
|  Komatsu Ltd. | 6705 | — (h) | — (h) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 6023 | 1 | 1 | 0.0 (g) |
|  M3, Inc. | 67258 | (13) | (13) | 0.0 (g) |
|  Makita Corp. | 50725 | 12 | 12 | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | 4390 | 4 | 4 | 0.0 (g) |
|  Mazda Motor Corp. | 9237 | 3 | 3 | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 5242 | — (h) | — (h) | 0.0 (g) |
|  Mercari, Inc. | 2306 | — (h) | — (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 18247 | (1) | (1) | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | 45479 | 12 | 12 | 0.0 (g) |
|  Mitsubishi Motors Corp. | 24601 | 7 | 7 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 5351 | (3) | (3) | 0.0 (g) |
|  Modec, Inc. | 772 | — (h) | — (h) | 0.0 (g) |
|  MonotaRO Co. Ltd. | 3784 | 2 | 2 | 0.0 (g) |
|  Nikon Corp. | 2954 | — (h) | — (h) | 0.0 (g) |
|  Nintendo Co. Ltd. | 195591 | 93 | 93 | 0.0 (g) |
|  Nippon Building Fund, Inc. | 24736 | 3 | 3 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | 56867 | 12 | 12 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 6245 | 3 | 3 | 0.0 (g) |
|  Nippon Steel Corp. | 17510 | 4 | 4 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | 12960 | — (h) | — (h) | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | 3369 | — (h) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | 18116 | 3 | 3 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 35548 | 1 | 1 | 0.0 (g) |
|  Nitto Denko Corp. | 13636 | (3) | (3) | 0.0 (g) |
|  Organo Corp. | 43015 | 23 | 23 | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 1546 | — (h) | — (h) | 0.0 (g) |
|  Sanrio Co. Ltd. | 33149 | (1) | (1) | 0.0 (g) |
|  SBI Holdings, Inc. | 69668 | 14 | 14 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 4053 | — (h) | — (h) | 0.0 (g) |
|  SCSK Corp. | 6744 | 1 | 1 | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | 1557 | — (h) | — (h) | 0.0 (g) |
|  SG Holdings Co. Ltd. | 37798 | 10 | 10 | 0.0 (g) |
|  SHIFT, Inc. | 20555 | 13 | 13 | 0.0 (g) |
|  Shimano, Inc. | 1645 | — (h) | — (h) | 0.0 (g) |
|  Shionogi & Co. Ltd. | 36879 | 2 | 2 | 0.0 (g) |
|  SUMCO Corp. | 18009 | (10) | (10) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 4980 | — (h) | — (h) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | 2776 | — (h) | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. | 106186 | (28) | (28) | 0.0 (g) |
|  Taisei Corp. | 2035 | — (h) | — (h) | 0.0 (g) |
|  TDK Corp. | 15795 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  TIS, Inc. | 4549 | 1 | 1 | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 5749 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | 63391 | 10 | 10 | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | 7808 | — (h) | — (h) | 0.0 (g) |
|  Tokyu Corp. | 6713 | 1 | 2 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 3044 | — (h) | — (h) | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | 9491 | — (h) | — (h) | 0.0 (g) |
|  Toyota Tsusho Corp. | 5348 | — (h) | — (h) | 0.0 (g) |
|  West Japan Railway Co. | 18801 | 4 | 4 | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 1679 | — (h) | — (h) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 5815 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 200 | 201 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  AGC, Inc. | (31357) | 3 | 3 | 0.0 (g) |
|  Aisin Corp. | (764) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (49713) | (10) | (10) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (86655) | (12) | (12) | 0.0 (g) |
|  Asahi Kasei Corp. | (2698) | — (h) | — (h) | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (37769) | 1 | 1 | 0.0 (g) |
|  BayCurrent, Inc. | (21869) | 5 | 5 | 0.0 (g) |
|  Credit Saison Co. Ltd. | (1175) | — (h) | — (h) | 0.0 (g) |
|  CyberAgent, Inc. | (6108) | 1 | 1 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (9083) | (5) | (5) | 0.0 (g) |
|  Denso Corp. | (91049) | (11) | (11) | 0.0 (g) |
|  Dentsu Group, Inc. | (3591) | — (h) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (31515) | — (h) | — (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | (56478) | 5 | 5 | 0.0 (g) |
|  Food & Life Cos. Ltd. | (1518) | — (h) | — (h) | 0.0 (g) |
|  Fujitsu Ltd. | (84878) | (35) | (36) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (4930) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (6984) | (1) | (1) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (1432) | — (h) | — (h) | 0.0 (g) |
|  Isuzu Motors Ltd. | (6257) | (1) | (1) | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (1814) | — (h) | — (h) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (1930) | — (h) | — (h) | 0.0 (g) |
|  Japan Tobacco, Inc. | (3401) | — (h) | — (h) | 0.0 (g) |
|  Kao Corp. | (64915) | (20) | (20) | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | (72244) | (44) | (45) | 0.0 (g) |
|  Kubota Corp. | (111530) | 3 | 3 | 0.0 (g) |
|  Kyocera Corp. | (129053) | (39) | (40) | 0.0 (g) |
|  LY Corp. | (760) | — (h) | — (h) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (2488) | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Electric Corp. | (46863) | (1) | (1) | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (1063) | 1 | 1 | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | (37622) | (16) | (16) | 0.0 (g) |
|  NEC Corp. | (4698) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  NH Foods Ltd. | (20415) | 1 | 1 | 0.0 (g) |
|  Nissan Chemical Corp. | (33709) | (6) | (6) | 0.0 (g) |
|  Nomura Holdings, Inc. | (4383) | — (h) | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (36365) | (4) | (4) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (16753) | — (h) | — (h) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (12334) | (1) | (1) | 0.0 (g) |
|  Rakuten Group, Inc. | (100834) | (10) | (10) | 0.0 (g) |
|  Ricoh Co. Ltd. | (35548) | (14) | (14) | 0.0 (g) |
|  Rohm Co. Ltd. | (3072) | — (h) | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | (2755) | (1) | (1) | 0.0 (g) |
|  Shimizu Corp. | (1462) | — (h) | — (h) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | (88226) | 17 | 17 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (18950) | (1) | (1) | 0.0 (g) |
|  Sumitomo Corp. | (3039) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (32824) | (8) | (8) | 0.0 (g) |
|  Sysmex Corp. | (6749) | (1) | (1) | 0.0 (g) |
|  Terumo Corp. | (10991) | — (h) | — (h) | 0.0 (g) |
|  THK Co. Ltd. | (4118) | — (h) | — (h) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. | (3466) | (1) | (1) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | (58770) | (16) | (16) | 0.0 (g) |
|  Tosoh Corp. | (13537) | (1) | (1) | 0.0 (g) |
|  Toyota Motor Corp. | (1176) | — (h) | — (h) | 0.0 (g) |
|  Unicharm Corp. | (102373) | (18) | (18) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (240) | (243) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (40) | (42) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/03/2027 | 25 | 25 | – | 25 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Norsk Hydro ASA | 120 | — (h) | — (h) | 0.0 (g) |
|  Salmar ASA | 797 | 4 | 4 | 0.0 (g) |
|  Telenor ASA | 2831 | 7 | 7 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 11 | 11 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (3189) | 14 | 14 | 0.0 (g) |
|  Var Energi ASA | (69) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 14 | 14 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 25 | 25 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to (0.25)%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/10/2027 | – (h) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | 1 | — (h) | — (h) | 0.0 (g) |
|  Meridian Energy Ltd. | 56 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.47)% to 0.25%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/03/2027 | 15 | 14 | – | 14 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Atlas Copco AB | 195 | — (h) | — (h) | 0.0 (g) |
|  Beijer Ref AB | 676 | 4 | 4 | 0.0 (g) |
|  EQT AB | 1169 | 5 | 5 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 959 | (16) | (16) | 0.0 (g) |
|  Hexagon AB | 112 | — (h) | — (h) | 0.0 (g) |
|  Holmen AB | 120 | — (h) | — (h) | 0.0 (g) |
|  L E Lundbergforetagen AB | 1782 | 1 | 1 | 0.0 (g) |
|  Sagax AB | 255 | 1 | 1 | 0.0 (g) |
|  Sandvik AB | 218 | — (h) | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 967 | — (h) | — (h) | 0.0 (g) |
|  Swedbank AB | 167 | — (h) | — (h) | 0.0 (g) |
|  Volvo AB | 205 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (5) | (5) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | (409) | (2) | (2) | 0.0 (g) |
|  Boliden AB | (3185) | 40 | 40 | 0.0 (g) |
|  Evolution AB | (2862) | (18) | (19) | 0.0 (g) |
|  Getinge AB | (315) | (1) | (1) | 0.0 (g) |
|  Securitas AB | (1717) | (5) | (5) | 0.0 (g) |
|  Skanska AB | (2871) | 3 | 3 | 0.0 (g) |
|  SSAB AB | (44) | — (h) | — (h) | 0.0 (g) |
|  Svenska Handelsbanken AB | (221) | — (h) | — (h) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | (192) | 1 | 1 | 0.0 (g) |
|  Tele2 AB | (853) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 20 | 19 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 15 | 14 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/10/2027 | 10 | 10 | – | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  DBS Group Holdings Ltd. | 998 | 4 | 4 | 0.0 (g) |
|  Sembcorp Industries Ltd. | 358 | 6 | 6 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 10 | 10 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Investment Ltd./Singapore | (41) | (1) | (1) | 0.0 (g) |
|  Genting Singapore Ltd. | (24) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 10 | 10 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day OBFR on long positions and short positions respectively, plus or minus spread (rates range from (1.22)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/13/2027 | 111 | 98 | 75 | 173 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 61 | (3) | (3) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  D-Wave Quantum, Inc. | 25 | 2 | 2 | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Futu Holdings Ltd. | 258 | 10 | 10 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  NXP Semiconductors NV | 766 | (30) | (29) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  CNH Industrial NV | 6 | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  A O Smith Corp. | 365 | (1) | (1) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | 169 | 5 | 5 | 0.0 (g) |
|  Affirm Holdings, Inc. | 232 | 43 | 43 | 0.0 (g) |
|  Air Products and Chemicals, Inc. | 33 | 2 | 2 | 0.0 (g) |
|  Alliant Energy Corp. | 920 | (38) | (38) | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | 525 | 6 | 6 | 0.0 (g) |
|  American Airlines Group, Inc. | 307 | 34 | 35 | 0.0 (g) |
|  American Financial Group, Inc./OH | 653 | (30) | (30) | 0.0 (g) |
|  American Homes 4 Rent | 10 | — (h) | — (h) | 0.0 (g) |
|  Antero Midstream Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  APA Corp. | 11 | — (h) | — (h) | 0.0 (g) |
|  Avidity Biosciences, Inc. | 9 | (1) | (1) | 0.0 (g) |
|  Avis Budget Group, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Baker Hughes Co. | 12 | — (h) | — (h) | 0.0 (g) |
|  Bentley Systems, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  BILL Holdings, Inc. | 155 | (4) | (4) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | 84 | — (h) | — (h) | 0.0 (g) |
|  Block, Inc. | 338 | 11 | 11 | 0.0 (g) |
|  Broadcom, Inc. | 308 | 29 | 30 | 0.0 (g) |
|  BXP, Inc. | 93 | 2 | 2 | 0.0 (g) |
|  CareTrust REIT, Inc. | 100 | — (h) | — (h) | 0.0 (g) |
|  Carrier Global Corp. | 459 | 12 | 12 | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 75 | 2 | 2 | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | 1113 | 7 | 8 | 0.0 (g) |
|  Choice Hotels International, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Ciena Corp. | 409 | (30) | (29) | 0.0 (g) |
|  Cincinnati Financial Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Clearwater Analytics Holdings, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  Clorox Co. (The) | 962 | (4) | (3) | 0.0 (g) |
|  Cloudflare, Inc. | 847 | 43 | 43 | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | 68 | 2 | 2 | 0.0 (g) |
|  Comerica, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Confluent, Inc. | 69 | — (h) | — (h) | 0.0 (g) |
|  Cooper Cos., Inc. (The) | 499 | (23) | (23) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | 49 | (10) | (10) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Core & Main, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Corning, Inc. | 2225 | (117) | (116) | 0.0 (g) |
|  Crocs, Inc. | 158 | (12) | (12) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | 868 | (89) | (89) | 0.0 (g) |
|  CSW Industrials, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 107 | 1 | 1 | 0.0 (g) |
|  Datadog, Inc. | 675 | (18) | (18) | 0.0 (g) |
|  Dominion Energy, Inc. | 39 | — (h) | — (h) | 0.0 (g) |
|  DT Midstream, Inc. | 363 | (24) | (23) | 0.0 (g) |
|  Elanco Animal Health, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Emerson Electric Co. | 1131 | 38 | 38 | 0.0 (g) |
|  Entegris, Inc. | 35 | 1 | 1 | 0.0 (g) |
|  Erie Indemnity Co. | 241 | 3 | 3 | 0.0 (g) |
|  Essential Utilities, Inc. | 306 | (17) | (17) | 0.0 (g) |
|  Exact Sciences Corp. | 177 | (4) | (4) | 0.0 (g) |
|  Fastenal Co. | 938 | (26) | (25) | 0.0 (g) |
|  Fidelity National Financial, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 8 | (1) | (1) | 0.0 (g) |
|  Gap, Inc. (The) | 290 | 32 | 32 | 0.0 (g) |
|  Gen Digital, Inc. | 958 | 13 | 13 | 0.0 (g) |
|  Generac Holdings, Inc. | 477 | 47 | 46 | 0.0 (g) |
|  Genuine Parts Co. | 7 | — (h) | — (h) | 0.0 (g) |
|  Globus Medical, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Graco, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Healthpeak Properties, Inc. | 451 | (24) | (23) | 0.0 (g) |
|  Hecla Mining Co. | 18 | — (h) | — (h) | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | 37 | — (h) | — (h) | 0.0 (g) |
|  Home Depot, Inc. (The) | 188 | 2 | 2 | 0.0 (g) |
|  Hormel Foods Corp. | 12 | — (h) | — (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | 26 | — (h) | — (h) | 0.0 (g) |
|  IDACORP, Inc. | 219 | (12) | (11) | 0.0 (g) |
|  Ingersoll Rand, Inc. | 40 | — (h) | — (h) | 0.0 (g) |
|  InterDigital, Inc. | 32 | (1) | (1) | 0.0 (g) |
|  International Paper Co. | 16 | — (h) | — (h) | 0.0 (g) |
|  IonQ, Inc. | 306 | (13) | (12) | 0.0 (g) |
|  J M Smucker Co. (The) | 691 | (43) | (43) | 0.0 (g) |
|  Jack Henry & Associates, Inc. | 863 | 52 | 53 | 0.0 (g) |
|  JBT Marel Corp. | 29 | (1) | (1) | 0.0 (g) |
|  Kenvue, Inc. | 564 | 66 | 65 | 0.0 (g) |
|  Kilroy Realty Corp. | 240 | 8 | 8 | 0.0 (g) |
|  Kinetik Holdings, Inc. | 67 | — (h) | — (h) | 0.0 (g) |
|  KKR & Co., Inc. | 1157 | 119 | 118 | 0.0 (g) |
|  Klaviyo, Inc. | 9 | 2 | 2 | 0.0 (g) |
|  Knife River Corp. | 84 | — (h) | — (h) | 0.0 (g) |
|  Kraft Heinz Co. (The) | 22 | — (h) | — (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 110 | (33) | (33) | 0.0 (g) |
|  Lamar Advertising Co. | 8 | — (h) | — (h) | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | 153 | (6) | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lattice Semiconductor Corp. | 117 | (16) | (16) | 0.0 (g) |
|  Leonardo DRS, Inc. | 102 | (8) | (8) | 0.0 (g) |
|  Liberty Broadband Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | 91 | 2 | 2 | 0.0 (g) |
|  Light & Wonder, Inc. | 102 | 7 | 7 | 0.0 (g) |
|  Lincoln National Corp. | 12 | — (h) | — (h) | 0.0 (g) |
|  Loar Holdings, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Lowe's Cos., Inc. | 150 | 11 | 11 | 0.0 (g) |
|  Maplebear, Inc. | 10 | 2 | 2 | 0.0 (g) |
|  McCormick & Co., Inc./MD | 483 | (7) | (7) | 0.0 (g) |
|  Modine Manufacturing Co. | 14 | 1 | 1 | 0.0 (g) |
|  MongoDB, Inc. | 590 | 42 | 41 | 0.0 (g) |
|  Monolithic Power Systems, Inc. | 11 | (1) | (1) | 0.0 (g) |
|  New York Times Co. (The) | 558 | 17 | 18 | 0.0 (g) |
|  NewMarket Corp. | 17 | — (h) | — (h) | 0.0 (g) |
|  Nexstar Media Group, Inc. | 146 | 5 | 5 | 0.0 (g) |
|  NEXTracker, Inc. | 36 | — (h) | — (h) | 0.0 (g) |
|  Northern Trust Corp. | 26 | (1) | (1) | 0.0 (g) |
|  Occidental Petroleum Corp. | 23 | — (h) | — (h) | 0.0 (g) |
|  Oklo, Inc. | 42 | (7) | (7) | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Packaging Corp. of America | 40 | — (h) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | 18 | (1) | (1) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 14 | — (h) | — (h) | 0.0 (g) |
|  PPL Corp. | 15 | (1) | (1) | 0.0 (g) |
|  Primerica, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  PTC, Inc. | 763 | 4 | 5 | 0.0 (g) |
|  QXO, Inc. | 256 | 27 | 28 | 0.0 (g) |
|  Raymond James Financial, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Realty Income Corp. | 35 | — (h) | — (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 18 | — (h) | — (h) | 0.0 (g) |
|  Robinhood Markets, Inc. | 974 | (243) | (243) | 0.0 (g) |
|  Rocket Lab Corp. | 438 | 51 | 51 | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 74 | (5) | (5) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 357 | 35 | 34 | 0.0 (g) |
|  Samsara, Inc. | 281 | 16 | 16 | 0.0 (g) |
|  Sempra | 1303 | (105) | (105) | 0.0 (g) |
|  Service Corp. International/US | 47 | (2) | (2) | 0.0 (g) |
|  SharkNinja, Inc. | 406 | 41 | 41 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 32 | 3 | 3 | 0.0 (g) |
|  SLM Corp. | 93 | 1 | 1 | 0.0 (g) |
|  Snap-on, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Solventum Corp. | 15 | — (h) | — (h) | 0.0 (g) |
|  STAG Industrial, Inc. | 215 | 4 | 4 | 0.0 (g) |
|  Starbucks Corp. | 2028 | (48) | (47) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Stride, Inc. | 127 | (8) | (8) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Symbotic, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  T Rowe Price Group, Inc. | 42 | 1 | 1 | 0.0 (g) |
|  Target Corp. | 305 | (4) | (4) | 0.0 (g) |
|  Tempus AI, Inc. | 243 | 13 | 13 | 0.0 (g) |
|  Teradyne, Inc. | 66 | (10) | (10) | 0.0 (g) |
|  Texas Pacific Land Corp. | 365 | (4) | (4) | 0.0 (g) |
|  TKO Group Holdings, Inc. | 844 | 10 | 11 | 0.0 (g) |
|  Tractor Supply Co. | 649 | 30 | 30 | 0.0 (g) |
|  Tyson Foods, Inc. | 401 | (2) | (2) | 0.0 (g) |
|  U-Haul Holding Co. | 126 | 2 | 2 | 0.0 (g) |
|  UL Solutions, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  United Airlines Holdings, Inc. | 485 | 38 | 38 | 0.0 (g) |
|  Universal Display Corp. | 42 | (3) | (3) | 0.0 (g) |
|  Viper Energy, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  Webster Financial Corp. | 6 | — (h) | — (h) | 0.0 (g) |
|  WESCO International, Inc. | 383 | 6 | 6 | 0.0 (g) |
|  WW Grainger, Inc. | 972 | 57 | 57 | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | 17 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (71) | (57) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | (5) | — (h) | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (15) | — (h) | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Global-e Online Ltd. | (7) | — (h) | — (h) | 0.0 (g) |
|  Tower Semiconductor Ltd. | (125) | 12 | 12 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | (889) | (54) | (55) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | (577) | 17 | 16 | 0.0 (g) |
|  Garmin Ltd. | (821) | 36 | 36 | 0.0 (g) |
|  On Holding AG | (555) | (4) | (5) | 0.0 (g) |
|  Sportradar Group AG | (24) | (2) | (2) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Janus Henderson Group plc | (14) | — (h) | — (h) | 0.0 (g) |
|  TechnipFMC plc | (251) | 3 | 3 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Adobe, Inc. | (1671) | 27 | 26 | 0.0 (g) |
|  ADT, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Akamai Technologies, Inc. | (233) | (2) | (2) | 0.0 (g) |
|  Alcoa Corp. | (339) | (7) | (8) | 0.0 (g) |
|  Allstate Corp. (The) | (421) | 38 | 38 | 0.0 (g) |
|  Ally Financial, Inc. | (49) | (5) | (5) | 0.0 (g) |
|  Alphabet, Inc. | (270) | (10) | (9) | 0.0 (g) |
|  American Express Co. | (843) | 13 | 12 | 0.0 (g) |
|  AMETEK, Inc. | (11) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Amphenol Corp. | (262) | 10 | 10 | 0.0 (g) |
|  API Group Corp. | (8) | — (h) | — (h) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  Aramark | (184) | 3 | 3 | 0.0 (g) |
|  Armstrong World Industries, Inc. | (318) | (1) | (1) | 0.0 (g) |
|  AT&T, Inc. | (399) | (19) | (20) | 0.0 (g) |
|  Autodesk, Inc. | (514) | (5) | (6) | 0.0 (g) |
|  BellRing Brands, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  Biogen, Inc. | (190) | (4) | (4) | 0.0 (g) |
|  Bio-Techne Corp. | (13) | 1 | 1 | 0.0 (g) |
|  Booking Holdings, Inc. | (1401) | (40) | (41) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (676) | (11) | (12) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | (404) | (19) | (19) | 0.0 (g) |
|  Caesars Entertainment, Inc. | (485) | 22 | 22 | 0.0 (g) |
|  Carpenter Technology Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Carvana Co. | (258) | 8 | 8 | 0.0 (g) |
|  Casey's General Stores, Inc. | (274) | 5 | 5 | 0.0 (g) |
|  CBRE Group, Inc. | (544) | (26) | (27) | 0.0 (g) |
|  Celanese Corp. | (6) | — (h) | — (h) | 0.0 (g) |
|  Cencora, Inc. | (275) | 20 | 20 | 0.0 (g) |
|  Charles River Laboratories International, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Chemed Corp. | (446) | 5 | 5 | 0.0 (g) |
|  Chord Energy Corp. | (24) | (1) | (1) | 0.0 (g) |
|  Cintas Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Comcast Corp. | (916) | (35) | (35) | 0.0 (g) |
|  Comfort Systems USA, Inc. | (412) | 23 | 23 | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | (22) | — (h) | — (h) | 0.0 (g) |
|  Corteva, Inc. | (977) | (35) | (35) | 0.0 (g) |
|  Crane Co. | (17) | — (h) | — (h) | 0.0 (g) |
|  Crown Holdings, Inc. | (1) | — (h) | — (h) | 0.0 (g) |
|  CSX Corp. | (657) | 63 | 62 | 0.0 (g) |
|  Curtiss-Wright Corp. | (27) | 1 | 1 | 0.0 (g) |
|  Darden Restaurants, Inc. | (697) | (72) | (72) | 0.0 (g) |
|  Darling Ingredients, Inc. | (169) | (3) | (3) | 0.0 (g) |
|  Devon Energy Corp. | (19) | — (h) | — (h) | 0.0 (g) |
|  Digital Realty Trust, Inc. | (434) | (5) | (6) | 0.0 (g) |
|  Dollar General Corp. | (607) | (7) | (7) | 0.0 (g) |
|  Dover Corp. | (38) | (1) | (1) | 0.0 (g) |
|  Dropbox, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Duolingo, Inc. | (465) | 60 | 60 | 0.0 (g) |
|  Dutch Bros, Inc. | (340) | (54) | (55) | 0.0 (g) |
|  Edison International | (628) | (6) | (7) | 0.0 (g) |
|  Elastic NV | (26) | (1) | (1) | 0.0 (g) |
|  Encompass Health Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Equinix, Inc. | (1101) | (12) | (12) | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | (243) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Evercore, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Eversource Energy | (856) | 75 | 74 | 0.0 (g) |
|  ExlService Holdings, Inc. | (38) | 1 | 1 | 0.0 (g) |
|  Fidelity National Information Services, Inc. | (47) | — (h) | — (h) | 0.0 (g) |
|  First American Financial Corp. | (23) | (1) | (1) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (11) | — (h) | — (h) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Five Below, Inc. | (380) | 20 | 20 | 0.0 (g) |
|  Flowserve Corp. | (9) | — (h) | — (h) | 0.0 (g) |
|  Fox Corp. | (306) | 25 | 25 | 0.0 (g) |
|  Gartner, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  General Electric Co. | (495) | 24 | 24 | 0.0 (g) |
|  Globe Life, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  GoDaddy, Inc. | (574) | (34) | (35) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | (862) | 11 | 10 | 0.0 (g) |
|  Grand Canyon Education, Inc. | (106) | 7 | 7 | 0.0 (g) |
|  Group 1 Automotive, Inc. | (229) | (10) | (10) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | (151) | (6) | (6) | 0.0 (g) |
|  Hasbro, Inc. | (109) | 3 | 3 | 0.0 (g) |
|  HealthEquity, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Hubbell, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | (15) | 1 | 1 | 0.0 (g) |
|  Ingredion, Inc. | (36) | (1) | (1) | 0.0 (g) |
|  Insulet Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Intel Corp. | (294) | 108 | 108 | 0.0 (g) |
|  Jabil, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  KBR, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Keurig Dr Pepper, Inc. | (734) | (35) | (36) | 0.0 (g) |
|  Kinder Morgan, Inc. | (832) | 30 | 30 | 0.0 (g) |
|  Kirby Corp. | (396) | (5) | (5) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Linde plc | (186) | (1) | (1) | 0.0 (g) |
|  Lithia Motors, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  LKQ Corp. | (187) | (6) | (6) | 0.0 (g) |
|  Lockheed Martin Corp. | (16) | 1 | 1 | 0.0 (g) |
|  LyondellBasell Industries NV | (294) | (20) | (20) | 0.0 (g) |
|  Manhattan Associates, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  Marathon Petroleum Corp. | (392) | 28 | 28 | 0.0 (g) |
|  MasTec, Inc. | (44) | 4 | 4 | 0.0 (g) |
|  Merck & Co., Inc. | (475) | 17 | 17 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  MGM Resorts International | (51) | (2) | (2) | 0.0 (g) |
|  Microchip Technology, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Moderna, Inc. | (485) | 41 | 41 | 0.0 (g) |
|  Morgan Stanley | (1120) | 17 | 16 | 0.0 (g) |
|  Netflix, Inc. | (905) | (3) | (3) | 0.0 (g) |
|  Newmont Corp. | (9) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nucor Corp. | (450) | (20) | (20) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (40) | 1 | 1 | 0.0 (g) |
|  Onto Innovation, Inc. | (465) | 52 | 52 | 0.0 (g) |
|  Option Care Health, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Owens Corning | (7) | — (h) | — (h) | 0.0 (g) |
|  Parker-Hannifin Corp. | (1210) | (3) | (4) | 0.0 (g) |
|  Paylocity Holding Corp. | (405) | (19) | (19) | 0.0 (g) |
|  PG&E Corp. | (9) | — (h) | — (h) | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  PJT Partners, Inc. | (164) | (3) | (3) | 0.0 (g) |
|  Procter & Gamble Co. (The) | (1257) | (26) | (26) | 0.0 (g) |
|  Prologis, Inc. | (663) | 1 | 1 | 0.0 (g) |
|  Quest Diagnostics, Inc. | (607) | 34 | 33 | 0.0 (g) |
|  Reliance, Inc. | (368) | (13) | (13) | 0.0 (g) |
|  Revolution Medicines, Inc. | (200) | 2 | 2 | 0.0 (g) |
|  Rithm Capital Corp. | (96) | (9) | (9) | 0.0 (g) |
|  ROBLOX Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Rockwell Automation, Inc. | (1126) | 10 | 9 | 0.0 (g) |
|  Salesforce, Inc. | (1614) | (37) | (38) | 0.0 (g) |
|  SBA Communications Corp. | (409) | (10) | (10) | 0.0 (g) |
|  SEI Investments Co. | (434) | (9) | (9) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | (141) | (1) | (1) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | (358) | — (h) | — (h) | 0.0 (g) |
|  Synchrony Financial | (500) | (35) | (35) | 0.0 (g) |
|  Sysco Corp. | (354) | 11 | 11 | 0.0 (g) |
|  Tapestry, Inc. | (111) | 4 | 4 | 0.0 (g) |
|  Taylor Morrison Home Corp. | (204) | (8) | (8) | 0.0 (g) |
|  Tetra Tech, Inc. | (321) | (26) | (26) | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | (412) | 9 | 9 | 0.0 (g) |
|  Toro Co. (The) | (358) | (15) | (16) | 0.0 (g) |
|  Trade Desk, Inc. (The) | (858) | 67 | 65 | 0.0 (g) |
|  Tradeweb Markets, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Trimble, Inc. | (410) | 3 | 3 | 0.0 (g) |
|  Urban Outfitters, Inc. | (249) | (2) | (2) | 0.0 (g) |
|  Ventas, Inc. | (666) | 1 | 1 | 0.0 (g) |
|  Verisk Analytics, Inc. | (34) | — (h) | — (h) | 0.0 (g) |
|  Viatris, Inc. | (139) | 5 | 5 | 0.0 (g) |
|  VICI Properties, Inc. | (377) | (6) | (6) | 0.0 (g) |
|  Virtu Financial, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Visa, Inc. | (2361) | 16 | 15 | 0.0 (g) |
|  Walmart, Inc. | (1091) | (7) | (7) | 0.0 (g) |
|  Waystar Holding Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Woodward, Inc. | (24) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 182 | 155 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 111 | 98 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in AUD based on the local currencies of the positions within the swap | 08/19/2026 | 48 | 44 | 7 | 51 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 72 | — (h) | — (h) | 0.0 (g) |
|  ASX Ltd. | 14 | — (h) | — (h) | 0.0 (g) |
|  Brambles Ltd. | 17 | — (h) | — (h) | 0.0 (g) |
|  CAR Group Ltd. | 421 | 12 | 12 | 0.0 (g) |
|  Charter Hall Group | 150 | 2 | 2 | 0.0 (g) |
|  Cochlear Ltd. | 615 | 30 | 30 | 0.0 (g) |
|  Fortescue Ltd. | 24 | — (h) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | 52 | (3) | (3) | 0.0 (g) |
|  Goodman Group | 1942 | 57 | 59 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | 18 | (2) | (2) | 0.0 (g) |
|  National Australia Bank Ltd. | 31 | — (h) | — (h) | 0.0 (g) |
|  NEXTDC Ltd. | 11 | — (h) | — (h) | 0.0 (g) |
|  Origin Energy Ltd. | 10 | — (h) | — (h) | 0.0 (g) |
|  Ramelius Resources Ltd. | 148 | (10) | (10) | 0.0 (g) |
|  Ramsay Health Care Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | 23 | (1) | (1) | 0.0 (g) |
|  Sigma Healthcare Ltd. | 52 | — (h) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 55 | (1) | (1) | 0.0 (g) |
|  Vicinity Ltd. | 15 | — (h) | — (h) | 0.0 (g) |
|  Westpac Banking Corp. | 2418 | (10) | (8) | 0.0 (g) |
|  WiseTech Global Ltd. | 181 | 8 | 8 | 0.0 (g) |
|  Woolworths Group Ltd. | 29 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 83 | 87 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (25) | — (h) | — (h) | 0.0 (g) |
|  Aurizon Holdings Ltd. | (187) | (1) | (1) | 0.0 (g) |
|  Coles Group Ltd. | (509) | (10) | (11) | 0.0 (g) |
|  Commonwealth Bank of Australia | (2070) | (14) | (16) | 0.0 (g) |
|  Evolution Mining Ltd. | (23) | 3 | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  GPT Group (The) | (13) | — (h) | — (h) | 0.0 (g) |
|  HUB24 Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (18) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (212) | (2) | (2) | 0.0 (g) |
|  Mirvac Group | (132) | (7) | (7) | 0.0 (g) |
|  Orica Ltd. | (65) | — (h) | — (h) | 0.0 (g) |
|  Pro Medicus Ltd. | (157) | 1 | 1 | 0.0 (g) |
|  Qantas Airways Ltd. | (66) | — (h) | (1) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (115) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (27) | 1 | 1 | 0.0 (g) |
|  Santos Ltd. | (46) | (1) | (1) | 0.0 (g) |
|  SEEK Ltd. | (548) | 4 | 4 | 0.0 (g) |
|  South32 Ltd. | (274) | 15 | 14 | 0.0 (g) |
|  Telstra Group Ltd. | (651) | (12) | (13) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (27) | — (h) | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (110) | — (h) | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (804) | (12) | (14) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (35) | (43) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 48 | 44 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CORRA on long positions and short positions respectively, plus or minus spread (rates range from (2.44)% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 08/18/2026 | (178) | (175) | 28 | (147) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Emera, Inc. | 1413 | (36) | (35) | 0.0 (g) |
|  G Mining Ventures Corp. | 722 | (64) | (64) | 0.0 (g) |
|  Great-West Lifeco, Inc. | 793 | (25) | (25) | 0.0 (g) |
|  IAMGOLD Corp. | 1485 | (164) | (163) | 0.0 (g) |
|  Imperial Oil Ltd. | 20 | — (h) | — (h) | 0.0 (g) |
|  Intact Financial Corp. | 870 | 6 | 7 | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  Manulife Financial Corp. | 1269 | 24 | 26 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  MDA Space Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  OR Royalties, Inc. | 676 | (48) | (48) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 41 | — (h) | — (h) | 0.0 (g) |
|  Royal Bank of Canada | 2034 | (36) | (34) | 0.0 (g) |
|  Saputo, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Toronto-Dominion Bank (The) | 4000 | (117) | (114) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  RB Global, Inc. | 3334 | 151 | 154 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (309) | (296) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Aritzia, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | (994) | (35) | (36) | 0.0 (g) |
|  Cameco Corp. | (937) | (12) | (13) | 0.0 (g) |
|  Canadian Apartment Properties REIT | (360) | (4) | (4) | 0.0 (g) |
|  CCL Industries, Inc. | (519) | (7) | (8) | 0.0 (g) |
|  Celestica, Inc. | (439) | — (h) | (1) | 0.0 (g) |
|  Colliers International Group, Inc. | (615) | (23) | (24) | 0.0 (g) |
|  DPM Metals, Inc. | (109) | 4 | 3 | 0.0 (g) |
|  Element Fleet Management Corp. | (115) | (3) | (3) | 0.0 (g) |
|  Empire Co. Ltd. | (51) | 1 | 1 | 0.0 (g) |
|  Finning International, Inc. | (468) | 36 | 36 | 0.0 (g) |
|  First Majestic Silver Corp. | (624) | 72 | 71 | 0.0 (g) |
|  First Quantum Minerals Ltd. | (20) | 3 | 3 | 0.0 (g) |
|  George Weston Ltd. | (58) | 1 | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | (15) | — (h) | — (h) | 0.0 (g) |
|  IGM Financial, Inc. | (255) | (1) | (1) | 0.0 (g) |
|  Kinaxis, Inc. | (279) | (7) | (7) | 0.0 (g) |
|  Loblaw Cos. Ltd. | (1093) | (5) | (6) | 0.0 (g) |
|  Lundin Mining Corp. | (437) | 80 | 80 | 0.0 (g) |
|  Metro, Inc./CN | (53) | — (h) | — (h) | 0.0 (g) |
|  Northland Power, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  OceanaGold Corp. | (58) | 3 | 3 | 0.0 (g) |
|  Orla Mining Ltd. | (107) | (9) | (9) | 0.0 (g) |
|  Power Corp. of Canada | (1460) | 27 | 26 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | (71) | — (h) | — (h) | 0.0 (g) |
|  Stantec, Inc. | (304) | 1 | 1 | 0.0 (g) |
|  TMX Group Ltd. | (21) | — (h) | — (h) | 0.0 (g) |
|  TransAlta Corp. | (30) | 1 | 1 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | (158) | 8 | 8 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 131 | 121 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (178) | (175) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 08/19/2026 | 32 | 31 | – | 31 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Banque Cantonale Vaudoise | 34 | — (h) | — (h) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | 51 | 3 | 3 | 0.0 (g) |
|  Geberit AG | 72 | (2) | (2) | 0.0 (g) |
|  Georg Fischer AG | 44 | 2 | 2 | 0.0 (g) |
|  Roche Holding AG | 1203 | 4 | 3 | 0.0 (g) |
|  Sandoz Group AG | 118 | — (h) | — (h) | 0.0 (g) |
|  SIG Group AG | 52 | 26 | 26 | 0.0 (g) |
|  Straumann Holding AG | 189 | 15 | 15 | 0.0 (g) |
|  Swiss Life Holding AG | 40 | (2) | (2) | 0.0 (g) |
|  Swiss Prime Site AG | 12 | — (h) | — (h) | 0.0 (g) |
|  Swiss Re AG | 36 | (1) | (1) | 0.0 (g) |
|  VAT Group AG | 10 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 45 | 44 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (9) | — (h) | — (h) | 0.0 (g) |
|  Baloise Holding AG | (10) | — (h) | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | (37) | (2) | (2) | 0.0 (g) |
|  Holcim AG | (10) | — (h) | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (17) | — (h) | — (h) | 0.0 (g) |
|  Logitech International SA | (18) | — (h) | — (h) | 0.0 (g) |
|  Partners Group Holding AG | (168) | (11) | (11) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (13) | (13) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 32 | 31 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DKKOIS on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 08/19/2026 | (1) | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Coloplast A/S | 333 | 6 | 6 | 0.0 (g) |
|  DSV A/S | 304 | 1 | 1 | 0.0 (g) |
|  Novo Nordisk A/S | 449 | 4 | 4 | 0.0 (g) |
|  Novonesis Novozymes B | 535 | 1 | 1 | 0.0 (g) |
|  ROCKWOOL A/S | 775 | 3 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 15 | 15 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Genmab A/S | (36) | — (h) | — (h) | 0.0 (g) |
|  GN Store Nord A/S | (1053) | (13) | (13) | 0.0 (g) |
|  Pandora A/S | (283) | (3) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (16) | (16) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 08/19/2026 | (107) | (99) | 2 | (97) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  Erste Group Bank AG | 431 | (2) | (1) | 0.0 (g) |
|  OMV AG | 23 | — (h) | — (h) | 0.0 (g) |
|  Verbund AG | 14 | — (h) | — (h) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  KBC Group NV | 48 | (1) | (1) | 0.0 (g) |
|  Lotus Bakeries NV | 40 | — (h) | — (h) | 0.0 (g) |
|  Syensqo SA | 231 | 9 | 10 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Kesko OYJ | 25 | 1 | 1 | 0.0 (g) |
|  Metso OYJ | 24 | 1 | 1 | 0.0 (g) |
|  Orion OYJ | 13 | — (h) | — (h) | 0.0 (g) |
|  UPM-Kymmene OYJ | 45 | 1 | 1 | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | 148 | (2) | (2) | 0.0 (g) |
|  Air France-KLM | 52 | 6 | 6 | 0.0 (g) |
|  Amundi SA | 138 | (8) | (7) | 0.0 (g) |
|  Arkema SA | 92 | 10 | 10 | 0.0 (g) |
|  BioMerieux | 10 | — (h) | — (h) | 0.0 (g) |
|  Cie de Saint-Gobain SA | 1398 | 53 | 55 | 0.0 (g) |
|  Cie Generale des Etablissements Michelin SCA | 411 | 11 | 12 | 0.0 (g) |
|  Dassault Aviation SA | 309 | 23 | 23 | 0.0 (g) |
|  Dassault Systemes SE | 719 | (46) | (45) | 0.0 (g) |
|  EssilorLuxottica SA | 12 | — (h) | — (h) | 0.0 (g) |
|  Kering SA | 924 | (105) | (105) | 0.0 (g) |
|  Pernod Ricard SA | 554 | 47 | 48 | 0.0 (g) |
|  Rexel SA | 92 | — (h) | — (h) | 0.0 (g) |
|  Sartorius Stedim Biotech | 247 | 4 | 4 | 0.0 (g) |
|  Schneider Electric SE | 100 | (2) | (2) | 0.0 (g) |
|  Sodexo SA | 195 | (7) | (7) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Bayerische Motoren Werke AG | 1289 | (34) | (33) | 0.0 (g) |
|  Beiersdorf AG | 413 | 29 | 30 | 0.0 (g) |
|  Brenntag SE | 40 | — (h) | — (h) | 0.0 (g) |
|  Commerzbank AG | 198 | 7 | 8 | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | 126 | 4 | 4 | 0.0 (g) |
|  Delivery Hero SE | 95 | 9 | 9 | 0.0 (g) |
|  Fresenius SE & Co. KGaA | 13 | — (h) | — (h) | 0.0 (g) |
|  Hannover Rueck SE | 45 | (3) | (3) | 0.0 (g) |
|  KION Group AG | 206 | — (h) | — (h) | 0.0 (g) |
|  Merck KGaA | 667 | (20) | (19) | 0.0 (g) |
|  Siemens AG | 756 | 4 | 5 | 0.0 (g) |
|  Siemens Healthineers AG | 907 | 41 | 41 | 0.0 (g) |
|  TUI AG | 143 | 7 | 7 | 0.0 (g) |
|  Zalando SE | 554 | (4) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Ireland** |  |  |  |  |
|  Bank of Ireland Group plc | 242 | (11) | (11) | 0.0 (g) |
|  Ryanair Holdings plc | 372 | (13) | (12) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | 42 | (2) | (2) | 0.0 (g) |
|  Davide Campari-Milano NV | 23 | — (h) | — (h) | 0.0 (g) |
|  Ferrari NV | 1412 | (20) | (19) | 0.0 (g) |
|  Moncler SpA | 29 | — (h) | — (h) | 0.0 (g) |
|  Recordati Industria Chimica e Farmaceutica SpA | 201 | 8 | 8 | 0.0 (g) |
|  Telecom Italia SpA | 472 | (1) | (2) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 28 | (1) | (1) | 0.0 (g) |
|  CVC Capital Partners plc | 61 | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 812 | (40) | (39) | 0.0 (g) |
|  Aegon Ltd. | 19 | (1) | (1) | 0.0 (g) |
|  Akzo Nobel NV | 204 | 3 | 3 | 0.0 (g) |
|  Argenx SE | 469 | 17 | 18 | 0.0 (g) |
|  EXOR NV | 423 | 3 | 4 | 0.0 (g) |
|  Ferrovial SE | 269 | — (h) | — (h) | 0.0 (g) |
|  Heineken Holding NV | 221 | 2 | 2 | 0.0 (g) |
|  IMCD NV | 81 | — (h) | — (h) | 0.0 (g) |
|  ING Groep NV | 1945 | (20) | (18) | 0.0 (g) |
|  Randstad NV | 23 | (1) | (1) | 0.0 (g) |
|  **Poland** |  |  |  |  |
|  InPost SA | 69 | 3 | 3 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Jeronimo Martins SGPS SA | 51 | 2 | 2 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | 21 | — (h) | — (h) | 0.0 (g) |
|  Aena SME SA | 450 | 29 | 29 | 0.0 (g) |
|  Amadeus IT Group SA | 1040 | 7 | 8 | 0.0 (g) |
|  EDP Renovaveis SA | 6 | (1) | (1) | 0.0 (g) |
|  Indra Sistemas SA | 4 | (1) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | 294 | (12) | (13) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (17) | 2 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (87) | — (h) | — (h) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (29) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Neste OYJ | (24) | (1) | (1) | 0.0 (g) |
|  Nordea Bank Abp | (2) | — (h) | — (h) | 0.0 (g) |
|  Sampo OYJ | (436) | (4) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **France** |  |  |  |  |
|  Accor SA | (742) | (23) | (24) | 0.0 (g) |
|  Bollore SE | (3) | — (h) | — (h) | 0.0 (g) |
|  Covivio SA | (6) | — (h) | — (h) | 0.0 (g) |
|  Eiffage SA | (436) | (17) | (17) | 0.0 (g) |
|  FDJ UNITED | (47) | — (h) | — (h) | 0.0 (g) |
|  Gecina SA | (4) | — (h) | — (h) | 0.0 (g) |
|  Ipsen SA | (25) | — (h) | — (h) | 0.0 (g) |
|  Klepierre SA | (7) | — (h) | — (h) | 0.0 (g) |
|  Publicis Groupe SA | (8) | — (h) | — (h) | 0.0 (g) |
|  SCOR SE | (4) | — (h) | — (h) | 0.0 (g) |
|  Societe Generale SA | (43) | — (h) | — (h) | 0.0 (g) |
|  SPIE SA | (7) | — (h) | — (h) | 0.0 (g) |
|  Teleperformance SE | (102) | 1 | 1 | 0.0 (g) |
|  Thales SA | (10) | 1 | 1 | 0.0 (g) |
|  TotalEnergies SE | (788) | (15) | (16) | 0.0 (g) |
|  Veolia Environnement SA | (975) | (9) | (10) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Deutsche Lufthansa AG | (376) | (16) | (16) | 0.0 (g) |
|  Fresenius Medical Care AG | (167) | 12 | 12 | 0.0 (g) |
|  GEA Group AG | (44) | 1 | 1 | 0.0 (g) |
|  Heidelberg Materials AG | (10) | — (h) | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | (27) | — (h) | — (h) | 0.0 (g) |
|  HOCHTIEF AG | (27) | 1 | 1 | 0.0 (g) |
|  Knorr-Bremse AG | (218) | (17) | (17) | 0.0 (g) |
|  LEG Immobilien SE | (13) | — (h) | — (h) | 0.0 (g) |
|  MTU Aero Engines AG | (412) | 41 | 41 | 0.0 (g) |
|  Nemetschek SE | (18) | — (h) | — (h) | 0.0 (g) |
|  Nordex SE | (13) | 1 | 1 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | (62) | (1) | (1) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Azimut Holding SpA | (113) | 9 | 9 | 0.0 (g) |
|  Banca Mediolanum SpA | (156) | (4) | (4) | 0.0 (g) |
|  BPER Banca SPA | (525) | (5) | (6) | 0.0 (g) |
|  Fincantieri SpA | (4) | 1 | 1 | 0.0 (g) |
|  Italgas SpA | (37) | 1 | 1 | 0.0 (g) |
|  Leonardo SpA | (1047) | 44 | 43 | 0.0 (g) |
|  Nexi SpA | (123) | 7 | 7 | 0.0 (g) |
|  UniCredit SpA | (1113) | (60) | (61) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | (18) | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (106) | 1 | — (h) | 0.0 (g) |
|  BE Semiconductor Industries NV | (35) | 2 | 1 | 0.0 (g) |
|  Euronext NV | (196) | (18) | (19) | 0.0 (g) |
|  Koninklijke KPN NV | (597) | (30) | (31) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  NN Group NV | (192) | 7 | 6 | 0.0 (g) |
|  QIAGEN NV | (50) | (1) | (1) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (17) | (2) | (2) | 0.0 (g) |
|  EDP SA | (3) | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (20) | — (h) | — (h) | 0.0 (g) |
|  Enagas SA | (265) | 5 | 5 | 0.0 (g) |
|  Telefonica SA | (50) | (2) | (2) | 0.0 (g) |
|  Unicaja Banco SA | (18) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | (9) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (90) | (101) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (107) | (99) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.28)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 08/19/2026 | 68 | 70 | 1 | 71 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 25 | (7) | (7) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | 5 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | 4 | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | 34 | (2) | (2) | 0.0 (g) |
|  Associated British Foods plc | 18 | — (h) | — (h) | 0.0 (g) |
|  Barratt Redrow plc | 70 | (8) | (8) | 0.0 (g) |
|  BT Group plc | 300 | 42 | 43 | 0.0 (g) |
|  Bunzl plc | 144 | 9 | 9 | 0.0 (g) |
|  Centrica plc | 26 | — (h) | — (h) | 0.0 (g) |
|  Diageo plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Land Securities Group plc | 23 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lloyds Banking Group plc | 24 | 2 | 2 | 0.0 (g) |
|  LondonMetric Property plc | 2 | — (h) | — (h) | 0.0 (g) |
|  Marks & Spencer Group plc | 119 | (11) | (11) | 0.0 (g) |
|  Melrose Industries plc | 141 | (6) | (5) | 0.0 (g) |
|  National Grid plc | 17 | (1) | (1) | 0.0 (g) |
|  Rentokil Initial plc | 272 | (7) | (6) | 0.0 (g) |
|  Spirax Group plc | 14 | — (h) | — (h) | 0.0 (g) |
|  SSE plc | 240 | (11) | (11) | 0.0 (g) |
|  Unilever plc | 1227 | 69 | 72 | 0.0 (g) |
|  Vistry Group plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Vodafone Group plc | 41 | (3) | (3) | 0.0 (g) |
|  Whitbread plc | 273 | (9) | (9) | 0.0 (g) |
|  Wise plc | 104 | 13 | 13 | 0.0 (g) |
|  WPP plc | 53 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 69 | 75 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (607) | (21) | (23) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (9) | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | (39) | 1 | 1 | 0.0 (g) |
|  Babcock International Group plc | (27) | 5 | 5 | 0.0 (g) |
|  Barclays plc | (20) | — (h) | — (h) | 0.0 (g) |
|  Bellway plc | (5) | — (h) | — (h) | 0.0 (g) |
|  Burberry Group plc | (121) | 16 | 17 | 0.0 (g) |
|  Entain plc | (33) | — (h) | — (h) | 0.0 (g) |
|  Games Workshop Group plc | (38) | (1) | (1) | 0.0 (g) |
|  Halma plc | (6) | — (h) | — (h) | 0.0 (g) |
|  IG Group Holdings plc | (13) | — (h) | — (h) | 0.0 (g) |
|  IMI plc | (24) | — (h) | — (h) | 0.0 (g) |
|  Imperial Brands plc | (381) | (1) | (2) | 0.0 (g) |
|  InterContinental Hotels Group plc | (136) | 5 | 4 | 0.0 (g) |
|  Intertek Group plc | (98) | 3 | 3 | 0.0 (g) |
|  JD Sports Fashion plc | — (h) | — (h) | — (h) | 0.0 (g) |
|  Legal & General Group plc | (93) | (5) | (5) | 0.0 (g) |
|  London Stock Exchange Group plc | (29) | (1) | (1) | 0.0 (g) |
|  NatWest Group plc | (73) | (1) | (1) | 0.0 (g) |
|  Pearson plc | (55) | 2 | 2 | 0.0 (g) |
|  Sage Group plc (The) | (369) | 17 | 17 | 0.0 (g) |
|  Schroders plc | (106) | (1) | (1) | 0.0 (g) |
|  Smith & Nephew plc | (375) | (19) | (19) | 0.0 (g) |
|  Smiths Group plc | (143) | 1 | — (h) | 0.0 (g) |
|  St James's Place plc | (119) | — (h) | — (h) | 0.0 (g) |
|  UNITE Group plc (The) | (31) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **United States** |  |  |  |  |
|  Carnival plc | (17) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1) | (5) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 68 | 70 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 08/19/2026 | (16) | (17) | – | (17) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  MTR Corp. Ltd. | 39 | – (h) | – (h) | 0.0 (g) |
|  Sino Land Co. Ltd. | 416 | 1 | 1 | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | 295 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | (7662) | (6) | (7) | 0.0 (g) |
|  CK Asset Holdings Ltd. | (37) | — (h) | — (h) | 0.0 (g) |
|  Guotai Junan International Holdings Ltd. | (749) | (20) | (20) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | (222) | 5 | 5 | 0.0 (g) |
|  Mobvista, Inc. | (47) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (19) | (20) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (16) | (17) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from (0.55)% to 0.55%) which is denominated in ILS based on the local currencies of the positions within the swap | 08/19/2026 | 21 | 21 | – | 21 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Mizrahi Tefahot Bank Ltd. | 582 | (5) | (4) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (5) | (4) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (904) | 16 | 15 | 0.0 (g) |
|  Bank Leumi Le-Israel BM | (559) | 10 | 10 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 26 | 25 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 21 | 21 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (1.12)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 08/19/2026 | 74 | 69 | 258 | 327 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 70645 | (18) | (18) | 0.0 (g) |
|  Aeon Co. Ltd. | 1633 | — (h) | — (h) | 0.0 (g) |
|  Asics Corp. | 782 | — (h) | — (h) | 0.0 (g) |
|  Capcom Co. Ltd. | 4451 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Central Japan Railway Co. | 33030 | — (h) | — (h) | 0.0 (g) |
|  Chiba Bank Ltd. (The) | 3311 | (1) | (1) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | 2552 | 1 | 1 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 877 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 10967 | (3) | (3) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 6514 | — (h) | — (h) | 0.0 (g) |
|  Fuji Media Holdings, Inc. | 19195 | — (h) | — (h) | 0.0 (g) |
|  FUJIFILM Holdings Corp. | 159223 | 2 | 2 | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | 6348 | — (h) | — (h) | 0.0 (g) |
|  Hoshizaki Corp. | 9678 | 2 | 2 | 0.0 (g) |
|  IHI Corp. | 1544 | (3) | (3) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 2343 | 1 | 1 | 0.0 (g) |
|  ITOCHU Corp. | 74637 | 9 | 9 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 4900 | — (h) | — (h) | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | 2916 | — (h) | — (h) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 6747 | (3) | (3) | 0.0 (g) |
|  Kadokawa Corp. | 12303 | (2) | (2) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | 938 | — (h) | — (h) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | 2392 | — (h) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | 2193 | — (h) | — (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | 93245 | (5) | (5) | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | 2027 | — (h) | — (h) | 0.0 (g) |
|  Kokusai Electric Corp. | 23108 | (28) | (28) | 0.0 (g) |
|  Komatsu Ltd. | 82890 | 6 | 6 | 0.0 (g) |
|  Konami Group Corp. | 82155 | 21 | 21 | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | 34306 | 10 | 10 | 0.0 (g) |
|  Lasertec Corp. | 12497 | (12) | (12) | 0.0 (g) |
|  M3, Inc. | 3030 | — (h) | — (h) | 0.0 (g) |
|  Makita Corp. | 7953 | 2 | 2 | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | 31114 | 27 | 27 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | 4644 | 1 | 1 | 0.0 (g) |
|  Mebuki Financial Group, Inc. | 26860 | (4) | (4) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 15445 | 3 | 3 | 0.0 (g) |
|  Mercari, Inc. | 906 | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | 7309 | 2 | 2 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 7761 | (2) | (2) | 0.0 (g) |
|  Mitsui OSK Lines Ltd. | 68272 | 33 | 33 | 0.0 (g) |
|  Nikon Corp. | 7005 | 1 | 1 | 0.0 (g) |
|  Nippon Building Fund, Inc. | 34234 | 6 | 6 | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | 53114 | (2) | (2) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 11991 | 7 | 7 | 0.0 (g) |
|  Nippon Steel Corp. | 22336 | 9 | 9 | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | 8193 | 1 | 1 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 35538 | (1) | (1) | 0.0 (g) |
|  Nitto Denko Corp. | 3766 | (1) | (1) | 0.0 (g) |
|  Oji Holdings Corp. | 919 | — (h) | — (h) | 0.0 (g) |
|  Organo Corp. | 8126 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Oriental Land Co. Ltd./Japan | 10657 | — (h) | — (h) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | 1282 | — (h) | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 847 | — (h) | — (h) | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 5048 | 2 | 2 | 0.0 (g) |
|  Rakuten Bank Ltd. | 52261 | (21) | (21) | 0.0 (g) |
|  Resonac Holdings Corp. | 20162 | (3) | (3) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 1377 | — (h) | — (h) | 0.0 (g) |
|  SCSK Corp. | 9970 | 5 | 5 | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | 19694 | — (h) | — (h) | 0.0 (g) |
|  Seibu Holdings, Inc. | 4431 | 1 | 1 | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | 9155 | 2 | 2 | 0.0 (g) |
|  Shimamura Co. Ltd. | 1101 | 1 | 1 | 0.0 (g) |
|  Shionogi & Co. Ltd. | 4459 | — (h) | — (h) | 0.0 (g) |
|  Socionext, Inc. | 50771 | 23 | 23 | 0.0 (g) |
|  Sojitz Corp. | 62618 | 10 | 10 | 0.0 (g) |
|  Subaru Corp. | 40796 | 8 | 8 | 0.0 (g) |
|  SUMCO Corp. | 3464 | (2) | (2) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 2461 | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | 5231 | (2) | (2) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | 33692 | 3 | 3 | 0.0 (g) |
|  Taisei Corp. | 3060 | — (h) | — (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | 1186 | — (h) | — (h) | 0.0 (g) |
|  TDK Corp. | 17174 | (7) | (7) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 949 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | 2174 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | 43131 | 8 | 8 | 0.0 (g) |
|  Tokyu Corp. | 4516 | 1 | 1 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 3881 | 1 | 1 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | 63919 | 3 | 3 | 0.0 (g) |
|  Toyota Tsusho Corp. | 5323 | — (h) | — (h) | 0.0 (g) |
|  West Japan Railway Co. | 1007 | — (h) | — (h) | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 28532 | 5 | 5 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 6846 | — (h) | — (h) | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 8206 | 1 | 1 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 1152 | — (h) | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 60031 | — (h) | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 99 | 100 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (8236) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (11688) | — (h) | — (h) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (2295) | — (h) | — (h) | 0.0 (g) |
|  Bridgestone Corp. | (133891) | (21) | (21) | 0.0 (g) |
|  Credit Saison Co. Ltd. | (14202) | — (h) | — (h) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | (15795) | (5) | (5) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (18190) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Daiichi Sankyo Co. Ltd. | (1367) | — (h) | — (h) | 0.0 (g) |
|  Dentsu Group, Inc. | (1291) | — (h) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (17787) | — (h) | — (h) | 0.0 (g) |
|  Eisai Co. Ltd. | (46120) | (13) | (13) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (1612) | — (h) | — (h) | 0.0 (g) |
|  Fujitsu Ltd. | (1473) | (1) | (1) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (7473) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (8193) | — (h) | — (h) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (45702) | (8) | (8) | 0.0 (g) |
|  Hitachi Ltd. | (12150) | — (h) | — (h) | 0.0 (g) |
|  Isuzu Motors Ltd. | (3081) | (1) | (1) | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (56377) | (12) | (12) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (117082) | (34) | (34) | 0.0 (g) |
|  Japan Tobacco, Inc. | (212423) | 33 | 32 | 0.0 (g) |
|  Kubota Corp. | (7644) | — (h) | — (h) | 0.0 (g) |
|  Kyocera Corp. | (2236) | — (h) | — (h) | 0.0 (g) |
|  LY Corp. | (1292) | — (h) | — (h) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (2540) | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (30540) | 3 | 3 | 0.0 (g) |
|  Mitsui & Co. Ltd. | (166870) | (6) | (7) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (3377) | — (h) | — (h) | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (1081) | — (h) | — (h) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | (167525) | 78 | 77 | 0.0 (g) |
|  NEC Corp. | (20071) | 2 | 2 | 0.0 (g) |
|  NH Foods Ltd. | (6456) | — (h) | — (h) | 0.0 (g) |
|  Nippon Yusen KK | (73313) | (45) | (45) | 0.0 (g) |
|  Nomura Holdings, Inc. | (1410) | — (h) | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (23693) | (2) | (2) | 0.0 (g) |
|  Obayashi Corp. | (12112) | — (h) | — (h) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (83707) | (12) | (13) | 0.0 (g) |
|  Oracle Corp. Japan | (12851) | (5) | (5) | 0.0 (g) |
|  ORIX Corp. | (92851) | (16) | (17) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (20056) | (2) | (2) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (3108) | 1 | 1 | 0.0 (g) |
|  Resona Holdings, Inc. | (74807) | 7 | 6 | 0.0 (g) |
|  Seiko Epson Corp. | (41938) | (12) | (12) | 0.0 (g) |
|  Shimizu Corp. | (45453) | (5) | (5) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | (15346) | 3 | 3 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (15278) | (4) | (4) | 0.0 (g) |
|  Sumitomo Corp. | (74607) | (9) | (9) | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | (74725) | (6) | (6) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | (44140) | 24 | 24 | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | (345695) | 62 | 62 | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (25339) | — (h) | — (h) | 0.0 (g) |
|  Terumo Corp. | (4218) | — (h) | — (h) | 0.0 (g) |
|  THK Co. Ltd. | (45541) | 2 | 2 | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. | (9102) | (3) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Tokio Marine Holdings, Inc. | (1254) | — (h) | — (h) | 0.0 (g) |
|  Tosoh Corp. | (10217) | (4) | (4) | 0.0 (g) |
|  TOTO Ltd. | (49984) | (12) | (12) | 0.0 (g) |
|  Unicharm Corp. | (12111) | (2) | (2) | 0.0 (g) |
|  Yaskawa Electric Corp. | (919) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (25) | (31) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 74 | 69 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 08/19/2026 | (1) | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Norsk Hydro ASA | 220 | (1) | (1) | 0.0 (g) |
|  Telenor ASA | 178 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (311) | 1 | 1 | 0.0 (g) |
|  Kongsberg Gruppen ASA | (46) | — (h) | — (h) | 0.0 (g) |
|  Var Energi ASA | (358) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to (0.40)%) which is denominated in NZD based on the local currencies of the positions within the swap | 08/19/2026 | – (h) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | 139 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.70)% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 08/19/2026 | (40) | (38) | – (h) | (38) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | 247 | — (h) | — (h) | 0.0 (g) |
|  Atlas Copco AB | 59 | — (h) | — (h) | 0.0 (g) |
|  EQT AB | 649 | 1 | 1 | 0.0 (g) |
|  Fastighets AB Balder | 721 | 1 | 1 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 5258 | (99) | (98) | 0.0 (g) |
|  Hexagon AB | 47 | — (h) | — (h) | 0.0 (g) |
|  Holmen AB | 1096 | 1 | 1 | 0.0 (g) |
|  Investment AB Latour | 708 | 4 | 4 | 0.0 (g) |
|  L E Lundbergforetagen AB | 581 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Sagax AB | 402 | 1 | 1 | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 1658 | (2) | (1) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 3084 | (2) | (2) | 0.0 (g) |
|  Swedbank AB | 370 | (1) | (1) | 0.0 (g) |
|  Trelleborg AB | 1941 | 15 | 15 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (81) | (79) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Getinge AB | (140) | (1) | (1) | 0.0 (g) |
|  Indutrade AB | (71) | — (h) | — (h) | 0.0 (g) |
|  Saab AB | (3282) | 26 | 26 | 0.0 (g) |
|  Sinch AB | (86) | — (h) | — (h) | 0.0 (g) |
|  Skanska AB | (1965) | 3 | 3 | 0.0 (g) |
|  SSAB AB | (56) | — (h) | — (h) | 0.0 (g) |
|  Svenska Handelsbanken AB | (5080) | 10 | 10 | 0.0 (g) |
|  Tele2 AB | (1248) | 2 | 2 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | (214) | 1 | 1 | 0.0 (g) |
|  Telia Co. AB | (4862) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 41 | 41 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (40) | (38) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in SGD based on the local currencies of the positions within the swap | 08/19/2026 | (1) | (1) | – | (1) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 5 | — (h) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Mapletree Logistics Trust | 14 | — (h) | — (h) | 0.0 (g) |
|  Sembcorp Industries Ltd. | 135 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Singapore Telecommunications Ltd. | (39) | (2) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (0.98)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 08/18/2026 | 296 | 292 | 70 | 362 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 30 | — (h) | — (h) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | 33 | (2) | (2) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Jazz Pharmaceuticals plc | 266 | (14) | (14) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Monday.com Ltd. | 203 | — (h) | — (h) | 0.0 (g) |
|  Nova Ltd. | 17 | (1) | (1) | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | 213 | (3) | (3) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Birkenstock Holding plc | 191 | 4 | 4 | 0.0 (g) |
|  CNH Industrial NV | 267 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Coca-Cola Europacific Partners plc | 38 | — (h) | — (h) | 0.0 (g) |
|  Genius Sports Ltd. | 14 | — (h) | — (h) | 0.0 (g) |
|  Willis Towers Watson plc | 18 | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AAON, Inc. | 164 | (18) | (18) | 0.0 (g) |
|  AeroVironment, Inc. | 163 | (39) | (38) | 0.0 (g) |
|  AGCO Corp. | 171 | 4 | 4 | 0.0 (g) |
|  AGNC Investment Corp. | 1337 | 58 | 61 | 0.0 (g) |
|  Air Products and Chemicals, Inc. | 2610 | 152 | 156 | 0.0 (g) |
|  Albertsons Cos., Inc. | 555 | 28 | 29 | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Ameren Corp. | 338 | (13) | (13) | 0.0 (g) |
|  American Electric Power Co., Inc. | 908 | (29) | (27) | 0.0 (g) |
|  American Financial Group, Inc./OH | 6 | — (h) | — (h) | 0.0 (g) |
|  Applied Digital Corp. | 104 | (4) | (4) | 0.0 (g) |
|  Applied Materials, Inc. | 250 | (1) | (1) | 0.0 (g) |
|  AptarGroup, Inc. | 329 | 3 | 3 | 0.0 (g) |
|  Archer Aviation, Inc. | 62 | (3) | (3) | 0.0 (g) |
|  Atmos Energy Corp. | 22 | (1) | (1) | 0.0 (g) |
|  Automatic Data Processing, Inc. | 1938 | (18) | (14) | 0.0 (g) |
|  Avidity Biosciences, Inc. | 14 | (1) | (1) | 0.0 (g) |
|  Avis Budget Group, Inc. | 289 | (16) | (15) | 0.0 (g) |
|  Axsome Therapeutics, Inc. | 144 | (6) | (6) | 0.0 (g) |
|  Baxter International, Inc. | 235 | 11 | 11 | 0.0 (g) |
|  Bentley Systems, Inc. | 442 | 10 | 11 | 0.0 (g) |
|  BILL Holdings, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Brown & Brown, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | 415 | 56 | 57 | 0.0 (g) |
|  Burlington Stores, Inc. | 621 | 36 | 37 | 0.0 (g) |
|  BXP, Inc. | 16 | 1 | 1 | 0.0 (g) |
|  Cadence Bank | 19 | — (h) | — (h) | 0.0 (g) |
|  Casella Waste Systems, Inc. | 287 | (15) | (14) | 0.0 (g) |
|  Cava Group, Inc. | 378 | 13 | 14 | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 20 | 1 | 1 | 0.0 (g) |
|  Cincinnati Financial Corp. | 27 | (1) | (1) | 0.0 (g) |
|  Clorox Co. (The) | 13 | — (h) | — (h) | 0.0 (g) |
|  CNX Resources Corp. | 85 | (6) | (6) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | 40 | (1) | (1) | 0.0 (g) |
|  Coeur Mining, Inc. | 4 | (1) | (1) | 0.0 (g) |
|  Coherent Corp. | 6 | — (h) | — (h) | 0.0 (g) |
|  Columbia Banking System, Inc. | 316 | 1 | 2 | 0.0 (g) |
|  Commvault Systems, Inc. | 104 | — (h) | 1 | 0.0 (g) |
|  Comstock Resources, Inc. | 6 | (1) | (1) | 0.0 (g) |
|  ConocoPhillips | 37 | — (h) | — (h) | 0.0 (g) |
|  Core & Main, Inc. | 242 | (20) | (20) | 0.0 (g) |
|  Coterra Energy, Inc. | 25 | 1 | 1 | 0.0 (g) |
|  Dayforce, Inc. | 526 | — (h) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Diamondback Energy, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Dillard's, Inc. | 164 | (8) | (7) | 0.0 (g) |
|  Docusign, Inc. | 488 | 57 | 58 | 0.0 (g) |
|  Dominion Energy, Inc. | 1464 | (15) | (12) | 0.0 (g) |
|  DT Midstream, Inc. | 25 | (1) | (1) | 0.0 (g) |
|  Eagle Materials, Inc. | 310 | 2 | 3 | 0.0 (g) |
|  East West Bancorp, Inc. | 127 | 2 | 2 | 0.0 (g) |
|  EastGroup Properties, Inc. | 375 | (6) | (5) | 0.0 (g) |
|  Entegris, Inc. | 47 | 1 | 1 | 0.0 (g) |
|  EQT Corp. | 9 | — (h) | — (h) | 0.0 (g) |
|  Essential Utilities, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  F5, Inc. | 34 | — (h) | — (h) | 0.0 (g) |
|  Federal Realty Investment Trust | 515 | (1) | — (h) | 0.0 (g) |
|  First Solar, Inc. | 21 | — (h) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 8 | (1) | (1) | 0.0 (g) |
|  Flagstar Bank NA | 88 | 6 | 6 | 0.0 (g) |
|  Fortive Corp. | 1075 | (10) | (8) | 0.0 (g) |
|  Gen Digital, Inc. | 22 | — (h) | — (h) | 0.0 (g) |
|  Generac Holdings, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  General Mills, Inc. | 855 | (25) | (23) | 0.0 (g) |
|  Genuine Parts Co. | 28 | — (h) | — (h) | 0.0 (g) |
|  Glaukos Corp. | 49 | (1) | — (h) | 0.0 (g) |
|  GLOBALFOUNDRIES, Inc. | 122 | (14) | (14) | 0.0 (g) |
|  Graco, Inc. | 397 | (1) | — (h) | 0.0 (g) |
|  Graphic Packaging Holding Co. | 537 | 18 | 19 | 0.0 (g) |
|  GXO Logistics, Inc. | 175 | (8) | (7) | 0.0 (g) |
|  Hamilton Lane, Inc. | 53 | 4 | 4 | 0.0 (g) |
|  Hecla Mining Co. | 9 | (1) | (1) | 0.0 (g) |
|  Henry Schein, Inc. | 135 | 5 | 5 | 0.0 (g) |
|  Hyatt Hotels Corp. | 103 | — (h) | — (h) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | 1211 | 10 | 12 | 0.0 (g) |
|  Illumina, Inc. | 182 | 11 | 11 | 0.0 (g) |
|  InterDigital, Inc. | 227 | (11) | (11) | 0.0 (g) |
|  International Paper Co. | 31 | — (h) | — (h) | 0.0 (g) |
|  Itron, Inc. | 292 | (11) | (10) | 0.0 (g) |
|  JBT Marel Corp. | 9 | — (h) | — (h) | 0.0 (g) |
|  Kilroy Realty Corp. | 11 | 1 | 1 | 0.0 (g) |
|  Kinsale Capital Group, Inc. | 238 | (1) | — (h) | 0.0 (g) |
|  Klaviyo, Inc. | 11 | 1 | 1 | 0.0 (g) |
|  Kraft Heinz Co. (The) | 24 | — (h) | — (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 11 | (2) | (2) | 0.0 (g) |
|  Krystal Biotech, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Lamar Advertising Co. | 474 | 20 | 21 | 0.0 (g) |
|  Lincoln Electric Holdings, Inc. | 234 | 1 | 1 | 0.0 (g) |
|  Lineage, Inc. | 92 | 8 | 9 | 0.0 (g) |
|  Littelfuse, Inc. | 105 | 2 | 2 | 0.0 (g) |
|  Live Nation Entertainment, Inc. | 844 | 44 | 46 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Loar Holdings, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Loews Corp. | 981 | (35) | (34) | 0.0 (g) |
|  Lowe's Cos., Inc. | 464 | 29 | 30 | 0.0 (g) |
|  LPL Financial Holdings, Inc. | 443 | 5 | 6 | 0.0 (g) |
|  Maplebear, Inc. | 17 | 3 | 3 | 0.0 (g) |
|  Markel Group, Inc. | 27 | — (h) | — (h) | 0.0 (g) |
|  Modine Manufacturing Co. | 146 | 10 | 10 | 0.0 (g) |
|  Molina Healthcare, Inc. | 383 | (33) | (33) | 0.0 (g) |
|  MongoDB, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  MSCI, Inc. | 1074 | 17 | 19 | 0.0 (g) |
|  Murphy USA, Inc. | 363 | 7 | 8 | 0.0 (g) |
|  NewMarket Corp. | 6 | — (h) | — (h) | 0.0 (g) |
|  NEXTracker, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Occidental Petroleum Corp. | 9 | — (h) | — (h) | 0.0 (g) |
|  OGE Energy Corp. | 345 | (15) | (15) | 0.0 (g) |
|  Omnicom Group, Inc. | 950 | (59) | (58) | 0.0 (g) |
|  Packaging Corp. of America | 28 | — (h) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | 27 | — (h) | — (h) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 28 | — (h) | — (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | 192 | 5 | 5 | 0.0 (g) |
|  Penumbra, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Phillips 66 | 357 | (13) | (13) | 0.0 (g) |
|  PPL Corp. | 895 | (30) | (29) | 0.0 (g) |
|  Qualys, Inc. | 50 | — (h) | — (h) | 0.0 (g) |
|  QXO, Inc. | 11 | 1 | 1 | 0.0 (g) |
|  Raymond James Financial, Inc. | 1037 | (27) | (25) | 0.0 (g) |
|  Realty Income Corp. | 33 | — (h) | — (h) | 0.0 (g) |
|  Repligen Corp. | 77 | (14) | (13) | 0.0 (g) |
|  Rollins, Inc. | 1090 | (45) | (44) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Samsara, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  Shift4 Payments, Inc. | 263 | 27 | 27 | 0.0 (g) |
|  SoFi Technologies, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  SPX Technologies, Inc. | 305 | — (h) | 1 | 0.0 (g) |
|  StandardAero, Inc. | 59 | (1) | (1) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 71 | 2 | 3 | 0.0 (g) |
|  Teleflex, Inc. | 355 | 10 | 11 | 0.0 (g) |
|  Teradyne, Inc. | 663 | (133) | (133) | 0.0 (g) |
|  Texas Pacific Land Corp. | 31 | (1) | — (h) | 0.0 (g) |
|  Timken Co. (The) | 262 | 8 | 8 | 0.0 (g) |
|  TPG, Inc. | 227 | 15 | 15 | 0.0 (g) |
|  UDR, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  U-Haul Holding Co. | 5 | — (h) | — (h) | 0.0 (g) |
|  UL Solutions, Inc. | 152 | (8) | (7) | 0.0 (g) |
|  UMB Financial Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  Unity Software, Inc. | 235 | 33 | 34 | 0.0 (g) |
|  Universal Health Services, Inc. | 446 | (35) | (35) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Viper Energy, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Vistra Corp. | 285 | 24 | 24 | 0.0 (g) |
|  W R Berkley Corp. | 14 | (1) | (1) | 0.0 (g) |
|  Warner Music Group Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Watts Water Technologies, Inc. | 425 | 4 | 4 | 0.0 (g) |
|  Western Alliance Bancorp | 37 | 1 | 1 | 0.0 (g) |
|  Weyerhaeuser Co. | 394 | — (h) | 1 | 0.0 (g) |
|  Zoom Communications, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (7) | 60 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | (14) | — (h) | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (17) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Accenture plc | (1164) | 43 | 41 | 0.0 (g) |
|  Medtronic plc | (178) | 3 | 3 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Check Point Software Technologies Ltd. | (358) | 16 | 16 | 0.0 (g) |
|  Tower Semiconductor Ltd. | (6) | — (h) | — (h) | 0.0 (g) |
|  Wix.com Ltd. | (354) | 14 | 13 | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | (226) | 6 | 5 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (13) | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Pentair plc | (454) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AECOM | (428) | 9 | 8 | 0.0 (g) |
|  Agree Realty Corp. | (549) | (15) | (16) | 0.0 (g) |
|  Alphabet, Inc. | (29) | (1) | (1) | 0.0 (g) |
|  Amazon.com, Inc. | (1846) | (95) | (98) | 0.0 (g) |
|  AMETEK, Inc. | (1195) | (10) | (12) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (13) | — (h) | — (h) | 0.0 (g) |
|  AutoZone, Inc. | (550) | 7 | 6 | 0.0 (g) |
|  Badger Meter, Inc. | (228) | (2) | (2) | 0.0 (g) |
|  Berkshire Hathaway, Inc. | (844) | 19 | 18 | 0.0 (g) |
|  Bio-Techne Corp. | (302) | 24 | 23 | 0.0 (g) |
|  BorgWarner, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  Boyd Gaming Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | (277) | (2) | (2) | 0.0 (g) |
|  Brinker International, Inc. | (14) | (2) | (2) | 0.0 (g) |
|  Cardinal Health, Inc. | (952) | 43 | 41 | 0.0 (g) |
|  CarMax, Inc. | (73) | (18) | (18) | 0.0 (g) |
|  CDW Corp. | (302) | (7) | (8) | 0.0 (g) |
|  Celanese Corp. | (20) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Charles River Laboratories International, Inc. | (25) | 1 | 1 | 0.0 (g) |
|  Chemed Corp. | (53) | (1) | (1) | 0.0 (g) |
|  Chord Energy Corp. | (20) | (1) | (1) | 0.0 (g) |
|  Churchill Downs, Inc. | (128) | 1 | 1 | 0.0 (g) |
|  Comfort Systems USA, Inc. | (21) | 1 | 1 | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | (8) | — (h) | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | (11) | — (h) | — (h) | 0.0 (g) |
|  Crane Co. | (8) | — (h) | — (h) | 0.0 (g) |
|  CubeSmart | (17) | — (h) | — (h) | 0.0 (g) |
|  Curtiss-Wright Corp. | (9) | 1 | 1 | 0.0 (g) |
|  Dollar General Corp. | (35) | (1) | (1) | 0.0 (g) |
|  Donaldson Co., Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Dropbox, Inc. | (661) | (35) | (36) | 0.0 (g) |
|  DuPont de Nemours, Inc. | (845) | 9 | 7 | 0.0 (g) |
|  eBay, Inc. | (643) | 4 | 3 | 0.0 (g) |
|  Ecolab, Inc. | (695) | 8 | 7 | 0.0 (g) |
|  Edison International | (23) | — (h) | — (h) | 0.0 (g) |
|  Elastic NV | (9) | — (h) | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  EMCOR Group, Inc. | (335) | 11 | 10 | 0.0 (g) |
|  ExlService Holdings, Inc. | (34) | 1 | 1 | 0.0 (g) |
|  FedEx Corp. | (1305) | 59 | 56 | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (11) | — (h) | — (h) | 0.0 (g) |
|  Flex Ltd. | (26) | — (h) | — (h) | 0.0 (g) |
|  Flowserve Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  FMC Corp. | (144) | (16) | (16) | 0.0 (g) |
|  Fortinet, Inc. | (843) | 32 | 31 | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | (39) | 4 | 4 | 0.0 (g) |
|  Gates Industrial Corp. plc | (129) | (4) | (4) | 0.0 (g) |
|  GE Vernova, Inc. | (459) | (10) | (11) | 0.0 (g) |
|  GoDaddy, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Group 1 Automotive, Inc. | (11) | — (h) | — (h) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | (478) | 7 | 6 | 0.0 (g) |
|  Hasbro, Inc. | (20) | — (h) | — (h) | 0.0 (g) |
|  Hologic, Inc. | (514) | 30 | 29 | 0.0 (g) |
|  Honeywell International, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Howmet Aerospace, Inc. | (277) | 10 | 9 | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Jabil, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | (2) | — (h) | — (h) | 0.0 (g) |
|  Johnson Controls International plc | (541) | 11 | 10 | 0.0 (g) |
|  Keysight Technologies, Inc. | (635) | 12 | 11 | 0.0 (g) |
|  Kirby Corp. | (35) | — (h) | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (410) | (21) | (22) | 0.0 (g) |
|  Kroger Co. (The) | (741) |  | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lear Corp. | (35) | — (h) | — (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | (163) | 9 | 9 | 0.0 (g) |
|  Lithia Motors, Inc. | (32) | (1) | (1) | 0.0 (g) |
|  Louisiana-Pacific Corp. | (23) | — (h) | — (h) | 0.0 (g) |
|  MasTec, Inc. | (468) | 47 | 46 | 0.0 (g) |
|  Mastercard, Inc. | (1025) | (25) | (27) | 0.0 (g) |
|  McKesson Corp. | (844) | 84 | 82 | 0.0 (g) |
|  Meritage Homes Corp. | (34) | (1) | (1) | 0.0 (g) |
|  MetLife, Inc. | (525) | 13 | 12 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  MGIC Investment Corp. | (315) | 4 | 4 | 0.0 (g) |
|  MGM Resorts International | (49) | (1) | (1) | 0.0 (g) |
|  Moody's Corp. | (990) | (63) | (66) | 0.0 (g) |
|  Newmont Corp. | (503) | 32 | 31 | 0.0 (g) |
|  NNN REIT, Inc. | (394) | (4) | (4) | 0.0 (g) |
|  Norfolk Southern Corp. | (328) | 28 | 27 | 0.0 (g) |
|  NuScale Power Corp. | (55) | (4) | (5) | 0.0 (g) |
|  NVR, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (488) | (15) | (16) | 0.0 (g) |
|  Otis Worldwide Corp. | (888) | 18 | 16 | 0.0 (g) |
|  PG&E Corp. | (33) | — (h) | — (h) | 0.0 (g) |
|  PPG Industries, Inc. | (982) | (39) | (42) | 0.0 (g) |
|  Principal Financial Group, Inc. | (564) | — (h) | (1) | 0.0 (g) |
|  Qorvo, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  Reddit, Inc. | (410) | (53) | (53) | 0.0 (g) |
|  Regency Centers Corp. | (3) | — (h) | — (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | (533) | (10) | (11) | 0.0 (g) |
|  Revolution Medicines, Inc. | (16) | 1 | 1 | 0.0 (g) |
|  Revvity, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  ROBLOX Corp. | (356) | 3 | 3 | 0.0 (g) |
|  Roku, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Rubrik, Inc. | (155) | 14 | 14 | 0.0 (g) |
|  Science Applications International Corp. | (87) | (4) | (4) | 0.0 (g) |
|  Simon Property Group, Inc. | (811) | 17 | 16 | 0.0 (g) |
|  SiTime Corp. | (162) | 13 | 13 | 0.0 (g) |
|  Skyworks Solutions, Inc. | (17) | — (h) | — (h) | 0.0 (g) |
|  SLB Ltd. | (10) | — (h) | — (h) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | (30) | (4) | (4) | 0.0 (g) |
|  Stifel Financial Corp. | (12) | — (h) | — (h) | 0.0 (g) |
|  Texas Roadhouse, Inc. | (591) | 4 | 3 | 0.0 (g) |
|  Textron, Inc. | (521) | 14 | 14 | 0.0 (g) |
|  TJX Cos., Inc. (The) | (1026) | 25 | 23 | 0.0 (g) |
|  Toll Brothers, Inc. | (436) | (11) | (12) | 0.0 (g) |
|  Trade Desk, Inc. (The) | (10) | 1 | 1 | 0.0 (g) |
|  Tyler Technologies, Inc. | (158) | (5) | (5) | 0.0 (g) |
|  United Parcel Service, Inc. | (117) | (1) | (1) | 0.0 (g) |
|  United Therapeutics Corp. | (198) | 8 | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  US Bancorp | (18) | — (h) | (1) | 0.0 (g) |
|  Vaxcyte, Inc. | (8) | 1 | 1 | 0.0 (g) |
|  Verisk Analytics, Inc. | (886) | (12) | (14) | 0.0 (g) |
|  Verizon Communications, Inc. | (907) | 2 | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | (103) | (2) | (2) | 0.0 (g) |
|  Vulcan Materials Co. | (408) | 19 | 18 | 0.0 (g) |
|  Waste Management, Inc. | (591) | 13 | 12 | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | (221) | 4 | 4 | 0.0 (g) |
|  Woodward, Inc. | (65) | 3 | 3 | 0.0 (g) |
|  Workday, Inc. | (271) | 22 | 21 | 0.0 (g) |
|  WP Carey, Inc. | (430) | (7) | (8) | 0.0 (g) |
|  Xylem, Inc./NY | (532) | 22 | 20 | 0.0 (g) |
|  Zebra Technologies Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Zions Bancorp NA | (7) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 303 | 232 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 296 | 292 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.30% to 0.30%) which is denominated in USD based on the local currencies of the positions within the swap | 08/19/2026 | 1 | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | (4) | — (h) | — (h) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | (30) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to 0.29%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/15/2027 | (14) | (13) | – | (13) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 258 | (1) | (1) | 0.0 (g) |
|  ASX Ltd. | 57 | 1 | 1 | 0.0 (g) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  BlueScope Steel Ltd. | 106 | — (h) | — (h) | 0.0 (g) |
|  CAR Group Ltd. | 23 | — (h) | — (h) | 0.0 (g) |
|  Cochlear Ltd. | 236 | 4 | 4 | 0.0 (g) |
|  Fortescue Ltd. | 563 | 13 | 14 | 0.0 (g) |
|  Genesis Minerals Ltd. | 88 | (2) | (2) | 0.0 (g) |
|  NEXTDC Ltd. | 23 | — (h) | — (h) | 0.0 (g) |
|  Northern Star Resources Ltd. | 34 | (1) | (1) | 0.0 (g) |
|  Origin Energy Ltd. | 272 | 2 | 2 | 0.0 (g) |
|  Pilbara Minerals Ltd. | 31 | (4) | (4) | 0.0 (g) |
|  Ramsay Health Care Ltd. | 133 | 4 | 4 | 0.0 (g) |
|  Rio Tinto Ltd. | 1125 | (32) | (31) | 0.0 (g) |
|  Scentre Group | 235 | (1) | (1) | 0.0 (g) |
|  SGH Ltd. | 150 | 1 | 1 | 0.0 (g) |
|  Sigma Healthcare Ltd. | 52 | 1 | 1 | 0.0 (g) |
|  Stockland | 19 | — (h) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 176 | 4 | 4 | 0.0 (g) |
|  Vicinity Ltd. | 30 | — (h) | — (h) | 0.0 (g) |
|  Westpac Banking Corp. | 10 | — (h) | — (h) | 0.0 (g) |
|  WiseTech Global Ltd. | 284 | 8 | 8 | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  a2 Milk Co. Ltd. (The) | 20 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (3) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (23) | — (h) | — (h) | 0.0 (g) |
|  Aurizon Holdings Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | (9) | — (h) | — (h) | 0.0 (g) |
|  HUB24 Ltd. | (21) | (1) | (1) | 0.0 (g) |
|  Insurance Australia Group Ltd. | (21) | — (h) | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (49) | — (h) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (307) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Orica Ltd. | (93) | — (h) | — (h) | 0.0 (g) |
|  Pro Medicus Ltd. | (614) | (15) | (16) | 0.0 (g) |
|  Qantas Airways Ltd. | (11) | — (h) | — (h) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (732) | 6 | 6 | 0.0 (g) |
|  REA Group Ltd. | (40) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (25) | 2 | 2 | 0.0 (g) |
|  Santos Ltd. | (76) | (1) | (1) | 0.0 (g) |
|  SEEK Ltd. | (8) | — (h) | — (h) | 0.0 (g) |
|  Sonic Healthcare Ltd. | (28) | — (h) | — (h) | 0.0 (g) |
|  Suncorp Group Ltd. | (333) | (2) | (2) | 0.0 (g) |
|  Technology One Ltd. | (41) | — (h) | — (h) | 0.0 (g) |
|  Transurban Group | (7) | — (h) | — (h) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (10) | — (h) | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (19) | — (h) | — (h) | 0.0 (g) |
|  Worley Ltd. | (84) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (11) | (12) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (14) | (13) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (4.50)% to 0.27%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/20/2027 | – | 44 | – | 44 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | 42 |  | — (h) | 0.0 (g) |
|  Boss Energy Ltd. | 60 |  | — (h) | 0.0 (g) |
|  Domino's Pizza Enterprises Ltd. | 77 |  | 1 | 0.0 (g) |
|  DroneShield Ltd. | 179 |  | 1 | 0.0 (g) |
|  Genesis Minerals Ltd. | 87 |  | — (h) | 0.0 (g) |
|  IDP Education Ltd. | 165 |  | 1 | 0.0 (g) |
|  IGO Ltd. | 12 |  | — (h) | 0.0 (g) |
|  Iluka Resources Ltd. | 202 |  | 1 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | 214 |  | 1 | 0.0 (g) |
|  Mineral Resources Ltd. | 299 |  | 1 | 0.0 (g) |
|  Paladin Energy Ltd. | 189 |  | 1 | 0.0 (g) |
|  Pilbara Minerals Ltd. | 175 |  | 2 | 0.0 (g) |
|  Reece Ltd. | 49 |  | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | 95 |  | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 230 |  | 1 | 0.0 (g) |
|  Westgold Resources Ltd. | 31 |  | — (h) | 0.0 (g) |
|  Whitehaven Coal Ltd. | 11 |  | — (h) | 0.0 (g) |
|  Yancoal Australia Ltd. | 13 |  | — (h) | 0.0 (g) |
|  Zip Co. Ltd. | 17 |  | 1 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  James Hardie Industries plc | 809 |  | 17 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | 158 |  | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 31 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ASX Ltd. | (12) |  | — (h) | 0.0 (g) |
|  Coles Group Ltd. | (110) |  | — (h) | 0.0 (g) |
|  Commonwealth Bank of Australia | (719) |  | 3 | 0.0 (g) |
|  Computershare Ltd. | (126) |  | — (h) | 0.0 (g) |
|  Goodman Group | (13) |  | — (h) | 0.0 (g) |
|  Insurance Australia Group Ltd. | (83) |  | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (73) |  | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (469) |  | — (h) | 0.0 (g) |
|  National Australia Bank Ltd. | (126) |  | 1 | 0.0 (g) |
|  Origin Energy Ltd. | (51) |  | — (h) | 0.0 (g) |
|  Qantas Airways Ltd. | (25) |  | — (h) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (253) |  | 3 | 0.0 (g) |
|  Santos Ltd. | (121) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Suncorp Group Ltd. | (255) |  | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (44) |  | — (h) | 0.0 (g) |
|  Westpac Banking Corp. | (508) |  | 6 | 0.0 (g) |
|  Woodside Energy Group Ltd. | (19) |  | — (h) | 0.0 (g) |
|  Worley Ltd. | (24) |  | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (40) |  | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  ResMed, Inc. | (42) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 13 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 44 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from (0.54)% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/14/2027 | (53) | (62) | 73 | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Algonquin Power & Utilities Corp. | 243 | 1 | 1 | 0.0 (g) |
|  AltaGas Ltd. | 503 | (4) | (4) | 0.0 (g) |
|  Bombardier, Inc. | 829 | 1 | 1 | 0.0 (g) |
|  Canadian Utilities Ltd. | 27 | (1) | (1) | 0.0 (g) |
|  Enbridge, Inc. | 3805 | (90) | (89) | 0.0 (g) |
|  Equinox Gold Corp. | 1847 | (38) | (38) | 0.0 (g) |
|  Gildan Activewear, Inc. | 1069 | (26) | (25) | 0.0 (g) |
|  IAMGOLD Corp. | 35 | (1) | (1) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 421 | (43) | (43) | 0.0 (g) |
|  MDA Space Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  Methanex Corp. | 293 | (3) | (3) | 0.0 (g) |
|  Open Text Corp. | 59 | — (h) | — (h) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 14 | — (h) | — (h) | 0.0 (g) |
|  Quebecor, Inc. | 433 | (9) | (9) | 0.0 (g) |
|  Secure Waste Infrastructure Corp. | 102 | (6) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Shopify, Inc. | 1626 | 57 | 57 | 0.0 (g) |
|  South Bow Corp. | 2 | — (h) | — (h) | 0.0 (g) |
|  Tourmaline Oil Corp. | 61 | 1 | 1 | 0.0 (g) |
|  Whitecap Resources, Inc. | 1145 | 35 | 37 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc./Canada | 35 | 2 | 2 | 0.0 (g) |
|  Galaxy Digital, Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (124) | (120) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Air Canada | (558) | (33) | (33) | 0.0 (g) |
|  Alamos Gold, Inc. | (454) | 18 | 18 | 0.0 (g) |
|  ARC Resources Ltd. | (441) | 4 | 4 | 0.0 (g) |
|  Aritzia, Inc. | (1078) | (47) | (48) | 0.0 (g) |
|  Canadian Apartment Properties REIT | (358) | (2) | (2) | 0.0 (g) |
|  Canadian National Railway Co. | (2814) | 65 | 64 | 0.0 (g) |
|  Capital Power Corp. | (761) | — (h) | — (h) | 0.0 (g) |
|  CCL Industries, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  CGI, Inc. | (1440) | (42) | (43) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | (55) | (3) | (3) | 0.0 (g) |
|  Dollarama, Inc. | (1332) | (16) | (16) | 0.0 (g) |
|  Eldorado Gold Corp. | (109) | 2 | 2 | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | (741) | (4) | (5) | 0.0 (g) |
|  George Weston Ltd. | (59) | — (h) | — (h) | 0.0 (g) |
|  Gibson Energy, Inc. | (316) | (6) | (7) | 0.0 (g) |
|  IGM Financial, Inc. | (23) | — (h) | — (h) | 0.0 (g) |
|  Kinaxis, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Kinross Gold Corp. | (719) | 17 | 16 | 0.0 (g) |
|  Loblaw Cos. Ltd. | (121) | — (h) | — (h) | 0.0 (g) |
|  Lundin Gold, Inc. | (46) | — (h) | — (h) | 0.0 (g) |
|  Magna International, Inc. | (2554) | 50 | 49 | 0.0 (g) |
|  Metro, Inc./CN | (1205) | 11 | 10 | 0.0 (g) |
|  OceanaGold Corp. | (292) | 3 | 3 | 0.0 (g) |
|  Parkland Corp. | (634) | 9 | 9 | 0.0 (g) |
|  Pembina Pipeline Corp. | (1628) | 30 | 29 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | (104) | — (h) | (1) | 0.0 (g) |
|  Stantec, Inc. | (349) | (8) | (8) | 0.0 (g) |
|  Sun Life Financial, Inc. | (680) | 5 | 4 | 0.0 (g) |
|  Suncor Energy, Inc. | (3981) | 25 | 23 | 0.0 (g) |
|  TFI International, Inc. | (529) | (20) | (20) | 0.0 (g) |
|  Thomson Reuters Corp. | (1390) | (42) | (41) | 0.0 (g) |
|  TMX Group Ltd. | (857) | (3) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | (1166) | 23 | 22 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | (1437) | 35 | 35 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 71 | 58 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (53) | (62) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from (2.29)% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/21/2027 | – | 53 | 8 | 61 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Algonquin Power & Utilities Corp. | 19 |  | — (h) | 0.0 (g) |
|  Alimentation Couche-Tard, Inc. | 96 |  | — (h) | 0.0 (g) |
|  Allied Properties Real Estate Investment Trust | 18 |  | — (h) | 0.0 (g) |
|  Aritzia, Inc. | 9 |  | — (h) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | 74 |  | 3 | 0.0 (g) |
|  ATS Corp. | 13 |  | 1 | 0.0 (g) |
|  Aya Gold & Silver, Inc. | 55 |  | — (h) | 0.0 (g) |
|  B2Gold Corp. | 67 |  | — (h) | 0.0 (g) |
|  Baytex Energy Corp. | 41 |  | 1 | 0.0 (g) |
|  BCE, Inc. | 278 |  | — (h) | 0.0 (g) |
|  Bombardier, Inc. | 227 |  | — (h) | 0.0 (g) |
|  Boralex, Inc. | 37 |  | — (h) | 0.0 (g) |
|  Brookfield Corp. | 71 |  | 3 | 0.0 (g) |
|  CAE, Inc. | 7 |  | — (h) | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | 626 |  | 8 | 0.0 (g) |
|  Capstone Copper Corp. | 43 |  | — (h) | 0.0 (g) |
|  CCL Industries, Inc. | 76 |  | 2 | 0.0 (g) |
|  CGI, Inc. | 121 |  | 4 | 0.0 (g) |
|  Colliers International Group, Inc. | 41 |  | 2 | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | 67 |  | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Discovery Silver Corp. | 8 |  | — (h) | 0.0 (g) |
|  Dollarama, Inc. | 43 |  | 1 | 0.0 (g) |
|  DPM Metals, Inc. | 49 |  | — (h) | 0.0 (g) |
|  Element Fleet Management Corp. | 85 |  | 4 | 0.0 (g) |
|  First Quantum Minerals Ltd. | 87 |  | — (h) | 0.0 (g) |
|  FirstService Corp. | 13 |  | 1 | 0.0 (g) |
|  Freehold Royalties Ltd. | 34 |  | — (h) | 0.0 (g) |
|  G Mining Ventures Corp. | 18 |  | — (h) | 0.0 (g) |
|  Gibson Energy, Inc. | 46 |  | 1 | 0.0 (g) |
|  Gildan Activewear, Inc. | 52 |  | — (h) | 0.0 (g) |
|  Great-West Lifeco, Inc. | 76 |  | — (h) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 188 |  | — (h) | 0.0 (g) |
|  K92 Mining, Inc. | 8 |  | — (h) | 0.0 (g) |
|  Keyera Corp. | 13 |  | — (h) | 0.0 (g) |
|  Lundin Gold, Inc. | 44 |  | — (h) | 0.0 (g) |
|  Lundin Mining Corp. | 46 |  | — (h) | 0.0 (g) |
|  NexGen Energy Ltd. | 33 |  | — (h) | 0.0 (g) |
|  NuVista Energy Ltd. | 23 |  | — (h) | 0.0 (g) |
|  OceanaGold Corp. | 34 |  | — (h) | 0.0 (g) |
|  Open Text Corp. | 116 |  | — (h) | 0.0 (g) |
|  OR Royalties, Inc. | 34 |  | — (h) | 0.0 (g) |
|  Orla Mining Ltd. | 24 |  | — (h) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 61 |  | — (h) | 0.0 (g) |
|  Quebecor, Inc. | 116 |  | — (h) | 0.0 (g) |
|  Restaurant Brands International, Inc. | 267 |  | — (h) | 0.0 (g) |
|  Rogers Communications, Inc. | 329 |  | 7 | 0.0 (g) |
|  Saputo, Inc. | 44 |  | — (h) | 0.0 (g) |
|  Secure Waste Infrastructure Corp. | 14 |  | — (h) | 0.0 (g) |
|  South Bow Corp. | 153 |  | — (h) | 0.0 (g) |
|  Stantec, Inc. | 12 |  | — (h) | 0.0 (g) |
|  TELUS Corp. | 282 |  | 2 | 0.0 (g) |
|  Thomson Reuters Corp. | 10 |  | — (h) | 0.0 (g) |
|  Torex Gold Resources, Inc. | 37 |  | — (h) | 0.0 (g) |
|  Toromont Industries Ltd. | 62 |  | — (h) | 0.0 (g) |
|  Tourmaline Oil Corp. | 162 |  | 3 | 0.0 (g) |
|  Vermilion Energy, Inc. | 24 |  | — (h) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | 68 |  | 3 | 0.0 (g) |
|  Whitecap Resources, Inc. | 112 |  | 3 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc./Canada | 10 |  | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 53 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 53 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/17/2027 | – | 39 | 3 | 42 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Atco Ltd./Canada | (19) |  | 1 | 0.0 (g) |
|  Athabasca Oil Corp. | (16) |  | — (h) | 0.0 (g) |
|  Bank of Montreal | (284) |  | 2 | 0.0 (g) |
|  Bank of Nova Scotia (The) | (307) |  | 2 | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | (268) |  | 2 | 0.0 (g) |
|  Canadian Utilities Ltd. | (28) |  | — (h) | 0.0 (g) |
|  Empire Co. Ltd. | (10) |  | — (h) | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | (58) |  | — (h) | 0.0 (g) |
|  First Capital Real Estate Investment Trust | (6) |  | — (h) | 0.0 (g) |
|  Fortis, Inc./Canada | (24) |  | — (h) | 0.0 (g) |
|  George Weston Ltd. | (26) |  | — (h) | 0.0 (g) |
|  Hydro One Ltd. | (9) |  | — (h) | 0.0 (g) |
|  iA Financial Corp., Inc. | (12) |  | — (h) | 0.0 (g) |
|  IGM Financial, Inc. | (7) |  | — (h) | 0.0 (g) |
|  Imperial Oil Ltd. | (18) |  | — (h) | 0.0 (g) |
|  Kinaxis, Inc. | (12) |  | — (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | (107) |  | — (h) | 0.0 (g) |
|  Magna International, Inc. | (9) |  | — (h) | 0.0 (g) |
|  Manulife Financial Corp. | (903) |  | 6 | 0.0 (g) |
|  Metro, Inc./CN | (17) |  | — (h) | 0.0 (g) |
|  Power Corp. of Canada | (130) |  | 3 | 0.0 (g) |
|  Royal Bank of Canada | (793) |  | 5 | 0.0 (g) |
|  Sun Life Financial, Inc. | (121) |  | — (h) | 0.0 (g) |
|  Suncor Energy, Inc. | (928) |  | 12 | 0.0 (g) |
|  TMX Group Ltd. | (8) |  | — (h) | 0.0 (g) |
|  Toronto-Dominion Bank (The) | (319) |  | 6 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (17) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 39 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 39 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (2.53)% to 0.23%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/22/2027 | – | 345 | 12 | 357 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  ams-OSRAM AG | 6 |  | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Adecco Group AG | 94 |  | — (h) | 0.0 (g) |
|  Alcon AG | 438 |  | 21 | 0.0 (g) |
|  Allreal Holding AG | 43 |  | — (h) | 0.0 (g) |
|  ALSO Holding AG | 16 |  | 1 | 0.0 (g) |
|  Amrize Ltd. | 367 |  | 33 | 0.0 (g) |
|  Aryzta AG | 11 |  | 1 | 0.0 (g) |
|  Bachem Holding AG | 73 |  | 10 | 0.0 (g) |
|  Banque Cantonale Vaudoise | 56 |  | — (h) | 0.0 (g) |
|  Barry Callebaut AG | 301 |  | — (h) | 0.0 (g) |
|  Belimo Holding AG | 2 |  | — (h) | 0.0 (g) |
|  BKW AG | 66 |  | — (h) | 0.0 (g) |
|  Bossard Holding AG | 6 |  | — (h) | 0.0 (g) |
|  Bucher Industries AG | 14 |  | 1 | 0.0 (g) |
|  Cembra Money Bank AG | 45 |  | — (h) | 0.0 (g) |
|  Clariant AG | 79 |  | 3 | 0.0 (g) |
|  DocMorris AG | 14 |  | 2 | 0.0 (g) |
|  EFG International AG | 39 |  | — (h) | 0.0 (g) |
|  Emmi AG | 32 |  | 1 | 0.0 (g) |
|  Flughafen Zurich AG | 98 |  | — (h) | 0.0 (g) |
|  Forbo Holding AG | 14 |  | 1 | 0.0 (g) |
|  Galderma Group AG | 546 |  | 23 | 0.0 (g) |
|  Galenica AG | 67 |  | — (h) | 0.0 (g) |
|  Geberit AG | 68 |  | — (h) | 0.0 (g) |
|  Georg Fischer AG | 5 |  | — (h) | 0.0 (g) |
|  Givaudan SA | 107 |  | 3 | 0.0 (g) |
|  Helvetia Holding AG | 49 |  | 1 | 0.0 (g) |
|  Idorsia Ltd. | 22 |  | — (h) | 0.0 (g) |
|  Implenia AG | 31 |  | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | 444 |  | 5 | 0.0 (g) |
|  Komax Holding AG | 4 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Kuehne + Nagel International AG | 348 |  | 21 | 0.0 (g) |
|  Kuros Biosciences AG | 23 |  | — (h) | 0.0 (g) |
|  Landis+Gyr Group AG | 16 |  | — (h) | 0.0 (g) |
|  Lonza Group AG | 714 |  | 27 | 0.0 (g) |
|  Luzerner Kantonalbank AG | 11 |  | — (h) | 0.0 (g) |
|  Medacta Group SA | 6 |  | — (h) | 0.0 (g) |
|  Mobimo Holding AG | 37 |  | — (h) | 0.0 (g) |
|  Montana Aerospace AG | 22 |  | 1 | 0.0 (g) |
|  Nestle SA | 1686 |  | — (h) | 0.0 (g) |
|  OC Oerlikon Corp. AG Pfaffikon | 9 |  | — (h) | 0.0 (g) |
|  Partners Group Holding AG | 106 |  | 2 | 0.0 (g) |
|  PSP Swiss Property AG | 131 |  | — (h) | 0.0 (g) |
|  R&S Group Holding AG | 8 |  | 1 | 0.0 (g) |
|  Roche Holding AG | 406 |  | 11 | 0.0 (g) |
|  Sandoz Group AG | 173 |  | 2 | 0.0 (g) |
|  SGS SA | 115 |  | — (h) | 0.0 (g) |
|  Siegfried Holding AG | 21 |  | 1 | 0.0 (g) |
|  SIG Group AG | 11 |  | 1 | 0.0 (g) |
|  Sika AG | 284 |  | 7 | 0.0 (g) |
|  Softwareone Holding AG | 16 |  | 1 | 0.0 (g) |
|  St Galler Kantonalbank AG | 17 |  | — (h) | 0.0 (g) |
|  Sunrise Communications AG | 91 |  | 1 | 0.0 (g) |
|  Swatch Group AG (The) | 93 |  | 1 | 0.0 (g) |
|  Swiss Prime Site AG | 195 |  | — (h) | 0.0 (g) |
|  Swiss Re AG | 653 |  | — (h) | 0.0 (g) |
|  Swisscom AG | 617 |  | 2 | 0.0 (g) |
|  Swissquote Group Holding SA | 167 |  | — (h) | 0.0 (g) |
|  Tecan Group AG | 34 |  | 3 | 0.0 (g) |
|  UBS Group AG | 828 |  | 36 | 0.0 (g) |
|  Valiant Holding AG | 19 |  | — (h) | 0.0 (g) |
|  VAT Group AG | 119 |  | 12 | 0.0 (g) |
|  Vontobel Holding AG | 34 |  | 1 | 0.0 (g) |
|  Ypsomed Holding AG | 51 |  | 19 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 256 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  COSMO Pharmaceuticals NV | (4) |  | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (395) |  | 10 | 0.0 (g) |
|  Accelleron Industries AG | (60) |  | — (h) | 0.0 (g) |
|  Basilea Pharmaceutica Ag Allschwil | (24) |  | 1 | 0.0 (g) |
|  Burckhardt Compression Holding AG | (80) |  | 1 | 0.0 (g) |
|  Cie Financiere Richemont SA | (798) |  | 14 | 0.0 (g) |
|  Comet Holding AG | (5) |  | — (h) | 0.0 (g) |
|  Daetwyler Holding AG | (2) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  DKSH Holding AG | (8) | – | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | (27) | – | — (h) | 0.0 (g) |
|  Holcim AG | (456) | – | — (h) | 0.0 (g) |
|  Inficon Holding AG | (6) | – | — (h) | 0.0 (g) |
|  Interroll Holding AG | (15) | – | — (h) | 0.0 (g) |
|  Kardex Holding AG | (13) | – | — (h) | 0.0 (g) |
|  Logitech International SA | (636) | – | — (h) | 0.0 (g) |
|  Mobilezone Holding AG | (4) | – | — (h) | 0.0 (g) |
|  Novartis AG | (1937) | – | 55 | 0.0 (g) |
|  Schindler Holding AG | (181) | – | — (h) | 0.0 (g) |
|  SFS Group AG | (8) | – | — (h) | 0.0 (g) |
|  Swiss Life Holding AG | (3) | – | — (h) | 0.0 (g) |
|  Temenos AG | (11) | – | — (h) | 0.0 (g) |
|  VZ Holding AG | (14) | – | — (h) | 0.0 (g) |
|  Zurich Insurance Group AG | (886) | – | 8 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | – | 89 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 345 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/15/2027 | (8) | (8) | – | (8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Adecco Group AG | 8 | (1) | (1) | 0.0 (g) |
|  Banque Cantonale Vaudoise | 4 | — (h) | — (h) | 0.0 (g) |
|  Geberit AG | 38 | (1) | (1) | 0.0 (g) |
|  Givaudan SA | 209 | 3 | 3 | 0.0 (g) |
|  Sandoz Group AG | 416 | 11 | 11 | 0.0 (g) |
|  Sonova Holding AG | 173 | 15 | 15 | 0.0 (g) |
|  Straumann Holding AG | 37 | 2 | 2 | 0.0 (g) |
|  Swiss Life Holding AG | 1036 | (36) | (36) | 0.0 (g) |
|  Swiss Prime Site AG | 187 | (2) | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Swiss Re AG | 46 | (3) | (3) | 0.0 (g) |
|  Swisscom AG | 653 | (9) | (9) | 0.0 (g) |
|  VAT Group AG | 29 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (19) | (19) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (722) | 11 | 11 | 0.0 (g) |
|  Accelleron Industries AG | (17) | (1) | (1) | 0.0 (g) |
|  Alcon AG | (7) | — (h) | — (h) | 0.0 (g) |
|  Baloise Holding AG | (7) | — (h) | — (h) | 0.0 (g) |
|  Holcim AG | (14) | — (h) | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (108) | 1 | 1 | 0.0 (g) |
|  PSP Swiss Property AG | (11) | — (h) | — (h) | 0.0 (g) |
|  SGS SA | (4) | — (h) | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | (5) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 11 | 11 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (8) | (8) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DETNT on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/15/2027 | 98 | 99 | – | 99 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **oDenmark** |  |  |  |  |
|  Coloplast A/S | 43 | — (h) | — (h) | 0.0 (g) |
|  Danske Bank A/S | 4111 | (7) | (7) | 0.0 (g) |
|  Demant A/S | 370 | 4 | 4 | 0.0 (g) |
|  Novo Nordisk A/S | 7276 | 115 | 116 | 0.0 (g) |
|  Novonesis Novozymes B | 2603 | (8) | (8) | 0.0 (g) |
|  ROCKWOOL A/S | 48 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 104 | 105 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller—Maersk A/S | (142) | (1) | (1) | 0.0 (g) |
|  Genmab A/S | (42) | — (h) | — (h) | 0.0 (g) |
|  GN Store Nord A/S | (150) | (2) | (2) | 0.0 (g) |
|  Pandora A/S | (863) | (3) | (3) | 0.0 (g) |
|  Tryg A/S | (265) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (6) | (6) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 98 | 99 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one week CIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.38)% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/22/2027 | – | 174 | – | 174 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  ALK-Abello A/S | 57 |  | — (h) | 0.0 (g) |
|  Alm Brand A/S | 21 |  | — (h) | 0.0 (g) |
|  Ambu A/S | 211 |  | 2 | 0.0 (g) |
|  Carlsberg A/S | 1116 |  | 3 | 0.0 (g) |
|  Coloplast A/S | 2040 |  | 31 | 0.0 (g) |
|  DSV A/S | 5805 |  | 41 | 0.0 (g) |
|  FLSmidth & Co. A/S | 159 |  | — (h) | 0.0 (g) |
|  GN Store Nord A/S | 108 |  | 1 | 0.0 (g) |
|  ISS A/S | 138 |  | — (h) | 0.0 (g) |
|  Matas A/S | 73 |  | 1 | 0.0 (g) |
|  Netcompany Group A/S | 275 |  | 1 | 0.0 (g) |
|  NKT A/S | 123 |  | 1 | 0.0 (g) |
|  Novo Nordisk A/S | 1136 |  | 10 | 0.0 (g) |
|  Novonesis Novozymes B | 3243 |  | 5 | 0.0 (g) |
|  Per Aarsleff Holding A/S | 19 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  ROCKWOOL A/S | 54 |  | — (h) | 0.0 (g) |
|  Royal Unibrew A/S | 197 |  | — (h) | 0.0 (g) |
|  Zealand Pharma A/S | 491 |  | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 97 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller—Maersk A/S | (1533) |  | — (h) | 0.0 (g) |
|  Chemometec A/S | (82) |  | — (h) | 0.0 (g) |
|  D/S Norden A/S | (68) |  | — (h) | 0.0 (g) |
|  Danske Bank A/S | (1022) |  | 1 | 0.0 (g) |
|  Genmab A/S | (6246) |  | 60 | 0.0 (g) |
|  Gubra A/S | (35) |  | — (h) | 0.0 (g) |
|  Jyske Bank A/S | (155) |  | — (h) | 0.0 (g) |
|  Pandora A/S | (2409) |  | — (h) | 0.0 (g) |
|  Ringkjoebing Landbobank A/S | (108) |  | — (h) | 0.0 (g) |
|  Schouw & Co. A/S | (11) |  | — (h) | 0.0 (g) |
|  Sydbank A/S | (424) |  | 1 | 0.0 (g) |
|  Vestas Wind Systems A/S | (2851) |  | 15 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 77 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 174 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/15/2027 | (6) | (11) | – | (11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | 72 | — (h) | — (h) | 0.0 (g) |
|  Verbund AG | 68 | (1) | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  KBC Group NV | 209 | (5) | (5) | 0.0 (g) |
|  Lotus Bakeries NV | 71 | (2) | (2) | 0.0 (g) |
|  Syensqo SA | 44 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 9 | (1) | (1) | 0.0 (g) |
|  Kesko OYJ | 139 | 1 | 1 | 0.0 (g) |
|  Orion OYJ | 12 | — (h) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | 13 | — (h) | — (h) | 0.0 (g) |
|  UPM-Kymmene OYJ | 466 | (2) | (2) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | 63 | — (h) | — (h) | 0.0 (g) |
|  Arkema SA | 17 | 1 | 1 | 0.0 (g) |
|  BioMerieux | 201 | 1 | 1 | 0.0 (g) |
|  Cie de Saint-Gobain SA | 18 | — (h) | — (h) | 0.0 (g) |
|  Dassault Aviation SA | 17 | — (h) | — (h) | 0.0 (g) |
|  Edenred SE | 152 | (1) | (1) | 0.0 (g) |
|  EssilorLuxottica SA | 92 | — (h) | — (h) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | 118 | (3) | (3) | 0.0 (g) |
|  Hermes International SCA | 505 | 9 | 9 | 0.0 (g) |
|  Kering SA | 61 | (5) | (5) | 0.0 (g) |
|  Legrand SA | 1144 | 10 | 10 | 0.0 (g) |
|  L'Oreal SA | 1375 | (29) | (29) | 0.0 (g) |
|  Orange SA | 875 | (8) | (8) | 0.0 (g) |
|  Renault SA | 149 | — (h) | — (h) | 0.0 (g) |
|  Rexel SA | 78 | (1) | (1) | 0.0 (g) |
|  Sartorius Stedim Biotech | 41 | 4 | 4 | 0.0 (g) |
|  Schneider Electric SE | 2567 | (100) | (99) | 0.0 (g) |
|  Sodexo SA | 16 | 1 | 1 | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BASF SE | 1 | — (h) | — (h) | 0.0 (g) |
|  Brenntag SE | 70 | (1) | — (h) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | 75 | (1) | (1) | 0.0 (g) |
|  Daimler Truck Holding AG | 11 | 1 | 1 | 0.0 (g) |
|  Dr Ing hc F Porsche AG | 103 | (1) | (1) | 0.0 (g) |
|  Hannover Rueck SE | 116 | (2) | (2) | 0.0 (g) |
|  HUGO BOSS AG | 42 | 1 | 1 | 0.0 (g) |
|  KION Group AG | 4 | — (h) | — (h) | 0.0 (g) |
|  Merck KGaA | 38 | — (h) | — (h) | 0.0 (g) |
|  Porsche Automobil Holding SE | 5 | — (h) | — (h) | 0.0 (g) |
|  Rheinmetall AG | 580 | (16) | (15) | 0.0 (g) |
|  RWE AG | 16 | — (h) | — (h) | 0.0 (g) |
|  Talanx AG | 11 | — (h) | — (h) | 0.0 (g) |
|  Zalando SE | 11 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kingspan Group plc | 11 | — (h) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Brunello Cucinelli SpA | 20 | (1) | (1) | 0.0 (g) |
|  Buzzi SpA | 150 | 5 | 5 | 0.0 (g) |
|  Davide Campari-Milano NV | 459 | 26 | 26 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Ferrari NV | 69 | (1) | (1) | 0.0 (g) |
|  Prysmian SpA | 18 | — (h) | — (h) | 0.0 (g) |
|  Terna—Rete Elettrica Nazionale | 83 | (3) | (3) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 314 | (6) | (6) | 0.0 (g) |
|  CVC Capital Partners plc | 24 | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASM International NV | 159 | (4) | (4) | 0.0 (g) |
|  EXOR NV | 32 | (1) | (1) | 0.0 (g) |
|  Ferrovial SE | 727 | 2 | 2 | 0.0 (g) |
|  IMCD NV | 40 | 2 | 2 | 0.0 (g) |
|  JDE Peet's NV | 492 | (1) | (1) | 0.0 (g) |
|  Prosus NV | 330 | (19) | (19) | 0.0 (g) |
|  Randstad NV | 340 | (11) | (11) | 0.0 (g) |
|  Stellantis NV | 5 | — (h) | — (h) | 0.0 (g) |
|  Universal Music Group NV | 20 | (1) | (1) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Jeronimo Martins SGPS SA | 15 | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Cellnex Telecom SA | 38 | (1) | (1) | 0.0 (g) |
|  EDP Renovaveis SA | 21 | — (h) | — (h) | 0.0 (g) |
|  Industria de Diseno Textil SA | 129 | (5) | (5) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (170) | (167) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (64) | (1) | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Groupe Bruxelles Lambert NV | (26) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | (9) | — (h) | — (h) | 0.0 (g) |
|  Nordea Bank Abp | (346) | 7 | 7 | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | (6) | —(h) | —(h) | 0.0 (g) |
|  AXA SA | (887) | 16 | 15 | 0.0 (g) |
|  Bollore SE | (3) | —(h) | —(h) | 0.0 (g) |
|  Bureau Veritas SA | (373) | 14 | 14 | 0.0 (g) |
|  Capgemini SE | (361) | 6 | 5 | 0.0 (g) |
|  Covivio SA | (166) | 2 | 2 | 0.0 (g) |
|  Credit Agricole SA | (59) | —(h) | —(h) | 0.0 (g) |
|  Eiffage SA | (12) | —(h) | —(h) | 0.0 (g) |
|  Engie SA | (1555) | 11 | 10 | 0.0 (g) |
|  Ipsen SA | (18) | —(h) | —(h) | 0.0 (g) |
|  Publicis Groupe SA | (14) | —(h) | —(h) | 0.0 (g) |
|  Societe Generale SA | (1123) | (23) | (24) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | (347) | 8 | 7 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Germany** |  |  |  |  |
|  Aurubis AG | (8) | 1 | 1 | 0.0(g) |
|  Continental AG | (54) | —(h) | —(h) | 0.0(g) |
|  E.ON SE | (17) | 1 | —(h) | 0.0(g) |
|  Evonik Industries AG | (329) | (15) | (15) | 0.0(g) |
|  GEA Group AG | (47) | —(h) | —(h) | 0.0(g) |
|  HOCHTIEF AG | (32) | —(h) | —(h) | 0.0(g) |
|  Knorr-Bremse AG | (34) | —(h) | —(h) | 0.0(g) |
|  LEG Immobilien SE | (69) | 2 | 2 | 0.0(g) |
|  Nemetschek SE | (34) | 1 | 1 | 0.0(g) |
|  SAP SE | (1813) | 30 | 30 | 0.0(g) |
|  Sartorius AG | (22) | 1 | 1 | 0.0(g) |
|  Siemens Energy AG | (244) | 7 | 6 | 0.0(g) |
|  **Italy** |  |  |  |  |
|  BPER Banca SPA | (13) | —(h) | —(h) | 0.0(g) |
|  Intesa Sanpaolo SpA | (1776) | 76 | 75 | 0.0(g) |
|  Italgas SpA | (10) | —(h) | —(h) | 0.0(g) |
|  Leonardo SpA | (22) | 1 | 1 | 0.0(g) |
|  Saipem SpA | (337) | 28 | 28 | 0.0(g) |
|  Snam SpA | (4) | —(h) | —(h) | 0.0(g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | (14) | —(h) | —(h) | 0.0(g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (59) | —(h) | —(h) | 0.0(g) |
|  BE Semiconductor Industries NV | (8) | —(h) | —(h) | 0.0(g) |
|  NN Group NV | (165) | 3 | 3 | 0.0(g) |
|  QIAGEN NV | (388) | (15) | (15) | 0.0(g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (23) | —(h) | —(h) | 0.0(g) |
|  EDP SA | (3) | —(h) | —(h) | 0.0(g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (381) | (1) | (1) | 0.0(g) |
|  Enagas SA | (254) | 3 | 3 | 0.0(g) |
|  Iberdrola SA | (5) | —(h) | —(h) | 0.0(g) |
|  Telefonica SA | (105) | 1 | 1 | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  | 164 | 156 | 0.0(g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (6) | (11) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (2.25)% to 0.23%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/22/2027 | – | 1346 | 15 | 1361 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | 251 |  | — (h) | 0.0 (g) |
|  Azelis Group NV | 60 |  | 5 | 0.0 (g) |
|  Elia Group SA | 72 |  | — (h) | 0.0 (g) |
|  Fagron | 5 |  | — (h) | 0.0 (g) |
|  Financiere de Tubize SA | 13 |  | — (h) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 9 |  | — (h) | 0.0 (g) |
|  KBC Ancora | 9 |  | — (h) | 0.0 (g) |
|  KBC Group NV | 177 |  | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | 48 |  | — (h) | 0.0 (g) |
|  Melexis NV | 23 |  | — (h) | 0.0 (g) |
|  Montea NV | 5 |  | — (h) | 0.0 (g) |
|  Sofina SA | 11 |  | — (h) | 0.0 (g) |
|  Syensqo SA | 127 |  | — (h) | 0.0 (g) |
|  Umicore SA | 66 |  | — (h) | 0.0 (g) |
|  VGP NV | 27 |  | — (h) | 0.0 (g) |
|  Warehouses De Pauw CVA | 52 |  | — (h) | 0.0 (g) |
|  Xior Student Housing NV | 23 |  | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | 157 |  | 5 | 0.0 (g) |
|  Harvia OYJ | 1 |  | — (h) | 0.0 (g) |
|  Huhtamaki OYJ | 58 |  | — (h) | 0.0 (g) |
|  Kesko OYJ | 59 |  | — (h) | 0.0 (g) |
|  Kojamo OYJ | 26 |  | — (h) | 0.0 (g) |
|  Metsa Board OYJ | 9 |  | — (h) | 0.0 (g) |
|  Metso OYJ | 155 |  | 10 | 0.0 (g) |
|  Neste OYJ | 80 |  | 4 | 0.0 (g) |
|  Nokian Renkaat OYJ | 37 |  | 2 | 0.0 (g) |
|  Outokumpu OYJ | 43 |  | — (h) | 0.0 (g) |
|  Puuilo OYJ | 1 |  | — (h) | 0.0 (g) |
|  Stora Enso OYJ | 120 |  | 1 | 0.0 (g) |
|  TietoEVRY OYJ | 28 |  | — (h) | 0.0 (g) |
|  Tokmanni Group Corp. | 7 |  | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  UPM-Kymmene OYJ | 114 |  | —(h) | 0.0(g) |
|  Vaisala OYJ | 8 |  | —(h) | 0.0(g) |
|  Valmet OYJ | 33 |  | 3 | 0.0(g) |
|  **France** |  |  |  |  |
|  Accor SA | 118 |  | 5 | 0.0(g) |
|  Aeroports de Paris SA | 84 |  | —(h) | 0.0(g) |
|  Air France-KLM | 159 |  | 9 | 0.0(g) |
|  Air Liquide SA | 546 |  | —(h) | 0.0(g) |
|  Airbus SE | 255 |  | 1 | 0.0(g) |
|  Alstom SA | 328 |  | —(h) | 0.0(g) |
|  Altarea SCA | 2 |  | —(h) | 0.0(g) |
|  Arkema SA | 56 |  | 4 | 0.0(g) |
|  Ayvens SA | 45 |  | —(h) | 0.0(g) |
|  BioMerieux | 12 |  | —(h) | 0.0(g) |
|  Capgemini SE | 397 |  | 3 | 0.0(g) |
|  Christian Dior SE | 6 |  | —(h) | 0.0(g) |
|  Cie de Saint-Gobain SA | 1126 |  | 35 | 0.0(g) |
|  Clariane SE | 32 |  | —(h) | 0.0(g) |
|  Eiffage SA | 65 |  | 1 | 0.0(g) |
|  Elior Group SA | 8 |  | —(h) | 0.0(g) |
|  Elis SA | 88 |  | —(h) | 0.0(g) |
|  EssilorLuxottica SA | 142 |  | —(h) | 0.0(g) |
|  Exosens SAS | 47 |  | —(h) | 0.0(g) |
|  FDJ UNITED | 92 |  | —(h) | 0.0(g) |
|  Fnac Darty SA | 1 |  | —(h) | 0.0(g) |
|  Forvia SE | 55 |  | 2 | 0.0(g) |
|  Kering SA | 874 |  | —(h) | 0.0(g) |
|  LISI SA | 6 |  | —(h) | 0.0(g) |
|  L'Oreal SA | 32 |  | —(h) | 0.0(g) |
|  Mercialys SA | 3 |  | —(h) | 0.0(g) |
|  Mersen SA | 14 |  | —(h) | 0.0(g) |
|  Opmobility | 2 |  | —(h) | 0.0(g) |
|  Pernod Ricard SA | 387 |  | 32 | 0.0(g) |
|  Remy Cointreau SA | 61 |  | 1 | 0.0(g) |
|  Renault SA | 100 |  | —(h) | 0.0(g) |
|  Rexel SA | 137 |  | 2 | 0.0(g) |
|  Sartorius Stedim Biotech | 135 |  | 14 | 0.0(g) |
|  SEB SA | 10 |  | —(h) | 0.0(g) |
|  SMCP SA | 10 |  | —(h) | 0.0(g) |
|  Societe Generale SA | 280 |  | 10 | 0.0(g) |
|  Sodexo SA | 166 |  | —(h) | 0.0(g) |
|  SOITEC | 49 |  | —(h) | 0.0(g) |
|  Sopra Steria Group | 14 |  | —(h) | 0.0(g) |
|  TotalEnergies SE | 159 |  | 2 | 0.0(g) |
|  Trigano SA | 19 |  | —(h) | 0.0(g) |
|  Unibail-Rodamco-Westfield | 74 |  | —(h) | 0.0(g) |
|  Wendel SE | 5 |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Germany** |  |  |  |  |
|  adidas AG | 143 |  | 1 | 0.0(g) |
|  AIXTRON SE | 129 |  | —(h) | 0.0(g) |
|  Aurubis AG | 71 |  | —(h) | 0.0(g) |
|  Auto1 Group SE | 60 |  | —(h) | 0.0(g) |
|  BASF SE | 404 |  | 6 | 0.0(g) |
|  Bayer AG | 270 |  | —(h) | 0.0(g) |
|  Bayerische Motoren Werke AG | 533 |  | —(h) | 0.0(g) |
|  Bechtle AG | 70 |  | —(h) | 0.0(g) |
|  Brenntag SE | 189 |  | —(h) | 0.0(g) |
|  Carl Zeiss Meditec AG | 96 |  | 7 | 0.0(g) |
|  Daimler Truck Holding AG | 315 |  | 32 | 0.0(g) |
|  Deutsche Telekom AG | 464 |  | 3 | 0.0(g) |
|  Deutz AG | 6 |  | —(h) | 0.0(g) |
|  Douglas AG | 2 |  | —(h) | 0.0(g) |
|  Dr Ing hc F Porsche AG | 192 |  | 13 | 0.0(g) |
|  E.ON SE | 551 |  | —(h) | 0.0(g) |
|  Elmos Semiconductor SE | 12 |  | —(h) | 0.0(g) |
|  Energiekontor AG | 5 |  | —(h) | 0.0(g) |
|  Evonik Industries AG | 43 |  | 2 | 0.0(g) |
|  Evotec SE | 31 |  | 1 | 0.0(g) |
|  Fraport AG Frankfurt Airport Services Worldwide | 83 |  | 2 | 0.0(g) |
|  Fresenius Medical Care AG | 29 |  | —(h) | 0.0(g) |
|  Fresenius SE & Co. KGaA | 199 |  | —(h) | 0.0(g) |
|  Gerresheimer AG | 152 |  | 36 | 0.0(g) |
|  Hensoldt AG | 132 |  | —(h) | 0.0(g) |
|  HOCHTIEF AG | 46 |  | 1 | 0.0(g) |
|  Hypoport SE | 3 |  | —(h) | 0.0(g) |
|  Infineon Technologies AG | 1308 |  | 1 | 0.0(g) |
|  Jenoptik AG | 15 |  | —(h) | 0.0(g) |
|  KION Group AG | 63 |  | 1 | 0.0(g) |
|  Kloeckner & Co. SE | 10 |  | —(h) | 0.0(g) |
|  LANXESS AG | 21 |  | 2 | 0.0(g) |
|  Nagarro SE | 6 |  | —(h) | 0.0(g) |
|  Norma Group SE | 11 |  | 4 | 0.0(g) |
|  Porsche Automobil Holding SE | 64 |  | 4 | 0.0(g) |
|  Puma SE | 85 |  | 3 | 0.0(g) |
|  RENK Group AG | 361 |  | —(h) | 0.0(g) |
|  Rheinmetall AG | 1438 |  | 1 | 0.0(g) |
|  RWE AG | 886 |  | —(h) | 0.0(g) |
|  Salzgitter AG | 35 |  | —(h) | 0.0(g) |
|  Sartorius AG | 228 |  | 17 | 0.0(g) |
|  Schaeffler AG | 14 |  | 1 | 0.0(g) |
|  Siemens AG | 240 |  | —(h) | 0.0(g) |
|  Siltronic AG | 46 |  | —(h) | 0.0(g) |
|  Stabilus SE | 19 |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Suedzucker AG | 10 |  | —(h) | 0.0(g) |
|  SUSS MicroTec SE | 45 |  | —(h) | 0.0(g) |
|  Symrise AG | 484 |  | 19 | 0.0(g) |
|  TAG Immobilien AG | 100 |  | —(h) | 0.0(g) |
|  TeamViewer SE | 36 |  | —(h) | 0.0(g) |
|  thyssenkrupp AG | 117 |  | —(h) | 0.0(g) |
|  Traton SE | 73 |  | 9 | 0.0(g) |
|  TUI AG | 159 |  | 6 | 0.0(g) |
|  United Internet AG | 7 |  | —(h) | 0.0(g) |
|  Volkswagen AG | 400 |  | 28 | 0.0(g) |
|  Vonovia SE | 429 |  | —(h) | 0.0(g) |
|  Vossloh AG | 24 |  | 1 | 0.0(g) |
|  Wacker Chemie AG | 126 |  | —(h) | 0.0(g) |
|  Zalando SE | 39 |  | 1 | 0.0(g) |
|  **Italy** |  |  |  |  |
|  Davide Campari-Milano NV | 72 |  | 5 | 0.0(g) |
|  Prysmian SpA | 431 |  | —(h) | 0.0(g) |
|  Sanlorenzo SpA/Ameglia | 9 |  | —(h) | 0.0(g) |
|  Technoprobe SpA | 16 |  | 1 | 0.0(g) |
|  **Luxembourg** |  |  |  |  |
|  APERAM SA | 78 |  | —(h) | 0.0(g) |
|  ArcelorMittal SA | 540 |  | —(h) | 0.0(g) |
|  CVC Capital Partners plc | 25 |  | 1 | 0.0(g) |
|  Eurofins Scientific SE | 195 |  | 3 | 0.0(g) |
|  **Netherlands** |  |  |  |  |
|  Aalberts NV | 51 |  | 2 | 0.0(g) |
|  ABN AMRO Bank NV | 318 |  | —(h) | 0.0(g) |
|  Akzo Nobel NV | 256 |  | 5 | 0.0(g) |
|  AMG Critical Materials NV | 3 |  | —(h) | 0.0(g) |
|  ASM International NV | 229 |  | 1 | 0.0(g) |
|  ASR Nederland NV | 36 |  | —(h) | 0.0(g) |
|  Basic-Fit NV | 39 |  | —(h) | 0.0(g) |
|  Corbion NV | 9 |  | —(h) | 0.0(g) |
|  CTP NV | 24 |  | —(h) | 0.0(g) |
|  EXOR NV | 196 |  | —(h) | 0.0(g) |
|  Ferrovial SE | 26 |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Flow Traders Ltd. | 5 |  | —(h) | 0.0(g) |
|  Heineken Holding NV | 52 |  | —(h) | 0.0(g) |
|  Heineken NV | 439 |  | —(h) | 0.0(g) |
|  IMCD NV | 215 |  | 16 | 0.0(g) |
|  Koninklijke KPN NV | 68 |  | 1 | 0.0(g) |
|  Koninklijke Philips NV | 169 |  | 8 | 0.0(g) |
|  OCI NV | 15 |  | 5 | 0.0(g) |
|  Redcare Pharmacy NV | 14 |  | 1 | 0.0(g) |
|  Stellantis NV | 200 |  | 27 | 0.0(g) |
|  TKH Group NV | 42 |  | —(h) | 0.0(g) |
|  Van Lanschot Kempen NV | 36 |  | —(h) | 0.0(g) |
|  **Poland** |  |  |  |  |
|  InPost SA | 113 |  | 14 | 0.0(g) |
|  **Portugal** |  |  |  |  |
|  EDP SA | 282 |  | —(h) | 0.0(g) |
|  Galp Energia SGPS SA | 17 |  | —(h) | 0.0(g) |
|  Jeronimo Martins SGPS SA | 105 |  | 3 | 0.0(g) |
|  Mota-Engil SGPS SA | 93 |  | 8 | 0.0(g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | 81 |  | —(h) | 0.0(g) |
|  Acerinox SA | 91 |  | —(h) | 0.0(g) |
|  Almirall SA | 4 |  | —(h) | 0.0(g) |
|  Banco Bilbao Vizcaya Argentaria SA | 174 |  | —(h) | 0.0(g) |
|  Banco Santander SA | 242 |  | —(h) | 0.0(g) |
|  Cellnex Telecom SA | 588 |  | —(h) | 0.0(g) |
|  CIE Automotive SA | 8 |  | —(h) | 0.0(g) |
|  Corp. ACCIONA Energias Renovables SA | 14 |  | —(h) | 0.0(g) |
|  EDP Renovaveis SA | 161 |  | —(h) | 0.0(g) |
|  eDreams ODIGEO SA | 4 |  | —(h) | 0.0(g) |
|  Fluidra SA | 31 |  | 1 | 0.0(g) |
|  Grenergy Renovables SA | 57 |  | 5 | 0.0(g) |
|  Industria de Diseno Textil SA | 304 |  | 1 | 0.0(g) |
|  Pharma Mar SA | 12 |  | —(h) | 0.0(g) |
|  Puig Brands SA | 41 |  | 2 | 0.0(g) |
|  Sacyr SA | 34 |  | —(h) | 0.0(g) |
|  Solaria Energia y Medio Ambiente SA | 178 |  | 3 | 0.0(g) |
|  Tecnicas Reunidas SA | 18 |  | —(h) | 0.0(g) |
|  Vidrala SA | 18 |  | —(h) | 0.0(g) |
|  Viscofan SA | 14 |  | —(h) | 0.0(g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | 20 |  | —(h) | 0.0(g) |
|  STMicroelectronics NV | 60 |  | 2 | 0.0(g) |
|  **United Kingdom** |  |  |  |  |
|  Allfunds Group plc | 28 |  | —(h) | 0.0(g) |
|  Shell plc | 130 |  | —(h) | 0.0(g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 469 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Ackermans & van Haaren NV | (17) |  | —(h) | 0.0(g) |
|  Ageas SA | (33) |  | 1 | 0.0(g) |
|  Barco NV | (7) |  | —(h) | 0.0(g) |
|  Bekaert SA | (16) |  | —(h) | 0.0(g) |
|  Colruyt Group N.V | (3) |  | —(h) | 0.0(g) |
|  D'ieteren Group | (15) |  | —(h) | 0.0(g) |
|  Galapagos NV | (6) |  | —(h) | 0.0(g) |
|  UCB SA | (637) |  | 98 | 0.0(g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | (68) |  | 5 | 0.0(g) |
|  Hiab OYJ | (21) |  | —(h) | 0.0(g) |
|  Kemira OYJ | (2) |  | —(h) | 0.0(g) |
|  Kone OYJ | (158) |  | 6 | 0.0(g) |
|  Konecranes OYJ | (53) |  | —(h) | 0.0(g) |
|  Mandatum OYJ | (7) |  | —(h) | 0.0(g) |
|  Nokia OYJ | (350) |  | 6 | 0.0(g) |
|  Orion OYJ | (60) |  | —(h) | 0.0(g) |
|  QT Group OYJ | (10) |  | —(h) | 0.0(g) |
|  Sampo OYJ | (168) |  | 4 | 0.0(g) |
|  Wartsila OYJ Abp | (304) |  | 3 | 0.0(g) |
|  **France** |  |  |  |  |
|  Alten SA | (14) |  | 1 | 0.0(g) |
|  Amundi SA | (128) |  | 3 | 0.0(g) |
|  ARGAN SA | (2) |  | —(h) | 0.0(g) |
|  AXA SA | (1526) |  | 29 | 0.0(g) |
|  BNP Paribas SA | (131) |  | —(h) | 0.0(g) |
|  Bollore SE | (23) |  | 1 | 0.0(g) |
|  Bouygues SA | (397) |  | 12 | 0.0(g) |
|  Bureau Veritas SA | (393) |  | 13 | 0.0(g) |
|  Carmila SA | (8) |  | —(h) | 0.0(g) |
|  Carrefour SA | (79) |  | 3 | 0.0(g) |
|  Cie Generale des Etablissements Michelin SCA | (7) |  |  | 0.0(g) |
|  Coface SA | (29) |  | 1 | 0.0(g) |
|  Covivio SA | (34) |  | 1 | 0.0(g) |
|  Dassault Systemes SE | (407) |  | 8 | 0.0(g) |
|  Derichebourg SA | (6) |  | —(h) | 0.0(g) |
|  Edenred SE | (15) |  | —(h) | 0.0(g) |
|  Esso SA Francaise | (8) |  | —(h) | 0.0(g) |
|  Gaztransport Et Technigaz SA | (451) |  | 6 | 0.0(g) |
|  Hermes International SCA | (393) |  | —(h) | 0.0(g) |
|  Imerys SA | (5) |  | —(h) | 0.0(g) |
|  Ipsen SA | (19) |  | —(h) | 0.0(g) |
|  IPSOS SA | (31) |  | 1 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  JCDecaux SE | (31) |  | —(h) | 0.0(g) |
|  Kaufman & Broad SA | (5) |  | —(h) | 0.0(g) |
|  Klepierre SA | (261) |  | 2 | 0.0(g) |
|  Legrand SA | (156) |  | —(h) | 0.0(g) |
|  Metropole Television SA | (11) |  | —(h) | 0.0(g) |
|  Nexans SA | (17) |  | —(h) | 0.0(g) |
|  Orange SA | (73) |  | 1 | 0.0(g) |
|  Planisware SA | (7) |  | —(h) | 0.0(g) |
|  Publicis Groupe SA | (106) |  | 2 | 0.0(g) |
|  Rubis SCA | (62) |  | 1 | 0.0(g) |
|  Safran SA | (959) |  | 37 | 0.0(g) |
|  Sanofi SA | (880) |  | —(h) | 0.0(g) |
|  Schneider Electric SE | (178) |  | 4 | 0.0(g) |
|  SCOR SE | (72) |  | 3 | 0.0(g) |
|  Societe BIC SA | (11) |  | —(h) | 0.0(g) |
|  Technip Energies NV | (235) |  | 1 | 0.0(g) |
|  Television Francaise 1 SA | (12) |  | —(h) | 0.0(g) |
|  Thales SA | (1096) |  | 96 | 0.0(g) |
|  Ubisoft Entertainment SA | (60) |  | 2 | 0.0(g) |
|  Valeo SE | (29) |  | —(h) | 0.0(g) |
|  Vallourec SACA | (54) |  | 2 | 0.0(g) |
|  Veolia Environnement SA | (445) |  | 3 | 0.0(g) |
|  Vinci SA | (62) |  | —(h) | 0.0(g) |
|  Vivendi SE | (92) |  | 1 | 0.0(g) |
|  VusionGroup | (69) |  | —(h) | 0.0(g) |
|  **Germany** |  |  |  |  |
|  Allianz SE | (596) |  | 17 | 0.0(g) |
|  AlzChem Group AG | (12) |  | 1 | 0.0(g) |
|  Atoss Software SE | (34) |  | 3 | 0.0(g) |
|  Beiersdorf AG | (17) |  |  | 0.0(g) |
|  Bilfinger SE | (122) |  | —(h) | 0.0(g) |
|  CANCOM SE | (4) |  | —(h) | 0.0(g) |
|  Commerzbank AG | (383) |  | —(h) | 0.0(g) |
|  Continental AG | (10) |  |  | 0.0(g) |
|  CTS Eventim AG & Co. KGaA | (113) |  | —(h) | 0.0(g) |
|  Delivery Hero SE | (31) |  | —(h) | 0.0(g) |
|  Deutsche Bank AG | (240) |  | —(h) | 0.0(g) |
|  Deutsche Boerse AG | (595) |  | 5 | 0.0(g) |
|  Deutsche Lufthansa AG | (284) |  | —(h) | 0.0(g) |
|  Deutsche Pfandbriefbank AG | (3) |  | —(h) | 0.0(g) |
|  Deutsche Wohnen SE | (2) |  | —(h) | 0.0(g) |
|  Draegerwerk AG & Co. KGaA | (3) |  | —(h) | 0.0(g) |
|  DWS Group GmbH & Co. KGaA | (61) |  | —(h) | 0.0(g) |
|  Eckert & Ziegler SE | (21) |  | —(h) | 0.0(g) |
|  Fielmann Group AG | (4) |  | —(h) | 0.0(g) |
|  flatexDEGIRO AG | (261) |  | 8 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Freenet AG | (263) |  | —(h) | 0.0(g) |
|  FUCHS SE | (40) |  | —(h) | 0.0(g) |
|  GEA Group AG | (163) |  | 5 | 0.0(g) |
|  GFT Technologies SE | (3) |  | —(h) | 0.0(g) |
|  Hannover Rueck SE | (318) |  | 15 | 0.0(g) |
|  Heidelberg Materials AG | (442) |  | —(h) | 0.0(g) |
|  HelloFresh SE | (35) |  | —(h) | 0.0(g) |
|  Henkel AG & Co. KGaA | (149) |  | —(h) | 0.0(g) |
|  Hornbach Holding AG & Co. KGaA | (2) |  | —(h) | 0.0(g) |
|  HUGO BOSS AG | (33) |  | —(h) | 0.0(g) |
|  Jungheinrich AG | (38) |  | —(h) | 0.0(g) |
|  Knorr-Bremse AG | (68) |  | —(h) | 0.0(g) |
|  Krones AG | (2) |  | —(h) | 0.0(g) |
|  Mercedes-Benz Group AG | (1165) |  | 51 | 0.0(g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | (278) |  | 12 | 0.0(g) |
|  Nemetschek SE | (39) |  | 1 | 0.0(g) |
|  Nordex SE | (47) |  | 2 | 0.0(g) |
|  Rational AG | (66) |  | —(h) | 0.0(g) |
|  SAP SE | (2043) |  | —(h) | 0.0(g) |
|  Scout24 SE | (344) |  | 11 | 0.0(g) |
|  Siemens Energy AG | (161) |  | 10 | 0.0(g) |
|  Siemens Healthineers AG | (69) |  | —(h) | 0.0(g) |
|  Sixt SE | (37) |  | —(h) | 0.0(g) |
|  Stroeer SE & Co. KGaA | (11) |  | —(h) | 0.0(g) |
|  Wacker Neuson SE | (4) |  | —(h) | 0.0(g) |
|  **Italy** |  |  |  |  |
|  BPER Banca SPA | (96) |  | 1 | 0.0(g) |
|  Generali | (229) |  | 3 | 0.0(g) |
|  Iren SpA | (5) |  | —(h) | 0.0(g) |
|  Maire SpA | (10) |  | —(h) | 0.0(g) |
|  MFE-MediaForEurope NV | (8) |  | —(h) | 0.0(g) |
|  OVS SpA | (4) |  | —(h) | 0.0(g) |
|  Poste Italiane SpA | (106) |  | —(h) | 0.0(g) |
|  Reply SpA | (19) |  | —(h) | 0.0(g) |
|  Saipem SpA | (201) |  | 11 | 0.0(g) |
|  **Luxembourg** |  |  |  |  |
|  SES SA | (37) |  | 3 | 0.0(g) |
|  **Netherlands** |  |  |  |  |
|  Adyen NV | (743) |  | —(h) | 0.0(g) |
|  Aegon Ltd. | (276) |  | 8 | 0.0(g) |
|  Arcadis NV | (19) |  | —(h) | 0.0(g) |
|  Argenx SE | (436) |  | —(h) | 0.0(g) |
|  ASML Holding NV | (320) |  | 17 | 0.0(g) |
|  BE Semiconductor Industries NV | (298) |  | 13 | 0.0(g) |
|  Euronext NV | (61) |  | —(h) | 0.0(g) |
|  ING Groep NV | (282) |  | 7 | 0.0(g) |
|  Koninklijke BAM Groep NV | (17) |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Koninklijke Vopak NV | (64) |  | 1 | 0.0(g) |
|  NN Group NV | (188) |  | 5 | 0.0(g) |
|  Pharming Group NV | (6) |  | 1 | 0.0(g) |
|  Prosus NV | (2213) |  | 134 | 0.1 |
|  SBM Offshore NV | (181) |  | 3 | 0.0(g) |
|  Signify NV | (23) |  | —(h) | 0.0(g) |
|  Universal Music Group NV | (217) |  | 9 | 0.0(g) |
|  Wolters Kluwer NV | (244) |  | 3 | 0.0(g) |
|  **Portugal** |  |  |  |  |
|  CTT-Correios de Portugal SA | (9) |  | —(h) | 0.0(g) |
|  NOS SGPS SA | (17) |  | —(h) | 0.0(g) |
|  REN—Redes Energeticas Nacionais SGPS SA | (7) |  | —(h) | 0.0(g) |
|  Sonae SGPS SA | (4) |  | —(h) | 0.0(g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (4) |  | —(h) | 0.0(g) |
|  Aena SME SA | (887) |  | —(h) | 0.0(g) |
|  Amadeus IT Group SA | (13) |  | —(h) | 0.0(g) |
|  Atresmedia Corp. de Medios de Comunicacion SA | (21) |  | 1 | 0.0(g) |
|  Bankinter SA | (515) |  | 10 | 0.0(g) |
|  CaixaBank SA | (918) |  | 28 | 0.0(g) |
|  Colonial SFL Socimi SA | (26) |  | —(h) | 0.0(g) |
|  Elecnor SA | (10) |  | —(h) | 0.0(g) |
|  Enagas SA | (240) |  | 5 | 0.0(g) |
|  Endesa SA | (796) |  | 32 | 0.0(g) |
|  Iberdrola SA | (372) |  | 17 | 0.0(g) |
|  Indra Sistemas SA | (446) |  | 26 | 0.0(g) |
|  Laboratorios Farmaceuticos Rovi SA | (14) |  | —(h) | 0.0(g) |
|  Logista Integral SA | (26) |  | 1 | 0.0(g) |
|  Mapfre SA | (160) |  | 12 | 0.0(g) |
|  Melia Hotels International SA | (21) |  | —(h) | 0.0(g) |
|  Merlin Properties Socimi SA | (113) |  | —(h) | 0.0(g) |
|  Naturgy Energy Group SA | (34) |  | 1 | 0.0(g) |
|  Neinor Homes SA | (15) |  | —(h) | 0.0(g) |
|  Redeia Corp. SA | (102) |  | 1 | 0.0(g) |
|  Repsol SA | (486) |  | 26 | 0.0(g) |
|  Telefonica SA | (195) |  | —(h) | 0.0(g) |
|  Unicaja Banco SA | (157) |  | —(h) | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 877 | 0.1 |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 1346 | 0.1 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (1.88)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/15/2027 | (20) | 484 | 19 | 503 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | 143 |  | —(h) | 0.0(g) |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 4 | —(h) | —(h) | 0.0(g) |
|  **France** |  |  |  |  |
|  Canal+ SA | 3 |  | —(h) | 0.0(g) |
|  **Georgia** |  |  |  |  |
|  TBC Bank Group plc | 14 |  | —(h) | 0.0(g) |
|  **Germany** |  |  |  |  |
|  Sirius Real Estate Ltd. | —(h) |  | —(h) | 0.0(g) |
|  **Ireland** |  |  |  |  |
|  C&C Group plc | 2 |  | 1 | 0.0(g) |
|  CRH plc | 17 |  | —(h) | 0.0(g) |
|  DCC plc | 5 | —(h) | —(h) | 0.0(g) |
|  Experian plc | 180 |  | 5 | 0.0(g) |
|  Smurfit WestRock plc | 88 |  | 6 | 0.0(g) |
|  **Jersey** |  |  |  |  |
|  JTC plc | 14 |  | —(h) | 0.0(g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | 189 | 2 | 2 | 0.0(g) |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | 37 |  | —(h) | 0.0(g) |
|  **Spain** |  |  |  |  |
|  ATALAYA MINING COPPER SA | 15 |  | —(h) | 0.0(g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | 635 |  | 1 | 0.0(g) |
|  International Workplace Group plc | 16 |  | —(h) | 0.0(g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | 71 | (2) | (2) | 0.0(g) |
|  Airtel Africa plc | 4 |  | —(h) | 0.0(g) |
|  Ashtead Group plc | 223 | 13 | 14 | 0.0(g) |
|  Associated British Foods plc | 16 | (1) | (1) | 0.0(g) |
|  AstraZeneca plc | 152 |  | 2 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Auto Trader Group plc | 115 | (4) | (3) | 0.0(g) |
|  B&M European Value Retail SA | 19 |  | —(h) | 0.0(g) |
|  Barratt Redrow plc | 134 | —(h) | —(h) | 0.0(g) |
|  Bellway plc | 45 |  | —(h) | 0.0(g) |
|  Big Yellow Group plc | 14 |  | —(h) | 0.0(g) |
|  Bodycote plc | 2 |  | —(h) | 0.0(g) |
|  Breedon Group plc | 26 |  | —(h) | 0.0(g) |
|  Bridgepoint Group plc | 10 |  | 1 | 0.0(g) |
|  BT Group plc | 19 | 2 | 2 | 0.0(g) |
|  Bunzl plc | 8 | —(h) | —(h) | 0.0(g) |
|  Capita plc | 10 |  | —(h) | 0.0(g) |
|  Centrica plc | 3 | —(h) | —(h) | 0.0(g) |
|  Chemring Group plc | 31 |  | —(h) | 0.0(g) |
|  Chesnara plc | 7 |  | —(h) | 0.0(g) |
|  Coca-Cola Europacific Partners plc | 117 |  | —(h) | 0.0(g) |
|  Compass Group plc | 322 |  | —(h) | 0.0(g) |
|  Cranswick plc | 5 |  | —(h) | 0.0(g) |
|  Crest Nicholson Holdings plc | 2 |  | —(h) | 0.0(g) |
|  Croda International plc | 77 |  | 2 | 0.0(g) |
|  Currys plc | 2 |  | —(h) | 0.0(g) |
|  Diageo plc | 324 | —(h) | 11 | 0.0(g) |
|  Diploma plc | 25 |  | 1 | 0.0(g) |
|  DiscoverIE Group plc | 1 |  | —(h) | 0.0(g) |
|  easyJet plc | 35 | (2) | (2) | 0.0(g) |
|  Elementis plc | 2 |  | —(h) | 0.0(g) |
|  Energean plc | 20 |  | —(h) | 0.0(g) |
|  Entain plc | 47 |  | —(h) | 0.0(g) |
|  Frasers Group plc | 1 |  | —(h) | 0.0(g) |
|  Future plc | 7 |  | 1 | 0.0(g) |
|  Genuit Group plc | 2 |  | —(h) | 0.0(g) |
|  Great Portland Estates plc | 3 |  | —(h) | 0.0(g) |
|  Greggs plc | 48 |  | —(h) | 0.0(g) |
|  GSK plc | 762 | (46) | (45) | 0.0(g) |
|  Haleon plc | 18 | —(h) | —(h) | 0.0(g) |
|  Hammerson plc | 19 |  | 1 | 0.0(g) |
|  Harbour Energy plc | 24 |  | 1 | 0.0(g) |
|  Helios Towers plc | 3 |  | —(h) | 0.0(g) |
|  Hikma Pharmaceuticals plc | 16 |  | —(h) | 0.0(g) |
|  Hilton Food Group plc | 4 |  | —(h) | 0.0(g) |
|  Hollywood Bowl Group plc | 10 |  | —(h) | 0.0(g) |
|  HSBC Holdings plc | 2249 | (44) | (41) | 0.0(g) |
|  Ibstock plc | 2 |  | —(h) | 0.0(g) |
|  ICG plc | 20 |  | 1 | 0.0(g) |
|  Informa plc | 74 |  | —(h) | 0.0(g) |
|  ITV plc | 5 |  | —(h) | 0.0(g) |
|  J D Wetherspoon plc | 7 |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Johnson Matthey plc | 8 |  | —(h) | 0.0(g) |
|  Johnson Service Group plc | 2 |  | —(h) | 0.0(g) |
|  Land Securities Group plc | 33 | —(h) | —(h) | 0.0(g) |
|  Lloyds Banking Group plc | 115 | 6 | 14 | 0.0(g) |
|  London Stock Exchange Group plc | 277 |  | —(h) | 0.0(g) |
|  LondonMetric Property plc | 43 | (3) | (2) | 0.0(g) |
|  Marks & Spencer Group plc | 35 | (2) | (2) | 0.0(g) |
|  Marshalls plc | 7 |  | —(h) | 0.0(g) |
|  Melrose Industries plc | 3 | —(h) | —(h) | 0.0(g) |
|  Metro Bank Holdings plc | 2 |  | —(h) | 0.0(g) |
|  Mitie Group plc | 2 |  | —(h) | 0.0(g) |
|  Molten Ventures plc | 9 |  | —(h) | 0.0(g) |
|  Mondi plc | 130 | (1) | —(h) | 0.0(g) |
|  National Grid plc | 319 | (1) | (1) | 0.0(g) |
|  NCC Group plc | 3 |  | —(h) | 0.0(g) |
|  Ocado Group plc | 32 |  | —(h) | 0.0(g) |
|  Oxford Nanopore Technologies plc | 10 |  | 2 | 0.0(g) |
|  PayPoint plc | 8 |  | —(h) | 0.0(g) |
|  Pennon Group plc | 24 |  | —(h) | 0.0(g) |
|  Persimmon plc | 87 |  | —(h) | 0.0(g) |
|  Picton Property, Income Ltd. | 1 |  | —(h) | 0.0(g) |
|  Premier Foods plc | 1 |  | —(h) | 0.0(g) |
|  Rentokil Initial plc | 183 | (6) | (6) | 0.0(g) |
|  Rio Tinto plc | 1045 | (59) | (58) | 0.0(g) |
|  Senior plc | 2 |  | —(h) | 0.0(g) |
|  Severn Trent plc | 198 | (4) | (4) | 0.0(g) |
|  Spirax Group plc | 17 | 1 | 1 | 0.0(g) |
|  Spire Healthcare Group plc | 6 |  | —(h) | 0.0(g) |
|  SSE plc | 500 | —(h) | 1 | 0.0(g) |
|  SSP Group Plc | 3 |  | —(h) | 0.0(g) |
|  Tate & Lyle plc | 40 |  | 8 | 0.0(g) |
|  Taylor Wimpey plc | 1 | 4 | 4 | 0.0(g) |
|  Tesco plc | 388 | (21) | (21) | 0.0(g) |
|  United Utilities Group plc | 28 |  | —(h) | 0.0(g) |
|  Vistry Group plc | 46 |  | —(h) | 0.0(g) |
|  Vodafone Group plc | 82 | 4 | 9 | 0.0(g) |
|  Weir Group plc (The) | 13 |  | —(h) | 0.0(g) |
|  WH Smith plc | 24 |  | —(h) | 0.0(g) |
|  Whitbread plc | 5 | —(h) | —(h) | 0.0(g) |
|  WPP plc | 68 | (1) | (1) | 0.0(g) |
|  Zigup plc | 4 |  | —(h) | 0.0(g) |
|  **United States** |  |  |  |  |
|  Diversified Energy Co. plc | 8 |  | —(h) | 0.0(g) |
|  Flutter Entertainment plc | 65 |  | 7 | 0.0(g) |
|  **Total Long Positions of Total Return Swaps** |  | (165) | (91) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (10) |  | 1 | 0.0(g) |
|  **Gibraltar** |  |  |  |  |
|  Evoke plc | (3) |  | —(h) | 0.0(g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | (74) |  | 2 | 0.0(g) |
|  **Hungary** |  |  |  |  |
|  Wizz Air Holdings plc | (11) |  | —(h) | 0.0(g) |
|  **Ireland** |  |  |  |  |
|  Experian plc | (48) | (1) | (1) | 0.0(g) |
|  **Israel** |  |  |  |  |
|  Plus500 Ltd. | (73) |  | 4 | 0.0(g) |
|  **Lithuania** |  |  |  |  |
|  Baltic Classifieds Group plc | (11) |  | —(h) | 0.0(g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | (280) |  | 16 | 0.0(g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (11) | —(h) | —(h) | 0.0(g) |
|  Glencore plc | (581) | 80 | 79 | 0.0(g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | (245) |  | 17 | 0.0(g) |
|  4imprint Group plc | (33) |  | 1 | 0.0(g) |
|  Aberdeen Group plc | (71) |  | 8 | 0.0(g) |
|  Admiral Group plc | (287) | 2 | 5 | 0.0(g) |
|  AJ Bell plc | (34) |  | 3 | 0.0(g) |
|  Anglo American plc | (258) | 33 | 33 | 0.0(g) |
|  Ashmore Group plc | (3) |  | 1 | 0.0(g) |
|  Associated British Foods plc | (27) |  | 1 | 0.0(g) |
|  Auction Technology Group plc | (2) |  | —(h) | 0.0(g) |
|  Auto Trader Group plc | (184) |  | 5 | 0.0(g) |
|  Aviva plc | (117) |  | 3 | 0.0(g) |
|  Babcock International Group plc | (99) | 3 | 14 | 0.0(g) |
|  BAE Systems plc | (510) | —(h) | 34 | 0.0(g) |
|  Balfour Beatty plc | (11) |  | —(h) | 0.0(g) |
|  Barclays plc | (344) | —(h) | —(h) | 0.0(g) |
|  Beazley plc | (236) |  | 27 | 0.0(g) |
|  Berkeley Group Holdings plc | (21) |  | 1 | 0.0(g) |
|  Bloomsbury Publishing plc | (2) |  | —(h) | 0.0(g) |
|  BP plc | (111) |  | 1 | 0.0(g) |
|  British American Tobacco plc | (78) |  | —(h) | 0.0(g) |
|  Bunzl plc | (30) |  | —(h) | 0.0(g) |
|  Burberry Group plc | (70) | 1 | 3 | 0.0(g) |
|  Bytes Technology Group plc | (26) |  | —(h) | 0.0(g) |
|  Centrica plc | (89) |  | —(h) | 0.0(g) |
|  Clarkson plc | (13) |  | 1 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CMC Markets plc | (7) |  | 1 | 0.0(g) |
|  Coats Group plc | (7) |  | —(h) | 0.0(g) |
|  Computacenter plc | (28) |  | 4 | 0.0(g) |
|  Convatec Group plc | (9) |  | 1 | 0.0(g) |
|  Drax Group plc | (52) |  | 2 | 0.0(g) |
|  Dunelm Group plc | (43) |  | 3 | 0.0(g) |
|  easyJet plc | (40) |  | 1 | 0.0(g) |
|  Entain plc | (28) | —(h) | —(h) | 0.0(g) |
|  Firstgroup plc | (8) |  | 1 | 0.0(g) |
|  Games Workshop Group plc | (38) |  | —(h) | 0.0(g) |
|  Gamma Communications plc | (6) |  | —(h) | 0.0(g) |
|  GSK plc | (910) |  | 61 | 0.0(g) |
|  Haleon plc | (45) |  | 1 | 0.0(g) |
|  Halma plc | (278) | 6 | 8 | 0.0(g) |
|  Hill & Smith plc | (8) |  | —(h) | 0.0(g) |
|  Howden Joinery Group plc | (100) |  | 1 | 0.0(g) |
|  HSBC Holdings plc | (894) |  | 20 | 0.0(g) |
|  Hunting plc | (6) |  | 1 | 0.0(g) |
|  IG Group Holdings plc | (376) | (2) | (2) | 0.0(g) |
|  IMI plc | (184) | (1) | (1) | 0.0(g) |
|  IntegraFin Holdings plc | (14) |  | 1 | 0.0(g) |
|  InterContinental Hotels Group plc | (204) | 4 | 6 | 0.0(g) |
|  International Consolidated Airlines Group SA | (496) |  | 5 | 0.0(g) |
|  Intertek Group plc | (347) | 8 | 8 | 0.0(g) |
|  IP Group plc | (2) |  | —(h) | 0.0(g) |
|  J Sainsbury plc | (36) | 1 | 2 | 0.0(g) |
|  JD Sports Fashion plc | (4) |  | —(h) | 0.0(g) |
|  Jupiter Fund Management plc | (3) |  | —(h) | 0.0(g) |
|  Kainos Group plc | (9) |  | 1 | 0.0(g) |
|  Keller Group plc | (8) |  | 1 | 0.0(g) |
|  Kingfisher plc | (84) |  | 32 | 0.0(g) |
|  Lancashire Holdings Ltd. | (31) |  | 2 | 0.0(g) |
|  Legal & General Group plc | (38) |  | 1 | 0.0(g) |
|  Lion Finance Group plc | (18) |  | 1 | 0.0(g) |
|  Liontrust Asset Management plc | (12) |  | 2 | 0.0(g) |
|  LondonMetric Property plc | (5) |  | —(h) | 0.0(g) |
|  M&G plc | (24) | —(h) | —(h) | 0.0(g) |
|  Man Group plc/Jersey | (15) |  | 1 | 0.0(g) |
|  Marks & Spencer Group plc | (27) |  | 1 | 0.0(g) |
|  MONY Group plc | (8) |  | —(h) | 0.0(g) |
|  Moonpig Group plc | (9) |  | 1 | 0.0(g) |
|  NatWest Group plc | (948) | —(h) | 34 | 0.0(g) |
|  Next plc | (522) | 5 | 28 | 0.0(g) |
|  Ninety One plc | (1) |  | —(h) | 0.0(g) |
|  On the Beach Group plc | (1) |  | —(h) | 0.0(g) |
|  OSB Group plc | (20) |  | 1 | 0.0(g) |
|  Paragon Banking Group plc | (29) |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Pearson plc | (219) |  | 5 | 0.0(g) |
|  Petershill Partners plc | (3) |  | 1 | 0.0(g) |
|  Phoenix Group Holdings plc | (60) | —(h) | —(h) | 0.0(g) |
|  Quilter plc | (10) |  | 1 | 0.0(g) |
|  Reckitt Benckiser Group plc | (629) | 9 | 8 | 0.0(g) |
|  RELX plc | (3) |  | —(h) | 0.0(g) |
|  Renishaw plc | (3) |  | —(h) | 0.0(g) |
|  Rightmove plc | (195) | —(h) | —(h) | 0.0(g) |
|  Rolls-Royce Holdings plc | (1405) |  | 68 | 0.0(g) |
|  Rotork plc | (34) |  | —(h) | 0.0(g) |
|  RS GROUP plc | (3) |  | —(h) | 0.0(g) |
|  Safestore Holdings plc | (3) |  | —(h) | 0.0(g) |
|  Sage Group plc (The) | (131) | —(h) | 1 | 0.0(g) |
|  Schroders plc | (16) | —(h) | —(h) | 0.0(g) |
|  Serco Group plc | (3) |  | —(h) | 0.0(g) |
|  Shaftesbury Capital plc | (6) |  | —(h) | 0.0(g) |
|  Smith & Nephew plc | (85) |  | —(h) | 0.0(g) |
|  Smiths Group plc | (75) | 1 | 1 | 0.0(g) |
|  Softcat plc | (28) |  | —(h) | 0.0(g) |
|  Spirax Group plc | (15) |  | —(h) | 0.0(g) |
|  St James's Place plc | (59) |  | 1 | 0.0(g) |
|  Standard Chartered plc | (920) |  | 1 | 0.0(g) |
|  Supermarket, Inc.ome Reit plc | (6) |  | —(h) | 0.0(g) |
|  Telecom Plus plc | (4) |  | —(h) | 0.0(g) |
|  TP ICAP Group plc | (19) |  | —(h) | 0.0(g) |
|  Trainline plc | (3) |  | —(h) | 0.0(g) |
|  Travis Perkins plc | (7) |  |  | 0.0(g) |
|  Tritax Big Box REIT plc | (9) |  | 1 | 0.0(g) |
|  Trustpilot Group plc | (16) |  | —(h) | 0.0(g) |
|  UNITE Group plc (The) | (48) | —(h) | 1 | 0.0(g) |
|  United Utilities Group plc | (9) | —(h) | —(h) | 0.0(g) |
|  Vesuvius plc | (4) |  | —(h) | 0.0(g) |
|  Wickes Group plc | (5) |  | 1 | 0.0(g) |
|  Wise plc | (168) |  | —(h) | 0.0(g) |
|  Workspace Group plc | (2) |  | —(h) | 0.0(g) |
|  **United States** |  |  |  |  |
|  Carnival plc | (67) | (4) | (4) | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  | 145 | 575 | 0.0(g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (20) | 484 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/15/2027 | 3 | 3 | – | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Swire Pacific Ltd. | 365 | 1 | 1 | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | 378 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | (57) | — (h) | — (h) | 0.0 (g) |
|  BOC Hong Kong Holdings Ltd. | (627) | (1) | (1) | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | (1671) | 5 | 5 | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | (2824) | (2) | (2) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Mobvista, Inc. | (53) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (2.13)% to 0.27%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/21/2027 | – | 36 | – | 36 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Akeso, Inc. | 2804 |  | — (h) | 0.0 (g) |
|  Baidu, Inc. | 5625 |  | 1 | 0.0 (g) |
|  Beijing Fourth Paradigm Technology Co. Ltd. | 150 |  | — (h) | 0.0 (g) |
|  BYD Electronic International Co. Ltd. | 202 |  | — (h) | 0.0 (g) |
|  China Galaxy Securities Co. Ltd. | 407 |  | — (h) | 0.0 (g) |
|  China International Capital Corp. Ltd. | 122 |  | — (h) | 0.0 (g) |
|  China Literature Ltd. | 285 |  | 4 | 0.0 (g) |
|  Chinasoft International Ltd. | 213 |  | — (h) | 0.0 (g) |
|  CSPC Pharmaceutical Group Ltd. | 201 |  | 2 | 0.0 (g) |
|  Guotai Haitong Securities Co. Ltd. | 1964 |  | — (h) | 0.0 (g) |
|  Huatai Securities Co. Ltd. | 98 |  | — (h) | 0.0 (g) |
|  InnoCare Pharma Ltd. | 284 |  | — (h) | 0.0 (g) |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. | 421 |  | — (h) | 0.0 (g) |
|  Kingdee International Software Group Co. Ltd. | 1123 |  | — (h) | 0.0 (g) |
|  Kuaishou Technology | 1622 |  | — (h) | 0.0 (g) |
|  Li Auto, Inc. | 1094 |  | — (h) | 0.0 (g) |
|  Meitu, Inc. | 509 |  | — (h) | 0.0 (g) |
|  NIO, Inc. | 310 |  | — (h) | 0.0 (g) |
|  SenseTime Group, Inc. | 909 |  | — (h) | 0.0 (g) |
|  Smoore International Holdings Ltd. | 599 |  | — (h) | 0.0 (g) |
|  XD, Inc. | 161 |  | 1 | 0.0 (g) |
|  Xinyi Solar Holdings Ltd. | 5 |  | — (h) | 0.0 (g) |
|  XtalPi Holdings Ltd. | 93 |  | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Alibaba Group Holding Ltd. | 1496 |  | — (h) | 0.0 (g) |
|  Geely Automobile Holdings Ltd. | 612 |  | — (h) | 0.0 (g) |
|  HUTCHMED China Ltd. | 72 |  | 1 | 0.0 (g) |
|  Johnson Electric Holdings Ltd. | 179 |  | — (h) | 0.0 (g) |
|  SUNeVision Holdings Ltd. | 205 |  | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 494 |  | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  Minth Group Ltd. | 197 |  | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 12 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  AAC Technologies Holdings, Inc. | (45) |  | — (h) | 0.0 (g) |
|  Bank of China Ltd. | (290) |  | 1 | 0.0 (g) |
|  China Construction Bank Corp. | (1983) |  | — (h) | 0.0 (g) |
|  China Mengniu Dairy Co. Ltd. | (266) |  | 2 | 0.0 (g) |
|  China Merchants Bank Co. Ltd. | (480) |  | 1 | 0.0 (g) |
|  China Resources Mixc Lifestyle Services Ltd. | (65) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CITIC Ltd. | (323) |  | 1 | 0.0 (g) |
|  CMOC Group Ltd. | (220) |  | 3 | 0.0 (g) |
|  Fuyao Glass Industry Group Co. Ltd. | (93) |  | — (h) | 0.0 (g) |
|  NetEase, Inc. | (2452) |  | — (h) | 0.0 (g) |
|  New China Life Insurance Co. Ltd. | (235) |  | 2 | 0.0 (g) |
|  PetroChina Co. Ltd. | (596) |  | — (h) | 0.0 (g) |
|  PICC Property & Casualty Co. Ltd. | (397) |  | — (h) | 0.0 (g) |
|  Pop Mart International Group Ltd. | (372) |  | — (h) | 0.0 (g) |
|  Sinotruk Hong Kong Ltd. | (22) |  | — (h) | 0.0 (g) |
|  Sunny Optical Technology Group Co. Ltd. | (787) |  | 8 | 0.0 (g) |
|  Xiaomi Corp. | (2247) |  | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (284) |  | — (h) | 0.0 (g) |
|  China Resources Gas Group Ltd. | (139) |  | — (h) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (50) |  | — (h) | 0.0 (g) |
|  Guangdong Investment Ltd. | (73) |  | — (h) | 0.0 (g) |
|  Hang Seng Bank Ltd. | (82) |  | — (h) | 0.0 (g) |
|  Hong Kong Exchanges & Clearing Ltd. | (3837) |  | — (h) | 0.0 (g) |
|  Kunlun Energy Co. Ltd. | (72) |  | — (h) | 0.0 (g) |
|  Link REIT | (74) |  | — (h) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | (87) |  | — (h) | 0.0 (g) |
|  WH Group Ltd. | (111) |  | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Trip.com Group Ltd. | (208) |  | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  HSBC Holdings plc | (1995) |  | 6 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 24 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 36 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from (0.75)% to 0.75%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/14/2027 | (2) | (2) | – | (2) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  ICL Group Ltd. | 64 | — (h) | — (h) | 0.0<br>(g) |
|  Nova Ltd. | 92 | (3) | (3) | 0.0 (g) |
|  Phoenix Financial Ltd. | 193 | (6) | (6) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (9) | (9) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (54) | 1 | 1 | 0.0 (g) |
|  Israel Discount Bank Ltd. | (287) | 6 | 6 | 0.0 (g) |
|  Nice Ltd. | (22) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 7 | 7 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (1.31)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/15/2027 | 120 | 121 | 246 | 367 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | 130401 | (7) | (7) | 0.0 (g) |
|  Ajinomoto Co., Inc. | 3361 | — (h) | — (h) | 0.0 (g) |
|  Capcom Co. Ltd. | 62087 | 4 | 4 | 0.0 (g) |
|  Central Japan Railway Co. | 17192 | (1) | (1) | 0.0 (g) |
|  Chiba Bank Ltd. (The) | 49616 | (3) | (3) | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 4320 |  | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 1896 | — (h) | — (h) | 0.0 (g) |
|  Daikin Industries Ltd. | 72404 | 5 | 5 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Daito Trust Construction Co. Ltd. | 1644 | — (h) | — (h) | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 4865 | 1 | 1 | 0.0 (g) |
|  Disco Corp. | 4880 | 2 | 2 | 0.0 (g) |
|  East Japan Railway Co. | 173245 | 4 | 4 | 0.0 (g) |
|  Fast Retailing Co. Ltd. | 330853 | 75 | 75 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | 30836 | — (h) | — (h) | 0.0 (g) |
|  Fuji Media Holdings, Inc. | 1372 | — (h) | — (h) | 0.0 (g) |
|  FUJIFILM Holdings Corp. | 15588 | (2) | (2) | 0.0 (g) |
|  GMO Payment Gateway, Inc. | 2516 | — (h) | — (h) | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 10029 | — (h) | — (h) | 0.0 (g) |
|  Hoshizaki Corp. | 3970 | 1 | 1 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 14190 | 1 | 1 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | 11890 | (2) | (2) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 24157 | (7) | (7) | 0.0 (g) |
|  JFE Holdings, Inc. | 121013 | 29 | 29 | 0.0 (g) |
|  Kadokawa Corp. | 23909 | (2) | (2) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | 60877 | (11) | (11) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | 957 | — (h) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | 4263 | — (h) | — (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | 8229 | — (h) | — (h) | 0.0 (g) |
|  Komatsu Ltd. | 22657 | 3 | 3 | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | 2335 | — (h) | — (h) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 5144 | 1 | 1 | 0.0 (g) |
|  Lasertec Corp. | 142000 | 40 | 40 | 0.0 (g) |
|  Makita Corp. | 2435 | — (h) | — (h) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | 1636 | — (h) | — (h) | 0.0 (g) |
|  Mercari, Inc. | 4099 | — (h) | — (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 77737 | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | 2722 | 1 | 1 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 34160 | (8) | (8) | 0.0 (g) |
|  MonotaRO Co. Ltd. | 17640 | 4 | 4 | 0.0 (g) |
|  Nikon Corp. | 4678 | — (h) | — (h) | 0.0 (g) |
|  Nippon Building Fund, Inc. | 44227 | 4 | 4 | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | 10510 | — (h) | — (h) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 5246 | — (h) | — (h) | 0.0 (g) |
|  Nippon Steel Corp. | 280846 | 79 | 79 | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | 1440 | — (h) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | 59874 | 11 | 11 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 17100 | — (h) | — (h) | 0.0 (g) |
|  Nitto Denko Corp. | 162197 | (2) | (2) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | 62472 | (4) | (4) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 41798 | 6 | 6 | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 2052 | — (h) | — (h) | 0.0 (g) |
|  Resonac Holdings Corp. | 25558 | 10 | 10 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 13904 | 3 | 3 | 0.0 (g) |
|  SCSK Corp. | 2277 | — (h) | — (h) | 0.0 (g) |
|  Seibu Holdings, Inc. | 73128 | 17 | 17 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Sekisui Chemical Co. Ltd. | 56430 | 9 | 9 | 0.0 (g) |
|  SHIFT, Inc. | 4990 | 1 | 1 | 0.0 (g) |
|  Shimamura Co. Ltd. | 37709 | 21 | 21 | 0.0 (g) |
|  Shimano, Inc. | 65288 | (19) | (19) | 0.0 (g) |
|  Socionext, Inc. | 4139 | 2 | 2 | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 3637 | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | 20347 | (3) | (3) | 0.0 (g) |
|  T&D Holdings, Inc. | 55463 | — (h) | — (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | 1698 | — (h) | — (h) | 0.0 (g) |
|  TDK Corp. | 5797 | — (h) | — (h) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 1839 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | 3736 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | 5519 | 1 | 1 | 0.0 (g) |
|  Tokyu Corp. | 22940 | 5 | 5 | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 33161 | 3 | 3 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 13903 | 2 | 2 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | 40552 | 3 | 3 | 0.0 (g) |
|  Toyota Tsusho Corp. | 36038 | 2 | 2 | 0.0 (g) |
|  West Japan Railway Co. | 23346 | 4 | 4 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 4546 | — (h) | — (h) | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 8143 | 1 | 1 | 0.0 (g) |
|  Yokogawa Electric Corp. | 4825 | 1 | 1 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 6391 | 2 | 2 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 40001 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 289 | 289 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Amada Co. Ltd. | (14057) | (2) | (2) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (10767) | — (h) | — (h) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | (2403) | — (h) | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | (837) | — (h) | — (h) | 0.0 (g) |
|  Astellas Pharma, Inc. | (6077) | — (h) | — (h) | 0.0 (g) |
|  Bridgestone Corp. | (703) | — (h) | — (h) | 0.0 (g) |
|  Cosmo Energy Holdings Co. Ltd. | (31209) | (3) | (3) | 0.0 (g) |
|  CyberAgent, Inc. | (12414) | 1 | 1 | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (18502) | — (h) | — (h) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | (41711) | (2) | (2) | 0.0 (g) |
|  Dentsu Group, Inc. | (55795) | (10) | (10) | 0.0 (g) |
|  ENEOS Holdings, Inc. | (38076) | (2) | (2) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (10577) | (4) | (4) | 0.0 (g) |
|  Fujitsu Ltd. | (27201) | — (h) | — (h) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (5766) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (981) | — (h) | — (h) | 0.0 (g) |
|  Hikari Tsushin, Inc. | (12792) | (3) | (3) | 0.0 (g) |
|  Hitachi Ltd. | (1207) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Ibiden Co. Ltd. | (37003) | (1) | (1) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (1485) | — (h) | — (h) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | (45864) | (12) | (11) | 0.0 (g) |
|  Kubota Corp. | (938) | — (h) | — (h) | 0.0 (g) |
|  LY Corp. | (5729) | (1) | (1) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (633) | — (h) | — (h) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (3798) | (1) | (1) | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (71993) | 6 | 5 | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | (9257) | — (h) | — (h) | 0.0 (g) |
|  NEC Corp. | (10220) | 1 | 1 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (5365) | (1) | (1) | 0.0 (g) |
|  Obayashi Corp. | (18571) | (1) | (1) | 0.0 (g) |
|  Omron Corp. | (3364) | (1) | (1) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (134182) | (12) | (12) | 0.0 (g) |
|  Rohm Co. Ltd. | (75702) | (2) | (2) | 0.0 (g) |
|  Sanwa Holdings Corp. | (1767) | — (h) | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | (789) | — (h) | — (h) | 0.0 (g) |
|  Shimadzu Corp. | (24565) | 1 | 1 | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | (7518) | — (h) | — (h) | 0.0 (g) |
|  Sompo Holdings, Inc. | (3660) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (21137) | (2) | (2) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (126137) | (1) | (2) | 0.0 (g) |
|  Sysmex Corp. | (26158) | (3) | (3) | 0.0 (g) |
|  Terumo Corp. | (26550) | — (h) | — (h) | 0.0 (g) |
|  THK Co. Ltd. | (11864) |  | — (h) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. | (39940) | (11) | (11) | 0.0 (g) |
|  Tosoh Corp. | (49200) | (19) | (18) | 0.0 (g) |
|  Toyota Motor Corp. | (290670) | (76) | (75) | 0.0 (g) |
|  Trend Micro, Inc./Japan | (31076) | (8) | (8) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (938) | — (h) | — (h) | 0.0 (g) |
|  Unicharm Corp. | (1374) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (169) | (168) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 120 | 121 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (1.50)% to 0.27%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/21/2027 | – | 246 | 135 | 381 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 7325 |  | 1 | 0.0 (g) |
|  Aozora Bank Ltd. | 926 |  | — (h) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 532 |  | — (h) | 0.0 (g) |
|  BayCurrent, Inc. | 5219 |  | 1 | 0.0 (g) |
|  Disco Corp. | 27905 |  | 5 | 0.0 (g) |
|  DMG Mori Co. Ltd. | 13086 |  | — (h) | 0.0 (g) |
|  East Japan Railway Co. | 5790 |  | 1 | 0.0 (g) |
|  Ferrotec Corp. | 7598 |  | — (h) | 0.0 (g) |
|  Freee KK | 7028 |  | 4 | 0.0 (g) |
|  Fujikura Ltd. | 5782 |  | — (h) | 0.0 (g) |
|  Furuno Electric Co. Ltd. | 1132 |  | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | 7058 |  | — (h) | 0.0 (g) |
|  Harmonic Drive Systems, Inc. | 14818 |  | 16 | 0.0 (g) |
|  Hokkaido Electric Power Co., Inc. | 11263 |  | 3 | 0.0 (g) |
|  Honda Motor Co. Ltd. | 44217 |  | 24 | 0.0 (g) |
|  Ibiden Co. Ltd. | 30542 |  | — (h) | 0.0 (g) |
|  IHI Corp. | 84150 |  | 1 | 0.0 (g) |
|  ITOCHU Corp. | 66558 |  | 19 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 1728 |  | — (h) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 4500 |  | — (h) | 0.0 (g) |
|  JFE Holdings, Inc. | 11801 |  | 4 | 0.0 (g) |
|  JX Advanced Metals Corp. | 34683 |  | — (h) | 0.0 (g) |
|  Kansai Paint Co. Ltd. | 7473 |  | 2 | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 2316 |  | 1 | 0.0 (g) |
|  KDDI Corp. | 19112 |  | 7 | 0.0 (g) |
|  Kintetsu Group Holdings Co. Ltd. | 4623 |  | — (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | 14732 |  | 1 | 0.0 (g) |
|  Kobe Steel Ltd. | 1922 |  | — (h) | 0.0 (g) |
|  Kokusai Electric Corp. | 54154 |  | 1 | 0.0 (g) |
|  Komatsu Ltd. | 6191 |  | 1 | 0.0 (g) |
|  Kyoritsu Maintenance Co. Ltd. | 2875 |  | 1 | 0.0 (g) |
|  M3, Inc. | 19796 |  | — (h) | 0.0 (g) |
|  Mazda Motor Corp. | 14580 |  | 2 | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 3372 |  | 1 | 0.0 (g) |
|  Mercari, Inc. | 17745 |  | — (h) | 0.0 (g) |
|  Micronics Japan Co. Ltd. | 1764 |  | — (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 20166 |  | — (h) | 0.0 (g) |
|  Mitsubishi Logistics Corp. | 2908 |  | — (h) | 0.0 (g) |
|  Mitsubishi Materials Corp. | 3055 |  | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | 2967 |  | 1 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 37582 |  | — (h) | 0.0 (g) |
|  Money Forward, Inc. | 2394 |  | — (h) | 0.0 (g) |
|  NIDEC Corp., | 4212 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nippon Paint Holdings Co. Ltd. | 14530 |  | — (h) | 0.0 (g) |
|  Nippon Steel Corp. | 38944 |  | 16 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | 27790 |  | 1 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 17115 |  | 2 | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | 7259 |  | 3 | 0.0 (g) |
|  North Pacific Bank Ltd. | 1790 |  | — (h) | 0.0 (g) |
|  Omron Corp. | 4883 |  | 1 | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 4936 |  | 1 | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | 4544 |  | — (h) | 0.0 (g) |
|  Rakuten Group, Inc. | 14384 |  | 3 | 0.0 (g) |
|  Resonac Holdings Corp. | 5522 |  | 3 | 0.0 (g) |
|  Round One Corp. | 16456 |  | 5 | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | 3533 |  | 1 | 0.0 (g) |
|  SCSK Corp. | 6199 |  | 5 | 0.0 (g) |
|  Sharp Corp./Japan | 332 |  | — (h) | 0.0 (g) |
|  SHIFT, Inc. | 2873 |  | 1 | 0.0 (g) |
|  Shimano, Inc. | 13279 |  | — (h) | 0.0 (g) |
|  Shiseido Co. Ltd. | 31828 |  | — (h) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 917 |  | — (h) | 0.0 (g) |
|  Socionext, Inc. | 16734 |  | — (h) | 0.0 (g) |
|  SoftBank Group Corp. | 140130 |  | 1 | 0.0 (g) |
|  SUMCO Corp. | 28368 |  | — (h) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 5810 |  | — (h) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | 4314 |  | — (h) | 0.0 (g) |
|  SWCC Corp. | 10877 |  | 2 | 0.0 (g) |
|  Toridoll H oldings Corp. | 2401 |  | 1 | 0.0 (g) |
|  Toyota Motor Corp. | 6552 |  | 2 | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 6026 |  | 1 | 0.0 (g) |
|  Yamada Holdings Co. Ltd. | 969 |  | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 24178 |  | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 149 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (14330) |  | — (h) | 0.0 (g) |
|  Ajinomoto Co., Inc. | (6368) |  | 1 | 0.0 (g) |
|  Alps Alpine Co. Ltd. | (563) |  | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (4549) |  | — (h) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | (2401) |  | — (h) | 0.0 (g) |
|  Asics Corp. | (5419) |  | — (h) | 0.0 (g) |
|  Astellas Pharma, Inc. | (9917) |  | — (h) | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (26590) |  | 1 | 0.0 (g) |
|  BIPROGY, Inc. | (1811) |  | — (h) | 0.0 (g) |
|  Brother Industries Ltd. | (248) |  | — (h) | 0.0 (g) |
|  Canon, Inc. | (3035) |  |  | 0.0 (g) |
|  Capcom Co. Ltd. | (2815) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Chugai Pharmaceutical Co. Ltd. | (12249) | – | — (h) | 0.0 (g) |
|  Coca-Cola Bottlers Japan Holdings, Inc. | (527) | – | — (h) | 0.0 (g) |
|  CyberAgent, Inc. | (5325) | – | — (h) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | (2766) | – | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | (20391) | – | 3 | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (2796) | – | — (h) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (54681) | – | — (h) | 0.0 (g) |
|  DeNA Co. Ltd. | (16693) | – | — (h) | 0.0 (g) |
|  Ebara Corp. | (1691) | – | 1 | 0.0 (g) |
|  ENEOS Holdings, Inc. | (40279) | – | 4 | 0.0 (g) |
|  FANUC Corp. | (32810) | – | 4 | 0.0 (g) |
|  Fujitsu Ltd. | (20898) | – | — (h) | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | (67421) | – | 10 | 0.0 (g) |
|  GMO Payment Gateway, Inc. | (2489) | – | — (h) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (3313) | – | — (h) | 0.0 (g) |
|  Hitachi Ltd. | (33397) | – | 1 | 0.0 (g) |
|  Hoya Corp. | (6142) | – | — (h) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | (3654) | – | — (h) | 0.0 (g) |
|  Inpex Corp. | (23246) | – | 3 | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (12633) | – | — (h) | 0.0 (g) |
|  Japan Tobacco, Inc. | (1944) | – | — (h) | 0.0 (g) |
|  Jeol Ltd. | (1016) | – | — (h) | 0.0 (g) |
|  Kakaku.com, Inc. | (9391) | – | — (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (5861) | – | — (h) | 0.0 (g) |
|  Keyence Corp. | (66215) | – | — (h) | 0.0 (g) |
|  Koei Tecmo Holdings Co. Ltd. | (1732) | – | — (h) | 0.0 (g) |
|  Konami Group Corp. | (25619) | – | — (h) | 0.0 (g) |
|  Kotobuki Spirits Co. Ltd. | (1995) | – | — (h) | 0.0 (g) |
|  Kurita Water Industries Ltd. | (10096) | – | — (h) | 0.0 (g) |
|  Makita Corp. | (26908) | – | — (h) | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (6306) | – | — (h) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (7373) | – | 2 | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (17010) | – | 3 | 0.0 (g) |
|  MISUMI Group, Inc. | (3919) | – | — (h) | 0.0 (g) |
|  Mitsubishi Corp. | (23298) | – | — (h) | 0.0 (g) |
|  Mitsubishi Electric Corp. | (54369) | – | 3 | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (14629) | – | 1 | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | (77533) | – | 15 | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | (3224) | – | — (h) | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (5984) | – | 1 | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | (21137) | – | — (h) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | (33774) | – | 16 | 0.0 (g) |
|  Namura Shipbuilding Co. Ltd. | (7511) | – | 5 | 0.0 (g) |
|  Nexon Co. Ltd. | (17204) | – | — (h) | 0.0 (g) |
|  NGK Insulators Ltd. | (6940) | – | 1 | 0.0 (g) |
|  Nihon M&A Center Holdings, Inc. | (302) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nippon Electric Glass Co. Ltd. | (486) | – | — (h) | 0.0 (g) |
|  Nippon Yusen KK | (17170) | – | — (h) | 0.0 (g) |
|  Obayashi Corp. | (11169) | – | — (h) | 0.0 (g) |
|  ORIX Corp. | (12807) | – | — (h) | 0.0 (g) |
|  Otsuka Corp. | (309) | – | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | (10215) | – | — (h) | 0.0 (g) |
|  Persol Holdings Co. Ltd. | (5267) | – | — (h) | 0.0 (g) |
|  Rakus Co. Ltd. | (6785) | – | — (h) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (140927) | – | — (h) | 0.0 (g) |
|  Renesas Electronics Corp. | (55242) | – | — (h) | 0.0 (g) |
|  Resona Holdings, Inc. | (27775) | – | 2 | 0.0 (g) |
|  Sansan, Inc. | (382) | – | — (h) | 0.0 (g) |
|  Sanwa Holdings Corp. | (4659) | – | — (h) | 0.0 (g) |
|  SBI Holdings, Inc. | (4505) | – | — (h) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (28264) | – | — (h) | 0.0 (g) |
|  Seven & i Holdings Co. Ltd. | (18905) | – | 1 | 0.0 (g) |
|  Shimizu Corp. | (29515) | – | — (h) | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (10674) | – | 2 | 0.0 (g) |
|  Sompo Holdings, Inc. | (26987) | – | — (h) | 0.0 (g) |
|  Sony Financial Group, Inc. | (538) | – |  | 0.0 (g) |
|  Sony Group Corp. | (14051) | – | 2 | 0.0 (g) |
|  Sumitomo Corp. | (13290) | – | — (h) | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | (43857) | – | 1 | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | (55528) | – | 4 | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (36103) | – | 1 | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (16328) | – | — (h) | 0.0 (g) |
|  T&D Holdings, Inc. | (3259) | – | — (h) | 0.0 (g) |
|  Takasago Thermal Engineering Co. Ltd. | (1646) | – | — (h) | 0.0 (g) |
|  TDK Corp. | (6872) | – | 1 | 0.0 (g) |
|  Terumo Corp. | (3663) | – | — (h) | 0.0 (g) |
|  THK Co. Ltd. | (11455) | – | 1 | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | (29460) | – | — (h) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings, Inc. | (11854) | – | 2 | 0.0 (g) |
|  Tokyo Electron Ltd. | (36903) | – | 4 | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | (15263) | – | — (h) | 0.0 (g) |
|  Toyo Tire Corp. | (4716) | – | — (h) | 0.0 (g) |
|  Trend Micro, Inc./Japan | (4050) | – | — (h) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (2603) | – | — (h) | 0.0 (g) |
|  Visional, Inc. | (2262) | – | — (h) | 0.0 (g) |
|  Yaskawa Electric Corp. | (6628) | – | — (h) | 0.0 (g) |
|  Yokogawa Electric Corp. | (1276) | – | — (h) | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (4430) | – | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | – | 97 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 246 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month KORIBOR on long positions and short positions respectively, plus or minus spread (rates range from (4.63)% to 0.40%) which is denominated in KRW based on the local currencies of the positions within the swap | 09/23/2027 | – | 71 | 2 | 73 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **South Korea** |  |  |  |  |
|  ABLBio, Inc. | 151996 |  | 9 | 0.0 (g) |
|  APR Corp./Korea | 125749 |  | — (h) | 0.0 (g) |
|  Dongjin Semichem Co. Ltd. | 2675 |  | — (h) | 0.0 (g) |
|  Doosan Enerbility Co. Ltd. | 303400 |  | 1 | 0.0 (g) |
|  Eo Technics Co. Ltd. | 64308 |  | 2 | 0.0 (g) |
|  Hanwha Aerospace Co. Ltd. | 376380 |  | — (h) | 0.0 (g) |
|  Hanwha Solutions Corp. | 21212 |  | 1 | 0.0 (g) |
|  IsuPetasys Co. Ltd. | 235714 |  | 15 | 0.0 (g) |
|  Korea Aerospace Industries Ltd. | 22896 |  | — (h) | 0.0 (g) |
|  LG Chem Ltd. | 41144 |  | 2 | 0.0 (g) |
|  LS Electric Co. Ltd. | 15363 |  | 1 | 0.0 (g) |
|  Mirae Asset Securities Co. Ltd. | 3544 |  | — (h) | 0.0 (g) |
|  PharmaResearch Co. Ltd. | 49883 |  | — (h) | 0.0 (g) |
|  Poongsan Corp. | 154876 |  | 4 | 0.0 (g) |
|  Samsung SDI Co. Ltd. | 71750 |  | 1 | 0.0 (g) |
|  SK Innovation Co. Ltd. | 95173 |  | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 39 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **South Korea** |  |  |  |  |
|  Hana Financial Group, Inc. | (58336) |  | — (h) | 0.0 (g) |
|  Hanwha Engine | (69998) |  | 2 | 0.0 (g) |
|  HD Hyundai Electric Co. Ltd. | (118146) |  | — (h) | 0.0 (g) |
|  HD Hyundai Heavy Industries Co. Ltd. | (40685) |  | 1 | 0.0 (g) |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | (15618) |  | — (h) | 0.0 (g) |
|  Hyundai Rotem Co. Ltd. | (47742) |  | — (h) | 0.0 (g) |
|  Kakao Corp. | (33077) |  | — (h) | 0.0 (g) |
|  Krafton, Inc. | (17257) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  KT&G Corp. | (33934) | – | — (h) | 0.0 (g) |
|  LG Uplus Corp. | (108272) | – | 2 | 0.0 (g) |
|  Orion Corp. | (11189) | – | — (h) | 0.0 (g) |
|  Samsung Biologics Co. Ltd. | (66799) | – | — (h) | 0.0 (g) |
|  Samsung Electronics Co. Ltd. | (827160) | – | 27 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | – | 32 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 71 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one week NIBOR on long positions and short positions respectively, plus or minus spread (rates range from (1.69)% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/22/2027 | – | 45 | – | 45 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Cadeler A/S | 324 |  | 1 | 0.0 (g) |
|  **Faroe Islands** |  |  |  |  |
|  Bakkafrost P/F | 206 |  | 1 | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 2146 |  | — (h) | 0.0 (g) |
|  Atea ASA | 132 |  | — (h) | 0.0 (g) |
|  AutoStore Holdings Ltd. | 193 |  | 1 | 0.0 (g) |
|  BLUENORD ASA | 30 |  | — (h) | 0.0 (g) |
|  Borregaard ASA | 131 |  | — (h) | 0.0 (g) |
|  DNO ASA | 13 |  | — (h) | 0.0 (g) |
|  Elkem ASA | 293 |  | — (h) | 0.0 (g) |
|  Entra ASA | 79 |  | — (h) | 0.0 (g) |
|  Europris ASA | 61 |  | — (h) | 0.0 (g) |
|  Frontline plc | 2571 |  | 3 | 0.0 (g) |
|  Leroy Seafood Group ASA | 300 |  | 1 | 0.0 (g) |
|  LINK Mobility Group Holding ASA | 189 |  | 1 | 0.0 (g) |
|  MPC Container Ships ASA | 44 |  | — (h) | 0.0 (g) |
|  NORBIT ASA | 168 |  | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Norsk Hydro ASA | 432 |  | — (h) | 0.0 (g) |
|  Orkla ASA | 235 |  | 1 | 0.0 (g) |
|  Protector Forsikring ASA | 123 |  | — (h) | 0.0 (g) |
|  Salmar ASA | 1709 |  | 10 | 0.0 (g) |
|  SATS ASA | 30 |  | — (h) | 0.0 (g) |
|  Scatec ASA | 369 |  | 1 | 0.0 (g) |
|  TGS ASA | 225 |  | — (h) | 0.0 (g) |
|  TOMRA Systems ASA | 481 |  | 2 | 0.0 (g) |
|  Var Energi ASA | 1135 |  | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 23 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Greece** |  |  |  |  |
|  Okeanis Eco Tankers Corp. | (28) |  | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  2020 Bulkers Ltd. | (31) |  | — (h) | 0.0 (g) |
|  Aker Solutions ASA | (196) |  | — (h) | 0.0 (g) |
|  Austevoll Seafood ASA | (10) |  | — (h) | 0.0 (g) |
|  DOF Group ASA | (102) |  | — (h) | 0.0 (g) |
|  Equinor ASA | (3503) |  | 1 | 0.0 (g) |
|  Gjensidige Forsikring ASA | (159) |  | 1 | 0.0 (g) |
|  Hoegh Autoliners ASA | (289) |  | — (h) | 0.0 (g) |
|  Kongsberg Gruppen ASA | (6883) |  | 20 | 0.0 (g) |
|  Mowi ASA | (196) |  | — (h) | 0.0 (g) |
|  Norconsult Norge A/S | (128) |  | — (h) | 0.0 (g) |
|  Nordic Semiconductor ASA | (292) |  | — (h) | 0.0 (g) |
|  Odfjell Drilling Ltd. | (480) |  | — (h) | 0.0 (g) |
|  Pexip Holding ASA | (187) |  | — (h) | 0.0 (g) |
|  Storebrand ASA | (185) |  | — (h) | 0.0 (g) |
|  Telenor ASA | (463) |  | — (h) | 0.0 (g) |
|  Veidekke ASA | (45) |  | — (h) | 0.0 (g) |
|  Vend Marketplaces ASA | (346) |  | — (h) | 0.0 (g) |
|  Wallenius Wilhelmsen ASA | (359) |  | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Hafnia Ltd. | (409) |  | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Stolt-Nielsen Ltd. | (30) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 22 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 45 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/15/2027 | 4 | 4 | – | 4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Norsk Hydro ASA | 650 | (1) | (1) | 0.0 (g) |
|  Salmar ASA | 135 | — (h) | — (h) | 0.0 (g) |
|  Telenor ASA | 839 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (187) | 1 | 1 | 0.0 (g) |
|  DNB Bank ASA | (763) | 1 | 1 | 0.0 (g) |
|  Var Energi ASA | (837) | 2 | 2 | 0.0 (g) |
|  Yara International ASA | (2469) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 6 | 6 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 4 | 4 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to 0.39%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/15/2027 | – (h) | – (h) | – | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Meridian Energy Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | (30) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (1.44)% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/15/2027 | (7) | 137 | 9 | 146 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  International Petroleum Corp. | 25 |  | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  AAK AB | 1342 |  | 4 | 0.0 (g) |
|  AddLife AB | 113 |  | 1 | 0.0 (g) |
|  Addnode Group AB | 161 |  | 2 | 0.0 (g) |
|  AFRY AB | 152 |  | — (h) | 0.0 (g) |
|  Alfa Laval AB | 4423 | 6 | 6 | 0.0 (g) |
|  Apotea AB | 47 |  | — (h) | 0.0 (g) |
|  Asker Healthcare Group AB | 320 |  | 2 | 0.0 (g) |
|  Asmodee Group AB | 89 |  | — (h) | 0.0 (g) |
|  Assa Abloy AB | 3121 |  | 1 | 0.0 (g) |
|  Atlas Copco AB | 4726 |  | 8 | 0.0 (g) |
|  Atrium Ljungberg AB | 52 |  | — (h) | 0.0 (g) |
|  Axfood AB | 762 |  | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Beijer Ref AB | 150 |  | 1 | 0.0 (g) |
|  BHG Group AB | 65 |  | — (h) | 0.0 (g) |
|  Bilia AB | 65 |  | — (h) | 0.0 (g) |
|  Boliden AB | 2056 |  | — (h) | 0.0 (g) |
|  Bravida Holding AB | 194 |  | — (h) | 0.0 (g) |
|  Bure Equity AB | 39 |  | — (h) | 0.0 (g) |
|  Castellum AB | 1391 |  | 2 | 0.0 (g) |
|  Catena AB | 345 |  | 1 | 0.0 (g) |
|  Cibus Nordic Real Estate AB publ | 254 |  | — (h) | 0.0 (g) |
|  Coor Service Management Holding AB | 45 |  | — (h) | 0.0 (g) |
|  Corem Property Group AB | 73 |  | 1 | 0.0 (g) |
|  Dios Fastigheter AB | 100 |  | — (h) | 0.0 (g) |
|  Dometic Group AB | 126 |  | — (h) | 0.0 (g) |
|  Dynavox Group AB | 72 |  | — (h) | 0.0 (g) |
|  Electrolux AB | 763 |  | 2 | 0.0 (g) |
|  Epiroc AB | 3796 | 1 | 1 | 0.0 (g) |
|  EQT AB | 3062 | — (h) | 17 | 0.0 (g) |
|  Evolution AB | 98 |  | 1 | 0.0 (g) |
|  Fabege AB | 684 |  | — (h) | 0.0 (g) |
|  Fastighets AB Balder | 1072 |  | 1 | 0.0 (g) |
|  Getinge AB | 784 |  | 4 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 3991 | (3) | (3) | 0.0 (g) |
|  Hexagon AB | 9429 | 21 | 44 | 0.0 (g) |
|  Hexatronic Group AB | 114 |  | 1 | 0.0 (g) |
|  Hexpol AB | 143 |  | — (h) | 0.0 (g) |
|  Hoist Finance AB | 92 |  | — (h) | 0.0 (g) |
|  Holmen AB | 727 | — (h) | — (h) | 0.0 (g) |
|  Husqvarna AB | 133 |  | — (h) | 0.0 (g) |
|  Industrivarden AB | 1236 | — (h) | — (h) | 0.0 (g) |
|  Indutrade AB | 108 |  | — (h) | 0.0 (g) |
|  Instalco AB | 25 |  | — (h) | 0.0 (g) |
|  Investment AB Latour | 436 |  | 1 | 0.0 (g) |
|  Inwido AB | 85 |  | — (h) | 0.0 (g) |
|  L E Lundbergforetagen AB | 1158 | — (h) | — (h) | 0.0 (g) |
|  Lagercrantz Group AB | 216 |  | 2 | 0.0 (g) |
|  Lifco AB | 506 |  | 1 | 0.0 (g) |
|  Medicover AB | 53 |  | — (h) | 0.0 (g) |
|  Mildef Group AB | 1089 |  | — (h) | 0.0 (g) |
|  Munters Group AB | 532 |  | 12 | 0.0 (g) |
|  NCAB Group AB | 38 |  | 1 | 0.0 (g) |
|  New Wave Group AB | 102 |  | — (h) | 0.0 (g) |
|  Nibe Industrier AB | 3019 |  | — (h) | 0.0 (g) |
|  Nolato AB | 18 |  | — (h) | 0.0 (g) |
|  NP3 Fastigheter AB | 101 |  | — (h) | 0.0 (g) |
|  Nyfosa AB | 127 |  | — (h) | 0.0 (g) |
|  Pandox AB | 145 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Platzer Fastigheter Holding AB | 126 |  | — (h) | 0.0 (g) |
|  Ratos AB | 40 |  | — (h) | 0.0 (g) |
|  Saab AB | 2482 |  | — (h) | 0.0 (g) |
|  Sagax AB | 1168 | — (h) | — (h) | 0.0 (g) |
|  Sandvik AB | 5810 | (9) | (8) | 0.0 (g) |
|  Scandic Hotels Group AB | 37 |  | — (h) | 0.0 (g) |
|  Sdiptech AB | 97 |  | — (h) | 0.0 (g) |
|  Sinch AB | 869 |  | 6 | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 12998 | (17) | (16) | 0.0 (g) |
|  SkiStar AB | 11 |  | — (h) | 0.0 (g) |
|  Stillfront Group AB | 26 |  | — (h) | 0.0 (g) |
|  Storskogen Group AB | 166 |  | — (h) | 0.0 (g) |
|  Sveafastigheter AB | 96 |  | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 3093 | (1) | — (h) | 0.0 (g) |
|  Swedbank AB | 7780 | (20) | (19) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | 482 |  | — (h) | 0.0 (g) |
|  Synsam AB | 241 |  | 2 | 0.0 (g) |
|  Thule Group AB | 149 |  | 1 | 0.0 (g) |
|  Vimian Group AB | 169 |  | 1 | 0.0 (g) |
|  Vitec Software Group AB | 299 |  | 1 | 0.0 (g) |
|  Vitrolife AB | 113 |  | — (h) | 0.0 (g) |
|  Volvo AB | 9322 | — (h) | 21 | 0.0 (g) |
|  Wallenstam AB | 153 |  | — (h) | 0.0 (g) |
|  Wihlborgs Fastigheter AB | 75 |  | — (h) | 0.0 (g) |
|  Xvivo Perfusion AB | 328 |  | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (22) | 106 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AcadeMedia AB | (77) |  | — (h) | 0.0 (g) |
|  AddTech AB | (190) | — (h) | — (h) | 0.0 (g) |
|  Alleima AB | (38) |  | — (h) | 0.0 (g) |
|  Ambea AB | (160) |  | — (h) | 0.0 (g) |
|  Attendo AB | (43) |  | — (h) | 0.0 (g) |
|  Avanza Bank Holding AB | (49) |  | — (h) | 0.0 (g) |
|  Betsson AB | (569) |  | 1 | 0.0 (g) |
|  BioGaia AB | (267) |  | — (h) | 0.0 (g) |
|  Boliden AB | (47) | — (h) | — (h) | 0.0 (g) |
|  BoneSupport Holding AB | (436) |  | — (h) | 0.0 (g) |
|  Camurus AB | (142) |  | — (h) | 0.0 (g) |
|  Clas Ohlson AB | (220) |  | — (h) | 0.0 (g) |
|  Essity AB | (4213) | 12 | 12 | 0.0 (g) |
|  Getinge AB | (54) | — (h) | — (h) | 0.0 (g) |
|  Hemnet Group AB | (222) |  | — (h) | 0.0 (g) |
|  Industrivarden AB | (49) | — (h) | — (h) | 0.0 (g) |
|  Indutrade AB | (108) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  JM AB | (157) |  | — (h) | 0.0 (g) |
|  Kinnevik AB | (184) |  | — (h) | 0.0 (g) |
|  Loomis AB | (107) |  | — (h) | 0.0 (g) |
|  MIPS AB | (130) |  | — (h) | 0.0 (g) |
|  Mycronic AB | (267) |  | — (h) | 0.0 (g) |
|  NCC AB | (41) |  | — (h) | 0.0 (g) |
|  Nordnet AB publ | (315) |  | — (h) | 0.0 (g) |
|  Peab AB | (77) |  | — (h) | 0.0 (g) |
|  RaySearch Laboratories AB | (65) |  | — (h) | 0.0 (g) |
|  Rvrc Holding AB | (37) |  | — (h) | 0.0 (g) |
|  Sectra AB | (336) |  | — (h) | 0.0 (g) |
|  Skanska AB | (2511) | 2 | 4 | 0.0 (g) |
|  SKF AB | (65) |  | — (h) | 0.0 (g) |
|  SSAB AB | (529) | — (h) | 2 | 0.0 (g) |
|  Svenska Handelsbanken AB | (1471) |  | — (h) | 0.0 (g) |
|  Swedbank AB | (2143) |  | 4 | 0.0 (g) |
|  Tele2 AB | (273) | 1 | 1 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | (3868) |  | 7 | 0.0 (g) |
|  Telia Co. AB | (205) |  | — (h) | 0.0 (g) |
|  Truecaller AB | (624) |  | — (h) | 0.0 (g) |
|  Yubico AB | (39) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 15 | 31 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (7) | 137 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.30%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/15/2027 | – (h) | – (h) | – | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Seatrium Ltd. | 21 | — (h) | — (h) | 0.0 (g) |
|  Sembcorp Industries Ltd. | 99 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Singapore Technologies Engineering Ltd. | (11) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month TAIBOR on long positions and short positions respectively, plus or minus spread (rates range from (4.63)% to 0.50%) which is denominated in TWD based on the local currencies of the positions within the swap | 09/23/2027 | – | 22 | – | 22 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Taiwan** |  |  |  |  |
|  Bizlink Holding, Inc. | 1029 |  | — (h) | 0.0 (g) |
|  Elite Material Co. Ltd. | 3672 |  | 10 | 0.0 (g) |
|  Gold Circuit Electronics Ltd. | 8690 |  | 3 | 0.0 (g) |
|  Nan Ya Plastics Corp. | 2192 |  | — (h) | 0.0 (g) |
|  Unimicron Technology Corp. | 3311 |  | 6 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 19 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Taiwan** |  |  |  |  |
|  ASE Technology Holding Co. Ltd. | (652) |  | — (h) | 0.0 (g) |
|  Asustek Computer, Inc. | (1340) |  | — (h) | 0.0 (g) |
|  Delta Electronics, Inc. | (853) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  E.Sun Financial Holding Co. Ltd. | (421) | – | — (h) | 0.0 (g) |
|  Evergreen Marine Corp. Taiwan Ltd. | (1958) | – | 1 | 0.0 (g) |
|  MediaTek, Inc. | (1314) | – | — (h) | 0.0 (g) |
|  Nanya Technology Corp. | (72) | – | — (h) | 0.0 (g) |
|  Novatek Microelectronics Corp. | (426) | – | — (h) | 0.0 (g) |
|  Winbond Electronics Corp. | (496) | – | — (h) | 0.0 (g) |
|  Yang Ming Marine Transport Corp. | (4888) | – | 2 | 0.0 (g) |
|  Yuanta Financial Holding Co. Ltd. | (203) | – | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | – | 3 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 22 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (2.39)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/21/2027 | – | 1196 | 33 | 1229 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | 212 |  | — (h) | 0.0 (g) |
|  IREN Ltd. | 74 |  | — (h) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Golar LNG Ltd. | 35 |  | — (h) | 0.0 (g) |
|  Seadrill Ltd. | 3 |  | — (h) | 0.0 (g) |
|  **Brazil** |  |  |  |  |
|  NU Holdings Ltd./Cayman Islands | 442 |  | 6 | 0.0 (g) |
|  StoneCo. Ltd. | 74 |  | 1 | 0.0 (g) |
|  XP, Inc. | 111 |  | 5 | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Alamos Gold, Inc. | 12 |  | — (h) | 0.0 (g) |
|  D-Wave Quantum, Inc. | 67 |  | 6 | 0.0 (g) |
|  Eldorado Gold Corp. | 4 |  | — (h) | 0.0 (g) |
|  Endeavour Silver Corp. | 23 |  | — (h) | 0.0 (g) |
|  First Majestic Silver Corp. | 138 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Fortuna Mining Corp. | 3 |  | — (h) | 0.0 (g) |
|  IAMGOLD Corp. | 71 |  | — (h) | 0.0 (g) |
|  IMAX Corp. | 15 |  | — (h) | 0.0 (g) |
|  Pan American Silver Corp. | 45 |  | — (h) | 0.0 (g) |
|  Teekay Tankers Ltd. | 5 |  | — (h) | 0.0 (g) |
|  Uranium Energy Corp. | 82 |  | — (h) | 0.0 (g) |
|  Xenon Pharmaceuticals, Inc. | 13 |  | — (h) | 0.0 (g) |
|  **Chile** |  |  |  |  |
|  Sociedad Quimica y Minera de Chile SA | 3 |  | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Novo Nordisk A/S | 164 |  | 6 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | 72 |  | 6 | 0.0 (g) |
|  Nokia OYJ | 5 |  | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BioNTech SE | 124 |  | — (h) | 0.0 (g) |
|  SAP SE | 51 |  | — (h) | 0.0 (g) |
|  **Guernsey** |  |  |  |  |
|  Super Group SGHC Ltd. | 9 |  | — (h) | 0.0 (g) |
|  **India** |  |  |  |  |
|  Dr Reddy's Laboratories Ltd. | 52 |  | 4 | 0.0 (g) |
|  HDFC Bank Ltd. | 240 |  | 11 | 0.0 (g) |
|  ICICI Bank Ltd. | 198 |  | 13 | 0.0 (g) |
|  MakeMyTrip Ltd. | 56 |  | 4 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Aptiv plc | 5 |  | — (h) | 0.0 (g) |
|  CRH plc | 189 |  | — (h) | 0.0 (g) |
|  Eaton Corp. plc | 62 |  | — (h) | 0.0 (g) |
|  ICON plc | 201 |  | — (h) | 0.0 (g) |
|  James Hardie Industries plc | 78 |  | 1 | 0.0 (g) |
|  Jazz Pharmaceuticals plc | 50 |  | — (h) | 0.0 (g) |
|  Medtronic plc | 79 |  | — (h) | 0.0 (g) |
|  Smurfit WestRock plc | 185 |  | 5 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Etoro Group Ltd. | 12 |  | 1 | 0.0 (g) |
|  Global-e Online Ltd. | 14 |  | — (h) | 0.0 (g) |
|  Oddity Tech Ltd. | 44 |  | — (h) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | 92 |  | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Takeda Pharmaceutical Co. Ltd. | 50 |  | 2 | 0.0 (g) |
|  Toyota Motor Corp. | 38 |  | 2 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 21 |  | — (h) | 0.0 (g) |
|  Globant SA | 44 |  | — (h) | 0.0 (g) |
|  Millicom International Cellular SA | 24 |  | — (h) | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  America Movil SAB de CV | 78 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cemex SAB de CV | 111 |  | 3 | 0.0 (g) |
|  Coca-Cola Femsa SAB de CV | 11 |  | — (h) | 0.0 (g) |
|  Fomento Economico Mexicano SAB de CV | 57 |  | — (h) | 0.0 (g) |
|  Grupo Aeroportuario del Pacifico SAB de CV | 7 |  | — (h) | 0.0 (g) |
|  Vista Energy SAB de CV | 15 |  | 1 | 0.0 (g) |
|  **Monaco** |  |  |  |  |
|  Scorpio Tankers, Inc. | 8 |  | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Koninklijke Philips NV | 10 |  | — (h) | 0.0 (g) |
|  NXP Semiconductors NV | 151 |  | — (h) | 0.0 (g) |
|  QIAGEN NV | 73 |  | 2 | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Equinor ASA | 62 |  | — (h) | 0.0 (g) |
|  Frontline plc | 43 |  | 1 | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Harmony Gold Mining Co. Ltd. | 19 |  | — (h) | 0.0 (g) |
|  Sibanye Stillwater Ltd. | 10 |  | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Alcon AG | 127 |  | 5 | 0.0 (g) |
|  Amcor plc | 15 |  | — (h) | 0.0 (g) |
|  Amrize Ltd. | 107 |  | 4 | 0.0 (g) |
|  CRISPR Therapeutics AG | 70 |  | — (h) | 0.0 (g) |
|  Logitech International SA | 37 |  | 1 | 0.0 (g) |
|  Novartis AG | 24 |  | — (h) | 0.0 (g) |
|  Sportradar Group AG | 13 |  | 1 | 0.0 (g) |
|  STMicroelectronics NV | 27 |  | 1 | 0.0 (g) |
|  UBS Group AG | 35 |  | 1 | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | 136 |  | 7 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Anglogold Ashanti plc | 131 |  | — (h) | 0.0 (g) |
|  Aon plc | 108 |  | — (h) | 0.0 (g) |
|  ARM Holdings plc | 413 |  | 4 | 0.0 (g) |
|  AstraZeneca plc | 130 |  | — (h) | 0.0 (g) |
|  Birkenstock Holding plc | 90 |  | 5 | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | 189 |  | — (h) | 0.0 (g) |
|  Diageo plc | 8 |  | — (h) | 0.0 (g) |
|  Genius Sports Ltd. | 15 |  | 1 | 0.0 (g) |
|  GSK plc | 148 |  | — (h) | 0.0 (g) |
|  InterContinental Hotels Group plc | 11 |  | — (h) | 0.0 (g) |
|  Marex Group plc | 5 |  | — (h) | 0.0 (g) |
|  National Grid plc | 36 |  | — (h) | 0.0 (g) |
|  Pentair plc | 63 |  | — (h) | 0.0 (g) |
|  Rentokil Initial plc | 8 |  | — (h) | 0.0 (g) |
|  Shell plc | 294 |  | — (h) | 0.0 (g) |
|  Smith & Nephew plc | 13 |  | — (h) | 0.0 (g) |
|  TechnipFMC plc | 16 |  | — (h) | 0.0 (g) |
|  Unilever plc | 183 |  | 6 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **United States** |  |  |  |  |
|  10X Genomics, Inc. | 3 |  | — (h) | 0.0 (g) |
|  AAON, Inc. | 53 |  | — (h) | 0.0 (g) |
|  AAR Corp. | 13 |  | — (h) | 0.0 (g) |
|  Abbott Laboratories | 220 |  | 4 | 0.0 (g) |
|  ABM Industries, Inc. | 5 |  | — (h) | 0.0 (g) |
|  Academy Sports & Outdoors, Inc. | 18 |  | — (h) | 0.0 (g) |
|  Acadia Realty Trust | 10 |  | — (h) | 0.0 (g) |
|  Acushnet Holdings Corp. | 65 |  | — (h) | 0.0 (g) |
|  ACV Auctions, Inc. | 10 |  | — (h) | 0.0 (g) |
|  Adaptive Biotechnologies Corp. | 3 |  | — (h) | 0.0 (g) |
|  Addus HomeCare Corp. | 4 |  | — (h) | 0.0 (g) |
|  ADMA Biologics, Inc. | 2 |  | — (h) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | 166 |  | 6 | 0.0 (g) |
|  Advanced Micro Devices, Inc. | 359 |  | — (h) | 0.0 (g) |
|  AECOM | 47 |  | 1 | 0.0 (g) |
|  AeroVironment, Inc. | 407 |  | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | 223 |  | 5 | 0.0 (g) |
|  Agree Realty Corp. | 180 |  | 1 | 0.0 (g) |
|  Air Products and Chemicals, Inc. | 546 |  | 38 | 0.0 (g) |
|  Akero Therapeutics, Inc. | 10 |  | — (h) | 0.0 (g) |
|  Alcoa Corp. | 76 |  | — (h) | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 17 |  | — (h) | 0.0 (g) |
|  Alkami Technology, Inc. | 10 |  | — (h) | 0.0 (g) |
|  Alliant Energy Corp. | 49 |  | — (h) | 0.0 (g) |
|  Alphatec Holdings, Inc. | 11 |  | 1 | 0.0 (g) |
|  Amentum Holdings, Inc. | 30 |  | — (h) | 0.0 (g) |
|  American Eagle Outfitters, Inc. | 23 |  | 2 | 0.0 (g) |
|  American Homes 4 Rent | 18 |  | — (h) | 0.0 (g) |
|  American Water Works Co., Inc. | 20 |  | — (h) | 0.0 (g) |
|  Americold Realty Trust, Inc. | 36 |  | 2 | 0.0 (g) |
|  Amicus Therapeutics, Inc. | 8 |  | — (h) | 0.0 (g) |
|  Annaly Capital Management, Inc. | 145 |  | 10 | 0.0 (g) |
|  API Group Corp. | 29 |  | — (h) | 0.0 (g) |
|  Apogee Therapeutics, Inc. | 27 |  | — (h) | 0.0 (g) |
|  Apollo Global Management, Inc. | 550 |  | 50 | 0.0 (g) |
|  Apple Hospitality REIT, Inc. | 3 |  | — (h) | 0.0 (g) |
|  Apple, Inc. | 36 |  | — (h) | 0.0 (g) |
|  Applied Digital Corp. | 200 |  | — (h) | 0.0 (g) |
|  Applied Materials, Inc. | 114 |  | — (h) | 0.0 (g) |
|  AppLovin Corp. | 151 |  | — (h) | 0.0 (g) |
|  Aramark | 106 |  | — (h) | 0.0 (g) |
|  Arcellx, Inc. | 12 |  | — (h) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | 159 |  | 5 | 0.0 (g) |
|  Archrock, Inc. | 4 |  | — (h) | 0.0 (g) |
|  Arcutis Biotherapeutics, Inc. | 34 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  ARMOUR Residential REIT, Inc. | 75 | – | — (h) | 0.0 (g) |
|  Array Technologies, Inc. | 13 | – | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | 10 | – | — (h) | 0.0 (g) |
|  ARS Pharmaceuticals, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Arthur J Gallagher & Co. | 194 | – | — (h) | 0.0 (g) |
|  Asbury Automotive Group, Inc. | 17 | – | — (h) | 0.0 (g) |
|  ASP Isotopes, Inc. | 26 | – | 1 | 0.0 (g) |
|  AST SpaceMobile, Inc. | 524 | – | — (h) | 0.0 (g) |
|  Atkore, Inc. | 16 | – | — (h) | 0.0 (g) |
|  Atlantic Union Bankshares Corp. | 20 | – | — (h) | 0.0 (g) |
|  Atlas Energy Solutions, Inc. | 17 | – | — (h) | 0.0 (g) |
|  Atmos Energy Corp. | 7 | – | — (h) | 0.0 (g) |
|  AutoNation, Inc. | 85 | – | — (h) | 0.0 (g) |
|  AvalonBay Communities, Inc. | 130 | – | — (h) | 0.0 (g) |
|  Avantor, Inc. | 110 | – | — (h) | 0.0 (g) |
|  Avery Dennison Corp. | 59 | – | — (h) | 0.0 (g) |
|  Avidity Biosciences, Inc. | 27 | – | — (h) | 0.0 (g) |
|  Avis Budget Group, Inc. | 106 | – | — (h) | 0.0 (g) |
|  Axalta Coating Systems Ltd. | 12 | – | 1 | 0.0 (g) |
|  Axcelis Technologies, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Axos Financial, Inc. | 20 | – | 1 | 0.0 (g) |
|  Baldwin Insurance Group, Inc. (The) | 34 | – | 3 | 0.0 (g) |
|  Ball Corp. | 36 | – | — (h) | 0.0 (g) |
|  Baxter International, Inc. | 24 | – | — (h) | 0.0 (g) |
|  Beam Therapeutics, Inc. | 9 | – | — (h) | 0.0 (g) |
|  Belden, Inc. | 7 | – | 1 | 0.0 (g) |
|  Bentley Systems, Inc. | 59 | – | 2 | 0.0 (g) |
|  Biglari Holdings, Inc. | 20 | – | — (h) | 0.0 (g) |
|  BILL Holdings, Inc. | 33 | – | — (h) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | 20 | – | — (h) | 0.0 (g) |
|  BlackSky Technology, Inc. | 12 | – | 1 | 0.0 (g) |
|  Blackstone Mortgage Trust, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Blackstone Secured Lending Fund | 44 | – | 3 | 0.0 (g) |
|  Block, Inc. | 101 | – | 8 | 0.0 (g) |
|  Bloomin' Brands, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Blue Owl Capital, Inc. | 4 | – |  | 0.0 (g) |
|  Boot Barn Holdings, Inc. | 130 | – | 9 | 0.0 (g) |
|  Bridgebio Pharma, Inc. | 57 | – | 1 | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | 20 | – | — (h) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | 16 | – | — (h) | 0.0 (g) |
|  Brightstar Lottery plc | 3 | – | — (h) | 0.0 (g) |
|  Brixmor Property Group, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Broadstone Net Lease, Inc. | 4 | – | — (h) | 0.0 (g) |
|  Brown-Forman Corp. | 108 | – | 1 | 0.0 (g) |
|  Bruker Corp. | 56 | – | 2 | 0.0 (g) |
|  Builders FirstSource, Inc. | 313 | – | 9 | 0.0 (g) |
|  Bumble, Inc. | 5 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Bunge Global SA | 155 | – | — (h) | 0.0 (g) |
|  Burford Capital Ltd. | 5 | – | — (h) | 0.0 (g) |
|  BXP, Inc. | 21 | – | — (h) | 0.0 (g) |
|  Cable One, Inc. | 21 | – | — (h) | 0.0 (g) |
|  CACI International, Inc. | 82 | – | — (h) | 0.0 (g) |
|  Cactus, Inc. | 7 | – | — (h) | 0.0 (g) |
|  Cadence Bank | 13 | – | — (h) | 0.0 (g) |
|  Caesars Entertainment, Inc. | 116 | – | — (h) | 0.0 (g) |
|  Camping World Holdings, Inc. | 26 | – | 1 | 0.0 (g) |
|  Capital One Financial Corp. | 43 | – | 3 | 0.0 (g) |
|  CareTrust REIT, Inc. | 79 | – | — (h) | 0.0 (g) |
|  Carrier Global Corp. | 202 | – | 3 | 0.0 (g) |
|  Carter's, Inc. | 54 | – | 6 | 0.0 (g) |
|  Carvana Co. | 347 | – | 14 | 0.0 (g) |
|  Casella Waste Systems, Inc. | 5 | – |  | 0.0 (g) |
|  Cava Group, Inc. | 94 | – | 5 | 0.0 (g) |
|  CBIZ, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Cboe Global Markets, Inc. | 175 | – | — (h) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 138 | – | 9 | 0.0 (g) |
|  Celanese Corp. | 9 | – | — (h) | 0.0 (g) |
|  Celldex Therapeutics, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Celsius Holdings, Inc. | 179 | – | — (h) | 0.0 (g) |
|  CenterPoint Energy, Inc. | 246 | – | — (h) | 0.0 (g) |
|  Centrus Energy Corp. | 104 | – | — (h) | 0.0 (g) |
|  Century Aluminum Co. | 16 | – | — (h) | 0.0 (g) |
|  Century Communities, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Certara, Inc. | 3 | – | — (h) | 0.0 (g) |
|  CG oncology, Inc. | 24 | – | — (h) | 0.0 (g) |
|  Champion Homes, Inc. | 18 | – | — (h) | 0.0 (g) |
|  Cheesecake Factory, Inc. (The) | 26 | – | — (h) | 0.0 (g) |
|  Chefs' Warehouse, Inc. (The) | 20 | – | 1 | 0.0 (g) |
|  Cheniere Energy, Inc. | 25 | – | — (h) | 0.0 (g) |
|  Chewy, Inc. | 99 | – | — (h) | 0.0 (g) |
|  Chime Financial, Inc. | 24 | – | 4 | 0.0 (g) |
|  Chord Energy Corp. | 23 | – | — (h) | 0.0 (g) |
|  Church & Dwight Co., Inc. | 328 | – | 12 | 0.0 (g) |
|  Cidara Therapeutics, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Cigna Group (The) | 197 | – | 2 | 0.0 (g) |
|  Cinemark Holdings, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Cipher Mining, Inc. | 48 | – | — (h) | 0.0 (g) |
|  Civitas Resources, Inc. | 19 | – | — (h) | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 78 | – | — (h) | 0.0 (g) |
|  Cloudflare, Inc. | 89 | – | 5 | 0.0 (g) |
|  CMS Energy Corp. | 29 | – | — (h) | 0.0 (g) |
|  Coca-Cola Co. (The) | 903 | – | 3 | 0.0 (g) |
|  Coeur Mining, Inc. | 113 | – | — (h) | 0.0 (g) |
|  Cogent Communications Holdings, Inc. | 21 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cohen & Steers, Inc. | 4 | – | — (h) | 0.0 (g) |
|  Coherent Corp. | 118 | – | 2 | 0.0 (g) |
|  Colgate-Palmolive Co. | 75 | – | — (h) | 0.0 (g) |
|  Comstock Resources, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Concentrix Corp. | 25 | – | 6 | 0.0 (g) |
|  Constellation Brands, Inc. | 164 | – | — (h) | 0.0 (g) |
|  Constellation Energy Corp. | 88 | – | — (h) | 0.0 (g) |
|  Construction Partners, Inc. | 67 | – | 4 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | 74 | – | — (h) | 0.0 (g) |
|  COPT Defense Properties | 53 | – | 3 | 0.0 (g) |
|  Core & Main, Inc. | 88 | – | — (h) | 0.0 (g) |
|  Core Natural Resources, Inc. | 64 | – | — (h) | 0.0 (g) |
|  CoreWeave, Inc. | 16 | – | — (h) | 0.0 (g) |
|  CorMedix, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Corpay, Inc. | 51 | – | 2 | 0.0 (g) |
|  CoStar Group, Inc. | 148 | – | 5 | 0.0 (g) |
|  Coterra Energy, Inc. | 87 | – | — (h) | 0.0 (g) |
|  Coty, Inc. | 10 | – | — (h) | 0.0 (g) |
|  Coupang, Inc. | 233 | – | 7 | 0.0 (g) |
|  Cracker Barrel Old Country Store, Inc. | 10 | – | — (h) | 0.0 (g) |
|  Crane NXT Co. | 13 | – | — (h) | 0.0 (g) |
|  Credit Acceptance Corp. | 8 | – | — (h) | 0.0 (g) |
|  Crescent Energy Co. | 10 | – | — (h) | 0.0 (g) |
|  Crocs, Inc. | 21 | – | — (h) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | 151 | – | 4 | 0.0 (g) |
|  Crown Holdings, Inc. | 11 | – | — (h) | 0.0 (g) |
|  CSW Industrials, Inc. | 7 | – | — (h) | 0.0 (g) |
|  CSX Corp. | 68 | – | — (h) | 0.0 (g) |
|  Cushman & Wakefield plc | 9 | – | — (h) | 0.0 (g) |
|  CVB Financial Corp. | 7 | – | — (h) | 0.0 (g) |
|  CVR Energy, Inc. | 38 | – | — (h) | 0.0 (g) |
|  CVS Health Corp. | 252 | – | — (h) | 0.0 (g) |
|  Cytokinetics, Inc. | 37 | – | — (h) | 0.0 (g) |
|  Darden Restaurants, Inc. | 76 | – | — (h) | 0.0 (g) |
|  DaVita, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Dell Technologies, Inc. | 190 | – | — (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | 317 | – | — (h) | 0.0 (g) |
|  DigitalBridge Group, Inc. | 14 | – | 1 | 0.0 (g) |
|  Dollar Tree, Inc. | 39 | – | — (h) | 0.0 (g) |
|  Dominion Energy, Inc. | 245 | – | — (h) | 0.0 (g) |
|  DoorDash, Inc. | 567 | – | 1 | 0.0 (g) |
|  Dorman Products, Inc. | 26 | – | — (h) | 0.0 (g) |
|  Dow, Inc. | 293 | – | 9 | 0.0 (g) |
|  DR Horton, Inc. | 325 | – | — (h) | 0.0 (g) |
|  DraftKings, Inc. | 9 | – | 1 | 0.0 (g) |
|  Dropbox, Inc. | 3 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  DT Midstream, Inc. | 2 | – |  | 0.0 (g) |
|  Dycom Industries, Inc. | 26 | – | — (h) | 0.0 (g) |
|  Dyne Therapeutics, Inc. | 32 | – | 1 | 0.0 (g) |
|  Eagle Materials, Inc. | 115 | – | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | 46 | – | — (h) | 0.0 (g) |
|  eBay, Inc. | 90 | – | — (h) | 0.0 (g) |
|  Ecolab, Inc. | 350 | – | — (h) | 0.0 (g) |
|  Edgewell Personal Care Co. | 7 | – | — (h) | 0.0 (g) |
|  Elanco Animal Health, Inc. | 32 | – | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | 7 | – | — (h) | 0.0 (g) |
|  elf Beauty, Inc. | 387 | – | 24 | 0.0 (g) |
|  Emerson Electric Co. | 26 | – | — (h) | 0.0 (g) |
|  Energizer Holdings, Inc. | 20 | – | 2 | 0.0 (g) |
|  Enpro, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | 22 | – | — (h) | 0.0 (g) |
|  Entegris, Inc. | 269 | – | 3 | 0.0 (g) |
|  EOG Resources, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Equifax, Inc. | 154 | – | 1 | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | 26 | – | — (h) | 0.0 (g) |
|  Equity Residential | 44 | – | — (h) | 0.0 (g) |
|  Essential Utilities, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | 116 | – | — (h) | 0.0 (g) |
|  Everus Construction Group, Inc. | 19 | – | — (h) | 0.0 (g) |
|  Evolent Health, Inc. | 40 | – | — (h) | 0.0 (g) |
|  Extra Space Storage, Inc. | 44 | – | — (h) | 0.0 (g) |
|  Fair Isaac Corp. | 25 | – | 1 | 0.0 (g) |
|  Fastenal Co. | 128 | – | — (h) | 0.0 (g) |
|  Federal Realty Investment Trust | 8 | – | — (h) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | 28 | – | 1 | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 127 | – | — (h) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | 32 | – | — (h) | 0.0 (g) |
|  First Interstate BancSystem, Inc. | 12 | – | — (h) | 0.0 (g) |
|  First Solar, Inc. | 402 | – | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 53 | – | — (h) | 0.0 (g) |
|  FirstEnergy Corp. | 156 | – | — (h) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | 140 | – | 20 | 0.0 (g) |
|  Flowers Foods, Inc. | 65 | – | — (h) | 0.0 (g) |
|  Fluence Energy, Inc. | 56 | – | — (h) | 0.0 (g) |
|  Flutter Entertainment plc | 281 | – | 35 | 0.0 (g) |
|  FMC Corp. | 68 | – | 6 | 0.0 (g) |
|  FNB Corp./PA | 16 | – | — (h) | 0.0 (g) |
|  Fortive Corp. | 105 | – | — (h) | 0.0 (g) |
|  Four Corners Property Trust, Inc. | 22 | – | 1 | 0.0 (g) |
|  Franklin Resources, Inc. | 18 | – | — (h) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 210 | – | 34 | 0.0 (g) |
|  FS KKR Capital Corp. | 9 | – | — (h) | 0.0 (g) |
|  FTI Consulting, Inc. | 105 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Fulton Financial Corp. | 9 | – | — (h) | 0.0 (g) |
|  Galaxy Digital, Inc. | 72 | – | — (h) | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | 161 | – | — (h) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | 83 | – | — (h) | 0.0 (g) |
|  GeneDx Holdings Corp. | 35 | – | 7 | 0.0 (g) |
|  Genuine Parts Co. | 278 | – | — (h) | 0.0 (g) |
|  Gitlab, Inc. | 12 | – | 1 | 0.0 (g) |
|  Glacier Bancorp, Inc. | 6 | – | — (h) | 0.0 (g) |
|  GLOBALFOUNDRIES, Inc. | 18 | – | — (h) | 0.0 (g) |
|  Gogo, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Goodyear Tire & Rubber Co. (The) | 2 | – | — (h) | 0.0 (g) |
|  Goosehead Insurance, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Graphic Packaging Holding Co. | 89 | – | — (h) | 0.0 (g) |
|  Green Brick Partners, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Grindr, Inc. | 11 | – | 1 | 0.0 (g) |
|  Grocery Outlet Holding Corp. | 79 | – | 3 | 0.0 (g) |
|  Group 1 Automotive, Inc. | 76 | – | 3 | 0.0 (g) |
|  GXO Logistics, Inc. | 85 | – | — (h) | 0.0 (g) |
|  Haemonetics Corp. | 2 | – | — (h) | 0.0 (g) |
|  Hasbro, Inc. | 104 | – | — (h) | 0.0 (g) |
|  Hawkins, Inc. | 63 | – | — (h) | 0.0 (g) |
|  Hayward Holdings, Inc. | 30 | – | — (h) | 0.0 (g) |
|  HCI Group, Inc. | 4 | – | — (h) | 0.0 (g) |
|  Helen of Troy Ltd. | 4 | – | — (h) | 0.0 (g) |
|  Helmerich & Payne, Inc. | 24 | – | — (h) | 0.0 (g) |
|  Henry Schein, Inc. | 40 | – | — (h) | 0.0 (g) |
|  Herc Holdings, Inc. | 16 | – | 1 | 0.0 (g) |
|  Hercules Capital, Inc. | 7 | – | — (h) | 0.0 (g) |
|  Hershey Co. (The) | 131 | – | 2 | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | 316 | – | 8 | 0.0 (g) |
|  Hexcel Corp. | 13 | – | — (h) | 0.0 (g) |
|  HF Sinclair Corp. | 49 | – | — (h) | 0.0 (g) |
|  Hilton Grand Vacations, Inc. | 18 | – | 1 | 0.0 (g) |
|  Hims & Hers Health, Inc. | 212 | – | 5 | 0.0 (g) |
|  Home BancShares, Inc./AR | 8 | – | — (h) | 0.0 (g) |
|  Home Depot, Inc. (The) | 106 | – | 2 | 0.0 (g) |
|  Hormel Foods Corp. | 30 | – | — (h) | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | 16 | – | — (h) | 0.0 (g) |
|  HP, Inc. | 11 | – | 1 | 0.0 (g) |
|  Hubbell, Inc. | 360 | – | 11 | 0.0 (g) |
|  Huntsman Corp. | 23 | – | 3 | 0.0 (g) |
|  Hyatt Hotels Corp. | 227 | – | 2 | 0.0 (g) |
|  Ibotta, Inc. | 13 | – | — (h) | 0.0 (g) |
|  ICF International, Inc. | 4 | – | — (h) | 0.0 (g) |
|  ICU Medical, Inc. | 15 | – | 1 | 0.0 (g) |
|  Ideaya Biosciences, Inc. | 7 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  IDEX Corp. | 8 | – | — (h) | 0.0 (g) |
|  Independence Realty Trust, Inc. | 40 | – | 2 | 0.0 (g) |
|  Independent Bank Corp. | 18 | – | — (h) | 0.0 (g) |
|  Innodata, Inc. | 113 | – | — (h) | 0.0 (g) |
|  Insight Enterprises, Inc. | 19 | – | 1 | 0.0 (g) |
|  Insmed, Inc. | 21 | – | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | 99 | – | 5 | 0.0 (g) |
|  Integer Holdings Corp. | 8 | – | — (h) | 0.0 (g) |
|  International Paper Co. | 374 | – | — (h) | 0.0 (g) |
|  International Seaways, Inc. | 51 | – | 2 | 0.0 (g) |
|  Interparfums, Inc. | 11 | – | — (h) | 0.0 (g) |
|  Invitation Homes, Inc. | 36 | – | — (h) | 0.0 (g) |
|  IQVIA Holdings, Inc. | 15 | – | — (h) | 0.0 (g) |
|  J M Smucker Co. (The) | 117 | – | — (h) | 0.0 (g) |
|  JBT Marel Corp. | 23 | – | — (h) | 0.0 (g) |
|  John Wiley & Sons, Inc. | 3 | – | — (h) | 0.0 (g) |
|  KB Home | 30 | – | — (h) | 0.0 (g) |
|  Kennametal, Inc. | 7 | – | — (h) | 0.0 (g) |
|  Kilroy Realty Corp. | 28 | – | 1 | 0.0 (g) |
|  Kimberly-Clark Corp. | 338 | – | 2 | 0.0 (g) |
|  Kinder Morgan, Inc. | 25 | – | — (h) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | 46 | – | — (h) | 0.0 (g) |
|  Kite Realty Group Trust | 3 | – | — (h) | 0.0 (g) |
|  Knife River Corp. | 38 | – | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | 75 | – | 1 | 0.0 (g) |
|  Kodiak Gas Services, Inc. | 74 | – | — (h) | 0.0 (g) |
|  Kraft Heinz Co. (The) | 159 | – | — (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 277 | – | — (h) | 0.0 (g) |
|  Krystal Biotech, Inc. | 14 | – | — (h) | 0.0 (g) |
|  Kura Sushi USA, Inc. | 37 | – | 9 | 0.0 (g) |
|  Kymera Therapeutics, Inc. | 35 | – | — (h) | 0.0 (g) |
|  Lamar Advertising Co. | 17 | – | — (h) | 0.0 (g) |
|  Las Vegas Sands Corp. | 6 | – | — (h) | 0.0 (g) |
|  Laureate Education, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Lazard, Inc. | 2 | – | — (h) | 0.0 (g) |
|  LCI Industries | 10 | – | — (h) | 0.0 (g) |
|  Lear Corp. | 18 | – | — (h) | 0.0 (g) |
|  Leidos Holdings, Inc. | 49 | – | — (h) | 0.0 (g) |
|  Lennar Corp. | 183 | – | 3 | 0.0 (g) |
|  Leonardo DRS, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Levi Strauss & Co. | 7 | – | — (h) | 0.0 (g) |
|  LGI Homes, Inc. | 26 | – | 3 | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | 86 | – | — (h) | 0.0 (g) |
|  Life360, Inc. | 46 | – | — (h) | 0.0 (g) |
|  Limbach Holdings, Inc. | 33 | – | 3 | 0.0 (g) |
|  Linde plc | 663 | – | 6 | 0.0 (g) |
|  Lineage, Inc. | 21 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lithia Motors, Inc. | 61 | – | 3 | 0.0 (g) |
|  LKQ Corp. | 41 | – | — (h) | 0.0 (g) |
|  Loar Holdings, Inc. | 86 | – | — (h) | 0.0 (g) |
|  Lockheed Martin Corp. | 412 | – | — (h) | 0.0 (g) |
|  LPL Financial Holdings, Inc. | 30 | – | — (h) | 0.0 (g) |
|  Lumentum Holdings, Inc. | 49 | – | 2 | 0.0 (g) |
|  LyondellBasell Industries NV | 116 | – | 7 | 0.0 (g) |
|  M&T Bank Corp. | 58 | – | — (h) | 0.0 (g) |
|  M/I Homes, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Macerich Co. (The) | 26 | – | — (h) | 0.0 (g) |
|  Macy's, Inc. | 4 | – | — (h) | 0.0 (g) |
|  Madison Square Garden Sports Corp. | 5 | – | — (h) | 0.0 (g) |
|  Magnite, Inc. | 64 | – | 9 | 0.0 (g) |
|  MARA Holdings, Inc. | 274 | – | 2 | 0.0 (g) |
|  Marriott International, Inc./MD | 116 | – | 4 | 0.0 (g) |
|  Martin Marietta Materials, Inc. | 283 | – | — (h) | 0.0 (g) |
|  Marzetti Company (The) | 33 | – | 1 | 0.0 (g) |
|  Masco Corp. | 18 | – | — (h) | 0.0 (g) |
|  Matador Resources Co. | 34 | – | 1 | 0.0 (g) |
|  Match Group, Inc. | 27 | – | 2 | 0.0 (g) |
|  Matson, Inc. | 14 | – | 1 | 0.0 (g) |
|  Maximus, Inc. | 61 | – | — (h) | 0.0 (g) |
|  McCormick & Co., Inc./MD | 112 | – | — (h) | 0.0 (g) |
|  Mercury General Corp. | 4 | – | — (h) | 0.0 (g) |
|  Meta Platforms, Inc. | 782 | – | 46 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | 18 | – | — (h) | 0.0 (g) |
|  MGM Resorts International | 7 | – | — (h) | 0.0 (g) |
|  Microsoft Corp. | 619 | – | 1 | 0.0 (g) |
|  Mirion Technologies, Inc. | 56 | – | 2 | 0.0 (g) |
|  Mohawk Industries, Inc. | 74 | – | 1 | 0.0 (g) |
|  Molina Healthcare, Inc. | 97 | – | — (h) | 0.0 (g) |
|  Molson Coors Beverage Co. | 264 | – | 9 | 0.0 (g) |
|  Mondelez International, Inc. | 246 | – | 5 | 0.0 (g) |
|  MP Materials Corp. | 120 | – | 13 | 0.0 (g) |
|  MSA Safety, Inc. | 21 | – | — (h) | 0.0 (g) |
|  MSC Industrial Direct Co., Inc. | 37 | – | — (h) | 0.0 (g) |
|  MSCI, Inc. | 14 | – | — (h) | 0.0 (g) |
|  National Health Investors, Inc. | 52 | – | — (h) | 0.0 (g) |
|  National Vision Holdings, Inc. | 41 | – | — (h) | 0.0 (g) |
|  Navitas Semiconductor Corp. | 87 | – | — (h) | 0.0 (g) |
|  nCino, Inc. | 33 | – | 3 | 0.0 (g) |
|  NCR Atleos Corp. | 6 | – |  | 0.0 (g) |
|  NCR Voyix Corp. | 7 | – | — (h) | 0.0 (g) |
|  Neogen Corp. | 26 | – | — (h) | 0.0 (g) |
|  Newell Brands, Inc. | 18 | – | 1 | 0.0 (g) |
|  Newmark Group, Inc. | 3 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nexstar Media Group, Inc. | 39 | – | 1 | 0.0 (g) |
|  NextNav, Inc. | 16 | – | 3 | 0.0 (g) |
|  NEXTracker, Inc. | 64 | – | — (h) | 0.0 (g) |
|  NIKE, Inc. | 155 | – | 3 | 0.0 (g) |
|  NNN REIT, Inc. | 68 | – | — (h) | 0.0 (g) |
|  Noble Corp. plc | 74 | – | 1 | 0.0 (g) |
|  Nordson Corp. | 25 | – | — (h) | 0.0 (g) |
|  Norfolk Southern Corp. | 118 | – | — (h) | 0.0 (g) |
|  Northern Oil & Gas, Inc. | 56 | – | 1 | 0.0 (g) |
|  Northrop Grumman Corp. | 50 | – | — (h) | 0.0 (g) |
|  Novavax, Inc. | 28 | – | — (h) | 0.0 (g) |
|  Nuvalent, Inc. | 54 | – | — (h) | 0.0 (g) |
|  NVIDIA Corp. | 219 | – | — (h) | 0.0 (g) |
|  Occidental Petroleum Corp. | 348 | – | — (h) | 0.0 (g) |
|  Ocular Therapeutix, Inc. | 17 | – | — (h) | 0.0 (g) |
|  O-I Glass, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Old National Bancorp | 22 | – | — (h) | 0.0 (g) |
|  Olin Corp. | 15 | – | — (h) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | 148 | – | 12 | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | 182 | – | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | 163 | – | — (h) | 0.0 (g) |
|  ON Semiconductor Corp. | 99 | – | 4 | 0.0 (g) |
|  Oracle Corp. | 778 | – | 61 | 0.1 |
|  Orchid Island Capital, Inc. | 13 | – | — (h) | 0.0 (g) |
|  Organon & Co. | 11 | – | — (h) | 0.0 (g) |
|  Ormat Technologies, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Outfront Media, Inc. | 28 | – | 1 | 0.0 (g) |
|  Owens Corning | 23 | – | — (h) | 0.0 (g) |
|  Oxford Industries, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Packaging Corp. of America | 66 | – | — (h) | 0.0 (g) |
|  Pagaya Technologies Ltd. | 57 | – | 26 | 0.0 (g) |
|  Palantir Technologies, Inc. | 151 | – | — (h) | 0.0 (g) |
|  Palomar Holdings, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Papa John's International, Inc. | 37 | – | — (h) | 0.0 (g) |
|  PAR Technology Corp. | 12 | – | 1 | 0.0 (g) |
|  Parsons Corp. | 87 | – | — (h) | 0.0 (g) |
|  Patrick Industries, Inc. | 29 | – | 1 | 0.0 (g) |
|  Patterson-UTI Energy, Inc. | 14 | – | 1 | 0.0 (g) |
|  Paychex, Inc. | 125 | – | 2 | 0.0 (g) |
|  Paycom Software, Inc. | 47 | – | 2 | 0.0 (g) |
|  Pebblebrook Hotel Trust | 4 | – | — (h) | 0.0 (g) |
|  Penn Entertainment, Inc. | 48 | – | — (h) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | 68 | – | 1 | 0.0 (g) |
|  Performance Food Group Co. | 46 | – | 1 | 0.0 (g) |
|  Permian Resources Corp. | 45 | – | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Perpetua Resources Corp. | 10 | – | — (h) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 47 | – | — (h) | 0.0 (g) |
|  Pitney Bowes, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Planet Fitness, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Pool Corp. | 76 | – | 2 | 0.0 (g) |
|  PotlatchDeltic Corp. | 13 | – | — (h) | 0.0 (g) |
|  Powell Industries, Inc. | 55 | – | — (h) | 0.0 (g) |
|  PPG Industries, Inc. | 88 | – | 2 | 0.0 (g) |
|  PriceSmart, Inc. | 16 | – | — (h) | 0.0 (g) |
|  Primo Brands Corp. | 8 | – | — (h) | 0.0 (g) |
|  Privia Health Group, Inc. | 5 | – | — (h) | 0.0 (g) |
|  PROCEPT BioRobotics Corp. | 25 | – | 1 | 0.0 (g) |
|  Procter & Gamble Co. (The) | 206 | – | 4 | 0.0 (g) |
|  Prologis, Inc. | 151 | – | — (h) | 0.0 (g) |
|  PulteGroup, Inc. | 190 | – | — (h) | 0.0 (g) |
|  PureCycle Technologies, Inc. | 10 | – | 1 | 0.0 (g) |
|  PVH Corp. | 54 | – | 1 | 0.0 (g) |
|  Quaker Chemical Corp. | 3 | – | — (h) | 0.0 (g) |
|  Quanta Services, Inc. | 185 | – | — (h) | 0.0 (g) |
|  QuantumScape Corp. | 54 | – | 5 | 0.0 (g) |
|  QuidelOrtho Corp. | 13 | – | — (h) | 0.0 (g) |
|  QXO, Inc. | 310 | – | 29 | 0.0 (g) |
|  RadNet, Inc. | 52 | – | — (h) | 0.0 (g) |
|  Ramaco Resources, Inc. | 64 | – | — (h) | 0.0 (g) |
|  RB Global, Inc. | 201 | – | 21 | 0.0 (g) |
|  RBC Bearings, Inc. | 35 | – | — (h) | 0.0 (g) |
|  Realty Income Corp. | 544 | – | 1 | 0.0 (g) |
|  Regal Rexnord Corp. | 36 | – | — (h) | 0.0 (g) |
|  Regency Centers Corp. | 101 | – | — (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | 52 | – | 1 | 0.0 (g) |
|  Reliance, Inc. | 14 | – | — (h) | 0.0 (g) |
|  Renasant Corp. | 14 | – | 1 | 0.0 (g) |
|  Revolution Medicines, Inc. | 98 | – | — (h) | 0.0 (g) |
|  Revolve Group, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Revvity, Inc. | 44 | – | — (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 142 | – | 3 | 0.0 (g) |
|  Reynolds Consumer Products, Inc. | 33 | – | — (h) | 0.0 (g) |
|  RH | 18 | – | 2 | 0.0 (g) |
|  Rigetti Computing, Inc. | 156 | – | — (h) | 0.0 (g) |
|  Rivian Automotive, Inc. | 56 | – | 1 | 0.0 (g) |
|  Rocket Lab Corp. | 45 | – | — (h) | 0.0 (g) |
|  Roivant Sciences Ltd. | 57 | – | — (h) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | 186 | – | 3 | 0.0 (g) |
|  RPM International, Inc. | 20 | – | — (h) | 0.0 (g) |
|  RTX Corp. | 3 | – | — (h) | 0.0 (g) |
|  Rumble, Inc. | 7 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  RXO, Inc. | 52 | – | 3 | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 39 | – | — (h) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 144 | – | 12 | 0.0 (g) |
|  S&P Global, Inc. | 257 | – | 12 | 0.0 (g) |
|  Sabra Health Care REIT, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Saia, Inc. | 148 | – | 5 | 0.0 (g) |
|  SailPoint, Inc. | 22 | – | 1 | 0.0 (g) |
|  Scholar Rock Holding Corp. | 5 | – | — (h) | 0.0 (g) |
|  Science Applications International Corp. | 7 | – | — (h) | 0.0 (g) |
|  Scotts Miracle-Gro Co. (The) | 58 | – | 1 | 0.0 (g) |
|  Sealed Air Corp. | 26 | – | — (h) | 0.0 (g) |
|  Sempra | 149 | – | — (h) | 0.0 (g) |
|  Sensient Technologies Corp. | 19 | – | 2 | 0.0 (g) |
|  Sezzle, Inc. | 70 | – | 12 | 0.0 (g) |
|  Shake Shack, Inc. | 45 | – | 3 | 0.0 (g) |
|  SharkNinja, Inc. | 302 | – | 36 | 0.0 (g) |
|  Sherwin-Williams Co. (The) | 607 | – | 2 | 0.0 (g) |
|  Shift4 Payments, Inc. | 61 | – | 9 | 0.0 (g) |
|  Shoals Technologies Group, Inc. | 49 | – | — (h) | 0.0 (g) |
|  Signet Jewelers Ltd. | 45 | – | — (h) | 0.0 (g) |
|  Silgan Holdings, Inc. | 29 | – | — (h) | 0.0 (g) |
|  Simmons First National Corp. | 6 | – | — (h) | 0.0 (g) |
|  Simply Good Foods Co. (The) | 46 | – | 3 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 24 | – | 2 | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 5 | – | — (h) | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | 26 | – | 1 | 0.0 (g) |
|  Six Flags Entertainment Corp. | 119 | – | — (h) | 0.0 (g) |
|  SL Green Realty Corp. | 45 | – | 1 | 0.0 (g) |
|  SLB Ltd. | 315 | – | — (h) | 0.0 (g) |
|  SLM Corp. | 8 | – | — (h) | 0.0 (g) |
|  Solaris Energy Infrastructure, Inc. | 47 | – | — (h) | 0.0 (g) |
|  Soleno Therapeutics, Inc. | 15 | – | — (h) | 0.0 (g) |
|  Somnigroup International, Inc. | 260 | – | 4 | 0.0 (g) |
|  Sonic Automotive, Inc. | 13 | – | — (h) | 0.0 (g) |
|  SoundHound AI, Inc. | 194 | – | 1 | 0.0 (g) |
|  Southern Co. (The) | 331 | – | — (h) | 0.0 (g) |
|  SOUTHSTATE BANK Corp., | 44 | – | 1 | 0.0 (g) |
|  Spectrum Brands Holdings, Inc. | 10 | – | — (h) | 0.0 (g) |
|  Spire, Inc. | 8 | – | — (h) | 0.0 (g) |
|  SPX Technologies, Inc. | 20 | – | — (h) | 0.0 (g) |
|  SSR Mining, Inc. | 32 | – | — (h) | 0.0 (g) |
|  STAG Industrial, Inc. | 16 | – | — (h) | 0.0 (g) |
|  StandardAero, Inc. | 73 | – | 1 | 0.0 (g) |
|  Standex International Corp. | 3 | – | — (h) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | 66 | – | 1 | 0.0 (g) |
|  Starbucks Corp. | 884 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Sterling Infrastructure, Inc. | 14 | – | 1 | 0.0 (g) |
|  Steven Madden Ltd. | 72 | – | — (h) | 0.0 (g) |
|  StoneX Group, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Stride, Inc. | 64 | – | — (h) | 0.0 (g) |
|  Sunstone Hotel Investors, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Surgery Partners, Inc. | 49 | – | — (h) | 0.0 (g) |
|  Sweetgreen, Inc. | 61 | – | 5 | 0.0 (g) |
|  Synopsys, Inc. | 521 | – | 2 | 0.0 (g) |
|  Sysco Corp. | 177 | – | 1 | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | 80 | – | — (h) | 0.0 (g) |
|  Targa Resources Corp. | 32 | – | — (h) | 0.0 (g) |
|  TD SYNNEX Corp. | 112 | – | — (h) | 0.0 (g) |
|  Tecnoglass, Inc. | 24 | – | 1 | 0.0 (g) |
|  Teladoc Health, Inc. | 6 | – | 1 | 0.0 (g) |
|  Telephone and Data Systems, Inc. | 9 | – | — (h) | 0.0 (g) |
|  Tempus AI, Inc. | 36 | – | 3 | 0.0 (g) |
|  Terreno Realty Corp. | 7 | – | — (h) | 0.0 (g) |
|  Tetra Tech, Inc. | 17 | – | 1 | 0.0 (g) |
|  Texas Pacific Land Corp. | 43 | – | — (h) | 0.0 (g) |
|  Thor Industries, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Tidewater, Inc. | 45 | – | 2 | 0.0 (g) |
|  Timken Co. (The) | 62 | – | 2 | 0.0 (g) |
|  TJX Cos., Inc. (The) | 13 | – | — (h) | 0.0 (g) |
|  TKO Group Holdings, Inc. | 213 | – | — (h) | 0.0 (g) |
|  Toll Brothers, Inc. | 41 | – | — (h) | 0.0 (g) |
|  TopBuild Corp. | 92 | – | 7 | 0.0 (g) |
|  Topgolf Callaway Brands Corp. | 20 | – | — (h) | 0.0 (g) |
|  Tractor Supply Co. | 64 | – | 3 | 0.0 (g) |
|  TransDigm Group, Inc. | 211 | – | — (h) | 0.0 (g) |
|  TransMedics Group, Inc. | 27 | – | 3 | 0.0 (g) |
|  TransUnion | 179 | – | 17 | 0.0 (g) |
|  Travel + Leisure Co. | 20 | – | — (h) | 0.0 (g) |
|  TreeHouse Foods, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Trex Co., Inc. | 4 | – | — (h) | 0.0 (g) |
|  Trimble, Inc. | 10 | – | — (h) | 0.0 (g) |
|  TSS, Inc./MD | 57 | – | — (h) | 0.0 (g) |
|  Tyler Technologies, Inc. | 30 | – | — (h) | 0.0 (g) |
|  Uber Technologies, Inc. | 108 | – | 2 | 0.0 (g) |
|  UDR, Inc. | 7 | – | — (h) | 0.0 (g) |
|  UFP Technologies, Inc. | 10 | – | — (h) | 0.0 (g) |
|  UL Solutions, Inc. | 21 | – | — (h) | 0.0 (g) |
|  UMB Financial Corp. | 35 | – | 1 | 0.0 (g) |
|  Under Armour, Inc. | 28 | – | — (h) | 0.0 (g) |
|  United Bankshares, Inc./WV | 6 | – | — (h) | 0.0 (g) |
|  United Natural Foods, Inc. | 8 | – | — (h) | 0.0 (g) |
|  United Parcel Service, Inc. | 199 | – | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  United Rentals, Inc. | 32 | – | — (h) | 0.0 (g) |
|  UnitedHealth Group, Inc. | 278 | – | — (h) | 0.0 (g) |
|  Unity Software, Inc. | 65 | – | 10 | 0.0 (g) |
|  Universal Technical Institute, Inc. | 10 | – | — (h) | 0.0 (g) |
|  UroGen Pharma Ltd. | 40 | – | — (h) | 0.0 (g) |
|  Vail Resorts, Inc. | 89 | – | — (h) | 0.0 (g) |
|  Valvoline, Inc. | 25 | – | 2 | 0.0 (g) |
|  Vaxcyte, Inc. | 19 | – | — (h) | 0.0 (g) |
|  Veeco Instruments, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Ventas, Inc. | 123 | – | — (h) | 0.0 (g) |
|  Venture Global, Inc. | 29 | – | — (h) | 0.0 (g) |
|  Verizon Communications, Inc. | 422 | – | — (h) | 0.0 (g) |
|  Vertex, Inc. | 46 | – | 1 | 0.0 (g) |
|  VF Corp. | 91 | – | 1 | 0.0 (g) |
|  Viasat, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | 10 | – | — (h) | 0.0 (g) |
|  Visa, Inc. | 259 | – | — (h) | 0.0 (g) |
|  Vishay Intertechnology, Inc. | 7 | – | — (h) | 0.0 (g) |
|  Vistra Corp. | 141 | – | 12 | 0.0 (g) |
|  Vita Coco Co., Inc. (The) | 27 | – | — (h) | 0.0 (g) |
|  Vital Farms, Inc. | 42 | – | 3 | 0.0 (g) |
|  Vontier Corp. | 7 | – | — (h) | 0.0 (g) |
|  Voya Financial, Inc. | 35 | – | 1 | 0.0 (g) |
|  Voyager Technologies, Inc. | 26 | – | — (h) | 0.0 (g) |
|  VSE Corp. | 33 | – | — (h) | 0.0 (g) |
|  Vulcan Materials Co. | 521 | – | — (h) | 0.0 (g) |
|  Warner Bros Discovery, Inc. | 435 | – | — (h) | 0.0 (g) |
|  Warner Music Group Corp. | 2 | – | — (h) | 0.0 (g) |
|  Warrior Met Coal, Inc. | 104 | – | — (h) | 0.0 (g) |
|  Watsco, Inc. | 102 | – | — (h) | 0.0 (g) |
|  Wayfair, Inc. | 98 | – | — (h) | 0.0 (g) |
|  Waystar Holding Corp. | 44 | – | 1 | 0.0 (g) |
|  WD-40 Co. | 17 | – | 1 | 0.0 (g) |
|  Weatherford International plc | 7 | – | — (h) | 0.0 (g) |
|  WEC Energy Group, Inc. | 293 | – | — (h) | 0.0 (g) |
|  Wendy's Co. (The) | 70 | – | 2 | 0.0 (g) |
|  Werner Enterprises, Inc. | 4 | – |  | 0.0 (g) |
|  WESCO International, Inc. | 48 | – | — (h) | 0.0 (g) |
|  Western Union Co. (The) | 6 | – | — (h) | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | 8 | – | — (h) | 0.0 (g) |
|  Westlake Corp. | 190 | – | 16 | 0.0 (g) |
|  WEX, Inc. | 95 | – | 3 | 0.0 (g) |
|  Weyerhaeuser Co. | 41 | – | — (h) | 0.0 (g) |
|  Whirlpool Corp. | 65 | – | 4 | 0.0 (g) |
|  White Mountains Insurance Group Ltd. | 7 | – | — (h) | 0.0 (g) |
|  Williams Cos., Inc. (The) | 125 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Williams-Sonoma, Inc. | 24 | – | — (h) | 0.0 (g) |
|  WillScot Holdings Corp. | 24 | – | 2 | 0.0 (g) |
|  Wingstop, Inc. | 338 | – | 3 | 0.0 (g) |
|  Winnebago Industries, Inc. | 13 | – | — (h) | 0.0 (g) |
|  Wolverine World Wide, Inc. | 68 | – | 7 | 0.0 (g) |
|  Woodward, Inc. | 11 | – | — (h) | 0.0 (g) |
|  Workiva, Inc. | 28 | – | — (h) | 0.0 (g) |
|  WP Carey, Inc. | 3 | – | — (h) | 0.0 (g) |
|  WSFS Financial Corp. | 6 | – | — (h) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | 109 | – | 6 | 0.0 (g) |
|  Wynn Resorts Ltd. | 97 | – | 1 | 0.0 (g) |
|  Xcel Energy, Inc. | 20 | – | — (h) | 0.0 (g) |
|  Xometry, Inc. | 7 | – | — (h) | 0.0 (g) |
|  XPO, Inc. | 272 | – | 4 | 0.0 (g) |
|  Xylem, Inc./NY | 21 | – | — (h) | 0.0 (g) |
|  YETI Holdings, Inc. | 36 | – | 2 | 0.0 (g) |
|  Zillow Group, Inc. | 73 | – | 11 | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Zscaler, Inc. | 96 | – | — (h) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | 4 | – | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | – | 1196 | 0.1 |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 1196 | 0.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/20/2027 | 1 | 1174 | 10 | 1184 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Sony Financial Group, Inc. | — (h) | 1 | 1 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  BigBear.ai Holdings, Inc. | 58 |  | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | (506) |  | (1) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | (155) |  | 4 | 0.0 (g) |
|  Assured Guaranty Ltd. | (12) |  | — (h) | 0.0 (g) |
|  Axis Capital Holdings Ltd. | (17) |  | — (h) | 0.0 (g) |
|  Essent Group Ltd. | (16) |  | — (h) | 0.0 (g) |
|  Everest Group Ltd. | (167) |  | 7 | 0.0 (g) |
|  Viking Holdings Ltd. | (7) |  | — (h) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Celestica, Inc. | (47) |  | — (h) | 0.0 (g) |
|  Lululemon Athletica, Inc. | (48) |  | 2 | 0.0 (g) |
|  Shopify, Inc. | (89) |  | — (h) | 0.0 (g) |
|  **China** |  |  |  |  |
|  Pony AI, Inc. | (73) |  | 6 | 0.0 (g) |
|  WeRide, Inc. | (33) |  | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Genmab A/S | (21) |  | 1 | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Deutsche Bank AG | (22) |  | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Accenture plc | (60) |  | 2 | 0.0 (g) |
|  AerCap Holdings NV | (95) |  | — (h) | 0.0 (g) |
|  Alkermes plc | (3) |  | — (h) | 0.0 (g) |
|  Ryanair Holdings plc | (22) |  | 2 | 0.0 (g) |
|  TE Connectivity plc | (179) |  | 2 | 0.0 (g) |
|  Trane Technologies plc | (263) |  | 9 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Check Point Software Technologies Ltd. | (6) |  | — (h) | 0.0 (g) |
|  Elbit Systems Ltd. | (20) |  | 1 | 0.0 (g) |
|  Mobileye Global, Inc. | (74) |  | — (h) | 0.0 (g) |
|  SolarEdge Technologies, Inc. | (127) |  | 5 | 0.0 (g) |
|  Tower Semiconductor Ltd. | (10) |  | — (h) | 0.0 (g) |
|  Wix.com Ltd. | (9) |  | — (h) | 0.0 (g) |
|  ZIM Integrated Shipping Services Ltd. | (3) |  | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Sony Group Corp. | (35) |  | — (h) | 0.0 (g) |
|  **Jersey** |  |  |  |  |
|  Novocure Ltd. | (6) |  | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Aegon Ltd. | (33) |  | 1 | 0.0 (g) |
|  ASML Holding NV | (97) |  | 3 | 0.0 (g) |
|  ING Groep NV | (5) |  | — (h) | 0.0 (g) |
|  Nebius Group NV | (299) |  | 38 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Panama** |  |  |  |  |
|  Copa Holdings SA | (6) |  | — (h) | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Credicorp Ltd. | (4) |  | — (h) | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | (2) |  | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Bitdeer Technologies Group | (23) |  | — (h) | 0.0 (g) |
|  Kulicke & Soffa Industries, Inc. | (14) |  | — (h) | 0.0 (g) |
|  Sea Ltd. | (449) |  | (1) | 0.0 (g) |
|  **South Korea** |  |  |  |  |
|  KT Corp. | (7) |  | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | (323) |  | — (h) | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | (4) |  | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | (174) |  | 5 | 0.0 (g) |
|  Garmin Ltd. | (50) |  | 2 | 0.0 (g) |
|  On Holding AG | (36) |  | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  ASE Technology Holding Co. Ltd. | (12) |  | — (h) | 0.0 (g) |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | (43) |  | 1 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Barclays plc | (18) |  | — (h) | 0.0 (g) |
|  British American Tobacco plc | (96) |  | — (h) | 0.0 (g) |
|  CNH Industrial NV | (45) |  | — (h) | 0.0 (g) |
|  HSBC Holdings plc | (32) |  | — (h) | 0.0 (g) |
|  Janus Henderson Group plc | (44) |  | — (h) | 0.0 (g) |
|  LivaNova plc | (7) |  | — (h) | 0.0 (g) |
|  NatWest Group plc | (29) |  | — (h) | 0.0 (g) |
|  RELX plc | (4) |  | — (h) | 0.0 (g) |
|  Rio Tinto plc | (77) |  | 3 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  3M Co. | (519) |  | (1) | 0.0 (g) |
|  A O Smith Corp. | (22) |  | — (h) | 0.0 (g) |
|  Abercrombie & Fitch Co. | (151) |  | — (h) | 0.0 (g) |
|  ACI Worldwide, Inc. | (8) |  | — (h) | 0.0 (g) |
|  Acuity, Inc. | (47) |  | 1 | 0.0 (g) |
|  Adient plc | (9) |  | — (h) | 0.0 (g) |
|  Adobe, Inc. | (1369) |  | (2) | 0.0 (g) |
|  Adtalem Global Education, Inc. | (11) |  | 1 | 0.0 (g) |
|  Advance Auto Parts, Inc. | (22) |  | — (h) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | (28) |  | — (h) | 0.0 (g) |
|  AES Corp. (The) | (59) |  | — (h) | 0.0 (g) |
|  Aeva Technologies, Inc. | (5) |  | — (h) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | (28) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Affirm Holdings, Inc. | (82) | – | — (h) | 0.0 (g) |
|  Aflac, Inc. | (17) | – | — (h) | 0.0 (g) |
|  AGCO Corp. | (14) | – | — (h) | 0.0 (g) |
|  Airbnb, Inc. | (541) | – | (1) | 0.0 (g) |
|  Akamai Technologies, Inc. | (41) | – | — (h) | 0.0 (g) |
|  Alamo Group, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Alarm.com Holdings, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Alaska Air Group, Inc. | (16) | – | — (h) | 0.0 (g) |
|  Albemarle Corp. | (213) | – | — (h) | 0.0 (g) |
|  Albertsons Cos., Inc. | (33) | – | — (h) | 0.0 (g) |
|  Align Technology, Inc. | (115) | – | — (h) | 0.0 (g) |
|  Alignment Healthcare, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Allegiant Travel Co. | (12) | – | — (h) | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | (21) | – | — (h) | 0.0 (g) |
|  Allstate Corp. (The) | (226) | – | 9 | 0.0 (g) |
|  Ally Financial, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | (106) | – | — (h) | 0.0 (g) |
|  Altria Group, Inc. | (350) | – | 6 | 0.0 (g) |
|  Amazon.com, Inc. | (320) | – | — (h) | 0.0 (g) |
|  Ambarella, Inc. | (123) | – | — (h) | 0.0 (g) |
|  Ameren Corp. | (12) | – | 1 | 0.0 (g) |
|  American Electric Power Co., Inc. | (118) | – | 6 | 0.0 (g) |
|  American International Group, Inc. | (419) | – | 8 | 0.0 (g) |
|  American States Water Co. | (4) | – | — (h) | 0.0 (g) |
|  American Superconductor Corp. | (12) | – | — (h) | 0.0 (g) |
|  American Tower Corp. | (85) | – | — (h) | 0.0 (g) |
|  Ameriprise Financial, Inc. | (261) | – | 1 | 0.0 (g) |
|  AMETEK, Inc. | (33) | – | — (h) | 0.0 (g) |
|  Amgen, Inc. | (331) | – | — (h) | 0.0 (g) |
|  Amphenol Corp. | (66) | – | 1 | 0.0 (g) |
|  Analog Devices, Inc. | (75) | – | — (h) | 0.0 (g) |
|  Antero Resources Corp. | (102) | – | 5 | 0.0 (g) |
|  APA Corp. | (55) | – | 1 | 0.0 (g) |
|  Appfolio, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Appian Corp. | (10) | – | — (h) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (62) | – | — (h) | 0.0 (g) |
|  Archer Aviation, Inc. | (43) | – | — (h) | 0.0 (g) |
|  Ardelyx, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Argan, Inc. | (78) | – | 1 | 0.0 (g) |
|  Arista Networks, Inc. | (17) | – | — (h) | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | (11) | – | 1 | 0.0 (g) |
|  Artisan Partners Asset Management, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Asana, Inc. | (36) | – | — (h) | 0.0 (g) |
|  Assurant, Inc. | (127) | – | 4 | 0.0 (g) |
|  Astera Labs, Inc. | (48) | – | — (h) | 0.0 (g) |
|  Aurora Innovation, Inc. | (9) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Autodesk, Inc. | (470) | – | (1) | 0.0 (g) |
|  Automatic Data Processing, Inc. | (93) | – | — (h) | 0.0 (g) |
|  AutoZone, Inc. | (176) | – | 6 | 0.0 (g) |
|  AvePoint, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Avista Corp. | (17) | – | 1 | 0.0 (g) |
|  Avnet, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Axsome Therapeutics, Inc. | (9) | – | — (h) | 0.0 (g) |
|  Azenta, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Badger Meter, Inc. | (42) | – | — (h) | 0.0 (g) |
|  Balchem Corp. | (5) | – | — (h) | 0.0 (g) |
|  Banc of California, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Bank of America Corp. | (622) | – | (1) | 0.0 (g) |
|  Bank of Hawaii Corp. | (4) | – | — (h) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (183) | – | — (h) | 0.0 (g) |
|  BankUnited, Inc. | (8) | – | — (h) | 0.0 (g) |
|  Bath & Body Works, Inc. | (60) | – | — (h) | 0.0 (g) |
|  Berkshire Hathaway, Inc. | (674) | – | 12 | 0.0 (g) |
|  Best Buy Co., Inc. | (84) | – | 3 | 0.0 (g) |
|  Biogen, Inc. | (61) | – | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | (99) | – | — (h) | 0.0 (g) |
|  Bio-Techne Corp. | (15) | – | 1 | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Black Hills Corp. | (9) | – | — (h) | 0.0 (g) |
|  Blackbaud, Inc. | (8) | – | — (h) | 0.0 (g) |
|  Blackrock, Inc. | (96) | – | 2 | 0.0 (g) |
|  Blackstone, Inc. | (455) | – | (1) | 0.0 (g) |
|  Bloom Energy Corp. | (84) | – | 11 | 0.0 (g) |
|  Blue Bird Corp. | (2) | – | — (h) | 0.0 (g) |
|  Booking Holdings, Inc. | (97) | – | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | (38) | – | — (h) | 0.0 (g) |
|  Boston Beer Co., Inc. (The) | (10) | – | — (h) | 0.0 (g) |
|  Boston Scientific Corp. | (163) | – | — (h) | 0.0 (g) |
|  Box, Inc. | (27) | – | — (h) | 0.0 (g) |
|  Brady Corp. | (8) | – | — (h) | 0.0 (g) |
|  Brighthouse Financial, Inc. | (50) | – | — (h) | 0.0 (g) |
|  Brink's Co. (The) | (13) | – | — (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | (444) | – | — (h) | 0.0 (g) |
|  Brunswick Corp. | (7) | – | — (h) | 0.0 (g) |
|  Buckle, Inc. (The) | (6) | – | — (h) | 0.0 (g) |
|  Burlington Stores, Inc. | (45) | – | — (h) | 0.0 (g) |
|  C3.ai, Inc. | (9) | – | — (h) | 0.0 (g) |
|  Cadence Design Systems, Inc. | (213) | – | — (h) | 0.0 (g) |
|  California Resources Corp. | (2) | – | — (h) | 0.0 (g) |
|  California Water Service Group | (6) | – | — (h) | 0.0 (g) |
|  Cal-Maine Foods, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Cardinal Health, Inc. | (16) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cargurus, Inc. | (20) | – | — (h) | 0.0 (g) |
|  CarMax, Inc. | (42) | – | — (h) | 0.0 (g) |
|  Carnival Corp. | (17) | – | — (h) | 0.0 (g) |
|  Catalyst Pharmaceuticals, Inc. | (14) | – | — (h) | 0.0 (g) |
|  Caterpillar, Inc. | (335) | – | 7 | 0.0 (g) |
|  Cathay General Bancorp | (5) | – | — (h) | 0.0 (g) |
|  CDW Corp. | (42) | – | — (h) | 0.0 (g) |
|  Centene Corp. | (45) | – | 5 | 0.0 (g) |
|  CF Industries Holdings, Inc. | (89) | – | 4 | 0.0 (g) |
|  Charles Schwab Corp. (The) | (866) | – | 10 | 0.0 (g) |
|  Chemed Corp. | (41) | – | — (h) | 0.0 (g) |
|  Chemours Co. (The) | (14) | – | — (h) | 0.0 (g) |
|  Chevron Corp. | (386) | – | — (h) | 0.0 (g) |
|  Churchill Downs, Inc. | (25) | – | — (h) | 0.0 (g) |
|  Ciena Corp. | (258) | – | 13 | 0.0 (g) |
|  Cintas Corp. | (416) | – | 10 | 0.0 (g) |
|  Circle Internet Group, Inc. | (499) | – | (1) | 0.0 (g) |
|  Cirrus Logic, Inc. | (84) | – | 3 | 0.0 (g) |
|  Cisco Systems, Inc. | (174) | – | 1 | 0.0 (g) |
|  Citigroup, Inc. | (818) | – | (1) | 0.0 (g) |
|  Clear Secure, Inc. | (12) | – | — (h) | 0.0 (g) |
|  CME Group, Inc. | (344) | – | 7 | 0.0 (g) |
|  CNO Financial Group, Inc. | (47) | – | — (h) | 0.0 (g) |
|  Cognex Corp. | (137) | – | — (h) | 0.0 (g) |
|  Coinbase Global, Inc. | (328) | – | 1 | 0.0 (g) |
|  Comcast Corp. | (68) | – | — (h) | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | (23) | – | — (h) | 0.0 (g) |
|  Commvault Systems, Inc. | (49) | – | — (h) | 0.0 (g) |
|  ConocoPhillips | (150) | – | 2 | 0.0 (g) |
|  Consolidated Edison, Inc. | (199) | – | 7 | 0.0 (g) |
|  Copart, Inc. | (116) | – | — (h) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | (52) | – | 2 | 0.0 (g) |
|  Corebridge Financial, Inc. | (36) | – | — (h) | 0.0 (g) |
|  CoreCivic, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Corning, Inc. | (334) | – | 9 | 0.0 (g) |
|  Corteva, Inc. | (116) | – | — (h) | 0.0 (g) |
|  Costco Wholesale Corp. | (618) | – | (1) | 0.0 (g) |
|  Coursera, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | (61) | – | — (h) | 0.0 (g) |
|  Curtiss-Wright Corp. | (79) | – | 4 | 0.0 (g) |
|  Customers Bancorp, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Dana, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Danaher Corp. | (201) | – | 5 | 0.0 (g) |
|  Datadog, Inc. | (374) | – | 10 | 0.0 (g) |
|  Deckers Outdoor Corp. | (198) | – | — (h) | 0.0 (g) |
|  Deere & Co. | (292) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Delta Air Lines, Inc. | (170) | – | — (h) | 0.0 (g) |
|  Dexcom, Inc. | (84) | – | — (h) | 0.0 (g) |
|  Docusign, Inc. | (84) | – | — (h) | 0.0 (g) |
|  Dolby Laboratories, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Donaldson Co., Inc. | (27) | – | — (h) | 0.0 (g) |
|  DoubleVerify Holdings, Inc. | (15) | – | — (h) | 0.0 (g) |
|  Doximity, Inc. | (6) | – | — (h) | 0.0 (g) |
|  DTE Energy Co. | (65) | – | 2 | 0.0 (g) |
|  Duolingo, Inc. | (304) | – | 29 | 0.0 (g) |
|  DuPont de Nemours, Inc. | (67) | – | — (h) | 0.0 (g) |
|  Dutch Bros, Inc. | (35) | – | — (h) | 0.0 (g) |
|  DXC Technology Co. | (3) | – | — (h) | 0.0 (g) |
|  Dynatrace, Inc. | (94) | – | — (h) | 0.0 (g) |
|  Eastern Bankshares, Inc. | (13) | – | — (h) | 0.0 (g) |
|  Edison International | (342) | – | — (h) | 0.0 (g) |
|  Elastic NV | (91) | – | — (h) | 0.0 (g) |
|  Electronic Arts, Inc. | (130) | – | 18 | 0.0 (g) |
|  Elevance Health, Inc. | (10) | – | — (h) | 0.0 (g) |
|  EMCOR Group, Inc. | (86) | – | 2 | 0.0 (g) |
|  Encompass Health Corp. | (16) | – | — (h) | 0.0 (g) |
|  Enova International, Inc. | (12) | – | — (h) | 0.0 (g) |
|  Enovis Corp. | (6) | – | — (h) | 0.0 (g) |
|  Enphase Energy, Inc. | (284) | – | — (h) | 0.0 (g) |
|  EPAM Systems, Inc. | (172) | – | — (h) | 0.0 (g) |
|  Erie Indemnity Co. | (7) | – | — (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | (7) | – | — (h) | 0.0 (g) |
|  Etsy, Inc. | (48) | – | 1 | 0.0 (g) |
|  Euronet Worldwide, Inc. | (70) | – | — (h) | 0.0 (g) |
|  Evercore, Inc. | (35) | – | — (h) | 0.0 (g) |
|  Evergy, Inc. | (8) | – | — (h) | 0.0 (g) |
|  Exelixis, Inc. | (246) | – | 7 | 0.0 (g) |
|  Expedia Group, Inc. | (163) | – | — (h) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | (23) | – | 1 | 0.0 (g) |
|  Extreme Networks, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Exxon Mobil Corp. | (380) | – | — (h) | 0.0 (g) |
|  F5, Inc. | (80) | – | — (h) | 0.0 (g) |
|  FactSet Research Systems, Inc. | (110) | – | — (h) | 0.0 (g) |
|  Federated Hermes, Inc. | (9) | – | — (h) | 0.0 (g) |
|  FedEx Corp. | (327) | – | 5 | 0.0 (g) |
|  First American Financial Corp. | (22) | – | — (h) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (11) | – | — (h) | 0.0 (g) |
|  Five9, Inc. | (28) | – | — (h) | 0.0 (g) |
|  Flex Ltd. | (99) | – | — (h) | 0.0 (g) |
|  Flowserve Corp. | (58) | – | — (h) | 0.0 (g) |
|  Fluor Corp. | (40) | – | — (h) | 0.0 (g) |
|  Ford Motor Co. | (264) | – | 7 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Fortinet, Inc. | (229) | – | — (h) | 0.0 (g) |
|  Fortrea Holdings, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Fox Corp. | (259) | – | 10 | 0.0 (g) |
|  Fox Factory Holding Corp. | (3) | – | — (h) | 0.0 (g) |
|  Franklin Electric Co., Inc. | (6) | – | — (h) | 0.0 (g) |
|  Freshworks, Inc. | (50) | – | — (h) | 0.0 (g) |
|  Frontdoor, Inc. | (10) | – | — (h) | 0.0 (g) |
|  GameStop Corp. | (48) | – | 1 | 0.0 (g) |
|  Gap, Inc. (The) | (61) | – | — (h) | 0.0 (g) |
|  Gartner, Inc. | (236) | – | 6 | 0.0 (g) |
|  GE Vernova, Inc. | (631) | – | (1) | 0.0 (g) |
|  Gen Digital, Inc. | (71) | – | — (h) | 0.0 (g) |
|  General Electric Co. | (686) | – | (1) | 0.0 (g) |
|  General Motors Co. | (374) | – | 12 | 0.0 (g) |
|  Gibraltar Industries, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Global Payments, Inc. | (241) | – | — (h) | 0.0 (g) |
|  Globe Life, Inc. | (21) | – | — (h) | 0.0 (g) |
|  Globus Medical, Inc. | (53) | – | 1 | 0.0 (g) |
|  GoDaddy, Inc. | (505) | – | (1) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | (580) | – | (1) | 0.0 (g) |
|  Graco, Inc. | (48) | – | — (h) | 0.0 (g) |
|  Grand Canyon Education, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Granite Construction, Inc. | (20) | – | — (h) | 0.0 (g) |
|  Guardant Health, Inc. | (48) | – | 2 | 0.0 (g) |
|  Guidewire Software, Inc. | (152) | – | — (h) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | (224) | – | — (h) | 0.0 (g) |
|  Hancock Whitney Corp. | (15) | – | — (h) | 0.0 (g) |
|  Harley-Davidson, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Harmony Biosciences Holdings, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | (98) | – | 2 | 0.0 (g) |
|  HCA Healthcare, Inc. | (167) | – | 9 | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | (93) | – | — (h) | 0.0 (g) |
|  Hinge Health, Inc. | (5) | – | — (h) | 0.0 (g) |
|  HNI Corp. | (13) | – | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | (22) | – | — (h) | 0.0 (g) |
|  Howard Hughes Holdings, Inc. | (3) | – | — (h) | 0.0 (g) |
|  HubSpot, Inc. | (346) | – | — (h) | 0.0 (g) |
|  Humana, Inc. | (378) | – | 12 | 0.0 (g) |
|  IDEXX Laboratories, Inc. | (97) | – | — (h) | 0.0 (g) |
|  IES Holdings, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Illumina, Inc. | (121) | – | — (h) | 0.0 (g) |
|  Incyte Corp. | (55) | – | — (h) | 0.0 (g) |
|  Innospec, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Inspire Medical Systems, Inc. | (37) | – | — (h) | 0.0 (g) |
|  Insulet Corp. | (105) | – | — (h) | 0.0 (g) |
|  Intapp, Inc. | (4) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Intel Corp. | (248) | – | 31 | 0.0 (g) |
|  Intellia Therapeutics, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | (317) | – | 18 | 0.0 (g) |
|  Intercontinental Exchange, Inc. | (107) | – | — (h) | 0.0 (g) |
|  InterDigital, Inc. | (23) | – | — (h) | 0.0 (g) |
|  International Business Machines Corp. | (242) | – | 13 | 0.0 (g) |
|  Intuit, Inc. | (922) | – | (1) | 0.0 (g) |
|  Intuitive Surgical, Inc. | (1050) | – | 19 | 0.0 (g) |
|  Invesco Ltd. | (170) | – | 3 | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | (9) | – | — (h) | 0.0 (g) |
|  IonQ, Inc. | (98) | – | — (h) | 0.0 (g) |
|  Iron Mountain, Inc. | (44) | – | 1 | 0.0 (g) |
|  Jabil, Inc. | (126) | – | — (h) | 0.0 (g) |
|  Jackson Financial, Inc. | (102) | – | — (h) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | (33) | – | — (h) | 0.0 (g) |
|  Joby Aviation, Inc. | (95) | – | — (h) | 0.0 (g) |
|  Johnson & Johnson | (337) | – | 16 | 0.0 (g) |
|  Johnson Controls International plc | (33) | – | — (h) | 0.0 (g) |
|  Kemper Corp. | (16) | – | — (h) | 0.0 (g) |
|  Keysight Technologies, Inc. | (344) | – | — (h) | 0.0 (g) |
|  KKR & Co., Inc. | (73) | – | — (h) | 0.0 (g) |
|  KLA Corp. | (67) | – | 2 | 0.0 (g) |
|  Klaviyo, Inc. | (20) | – | — (h) | 0.0 (g) |
|  Kohl's Corp. | (5) | – | — (h) | 0.0 (g) |
|  Kroger Co. (The) | (98) | – | 2 | 0.0 (g) |
|  Labcorp Holdings, Inc. | (34) | – | 1 | 0.0 (g) |
|  Lam Research Corp. | (915) | – | 45 | 0.0 (g) |
|  Lantheus Holdings, Inc. | (11) | – | — (h) | 0.0 (g) |
|  Lemonade, Inc. | (3) | – | — (h) | 0.0 (g) |
|  LendingClub Corp. | (5) | – | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (16) | – | — (h) | 0.0 (g) |
|  Lincoln National Corp. | (68) | – | — (h) | 0.0 (g) |
|  Littelfuse, Inc. | (18) | – | — (h) | 0.0 (g) |
|  LiveRamp Holdings, Inc. | (51) | – | — (h) | 0.0 (g) |
|  Loews Corp. | (58) | – | 2 | 0.0 (g) |
|  Lowe's Cos., Inc. | (305) | – | — (h) | 0.0 (g) |
|  Lyft, Inc. | (145) | – | — (h) | 0.0 (g) |
|  Manhattan Associates, Inc. | (18) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Marathon Petroleum Corp. | (276) | – | 10 | 0.0 (g) |
|  Marqeta, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Marvell Technology, Inc. | (225) | – | 27 | 0.0 (g) |
|  Masimo Corp. | (15) | – | 1 | 0.0 (g) |
|  Mastercard, Inc. | (646) | – | (1) | 0.0 (g) |
|  MaxLinear, Inc. | (6) | – | — (h) | 0.0 (g) |
|  McDonald's Corp. | (730) | – | 2 | 0.0 (g) |
|  McKesson Corp. | (386) | – | 37 | 0.0 (g) |
|  MDU Resources Group, Inc. | (53) | – | 4 | 0.0 (g) |
|  Medpace Holdings, Inc. | (87) | – | 3 | 0.0 (g) |
|  Merck & Co., Inc. | (527) | – | 15 | 0.0 (g) |
|  Mercury Systems, Inc. | (9) | – | — (h) | 0.0 (g) |
|  MetLife, Inc. | (208) | – | 8 | 0.0 (g) |
|  Microchip Technology, Inc. | (228) | – | — (h) | 0.0 (g) |
|  Micron Technology, Inc. | (448) | – | 16 | 0.0 (g) |
|  MKS, Inc. | (14) | – | — (h) | 0.0 (g) |
|  Moelis & Co. | (12) | – | — (h) | 0.0 (g) |
|  Monster Beverage Corp. | (36) | – | 1 | 0.0 (g) |
|  Moody's Corp. | (19) | – | — (h) | 0.0 (g) |
|  Moog, Inc. | (25) | – | 1 | 0.0 (g) |
|  Morningstar, Inc. | (22) | – | — (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | (169) | – | — (h) | 0.0 (g) |
|  Mueller Industries, Inc. | (19) | – | — (h) | 0.0 (g) |
|  Mueller Water Products, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Murphy Oil Corp. | (2) | – | — (h) | 0.0 (g) |
|  MYR Group, Inc. | (31) | – | 3 | 0.0 (g) |
|  NANO Nuclear Energy, Inc. | (24) | – | — (h) | 0.0 (g) |
|  Nasdaq, Inc. | (72) | – | — (h) | 0.0 (g) |
|  Natera, Inc. | (156) | – | — (h) | 0.0 (g) |
|  NetApp, Inc. | (110) | – | — (h) | 0.0 (g) |
|  Netflix, Inc. | (220) | – | — (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | (123) | – | — (h) | 0.0 (g) |
|  New Jersey Resources Corp. | (8) | – | — (h) | 0.0 (g) |
|  New York Times Co. (The) | (161) | – | — (h) | 0.0 (g) |
|  NewMarket Corp. | (4) | – | — (h) | 0.0 (g) |
|  Newmont Corp. | (263) | – | 7 | 0.0 (g) |
|  News Corp. | (15) | – | — (h) | 0.0 (g) |
|  NextEra Energy, Inc. | (616) | – | 35 | 0.0 (g) |
|  NMI Holdings, Inc. | (9) | – | — (h) | 0.0 (g) |
|  Northern Trust Corp. | (198) | – | 4 | 0.0 (g) |
|  NOV, Inc. | (9) | – | — (h) | 0.0 (g) |
|  NRG Energy, Inc. | (258) | – | — (h) | 0.0 (g) |
|  NuScale Power Corp. | (119) | – | — (h) | 0.0 (g) |
|  Okta, Inc. | (75) | – | — (h) | 0.0 (g) |
|  Old Republic International Corp. | (23) | – | 1 | 0.0 (g) |
|  Omnicell, Inc. | (12) | – | — (h) | 0.0 (g) |
|  ONE Gas, Inc. | (10) | – | 1 | 0.0 (g) |
|  Onestream, Inc. | (27) | – | — (h) | 0.0 (g) |
|  Onto Innovation, Inc. | (157) | – | 8 | 0.0 (g) |
|  OPENLANE, Inc. | (3) | – | — (h) | 0.0 (g) |
|  O'Reilly Automotive, Inc. | (215) | – | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Oscar Health, Inc. | (55) | – | — (h) | 0.0 (g) |
|  Oshkosh Corp. | (26) | – | — (h) | 0.0 (g) |
|  Otis Worldwide Corp. | (7) | – | — (h) | 0.0 (g) |
|  Ovintiv, Inc. | (57) | – | — (h) | 0.0 (g) |
|  PACCAR, Inc. | (120) | – | — (h) | 0.0 (g) |
|  PagerDuty, Inc. | (14) | – | — (h) | 0.0 (g) |
|  Palo Alto Networks, Inc. | (591) | – | (1) | 0.0 (g) |
|  Parker-Hannifin Corp. | (113) | – | — (h) | 0.0 (g) |
|  Paylocity Holding Corp. | (30) | – | — (h) | 0.0 (g) |
|  PayPal Holdings, Inc. | (496) | – | (1) | 0.0 (g) |
|  PBF Energy, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Pegasystems, Inc. | (49) | – | — (h) | 0.0 (g) |
|  Peloton Interactive, Inc. | (38) | – | 3 | 0.0 (g) |
|  Perdoceo Education Corp. | (5) | – | — (h) | 0.0 (g) |
|  Pfizer, Inc. | (411) | – | 24 | 0.0 (g) |
|  PG&E Corp. | (179) | – | 3 | 0.0 (g) |
|  Philip Morris International, Inc. | (202) | – | — (h) | 0.0 (g) |
|  Phillips 66 | (38) | – | — (h) | 0.0 (g) |
|  Phinia, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | (54) | – | — (h) | 0.0 (g) |
|  Pinterest, Inc. | (36) | – | — (h) | 0.0 (g) |
|  Piper Sandler Cos. | (11) | – | — (h) | 0.0 (g) |
|  Planet Labs PBC | (27) | – | 3 | 0.0 (g) |
|  Plexus Corp. | (17) | – | — (h) | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | (478) | – | (1) | 0.0 (g) |
|  Portland General Electric Co. | (13) | – | — (h) | 0.0 (g) |
|  Power Integrations, Inc. | (14) | – | — (h) | 0.0 (g) |
|  Primerica, Inc. | (17) | – | — (h) | 0.0 (g) |
|  Primoris Services Corp. | (4) | – | — (h) | 0.0 (g) |
|  Principal Financial Group, Inc. | (163) | – | 2 | 0.0 (g) |
|  Progress Software Corp. | (4) | – | — (h) | 0.0 (g) |
|  Progressive Corp. (The) | (736) | – | 13 | 0.0 (g) |
|  Progyny, Inc. | (9) | – | — (h) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Prudential Financial, Inc. | (276) | – | — (h) | 0.0 (g) |
|  PTC, Inc. | (111) | – | — (h) | 0.0 (g) |
|  Public Service Enterprise Group, Inc. | (112) | – | 2 | 0.0 (g) |
|  Pure Storage, Inc. | (227) | – | — (h) | 0.0 (g) |
|  Qorvo, Inc. | (148) | – | — (h) | 0.0 (g) |
|  Qualys, Inc. | (19) | – | — (h) | 0.0 (g) |
|  Rambus, Inc. | (74) | – | 2 | 0.0 (g) |
|  Range Resources Corp. | (75) | – | 6 | 0.0 (g) |
|  Rapid7, Inc. | (13) | – | — (h) | 0.0 (g) |
|  Raymond James Financial, Inc. | (31) | – | — (h) | 0.0 (g) |
|  Reddit, Inc. | (186) | – | — (h) | 0.0 (g) |
|  Regions Financial Corp. | (51) | – | — (h) | 0.0 (g) |
|  Resideo Technologies, Inc. | (19) | – | 1 | 0.0 (g) |
|  ResMed, Inc. | (13) | – | — (h) | 0.0 (g) |
|  REV Group, Inc. | (54) | – | — (h) | 0.0 (g) |
|  Robinhood Markets, Inc. | (675) | – | 86 | 0.1 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  ROBLOX Corp. | (436) | – | 9 | 0.0 (g) |
|  Rockwell Automation, Inc. | (477) | – | 2 | 0.0 (g) |
|  Rogers Corp. | (4) | – | — (h) | 0.0 (g) |
|  Roku, Inc. | (335) | – | — (h) | 0.0 (g) |
|  Roper Technologies, Inc. | (60) | – | — (h) | 0.0 (g) |
|  Royal Gold, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Ryder System, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Salesforce, Inc. | (733) | – | (1) | 0.0 (g) |
|  Samsara, Inc. | (28) | – | — (h) | 0.0 (g) |
|  Sandisk Corp. | (25) | – | 3 | 0.0 (g) |
|  Schneider National, Inc. | (2) | – | — (h) | 0.0 (g) |
|  SentinelOne, Inc. | (19) | – | — (h) | 0.0 (g) |
|  Serve Robotics, Inc. | (20) | – | — (h) | 0.0 (g) |
|  ServiceNow, Inc. | (440) | – | — (h) | 0.0 (g) |
|  Silicon Laboratories, Inc. | (75) | – | — (h) | 0.0 (g) |
|  SiTime Corp. | (7) | – | — (h) | 0.0 (g) |
|  SkyWest, Inc. | (16) | – | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | (320) | – | — (h) | 0.0 (g) |
|  SM Energy Co. | (13) | – | — (h) | 0.0 (g) |
|  Snap, Inc. | (97) | – | — (h) | 0.0 (g) |
|  SoFi Technologies, Inc. | (154) | – | — (h) | 0.0 (g) |
|  Sonos, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Southwest Airlines Co. | (323) | – | — (h) | 0.0 (g) |
|  Sprout Social, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | (97) | – | — (h) | 0.0 (g) |
|  State Street Corp. | (202) | – | 4 | 0.0 (g) |
|  STERIS plc | (15) | – | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | (11) | – | — (h) | 0.0 (g) |
|  Stryker Corp. | (98) | – | — (h) | 0.0 (g) |
|  Sun Communities, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Sunrun, Inc. | (24) | – | — (h) | 0.0 (g) |
|  Super Micro Computer, Inc. | (113) | – | 5 | 0.0 (g) |
|  Sylvamo Corp. | (6) | – | — (h) | 0.0 (g) |
|  Synaptics, Inc. | (26) | – | — (h) | 0.0 (g) |
|  Synchrony Financial | (141) | – | — (h) | 0.0 (g) |
|  Syndax Pharmaceuticals, Inc. | (23) | – | 1 | 0.0 (g) |
|  T Rowe Price Group, Inc. | (66) | – | — (h) | 0.0 (g) |
|  Tandem Diabetes Care, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Target Corp. | (130) | – | 2 | 0.0 (g) |
|  Teleflex, Inc. | (11) | – | — (h) | 0.0 (g) |
|  Tenable Holdings, Inc. | (22) | – | — (h) | 0.0 (g) |
|  Tenet Healthcare Corp. | (99) | – | 6 | 0.0 (g) |
|  Teradata Corp. | (16) | – | — (h) | 0.0 (g) |
|  Teradyne, Inc. | (580) | – | 75 | 0.0 (g) |
|  Tesla, Inc. | (218) | – | 6 | 0.0 (g) |
|  Texas Capital Bancshares, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Texas Instruments, Inc. | (342) | – | 8 | 0.0 (g) |
|  Textron, Inc. | (81) | – | 1 | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | (148) | – | 1 | 0.0 (g) |
|  T-Mobile US, Inc. | (252) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Toast, Inc. | (207) | – | — (h) | 0.0 (g) |
|  Tonix Pharmaceuticals Holding Corp. | (2) | – | — (h) | 0.0 (g) |
|  Toro Co. (The) | (35) | – | — (h) | 0.0 (g) |
|  Tradeweb Markets, Inc. | (159) | – | — (h) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | (251) | – | 2 | 0.0 (g) |
|  TriNet Group, Inc. | (15) | – | — (h) | 0.0 (g) |
|  Trinity Industries, Inc. | (4) | – | — (h) | 0.0 (g) |
|  TripAdvisor, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Tutor Perini Corp. | (10) | – | — (h) | 0.0 (g) |
|  Twilio, Inc. | (406) | – | — (h) | 0.0 (g) |
|  Ubiquiti, Inc. | (4) | – | — (h) | 0.0 (g) |
|  UGI Corp. | (3) | – | — (h) | 0.0 (g) |
|  UiPath, Inc. | (85) | – | 10 | 0.0 (g) |
|  Ulta Beauty, Inc. | (21) | – | 1 | 0.0 (g) |
|  Union Pacific Corp. | (564) | – | 36 | 0.0 (g) |
|  United Airlines Holdings, Inc. | (170) | – | — (h) | 0.0 (g) |
|  United Therapeutics Corp. | (179) | – | 1 | 0.0 (g) |
|  Universal Display Corp. | (36) | – | — (h) | 0.0 (g) |
|  Universal Health Services, Inc. | (68) | – | 5 | 0.0 (g) |
|  Unum Group | (51) | – | 1 | 0.0 (g) |
|  Upstart Holdings, Inc. | (133) | – | — (h) | 0.0 (g) |
|  Upwork, Inc. | (33) | – | — (h) | 0.0 (g) |
|  US Bancorp | (201) | – | — (h) | 0.0 (g) |
|  Valero Energy Corp. | (135) | – | 6 | 0.0 (g) |
|  Valley National Bancorp | (3) | – | — (h) | 0.0 (g) |
|  Valmont Industries, Inc. | (57) | – | 2 | 0.0 (g) |
|  Veeva Systems, Inc. | (222) | – | 15 | 0.0 (g) |
|  Veralto Corp. | (27) | – | — (h) | 0.0 (g) |
|  VeriSign, Inc. | (104) | – | — (h) | 0.0 (g) |
|  Verisk Analytics, Inc. | (87) | – | 3 | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | (423) | – | 9 | 0.0 (g) |
|  Vertiv Holdings Co. | (99) | – | 3 | 0.0 (g) |
|  Viatris, Inc. | (157) | – | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | (21) | – | — (h) | 0.0 (g) |
|  Walt Disney Co. (The) | (79) | – | 2 | 0.0 (g) |
|  Warby Parker, Inc. | (18) | – | — (h) | 0.0 (g) |
|  Waters Corp. | (23) | – | 1 | 0.0 (g) |
|  Webull Corp. | (5) | – | — (h) | 0.0 (g) |
|  Wells Fargo & Co. | (207) | – | — (h) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Western Digital Corp. | (528) | – | 58 | 0.0 (g) |
|  Workday, Inc. | (821) | – | 22 | 0.0 (g) |
|  Yelp, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Yum! Brands, Inc. | (32) | – | 1 | 0.0 (g) |
|  Zebra Technologies Corp. | (32) | – | — (h) | 0.0 (g) |
|  Ziff Davis, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Zions Bancorp NA | (56) | – | — (h) | 0.0 (g) |
|  Zoetis, Inc. | (638) | – | 1 | 0.0 (g) |
|  Zoom Communications, Inc. | (111) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | (61) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 1173 | 0.1 |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1174 | 0.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (0.98)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/14/2027 | (38) | (45) | 180 | 135 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | 128 | 8 | 8 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 48 | (2) | (2) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | 12 | — (h) | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Frontline plc | 50 | 1 | 1 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Aon plc | 1142 | (10) | (9) | 0.0 (g) |
|  ARM Holdings plc | 658 | 14 | 14 | 0.0 (g) |
|  nVent Electric plc | 20 | — (h) | — (h) | 0.0 (g) |
|  Willis Towers Watson plc | 19 | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Acuity, Inc. | 161 | (3) | (2) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Advanced Micro Devices, Inc. | 273 | (3) | (3) | 0.0 (g) |
|  AeroVironment, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | 78 | — (h) | — (h) | 0.0 (g) |
|  Air Products and Chemicals, Inc. | 42 | 2 | 2 | 0.0 (g) |
|  Alliant Energy Corp. | 52 | (3) | (3) | 0.0 (g) |
|  American Healthcare REIT, Inc. | 165 | — (h) | 1 | 0.0 (g) |
|  American Homes 4 Rent | 11 | — (h) | — (h) | 0.0 (g) |
|  American Water Works Co., Inc. | 1 | — (h) | — (h) | 0.0 (g) |
|  Annaly Capital Management, Inc. | 969 | 32 | 33 | 0.0 (g) |
|  Antero Midstream Corp. | 5 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  APA Corp. | 211 | (6) | (6) | 0.0 (g) |
|  Apollo Global Management, Inc. | 15 | 1 | 1 | 0.0 (g) |
|  Appfolio, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Applied Digital Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | 327 | 3 | 3 | 0.0 (g) |
|  AST SpaceMobile, Inc. | 248 | (1) | (1) | 0.0 (g) |
|  Atmos Energy Corp. | 471 | (23) | (22) | 0.0 (g) |
|  AvalonBay Communities, Inc. | 655 | (1) | — (h) | 0.0 (g) |
|  Avery Dennison Corp. | 848 | 5 | 6 | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | 1913 | 9 | 11 | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | 538 | 18 | 18 | 0.0 (g) |
|  Blue Owl Capital, Inc. | 232 | 21 | 21 | 0.0 (g) |
|  Brown-Forman Corp. | 103 | (1) | (1) | 0.0 (g) |
|  Bruker Corp. | 54 | — (h) | 1 | 0.0 (g) |
|  Bunge Global SA | 293 | (16) | (15) | 0.0 (g) |
|  BWX Technologies, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  BXP, Inc. | 45 | 1 | 1 | 0.0 (g) |
|  Cadence Bank | 17 | — (h) | — (h) | 0.0 (g) |
|  CareTrust REIT, Inc. | 58 | (1) | (1) | 0.0 (g) |
|  Casella Waste Systems, Inc. | 10 | (1) | (1) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 51 | 2 | 2 | 0.0 (g) |
|  CenterPoint Energy, Inc. | 944 | (16) | (15) | 0.0 (g) |
|  CF Industries Holdings, Inc. | 736 | (35) | (35) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Chewy, Inc. | 315 | (25) | (25) | 0.0 (g) |
|  Coca-Cola Co. (The) | 838 | (1) | (1) | 0.0 (g) |
|  Coinbase Global, Inc. | 870 | (15) | (14) | 0.0 (g) |
|  Columbia Banking System, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Commvault Systems, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Comstock Resources, Inc. | 73 | (10) | (9) | 0.0 (g) |
|  ConocoPhillips | 79 | 2 | 2 | 0.0 (g) |
|  Corcept Therapeutics, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Core & Main, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Coterra Energy, Inc. | 669 | (17) | (16) | 0.0 (g) |
|  Credit Acceptance Corp. | 81 | 5 | 5 | 0.0 (g) |
|  CSW Industrials, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  CVS Health Corp. | 1488 | (5) | (4) | 0.0 (g) |
|  Domino's Pizza, Inc. | 597 | (9) | (9) | 0.0 (g) |
|  DTE Energy Co. | 824 | (32) | (32) | 0.0 (g) |
|  Elanco Animal Health, Inc. | 39 | (2) | (2) | 0.0 (g) |
|  Entegris, Inc. | 59 | 2 | 2 | 0.0 (g) |
|  EQT Corp. | 643 | (59) | (58) | 0.0 (g) |
|  Equitable Holdings, Inc. | 395 | 24 | 25 | 0.0 (g) |
|  Essex Property Trust, Inc. | 636 | (3) | (2) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 545 | (14) | (14) | 0.0 (g) |
|  Extra Space Storage, Inc. | 1005 | (17) | (16) | 0.0 (g) |
|  Exxon Mobil Corp. | 1354 | (9) | (8) | 0.0 (g) |
|  First Solar, Inc. | 27 | — (h) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 22 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Ford Motor Co. | 694 | (20) | (19) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | 794 | (4) | (3) | 0.0 (g) |
|  Gen Digital, Inc. | 82 | 1 | 1 | 0.0 (g) |
|  Generac Holdings, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Genuine Parts Co. | 17 | — (h) | — (h) | 0.0 (g) |
|  Gitlab, Inc. | 226 | 21 | 21 | 0.0 (g) |
|  Globus Medical, Inc. | 159 | (1) | (1) | 0.0 (g) |
|  Graco, Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  Halliburton Co. | 4 | — (h) | — (h) | 0.0 (g) |
|  Hecla Mining Co. | 37 | (3) | (3) | 0.0 (g) |
|  Hims & Hers Health, Inc. | 335 | 6 | 6 | 0.0 (g) |
|  Home Depot, Inc. (The) | 162 | 2 | 2 | 0.0 (g) |
|  Hormel Foods Corp. | 9 | — (h) | — (h) | 0.0 (g) |
|  HP, Inc. | 904 | 34 | 35 | 0.0 (g) |
|  Humana, Inc. | 705 | (6) | (6) | 0.0 (g) |
|  Hyatt Hotels Corp. | 653 | (14) | (13) | 0.0 (g) |
|  IDACORP, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | 22 | — (h) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | 61 | — (h) | — (h) | 0.0 (g) |
|  InterDigital, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  International Paper Co. | 42 | — (h) | — (h) | 0.0 (g) |
|  Jack Henry & Associates, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Jacobs Solutions, Inc. | 14 | — (h) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | 41 | (1) | (1) | 0.0 (g) |
|  Joby Aviation, Inc. | 157 | (3) | (3) | 0.0 (g) |
|  Kilroy Realty Corp. | 12 | — (h) | — (h) | 0.0 (g) |
|  Klaviyo, Inc. | 14 | 2 | 2 | 0.0 (g) |
|  Krystal Biotech, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Las Vegas Sands Corp. | 251 | (4) | (4) | 0.0 (g) |
|  Liberty Broadband Corp. | 301 | (11) | (11) | 0.0 (g) |
|  Lincoln National Corp. | 266 | 5 | 5 | 0.0 (g) |
|  Loar Holdings, Inc. | 270 | (3) | (3) | 0.0 (g) |
|  Maplebear, Inc. | 78 | 10 | 10 | 0.0 (g) |
|  Markel Group, Inc. | 23 | — (h) | — (h) | 0.0 (g) |
|  Marriott International, Inc./MD | 1191 | 17 | 18 | 0.0 (g) |
|  Martin Marietta Materials, Inc. | 926 | (16) | (15) | 0.0 (g) |
|  Masco Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  McCormick & Co., Inc./MD | 8 | — (h) | — (h) | 0.0 (g) |
|  MKS, Inc. | 85 | 3 | 3 | 0.0 (g) |
|  Modine Manufacturing Co. | 12 | 1 | 1 | 0.0 (g) |
|  Molson Coors Beverage Co. | 8 | — (h) | — (h) | 0.0 (g) |
|  Mondelez International, Inc. | 2259 | 37 | 39 | 0.0 (g) |
|  Morningstar, Inc. | 312 | 3 | 3 | 0.0 (g) |
|  New York Times Co. (The) | 12 | — (h) | — (h) | 0.0 (g) |
|  NewMarket Corp. | 753 | (15) | (15) | 0.0 (g) |
|  NEXTracker, Inc. | 21 | — (h) | — (h) | 0.0 (g) |
|  Northern Trust Corp. | 883 | (19) | (18) | 0.0 (g) |
|  Old National Bancorp | 9 | — (h) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Packaging Corp. of America | 11 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Paycom Software, Inc. | 317 | 17 | 18 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 424 | (7) | (7) | 0.0 (g) |
|  Penumbra, Inc. | 322 | — (h) | 1 | 0.0 (g) |
|  Pilgrim's Pride Corp. | 102 | 1 | 1 | 0.0 (g) |
|  PTC, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  PulteGroup, Inc. | 444 | (10) | (10) | 0.0 (g) |
|  Pure Storage, Inc. | 252 | 12 | 12 | 0.0 (g) |
|  Quanta Services, Inc. | 950 | (44) | (43) | 0.0 (g) |
|  QXO, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  RadNet, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Rambus, Inc. | 69 | 2 | 2 | 0.0 (g) |
|  Raymond James Financial, Inc. | 55 | 1 | 1 | 0.0 (g) |
|  Realty Income Corp. | 2058 | (61) | (59) | 0.0 (g) |
|  Red Rock Resorts, Inc. | 187 | (1) | (1) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 24 | — (h) | — (h) | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | 22 | — (h) | — (h) | 0.0 (g) |
|  Rollins, Inc. | 21 | (1) | (1) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | 1343 | 23 | 24 | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 55 | (1) | (1) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 29 | 1 | 1 | 0.0 (g) |
|  Sempra | 6 | (1) | (1) | 0.0 (g) |
|  Service Corp. International/US | 670 | (13) | (12) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 32 | 2 | 2 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | 201 | 8 | 8 | 0.0 (g) |
|  Snap, Inc. | 28 | 3 | 3 | 0.0 (g) |
|  Snap-on, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Solventum Corp. | 377 | 4 | 4 | 0.0 (g) |
|  Southern Co. (The) | 1649 | (44) | (43) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 668 | 23 | 24 | 0.0 (g) |
|  StepStone Group, Inc. | 70 | 2 | 2 | 0.0 (g) |
|  STERIS plc | 739 | 7 | 7 | 0.0 (g) |
|  T Rowe Price Group, Inc. | 31 | 1 | 1 | 0.0 (g) |
|  Teradyne, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Texas Pacific Land Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  Thor Industries, Inc. | 38 | (1) | (1) | 0.0 (g) |
|  TopBuild Corp. | 229 | 7 | 7 | 0.0 (g) |
|  Trex Co., Inc. | 46 | 1 | 1 | 0.0 (g) |
|  U-Haul Holding Co. | 7 | — (h) | — (h) | 0.0 (g) |
|  UL Solutions, Inc. | 17 | (1) | (1) | 0.0 (g) |
|  Ulta Beauty, Inc. | 616 | (34) | (34) | 0.0 (g) |
|  United Rentals, Inc. | 935 | (11) | (10) | 0.0 (g) |
|  Valero Energy Corp. | 250 | (6) | (6) | 0.0 (g) |
|  Valley National Bancorp | 19 | — (h) | — (h) | 0.0 (g) |
|  Valmont Industries, Inc. | 260 | (8) | (8) | 0.0 (g) |
|  Varonis Systems, Inc. | 193 | 8 | 8 | 0.0 (g) |
|  VF Corp. | 28 | — (h) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | 61 | (1) | (1) | 0.0 (g) |
|  Vontier Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Vornado Realty Trust | 145 | 4 | 4 | 0.0 (g) |
|  Watts Water Technologies, Inc. | 39 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Welltower, Inc. | 1287 | (83) | (82) | 0.0 (g) |
|  Western Alliance Bancorp | 361 | 11 | 12 | 0.0 (g) |
|  WEX, Inc. | 142 | 6 | 6 | 0.0 (g) |
|  Williams-Sonoma, Inc. | 455 | 3 | 3 | 0.0 (g) |
|  Wingstop, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Zoom Communications, Inc. | 18 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (350) | (308) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Waste Connections, Inc. | (614) | 10 | 10 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | (5) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | (26) | — (h) | — (h) | 0.0 (g) |
|  Alkermes plc | (98) | 9 | 9 | 0.0 (g) |
|  TE Connectivity plc | (878) | 4 | 3 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Global-e Online Ltd. | (11) | (1) | (1) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | (16) | — (h) | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | (948) | (52) | (53) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (11) | (1) | (1) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  3M Co. | (644) | 6 | 5 | 0.0 (g) |
|  Airbnb, Inc. | (26) | (1) | (1) | 0.0 (g) |
|  Alaska Air Group, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  Align Technology, Inc. | (337) | (15) | (16) | 0.0 (g) |
|  Alphabet, Inc. | (17) | (1) | (1) | 0.0 (g) |
|  Amgen, Inc. | (414) | (6) | (6) | 0.0 (g) |
|  Analog Devices, Inc. | (1069) | (7) | (8) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Arista Networks, Inc. | (870) | 2 | 1 | 0.0 (g) |
|  AutoNation, Inc. | (177) | — (h) | (1) | 0.0 (g) |
|  BellRing Brands, Inc. | (235) | (1) | (1) | 0.0 (g) |
|  Bio-Techne Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (61) | — (h) | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | (133) | 1 | 1 | 0.0 (g) |
|  Boyd Gaming Corp. | (441) | 16 | 16 | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Brinker International, Inc. | (232) | (20) | (20) | 0.0 (g) |
|  CarMax, Inc. | (20) | (5) | (5) | 0.0 (g) |
|  Centene Corp. | (428) | 40 | 40 | 0.0 (g) |
|  Charter Communications, Inc. | (428) | 15 | 14 | 0.0 (g) |
|  Chord Energy Corp. | (20) | — (h) | — (h) | 0.0 (g) |
|  Cintas Corp. | (1015) | 13 | 12 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cirrus Logic, Inc. | (115) | (2) | (2) | 0.0 (g) |
|  Corteva, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Crane Co. | (13) | — (h) | — (h) | 0.0 (g) |
|  CubeSmart | (74) | 1 | 1 | 0.0 (g) |
|  Curtiss-Wright Corp. | (489) | 23 | 23 | 0.0 (g) |
|  Darling Ingredients, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Delta Air Lines, Inc. | (708) | (26) | (27) | 0.0 (g) |
|  Devon Energy Corp. | (46) | 2 | 2 | 0.0 (g) |
|  Donaldson Co., Inc. | (13) | — (h) | — (h) | 0.0 (g) |
|  Dover Corp. | (965) | (19) | (20) | 0.0 (g) |
|  Dutch Bros, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Dycom Industries, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  eBay, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Edison International | (9) | — (h) | — (h) | 0.0 (g) |
|  Elastic NV | (23) | (1) | (1) | 0.0 (g) |
|  Element Solutions, Inc. | (222) | (11) | (11) | 0.0 (g) |
|  Elevance Health, Inc. | (712) | 12 | 11 | 0.0 (g) |
|  Entergy Corp. | (1569) | 70 | 69 | 0.0 (g) |
|  EOG Resources, Inc. | (568) | (16) | (17) | 0.0 (g) |
|  EPAM Systems, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Equity Residential | (344) | (3) | (3) | 0.0 (g) |
|  ExlService Holdings, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Federal Signal Corp. | (226) | (13) | (13) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | (829) | (30) | (31) | 0.0 (g) |
|  Fidelity National Information Services, Inc. | (644) | 13 | 12 | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (17) | (1) | (1) | 0.0 (g) |
|  Fiserv, Inc. | (582) | (7) | (8) | 0.0 (g) |
|  Flex Ltd. | (30) | 1 | 1 | 0.0 (g) |
|  Flowserve Corp. | (48) | (3) | (3) | 0.0 (g) |
|  FNB Corp./PA | (588) | 1 | — (h) | 0.0 (g) |
|  Fox Corp. | (14) | — (h) | — (h) | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | (582) | 11 | 10 | 0.0 (g) |
|  General Dynamics Corp. | (1137) | 65 | 64 | 0.0 (g) |
|  Genpact Ltd. | (246) | 5 | 4 | 0.0 (g) |
|  Global Payments, Inc. | (229) | (10) | (11) | 0.0 (g) |
|  Guardant Health, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Guidewire Software, Inc. | (258) | (16) | (16) | 0.0 (g) |
|  Hasbro, Inc. | (836) | 13 | 12 | 0.0 (g) |
|  HCA Healthcare, Inc. | (292) | 14 | 13 | 0.0 (g) |
|  HealthEquity, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  HEICO Corp. | (175) | 1 | 1 | 0.0 (g) |
|  Hologic, Inc. | (19) | — (h) | — (h) | 0.0 (g) |
|  Hubbell, Inc. | (466) | (9) | (9) | 0.0 (g) |
|  HubSpot, Inc. | (660) | (70) | (70) | 0.0 (g) |
|  Illinois Tool Works, Inc. | (406) | — (h) | (1) | 0.0 (g) |
|  Incyte Corp. | (200) | — (h) | — (h) | 0.0 (g) |
|  Ingredion, Inc. | (422) | — (h) | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | (197) | (8) | (8) | 0.0 (g) |
|  Insulet Corp. | (425) | (34) | (34) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | (1040) | 75 | 74 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Intuit, Inc. | (1620) | (44) | (46) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | (163) | 11 | 11 | 0.0 (g) |
|  Jefferies Financial Group, Inc. | (391) | (24) | (25) | 0.0 (g) |
|  KLA Corp. | (577) | 4 | 3 | 0.0 (g) |
|  L3Harris Technologies, Inc. | (1036) | 77 | 76 | 0.0 (g) |
|  Lam Research Corp. | (1410) | 18 | 17 | 0.0 (g) |
|  Lear Corp. | (77) | — (h) | — (h) | 0.0 (g) |
|  Lennox International, Inc. | (287) | (2) | (3) | 0.0 (g) |
|  Louisiana-Pacific Corp. | (30) | 1 | 1 | 0.0 (g) |
|  Manhattan Associates, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | (424) | 10 | 9 | 0.0 (g) |
|  Marvell Technology, Inc. | (1097) | 126 | 125 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (80) | — (h) | — (h) | 0.0 (g) |
|  MGM Resorts International | (35) | (1) | (1) | 0.0 (g) |
|  Monster Beverage Corp. | (1092) | 58 | 57 | 0.0 (g) |
|  Mueller Industries, Inc. | (360) | — (h) | — (h) | 0.0 (g) |
|  Natera, Inc. | (298) | (31) | (31) | 0.0 (g) |
|  News Corp. | (332) | (1) | (1) | 0.0 (g) |
|  NRG Energy, Inc. | (940) | (50) | (51) | 0.0 (g) |
|  NVIDIA Corp. | (1161) | 19 | 18 | 0.0 (g) |
|  NVR, Inc. | (24) | — (h) | — (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Oshkosh Corp. | (478) | (10) | (11) | 0.0 (g) |
|  Owens Corning | (302) | (4) | (5) | 0.0 (g) |
|  PACCAR, Inc. | (177) | 2 | 2 | 0.0 (g) |
|  Paychex, Inc. | (52) | (1) | (2) | 0.0 (g) |
|  Philip Morris International, Inc. | (755) | 1 | — (h) | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | (9) | — (h) | — (h) | 0.0 (g) |
|  PPG Industries, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Primoris Services Corp. | (254) | 8 | 8 | 0.0 (g) |
|  Principal Financial Group, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Progressive Corp. (The) | (415) | 10 | 10 | 0.0 (g) |
|  Prosperity Bancshares, Inc. | (75) | 1 | 1 | 0.0 (g) |
|  Public Storage | (837) | 28 | 27 | 0.0 (g) |
|  Qorvo, Inc. | (19) | — (h) | — (h) | 0.0 (g) |
|  Regal Rexnord Corp. | (230) | (1) | (1) | 0.0 (g) |
|  Regency Centers Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | (15) | (1) | (1) | 0.0 (g) |
|  Republic Services, Inc. | (1063) | 15 | 14 | 0.0 (g) |
|  Rockwell Automation, Inc. | (36) | — (h) | — (h) | 0.0 (g) |
|  Ross Stores, Inc. | (464) | 25 | 25 | 0.0 (g) |
|  Skyworks Solutions, Inc. | (801) | (58) | (58) | 0.0 (g) |
|  SLB Ltd. | (8) | — (h) | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | (49) | — (h) | (1) | 0.0 (g) |
|  Synovus Financial Corp. | (8) | — (h) | — (h) | 0.0 (g) |
|  Tapestry, Inc. | (20) | — (h) | — (h) | 0.0 (g) |
|  Taylor Morrison Home Corp. | (23) | — (h) | — (h) | 0.0 (g) |
|  Texas Roadhouse, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Textron, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  T-Mobile US, Inc. | (571) | 5 | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Toro Co. (The) | (10) | — (h) | — (h) | 0.0 (g) |
|  TransUnion | (371) | (17) | (17) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | (791) | 9 | 8 | 0.0 (g) |
|  Truist Financial Corp. | (947) | 7 | 6 | 0.0 (g) |
|  Union Pacific Corp. | (1473) | 69 | 69 | 0.0 (g) |
|  UnitedHealth Group, Inc. | (100) | 1 | 1 | 0.0 (g) |
|  Vail Resorts, Inc. | (394) | 16 | 16 | 0.0 (g) |
|  Veeva Systems, Inc. | (455) | 27 | 27 | 0.0 (g) |
|  Virtu Financial, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (421) | 23 | 22 | 0.0 (g) |
|  WP Carey, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Zebra Technologies Corp. | (84) | (1) | (1) | 0.0 (g) |
|  Zions Bancorp NA | (7) | — (h) | — (h) | 0.0 (g) |
|  Zoetis, Inc. | (543) | 6 | 6 | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | (1057) | (53) | (53) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 312 | 263 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (38) | (45) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from 0.30% to 0.30%) which is denominated in AUD based on the local currencies of the positions within the swap | 12/08/2025 | – (h) | (6) | – (h) | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (391) | 1 | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (1135) | 14 | 12 | 0.0 (g) |
|  Coles Group Ltd. | (38) | — (h) | — (h) | 0.0 (g) |
|  Computershare Ltd. | (43) | (1) | (1) | 0.0 (g) |
|  Evolution Mining Ltd. | (31) | 3 | 3 | 0.0 (g) |
|  Insurance Australia Group Ltd. | (12) | — (h) | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (23) | — (h) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (13) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (1616) | (14) | (17) | 0.0 (g) |
|  Orica Ltd. | (19) | — (h) | — (h) | 0.0 (g) |
|  Pro Medicus Ltd. | (52) | 2 | 2 | 0.0 (g) |
|  Qantas Airways Ltd. | (48) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  QBE Insurance Group Ltd. | (44) | — (h) | — (h) | 0.0 (g) |
|  REA Group Ltd. | (47) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (16) | — (h) | — (h) | 0.0 (g) |
|  Santos Ltd. | (183) | (6) | (6) | 0.0 (g) |
|  Sonic Healthcare Ltd. | (7) | — (h) | — (h) | 0.0 (g) |
|  South32 Ltd. | (5) | — (h) | — (h) | 0.0 (g) |
|  Technology One Ltd. | (43) | 1 | 1 | 0.0 (g) |
|  Transurban Group | (22) | — (h) | — (h) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (16) | — (h) | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (9) | — (h) | — (h) | 0.0 (g) |
|  Worley Ltd. | (235) | — (h) | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | (6) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | (6) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 12/08/2025 | 103 | 85 | 103 | 188 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  BlackBerry Ltd. | 29 | (3) | (3) | 0.0 (g) |
|  Bombardier, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | 548 | 15 | 16 | 0.0 (g) |
|  Canadian Utilities Ltd. | 21 | — (h) | — (h) | 0.0 (g) |
|  Gildan Activewear, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  IAMGOLD Corp. | 107 | (15) | (15) | 0.0 (g) |
|  MDA Space Ltd. | 8 | — (h) | — (h) | 0.0 (g) |
|  Saputo, Inc. | 545 | 5 | 6 | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | 98 | 8 | 8 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc./Canada | 18 | — (h) | — (h) | 0.0 (g) |
|  Galaxy Digital, Inc. | 10 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 9 | 11 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Aritzia, Inc. | (109) | (2) | (3) | 0.0 (g) |
|  BCE, Inc. | (1378) | (33) | (34) | 0.0 (g) |
|  Canadian Apartment Properties REIT | (92) | — (h) | — (h) | 0.0 (g) |
|  Canadian Natural Resources Ltd. | (4657) | 104 | 99 | 0.0 (g) |
|  Capstone Copper Corp. | (138) | 15 | 15 | 0.0 (g) |
|  CCL Industries, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  Colliers International Group, Inc. | (55) | (1) | (1) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | (1157) | (95) | (96) | 0.0 (g) |
|  Dollarama, Inc. | (35) | (1) | (1) | 0.0 (g) |
|  Empire Co. Ltd. | (641) | (7) | (8) | 0.0 (g) |
|  First Quantum Minerals Ltd. | (1043) | 161 | 160 | 0.0 (g) |
|  FirstService Corp. | (784) | (45) | (46) | 0.0 (g) |
|  George Weston Ltd. | (667) | (12) | (12) | 0.0 (g) |
|  GFL Environmental, Inc. | (1594) | (11) | (12) | 0.0 (g) |
|  iA Financial Corp., Inc. | (122) | 1 | 1 | 0.0 (g) |
|  IGM Financial, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  Kinaxis, Inc. | (32) | — (h) | — (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | (123) | (1) | (1) | 0.0 (g) |
|  Lundin Gold, Inc. | (477) | (7) | (7) | 0.0 (g) |
|  Metro, Inc./CN | (37) | — (h) | — (h) | 0.0 (g) |
|  New Gold, Inc. | (73) | 6 | 6 | 0.0 (g) |
|  Northland Power, Inc. | (334) | 6 | 5 | 0.0 (g) |
|  Nutrien Ltd. | (896) | 22 | 21 | 0.0 (g) |
|  OceanaGold Corp. | (22) | 1 | 1 | 0.0 (g) |
|  Orla Mining Ltd. | (9) | — (h) | — (h) | 0.0 (g) |
|  Parkland Corp. | (324) | 1 | — (h) | 0.0 (g) |
|  RioCan Real Estate Investment Trust | (299) | 1 | — (h) | 0.0 (g) |
|  Stantec, Inc. | (1280) | (30) | (32) | 0.0 (g) |
|  TMX Group Ltd. | (130) | (1) | (1) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | (881) | 31 | 30 | 0.0 (g) |
|  WSP Global, Inc. | (700) | (31) | (32) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | (312) | 21 | 21 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | (32) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 94 | 74 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 103 | 85 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 12/08/2025 | 41 | 39 | 2 | 41 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Adecco Group AG | 49 | 1 | 1 | 0.0 (g) |
|  Geberit AG | 9 | — (h) | — (h) | 0.0 (g) |
|  Kuehne + Nagel International AG | 150 | 19 | 18 | 0.0 (g) |
|  Nestle SA | 1346 | 13 | 13 | 0.0 (g) |
|  Roche Holding AG | 12 | — (h) | — (h) | 0.0 (g) |
|  Sandoz Group AG | 29 | — (h) | — (h) | 0.0 (g) |
|  Sika AG | 365 | 21 | 20 | 0.0 (g) |
|  Straumann Holding AG | 24 | 2 | 2 | 0.0 (g) |
|  Swiss Life Holding AG | 78 | (4) | (4) | 0.0 (g) |
|  Swiss Prime Site AG | 26 | — (h) | — (h) | 0.0 (g) |
|  Swiss Re AG | 4 | — (h) | — (h) | 0.0 (g) |
|  Swisscom AG | 170 | — (h) | — (h) | 0.0 (g) |
|  VAT Group AG | 57 | 3 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 55 | 53 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (4) | — (h) | — (h) | 0.0 (g) |
|  Accelleron Industries AG | (185) | (12) | (12) | 0.0 (g) |
|  Baloise Holding AG | (112) | (3) | (3) | 0.0 (g) |
|  Flughafen Zurich AG | (73) | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Holcim AG | (17) | — (h) | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (20) | — (h) | — (h) | 0.0 (g) |
|  Logitech International SA | (116) | (2) | (2) | 0.0 (g) |
|  Lonza Group AG | (5) | — (h) | — (h) | 0.0 (g) |
|  PSP Swiss Property AG | (92) | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Schindler Holding AG | (39) | (2) | (2) | 0.0 (g) |
|  SGS SA | (17) | — (h) | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | (6) | — (h) | — (h) | 0.0 (g) |
|  Temenos AG | (75) | 2 | 2 | 0.0 (g) |
|  UBS Group AG | (407) | 3 | 3 | 0.0 (g) |
|  Zurich Insurance Group AG | (278) | (2) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (14) | (14) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 41 | 39 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from (0.50)% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 12/08/2025 | 132 | 134 | – | 134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Coloplast A/S | 3821 | 68 | 69 | 0.0 (g) |
|  DSV A/S | 8842 | 65 | 66 | 0.0 (g) |
|  Novo Nordisk A/S | 747 | 1 | 1 | 0.0 (g) |
|  Novonesis Novozymes B | 2882 | 5 | 5 | 0.0 (g) |
|  ROCKWOOL A/S | 87 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 139 | 141 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | (158) | (1) | (1) | 0.0 (g) |
|  GN Store Nord A/S | (276) | (3) | (3) | 0.0 (g) |
|  Pandora A/S | (223) | (2) | (2) | 0.0 (g) |
|  Tryg A/S | (832) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (7) | (7) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 132 | 134 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/08/2025 | 213 | 204 | 13 | 217 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | 191 | 6 | 6 | 0.0 (g) |
|  Verbund AG | 16 | — (h) | — (h) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  D'ieteren Group | 5 | — (h) | — (h) | 0.0 (g) |
|  KBC Group NV | 895 | (1) | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | 140 | 5 | 5 | 0.0 (g) |
|  Sofina SA | 8 | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 60 | (3) | (3) | 0.0 (g) |
|  Kesko OYJ | 6 | — (h) | — (h) | 0.0 (g) |
|  Metso OYJ | 9 | 1 | 1 | 0.0 (g) |
|  Orion OYJ | 9 | — (h) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | 28 | — (h) | — (h) | 0.0 (g) |
|  UPM-Kymmene OYJ | 75 | (1) | (1) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Brenntag SE | 22 | — (h) | — (h) | 0.0 (g) |
|  Daimler Truck Holding AG | 584 | 51 | 51 | 0.0 (g) |
|  Deutsche Bank AG | 89 | 5 | 6 | 0.0 (g) |
|  Deutsche Boerse AG | 785 | 48 | 49 | 0.0 (g) |
|  Dr Ing hc F Porsche AG | 183 | 9 | 9 | 0.0 (g) |
|  Fresenius SE & Co. KGaA | 47 | (1) | (1) | 0.0 (g) |
|  Merck KGaA | 9 | — (h) | — (h) | 0.0 (g) |
|  Porsche Automobil Holding SE | 302 | 32 | 32 | 0.0 (g) |
|  Rational AG | 133 | 2 | 2 | 0.0 (g) |
|  RWE AG | 59 | (1) | (1) | 0.0 (g) |
|  Siemens Healthineers AG | — (h) | — (h) | — (h) | 0.0 (g) |
|  Talanx AG | 215 | (8) | (8) | 0.0 (g) |
|  Zalando SE | 19 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kingspan Group plc | 210 | (5) | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Italy** |  |  |  |  |
|  Buzzi SpA | 6 | — (h) | — (h) | 0.0 (g) |
|  Enel SpA | 1503 | (65) | (63) | 0.0 (g) |
|  Ferrari NV | 36 | — (h) | — (h) | 0.0 (g) |
|  Prysmian SpA | 74 | (4) | (4) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 19 | — (h) | — (h) | 0.0 (g) |
|  CVC Capital Partners plc | 22 | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 11 | (1) | (1) | 0.0 (g) |
|  Aegon Ltd. | 17 | — (h) | — (h) | 0.0 (g) |
|  Akzo Nobel NV | 194 | 2 | 2 | 0.0 (g) |
|  EXOR NV | 64 | (1) | (1) | 0.0 (g) |
|  Ferrovial SE | 228 | — (h) | — (h) | 0.0 (g) |
|  Heineken Holding NV | 19 | — (h) | — (h) | 0.0 (g) |
|  IMCD NV | 173 | 9 | 9 | 0.0 (g) |
|  ING Groep NV | 5 | — (h) | — (h) | 0.0 (g) |
|  Randstad NV | 24 | (1) | (1) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Amadeus IT Group SA | 72 | (1) | (1) | 0.0 (g) |
|  Cellnex Telecom SA | 567 | 16 | 17 | 0.0 (g) |
|  EDP Renovaveis SA | 17 | (1) | (1) | 0.0 (g) |
|  Endesa SA | 257 | (9) | (9) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 83 | 89 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (91) | 5 | 5 | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (40) | 1 | 1 | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | (117) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Wartsila OYJ Abp | (6) | — (h) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  GEA Group AG | (545) | (9) | (10) | 0.0 (g) |
|  Heidelberg Materials AG | (30) | (1) | (1) | 0.0 (g) |
|  HOCHTIEF AG | (40) | 2 | 2 | 0.0 (g) |
|  Infineon Technologies AG | (487) | 24 | 23 | 0.0 (g) |
|  Knorr-Bremse AG | (35) | — (h) | — (h) | 0.0 (g) |
|  LEG Immobilien SE | (315) | — (h) | (1) | 0.0 (g) |
|  Mercedes-Benz Group AG | (978) | 31 | 30 | 0.0 (g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | (606) | 29 | 28 | 0.0 (g) |
|  Nordex SE | (203) | 22 | 22 | 0.0 (g) |
|  Scout24 SE | (20) | (1) | (1) | 0.0 (g) |
|  Siemens Energy AG | (2172) | 143 | 140 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (56) | (5) | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Banca Mediolanum SpA | (5) | — (h) | — (h) | 0.0 (g) |
|  Banca Monte dei Paschi di Siena SpA | (1343) | (121) | (124) | 0.0 (g) |
|  Eni SpA | (435) | (2) | (3) | 0.0 (g) |
|  Generali | (1139) | 19 | 18 | 0.0 (g) |
|  Italgas SpA | (95) | 4 | 4 | 0.0 (g) |
|  Leonardo SpA | (22) | 1 | 1 | 0.0 (g) |
|  Poste Italiane SpA | (170) | 2 | 2 | 0.0 (g) |
|  Snam SpA | (276) | — (h) | — (h) | 0.0 (g) |
|  UniCredit SpA | (72) | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  NN Group NV | (166) | 2 | 2 | 0.0 (g) |
|  QIAGEN NV | (8) | — (h) | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (21) | (3) | (3) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (38) | 1 | 1 | 0.0 (g) |
|  Bankinter SA | (122) | 5 | 5 | 0.0 (g) |
|  CaixaBank SA | (185) | 5 | 5 | 0.0 (g) |
|  Enagas SA | (173) | 3 | 3 | 0.0 (g) |
|  Grifols SA | (111) | 1 | 1 | 0.0 (g) |
|  Telefonica SA | (436) | (25) | (27) | 0.0 (g) |
|  Unicaja Banco SA | (2) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | (61) | (3) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 130 | 115 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 213 | 204 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/08/2025 | 100 | 104 | 7 | 111 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | 85 | (8) | (8) | 0.0 (g) |
|  **Chile** |  |  |  |  |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Antofagasta plc | 176 | (62) | (62) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | 7 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | 13 | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Associated British Foods plc | 25 | (1) | (1) | 0.0 (g) |
|  BP plc | 454 | (2) | — (h) | 0.0 (g) |
|  BT Group plc | 78 | 7 | 7 | 0.0 (g) |
|  Diploma plc | 107 | 6 | 6 | 0.0 (g) |
|  easyJet plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Haleon plc | 889 | 140 | 143 | 0.0 (g) |
|  Kingfisher plc | 39 | (23) | (23) | 0.0 (g) |
|  LondonMetric Property plc | 11 | (1) | (1) | 0.0 (g) |
|  Marks & Spencer Group plc | 25 | (1) | (1) | 0.0 (g) |
|  Mondi plc | 23 | (1) | — (h) | 0.0 (g) |
|  National Grid plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Persimmon plc | 42 | (4) | (4) | 0.0 (g) |
|  Rentokil Initial plc | 43 | (2) | (2) | 0.0 (g) |
|  Rio Tinto plc | 38 | (2) | (2) | 0.0 (g) |
|  Severn Trent plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Spectris plc | 718 | (3) | (1) | 0.0 (g) |
|  Spirax Group plc | 14 | — (h) | — (h) | 0.0 (g) |
|  SSE plc | 6 | — (h) | — (h) | 0.0 (g) |
|  Tesco plc | 19 | — (h) | — (h) | 0.0 (g) |
|  Vistry Group plc | 23 | (3) | (3) | 0.0 (g) |
|  Vodafone Group plc | 34 | — (h) | — (h) | 0.0 (g) |
|  Whitbread plc | 30 | — (h) | — (h) | 0.0 (g) |
|  WPP plc | 16 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 39 | 47 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (12) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (9) | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | (39) | 1 | — (h) | 0.0 (g) |
|  Babcock International Group plc | (17) | 1 | 1 | 0.0 (g) |
|  BAE Systems plc | (43) | 3 | 3 | 0.0 (g) |
|  Barclays plc | (12) | — (h) | — (h) | 0.0 (g) |
|  Bellway plc | (98) | 8 | 8 | 0.0 (g) |
|  Burberry Group plc | (8) | 1 | 1 | 0.0 (g) |
|  Entain plc | (11) | — (h) | — (h) | 0.0 (g) |
|  Halma plc | (595) | 32 | 30 | 0.0 (g) |
|  IG Group Holdings plc | (99) | (6) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  IMI plc | (28) | — (h) | — (h) | 0.0 (g) |
|  Intertek Group plc | (16) | — (h) | — (h) | 0.0 (g) |
|  London Stock Exchange Group plc | (10) | — (h) | — (h) | 0.0 (g) |
|  M&G plc | (5) | — (h) | — (h) | 0.0 (g) |
|  NatWest Group plc | (10) | — (h) | — (h) | 0.0 (g) |
|  Pearson plc | (58) | 2 | 2 | 0.0 (g) |
|  Phoenix Group Holdings plc | (9) | — (h) | — (h) | 0.0 (g) |
|  Rightmove plc | (8) | — (h) | — (h) | 0.0 (g) |
|  Sage Group plc (The) | (72) | 1 | 1 | 0.0 (g) |
|  Schroders plc | (12) | — (h) | — (h) | 0.0 (g) |
|  Smiths Group plc | (85) | (1) | (1) | 0.0 (g) |
|  UNITE Group plc (The) | (113) | 2 | 1 | 0.0 (g) |
|  United Utilities Group plc | (3) | — (h) | — (h) | 0.0 (g) |
|  Weir Group plc (The) | (213) | 17 | 17 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 61 | 57 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 100 | 104 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 12/08/2025 | 8 | 9 | – | 9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Budweiser Brewing Co. APAC Ltd | 181 | — (h) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | 633 | 4 | 5 | 0.0 (g) |
|  MTR Corp. Ltd. | 499 | 1 | 1 | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | 66 | — (h) | — (h) | 0.0 (g) |
|  Wharf Real Estate Investment Co. Ltd. | 115 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 6 | 7 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | (916) | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CK Hutchison Holdings Ltd. | (76) | — (h) | — (h) | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | (101) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 2 | 2 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 8 | 9 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.70%) which is denominated in ILS based on the local currencies of the positions within the swap | 12/08/2025 | 9 | 8 | – | 8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | 181 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (18) | — (h) | — (h) | 0.0 (g) |
|  Elbit Systems Ltd. | (56) | 1 | 1 | 0.0 (g) |
|  Israel Discount Bank Ltd. | (965) | 9 | 8 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 10 | 9 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 9 | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/08/2025 | (69) | (69) | 108 | 39 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Ajinomoto Co., Inc. | 11022 | — (h) | — (h) | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 891 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 1814 | (1) | (1) | 0.0 (g) |
|  East Japan Railway Co. | 16934 | 2 | 2 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | 18901 | — (h) | — (h) | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 17727 | 2 | 2 | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 7043 | 3 | 3 | 0.0 (g) |
|  ITOCHU Corp. | 21601 | 4 | 4 | 0.0 (g) |
|  Kadokawa Corp. | 6752 | (1) | (1) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | 1247 | — (h) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | 5621 | 2 | 2 | 0.0 (g) |
|  Konami Group Corp. | 2185 | — (h) | — (h) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 1359 | — (h) | — (h) | 0.0 (g) |
|  M3, Inc. | 2120 | — (h) | — (h) | 0.0 (g) |
|  Marubeni Corp. | 3980 | (1) | (1) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 938 | — (h) | — (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 9419 | — (h) | — (h) | 0.0 (g) |
|  MonotaRO Co. Ltd. | 6201 | 3 | 3 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | 1020 | — (h) | — (h) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | 22799 | 1 | 1 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 10997 | 3 | 3 | 0.0 (g) |
|  Nippon Steel Corp. | 5792 | 2 | 2 | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | 3169 | 1 | 1 | 0.0 (g) |
|  Niterra Co. Ltd. | 13990 | 2 | 2 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 8698 | 1 | 1 | 0.0 (g) |
|  NTT, Inc. | 2847 | 1 | 1 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | 29471 | 4 | 4 | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 535 | — (h) | — (h) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 5636 | 2 | 2 | 0.0 (g) |
|  SCSK Corp. | 5226 | 2 | 2 | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | 1569 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Seibu Holdings, Inc. | 3213 | — (h) | — (h) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | 1427 | — (h) | — (h) | 0.0 (g) |
|  Sony Financial Group, Inc. | 46 | 51 | (7) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | 2801 | — (h) | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. | 9223 | — (h) | — (h) | 0.0 (g) |
|  TIS, Inc. | 1514 | — (h) | — (h) | 0.0 (g) |
|  Tokyu Corp. | 13458 | 3 | 4 | 0.0 (g) |
|  Toyota Tsusho Corp. | 9843 | — (h) | — (h) | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 1783 | — (h) | — (h) | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 4358 | 1 | 1 | 0.0 (g) |
|  Yokogawa Electric Corp. | 2171 | — (h) | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 31418 | 3 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 90 | 33 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (9269) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (3009) | (1) | (1) | 0.0 (g) |
|  ANA Holdings, Inc. | (37727) | (9) | (10) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (3381) | — (h) | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | (2909) | — (h) | — (h) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (25461) | (7) | (7) | 0.0 (g) |
|  CyberAgent, Inc. | (9190) | — (h) | — (h) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (5940) | — (h) | — (h) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | (842) | — (h) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (114886) | (19) | (19) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (3804) | — (h) | — (h) | 0.0 (g) |
|  Fujitsu Ltd. | (1439) | — (h) | — (h) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (3981) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (1283) | — (h) | — (h) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (9927) | — (h) | — (h) | 0.0 (g) |
|  Hitachi Ltd. | (250267) | (82) | (82) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | (28803) | (2) | (2) | 0.0 (g) |
|  Isuzu Motors Ltd. | (12727) | (4) | (4) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | (1878) | (1) | (1) | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (3666) | — (h) | — (h) | 0.0 (g) |
|  Kandenko Co. Ltd. | (13260) | (2) | (2) | 0.0 (g) |
|  Keyence Corp. | (73281) | (10) | (11) | 0.0 (g) |
|  Kobe Steel Ltd. | (19995) | (8) | (8) | 0.0 (g) |
|  Kyocera Corp. | (2474) | (1) | (1) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (10120) | (1) | (1) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | (182769) | 10 | 9 | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (7085) | — (h) | — (h) | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (76476) | 27 | 28 | 0.0 (g) |
|  NH Foods Ltd. | (3519) | — (h) | — (h) | 0.0 (g) |
|  Nomura Holdings, Inc. | (119813) | (12) | (13) | 0.0 (g) |
|  Obayashi Corp. | (11338) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Olympus Corp. | (34312) | 4 | 4 | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (5999) | — (h) | — (h) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (2561) | — (h) | — (h) | 0.0 (g) |
|  Panasonic Holdings Corp. | (53073) | 15 | 15 | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (9548) | — (h) | — (h) | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (49070) | (31) | (30) | 0.0 (g) |
|  Sanwa Holdings Corp. | (8561) | (6) | (6) | 0.0 (g) |
|  Secom Co. Ltd. | (25912) | (7) | (7) | 0.0 (g) |
|  Seiko Epson Corp. | (4409) | — (h) | — (h) | 0.0 (g) |
|  Shimizu Corp. | (1268) | — (h) | — (h) | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (97920) | 60 | 60 | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | (5922) | 1 | 1 | 0.0 (g) |
|  Sompo Holdings, Inc. | (3762) | (1) | (1) | 0.0 (g) |
|  Sony Group Corp. | (201128) | (38) | 21 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (7687) | (2) | (2) | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | (6315) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (34525) | 2 | 2 | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (11056) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (2881) | — (h) | — (h) | 0.0 (g) |
|  Sysmex Corp. | (74061) | (19) | (19) | 0.0 (g) |
|  THK Co. Ltd. | (5693) | — (h) | — (h) | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | (6960) | 7 | 7 | 0.0 (g) |
|  Tosoh Corp. | (29193) | (11) | (11) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (1407) | — (h) | — (h) | 0.0 (g) |
|  Unicharm Corp. | (47182) | (10) | (10) | 0.0 (g) |
|  Yaskawa Electric Corp. | (1529) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (159) | (102) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (69) | (69) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month NIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 12/08/2025 | 1 | 1 | – | 1 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Norsk Hydro ASA | 945 | (1) | (1) | 0.0 (g) |
|  Salmar ASA | 198 | 1 | 1 | 0.0 (g) |
|  Telenor ASA | 261 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (89) | — (h) | — (h) | 0.0 (g) |
|  DNB Bank ASA | (466) | — (h) | — (h) | 0.0 (g) |
|  Kongsberg Gruppen ASA | (176) | 1 | 1 | 0.0 (g) |
|  Var Energi ASA | (191) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.70)% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 12/08/2025 | (9) | (5) | 1 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Atlas Copco AB | 4534 | (5) | (4) | 0.0 (g) |
|  Castellum AB | 1398 | (3) | (2) | 0.0 (g) |
|  Epiroc AB | 263 | 1 | 1 | 0.0 (g) |
|  EQT AB | 5279 | 17 | 17 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 241 | (3) | (3) | 0.0 (g) |
|  Hexagon AB | 151 | — (h) | — (h) | 0.0 (g) |
|  Holmen AB | 103 | — (h) | — (h) | 0.0 (g) |
|  Industrivarden AB | 1895 | (1) | (1) | 0.0 (g) |
|  Investor AB | 11655 | (38) | (36) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  L E Lundbergforetagen AB | 838 | — (h) | — (h) | 0.0 (g) |
|  Lifco AB | 1192 | 6 | 6 | 0.0 (g) |
|  Sagax AB | 427 | 1 | 1 | 0.0 (g) |
|  Sandvik AB | 678 | — (h) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 481 | — (h) | — (h) | 0.0 (g) |
|  SKF AB | 2048 | — (h) | — (h) | 0.0 (g) |
|  Swedbank AB | 321 | — (h) | — (h) | 0.0 (g) |
|  Volvo AB | 9641 | 19 | 20 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (6) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | (65) | — (h) | — (h) | 0.0 (g) |
|  Getinge AB | (309) | (1) | (1) | 0.0 (g) |
|  Skanska AB | (2577) | 5 | 5 | 0.0 (g) |
|  SSAB AB | (2673) | 8 | 8 | 0.0 (g) |
|  Tele2 AB | (7234) | (15) | (16) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (3) | (4) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (9) | (5) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.30%) which is denominated in SGD based on the local currencies of the positions within the swap | 12/08/2025 | 3 | 3 | – | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Sembcorp Industries Ltd. | 64 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | (128) | (3) | (3) | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (86) | (2) | (2) | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | (235) | 8 | 8 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (2.25)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 12/08/2025 | (492) | (514) | 109 | (405) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 37 | (1) | (1) | 0.0 (g) |
|  Golar LNG Ltd. | 60 | — (h) | 1 | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | 742 | (29) | (27) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Abivax SA | 97 | 1 | 1 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Nova Ltd. | 13 | (1) | (1) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | 732 | (12) | (10) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Autoliv, Inc. | 469 | 15 | 16 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | 338 | 7 | 8 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Birkenstock Holding Plc | 5 | — (h) | — (h) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | 838 | (3) | (2) | 0.0 (g) |
|  Willis Towers Watson plc | 2209 | (37) | (33) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  ACI Worldwide, Inc. | 196 | (8) | (8) | 0.0 (g) |
|  AeroVironment, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | 127 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Albertsons Cos., Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  American Financial Group, Inc./OH | 19 | (1) | (1) | 0.0 (g) |
|  Annaly Capital Management, Inc. | 17 | 1 | 1 | 0.0 (g) |
|  Antero Midstream Corp. | 47 | (2) | (1) | 0.0 (g) |
|  APA Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  Applied Digital Corp. | 11 | — (h) | — (h) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | 738 | 20 | 22 | 0.0 (g) |
|  Arthur J Gallagher & Co. | 2790 | (85) | (79) | 0.0 (g) |
|  Asbury Automotive Group, Inc. | 86 | 3 | 3 | 0.0 (g) |
|  Avidity Biosciences, Inc. | 121 | (8) | (7) | 0.0 (g) |
|  Axon Enterprise, Inc. | 384 | 17 | 18 | 0.0 (g) |
|  Baker Hughes Co. | 35 | (1) | (1) | 0.0 (g) |
|  Becton Dickinson & Co. | 1353 | 24 | 27 | 0.0 (g) |
|  BILL Holdings, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | 10 | 1 | 1 | 0.0 (g) |
|  BXP, Inc. | 23 | — (h) | — (h) | 0.0 (g) |
|  Cadence Bank | 5 | — (h) | — (h) | 0.0 (g) |
|  Cadence Design Systems, Inc. | 1608 | 16 | 19 | 0.0 (g) |
|  Capital One Financial Corp. | 1895 | 100 | 104 | 0.0 (g) |
|  CareTrust REIT, Inc. | 68 | — (h) | — (h) | 0.0 (g) |
|  Casella Waste Systems, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Cava Group, Inc. | 29 | 1 | 1 | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 48 | 2 | 2 | 0.0 (g) |
|  Celsius Holdings, Inc. | 321 | 2 | 3 | 0.0 (g) |
|  Cloudflare, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Coeur Mining, Inc. | 261 | (62) | (61) | 0.0 (g) |
|  Constellation Brands, Inc. | 356 | 21 | 22 | 0.0 (g) |
|  Core & Main, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Corning, Inc. | 24 | (2) | (2) | 0.0 (g) |
|  CSW Industrials, Inc. | 121 | 6 | 6 | 0.0 (g) |
|  Cummins, Inc. | 1155 | (32) | (29) | 0.0 (g) |
|  DaVita, Inc. | 365 | 1 | 2 | 0.0 (g) |
|  Deckers Outdoor Corp. | 368 | 52 | 53 | 0.0 (g) |
|  Deere & Co. | 851 | 34 | 37 | 0.0 (g) |
|  Diamondback Energy, Inc. | 15 | — (h) | — (h) | 0.0 (g) |
|  Dillard's, Inc. | 23 | (1) | (1) | 0.0 (g) |
|  Dollar Tree, Inc. | 551 | 28 | 29 | 0.0 (g) |
|  DR Horton, Inc. | 869 | 56 | 58 | 0.0 (g) |
|  Duke Energy Corp. | 577 | (8) | (6) | 0.0 (g) |
|  EastGroup Properties, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  EchoStar Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | 15 | (1) | (1) | 0.0 (g) |
|  Entegris, Inc. | 340 | (37) | (36) | 0.0 (g) |
|  Esab Corp. | 143 | 2 | 2 | 0.0 (g) |
|  Essential Utilities, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | 6 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Evergy, Inc. | 590 | (31) | (29) | 0.0 (g) |
|  Expedia Group, Inc. | 597 | 21 | 22 | 0.0 (g) |
|  F5, Inc. | 676 | 23 | 25 | 0.0 (g) |
|  Federal Realty Investment Trust | 17 | — (h) | — (h) | 0.0 (g) |
|  Fidelity National Financial, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  First Solar, Inc. | 19 | (1) | (1) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  Flutter Entertainment plc | 898 | 118 | 120 | 0.0 (g) |
|  Fortive Corp. | 56 | (1) | (1) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Gen Digital, Inc. | 57 | 1 | 1 | 0.0 (g) |
|  Generac Holdings, Inc. | 6 | 1 | 1 | 0.0 (g) |
|  Genuine Parts Co. | 1345 | 38 | 41 | 0.0 (g) |
|  Halliburton Co. | 261 | (28) | (27) | 0.0 (g) |
|  Healthcare Realty Trust, Inc. | 189 | 3 | 3 | 0.0 (g) |
|  Hecla Mining Co. | 394 | (37) | (36) | 0.0 (g) |
|  HF Sinclair Corp. | 126 | (2) | (1) | 0.0 (g) |
|  Hormel Foods Corp. | 6 | — (h) | — (h) | 0.0 (g) |
|  HP, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | 19 | — (h) | — (h) | 0.0 (g) |
|  IDACORP, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  InterDigital, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | 446 | 33 | 34 | 0.0 (g) |
|  IQVIA Holdings, Inc. | 565 | 2 | 3 | 0.0 (g) |
|  Jack Henry & Associates, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | 331 | (2) | (1) | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | 580 | 30 | 31 | 0.0 (g) |
|  KKR & Co., Inc. | 47 | 5 | 5 | 0.0 (g) |
|  Krystal Biotech, Inc. | 14 | (1) | (1) | 0.0 (g) |
|  Lazard, Inc. | 69 | 5 | 5 | 0.0 (g) |
|  Lowe's Cos., Inc. | 71 | 4 | 4 | 0.0 (g) |
|  Lumen Technologies, Inc. | 29 | — (h) | — (h) | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | 393 | (18) | (17) | 0.0 (g) |
|  Maplebear, Inc. | 483 | 99 | 100 | 0.0 (g) |
|  Markel Group, Inc. | 48 | — (h) | — (h) | 0.0 (g) |
|  Masimo Corp. | 70 | (1) | — (h) | 0.0 (g) |
|  Matador Resources Co. | 123 | 9 | 10 | 0.0 (g) |
|  Murphy USA, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | 4 | — (h) | — (h) | 0.0 (g) |
|  NOV, Inc. | 33 | — (h) | — (h) | 0.0 (g) |
|  Nutanix, Inc. | 415 | 35 | 36 | 0.0 (g) |
|  Occidental Petroleum Corp. | 66 | — (h) | — (h) | 0.0 (g) |
|  Old National Bancorp | 98 | — (h) | 1 | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | 977 | 7 | 9 | 0.0 (g) |
|  Packaging Corp. of America | 47 | — (h) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | 171 | (13) | (13) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 125 | 1 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Pinnacle West Capital Corp. | 128 | (2) | (2) | 0.0 (g) |
|  Pool Corp. | 274 | 16 | 17 | 0.0 (g) |
|  Procore Technologies, Inc. | 260 | (8) | (8) | 0.0 (g) |
|  Public Service Enterprise Group, Inc. | 588 | (10) | (9) | 0.0 (g) |
|  Quanta Services, Inc. | 14 | (1) | (1) | 0.0 (g) |
|  QXO, Inc. | 23 | 2 | 2 | 0.0 (g) |
|  Rambus, Inc. | 7 | (1) | — (h) | 0.0 (g) |
|  Raymond James Financial, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | 196 | (6) | (6) | 0.0 (g) |
|  Rocket Lab Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 10 | (1) | (1) | 0.0 (g) |
|  Ryder System, Inc. | 289 | 1 | 2 | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Seagate Technology Holdings plc | 832 | (167) | (165) | 0.0 (g) |
|  Service Corp. International/US | 7 | — (h) | — (h) | 0.0 (g) |
|  Shake Shack, Inc. | 128 | 13 | 13 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 25 | 2 | 2 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | 18 | 1 | 1 | 0.0 (g) |
|  Snap-on, Inc. | 511 | (22) | (21) | 0.0 (g) |
|  Snowflake, Inc. | 562 | (3) | (1) | 0.0 (g) |
|  Somnigroup International, Inc. | 863 | 18 | 20 | 0.0 (g) |
|  SPS Commerce, Inc. | 105 | 8 | 8 | 0.0 (g) |
|  SPX Technologies, Inc. | 17 | — (h) | — (h) | 0.0 (g) |
|  STAG Industrial, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | 226 | 15 | 15 | 0.0 (g) |
|  Strategy, Inc. | 1047 | 12 | 15 | 0.0 (g) |
|  Super Micro Computer, Inc. | 535 | (50) | (49) | 0.0 (g) |
|  Symbotic, Inc. | 70 | (7) | (7) | 0.0 (g) |
|  Teradyne, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Terreno Realty Corp. | 13 | — (h) | — (h) | 0.0 (g) |
|  TKO Group Holdings, Inc. | 100 | — (h) | — (h) | 0.0 (g) |
|  TPG, Inc. | 16 | 1 | 1 | 0.0 (g) |
|  UFP Industries, Inc. | 51 | 4 | 5 | 0.0 (g) |
|  UGI Corp. | 166 | 8 | 8 | 0.0 (g) |
|  UMB Financial Corp. | 379 | 10 | 11 | 0.0 (g) |
|  Unity Software, Inc. | 12 | 1 | 1 | 0.0 (g) |
|  Upstart Holdings, Inc. | 49 | 9 | 9 | 0.0 (g) |
|  US Foods Holding Corp. | 375 | 15 | 16 | 0.0 (g) |
|  Valley National Bancorp | 287 | 5 | 6 | 0.0 (g) |
|  Valvoline, Inc. | 196 | 23 | 23 | 0.0 (g) |
|  W R Berkley Corp. | 23 | — (h) | — (h) | 0.0 (g) |
|  Warner Bros Discovery, Inc. | 461 | (102) | (102) | 0.0 (g) |
|  Warner Music Group Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  Watts Water Technologies, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  WEC Energy Group, Inc. | 893 | (41) | (40) | 0.0 (g) |
|  WESCO International, Inc. | 5 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Yum! Brands, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Zscaler, Inc. | 868 | (39) | (38) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 84 | 181 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | (665) | (11) | (13) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (21) | 1 | 1 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (8) | (1) | (1) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  ICON plc | (197) | — (h) | (1) | 0.0 (g) |
|  Trane Technologies plc | (1028) | 18 | 15 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | (12) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (210) | (22) | (23) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Pentair plc | (10) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Adobe, Inc. | (17) | — (h) | — (h) | 0.0 (g) |
|  Aflac, Inc. | (437) | 12 | 11 | 0.0 (g) |
|  Air Lease Corp. | (516) | 1 | (1) | 0.0 (g) |
|  Alcoa Corp. | (11) | — (h) | — (h) | 0.0 (g) |
|  Align Technology, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Ally Financial, Inc. | (578) | (41) | (42) | 0.0 (g) |
|  Altria Group, Inc. | (951) | (4) | (7) | 0.0 (g) |
|  American Tower Corp. | (780) | (17) | (19) | 0.0 (g) |
|  Antero Resources Corp. | (271) | 6 | 5 | 0.0 (g) |
|  API Group Corp. | (370) | (13) | (14) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (36) | — (h) | — (h) | 0.0 (g) |
|  Axalta Coating Systems Ltd. | (156) | (15) | (15) | 0.0 (g) |
|  BellRing Brands, Inc. | (13) | — (h) | — (h) | 0.0 (g) |
|  Best Buy Co., Inc. | (280) | (10) | (11) | 0.0 (g) |
|  Bio-Techne Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (11) | — (h) | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | (62) | — (h) | — (h) | 0.0 (g) |
|  Boston Scientific Corp. | (660) | (43) | (44) | 0.0 (g) |
|  Brinker International, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | (601) | (32) | (33) | 0.0 (g) |
|  Brixmor Property Group, Inc. | (218) | (3) | (4) | 0.0 (g) |
|  Camden Property Trust | (36) | — (h) | — (h) | 0.0 (g) |
|  CarMax, Inc. | (37) | (6) | (6) | 0.0 (g) |
|  Cboe Global Markets, Inc. | (292) | 11 | 10 | 0.0 (g) |
|  Charles River Laboratories International, Inc. | (10) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Chevron Corp. | (690) | (13) | (15) | 0.0 (g) |
|  Cigna Group (The) | (680) | (39) | (41) | 0.0 (g) |
|  Cisco Systems, Inc. | (583) | 6 | 5 | 0.0 (g) |
|  Cognex Corp. | (142) | 1 | 1 | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | (641) | (32) | (34) | 0.0 (g) |
|  Consolidated Edison, Inc. | (1841) | 54 | 49 | 0.0 (g) |
|  Copart, Inc. | (214) | (18) | (18) | 0.0 (g) |
|  Corteva, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Crane Co. | (348) | (3) | (4) | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | (280) | (24) | (25) | 0.0 (g) |
|  CubeSmart | (42) | — (h) | — (h) | 0.0 (g) |
|  Curtiss-Wright Corp. | (45) | 3 | 3 | 0.0 (g) |
|  Danaher Corp. | (20) | 1 | 1 | 0.0 (g) |
|  Darling Ingredients, Inc. | (13) | (1) | (1) | 0.0 (g) |
|  Dell Technologies, Inc. | (504) | 66 | 65 | 0.0 (g) |
|  Delta Air Lines, Inc. | (26) | (1) | (1) | 0.0 (g) |
|  Devon Energy Corp. | (738) | (5) | (7) | 0.0 (g) |
|  Dexcom, Inc. | (435) | (50) | (52) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (438) | (17) | (18) | 0.0 (g) |
|  Dover Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Dropbox, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  DuPont de Nemours, Inc. | (15) | — (h) | — (h) | 0.0 (g) |
|  Edison International | (7) | — (h) | — (h) | 0.0 (g) |
|  Edwards Lifesciences Corp. | (509) | (2) | (3) | 0.0 (g) |
|  Elastic NV | (419) | (21) | (22) | 0.0 (g) |
|  Encompass Health Corp. | (386) | 1 | — (h) | 0.0 (g) |
|  EPAM Systems, Inc. | (223) | (10) | (11) | 0.0 (g) |
|  ExlService Holdings, Inc. | (525) | — (h) | (1) | 0.0 (g) |
|  Expand Energy Corp. | (509) | 56 | 55 | 0.0 (g) |
|  First Horizon Corp. | (621) | (4) | (5) | 0.0 (g) |
|  Flex Ltd. | (478) | 2 | 1 | 0.0 (g) |
|  Flowserve Corp. | (554) | (35) | (36) | 0.0 (g) |
|  Fluor Corp. | (183) | 3 | 3 | 0.0 (g) |
|  FMC Corp. | (7) | (1) | (1) | 0.0 (g) |
|  FNB Corp/PA | (11) | — (h) | — (h) | 0.0 (g) |
|  Fox Corp. | (16) | 1 | 1 | 0.0 (g) |
|  Freeport-McMoRan, Inc. | (864) | (128) | (130) | 0.0 (g) |
|  Gartner, Inc. | (50) | 2 | 2 | 0.0 (g) |
|  Globe Life, Inc. | (286) | 1 | — (h) | 0.0 (g) |
|  Guardant Health, Inc. | (253) | 26 | 25 | 0.0 (g) |
|  Hasbro, Inc. | (26) | — (h) | — (h) | 0.0 (g) |
|  HealthEquity, Inc. | (435) | 12 | 11 | 0.0 (g) |
|  HEICO Corp. | (629) | 4 | 2 | 0.0 (g) |
|  Huntington Bancshares, Inc./OH | (1258) | (36) | (39) | 0.0 (g) |
|  IDEX Corp. | (398) | (4) | (5) | 0.0 (g) |
|  Intuitive Surgical, Inc. | (909) | (17) | (19) | 0.0 (g) |
|  Iron Mountain, Inc. | (238) | 8 | 7 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  ITT, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Jabil, Inc. | (624) | 8 | 7 | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | (328) | (17) | (18) | 0.0 (g) |
|  Kimco Realty Corp. | (366) | (10) | (11) | 0.0 (g) |
|  Kirby Corp. | (52) | 1 | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  Kyndryl Holdings, Inc. | (103) | (9) | (9) | 0.0 (g) |
|  Labcorp Holdings, Inc. | (433) | 11 | 10 | 0.0 (g) |
|  Lumentum Holdings, Inc. | (179) | (2) | (3) | 0.0 (g) |
|  MasTec, Inc. | (26) | 2 | 2 | 0.0 (g) |
|  Meritage Homes Corp. | (190) | (20) | (21) | 0.0 (g) |
|  Meta Platforms, Inc. | (516) | (11) | (13) | 0.0 (g) |
|  MetLife, Inc. | (18) | 1 | 1 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (39) | 1 | — (h) | 0.0 (g) |
|  Mid-America Apartment Communities, Inc. | (487) | (15) | (16) | 0.0 (g) |
|  Monster Beverage Corp. | (8) | — (h) | — (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | (912) | (62) | (64) | 0.0 (g) |
|  Nasdaq, Inc. | (1073) | (83) | (85) | 0.0 (g) |
|  National Fuel Gas Co. | (472) | 24 | 22 | 0.0 (g) |
|  NextEra Energy, Inc. | (1161) | 69 | 66 | 0.0 (g) |
|  NNN REIT, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Nordson Corp. | (285) | (1) | (2) | 0.0 (g) |
|  NRG Energy, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  NVR, Inc. | (452) | (26) | (27) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (59) | — (h) | (1) | 0.0 (g) |
|  ON Semiconductor Corp. | (405) | 2 | 1 | 0.0 (g) |
|  Oshkosh Corp. | (38) | — (h) | — (h) | 0.0 (g) |
|  Palantir Technologies, Inc. | (456) | 50 | 49 | 0.0 (g) |
|  Paylocity Holding Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | (534) | (22) | (23) | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | (961) | (9) | (11) | 0.0 (g) |
|  Prudential Financial, Inc. | (378) | (11) | (12) | 0.0 (g) |
|  Qorvo, Inc. | (13) | — (h) | — (h) | 0.0 (g) |
|  Regency Centers Corp. | (664) | 6 | 5 | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | (17) | — (h) | — (h) | 0.0 (g) |
|  Regions Financial Corp. | (964) | (25) | (27) | 0.0 (g) |
|  Reinsurance Group of America, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Reliance, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Roivant Sciences Ltd. | (132) | 7 | 7 | 0.0 (g) |
|  Ross Stores, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  ServiceNow, Inc. | (1069) | (21) | (23) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | (20) | — (h) | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  SLB Ltd. | (756) | (35) | (37) | 0.0 (g) |
|  Steel Dynamics, Inc. | (340) | 14 | 13 | 0.0 (g) |
|  Stifel Financial Corp. | (395) | (6) | (7) | 0.0 (g) |
|  Stryker Corp. | (597) | (29) | (31) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Synovus Financial Corp. | (19) | — (h) | — (h) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | (761) | 37 | 35 | 0.0 (g) |
|  Tapestry, Inc. | (34) | 1 | 1 | 0.0 (g) |
|  TD SYNNEX Corp. | (213) | 16 | 16 | 0.0 (g) |
|  Tenet Healthcare Corp. | (26) | 3 | 3 | 0.0 (g) |
|  Tetra Tech, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Toll Brothers, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Tradeweb Markets, Inc. | (557) | (41) | (42) | 0.0 (g) |
|  Truist Financial Corp. | (6) | — (h) | — (h) | 0.0 (g) |
|  US Bancorp | (1132) | (23) | (26) | 0.0 (g) |
|  Veralto Corp. | (435) | (10) | (11) | 0.0 (g) |
|  VeriSign, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Vertiv Holdings Co. | (211) | 24 | 23 | 0.0 (g) |
|  Voya Financial, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Wayfair, Inc. | (156) | (1) | (2) | 0.0 (g) |
|  Western Digital Corp. | (362) | 91 | 90 | 0.0 (g) |
|  Woodward, Inc. | (67) | 4 | 4 | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | (386) | (37) | (38) | 0.0 (g) |
|  Zebra Technologies Corp. | (35) | — (h) | — (h) | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (450) | (25) | (26) | 0.0 (g) |
|  Zions Bancorp NA | (440) | (13) | (14) | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | (17) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (576) | (695) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (492) | (514) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/02/2030 | 34 | 33 | 2 | 35 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 113 | — (h) | — (h) | 0.0 (g) |
|  ASX Ltd. | 28 | 1 | 1 | 0.0 (g) |
|  CAR Group Ltd. | 7 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cochlear Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | 85 | (4) | (4) | 0.0 (g) |
|  Goodman Group | 209 | 6 | 6 | 0.0 (g) |
|  Sigma Healthcare Ltd. | 228 | 2 | 3 | 0.0 (g) |
|  Stockland | 7 | — (h) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 35 | 1 | 1 | 0.0 (g) |
|  Vicinity Ltd. | 17 | — (h) | — (h) | 0.0 (g) |
|  WiseTech Global Ltd. | 1 | — (h) | — (h) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 59 | 2 | 2 | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  a2 Milk Co. Ltd. (The) | 239 | 9 | 10 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 17 | 19 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (24) | — (h) | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (44) | 1 | 1 | 0.0 (g) |
|  Computershare Ltd. | (272) | (3) | (3) | 0.0 (g) |
|  CSL Ltd. | (330) | (7) | (7) | 0.0 (g) |
|  Evolution Mining Ltd. | (416) | 45 | 44 | 0.0 (g) |
|  HUB24 Ltd. | (14) | — (h) | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (34) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (59) | (1) | (1) | 0.0 (g) |
|  Orica Ltd. | (137) | (1) | (1) | 0.0 (g) |
|  Pro Medicus Ltd. | (52) | (1) | (1) | 0.0 (g) |
|  Qantas Airways Ltd. | (463) | (10) | (10) | 0.0 (g) |
|  REA Group Ltd. | (388) | 2 | 1 | 0.0 (g) |
|  Sandfire Resources Ltd. | (43) | 3 | 3 | 0.0 (g) |
|  Santos Ltd. | (125) | — (h) | — (h) | 0.0 (g) |
|  SEEK Ltd. | (63) | — (h) | — (h) | 0.0 (g) |
|  Sonic Healthcare Ltd. | (443) | (15) | (15) | 0.0 (g) |
|  South32 Ltd. | (15) | 1 | 1 | 0.0 (g) |
|  Technology One Ltd. | (363) | 6 | 5 | 0.0 (g) |
|  Transurban Group | (44) | (1) | (1) | 0.0 (g) |
|  Wesfarmers Ltd. | (27) | — (h) | — (h) | 0.0 (g) |
|  Worley Ltd. | (127) | (1) | (1) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (45) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 17 | 14 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 34 | 33 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/11/2030 | 246 | 246 | 29 | 275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Bank of Montreal | 3533 | (77) | (74) | 0.0 (g) |
|  BRP, Inc. | 144 | 5 | 5 | 0.0 (g) |
|  Cenovus Energy, Inc. | 797 | (1) | — (h) | 0.0 (g) |
|  Equinox Gold Corp. | 22 | (1) | (1) | 0.0 (g) |
|  G Mining Ventures Corp. | 110 | (5) | (5) | 0.0 (g) |
|  Hydro One Ltd. | 1307 | (15) | (14) | 0.0 (g) |
|  IAMGOLD Corp. | 64 | (7) | (7) | 0.0 (g) |
|  Keyera Corp. | 23 | (1) | (1) | 0.0 (g) |
|  MDA Space Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  Open Text Corp. | 31 | — (h) | — (h) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  TELUS Corp. | 1107 | 4 | 5 | 0.0 (g) |
|  Toromont Industries Ltd. | 33 | (1) | (1) | 0.0 (g) |
|  Whitecap Resources, Inc. | 217 | 4 | 5 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | 1708 | 7 | 9 | 0.0 (g) |
|  Energy Fuels, Inc./Canada | 14 | 1 | 1 | 0.0 (g) |
|  Galaxy Digital, Inc. | 100 | (8) | (8) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (95) | (86) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | (907) | 70 | 69 | 0.0 (g) |
|  Alamos Gold, Inc. | (38) | 3 | 3 | 0.0 (g) |
|  Aritzia, Inc. | (20) | — (h) | — (h) | 0.0 (g) |
|  Barrick Mining Corp. | (1859) | 196 | 194 | 0.0 (g) |
|  Brookfield Corp. | (582) | — (h) | (1) | 0.0 (g) |
|  Canadian Apartment Properties REIT | (655) | (11) | (11) | 0.0 (g) |
|  Capital Power Corp. | (21) | 1 | 1 | 0.0 (g) |
|  CCL Industries, Inc. | (33) | — (h) | — (h) | 0.0 (g) |
|  Colliers International Group, Inc. | (24) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Constellation Software, Inc./Canada | (843) | (74) | (74) | 0.0 (g) |
|  Empire Co. Ltd. | (57) | 1 | 1 | 0.0 (g) |
|  FirstService Corp. | (32) | (1) | (1) | 0.0 (g) |
|  George Weston Ltd. | (87) | — (h) | — (h) | 0.0 (g) |
|  GFL Environmental, Inc. | (24) | — (h) | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | (698) | 53 | 52 | 0.0 (g) |
|  Kinaxis, Inc. | (31) | — (h) | — (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | (193) | (1) | (1) | 0.0 (g) |
|  Lundin Gold, Inc. | (12) | 1 | 1 | 0.0 (g) |
|  Orla Mining Ltd. | (34) | — (h) | — (h) | 0.0 (g) |
|  Pan American Silver Corp. | (1426) | 55 | 54 | 0.0 (g) |
|  Parkland Corp. | (354) | (1) | (1) | 0.0 (g) |
|  Restaurant Brands International, Inc. | (420) | 5 | 4 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | (27) | — (h) | — (h) | 0.0 (g) |
|  Stantec, Inc. | (401) | — (h) | — (h) | 0.0 (g) |
|  TC Energy Corp. | (992) | 37 | 35 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | (691) | 7 | 7 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 341 | 332 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 246 | 246 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/02/2030 | 12 | 12 | 15 | 27 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Geberit AG | 17 | — (h) | — (h) | 0.0 (g) |
|  Swisscom AG | 30 | — (h) | — (h) | 0.0 (g) |
|  VAT Group AG | 39 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (4) | — (h) | — (h) | 0.0 (g) |
|  Accelleron Industries AG | (13) | — (h) | — (h) | 0.0 (g) |
|  Flughafen Zurich AG | (6) | — (h) | — (h) | 0.0 (g) |
|  Helvetia Holding AG | (79) | (3) | (3) | 0.0 (g) |
|  Holcim AG | (5) | — (h) | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Logitech International SA | (839) | (3) | (3) | 0.0 (g) |
|  Novartis AG | (492) | 16 | 16 | 0.0 (g) |
|  Schindler Holding AG | (5) | — (h) | — (h) | 0.0 (g) |
|  SGS SA | (4) | — (h) | — (h) | 0.0 (g) |
|  Swatch Group AG (The) | (67) | (1) | (1) | 0.0 (g) |
|  Swissquote Group Holding SA | (8) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 10 | 10 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 12 | 12 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/02/2030 | (50) | (50) | – | (50) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Novonesis Novozymes B | 1342 | 3 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | (3875) | (49) | (49) | 0.0 (g) |
|  Genmab A/S | (53) | — (h) | — (h) | 0.0 (g) |
|  GN Store Nord A/S | (180) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Pandora A/S | (448) | (1) | (1) | 0.0 (g) |
|  Tryg A/S | (998) | (2) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (53) | (53) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (50) | (50) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
| UBS<br>AG<br>London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/02/2030 | (84) | (96) | 54 | (42) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  Verbund AG | 50 | (1) | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Lotus Bakeries NV | 23 | (1) | (1) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 20 | (1) | (1) | 0.0 (g) |
|  Metso OYJ | 14 | 1 | 1 | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | 32 | — (h) | — (h) | 0.0 (g) |
|  Amundi SA | 17 | — (h) | — (h) | 0.0 (g) |
|  Kering SA | 74 | (6) | (6) | 0.0 (g) |
|  Legrand SA | 9 | — (h) | — (h) | 0.0 (g) |
|  Pernod Ricard SA | 4 | — (h) | — (h) | 0.0 (g) |
|  Sartorius Stedim Biotech | 12 | — (h) | — (h) | 0.0 (g) |
|  Sodexo SA | 12 | — (h) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Brenntag SE | 16 | — (h) | — (h) | 0.0 (g) |
|  Merck KGaA | 13 | — (h) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Brunello Cucinelli SpA | 6 | — (h) | — (h) | 0.0 (g) |
|  Moncler SpA | 11 | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 28 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Argenx SE | 15 | — (h) | — (h) | 0.0 (g) |
|  IMCD NV | 68 | — (h) | — (h) | 0.0 (g) |
|  Randstad NV | 18 | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Amadeus IT Group SA | 73 | 1 | 1 | 0.0 (g) |
|  Cellnex Telecom SA | 10 | — (h) | — (h) | 0.0 (g) |
|  EDP Renovaveis SA | 5 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (7) | (7) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (79) | 1 | 1 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nokia OYJ | (207) | 20 | 20 | 0.0 (g) |
|  Sampo OYJ | (5) | — (h) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | (61) | (1) | (1) | 0.0 (g) |
|  Air Liquide SA | (597) | (1) | (2) | 0.0 (g) |
|  AXA SA | (6) | — (h) | — (h) | 0.0 (g) |
|  BNP Paribas SA | (1645) | (72) | (74) | 0.0 (g) |
|  Bollore SE | (82) | (2) | (2) | 0.0 (g) |
|  Bouygues SA | (6) | — (h) | — (h) | 0.0 (g) |
|  Danone SA | (972) | (1) | (2) | 0.0 (g) |
|  Eiffage SA | (14) | — (h) | — (h) | 0.0 (g) |
|  Gecina SA | (252) | (3) | (3) | 0.0 (g) |
|  Ipsen SA | (202) | (8) | (8) | 0.0 (g) |
|  Klepierre SA | (376) | (4) | (4) | 0.0 (g) |
|  Nexans SA | (4) | — (h) | — (h) | 0.0 (g) |
|  Publicis Groupe SA | (669) | (9) | (10) | 0.0 (g) |
|  Safran SA | (1386) | 66 | 64 | 0.0 (g) |
|  Sanofi SA | (772) | (11) | (12) | 0.0 (g) |
|  SCOR SE | (115) | 10 | 10 | 0.0 (g) |
|  Societe Generale SA | (58) | (3) | (3) | 0.0 (g) |
|  Thales SA | (119) | 5 | 5 | 0.0 (g) |
|  Valeo SE | (4) | — (h) | — (h) | 0.0 (g) |
|  Veolia Environnement SA | (16) | — (h) | — (h) | 0.0 (g) |
|  Vinci SA | (976) | (15) | (16) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Bayer AG | (14) | 1 | 1 | 0.0 (g) |
|  Deutsche Telekom AG | (6) | — (h) | — (h) | 0.0 (g) |
|  Evonik Industries AG | (5) | — (h) | — (h) | 0.0 (g) |
|  GEA Group AG | (162) | 3 | 3 | 0.0 (g) |
|  Heidelberg Materials AG | (9) | — (h) | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | (15) | (1) | (1) | 0.0 (g) |
|  Knorr-Bremse AG | (34) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  MTU Aero Engines AG | (12) | 1 | 1 | 0.0 (g) |
|  Nemetschek SE | (337) | 18 | 17 | 0.0 (g) |
|  Nordex SE | (17) | 1 | 1 | 0.0 (g) |
|  Scout24 SE | (8) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AIB Group plc | (61) | 1 | 1 | 0.0 (g) |
|  Kerry Group plc | (47) | — (h) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (94) | (1) | (1) | 0.0 (g) |
|  Banca Mediolanum SpA | (6) | — (h) | — (h) | 0.0 (g) |
|  Italgas SpA | (17) | — (h) | — (h) | 0.0 (g) |
|  Leonardo SpA | (55) | 2 | 2 | 0.0 (g) |
|  Snam SpA | (28) | 1 | 1 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | (29) | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (112) | 1 | 1 | 0.0 (g) |
|  BE Semiconductor Industries NV | (14) | — (h) | — (h) | 0.0 (g) |
|  Koninklijke KPN NV | (4) | — (h) | — (h) | 0.0 (g) |
|  NN Group NV | (41) | 1 | 1 | 0.0 (g) |
|  QIAGEN NV | (36) | — (h) | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (22) | — (h) | — (h) | 0.0 (g) |
|  EDP SA | (24) | 1 | 1 | 0.0 (g) |
|  Galp Energia SGPS SA | (223) | 1 | 1 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (55) | — (h) | — (h) | 0.0 (g) |
|  Banco Bilbao Vizcaya Argentaria SA | (448) | (1) | (1) | 0.0 (g) |
|  Enagas SA | (220) | 2 | 2 | 0.0 (g) |
|  Telefonica SA | (73) | (3) | (4) | 0.0 (g) |
|  Unicaja Banco SA | (9) | (1) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | (851) | (76) | (77) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  International Consolidated Airlines Group SA | (121) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (77) | (89) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (84) | (96) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/02/2030 | 78 | 68 | 12 | 80 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Associated British Foods plc | 3 | — (h) | — (h) | 0.0 (g) |
|  BT Group plc | 17 | 1 | 1 | 0.0 (g) |
|  easyJet plc | 16 | — (h) | — (h) | 0.0 (g) |
|  Haleon plc | 59 | 6 | 7 | 0.0 (g) |
|  Land Securities Group plc | 7 | — (h) | — (h) | 0.0 (g) |
|  Lloyds Banking Group plc | 55 | (2) | (3) | 0.0 (g) |
|  Marks & Spencer Group plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Mondi plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Rentokil Initial plc | 9 | (1) | (1) | 0.0 (g) |
|  Rio Tinto plc | 15 | — (h) | — (h) | 0.0 (g) |
|  Spirax Group plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Taylor Wimpey plc | 13 | 37 | 36 | 0.0 (g) |
|  Vodafone Group plc | 9 | 1 | 1 | 0.0 (g) |
|  WPP plc | 69 | 8 | 8 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 50 | 49 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (17) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (14) | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | (286) | 5 | 4 | 0.0 (g) |
|  Babcock International Group plc | (223) | 46 | 46 | 0.0 (g) |
|  Barclays plc | (908) | (20) | (23) | 0.0 (g) |
|  Bellway plc | (9) | 1 | 1 | 0.0 (g) |
|  Burberry Group plc | (9) | 1 | 1 | 0.0 (g) |
|  Entain plc | (9) | — (h) | — (h) | 0.0 (g) |
|  Halma plc | (104) | 2 | 2 | 0.0 (g) |
|  IG Group Holdings plc | (33) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  IMI plc | (28) | 1 | 1 | 0.0 (g) |
|  InterContinental Hotels Group plc | (882) | 26 | 25 | 0.0 (g) |
|  J Sainsbury plc | (5) | — (h) | — (h) | 0.0 (g) |
|  Johnson Matthey plc | (4) | — (h) | — (h) | 0.0 (g) |
|  London Stock Exchange Group plc | (90) | — (h) | (1) | 0.0 (g) |
|  NatWest Group plc | (786) | (33) | (35) | 0.0 (g) |
|  Next plc | (82) | 3 | 3 | 0.0 (g) |
|  Pearson plc | (501) | 11 | 10 | 0.0 (g) |
|  Phoenix Group Holdings plc | (157) | (5) | (5) | 0.0 (g) |
|  Rightmove plc | (180) | (6) | (6) | 0.0 (g) |
|  Rolls-Royce Holdings plc | (18) | 2 | 2 | 0.0 (g) |
|  Sage Group plc (The) | (16) | — (h) | — (h) | 0.0 (g) |
|  Smiths Group plc | (45) | — (h) | — (h) | 0.0 (g) |
|  UNITE Group plc (The) | (26) | 1 | 1 | 0.0 (g) |
|  United Utilities Group plc | (3) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | (118) | (6) | (6) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 28 | 19 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 78 | 68 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/03/2029 | 21 | 21 | – (h) | 21 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  CK Infrastructure Holdings Ltd. | 132 | 1 | 1 | 0.0 (g) |
|  Hang Seng Bank Ltd. | 1634 | 2 | 2 | 0.0 (g) |
|  MTR Corp. Ltd. | 203 | — (h) | — (h) | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | 68 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 4 | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Galaxy Entertainment Group Ltd. | (41) | — (h) | — (h) | 0.0 (g) |
|  Link REIT | (61) | — (h) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Mobvista, Inc. | (469) | 17 | 17 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 17 | 17 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 21 | 21 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0.40% to 0.40%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/02/2030 | 1 | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Elbit Systems Ltd. | (411) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/02/2030 | 133 | 136 | 164 | 300 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | 15414 | 1 | 1 | 0.0 (g) |
|  Ajinomoto Co., Inc. | 22713 | 1 | 1 | 0.0 (g) |
|  Asics Corp. | 5228 | 1 | 1 | 0.0 (g) |
|  Central Japan Railway Co. | 22638 | (2) | (2) | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 864 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 2326 | — (h) | — (h) | 0.0 (g) |
|  Disco Corp. | 33229 | 5 | 5 | 0.0 (g) |
|  East Japan Railway Co. | 59228 | 7 | 7 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | 91219 | 5 | 5 | 0.0 (g) |
|  FUJIFILM Holdings Corp. | 5451 | — (h) | — (h) | 0.0 (g) |
|  GMO Payment Gateway, Inc. | 25287 | 3 | 3 | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 66497 | 7 | 7 | 0.0 (g) |
|  Hoya Corp. | 132150 | 49 | 49 | 0.0 (g) |
|  IHI Corp. | 4918 | (6) | (6) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 3445 | 1 | 1 | 0.0 (g) |
|  ITOCHU Corp. | 31440 | 2 | 2 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 61080 | 2 | 2 | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 53890 | (13) | (13) | 0.0 (g) |
|  Kadokawa Corp. | 17961 | (3) | (3) | 0.0 (g) |
|  Kajima Corp. | 33945 | 11 | 11 | 0.0 (g) |
|  KDDI Corp. | 176114 | 63 | 63 | 0.0 (g) |
|  Kikkoman Corp. | 9228 | 2 | 2 | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | 8171 | 3 | 3 | 0.0 (g) |
|  Kokusai Electric Corp. | 2433 | (1) | (1) | 0.0 (g) |
|  Konami Group Corp. | 6661 | 2 | 2 | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 1673 | — (h) | — (h) | 0.0 (g) |
|  M3, Inc. | 10192 | (2) | (2) | 0.0 (g) |
|  Makita Corp. | 16375 | 4 | 4 | 0.0 (g) |
|  Marubeni Corp. | 7728 | — (h) | — (h) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | 1826 | — (h) | — (h) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 5345 | 1 | 1 | 0.0 (g) |
|  Mercari, Inc. | 43035 | (1) | (1) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 204910 | (63) | (62) | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 2184 | — (h) | — (h) | 0.0 (g) |
|  Modec, Inc. | 15084 | (4) | (4) | 0.0 (g) |
|  MonotaRO Co. Ltd. | 10347 | 1 | 1 | 0.0 (g) |
|  Nexon Co. Ltd. | 58026 | 13 | 13 | 0.0 (g) |
|  NIDEC Corp., | 36312 | 3 | 3 | 0.0 (g) |
|  Nippon Building Fund, Inc. | 11310 | 1 | 1 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 18534 | 12 | 12 | 0.0 (g) |
|  Niterra Co. Ltd. | 17914 | 1 | 1 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 5647 | — (h) | — (h) | 0.0 (g) |
|  NTT, Inc. | 10183 | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Organo Corp. | 7265 | 3 | 3 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | 269853 | 64 | 65 | 0.0 (g) |
|  Osaka Gas Co. Ltd. | 14066 | (1) | (1) | 0.0 (g) |
|  Resonac Holdings Corp. | 6486 | (4) | (4) | 0.0 (g) |
|  Round One Corp. | 6169 | 1 | 1 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 46813 | (11) | (11) | 0.0 (g) |
|  SCSK Corp. | 9385 | 7 | 7 | 0.0 (g) |
|  Seibu Holdings, Inc. | 13520 | 5 | 5 | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | 2834 | 1 | 1 | 0.0 (g) |
|  SG Holdings Co. Ltd. | 53751 | 18 | 19 | 0.0 (g) |
|  SHIFT, Inc. | 5952 | 2 | 2 | 0.0 (g) |
|  Subaru Corp. | 2181 | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 82514 | 16 | 16 | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | 11052 | (2) | (2) | 0.0 (g) |
|  Suzuki Motor Corp. | 11732 | (2) | (2) | 0.0 (g) |
|  TDK Corp. | 14095 | (1) | (1) | 0.0 (g) |
|  TIS, Inc. | 21120 | 7 | 7 | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 10474 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | 35257 | 6 | 6 | 0.0 (g) |
|  Tokyu Corp. | 77168 | 16 | 16 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 1563 | — (h) | — (h) | 0.0 (g) |
|  Toray Industries, Inc. | 785 | — (h) | — (h) | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | 4281 | — (h) | — (h) | 0.0 (g) |
|  Toyota Tsusho Corp. | 4195 | 1 | 1 | 0.0 (g) |
|  West Japan Railway Co. | 29111 | 8 | 8 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 5776 | — (h) | — (h) | 0.0 (g) |
|  Yokogawa Electric Corp. | 45043 | 11 | 11 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 6935 | 2 | 2 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 81387 | (6) | (5) | 0.0 (g) |
|  ZOZO, Inc. | 18733 | 7 | 7 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 256 | 260 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (1013) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (4608) | — (h) | — (h) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | (22419) | (14) | (14) | 0.0 (g) |
|  Astellas Pharma, Inc. | (1120) | — (h) | — (h) | 0.0 (g) |
|  Canon, Inc. | (135397) | (12) | (13) | 0.0 (g) |
|  CyberAgent, Inc. | (9377) | — (h) | — (h) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (14539) | (1) | (1) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (66890) | (33) | (33) | 0.0 (g) |
|  ENEOS Holdings, Inc. | (27607) | 3 | 3 | 0.0 (g) |
|  FANUC Corp. | (130266) | (2) | (2) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (83869) | 8 | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Fujitsu Ltd. | (7383) | (3) | (3) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (48156) | 1 | 1 | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (12386) | (1) | (1) | 0.0 (g) |
|  Hulic Co. Ltd. | (41026) | (3) | (3) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | (15177) | (2) | (2) | 0.0 (g) |
|  Japan Exchange Group, Inc. | (14369) | 4 | 4 | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (6758) | — (h) | — (h) | 0.0 (g) |
|  Japan Tobacco, Inc. | (22814) | 4 | 3 | 0.0 (g) |
|  Kyocera Corp. | (7796) | — (h) | — (h) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (637) | — (h) | — (h) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (1855) | — (h) | — (h) | 0.0 (g) |
|  NH Foods Ltd. | (45855) | 3 | 3 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (24580) | (2) | (2) | 0.0 (g) |
|  Nomura Research Institute Ltd. | (41897) | (7) | (7) | 0.0 (g) |
|  Obayashi Corp. | (14090) | — (h) | — (h) | 0.0 (g) |
|  Obic Co. Ltd. | (7594) | (3) | (3) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (11308) | (1) | (1) | 0.0 (g) |
|  Otsuka Corp. | (44576) | (9) | (9) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (5054) | (1) | (1) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (5575) | — (h) | — (h) | 0.0 (g) |
|  Renesas Electronics Corp. | (1407) | — (h) | — (h) | 0.0 (g) |
|  Resona Holdings, Inc. | (2237) | — (h) | — (h) | 0.0 (g) |
|  Sanwa Holdings Corp. | (2575) | — (h) | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | (10951) | (4) | (4) | 0.0 (g) |
|  Shimizu Corp. | (7950) | — (h) | — (h) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | (53933) | 5 | 5 | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | (11123) | (4) | (4) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (98398) | (29) | (28) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | (25703) | 4 | 4 | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (3867) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (2389) | — (h) | — (h) | 0.0 (g) |
|  Sysmex Corp. | (23278) | (2) | (2) | 0.0 (g) |
|  Terumo Corp. | (110068) | (21) | (21) | 0.0 (g) |
|  THK Co. Ltd. | (11808) | — (h) | — (h) | 0.0 (g) |
|  Tosoh Corp. | (15984) | — (h) | — (h) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (2871) | — (h) | — (h) | 0.0 (g) |
|  Unicharm Corp. | (15924) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (123) | (124) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 133 | 136 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4.00 on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/02/2030 | 6 | 5 | – | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Equinor ASA | 131 | — (h) | — (h) | 0.0 (g) |
|  Norsk Hydro ASA | 237 | — (h) | — (h) | 0.0 (g) |
|  Salmar ASA | 129 | 1 | 1 | 0.0 (g) |
|  Telenor ASA | 652 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  DNB Bank ASA | (8749) | 4 | 3 | 0.0 (g) |
|  Kongsberg Gruppen ASA | (47) | — (h) | — (h) | 0.0 (g) |
|  Var Energi ASA | (527) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 3 | 2 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 6 | 5 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates of 0.00%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/02/2030 | – (h) | – (h) | – | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Auckland International Airport Ltd. | 8 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/02/2030 | 36 | 36 | 9 | 45 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  EQT AB | 515 | 3 | 3 | 0.0 (g) |
|  Industrivarden AB | 70 | — (h) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 2035 | (2) | (2) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 293 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | (179) | — (h) | — (h) | 0.0 (g) |
|  Atlas Copco AB | (4850) | 8 | 8 | 0.0 (g) |
|  Getinge AB | (67) | — (h) | — (h) | 0.0 (g) |
|  Indutrade AB | (87) | (1) | (1) | 0.0 (g) |
|  Sinch AB | (375) | — (h) | — (h) | 0.0 (g) |
|  Skanska AB | (744) | 2 | 2 | 0.0 (g) |
|  Tele2 AB | (1259) | 1 | 1 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | (4464) | 25 | 25 | 0.0 (g) |
|  Telia Co. AB | (68) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 35 | 35 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 36 | 36 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives SORA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/02/2030 | (8) | (8) | – | (8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 194 | (12) | (12) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  CapitaLand Integrated Commercial Trust | 180 | 4 | 4 | 0.0 (g) |
|  United Overseas Bank Ltd. | 34 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (8) | (8) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Singapore Technologies Engineering Ltd. | (12) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (8) | (8) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/11/2030 | (209) | (211) | 72 | (139) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Axis Capital Holdings Ltd. | 291 | 1 | 1 | 0.0 (g) |
|  Everest Group Ltd. | 1480 | (45) | (42) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Smurfit WestRock plc | 514 | 22 | 24 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | 76 | (5) | (5) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Willis Towers Watson plc | 46 | (1) | (1) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AES Corp. (The) | 37 | — (h) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | 16 | — (h) | — (h) | 0.0 (g) |
|  Alliant Energy Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  American Financial Group, Inc./OH | 11 | — (h) | — (h) | 0.0 (g) |
|  American Homes 4 Rent | 597 | 3 | 5 | 0.0 (g) |
|  American Water Works Co., Inc. | 598 | (7) | (6) | 0.0 (g) |
|  APA Corp. | 11 | — (h) | — (h) | 0.0 (g) |
|  Apollo Global Management, Inc. | 929 | 35 | 37 | 0.0 (g) |
|  Applied Digital Corp. | 24 | — (h) | — (h) | 0.0 (g) |
|  AppLovin Corp. | 1087 | (230) | (228) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | 10 | — (h) | — (h) | 0.0 (g) |
|  Astera Labs, Inc. | 303 | 47 | 47 | 0.0 (g) |
|  ATI, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Avantor, Inc. | 105 | (1) | (1) | 0.0 (g) |
|  Avery Dennison Corp. | 15 | — (h) | — (h) | 0.0 (g) |
|  Avis Budget Group, Inc. | 26 | (1) | (1) | 0.0 (g) |
|  Baker Hughes Co. | 1239 | (67) | (64) | 0.0 (g) |
|  Ball Corp. | 721 | (8) | (6) | 0.0 (g) |
|  Bank OZK | 112 | 2 | 2 | 0.0 (g) |
|  BILL Holdings, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Bloom Energy Corp. | 235 | (62) | (62) | 0.0 (g) |
|  Builders FirstSource, Inc. | 8 | 1 | 1 | 0.0 (g) |
|  BXP, Inc. | 18 | 1 | 1 | 0.0 (g) |
|  Cadence Design Systems, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  CareTrust REIT, Inc. | 637 | (8) | (7) | 0.0 (g) |
|  Cava Group, Inc. | 11 | 1 | 1 | 0.0 (g) |
|  CF Industries Holdings, Inc. | 12 | (1) | (1) | 0.0 (g) |
|  Cheniere Energy, Inc. | 732 | (7) | (5) | 0.0 (g) |
|  Cincinnati Financial Corp. | 741 | (14) | (13) | 0.0 (g) |
|  Clearwater Analytics Holdings, Inc. | 185 | 13 | 14 | 0.0 (g) |
|  Clorox Co. (The) | 15 | — (h) | — (h) | 0.0 (g) |
|  Cloudflare, Inc. | 28 | — (h) | — (h) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | 14 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Coherent Corp. | 413 | (5) | (5) | 0.0 (g) |
|  Commercial Metals Co. | 112 | 2 | 2 | 0.0 (g) |
|  Corcept Therapeutics, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Core & Main, Inc. | 11 | (1) | (1) | 0.0 (g) |
|  Corpay, Inc. | 308 | 17 | 18 | 0.0 (g) |
|  Coterra Energy, Inc. | 14 | — (h) | — (h) | 0.0 (g) |
|  CSW Industrials, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | 26 | — (h) | — (h) | 0.0 (g) |
|  Dillard's, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Docusign, Inc. | 5 | 1 | 1 | 0.0 (g) |
|  Dominion Energy, Inc. | 105 | (3) | (3) | 0.0 (g) |
|  DT Midstream, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  EchoStar Corp. | 138 | (9) | (8) | 0.0 (g) |
|  elf Beauty, Inc. | 169 | 14 | 14 | 0.0 (g) |
|  Eli Lilly & Co. | 1056 | (21) | (19) | 0.0 (g) |
|  Entegris, Inc. | 44 | (1) | (1) | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | 544 | 1 | 2 | 0.0 (g) |
|  Erie Indemnity Co. | 17 | — (h) | — (h) | 0.0 (g) |
|  Essential Utilities, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | 584 | (5) | (4) | 0.0 (g) |
|  Exelon Corp. | 725 | (27) | (26) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  FactSet Research Systems, Inc. | 354 | 60 | 60 | 0.0 (g) |
|  Fidelity National Financial, Inc. | 17 | (1) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 415 | (31) | (31) | 0.0 (g) |
|  Fortive Corp. | 24 | — (h) | — (h) | 0.0 (g) |
|  Generac Holdings, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Graphic Packaging Holding Co. | 6 | — (h) | — (h) | 0.0 (g) |
|  Hecla Mining Co. | 4 | (1) | — (h) | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | 8 | — (h) | — (h) | 0.0 (g) |
|  Hexcel Corp. | 111 | (1) | (1) | 0.0 (g) |
|  Home Depot, Inc. (The) | 734 | 21 | 22 | 0.0 (g) |
|  Hormel Foods Corp. | 563 | — (h) | 1 | 0.0 (g) |
|  Hyatt Hotels Corp. | 34 | — (h) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | 1212 | (55) | (53) | 0.0 (g) |
|  International Paper Co. | 46 | — (h) | 1 | 0.0 (g) |
|  Invesco Ltd. | 203 | (6) | (5) | 0.0 (g) |
|  J M Smucker Co. (The) | 6 | — (h) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | 25 | — (h) | — (h) | 0.0 (g) |
|  Joby Aviation, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  KKR & Co., Inc. | 9 | 1 | 1 | 0.0 (g) |
|  Klaviyo, Inc. | 128 | 17 | 17 | 0.0 (g) |
|  Kraft Heinz Co. (The) | 1016 | (17) | (15) | 0.0 (g) |
|  Krystal Biotech, Inc. | 52 | (7) | (7) | 0.0 (g) |
|  Liberty Broadband Corp. | 11 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lineage, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Loar Holdings, Inc. | 30 | (1) | (1) | 0.0 (g) |
|  Loews Corp. | 28 | (1) | (1) | 0.0 (g) |
|  Lowe's Cos., Inc. | 62 | 2 | 2 | 0.0 (g) |
|  M&T Bank Corp. | 799 | (4) | (3) | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | 33 | (3) | (3) | 0.0 (g) |
|  Maplebear, Inc. | 14 | 2 | 2 | 0.0 (g) |
|  Markel Group, Inc. | 1049 | 8 | 10 | 0.0 (g) |
|  Masco Corp. | 686 | 29 | 30 | 0.0 (g) |
|  Match Group, Inc. | 468 | 28 | 28 | 0.0 (g) |
|  McCormick & Co., Inc./MD | 5 | — (h) | — (h) | 0.0 (g) |
|  Micron Technology, Inc. | 356 | (22) | (20) | 0.0 (g) |
|  Mohawk Industries, Inc. | 257 | 15 | 16 | 0.0 (g) |
|  New York Times Co. (The) | 7 | — (h) | — (h) | 0.0 (g) |
|  NewMarket Corp. | 43 | — (h) | — (h) | 0.0 (g) |
|  NEXTracker, Inc. | 110 | (10) | (10) | 0.0 (g) |
|  NiSource, Inc. | 11 | (1) | (1) | 0.0 (g) |
|  Occidental Petroleum Corp. | 933 | (37) | (36) | 0.0 (g) |
|  Oklo, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Old National Bancorp | 458 | 2 | 3 | 0.0 (g) |
|  Omnicom Group, Inc. | 16 | (1) | (1) | 0.0 (g) |
|  OneMain Holdings, Inc. | 176 | 14 | 15 | 0.0 (g) |
|  ONEOK, Inc. | 968 | (5) | (3) | 0.0 (g) |
|  Oracle Corp. | 1674 | 116 | 119 | 0.0 (g) |
|  Packaging Corp. of America | 1108 | (32) | (30) | 0.0 (g) |
|  Parsons Corp. | 320 | (28) | (28) | 0.0 (g) |
|  PayPal Holdings, Inc. | 1138 | 1 | 3 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 42 | — (h) | — (h) | 0.0 (g) |
|  Permian Resources Corp. | 205 | 7 | 8 | 0.0 (g) |
|  Pinterest, Inc. | 386 | 45 | 45 | 0.0 (g) |
|  Post Holdings, Inc. | 237 | (12) | (12) | 0.0 (g) |
|  Primerica, Inc. | 377 | (11) | (10) | 0.0 (g) |
|  Q2 Holdings, Inc. | 154 | 20 | 20 | 0.0 (g) |
|  QXO, Inc. | 15 | 1 | 1 | 0.0 (g) |
|  Raymond James Financial, Inc. | 31 | — (h) | — (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 20 | — (h) | — (h) | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Rivian Automotive, Inc. | 118 | (10) | (10) | 0.0 (g) |
|  Rollins, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 434 | (39) | (39) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  Saia, Inc. | 217 | 13 | 14 | 0.0 (g) |
|  Sanmina Corp. | 181 | 6 | 7 | 0.0 (g) |
|  SentinelOne, Inc. | 150 | 6 | 6 | 0.0 (g) |
|  Service Corp. International/US | 20 | — (h) | — (h) | 0.0 (g) |
|  SharkNinja, Inc. | 6 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Shift4 Payments, Inc. | 13 | 1 | 1 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 303 | 34 | 34 | 0.0 (g) |
|  Snap-on, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  Somnigroup International, Inc. | 3 | — (h) | — (h) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 11 | 1 | 1 | 0.0 (g) |
|  Sun Communities, Inc. | 699 | (2) | (1) | 0.0 (g) |
|  Synopsys, Inc. | 1995 | (354) | (350) | 0.0 (g) |
|  T Rowe Price Group, Inc. | 522 | 8 | 9 | 0.0 (g) |
|  Talen Energy Corp. | 260 | (13) | (12) | 0.0 (g) |
|  TG Therapeutics, Inc. | 104 | (15) | (15) | 0.0 (g) |
|  Timken Co. (The) | 12 | — (h) | — (h) | 0.0 (g) |
|  Toast, Inc. | 171 | 16 | 17 | 0.0 (g) |
|  UDR, Inc. | 593 | 8 | 9 | 0.0 (g) |
|  UL Solutions, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Ulta Beauty, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  Universal Health Services, Inc. | 8 | (1) | (1) | 0.0 (g) |
|  Valley National Bancorp | 5 | — (h) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | 283 | (6) | (5) | 0.0 (g) |
|  Vontier Corp. | 14 | — (h) | — (h) | 0.0 (g) |
|  W R Berkley Corp. | 1460 | (78) | (76) | 0.0 (g) |
|  Watts Water Technologies, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Western Alliance Bancorp | 7 | — (h) | — (h) | 0.0 (g) |
|  Wintrust Financial Corp. | 228 | 2 | 2 | 0.0 (g) |
|  Zillow Group, Inc. | 302 | 35 | 36 | 0.0 (g) |
|  Zoom Communications, Inc. | 1102 | 28 | 30 | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | 4 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (625) | (548) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | (334) | 1 | 1 | 0.0 (g) |
|  Viking Holdings Ltd. | (286) | (1) | (2) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (170) | 4 | 3 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | (35) | (2) | (2) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Accenture plc | (32) | 1 | 1 | 0.0 (g) |
|  AerCap Holdings NV | (17) | — (h) | — (h) | 0.0 (g) |
|  Aptiv plc | (385) | 16 | 15 | 0.0 (g) |
|  Trane Technologies plc | (6) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Israel** |  |  |  |  |
|  Global-e Online Ltd. | (5) | — (h) | — (h) | 0.0 (g) |
|  Oddity Tech Ltd. | (128) | (3) | (3) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | (111) | 2 | 2 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | (14) | (1) | (1) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | (20) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (28) | (2) | (2) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Janus Henderson Group plc | (17) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  ADT, Inc. | (411) | (3) | (4) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | (88) | 1 | 1 | 0.0 (g) |
|  Airbnb, Inc. | (1205) | 11 | 8 | 0.0 (g) |
|  Alaska Air Group, Inc. | (28) | (1) | (1) | 0.0 (g) |
|  Align Technology, Inc. | (35) | (1) | (1) | 0.0 (g) |
|  American Tower Corp. | (13) | — (h) | — (h) | 0.0 (g) |
|  Antero Resources Corp. | (6) | — (h) | — (h) | 0.0 (g) |
|  Apple, Inc. | (1132) | 86 | 84 | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (372) | (3) | (3) | 0.0 (g) |
|  Assurant, Inc. | (292) | 11 | 11 | 0.0 (g) |
|  Bath & Body Works, Inc. | (232) | (6) | (6) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | (250) | 5 | 4 | 0.0 (g) |
|  Bio-Techne Corp. | (10) | 1 | 1 | 0.0 (g) |
|  Booking Holdings, Inc. | (17) | — (h) | — (h) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (16) | — (h) | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | (1327) | 3 | — (h) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | (28) | — (h) | — (h) | 0.0 (g) |
|  Brinker International, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | (18) | — (h) | — (h) | 0.0 (g) |
|  CACI International, Inc. | (225) | 2 | 1 | 0.0 (g) |
|  Cal-Maine Foods, Inc. | (19) | (2) | (2) | 0.0 (g) |
|  Camden Property Trust | (664) | (10) | (11) | 0.0 (g) |
|  Campbell's Company (The) | (855) | (35) | (36) | 0.0 (g) |
|  Cardinal Health, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  CarMax, Inc. | (29) | — (h) | — (h) | 0.0 (g) |
|  Carpenter Technology Corp. | (446) | 7 | 6 | 0.0 (g) |
|  Celanese Corp. | (156) | (10) | (10) | 0.0 (g) |
|  Charles River Laboratories International, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Charles Schwab Corp. (The) | (1353) | 50 | 48 | 0.0 (g) |
|  Chemed Corp. | (27) | (1) | (1) | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | (1290) | 21 | 19 | 0.0 (g) |
|  Cigna Group (The) | (12) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Citigroup, Inc. | (2107) | 36 | 33 | 0.0 (g) |
|  Clean Harbors, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  CME Group, Inc. | (1741) | 77 | 73 | 0.0 (g) |
|  Colgate-Palmolive Co. | (166) | (4) | (5) | 0.0 (g) |
|  Conagra Brands, Inc. | (632) | (13) | (14) | 0.0 (g) |
|  Consolidated Edison, Inc. | (28) | 1 | 1 | 0.0 (g) |
|  Corteva, Inc. | (31) | — (h) | — (h) | 0.0 (g) |
|  Crane Co. | (13) | — (h) | — (h) | 0.0 (g) |
|  Crown Holdings, Inc. | (712) | 8 | 7 | 0.0 (g) |
|  CSX Corp. | (9) | 1 | 1 | 0.0 (g) |
|  CubeSmart | (605) | (2) | (3) | 0.0 (g) |
|  Curtiss-Wright Corp. | (63) | 3 | 3 | 0.0 (g) |
|  Danaher Corp. | (772) | 40 | 39 | 0.0 (g) |
|  Dexcom, Inc. | (6) | (1) | (1) | 0.0 (g) |
|  Donaldson Co., Inc. | (311) | 3 | 3 | 0.0 (g) |
|  Dow, Inc. | (484) | (26) | (27) | 0.0 (g) |
|  Doximity, Inc. | (234) | 2 | 2 | 0.0 (g) |
|  Dropbox, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Dutch Bros, Inc. | (4) | (1) | (1) | 0.0 (g) |
|  Edison International | (16) | — (h) | — (h) | 0.0 (g) |
|  Elastic NV | (34) | (1) | (1) | 0.0 (g) |
|  Elevance Health, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Enphase Energy, Inc. | (147) | (10) | (11) | 0.0 (g) |
|  EPAM Systems, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  Equifax, Inc. | (465) | (1) | (2) | 0.0 (g) |
|  Exelixis, Inc. | (153) | 9 | 9 | 0.0 (g) |
|  ExlService Holdings, Inc. | (35) | 1 | 1 | 0.0 (g) |
|  Fair Isaac Corp. | (426) | (16) | (17) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  First American Financial Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (473) | (30) | (31) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | (284) | (2) | (3) | 0.0 (g) |
|  Fluor Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Fox Corp. | (1002) | 74 | 72 | 0.0 (g) |
|  Franklin Resources, Inc. | (426) | (22) | (23) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | (47) | (6) | (6) | 0.0 (g) |
|  Gartner, Inc. | (1124) | 73 | 71 | 0.0 (g) |
|  Genpact Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Gentex Corp. | (374) | 1 | — (h) | 0.0 (g) |
|  Group 1 Automotive, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Guardant Health, Inc. | (9) | 1 | 1 | 0.0 (g) |
|  Hancock Whitney Corp. | (16) | — (h) | — (h) | 0.0 (g) |
|  HealthEquity, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | (432) | (19) | (21) | 0.0 (g) |
|  Hubbell, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Insulet Corp. | (5) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Interactive Brokers Group, Inc. | (35) | 4 | 4 | 0.0 (g) |
|  Invitation Homes, Inc. | (517) | (6) | (7) | 0.0 (g) |
|  ITT, Inc. | (179) | (1) | (2) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | (23) | — (h) | — (h) | 0.0 (g) |
|  Johnson & Johnson | (579) | 26 | 25 | 0.0 (g) |
|  Kirby Corp. | (54) | — (h) | (1) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Lennar Corp. | (25) | (1) | (1) | 0.0 (g) |
|  Lithia Motors, Inc. | (270) | (12) | (12) | 0.0 (g) |
|  Lockheed Martin Corp. | (1354) | 74 | 72 | 0.0 (g) |
|  Magnolia Oil & Gas Corp. | (171) | 2 | 1 | 0.0 (g) |
|  MasTec, Inc. | (58) | 5 | 5 | 0.0 (g) |
|  Mattel, Inc. | (80) | (3) | (3) | 0.0 (g) |
|  Meritage Homes Corp. | (54) | — (h) | — (h) | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (26) | — (h) | — (h) | 0.0 (g) |
|  MGM Resorts International | (460) | (13) | (14) | 0.0 (g) |
|  Microchip Technology, Inc. | (30) | — (h) | — (h) | 0.0 (g) |
|  Mosaic Co. (The) | (312) | 6 | 5 | 0.0 (g) |
|  Northrop Grumman Corp. | (642) | 39 | 38 | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Old Republic International Corp. | (182) | 12 | 12 | 0.0 (g) |
|  O'Reilly Automotive, Inc. | (140) | 2 | 2 | 0.0 (g) |
|  Oshkosh Corp. | (6) | — (h) | — (h) | 0.0 (g) |
|  Paylocity Holding Corp. | (4) | — (h) | — (h) | 0.0 (g) |
|  Principal Financial Group, Inc. | (27) | 1 | — (h) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | (593) | 4 | 3 | 0.0 (g) |
|  Qorvo, Inc. | (55) | 1 | 1 | 0.0 (g) |
|  QUALCOMM, Inc. | (110) | 4 | 3 | 0.0 (g) |
|  Ralph Lauren Corp. | (414) | (3) | (4) | 0.0 (g) |
|  RBC Bearings, Inc. | (241) | 5 | 5 | 0.0 (g) |
|  Reinsurance Group of America, Inc. | (201) | 3 | 3 | 0.0 (g) |
|  Reliance, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  ResMed, Inc. | (811) | 8 | 6 | 0.0 (g) |
|  Roku, Inc. | (542) | 36 | 35 | 0.0 (g) |
|  S&P Global, Inc. | (1023) | (108) | (111) | 0.0 (g) |
|  SEI Investments Co. | (4) | — (h) | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | (11) | — (h) | — (h) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | (762) | (120) | (122) | 0.0 (g) |
|  State Street Corp. | (379) | 13 | 13 | 0.0 (g) |
|  Synovus Financial Corp. | (21) | (1) | (1) | 0.0 (g) |
|  Tapestry, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Tenet Healthcare Corp. | (258) | 23 | 22 | 0.0 (g) |
|  Texas Instruments, Inc. | (1152) | 36 | 34 | 0.0 (g) |
|  Textron, Inc. | (22) | — (h) | — (h) | 0.0 (g) |
|  Toro Co. (The) | (49) | (2) | (2) | 0.0 (g) |
|  TransUnion | (9) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Uber Technologies, Inc. | (205) | (2) | (2) | 0.0 (g) |
|  Unum Group | (294) | 11 | 11 | 0.0 (g) |
|  Vaxcyte, Inc. | (94) | 16 | 16 | 0.0 (g) |
|  VeriSign, Inc. | (19) | (1) | (1) | 0.0 (g) |
|  Viatris, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Walt Disney Co. (The) | (193) | (2) | (2) | 0.0 (g) |
|  Waystar Holding Corp. | (128) | — (h) | (1) | 0.0 (g) |
|  Wells Fargo & Co. | (1285) | 39 | 36 | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | (902) | 58 | 57 | 0.0 (g) |
|  Westlake Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Zebra Technologies Corp. | (661) | (49) | (51) | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | (81) | (4) | (4) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 416 | 337 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (209) | (211) | 0.0 (g) |
|  **Total Return Swaps** |  | (303) | 5041 | 0.0 (g) |

---

(1) Notional value represents market value, as of September 30, 2025, of these positions based on the
securities' last sale or closing price on the principal exchange on which the securities are traded.

(2) Unrealized appreciation (depreciation) represents the unrealized gain (loss) of the positions subsequent to the
swap reset.

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 SEPTEMBER 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 – Constant Maturity Treasury |
| 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 September 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. |
| LIBOR – London Interbank Offered Rate |
| PO – Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. |
| 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 September 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. |
| (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 September 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 September 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 September 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 September 30, 2025. |
| (aa) – Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 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. |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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 (continued)** 

---

| | |
|:---|:---|
| (ii) | Approximately $35 of these investments are restricted as collateral for forwards to various brokers. |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| KRW | Korean Won |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

**A. Valuation of Investments —** The valuation of investments is in accordance with U.S. generally accepted accounting principles ("GAAP") and the Funds' valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Board has designated the J.P. Morgan Private Investments Inc. (the "Adviser") as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee ("VC"), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds' investments with respect to Rule 2a-5 under the Investment Company Act of 1940. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

A market-based approach is primarily used to value the Funds' investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available; securities for which market quotations are determined not to be reliable; or, securities in which their value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund's net asset value ("NAV") is calculated, may be valued at fair value in accordance with policies and procedures adopted by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equity securities listed on a North American, Central American, South American or Caribbean ("Americas") securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the NAV of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.

Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.

Fixed income securities are valued based on prices received from pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, pricing services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Shares of exchange-traded funds ("ETFs") are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

Exchange-traded futures contracts and options are generally valued on the basis of available market quotations. Swaps, forward foreign currency exchange contracts and over the counter options are valued utilizing market quotations from approved pricing services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs including, but not limited to, quoted prices for similar
investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 – Significant inputs based on the best information available in the circumstances, to the
extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $77409 | $— | $77409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 15169 |  | 15169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 17131 |  | 17131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 10932 |  | 10932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 120641 |  | 120641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 2452 |  | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 41135 |  | 41135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 873 |  | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 10653 |  | 10653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 52661 |  | 52661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 18200 |  | 18200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 6875 |  | 6875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 38274 |  | 38274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 27129 |  | 27129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 50469 |  | 50469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 33735 |  | 33735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 155496 |  | 155496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 25303 |  | 25303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 25419 |  | 25419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 25114 |  | 25114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 387814 |  | 387814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2043 |  | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 4435 |  | 4435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 11273 |  | 11273 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 35539 |  | 35539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 12463 |  | 12463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 25480 |  | 25480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 6300 |  | 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 19658 |  | 19658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 50333 |  | 50333 |
|  Total Short-Term Investments |  | 149773 |  | 149773 |
|  **Total Investments in Securities** | $— | $749292 | $— | $749292 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $320 | $— | $— | $320 |
|  Forward Foreign Currency Exchange contracts |  | 329 |  | 329 |
|  Centrally Cleared Interest Rate Swap contracts |  | 368 |  | 368 |
|  **Total Appreciation in Other Financial Instruments** | $320 | $697 | $— | $1017 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(171) | $— | $— | $(171) |
|  Forward Foreign Currency Exchange contracts |  | (125) |  | (125) |
|  Centrally Cleared Interest Rate Swap contracts |  | (72) |  | (72) |
|  **Total Depreciation in Other Financial Instruments** | $(171) | $(197) | $— | $(367) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $47648 | $— | $47648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 8470 |  | 8470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 10360 |  | 10360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 5207 |  | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 71685 |  | 71685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 3115 |  | 3115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 50838 |  | 50838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 1086 |  | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 5025 |  | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 56949 |  | 56949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 2233 |  | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 4589 |  | 4589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 22195 |  | 22195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 9693 |  | 9693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 702 |  | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 76610 |  | 76610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 9454 |  | 9454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 2209 |  | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 9416 |  | 9416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 134868 |  | 134868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 3019 |  | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2349 |  | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 5368 |  | 5368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 5040 |  | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 660062 |  | 660062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 1466 |  | 1466 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 2882 |  | 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 15936 |  | 15936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 6900 |  | 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 31090 |  | 31090 |
|  Total Short-Term Investments |  | 56808 |  | 56808 |
|  **Total Investments in Securities** | $— | $997594 | $— | $997594 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $403 | $— | $— | $403 |
|  Forward Foreign Currency Exchange contracts |  | 21 |  | 21 |
|  Centrally Cleared Interest Rate Swap contracts |  | 478 |  | 478 |
|  **Total Appreciation in Other Financial Instruments** | $403 | $499 | $— | $902 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(150) | $— | $— | $(150) |
|  Forward Foreign Currency Exchange contracts |  | (152) |  | (152) |
|  Centrally Cleared Interest Rate Swap contracts |  | (84) |  | (84) |
|  **Total Depreciation in Other Financial Instruments** | $(150) | $(236) | $— | $(386) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | $6271578 | $— | $— | $6271578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 2439015 |  |  | 2439015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 5247497 |  |  | 5247497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 983465 |  |  | 983465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 4639228 |  |  | 4639228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 1422000 |  |  | 1422000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 8972910 |  |  | 8972910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 373682 |  |  | 373682 |
|  Total Common Stocks | 30349375 |  |  | 30349375 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 76317 |  | 76317 |
|  **Total Investments in Securities** | $30349375 | $76317 | $— | $30425692 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1066 | $— | $— | $1066 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(20) | $— | $— | $(20) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles International Unconstrained Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $50998 | $— | $50998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 110466 |  | 110466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 343267 |  |  | 343267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 13560 |  | 13560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 877 |  | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 528966 |  | 528966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 184364 |  | 184364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 2241725 |  | 2241725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 7316 | 3073069 |  | 3080385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 59632 |  | 59632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 19357 | 147816 |  | 167173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 23119 | 853369 |  | 876488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 5955 | 919001 |  | 924956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 17180 |  | 17180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 6500 |  | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 895911 |  | 895911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 91879 |  | 91879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 2771 |  | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 27942 |  | 27942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 256737 |  | 256737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 6544 | 630131 |  | 636675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 79976 | 525401 |  | 605377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2204682 |  | 2204682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1121 | 491464 |  | 492585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 2883 | 4032121 |  | 4035004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 6373 |  |  | 6373 |
|  Total Common Stocks | 495911 | 17366562 |  | 17862473 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 28382 |  | 28382 |
|  Right |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 32 |  |  | 32 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 144481 |  | 144481 |
|  **Total Investments in Securities** | $495943 | $17539425 | $— | $18035368 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1333 | $— | $— | $1333 |
|  Forward Foreign Currency Exchange contracts |  | 5 |  | 5 |
|  **Total Appreciation in Other Financial Instruments** | $1333 | $5 | $— | $1338 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(49) | $— | $— | $(49) |
|  Forward Foreign Currency Exchange contracts |  | (1) |  | (1) |
|  **Total Depreciation in Other Financial Instruments** | $(49) | $(1) | $— | $(50) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Global Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $16020 | $— | $16020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 52262 |  | 52262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 68282 |  | 68282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 231403 |  | 231403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 5773 |  | 5773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral Supp CMO |  | 61 |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 24933 |  | 24933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 262170 |  | 262170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 55688 |  | 55688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 39865 |  | 39865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 127461 |  | 127461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 121519 |  | 121519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 277845 |  | 277845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 89872 |  | 89872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 976959 |  | 976959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 86413 |  | 86413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 161468 |  | 161468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 35408 |  | 35408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 185716 |  | 185716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 2102526 |  | 2102526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 838710 |  | 838710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 7842 |  | 7842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 11635 |  | 11635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 3519 |  | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-National |  | 16302 |  | 16302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal |  | 33527 |  | 33527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 376 |  | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 3756 |  | 3756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional (State/Province) |  | 281932 |  | 281932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 8305685 |  | 8305685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 19142 |  | 19142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 9522426 |  | 9522426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FGLMC Collateral |  | 11350 |  | 11350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 2072 |  | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 163957 |  | 163957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA Collateral |  | 2439 |  | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 476046 |  | 476046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 1371229 |  | 1371229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 2027093 |  | 2027093 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Global Bond Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $6797 | $— | $6797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 15735 |  | 15735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 1670834 |  | 1670834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Option Contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Option Contract |  | 4 |  | 4 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 9700 |  | 9700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 168675 |  | 168675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security |  | 34016 |  | 34016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 60139 |  | 60139 |
|  Total Short-Term Investments |  | 272530 |  | 272530 |
|  **Total Investments in Securities** | $— | $16004085 | $— | $16004085 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | $— | $197211 | $— | $197211 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | 892 |  |  | 892 |
|  Forward Foreign Currency Exchange contracts |  | 31350 |  | 31350 |
|  OTC Interest Rate Swaps contracts |  | 58 |  | 58 |
|  Centrally Cleared Interest Rate Swap contracts |  | 5080 |  | 5080 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 2928 |  | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 3932 |  | 3932 |
|  Total Purchased Interest Rate Swaptions contracts |  | 6860 |  | 6860 |
|  **Total Appreciation in Other Financial Instruments** | $892 | $43348 | $— | $44240 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(382) | $— | $— | $(382) |
|  Forward Foreign Currency Exchange contracts |  | (38328) |  | (38328) |
|  OTC Interest Rate Swaps contracts |  | (57) |  | (57) |
|  Centrally Cleared Interest Rate Swap contracts |  | (7637) |  | (7637) |
|  Written Option Contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Call Option Contract |  | (44) |  | (44) |
|  Written Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Put Interest Rate Swaption contracts |  | (171) |  | (171) |
|  **Total Depreciation in Other Financial Instruments** | $(382) | $(46237) | $— | $(46619) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Tax Aware Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $13191429 | $— | $13191429 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 23188 |  | 23188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 136217 |  | 136217 |
|  Total Short-Term Investments |  | 159405 |  | 159405 |
|  **Total Investments in Securities** | $— | $13350834 | $— | $13350834 |

---

**Six Circles Credit Opportunities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $47127 | $— | $47127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 305 |  | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 1347 |  | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 83815 |  | 83815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 282 |  | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 132876 |  | 132876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 5313 |  | 5313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 38709 |  | 38709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 2563 |  | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 3238 |  | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 2839 |  | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 4336 |  | 4336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 1076 |  | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 6477 |  | 6477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds |  | 20529 |  | 20529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 312236 |  | 312236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 1122184 | 4 | 1122188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 1211537 |  | 1211537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 1179224 |  | 1179224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 15725 |  | 15725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 733635 | 641 | 734276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 1262863 | 6100 | 1268963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 179 |  | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 736435 |  | 736435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 297499 |  | 297499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 298508 |  | 298508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 7170025 | 6745 | 7176770 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Credit Opportunities Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | $— | $16972 | $— | $16972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal |  | 612 |  | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 1738 |  | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 710567 |  | 710567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 729889 |  | 729889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 2858 |  | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 2631 |  | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 5489 |  | 5489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 137874 |  | 137874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  |  | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 15822 |  |  | 15822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1424 |  | 12 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 17252 |  | 33 | 17285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 816 |  | 675 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  |  | 6467 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks | 816 |  | 7142 | 7958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 20253 |  | 20253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 119903 |  | 119903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 53685 |  | 53685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 82844 |  | 82844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 1529 |  | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 3719 |  | 3719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 35180 | 2400 | 37580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  |  | 9661 | 9661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 28895 |  | 28895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 70208 |  | 70208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 3854 |  | 3854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 420070 | 12061 | 432131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | — (a) | — (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | 38 | 38 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 2013 |  | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 2219 |  | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 226200 |  | 226200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security |  | 2080 |  | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 48651 |  | 48651 |
|  Total Short-Term Investments |  | 281163 |  | 281163 |
|  **Total Investments in Securities** | $18068 | $8941937 | $26019 | $8986024 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Credit Opportunities Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1080 | $— | $— | $1080 |
|  Forward Foreign Currency Exchange contracts |  | 5876 |  | 5876 |
|  Centrally Cleared Interest Rate Swap contracts |  | 2642 |  | 2642 |
|  OTC Credit Default Swaps contracts |  | 672 |  | 672 |
|  Centrally Cleared Credit Default Swaps contracts |  | 2360 |  | 2360 |
|  **Total Appreciation in Other Financial Instruments** | $1080 | $11550 | $— | $12630 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(234) | $— | $— | $(234) |
|  Forward Foreign Currency Exchange contracts |  | (10129) |  | (10129) |
|  Centrally Cleared Interest Rate Swap contracts |  | (4204) |  | (4204) |
|  OTC Credit Default Swaps contracts |  | (328) |  | (328) |
|  Centrally Cleared Credit Default Swap contract |  | (156) |  | (156) |
|  **Total Depreciation in Other Financial Instruments** | $(234) | $(14817) | $— | $(15051) |

---

(a) Amount rounds to less than $500.

**Six Circles Multi-Strategy Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $13938 | $— | $13938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity ABS |  | 35151 |  | 35151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 70150 |  | 70150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 6570 |  | 6570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 125809 |  | 125809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 198279 |  | 198279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 1248 |  | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 104813 |  | 104813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 304340 |  | 304340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 16900 |  | 16900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 256 |  | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 6634 |  | 6634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 10681 |  | 10681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 4222 |  | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 1873 |  | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 3758 |  | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 245 |  | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 3950 |  | 3950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 1942 |  | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 33561 |  | 33561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 26959 |  | 26959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 98549 |  | 98549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 432248 |  | 432248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 557756 |  | 557756 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Multi-Strategy Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | $— | $— | $300 | $300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 2253 |  | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 30295 |  | 30295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 29970 |  | 29970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 38086 |  | 38086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 5924 |  | 5924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 58018 | 178 | 58196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 39914 |  | 39914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 55990 |  | 55990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 13477 |  | 13477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 273927 | 178 | 274105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Option contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Option contract |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Option contracts |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Option contracts |  | 8 |  | 8 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 146464 |  | 146464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 513077 |  | 513077 |
|  Total Short-Term Investments |  | 659541 |  | 659541 |
|  **Total Investments in Securities** | $— | $1971842 | $478 | $1972320 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA2 Collateral | $— | $3445 | $— | $3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 59178 |  | 59178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 62623 |  | 62623 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | 14695 |  |  | 14695 |
|  Forward Foreign Currency Exchange contracts |  | 77 |  | 77 |
|  Centrally Cleared Interest Rate Swap contracts |  | 51 |  | 51 |
|  Centrally Cleared Credit Default Swaps contracts |  | 6 |  | 6 |
|  OTC Total Return Swap contracts |  | 27 |  | 27 |
|  Total Return Swaps contracts | 23486 |  |  | 23486 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 966 |  | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 1166 |  | 1166 |
|  Total Purchased Interest Rate Swaptions contracts |  | 2132 |  | 2132 |
|  **Total Appreciation in Other Financial Instruments** | $38183 | $2293 | $— | $40476 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(5105) | $– | $– | $(5105) |
|  Forward Foreign Currency Exchange contracts |  | (36) |  | (36) |
|  Centrally Cleared Interest Rate Swap contracts |  | (126) |  | (126) |
|  Centrally Cleared Credit Default Swaps contracts |  | (3) |  | (3) |
|  OTC Total Return Swap contract |  | (28) |  | (28) |
|  Total Return Swaps contracts  | (18445) |  |  | (18445) |
|  Written Option contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Call Option contracts |  | (10) |  | (10) |
|  Total Written Option contract |  | (10) |  | (10) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Multi-Strategy Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  Written Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Call Interest Rate Swaption contracts | $— | $(55) | $— | $(55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Put Interest Rate Swaption contracts |  | (49) |  | (49) |
|  Total Written Interest Rate Swaptions contracts |  | (104) |  | (104) |
|  **Total Depreciation in Other Financial Instruments** | $(23550) | $(307) | $— | $(23857) |

---

**B. Loan Assignments** — The Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.

Certain loan assignments are also subject to the associated risks.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. As of September 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** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** |
|  |  | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Unfunded<br>Commitment** | **Unfunded<br>Commitment** | **Funded<br>Commitment** | **Funded<br>Commitment** | **Total<br>Commitment** | **Total<br>Commitment** |
| **Security Description** | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Par** | **Value** | **Par** | **Value** | **Par** | **Value** |
|  GrafTech Global Enterprises, Inc. | Delayed Draw Term Loan | 12/21/2029 | 3.75% | 10.52% | $773 | $774 | $— | $— | $773 | $774 |
|  Jupiter Buyer, Inc. | Initial Delayed Draw Term Loan | 11/01/2031 | 4.75% | 9.03% | 85 | 85 |  |  | 85 | 85 |
|  SWF Holdings I Corp. | Delayed Draw Term Loan | 12/19/2029 | 2.25% | 2.25% | 486 | 486 |  |  | 486 | 486 |
|  |  |  |  |  | **$1344** | **$1345** | **$—** | **$—** | **$1344** | **$1345** |

---

**Six Circles Multi-Strategy Fund** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Unfunded<br>Commitment** | **Unfunded<br>Commitment** | **Funded<br>Commitment** | **Funded<br>Commitment** | **Total<br>Commitment** | **Total<br>Commitment** |
| **Security Description** | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Par** | **Value** | **Par** | **Value** | **Par** | **Value** |
|  Kaman Corp. | Delayed Draw Term Loan | 02/26/2032 | 1.00% | 6.43% | $50 | $49 | $5 | $5 | $55 | $54 |
|  MRP Buyer LLC | Delayed Draw Term Loan | 06/04/2032 | 1.63% | 7.25% | 26 | 26 | 40 | 39 | 66 | 65 |
|  RFS Opco LLC | Amendment No.2 Delayed Draw Term Loan | 04/04/2031 | 1.00% | 8.75% | 130 | 130 | 179 | 178 | 309 | 308 |
|  |  |  |  |  | **$206** | **$205** | **$224** | **$222** | **$430** | **$427** |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**C. Derivatives** — The Funds used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to a Fund.

Notes C(1) — C(4) below describe the various derivatives used by the Funds.

**(1) Options** — The Six Circles Global Bond Fund and Six Circles Multi-Strategy Fund purchased and sold ("wrote") put and call options on securities to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Options Purchased* — The option is adjusted daily to reflect the current market value of the option. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written* — The amount of the liability is adjusted daily to reflect the current market value of the option written. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds' option contracts are subject to master netting arrangements.

**(2) Futures Contracts** — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles 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.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 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. Futures contracts outstanding at period end, if any, are listed after each Fund's SOI.

The use of futures contracts may expose the Funds to interest rate and equity price risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent the liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(3) Forward Foreign Currency Exchange Contracts** — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund's SOI.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. Such Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds' forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(4) Swaps** — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund engaged in various swap transactions, including interest swaps, to manage interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter ("OTC swaps") between a fund and a counterparty or centrally cleared ("centrally cleared swaps") with a central clearinghouse through a Futures Commission Merchant ("FCM"), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap contracts outstanding at period end, if any, are listed after each Fund's SOI.

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability at the beginning of the measurement period.

Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

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 and Six Circles Multi-Strategy Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund's portfolio up to the notional amount of swap agreements.

The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

**Interest Rate Swaps** 

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

**Total Return Swaps** 

The Six Circles Multi-Strategy Fund entered into total return index swaps and total return equity swaps to gain exposure to specific indices or equity 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 or equity swap is a contract in which one party agrees to pay the other the total return of a specified index or equity, including both capital gains and income, in exchange for periodic payments based on a fixed or floating interest rate.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SIX CIRCLES TRUST

- **b. Investment Company Act file number:** 811-23325

- **c. CIK number of Registrant:** 0001724826

- **d. LEI of Registrant:** 549300NG19QZK8S0N704

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 383 Madison Ave

  - **City:** NY

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10179

  - **Telephone number:** 212-464-2070

**Item A.2. Information about the Series.**

- **a. Name of Series:** Six Circles Tax Aware Ultra Short Duration Fund

- **b. EDGAR series identifier (if any):** S000061648

- **c. LEI of Series:** 549300JM9VEQKW8WTZ21

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1027989462.65

**Total Liabilities:** $54936181.53

**Net Assets:** $973053281.12

**Cash Not Reported:** $35321849.57

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 12788.91723200 | **1-Year:** 46690.77979900 | **5-Year:** 30439.64158700 | **10-Year:** 1954.23616200 | **30-Year:** 609.08476800

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 11.90628700 | **1-Year:** 86.09576000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000199640 | 0.37%                | 0.37%                | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-290657.57              | $750094.51                                 |
| Month 2  | $58108.40                | $1290877.79                                |
| Month 3  | $97722.62                | $-594065.73                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CASH COLLATERAL LCH FOB WFS    | CASH COLLATERAL LCH FOB WFS 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   2591000 | PA      | $2591000.00   | 0.27%             | 2049-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABO V/R 12/15/27 | COOPERATIEVE RABOBANK UA REGD V/R 144A P/P 1.98000000                                            | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   2400000 | PA      | $2335300.56   | 0.24%             | 2027-12-15      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| GSMBS 2021-RPL1  V/R 12/25/60  | GS MORTGAGE-BACKED SECURITIES CORP TRUST 2021 SER 2021-RPL1 CL A1 V/R REGD 144A P/P 1.75000000   | CUSIP: 36261WAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    163087 | PA      | $153221.38    | 0.02%             | 2060-12-25      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| BAAT 2024-1A A 5.35% 11/15/28  | BOFA AUTO TRUST 2024-1 SER 2024-1A CL A3 REGD 144A P/P 5.35000000                                | CUSIP: 09709AAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1514853.45   | 0.16%             | 2028-11-15      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP 4.9% 08/14/26 | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 4.90000000                                                | CUSIP: 928668CK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004691.14   | 0.10%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| FHR 5493 FK V/R 01/25/55       | FREDDIE MAC REMICS SER 5493 CL FK V/R 5.50603000                                                 | CUSIP: 3137HHWV9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    707466 | PA      | $710048.87    | 0.07%             | 2055-01-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST V/R 10/01/39 | NORTH CAROLINA ST MED CARE COM REGD V/R B/E 3.90000000                                           | CUSIP: 65821DYX3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2030000.00   | 0.21%             | 2039-10-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| CARMX 2023-3 A 5.28% 01/15/27  | CARMAX AUTO OWNER TRUST 2023-3 SER 2023-3 CL A3 REGD 5.28000000                                  | CUSIP: 14319BAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    793154 | PA      | $799017.12    | 0.08%             | 2028-05-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC 5.8% 12/12/25     | ILLUMINA INC REGD 5.80000000                                                                     | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400536.96    | 0.04%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMEN 5% 11/01/26 | CASINO REINVESTMENT DEV AUTH N REGD N/C B/E AG 5.00000000                                        | CUSIP: 14760RAZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023425.20   | 0.11%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVSL 2018-BX A2 V/R 09/15/26  | NAVIENT PRIVATE EDUCATION LOAN TRUST 2018-B SER 2018-BX CL A2B V/R REGD REG S 4.98464000         | CUSIP: U6379HAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    137124 | PA      | $137146.67    | 0.01%             | 2059-12-15      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| FNR 2025-6 FA V/R 02/25/55     | FANNIE MAE REMICS SER 2025-6 CL FA V/R 5.60603000                                                | CUSIP: 3136BUTN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    512648 | PA      | $515755.07    | 0.05%             | 2055-02-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 07/01/27 | PORT OF SEATTLE WA REVENUE REGD N/C B/E AMT 5.00000000                                           | CUSIP: 735389Z84<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7261884.00   | 0.75%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH  V/R 06/01/36 | MISSOURI ST HLTH & EDUCTNL FAC REGD V/R B/E 3.85000000                                           | CUSIP: 60637AMU3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  16600000 | PA      | $16600000.00  | 1.71%             | 2036-06-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| TLEVS 2025-A A 4.14% 08/20/27  | TESLA LEASE ELECTRIC VEHICLE SECURITIZATION 2025-A LLC SER 2025-A CL A2 REGD 144A P/P 4.14000000 | CUSIP: 88162VAB6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1400000 | PA      | $1401280.16   | 0.14%             | 2028-06-20      | Fixed         | 4.14%                 | Yes           |                  2 | On Loan: No      |
| GNR 2023-H26 DF V/R 09/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H26 CL DF V/R 4.68881000                       | CUSIP: 38383KKA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    869830 | PA      | $865373.14    | 0.09%             | 2073-09-20      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN V/R 07/31/26 | MERCEDES-BENZ FIN NA REGD V/R 144A P/P 4.92825900                                                | CUSIP: 58769JAV9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1804788.16   | 0.19%             | 2026-07-31      | Variable      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| HDMOT 2025-A A 4.71% 07/17/28  | HARLEY-DAVIDSON MOTORCYCLE TRUST 2025-A SER 2025-A CL A2A REGD 4.71000000                        | CUSIP: 41284XAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    600000 | PA      | $602158.26    | 0.06%             | 2028-07-17      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR 5% 12/01/27 | CHICAGO IL MET WTR RECLAMATION REGD N/C B/E 5.00000000                                           | CUSIP: 167560XR7<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |  12940000 | PA      | $13640531.49  | 1.40%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNR 2022-H01 FA V/R 01/20/72   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2022-H01 CL FA V/R 4.73881000                       | CUSIP: 38382YKM4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    777393 | PA      | $763527.15    | 0.08%             | 2072-01-20      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUT 5% 02/01/28 | INDIANA ST FIN AUTH REVENUE REGD N/C B/E 5.00000000                                              | CUSIP: 45506EMR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2476033.56   | 0.25%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/25 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000                                       | CUSIP: 592647EB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9425000 | PA      | $9425000.00   | 0.97%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 01/24/28 | WELLS FARGO & COMPANY REGD V/R 5.08155600                                                        | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500962.31    | 0.05%             | 2028-01-24      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 11/03/26 | HSBC HOLDINGS PLC REGD V/R 7.33600000                                                            | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1002386.72   | 0.10%             | 2026-11-03      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 03/27/28 | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 4.97249200                                            | CUSIP: 78017DAG3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2900000 | PA      | $2910197.62   | 0.30%             | 2028-03-27      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH  V/R 08/15/51 | HAMILTON CNTY OH HOSP FACS REV REGD V/R B/E 3.95000000                                           | CUSIP: 4072722B8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   9420000 | PA      | $9420000.00   | 0.97%             | 2051-08-15      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| FNR 2024-101 FB V/R 01/25/55   | FANNIE MAE REMICS SER 2024-101 CL FB V/R 5.45603000                                              | CUSIP: 3136BUFJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    844451 | PA      | $846176.35    | 0.09%             | 2055-01-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL V/R 09/08/28 | CANADIAN IMPERIAL BANK REGD V/R 4.99746000                                                       | CUSIP: 13607QFC1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $200237.80    | 0.02%             | 2028-09-08      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GNR 2017-H02 FH V/R 01/20/67   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2017-H02 CL FH V/R 5.44943000                       | CUSIP: 38375UYK0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    536080 | PA      | $541152.58    | 0.06%             | 2067-01-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WT 5% 09/01/26 | PHILADELPHIA PA WTR & WSTWTR R REGD N/C B/E AG 5.00000000                                        | CUSIP: 7178932D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2605224.33   | 0.27%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NRZT 2018-3A A1 V/R 05/25/58   | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2018-3 SER 2018-3A CL A1 V/R REGD 144A P/P 4.50000000        | CUSIP: 64830KAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     75646 | PA      | $74009.29     | 0.01%             | 2058-05-25      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CRVNA 2024-P1  5.05% 04/10/29  | CARVANA AUTO RECEIVABLES TRUST 2024-P1 SER 2024-P1 CL A3 REGD 144A P/P 5.05000000                | CUSIP: 14688NAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1006037.10   | 0.10%             | 2029-04-10      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| ROLLS-ROYCE PL 3.625% 10/14/25 | ROLLS-ROYCE PLC REGD P/P 3.62500000                                                              | CUSIP: 77578JAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    500000 | PA      | $499781.91    | 0.05%             | 2025-10-14      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| KANSAS CITY MO 5% 02/01/26     | KANSAS CITY MO REGD N/C B/E 5.00000000                                                           | CUSIP: 484873RC0<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    900000 | PA      | $906932.25    | 0.09%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AR 5% 07/01/28 | PHILADELPHIA PA ARPT REVENUE REGD N/C B/E AMT 5.00000000                                         | CUSIP: 717817YH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $906962.36    | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD 4.25% 06/15/26   | AIRCASTLE LTD REGD 4.25000000                                                                    | CUSIP: 00928QAS0<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   1200000 | PA      | $1198820.27   | 0.12%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS  4.85% 11/01/28 | CONAGRA BRANDS INC REGD 4.85000000                                                               | CUSIP: 205887CC4<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1212907.24   | 0.12%             | 2028-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI 5% 11/15/27 | PUBLIC FIN AUTH WI REVENUE REGD N/C B/E 5.00000000                                               | CUSIP: 74442PH65<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $295626.25    | 0.03%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BAN V/R 05/21/27 | GOLDMAN SACHS BANK USA REGD V/R 4.98618600                                                       | CUSIP: 38151LAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    702000 | PA      | $704015.16    | 0.07%             | 2027-05-21      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| BPCE SA V/R 10/06/26           | BPCE SA REGD V/R P/P 1.65200000                                                                  | CUSIP: 05583JAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    300000 | PA      | $299879.38    | 0.03%             | 2026-10-06      | Variable      | 1.65%                 | Yes           |                  2 | On Loan: No      |
| NORDEA BANK ABP V/R 03/19/27   | NORDEA BANK ABP REGD V/R 144A P/P 4.89593600                                                     | CUSIP: 65558RAF6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   1200000 | PA      | $1205876.17   | 0.12%             | 2027-03-19      | Variable      | 4.90%                 | Yes           |                  2 | On Loan: No      |
| GCCT 2022-1A A 1.97% 01/15/27  | GOLDEN CREDIT CARD TRUST SER 2022-1A CL A REGD 144A P/P 1.97000000                               | CUSIP: 380881FE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |   1000000 | PA      | $974038.40    | 0.10%             | 2029-01-15      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY BA V/R 10/15/27 | MORGAN STANLEY BANK NA REGD V/R 5.01084200                                                       | CUSIP: 61690U8F0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2806249.96   | 0.29%             | 2027-10-15      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| F/C CAN 5YR BOND FUT  DEC25    | FUTURE CONTRACT ON           CAN 5YR BOND FUT  DEC25 /CAD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | CA        |       117 | NC      | $9694934.25   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARMX 2024-1 A2 5.3% 11/15/25  | CARMAX AUTO OWNER TRUST 2024-1 SER 2024-1 CL A2A REGD 5.30000000                                 | CUSIP: 14318WAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    138810 | PA      | $138876.03    | 0.01%             | 2027-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FNCL 30YR TBA 5.5% NOV 11      | FNCL 30YR TBA 5.5% NOV 11      TO BE ANNOUNCED 5.50000000                                        | CUSIP: 01F0526B3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   5000000 | PA      | $5039702.95   | 0.52%             | 2050-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 10/13/26  | ABN AMRO BANK NV REGD V/R 144A P/P MTN 6.57500000                                                | CUSIP: 00084DBC3<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   2200000 | PA      | $2201282.78   | 0.23%             | 2026-10-13      | Variable      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| GNR 2021-H09 FG V/R 06/20/71   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2021-H09 CL FG V/R 5.88881000                       | CUSIP: 38380Q4V1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1405977 | PA      | $1437359.15   | 0.15%             | 2071-06-20      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| NALT 2024-B A3 4.92% 03/15/27  | NISSAN AUTO LEASE TRUST 2024-B SER 2024-B CL A3 REGD 4.92000000                                  | CUSIP: 65481DAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    600000 | PA      | $607087.50    | 0.06%             | 2027-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AU V/R 11/01/37 | INDIANA ST FIN AUTH HLTH SYS R REGD V/R B/E 3.85000000                                           | CUSIP: 45470YBL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.82%             | 2037-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI 5% 11/15/26 | PUBLIC FIN AUTH WI REVENUE REGD N/C B/E 5.00000000                                               | CUSIP: 74442PH57<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    275000 | PA      | $280120.89    | 0.03%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORDL 2024-B A2B V/R 01/15/26  | FORD CREDIT AUTO LEASE TRUST 2024-B SER 2024-B CL A2B V/R REGD 4.77208000                        | CUSIP: 345279AC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    369501 | PA      | $369603.80    | 0.04%             | 2027-02-15      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA  V/R 11/01/45 | DIST OF COLUMBIA REVENUE REGD V/R B/E 2.98000000                                                 | CUSIP: 25483VAE4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2325000.00   | 0.24%             | 2045-11-01      | Variable      | 2.98%                 | No            |                  2 | On Loan: No      |
| CRVNA 2023-P1  5.94% 07/12/27  | CARVANA AUTO RECEIVABLES TRUST 2023-P1 SER 2023-P1 CL A4 REGD 144A P/P 5.94000000                | CUSIP: 14688EAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1018275.30   | 0.10%             | 2029-01-10      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT 5% 12/01/27 | WAYNE CNTY MI ARPT AUTH REVENU REGD N/C B/E AMT 5.00000000                                       | CUSIP: 944514WP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1890160.92   | 0.19%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST  V/R 07/01/46 | MASSACHUSETTS ST DEV FIN AGY R REGD V/R B/E 2.50000000                                           | CUSIP: 57583R6H3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5700000.00   | 0.59%             | 2046-07-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 07/13/27  | DEUTSCHE BANK NY REGD V/R 7.14600000                                                             | CUSIP: 25160PAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   1200000 | PA      | $1225768.69   | 0.13%             | 2027-07-13      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 08/13/26 | BMW US CAPITAL LLC REGD V/R 144A P/P 5.05630400                                                  | CUSIP: 05565ECN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2207162.58   | 0.23%             | 2026-08-13      | Variable      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| ELFI 2021-A A 1.53% 12/26/46   | ELFI GRADUATE LOAN PROGRAM 2021-A LLC SER 2021-A CL A REGD 144A P/P 1.53000000                   | CUSIP: 28628BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    567051 | PA      | $507941.92    | 0.05%             | 2046-12-26      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| SFAST 2024-2A  5.33% 11/20/29  | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2 SER 2024-2A CL A3 REGD 144A P/P 5.33000000           | CUSIP: 78397XAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1200000 | PA      | $1214065.56   | 0.12%             | 2029-11-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP  V/R 03/20/26 | VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 4.98316100                                            | CUSIP: 928668CD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $601077.00    | 0.06%             | 2026-03-20      | Variable      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| UNIV OF NEW MEXIC V/R 06/01/26 | UNIV OF NEW MEXICO NM REGD V/R B/E 2.70000000                                                    | CUSIP: 914692WL8<br>LEI: 549300WZXG6PIBC7KB43 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1835000.00   | 0.19%             | 2026-06-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS A 5% 07/01/26 | GUAM GOVT WTRWKS AUTH WTR & WS REGD N/C B/E 5.00000000                                           | CUSIP: 40065FDL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354874.21    | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE S V/R 03/11/27 | CREDIT AGRICOLE SA REGD V/R REG S 5.05169400                                                     | CUSIP: 22535EAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    500000 | PA      | $502166.25    | 0.05%             | 2027-03-11      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| FORDO 2025-B A 3.88% 06/15/28  | FORD CREDIT AUTO OWNER TRUST 2025-B SER 2025-B CL A2A REGD 3.88000000                            | CUSIP: 34532BAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1800000 | PA      | $1800092.70   | 0.18%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                            | IRS RSOFRP03.30 02/28/30 WFSLUS33XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $19624.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SBALT 2024-B A 5.56% 09/21/26  | SBNA AUTO LEASE TRUST 2024-B SER 2024-B CL A3 REGD 144A P/P 5.56000000                           | CUSIP: 78437VAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1006793.20   | 0.10%             | 2027-11-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| DELL INT LLC /  6.02% 06/15/26 | DELL INT LLC / EMC CORP REGD 6.02000000                                                          | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1209911.50   | 0.12%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC 4.375% 01/12/26   | BARCLAYS PLC REGD 4.37500000                                                                     | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $700004.59    | 0.07%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NSLT 2025-BA A 4.84% 05/17/55  | NELNET STUDENT LOAN TRUST 2025-B SER 2025-BA CL A1A REGD 144A P/P 4.84000000                     | CUSIP: 64032BAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    700000 | PA      | $705076.75    | 0.07%             | 2055-05-17      | Fixed         | 4.84%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 12/03/28  | ABN AMRO BANK NV REGD V/R 144A P/P 5.21131200                                                    | CUSIP: 00084DBE9<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $300629.95    | 0.03%             | 2028-12-03      | Variable      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| GNR 2024-H01 FB V/R 01/20/74   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-H01 CL FB V/R 5.28881000                       | CUSIP: 38383KNN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    954389 | PA      | $957314.97    | 0.10%             | 2074-01-20      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 4.9% 06/01/26 | SOUTHERN CAL EDISON REGD 4.90000000                                                              | CUSIP: 842400HW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1103522.90   | 0.11%             | 2026-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE 3.625% 10/13/25 | ELECTRICITE DE FRANCE SA REGD 144A P/P 3.62500000                                                | CUSIP: 268317AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $999588.84    | 0.10%             | 2025-10-13      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 06/01/27 | PORT OF SEATTLE WA REGD N/C B/E 5.00000000                                                       | CUSIP: 735371RM0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7620117.41   | 0.78%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OCBC/SYDNEY V/R 05/18/26/AUD/  | OCBC/SYDNEY /AUD/ REGD V/R MTN 4.37000000                                                        | CUSIP: Q7S56EBB4<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   1000000 | PA      | $663413.74    | 0.07%             | 2026-05-18      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| CCCIT 2023-A1  5.23% 12/08/25  | CITIBANK CREDIT CARD ISSUANCE TRUST SER 2023-A1 CL A1 REGD 5.23000000                            | CUSIP: 17305EGW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2300000 | PA      | $2304242.12   | 0.24%             | 2027-12-08      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 07/01/27 | LOS ANGELES CA DEPT OF WTR & P REGD N/C B/E 5.00000000                                           | CUSIP: 544532AU8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   8415000 | PA      | $8759040.54   | 0.90%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 11/01/25 | NEW YORK CITY NY TRANSITIONAL REGD N/C B/E 5.00000000                                            | CUSIP: 64971X4M7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7013187.30   | 0.72%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVSL 2020-A A2B V/R 07/15/28  | NAVIENT PRIVATE EDUCATION LOAN TRUST 2020-A SER 2020-A CL A2B V/R REGD 144A P/P 5.16464000       | CUSIP: 63941FAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    534212 | PA      | $532794.76    | 0.05%             | 2068-11-15      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 09/18/27  | ABN AMRO BANK NV REGD V/R 5.93882300                                                             | CUSIP: 00084EAF5<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $202172.80    | 0.02%             | 2027-09-18      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| NRZT 2019-NQM5 A V/R 11/25/59  | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2019-NQM5 SER 2019-NQM5 CL A1 V/R REGD 144A P/P 2.70986000   | CUSIP: 64830PAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    183523 | PA      | $174999.16    | 0.02%             | 2059-11-25      | Variable      | 2.71%                 | Yes           |                  2 | On Loan: No      |
| GMALT 2025-1 A 4.54% 09/20/26  | GM FINANCIAL AUTOMOBILE LEASING TRUST 2025-1 SER 2025-1 CL A2A REGD 4.54000000                   | CUSIP: 36271VAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2100850 | PA      | $2106096.18   | 0.22%             | 2027-05-20      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| CARMX 2025-1 A 4.84% 10/15/28  | CARMAX AUTO OWNER TRUST 2025-1 SER 2025-1 CL A3 REGD 4.84000000                                  | CUSIP: 14319WAD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $507695.25    | 0.05%             | 2030-01-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| FHR 5549 FA V/R 06/25/55       | FREDDIE MAC REMICS SER 5549 CL FA V/R 5.60603000                                                 | CUSIP: 3137HLST0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1841712 | PA      | $1853956.11   | 0.19%             | 2055-06-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| FNR 2025-1 FD V/R 02/25/55     | FANNIE MAE REMICS SER 2025-1 CL FD V/R 5.55603000                                                | CUSIP: 3136BUZM5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    333117 | PA      | $334844.88    | 0.03%             | 2055-02-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 08/07/27 | LLOYDS BANKING GROUP PLC REGD V/R 5.84166700                                                     | CUSIP: 53944YAW3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1100000 | PA      | $1109163.00   | 0.11%             | 2027-08-07      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE S V/R 03/11/27 | CREDIT AGRICOLE SA REGD V/R 144A P/P 5.05169400                                                  | CUSIP: 22534PAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1700000 | PA      | $1707365.23   | 0.18%             | 2027-03-11      | Variable      | 5.05%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI 5% 11/15/25 | PUBLIC FIN AUTH WI REVENUE REGD N/C B/E 5.00000000                                               | CUSIP: 74442PH40<br>LEI: 5493004S6D3NA627K012 | Long             | STIV             | MUN               | US        |    365000 | PA      | $365703.14    | 0.04%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU 5% 08/15/26 | CLIFTON TX HGR EDU FIN CORP ED REGD N/C B/E PSF-GTD 5.00000000                                   | CUSIP: 187145SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019566.90   | 0.10%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-RPL4 A V/R 12/27/60  | CSMC 2021-RPL4 TRUST SER 2021-RPL4 CL A1 V/R REGD 144A P/P 4.13438000                            | CUSIP: 12662GAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    233655 | PA      | $232707.64    | 0.02%             | 2060-12-27      | Variable      | 4.13%                 | Yes           |                  2 | On Loan: No      |
| MCCT 2023-1A A 4.7% 12/21/25   | MASTER CREDIT CARD TRUST II SER 2023-1A CL A REGD 144A P/P 4.70000000                            | CUSIP: 576339DF9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |    600000 | PA      | $600644.10    | 0.06%             | 2027-06-21      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| TLOT 2025-A A2 4.58% 12/21/26  | TOYOTA LEASE OWNER TRUST 2025-A SER 2025-A CL A2A REGD 144A P/P 4.58000000                       | CUSIP: 89239NAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2098877 | PA      | $2106401.36   | 0.22%             | 2027-07-20      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| OHIO ST UNIV V/R 06/01/43      | OHIO ST UNIV REGD V/R B/E 2.87000000                                                             | CUSIP: 677632P39<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.62%             | 2043-06-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HS V/R 11/15/48 | CONNECTICUT ST HSG FIN AUTH HS REGD V/R B/E 2.89000000                                           | CUSIP: 20775CZK3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   5585000 | PA      | $5585000.00   | 0.57%             | 2048-11-15      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| FNR 2018-82 W V/R 11/25/58     | FANNIE MAE REMICS SER 2018-82 CL W V/R 6.35509100                                                | CUSIP: 3136B3NP1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    173722 | PA      | $177652.02    | 0.02%             | 2058-11-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & E 2.95% 03/01/26 | PACIFIC GAS & ELECTRIC REGD 2.95000000                                                           | CUSIP: 694308HP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1092414.36   | 0.11%             | 2026-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDING V/R 05/31/27 | SANTANDER HOLDINGS USA REGD V/R 6.12400000                                                       | CUSIP: 80282KBK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1616850.53   | 0.17%             | 2027-05-31      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPER 4.876% 01/14/30 | CANADIAN IMPERIAL BANK REGD 144A P/P 4.87600000                                                  | CUSIP: 13607PVU5<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1139099.80   | 0.12%             | 2030-01-14      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| FHR 5499 FH V/R 02/25/55       | FREDDIE MAC REMICS SER 5499 CL FH V/R 5.55603000                                                 | CUSIP: 3137HJWY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    415944 | PA      | $417970.60    | 0.04%             | 2055-02-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| US TIPS 2.125% 04/15/29        | UNITED STATES TREASURY INFLATION INDEXED BONDS 2.12500000                                        | CUSIP: 91282CKL4<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   1420411 | PA      | $1466344.36   | 0.15%             | 2029-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| SMB 2023-D A1B V/R 09/15/53    | SMB PRIVATE EDUCATION LOAN TRUST 2023-D SER 2023-D CL A1B V/R REGD 144A P/P 6.02208000           | CUSIP: 78450PAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    807193 | PA      | $820927.24    | 0.08%             | 2053-09-15      | Variable      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| VZMT 2024-6 A1B V/R 08/20/27   | VERIZON MASTER TRUST SER 2024-6 CL A1B V/R REGD 5.05881000                                       | CUSIP: 92348KDF7<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-CBDO         | CORP              | US        |   1100000 | PA      | $1105424.32   | 0.11%             | 2030-08-20      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| FHR 5532 FA V/R 04/25/55       | FREDDIE MAC REMICS SER 5532 CL FA V/R 5.30603000                                                 | CUSIP: 3137HKPJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1931617 | PA      | $1935092.06   | 0.20%             | 2055-04-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| TAOT 2023-A A3 4.63% 05/15/26  | TOYOTA AUTO RECEIVABLES 2023-A OWNER TRUST SER 2023-A CL A3 REGD 4.63000000                      | CUSIP: 891940AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     95627 | PA      | $95829.32     | 0.01%             | 2027-09-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST 5% 09/15/26    | PENNSYLVANIA ST REGD N/C B/E 5.00000000                                                          | CUSIP: 70914PB68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048189.40   | 0.21%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNR 2015-H04 FA V/R 12/20/64   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2015-H04 CL FA V/R 5.11582000                       | CUSIP: 38378U8L4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    523139 | PA      | $523418.89    | 0.05%             | 2064-12-20      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| ING BANK (AU V/R 12/08/25/AUD/ | ING BANK (AUSTRALIA) LTD /AUD/ REGD V/R 4.55500000                                               | CUSIP: Q4R128LM3<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    900000 | PA      | $596322.00    | 0.06%             | 2025-12-08      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| FNR 2025-18 FM V/R 09/25/54    | FANNIE MAE REMICS SER 2025-18 CL FM V/R 5.25603000                                               | CUSIP: 3136BVKH0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5941704 | PA      | $5947720.32   | 0.61%             | 2054-09-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| OSCAR 2024-2A  4.63% 11/10/26  | OSCAR US FUNDING XVII LLC SER 2024-2A CL A2 REGD 144A P/P 4.63000000                             | CUSIP: 68784BAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    660070 | PA      | $660115.06    | 0.07%             | 2027-12-10      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| PNC BANK NA V/R 01/15/27       | PNC BANK NA REGD V/R SER BKNT 4.77500000                                                         | CUSIP: 69353RFX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2302849.63   | 0.24%             | 2027-01-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| FHR 5508 FC V/R 02/25/55       | FREDDIE MAC REMICS SER 5508 CL FC V/R 5.35603000                                                 | CUSIP: 3137HJGF8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    814743 | PA      | $816168.36    | 0.08%             | 2055-02-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE I 1.625% 07/12/26 | ENEL FINANCE INTL NV REGD 144A P/P 1.62500000                                                    | CUSIP: 29278GAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    700000 | PA      | $686063.48    | 0.07%             | 2026-07-12      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| JACKSONVILLE FL SP 5% 10/01/25 | JACKSONVILLE FL SPL REVENUE REGD N/C B/E 5.00000000                                              | CUSIP: 469487TA0<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.15%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL V/R 01/13/28 | CANADIAN IMPERIAL BANK REGD V/R 5.04784100                                                       | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1600000 | PA      | $1601015.86   | 0.16%             | 2028-01-13      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH  V/R 07/01/29 | FRANKLIN CNTY OH HOSP REVENUE REGD V/R B/E 2.87000000                                            | CUSIP: 3531863Q0<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.12%             | 2029-07-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| FORDO 2024-B A2 5.4% 02/15/26  | FORD CREDIT AUTO OWNER TRUST 2024-B SER 2024-B CL A2A REGD 5.40000000                            | CUSIP: 34531QAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    520944 | PA      | $522241.27    | 0.05%             | 2027-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUT 5% 02/01/27 | INDIANA ST FIN AUTH REVENUE REGD N/C B/E 5.00000000                                              | CUSIP: 45506EMQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7400000 | PA      | $7628855.36   | 0.78%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HALST 2025-B A 4.58% 12/15/26  | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2 SER 2025-B CL A2A REGD 144A P/P 4.58000000             | CUSIP: 44935DAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1400000 | PA      | $1406388.90   | 0.14%             | 2027-09-15      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDI 5.8% 03/05/27 | FORD MOTOR CREDIT CO LLC REGD 5.80000000                                                         | CUSIP: 345397D83<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2525642.00   | 0.26%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED M V/R 02/16/28 | BANQUE FED CRED MUTUEL REGD V/R 144A P/P 5.31919100                                              | CUSIP: 06675DCL4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1008160.00   | 0.10%             | 2028-02-16      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER UK GROU V/R 11/21/26 | SANTANDER UK GROUP HLDGS REGD V/R 6.83300000                                                     | CUSIP: 80281LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    800000 | PA      | $802176.89    | 0.08%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY  V/R 06/15/45 | NEW YORK CITY NY MUNI WTR FIN REGD V/R B/E 3.50000000                                            | CUSIP: 64972GYZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4325000.00   | 0.44%             | 2045-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| RC R/P BNP PA  4.250% 10/01/25 | RC R/P BNP PA  4.250% 10/01/25 4.25000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | RA               | CORP              | US        |   6900000 | PA      | $6900000.00   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| TAOT 2022-C A3 3.76% 12/15/25  | TOYOTA AUTO RECEIVABLES 2022-C OWNER TRUST SER 2022-C CL A3 REGD 3.76000000                      | CUSIP: 89231CAD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    269525 | PA      | $269211.17    | 0.03%             | 2027-04-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNAT 5.125% 01/13/28 | SAUDI INTERNATIONAL BOND REGD 144A P/P 5.12500000                                                | CUSIP: 80413TBJ7<br>LEI: N/A                  | Long             | DBT              | USGA              | SA        |   2300000 | PA      | $2349147.50   | 0.24%             | 2028-01-13      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| TRIBOROUGH NY BRID 5% 03/15/27 | TRIBOROUGH NY BRIDGE & TUNNEL REGD N/C B/E 5.00000000                                            | CUSIP: 89602HJA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10363834.00  | 1.07%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT 5% 12/01/27 | CHICAGO IL TRANSIT AUTH SALES REGD N/C B/E 5.00000000                                            | CUSIP: 16772PDV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2364495.75   | 0.24%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI F V/R 07/13/26 | SUMITOMO MITSUI FINL GRP REGD V/R 5.63450600                                                     | CUSIP: 86562MCZ1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    700000 | PA      | $705055.53    | 0.07%             | 2026-07-13      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| MF1 2021-W10 A V/R 12/15/24    | MF1 2021-W10X SER 2021-W10 CL A V/R REGD 144A P/P 5.22032700                                     | CUSIP: 55284DAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    900000 | PA      | $899678.52    | 0.09%             | 2034-12-15      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| KEURIG DR PEPPER  V/R 11/15/26 | KEURIG DR PEPPER INC REGD V/R 4.83057600                                                         | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800006.74    | 0.08%             | 2026-11-15      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| FNR 2025-18 FA V/R 11/25/53    | FANNIE MAE REMICS SER 2025-18 CL FA V/R 5.30603000                                               | CUSIP: 3136BU7K0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    788173 | PA      | $791252.11    | 0.08%             | 2053-11-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE  5% 01/01/26 | CHICAGO IL O'HARE INTERNATIONA REGD N/C B/E AMT 5.00000000                                       | CUSIP: 167593Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3518937.45   | 0.36%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5534 FM V/R 05/25/55       | FREDDIE MAC REMICS SER 5534 CL FM V/R 5.28603000                                                 | CUSIP: 3137HLEP3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1785865 | PA      | $1791254.42   | 0.18%             | 2055-05-25      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE V/R 12/14/26  | SOCIETE GENERALE REGD V/R 144A P/P 1.48800000                                                    | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $993807.50    | 0.10%             | 2026-12-14      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL BRANDS  4.5% 06/30/28 | IMPERIAL BRANDS FIN PLC REGD 144A P/P 4.50000000                                                 | CUSIP: 45262BAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201471.26    | 0.02%             | 2028-06-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| F/C US ULTRA BOND CBT DEC25    | FUTURE CONTRACT ON           US ULTRA BOND CBT DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -29 | NC      | $-3481812.50  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2022-8 D 2% 08/25/38       | FANNIE MAE REMICS SER 2022-8 CL D 2.00000000                                                     | CUSIP: 3136BLW30<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    920850 | PA      | $860789.90    | 0.09%             | 2038-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AVON 4A A V/R 09/28/26 /GBP/   | AVON FINANCE SER 4A CL A V/R REGD 144A P/P /GBP/ 4.86710000                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | GB        |    800806 | PA      | $1079054.27   | 0.11%             | 2049-12-28      | Variable      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| PROGS 2020- V/R 11/21/25 /AUD/ | PROGRESS 2020-1 TRUST SER 2020-1 CL A V/R REGD /AUD/ 4.53500000                                  | CUSIP: Q7S0C5AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |    338026 | PA      | $223774.84    | 0.02%             | 2051-01-21      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| N/A                            | EUR/USD FWD 20251104 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-268.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW YORK NY V/R 08/01/44       | NEW YORK NY REGD V/R B/E 3.65000000                                                              | CUSIP: 64966SMP8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9000000.00   | 0.92%             | 2044-08-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H02 FA V/R 01/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H02 CL FA V/R 5.28881000                       | CUSIP: 38382YN82<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    390236 | PA      | $390736.19    | 0.04%             | 2073-01-20      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| MUFG BANK L V/R 02/17/26 /AUD/ | MUFG BANK LTD SYDNEY VARIABLE_  SER TCD /AUD/ CTF OF DEPOSIT 4.46000000                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | JP        |   1700000 | PA      | $1127297.16   | 0.12%             | 2026-02-17      | Variable      | 4.46%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL IN 1.57% 01/15/26 | BERRY GLOBAL INC REGD 1.57000000                                                                 | CUSIP: 08576PAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1883646.95   | 0.19%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| TPMT 2019-HY2 A1 V/R 05/25/58  | TOWD POINT MORTGAGE TRUST 2019-HY2 SER 2019-HY2 CL A1 V/R REGD 144A P/P 5.27239000               | CUSIP: 89177HAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    141380 | PA      | $144480.02    | 0.01%             | 2058-05-25      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| F/C LONG GILT FUTURE  DEC25    | FUTURE CONTRACT ON           LONG GILT FUTURE  DEC25 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |        13 | NC      | $1588219.27   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 12/09/26 | GOLDMAN SACHS GROUP INC REGD V/R SER FRN 4.98435100                                              | CUSIP: 38141GXN9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400315.20    | 0.04%             | 2026-12-09      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| F/C US 5YR NOTE (CBT) DEC25    | FUTURE CONTRACT ON           US 5YR NOTE (CBT) DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      1359 | NC      | $148396430.37 | 15.25%            |  |  |  | No            |                  1 | On Loan: No      |
| SHINHAN BANK V/R 11/16/25/AUD/ | SHINHAN BANK /AUD/ REGD V/R REG S 5.54000000                                                     | CUSIP: Q8500VAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | KR        |   3500000 | PA      | $2320095.34   | 0.24%             | 2025-11-16      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| FASTR 20 3.724% 06/15/27 /CAD/ | FORD AUTO SECURITIZATION TRUST II SER 2024-BA CL A2 REGD 144A P/P /CAD/ 3.72400000               | CUSIP: 345214BT6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |   2300000 | PA      | $1664554.14   | 0.17%             | 2028-11-15      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| COPAR 2023-2 A 5.82% 06/15/28  | CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2 SER 2023-2 CL A3 REGD 5.82000000                 | CUSIP: 14044EAD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    954177 | PA      | $966536.88    | 0.10%             | 2028-06-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA 5% 08/01/27    | PHILADELPHIA PA REGD N/C B/E 5.00000000                                                          | CUSIP: 717813C23<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3396158.03   | 0.35%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HALST 2025-C A 4.37% 04/15/27  | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2 SER 2025-C CL A2A REGD 144A P/P 4.37000000             | CUSIP: 44935GAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1400000 | PA      | $1406730.78   | 0.14%             | 2028-01-18      | Fixed         | 4.37%                 | Yes           |                  2 | On Loan: No      |
| DAIMLER TRUCK F 4.65% 10/12/30 | DAIMLER TRUCK FINAN NA REGD 144A P/P 4.65000000                                                  | CUSIP: 233853BH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2804546.22   | 0.29%             | 2030-10-12      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK ST HSG F V/R 05/01/44 | NEW YORK ST HSG FIN AGY REVENU REGD V/R B/E 2.80000000                                           | CUSIP: 64986UEB9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  11620000 | PA      | $11620000.00  | 1.19%             | 2044-05-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| HDMOT 2024-B A 4.62% 03/16/26  | HARLEY-DAVIDSON MOTORCYCLE TRUST 2024-B SER 2024-B CL A2 REGD 4.62000000                         | CUSIP: 41284PAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    824955 | PA      | $825599.40    | 0.08%             | 2027-08-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA V/R 12/04/26       | CITIBANK NA REGD V/R SER BKNT 5.26323400                                                         | CUSIP: 17325FBD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1209303.49   | 0.12%             | 2026-12-04      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| N/A                            | GBP/USD FWD 20251002 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5737.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON 5% 03/01/26 | NEW JERSEY ST ECON DEV AUTH RE REGD N/C B/E 5.00000000                                           | CUSIP: 64577XEN2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504678.45    | 0.05%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KT CORP 4.375% 01/03/29        | KT CORP REGD 144A P/P 4.37500000                                                                 | CUSIP: 48268KAJ0<br>LEI: 9884005ACF8449EANY26 | Long             | DBT              | CORP              | KR        |   1300000 | PA      | $1305903.40   | 0.13%             | 2029-01-03      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY  5% 01/01/26 | CHICAGO IL MIDWAY ARPT REVENUE REGD N/C B/E AMT 5.00000000                                       | CUSIP: 167562SX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3015095.40   | 0.31%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL SP 5% 10/01/25 | JACKSONVILLE FL SPL REVENUE REGD N/C B/E 5.00000000                                              | CUSIP: 469487VF6<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.13%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5528 FA V/R 04/25/55       | FREDDIE MAC REMICS SER 5528 CL FA V/R 5.22603000                                                 | CUSIP: 3137HKR30<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1775784 | PA      | $1776437.67   | 0.18%             | 2055-04-25      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| GNR 2019-54 KF V/R 05/20/44    | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2019-54 CL KF V/R 4.81469000                        | CUSIP: 38381R7J2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    264566 | PA      | $259460.13    | 0.03%             | 2044-05-20      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 1.2% 02/01/26 | SOUTHERN CAL EDISON REGD SER 20C 1.20000000                                                      | CUSIP: 842400GV9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1779212.54   | 0.18%             | 2026-02-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| CRVNA 2024-P4  4.64% 04/10/28  | CARVANA AUTO RECEIVABLES TRUST 2024-P4 SER 2024-P4 CL A3 REGD 4.64000000                         | CUSIP: 14076LAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $503363.65    | 0.05%             | 2030-01-10      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| WOART 2024-B A 5.48% 09/15/27  | WORLD OMNI AUTO RECEIVABLES TRUST 2024-B SER 2024-B CL A2A REGD 5.48000000                       | CUSIP: 98164HAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     82380 | PA      | $82450.39     | 0.01%             | 2027-09-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| FHR 5517 FE V/R 03/25/55       | FREDDIE MAC REMICS SER 5517 CL FE V/R 5.30603000                                                 | CUSIP: 3137HKGJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2050466 | PA      | $2031787.06   | 0.21%             | 2055-03-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 11/24/26  | DEUTSCHE BANK NY REGD V/R 2.12900000                                                             | CUSIP: 251526CE7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   1936000 | PA      | $1928930.15   | 0.20%             | 2026-11-24      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| AESOP 2024-1A  5.36% 06/20/29  | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC SER 2024-1A CL A REGD 144A P/P 5.36000000               | CUSIP: 05377RHY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2068836.60   | 0.21%             | 2030-06-20      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| UBS AG AUSTR V/R 02/26/26/AUD/ | UBS AG AUSTRALIA /AUD/ REGD V/R REG S SER . 4.04810000                                           | CUSIP: Q9T799BT4<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |   1300000 | PA      | $860519.60    | 0.09%             | 2026-02-26      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| FHR 5508 DF V/R 02/25/55       | FREDDIE MAC REMICS SER 5508 CL DF V/R 5.35603000                                                 | CUSIP: 3137HJG84<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    827936 | PA      | $829873.60    | 0.09%             | 2055-02-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| F/C AUST 10Y BOND FUT DEC25    | FUTURE CONTRACT ON           AUST 10Y BOND FUT DEC25 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |        47 | NC      | $3525224.60   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILADELPHIA PA AR 5% 07/01/27 | PHILADELPHIA PA ARPT REVENUE REGD N/C B/E AMT 5.00000000                                         | CUSIP: 717817YG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035501.10   | 0.11%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HART 2023-B A3 5.48% 04/17/28  | HYUNDAI AUTO RECEIVABLES TRUST 2023-B SER 2023-B CL A3 REGD 5.48000000                           | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    889794 | PA      | $896374.69    | 0.09%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPIT 4.875% 10/01/25 | AVIATION CAPITAL GROUP REGD 144A P/P 4.87500000                                                  | CUSIP: 05367AAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1400000.00   | 0.14%             | 2025-10-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR  5% 01/01/26 | CHICAGO IL WSTWTR TRANSMISSION REGD N/C B/E 5.00000000                                           | CUSIP: 167727J98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1307005.05   | 0.13%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 01/01/26 | MUNI ELEC AUTH OF GA REGD N/C B/E 5.00000000                                                     | CUSIP: 62620HJD5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4023463.20   | 0.41%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST 5% 08/01/27          | ALASKA ST REGD N/C B/E 5.00000000                                                                | CUSIP: 0117705S9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $784984.95    | 0.08%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORDO 2024-C A 4.32% 05/15/26  | FORD CREDIT AUTO OWNER TRUST 2024-C SER 2024-C CL A2A REGD 4.32000000                            | CUSIP: 34532UAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1229680 | PA      | $1230314.31   | 0.13%             | 2027-08-15      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R 02/02/27      | UBS GROUP AG REGD V/R 144A P/P 1.30500000                                                        | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1700000 | PA      | $1682313.61   | 0.17%             | 2027-02-02      | Variable      | 1.30%                 | Yes           |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/25 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000                                       | CUSIP: 592647KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1665000.00   | 0.17%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH 5% 11/15/27 | MET TRANSPRTN AUTH NY REVENUE REGD N/C B/E 5.00000000                                            | CUSIP: 59261A5S2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3775640.04   | 0.39%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST MUNI P 5% 01/01/26 | OKLAHOMA ST MUNI PWR AUTH REGD N/C B/E AG 5.00000000                                             | CUSIP: 67910HQT0<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3519125.05   | 0.36%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAR 2020-3 A1 V/R 04/25/65    | STARWOOD MORTGAGE RESIDENTIAL TRUST 2020-3 SER 2020-3 CL A1 V/R REGD 144A P/P 1.48600000         | CUSIP: 85573MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     99257 | PA      | $96799.12     | 0.01%             | 2065-04-25      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 09/13/27      | BARCLAYS PLC REGD V/R 6.05580900                                                                 | CUSIP: 06738ECM5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $303166.64    | 0.03%             | 2027-09-13      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| SMB 2022-C A1B V/R 11/15/31    | SMB PRIVATE EDUCATION LOAN TRUST 2022-C SER 2022-C CL A1B V/R REGD 144A P/P 6.22208000           | CUSIP: 78449CAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    212632 | PA      | $215762.91    | 0.02%             | 2050-05-16      | Variable      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP  V/R 08/14/26 | VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.31310200                                            | CUSIP: 928668CJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200789.84    | 0.02%             | 2026-08-14      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST  V/R 09/01/32 | NEW HAMPSHIRE ST HLTH & EDU FA REGD V/R B/E 2.87000000                                           | CUSIP: 644614N21<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1410000.00   | 0.14%             | 2032-09-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH V/R 11/15/38 | ROCHESTER MN HLTH CARE FACS RE REGD V/R B/E 2.75000000                                           | CUSIP: 771902FB4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |  23000000 | PA      | $23000000.00  | 2.36%             | 2038-11-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| F/C US 10YR ULTRA FUT DEC25    | FUTURE CONTRACT ON           US 10YR ULTRA FUT DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -28 | NC      | $-3222187.50  | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| MBART 2023-1 A 4.51% 08/15/26  | MERCEDES-BENZ AUTO RECEIVABLES TRUST 2023-1 SER 2023-1 CL A3 REGD 4.51000000                     | CUSIP: 58770AAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    446510 | PA      | $447310.15    | 0.05%             | 2027-11-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS CNTY FL V/R 11/15/37 | HIGHLANDS CNTY FL HLTH FACS AU REGD V/R B/E 2.91000000                                           | CUSIP: 431022KG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.29%             | 2037-11-15      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| FNR 2020-29 FC V/R 05/25/50    | FANNIE MAE REMICS SER 2020-29 CL FC V/R 5.25981000                                               | CUSIP: 3136B9TM9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1082173 | PA      | $1078191.43   | 0.11%             | 2050-05-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| GNR 2025-89 PF V/R 05/20/55    | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-89 CL PF V/R 5.33881000                        | CUSIP: 38385GMK2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    493919 | PA      | $496169.40    | 0.05%             | 2055-05-20      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AR 5% 07/01/26 | PHILADELPHIA PA ARPT REVENUE REGD N/C B/E AMT 5.00000000                                         | CUSIP: 717817XG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9755000 | PA      | $9903524.75   | 1.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 10/24/26 | BANK OF AMERICA CORP REGD V/R MTN 1.19700000                                                     | CUSIP: 06051GJK6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998072.83    | 0.10%             | 2026-10-24      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY V/R 10/01/46       | NEW YORK NY REGD V/R B/E 3.85000000                                                              | CUSIP: 64966MSB6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.36%             | 2046-10-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| F/C US 10YR NOTE (CBT)DEC25    | FUTURE CONTRACT ON           US 10YR NOTE (CBT)DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      -101 | NC      | $-11362500.00 | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 01/01/27 | MUNI ELEC AUTH OF GA REGD N/C B/E 5.00000000                                                     | CUSIP: 62620HJE3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031526.90   | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV V/R 04/01/27      | ING GROEP NV REGD V/R 5.37693000                                                                 | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $501124.23    | 0.05%             | 2027-04-01      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMEN 5% 11/01/27 | CASINO REINVESTMENT DEV AUTH N REGD N/C B/E AG 5.00000000                                        | CUSIP: 14760RBV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $544091.03    | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY N V/R 12/01/27 | CUMBERLAND CNTY NC INDL FACS & REGD V/R B/E AMT 3.75000000                                       | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000581.20   | 0.41%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC PWR GENERAT 5% 01/01/27 | PUBLIC PWR GENERATION AGY NE R REGD N/C B/E 5.00000000                                           | CUSIP: 744434EY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061050.80   | 0.21%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BWAY 2021-1450 A V/R 09/15/23  | BWAY 2021-1450 MORTGAGE TRUST SER 2021-1450 CL A V/R REGD 144A P/P 5.51464000                    | CUSIP: 12430YAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $484247.60    | 0.05%             | 2036-09-15      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| DLLAA 2025-1A A 4.7% 10/20/27  | DLLAA 2025-1 LLC SER 2025-1A CL A2 REGD 144A P/P 4.70000000                                      | CUSIP: 233249AB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1119409 | PA      | $1123503.19   | 0.12%             | 2027-10-20      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| NOMURA HOLDINGS I V/R 07/02/27 | NOMURA HOLDINGS INC REGD V/R 5.61473200                                                          | CUSIP: 65535HBQ1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $504070.50    | 0.05%             | 2027-07-02      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| NALT 2025-A A2B V/R 12/15/26   | NISSAN AUTO LEASE TRUST 2025-A SER 2025-A CL A2B V/R REGD 4.82208000                             | CUSIP: 65479XAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1119143 | PA      | $1120849.35   | 0.12%             | 2027-11-15      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP FAC  V/R 01/01/52 | OHIO ST HOSP FAC REVENUE REGD V/R B/E 2.87000000                                                 | CUSIP: 677561KZ4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14000000.00  | 1.44%             | 2052-01-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH  5% 01/01/27 | N TX TOLLWAY AUTH REVENUE REGD N/C B/E 5.00000000                                                | CUSIP: 66285WP83<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031266.40   | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5517 MF V/R 03/25/55       | FREDDIE MAC REMICS SER 5517 CL MF V/R 5.30603000                                                 | CUSIP: 3137HKH72<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    767442 | PA      | $770401.54    | 0.08%             | 2055-03-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI 5% 06/01/28 | PUBLIC FIN AUTH WI HOSP REVENU REGD N/C B/E 5.00000000                                           | CUSIP: 74442CEU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056336.30   | 0.11%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF QUEE V/R 10/29/25/AUD/ | BANK OF QUEENSLAND LTD /AUD/ REGD V/R MTN 4.80590000                                             | CUSIP: Q1279GXK9<br>LEI: 549300WFIN7T02UKDG08 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $662136.66    | 0.07%             | 2025-10-29      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CE 4.7% 03/13/28 | EVERGY KANSAS CENTRAL REGD 4.70000000                                                            | CUSIP: 30036FAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $607296.95    | 0.06%             | 2028-03-13      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ALASKA ST 5% 08/01/26          | ALASKA ST REGD N/C B/E 5.00000000                                                                | CUSIP: 0117705R1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $704475.99    | 0.07%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLT 5% 07/01/28 | CONNECTICUT ST HLTH & EDUCTNL REGD N/C B/E 5.00000000                                            | CUSIP: 20775DC42<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1810018.56   | 0.19%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL CME WFS        | CASH COLLATERAL CME WFS        /CCWFSXUS7 3.99000000                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1681000 | PA      | $1681000.00   | 0.17%             | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL UTILIT V/R 10/01/33 | ORLANDO FL UTILITIES COMMISSIO REGD V/R B/E 2.97000000                                           | CUSIP: 686507DZ4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |  25060000 | PA      | $25060000.00  | 2.58%             | 2033-10-01      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 08/14/27 | HSBC HOLDINGS PLC REGD V/R 5.88700000                                                            | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1013525.30   | 0.10%             | 2027-08-14      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 11/02/26      | BARCLAYS PLC REGD V/R 7.32500000                                                                 | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1357000 | PA      | $1360117.38   | 0.14%             | 2026-11-02      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER S V/R 07/15/28 | BANCO SANTANDER SA REGD V/R 5.45228400                                                           | CUSIP: 05964HBE4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $402518.79    | 0.04%             | 2028-07-15      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH  5% 11/01/27 | DALLAS-FORT WORTH TX INTERNATI REGD N/C B/E AMT 5.00000000                                       | CUSIP: 23503CFN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7291008.90   | 0.75%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & E 3.15% 01/01/26 | PACIFIC GAS & ELECTRIC REGD 3.15000000                                                           | CUSIP: 694308JP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1345713.39   | 0.14%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI T V/R 09/14/26 | SUMITOMO MITSUI TR BK LT REGD V/R REG S 5.33178900                                               | CUSIP: J7771YSN8<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |   1600000 | PA      | $1612366.40   | 0.17%             | 2026-09-14      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| FNR 2025-35 FB V/R 05/25/55    | FANNIE MAE REMICS SER 2025-35 CL FB V/R 5.35603000                                               | CUSIP: 3136BVF78<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1490310 | PA      | $1498149.16   | 0.15%             | 2055-05-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL 5% 11/01/25 | CONNECTICUT ST SPL TAX OBLIG R REGD N/C B/E 5.00000000                                           | CUSIP: 207758F65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252397.38   | 0.13%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA V/R 01/18/27           | BPCE SA REGD V/R 144A P/P MTN 5.97500000                                                         | CUSIP: 05583JAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2007548.88   | 0.21%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST FIN A V/R 01/01/37 | ILLINOIS ST FIN AUTH REVENUE REGD V/R B/E 2.85000000                                             | CUSIP: 45200B3G1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1770000.00   | 0.18%             | 2037-01-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY 5% 10/01/27 | FLORIDA ST MID-BAY BRIDGE AUTH REGD N/C B/E AG 5.00000000                                        | CUSIP: 342814ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3128826.90   | 0.32%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 12/09/26 | GOLDMAN SACHS GROUP INC REGD V/R SER VAR 1.09300000                                              | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1689322.16   | 0.17%             | 2026-12-09      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH V/R 11/15/38 | ROCHESTER MN HLTH CARE FACS RE REGD V/R B/E 2.75000000                                           | CUSIP: 771902FC2<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3900000.00   | 0.40%             | 2038-11-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AR 5% 07/01/26 | PHILADELPHIA PA ARPT REVENUE REGD N/C B/E AMT 5.00000000                                         | CUSIP: 717817TY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2538063.75   | 0.26%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SBALT 2024-C A 4.56% 11/20/26  | SBNA AUTO LEASE TRUST 2024-C SER 2024-C CL A3 REGD 144A P/P 4.56000000                           | CUSIP: 78398DAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    900000 | PA      | $902656.35    | 0.09%             | 2028-02-22      | Fixed         | 4.56%                 | Yes           |                  2 | On Loan: No      |
| SMB 2020-PTA A2 1.6% 09/15/54  | SMB PRIVATE EDUCATION LOAN TRUST 2020-PT-A SER 2020-PTA CL A2A REGD 144A P/P 1.60000000          | CUSIP: 78449VAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    252152 | PA      | $237988.30    | 0.02%             | 2054-09-15      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| FHR 5565 FA V/R 08/25/55       | FREDDIE MAC REMICS SER 5565 CL FA V/R 5.50603000                                                 | CUSIP: 3137HMGJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1176293 | PA      | $1180343.01   | 0.12%             | 2055-08-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANC 4.25% 12/15/25 | BAYER US FINANCE II LLC REGD 144A P/P 4.25000000                                                 | CUSIP: 07274NAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2497847.10   | 0.26%             | 2025-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| UBER TECHNOLOGIE 4.5% 08/15/29 | UBER TECHNOLOGIES INC REGD 144A P/P 4.50000000                                                   | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498726.80    | 0.05%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| DENVER CITY & C 5.25% 11/15/27 | DENVER CITY & CNTY CO ARPT REV REGD N/C B/E AMT 5.25000000                                       | CUSIP: 249182SV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576590.45   | 0.16%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRTN 2021-2 V/R 02/09/53 /AUD/ | TRITON BOND TRUST 2021-2 IN RESPECT OF SERIES 1 SER 2021-2 CL A1AU V/R REGD /AUD/ 4.25560000     | CUSIP: Q744CHAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |    245341 | PA      | $162226.57    | 0.02%             | 2053-02-09      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H27 FD V/R 11/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H27 CL FD V/R 5.48881000                       | CUSIP: 38383KHV7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    457697 | PA      | $464119.37    | 0.05%             | 2073-11-20      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| HCA INC 5.875% 02/15/26        | HCA INC REGD 5.87500000                                                                          | CUSIP: 404119BS7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2703488.62   | 0.28%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 5.85% 01/15/26       | ONEOK INC REGD 5.85000000                                                                        | CUSIP: 682680BD4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    700000 | PA      | $701884.02    | 0.07%             | 2026-01-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GNR 2024-H02 FH V/R 01/20/74   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-H02 CL FH V/R 5.31881000                       | CUSIP: 38383KMK5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1095991 | PA      | $1100623.27   | 0.11%             | 2074-01-20      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST E 5% 07/01/26 | MASSACHUSETTS ST EDUCTNL FING REGD N/C B/E AMT 5.00000000                                        | CUSIP: 57563RSX8<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4053430.00   | 0.42%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNR 2017-121 PE 3% 07/20/46    | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2017-121 CL PE 3.00000000                           | CUSIP: 38380TV37<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     90810 | PA      | $89404.78     | 0.01%             | 2046-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD OF  5% 07/01/27 | FLORIDA ST BRD OF EDU LOTTERY REGD N/C B/E 5.00000000                                            | CUSIP: 341507T35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4895000 | PA      | $5120177.34   | 0.53%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/26 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000                                       | CUSIP: 592647LJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2805000 | PA      | $2862488.19   | 0.29%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCCIT 2017-A6 A6 V/R 05/14/27  | CITIBANK CREDIT CARD ISSUANCE TRUST SER 2017-A6 CL A6 V/R REGD 5.03464000                        | CUSIP: 17305EGE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2018027.00   | 0.21%             | 2029-05-14      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST MENTAL HLT 5% 02/01/26 | OHIO ST MENTAL HLTH CAPITAL FA REGD N/C B/E 5.00000000                                           | CUSIP: 677587DN4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511811.60   | 0.16%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG A 5% 10/15/25 | MICHIGAN ST BLDG AUTH REVENUE REGD N/C B/E 5.00000000                                            | CUSIP: 594615KV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5505549.50   | 0.57%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN  5.5% 08/31/26 | ROYAL CARIBBEAN CRUISES REGD 144A P/P 5.50000000                                                 | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   2700000 | PA      | $2711328.17   | 0.28%             | 2026-08-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                            | IRS RSOFRP03.86 02/28/29 WFSL FLOAT                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-81930.74    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR AC 1.85% 09/16/26 | NISSAN MOTOR ACCEPTANCE REGD 144A P/P MTN 1.85000000                                             | CUSIP: 65480CAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $963916.30    | 0.10%             | 2026-09-16      | Fixed         | 1.85%                 | Yes           |                  2 | On Loan: No      |
| MONMOUTH CNTY NJ I 4% 03/13/26 | MONMOUTH CNTY NJ IMPT AUTH REV REGD N/C B/E CNTY GT 4.00000000                                   | CUSIP: 60956PS78<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8000000 | PA      | $8044034.40   | 0.83%             | 2026-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL V/R 09/10/27  | BANK OF MONTREAL REGD V/R MTN 5.06469100                                                         | CUSIP: 06368L8M1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $401481.87    | 0.04%             | 2027-09-10      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| GFORT 2023-1 A 5.34% 06/15/26  | GMF FLOORPLAN OWNER REVOLVING TRUST SER 2023-1 CL A1 REGD 144A P/P 5.34000000                    | CUSIP: 361886CR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1100000 | PA      | $1109481.45   | 0.11%             | 2028-06-15      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| CARMX 2024-2 A 5.65% 02/16/26  | CARMAX AUTO OWNER TRUST 2024-2 SER 2024-2 CL A2A REGD 5.65000000                                 | CUSIP: 14319EAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    211162 | PA      | $211535.68    | 0.02%             | 2027-05-17      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FHR 5549 CF V/R 10/25/52       | FREDDIE MAC REMICS SER 5549 CL CF V/R 5.35603000                                                 | CUSIP: 3137HLSA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1344008 | PA      | $1315310.45   | 0.14%             | 2052-10-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV V/R 06/01/43      | OHIO ST UNIV REGD V/R B/E 2.58000000                                                             | CUSIP: 677632N98<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  11600000 | PA      | $11600000.00  | 1.19%             | 2043-06-01      | Variable      | 2.58%                 | No            |                  2 | On Loan: No      |
| BAAT 2025-1A A 4.52% 11/22/27  | BOFA AUTO TRUST 2025-1 SER 2025-1A CL A2A REGD 144A P/P 4.52000000                               | CUSIP: 05594BAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1114632 | PA      | $1115567.94   | 0.11%             | 2027-11-22      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| TPAT 2021-SL1 A2 V/R 11/20/26  | TOWD POINT ASSET TRUST 2021-SL1 SER 2021-SL1 CL A2 V/R REGD 144A P/P 4.94992000                  | CUSIP: 89179XAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     60049 | PA      | $59906.80     | 0.01%             | 2061-11-20      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 01/01/26 | MUNI ELEC AUTH OF GA REGD N/C B/E 5.00000000                                                     | CUSIP: 62620HKA9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    625000 | PA      | $628666.13    | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB 6.136% 09/12/26    | SWEDBANK AB REGD 144A P/P 6.13600000                                                             | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   2900000 | PA      | $2954116.76   | 0.30%             | 2026-09-12      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 12/01/25 | PORT AUTH OF NEW YORK & NEW JE REGD N/C B/E AMT 5.00000000                                       | CUSIP: 73358XJT0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5015274.50   | 0.52%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LMAT 2021-GS3 A1 V/R 07/25/61  | LEGACY MORTGAGE ASSET TRUST 2021-GS3 SER 2021-GS3 CL A1 V/R REGD 144A P/P 5.75000000             | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    972300 | PA      | $972221.22    | 0.10%             | 2061-07-25      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CAMPBELLS CO DISC 11/19/25     | CAMPBELLS CO DISCOUNT_________  COMMERCIAL PAPER__ 0.00000000                                    | CUSIP: 13443CYK1<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | STIV             | CORP              | US        |   2900000 | PA      | $2882264.47   | 0.30%             | 2025-11-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FNR 2024-104 FA V/R 01/25/55   | FANNIE MAE REMICS SER 2024-104 CL FA V/R 5.40603000                                              | CUSIP: 3136BUEQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    992269 | PA      | $993300.61    | 0.10%             | 2055-01-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| OOREDOO INTL FINAN 5% 10/19/25 | OOREDOO INTL FINANCE REGD P/P MTN 5.00000000                                                     | CUSIP: 74733LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1100000 | PA      | $1100026.40   | 0.11%             | 2025-10-19      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SVENSKA HAND V/R 03/04/26/AUD/ | SVENSKA HANDELSBANKEN AB /AUD/ REGD V/R MTN 4.03310000                                           | CUSIP: W9125C8G7<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    600000 | PA      | $397063.64    | 0.04%             | 2026-03-04      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| SALC 202 5.299% 10/15/26 /CAD/ | MBARC CREDIT CANADA INC SER 2024-AA CL A2 REGD 144A P/P /CAD/ 5.29900000                         | CUSIP: 552755BX7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |     52430 | PA      | $37710.94     | 0.00%             | 2026-10-15      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| HOUSTON TX UTILIT V/R 05/15/34 | HOUSTON TX UTILITY SYS REVENUE REGD V/R B/E 3.12000000                                           | CUSIP: 44244CRZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.62%             | 2034-05-15      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| SYNIT 2023-A1  5.54% 07/15/26  | SYNCHRONY CARD FUNDING LLC SER 2023-A1 CL A REGD 5.54000000                                      | CUSIP: 87166PAK7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1011579.10   | 0.10%             | 2029-07-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST CITIZ 5% 06/01/26 | LOUISIANA ST CITIZENS PROPERTY REGD N/C B/E 5.00000000                                           | CUSIP: 546456EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $16244724.80  | 1.67%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA 5% 08/01/27   | DIST OF COLUMBIA REGD N/C B/E 5.00000000                                                         | CUSIP: 25476FC71<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5233122.50   | 0.54%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIV 5% 05/15/26 | LOWER COLORADO RIVER TX AUTH T REGD N/C B/E 5.00000000                                           | CUSIP: 54811BP21<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014397.70   | 0.10%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DYNO NOBEL  4.3% 03/18/26/AUD/ | DYNO NOBEL LTD /AUD/ REGD REG S MTN 4.30000000                                                   | CUSIP: Q48872AB3<br>LEI: 254900UW2F3BKV6Z9V18 | Long             | DBT              | CORP              | AU        |    800000 | PA      | $529397.01    | 0.05%             | 2026-03-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL S 5% 07/01/26 | SARASOTA CNTY FL SCH BRD COPS REGD N/C B/E 5.00000000                                            | CUSIP: 80330QDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1272402.88   | 0.13%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEAC 2025-1A A 4.94% 10/20/28  | PEAC SOLUTIONS RECEIVABLES 2025-1 LLC SER 2025-1A CL A2 REGD 144A P/P 4.94000000                 | CUSIP: 69392HAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1007640.50   | 0.10%             | 2028-10-20      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| LEE CNTY FL ARPT R 5% 10/01/25 | LEE CNTY FL ARPT REVENUE REGD N/C B/E AMT 5.00000000                                             | CUSIP: 523470GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.10%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5567 FB V/R 08/25/55       | FREDDIE MAC REMICS SER 5567 CL FB V/R 5.35603000                                                 | CUSIP: 3137HMEX4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1462496 | PA      | $1470301.97   | 0.15%             | 2055-08-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| RALEIGH NC LTD OBL 5% 10/01/26 | RALEIGH NC LTD OBLIG REGD N/C B/E 5.00000000                                                     | CUSIP: 751120FT8<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7437648.13   | 0.76%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF  5% 04/01/28 | OREGON ST DEPT OF ADMIN SVCS L REGD N/C B/E 5.00000000                                           | CUSIP: 68607V6A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3991004.63   | 0.41%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF  V/R 03/25/27 | NATIONAL BANK OF CANADA REGD V/R MTN SER GMTN 5.05260600                                         | CUSIP: 63307A2Y0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1300000 | PA      | $1301877.43   | 0.13%             | 2027-03-25      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD 5% 07/01/27  | BALTIMORE CNTY MD REGD N/C B/E 5.00000000                                                        | CUSIP: 05914GJS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091960.80   | 0.21%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT V/R 03/06/26 | FORD MOTOR CREDIT CO LLC REGD V/R 7.14746000                                                     | CUSIP: 345397C50<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $302278.80    | 0.03%             | 2026-03-06      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| F/C US 2YR NOTE (CBT) DEC25    | FUTURE CONTRACT ON           US 2YR NOTE (CBT) DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      -174 | NC      | $-36261328.21 | -3.73%            |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CAN V/R 10/18/27 | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 5.03342000                                            | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $200485.23    | 0.02%             | 2027-10-18      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP FAC R 5% 10/01/27 | OHIO ST HOSP FAC REVENUE REGD N/C B/E 5.00000000                                                 | CUSIP: 677524EQ9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3416875.48   | 0.35%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VZMT 2024-1 A1A 5% 12/20/28    | VERIZON MASTER TRUST SER 2024-1 CL A1A REGD 5.00000000                                           | CUSIP: 92348KCL5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2003648.80   | 0.21%             | 2028-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK V/R 10/05/26 | COOPERAT RABOBANK UA/NY REGD V/R 5.24539300                                                      | CUSIP: 21688AAZ5<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    250000 | PA      | $251448.98    | 0.03%             | 2026-10-05      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| FHR 5426 BF V/R 04/15/49       | FREDDIE MAC REMICS SER 5426 CL BF V/R 5.24533000                                                 | CUSIP: 3137HCXW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    368400 | PA      | $368980.19    | 0.04%             | 2049-04-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RG V/R 07/01/34 | ARIZONA BRD OF RGTS ST UNIV SY REGD V/R B/E 2.60000000                                           | CUSIP: 04048RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10715000 | PA      | $10715000.00  | 1.10%             | 2034-07-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| GCCT 2021-1A A 1.14% 08/15/26  | GOLDEN CREDIT CARD TRUST SER 2021-1A CL A REGD 144A P/P 1.14000000                               | CUSIP: 380881FB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1600000 | PA      | $1561885.28   | 0.16%             | 2028-08-15      | Fixed         | 1.14%                 | Yes           |                  2 | On Loan: No      |
| NORFOLK VA ECON D V/R 11/01/34 | NORFOLK VA ECON DEV AUTH HOSPF REGD V/R B/E 2.75000000                                           | CUSIP: 65588TAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8135000 | PA      | $8135000.00   | 0.84%             | 2034-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| NSLT 2019-2A A V/R 09/25/32    | NELNET STUDENT LOAN TRUST 2019-2 SER 2019-2A CL A V/R 144A P/P 5.37051000                        | CUSIP: 64034NAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    497983 | PA      | $498258.77    | 0.05%             | 2067-06-27      | Variable      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK NY V/R 10/01/46       | NEW YORK NY REGD V/R B/E 3.85000000                                                              | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.03%             | 2046-10-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRE 5.896% 07/13/26 | BANQUE FED CRED MUTUEL REGD 144A P/P 5.89600000                                                  | CUSIP: 06675FBA4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1520614.49   | 0.16%             | 2026-07-13      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST EDUC 5% 07/01/26 | NEW JERSEY ST EDUCTNL FACS AUT REGD N/C B/E AG 5.00000000                                        | CUSIP: 646067HU5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018072.40   | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST 5% 08/01/28      | CALIFORNIA ST REGD N/C B/E 5.00000000                                                            | CUSIP: 13063ENJ1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5368714.00   | 0.55%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 05/09/27      | BARCLAYS PLC REGD V/R 5.82900000                                                                 | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $403547.58    | 0.04%             | 2027-05-09      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR 5% 12/01/27 | CHICAGO IL MET WTR RECLAMATION REGD N/C B/E 5.00000000                                           | CUSIP: 167560XT3<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   8310000 | PA      | $8759877.64   | 0.90%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 03/21/28 | BMW US CAPITAL LLC REGD V/R 144A P/P 5.07316000                                                  | CUSIP: 05565ECX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $301647.00    | 0.03%             | 2028-03-21      | Variable      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| BROADCOM CRP / 3.875% 01/15/27 | BROADCOM CRP /  CAYMN FI REGD SER WI 3.87500000                                                  | CUSIP: 11134LAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1000000 | PA      | $999208.91    | 0.10%             | 2027-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HOS 5% 02/15/28 | HARRIS CNTY TX HOSP DIST CTFS REGD N/C B/E 5.00000000                                            | CUSIP: 41415UBG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1795277.69   | 0.18%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST 5% 08/15/27    | PENNSYLVANIA ST REGD N/C B/E 5.00000000                                                          | CUSIP: 70914P4M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10482575.00  | 1.08%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNR 2024-103 FC V/R 01/25/55   | FANNIE MAE REMICS SER 2024-103 CL FC V/R 5.50603000                                              | CUSIP: 3136BUQH6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    988124 | PA      | $991842.37    | 0.10%             | 2055-01-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| FNR 2024-100 FA V/R 06/25/54   | FANNIE MAE REMICS SER 2024-100 CL FA V/R 5.45603000                                              | CUSIP: 3136BUFY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    726141 | PA      | $727997.99    | 0.07%             | 2054-06-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| CHELAN CNTY WA PU V/R 07/01/32 | CHELAN CNTY WA PUBLIC UTILITYD REGD V/R B/E 2.87000000                                           | CUSIP: 163103UP7<br>LEI: 5493004E8FN9GU2SU067 | Long             | DBT              | MUN               | US        |  17340000 | PA      | $17340000.00  | 1.78%             | 2032-07-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST 5% 08/15/28     | CONNECTICUT ST REGD N/C B/E 5.00000000                                                           | CUSIP: 20772KG94<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14950566.40  | 1.54%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 06/24/27 | HYUNDAI CAPITAL AMERICA REGD V/R 144A P/P 5.19271700                                             | CUSIP: 44891ADE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $301519.90    | 0.03%             | 2027-06-24      | Variable      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 09/18/27  | ABN AMRO BANK NV REGD V/R 144A P/P 5.93882300                                                    | CUSIP: 00084DBB5<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $101086.40    | 0.01%             | 2027-09-18      | Variable      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 03/19/27 | BMW US CAPITAL LLC REGD V/R 144A P/P 4.93593600                                                  | CUSIP: 05565ECV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200894.24    | 0.02%             | 2027-03-19      | Variable      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST 5% 10/01/25        | ILLINOIS ST REGD N/C B/E 5.00000000                                                              | CUSIP: 4521522H3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2465000.00   | 0.25%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GSKY 2025-1A A 5.12% 03/25/60  | GREENSKY HOME IMPROVEMENT ISSUER TRUST 2025-1 SER 2025-1A CL A2 REGD 144A P/P 5.12000000         | CUSIP: 39571NAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    317756 | PA      | $318850.34    | 0.03%             | 2060-03-25      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL I 4.875% 07/15/26 | BERRY GLOBAL INC REGD 144A P/P 4.87500000                                                        | CUSIP: 085770AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    977000 | PA      | $977031.08    | 0.10%             | 2026-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU 5% 02/15/28 | CLIFTON TX HGR EDU FIN CORP ED REGD N/C B/E PSF-GTD 5.00000000                                   | CUSIP: 187145UW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1207304.96   | 0.12%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO 2.196% 02/04/26      | BOEING CO REGD 2.19600000                                                                        | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3473285.38   | 0.36%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY V/R 11/15/54 | HILLSBOROUGH CNTY FLA INDL DEV REGD V/R B/E 3.65000000                                           | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7500000.00   | 0.77%             | 2054-11-15      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MI V/R 11/07/25 /AUD/ | SUMITOMO MITSUI SYD VARIABLE__  SER TCD /AUD/ CTF OF DEPOSIT 4.92910000                          | CUSIP: Q8T94SWP0<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |   2400000 | PA      | $1589572.65   | 0.16%             | 2025-11-07      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| FHR 5564 FB V/R 08/25/55       | FREDDIE MAC REMICS SER 5564 CL FB V/R 5.55603000                                                 | CUSIP: 3137HMD23<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1585229 | PA      | $1592768.92   | 0.16%             | 2055-08-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| CRVNA 2024-P3  4.61% 04/10/26  | CARVANA AUTO RECEIVABLES TRUST 2024-P3 SER 2024-P3 CL A2 REGD 4.61000000                         | CUSIP: 146919AB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    193134 | PA      | $193156.58    | 0.02%             | 2027-11-10      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| GMCAR 2023-4 A 5.78% 04/16/27  | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2023-4 SER 2023-4 CL A3 REGD 5.78000000       | CUSIP: 379930AD2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1049065 | PA      | $1061193.48   | 0.11%             | 2028-08-16      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST  5% 12/01/25 | SOUTH CAROLINA ST PUBLIC SVC A REGD N/C B/E 5.00000000                                           | CUSIP: 8371515W5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | STIV             | MUN               | US        |   7500000 | PA      | $7526463.75   | 0.77%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY  V/R 06/15/39 | NEW YORK CITY NY MUNI WTR FIN REGD V/R B/E 3.65000000                                            | CUSIP: 64972FWL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.03%             | 2039-06-15      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| FHR 5560 FB V/R 06/25/55       | FREDDIE MAC REMICS SER 5560 CL FB V/R 5.35603000                                                 | CUSIP: 3137HLZD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    962453 | PA      | $967589.43    | 0.10%             | 2055-06-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AU 5% 12/01/27 | PHILADELPHIA PA AUTH FOR INDLD REGD N/C B/E 5.00000000                                           | CUSIP: 71783DDK8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1843646.00   | 0.19%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUND 1.75% 06/30/26 | F&G GLOBAL FUNDING REGD 144A P/P 1.75000000                                                      | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2451131.53   | 0.25%             | 2026-06-30      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| TRIBOROUGH NY BRID 5% 02/01/28 | TRIBOROUGH NY BRIDGE & TUNNEL REGD N/C B/E 5.00000000                                            | CUSIP: 89602RMU6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  14820000 | PA      | $15719421.35  | 1.62%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR &  S/UP 06/15/26 | ALGONQUIN PWR & UTILITY REGD S/UP 5.36500000                                                     | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1007220.33   | 0.10%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| MFRA 2021-RPL1 A V/R 07/25/60  | MFA 2021-RPL1 TRUST SER 2021-RPL1 CL A1 V/R REGD 144A P/P 1.13130000                             | CUSIP: 55283QAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    272167 | PA      | $249412.80    | 0.03%             | 2060-07-25      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| WINCHESTER VA ECON 5% 01/01/27 | WINCHESTER VA ECON DEV AUTH RE REGD N/C B/E 5.00000000                                           | CUSIP: 973122AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $823020.80    | 0.08%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF  V/R 07/02/27 | NATIONAL BANK OF CANADA REGD V/R 5.38264800                                                      | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1103604.24   | 0.11%             | 2027-07-02      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| GMALT 2023-3 A 5.38% 12/20/25  | GM FINANCIAL AUTOMOBILE LEASING TRUST 2023-3 SER 2023-3 CL A3 REGD 5.38000000                    | CUSIP: 379929AD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    560697 | PA      | $561320.32    | 0.06%             | 2026-11-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H12 FA V/R 05/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H12 CL FA V/R 5.38881000                       | CUSIP: 38382Y5K5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1861735 | PA      | $1879821.20   | 0.19%             | 2073-05-20      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| N/A                            | AUD/USD FWD 20251002 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-124840.06   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WASHINGTON DC MET  5% 07/15/26 | WASHINGTON DC MET AREA TRANSIT REGD N/C B/E 5.00000000                                           | CUSIP: 93878YCW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1273259.75   | 0.13%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5480 FG V/R 12/25/54       | FREDDIE MAC REMICS SER 5480 CL FG V/R 5.50603000                                                 | CUSIP: 3137HHUD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    685967 | PA      | $688605.51    | 0.07%             | 2054-12-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| FHR 5516 FB V/R 03/25/55       | FREDDIE MAC REMICS SER 5516 CL FB V/R 5.25603000                                                 | CUSIP: 3137HKBL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1597149 | PA      | $1600991.33   | 0.16%             | 2055-03-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| SMB 2023-A A1A 5.38% 01/15/53  | SMB PRIVATE EDUCATION LOAN TRUST 2023-A SER 2023-A CL A1A REGD 144A P/P 5.38000000               | CUSIP: 78450QAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    122937 | PA      | $125716.81    | 0.01%             | 2053-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| FOX CORP 4.709% 01/25/29       | FOX CORP REGD 4.70900000                                                                         | CUSIP: 35137LAH8<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    400000 | PA      | $405150.02    | 0.04%             | 2029-01-25      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA V/R 10/09/26      | DNB BANK ASA REGD V/R 144A P/P 5.89600000                                                        | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    700000 | PA      | $700183.97    | 0.07%             | 2026-10-09      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| LOUISIANA ST 5% 12/01/26       | LOUISIANA ST REGD N/C B/E 5.00000000                                                             | CUSIP: 546417JG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1379675.12   | 0.14%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL P 4.3% 01/15/26 | JERSEY CENTRAL PWR & LT REGD 144A P/P 4.30000000                                                 | CUSIP: 476556DC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399960.94    | 0.04%             | 2026-01-15      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 01/08/27 | HYUNDAI CAPITAL AMERICA REGD V/R REG S 5.83607100                                                | CUSIP: 44891CCW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2235000 | PA      | $2257461.71   | 0.23%             | 2027-01-08      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS V/R 01/13/27       | BNP PARIBAS REGD V/R 144A P/P 1.32300000                                                         | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $891808.34    | 0.09%             | 2027-01-13      | Variable      | 1.32%                 | Yes           |                  2 | On Loan: No      |
| N/A                            | EUR/USD FWD 20251002 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-376.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CAD/USD FWD 20251002 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $14574.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ILLINOIS ST MUNI E 5% 02/01/28 | ILLINOIS ST MUNI ELEC AGY PWR REGD N/C B/E 5.00000000                                            | CUSIP: 452024JH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5275767.00   | 0.54%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5584 DF V/R 10/25/55       | FREDDIE MAC REMICS SER 5584 CL DF V/R 5.25000000                                                 | CUSIP: 3137HNCM8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $500497.50    | 0.05%             | 2055-10-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST 5% 06/01/27      | NEW JERSEY ST REGD N/C B/E 5.00000000                                                            | CUSIP: 646039YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9950000 | PA      | $10350094.48  | 1.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST 5% 05/01/27       | WISCONSIN ST REGD N/C B/E 5.00000000                                                             | CUSIP: 97705ML52<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5202493.50   | 0.53%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI T V/R 09/14/26 | SUMITOMO MITSUI TR BK LT REGD V/R 144A P/P 5.33178900                                            | CUSIP: 86563VBL2<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    200000 | PA      | $201545.80    | 0.02%             | 2026-09-14      | Variable      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| KOREA DEVELOPMENT V/R 02/03/30 | KOREA DEVELOPMENT BANK REGD V/R 5.05028700                                                       | CUSIP: 500630EJ3<br>LEI: N/A                  | Long             | DBT              | USGA              | KR        |   3000000 | PA      | $3018801.99   | 0.31%             | 2030-02-03      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| HDMOT 2024-A A 5.65% 02/16/27  | HARLEY-DAVIDSON MOTORCYCLE TRUST 2024-A SER 2024-A CL A2 REGD 5.65000000                         | CUSIP: 412922AB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     22677 | PA      | $22690.16     | 0.00%             | 2027-02-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GNR 2022-5 FA V/R 01/20/52     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2022-5 CL FA V/R 3.50000000                         | CUSIP: 38383FG98<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    745896 | PA      | $661207.05    | 0.07%             | 2052-01-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUN V/R 09/18/28 | ATHENE GLOBAL FUNDING REGD V/R 144A P/P 5.15882300                                               | CUSIP: 04685A4T5<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2907055.70   | 0.30%             | 2028-09-18      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| MBALT 2024-B A 4.57% 01/15/26  | MERCEDES-BENZ AUTO LEASE TRUST 2024-B SER 2024-B CL A2A REGD 4.57000000                          | CUSIP: 58769GAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    348220 | PA      | $348410.60    | 0.04%             | 2026-12-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FI V/R 08/13/27 | AMERICAN HONDA FINANCE REGD V/R MTN SER GMTN 4.98486200                                          | CUSIP: 02665WGH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2203982.00   | 0.23%             | 2027-08-13      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LO 5% 01/01/28 | INDIANAPOLIS IN LOCAL PUBLIC I REGD N/C B/E AMT 5.00000000                                       | CUSIP: 45528VFT1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   6230000 | PA      | $6523140.19   | 0.67%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO BANK V/R 09/14/26 /AUD/ | MIZUHO BANK LTD/SYDNEY________  VARIABLE SER TCD /AUD/ CTF OF DEPOSIT 4.43020000                 | CUSIP: Q6S38K3F5<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    600000 | PA      | $398627.89    | 0.04%             | 2026-09-14      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST 5% 07/01/27      | WASHINGTON ST REGD N/C B/E 5.00000000                                                            | CUSIP: 93974ED78<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8353962.40   | 0.86%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNR 2018-H18 FC V/R 08/20/65   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2018-H18 CL FC V/R 4.81582000                       | CUSIP: 38380LMV2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    153141 | PA      | $152815.13    | 0.02%             | 2065-08-20      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| FNR 2024-38 FA V/R 01/25/51    | FANNIE MAE REMICS SER 2024-38 CL FA V/R 5.14533000                                               | CUSIP: 3136BR4S3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    721055 | PA      | $722311.55    | 0.07%             | 2051-01-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCT V/R 01/01/39 | OHIO ST HGR EDUCTNL FAC COMMIS REGD V/R B/E 3.45000000                                           | CUSIP: 67756DBB1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 0.46%             | 2039-01-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| UTAH ST 5% 07/01/26            | UTAH ST REGD N/C B/E 5.00000000                                                                  | CUSIP: 917542WL2<br>LEI: 254900RWV9NSVUZONC07 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5094916.50   | 0.52%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITZN 2023-1 A 5.84% 06/15/26  | CITIZENS AUTO RECEIVABLES TRUST 2023-1 SER 2023-1 CL A3 REGD 144A P/P 5.84000000                 | CUSIP: 17331KAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1159618 | PA      | $1167641.88   | 0.12%             | 2028-01-18      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| SYDNEY AIRPORT 3.625% 04/28/26 | SYDNEY AIRPORT FINANCE REGD REG S 3.62500000                                                     | CUSIP: Q8809VAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   2100000 | PA      | $2090417.30   | 0.21%             | 2026-04-28      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINAN 1.668% 03/25/26 | BAT INTL FINANCE PLC REGD 1.66800000                                                             | CUSIP: 05530QAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $1877009.49   | 0.19%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL 5% 10/01/25 | MIAMI-DADE CNTY FL SEAPORT REV REGD N/C B/E AMT 5.00000000                                       | CUSIP: 59335KEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.15%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORTIS INC 3.055% 10/04/26     | FORTIS INC REGD SER WI 3.05500000                                                                | CUSIP: 349553AM9<br>LEI: 549300MQYQ9Y065XPR71 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $395418.72    | 0.04%             | 2026-10-04      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/25 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E 5.00000000                                           | CUSIP: 592647HZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1030000.00   | 0.11%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | IRS RSOFRP03.32 02/28/30 WFSLUS33XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-10068.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURATORS OF THE UN 5% 11/01/26 | CURATORS OF THE UNIV OF MISSOU REGD N/C B/E 5.00000000                                           | CUSIP: 231266MR5<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7188206.20   | 0.74%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 11/16/27  | DEUTSCHE BANK NY REGD V/R 5.46819200                                                             | CUSIP: 251526CN7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    700000 | PA      | $703240.11    | 0.07%             | 2027-11-16      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LO 5% 06/01/26 | INDIANAPOLIS IN LOCAL PUBLIC I REGD N/C B/E 5.00000000                                           | CUSIP: 45528UR86<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1828357.38   | 0.19%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAR 2021-2 A1 V/R 05/25/65    | STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-2 SER 2021-2 CL A1 V/R REGD 144A P/P 0.94300000         | CUSIP: 85573HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    143947 | PA      | $135822.48    | 0.01%             | 2065-05-25      | Variable      | 0.94%                 | Yes           |                  2 | On Loan: No      |
| OSCAR 2023-1A  5.81% 11/10/26  | OSCAR US FUNDING XV LLC SER 2023-1A CL A3 REGD 144A P/P 5.81000000                               | CUSIP: 68785CAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JP        |    845510 | PA      | $850175.87    | 0.09%             | 2027-12-10      | Fixed         | 5.81%                 | Yes           |                  2 | On Loan: No      |
| COLORADO ST HLTH  V/R 05/15/64 | COLORADO ST HLTH FACS AUTH REV REGD V/R B/E 3.75000000                                           | CUSIP: 19648FYT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.87%             | 2064-05-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMEN 5% 11/01/27 | CASINO REINVESTMENT DEV AUTH N REGD N/C B/E AG 5.00000000                                        | CUSIP: 14760RBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1464860.46   | 0.15%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS P V/R 05/17/27 | NATWEST MARKETS PLC REGD V/R 144A P/P 5.14919200                                                 | CUSIP: 63906YAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1300000 | PA      | $1307163.33   | 0.13%             | 2027-05-17      | Variable      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CO 1.162% 04/03/26 | NTT FINANCE CORP REGD 144A P/P 1.16200000                                                        | CUSIP: 62954WAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |   1300000 | PA      | $1279660.15   | 0.13%             | 2026-04-03      | Fixed         | 1.16%                 | Yes           |                  2 | On Loan: No      |
| AREIT 2022-CRE6  V/R 11/17/24  | AREIT 2022-CRE6 TRUST SER 2022-CRE6 CL A V/R REGD 144A P/P 5.63647000                            | CUSIP: 04002VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    471142 | PA      | $470519.52    | 0.05%             | 2037-01-20      | Variable      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| GMCAR 2024-4 A 4.53% 07/16/26  | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2024-4 SER 2024-4 CL A2A REGD 4.53000000      | CUSIP: 38014AAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    534415 | PA      | $535006.18    | 0.05%             | 2027-10-18      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI 5% 06/01/27 | PUBLIC FIN AUTH WI HOSP REVENU REGD N/C B/E 5.00000000                                           | CUSIP: 74442CET7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035869.90   | 0.11%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMX 2023-4 A3 6% 04/15/27    | CARMAX AUTO OWNER TRUST 2023-4 SER 2023-4 CL A3 REGD 6.00000000                                  | CUSIP: 14318XAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2169901 | PA      | $2199069.67   | 0.23%             | 2028-07-17      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNR 2024-13 FA V/R 01/20/54    | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-13 CL FA V/R 5.33881000                        | CUSIP: 38384GP87<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    200062 | PA      | $200935.76    | 0.02%             | 2054-01-20      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| NSLT 2025-CA A1B V/R 06/22/65  | NELNET STUDENT LOAN TRUST 2025-C SER 2025-CA CL A1B V/R REGD 144A P/P 0.00000000                 | CUSIP: 64035UAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1200000 | PA      | $1199992.32   | 0.12%             | 2065-06-22      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GMALT 2025-2 A 4.55% 07/20/27  | GM FINANCIAL AUTOMOBILE LEASING TRUST 2025-2 SER 2025-2 CL A2A REGD 4.55000000                   | CUSIP: 362962AB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1003783.20   | 0.10%             | 2027-07-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HERTZ 2023-1A  5.49% 06/25/26  | HERTZ VEHICLE FINANCING III LLC SER 2023-1A CL A REGD 144A P/P 5.49000000                        | CUSIP: 42806MBS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2011841.80   | 0.21%             | 2027-06-25      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| SAMMONS FINANCIAL V/R 09/02/27 | SAMMONS FINANCIAL GLOBAL REGD V/R 144A P/P 5.06443100                                            | CUSIP: 79587J2D4<br>LEI: 635400IPRNPM6HDHRS48 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400359.05    | 0.04%             | 2027-09-02      | Variable      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| MISSOURI JT MUNI E 5% 01/01/27 | MISSOURI JT MUNI ELEC UTILITY REGD N/C B/E 5.00000000                                            | CUSIP: 606092PP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1574814.31   | 0.16%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY P 5% 08/15/26 | NORTHAMPTON CNTY PA GEN PURPOS REGD N/C B/E 5.00000000                                           | CUSIP: 66353RCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5091345.50   | 0.52%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS 5% 01/01/28 | GUAM GOVT BUSINESS PRIVILEGE T REGD N/C B/E 5.00000000                                           | CUSIP: 40065NCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1390465.65   | 0.14%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORFOLK VA ECON D V/R 11/01/34 | NORFOLK VA ECON DEV AUTH HOSPF REGD V/R B/E 2.85000000                                           | CUSIP: 65588TAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5800000.00   | 0.60%             | 2034-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL 5% 05/01/26 | MIAMI-DADE CNTY FL SCH BRD COP REGD N/C B/E 5.00000000                                           | CUSIP: 59333MW68<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10131671.00  | 1.04%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL ISDA BRC       | CASH COLLATERAL ISDA BRC 3.99000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | CORP              | US        |     -8000 | PA      | $-8000.00     | -0.00%            | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FI V/R 03/08/27 | AMERICAN HONDA FINANCE REGD V/R MTN 4.92746000                                                   | CUSIP: 02665WGM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1803330.00   | 0.19%             | 2027-03-08      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 07/23/27 | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 5.09320500                                            | CUSIP: 78016HZY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $300583.38    | 0.03%             | 2027-07-23      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| SMB 2024-A A1B V/R 03/15/56    | SMB PRIVATE EDUCATION LOAN TRUST 2024-A SER 2024-A CL A1B V/R REGD 144A P/P 5.82208000           | CUSIP: 831943AB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    163983 | PA      | $165770.24    | 0.02%             | 2056-03-15      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| JACKSON NATL LIFE V/R 09/12/28 | JACKSON NATL LIFE GLOBAL REGD V/R 144A P/P 5.12869600                                            | CUSIP: 46849CJS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1506255.00   | 0.15%             | 2028-09-12      | Variable      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| SAN ANTONIO TX 5% 02/01/26     | SAN ANTONIO TX REGD N/C B/E 5.00000000                                                           | CUSIP: 79623PSR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1043421.17   | 0.11%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEFT 2024-2 A2 4.69% 08/22/30  | DELL EQUIPMENT FINANCE TRUST 2024-2 SER 2024-2 CL A2 REGD 144A P/P 4.69000000                    | CUSIP: 24704EAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1571962 | PA      | $1575155.05   | 0.16%             | 2030-08-22      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| FNR 2024-95 KF V/R 12/25/54    | FANNIE MAE REMICS SER 2024-95 CL KF V/R 5.45603000                                               | CUSIP: 3136BTS53<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    444391 | PA      | $444247.80    | 0.05%             | 2054-12-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| TSET 2024-1A A 5.08% 09/20/29  | TESLA SUSTAINABLE ENERGY TRUST 2024-1 SER 2024-1A CL A2 REGD 144A P/P 5.08000000                 | CUSIP: 88164AAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    521902 | PA      | $525661.90    | 0.05%             | 2050-06-21      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 11/01/27 | NEW YORK CITY NY TRANSITIONAL REGD N/C B/E 5.00000000                                            | CUSIP: 64972JJJ8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  20850000 | PA      | $21970462.32  | 2.26%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMEN 5% 11/01/26 | CASINO REINVESTMENT DEV AUTH N REGD N/C B/E AG 5.00000000                                        | CUSIP: 14760RBU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511712.60    | 0.05%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5546 FB V/R 06/25/55       | FREDDIE MAC REMICS SER 5546 CL FB V/R 5.35603000                                                 | CUSIP: 3137HLME9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1794669 | PA      | $1804060.40   | 0.19%             | 2055-06-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| EFF 2024-4 A2 4.69% 01/20/27   | ENTERPRISE FLEET FINANCING 2024-4 LLC SER 2024-4 CL A2 REGD 144A P/P 4.69000000                  | CUSIP: 29374MAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    265630 | PA      | $266556.61    | 0.03%             | 2027-07-20      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| PAID 2025-6 A 4.248% 09/15/26  | PAGAYA AI DEBT GRANTOR TRUST__  2025-6 SER 2025-6 CL A1 REGD 144A P/P 4.24800000                 | CUSIP: 69549BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2700000 | PA      | $2699972.46   | 0.28%             | 2026-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND 5% 11/01/25 | CENTRL PUGET SOUND WA REGL TRA REGD N/C B/E 5.00000000                                           | CUSIP: 155048DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5010261.50   | 0.51%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR  5% 12/01/25 | NEW JERSEY ST HGR EDU ASSISTAN REGD N/C B/E AMT 5.00000000                                       | CUSIP: 646080WR8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    575000 | PA      | $576814.64    | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUC 5% 08/01/27 | NEW JERSEY ST EDUCTNL FACS AUT REGD N/C B/E 5.00000000                                           | CUSIP: 646067JW9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090310.40   | 0.21%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GMALT 2024-3 A 4.29% 04/20/26  | GM FINANCIAL AUTOMOBILE LEASING TRUST 2024-3 SER 2024-3 CL A2A REGD 4.29000000                   | CUSIP: 38012QAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    954777 | PA      | $955044.32    | 0.10%             | 2027-01-20      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SP 7% 11/21/25 | INTESA SANPAOLO SPA REGD 144A P/P 7.00000000                                                     | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   2800000 | PA      | $2810090.89   | 0.29%             | 2025-11-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK 5% 01/01/27 | MISSISSIPPI DEV BK SPL OBLIG REGD N/C B/E 5.00000000                                             | CUSIP: 60534XWP7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028915.80   | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP 2.875% 01/15/26 | AIR LEASE CORP REGD MTN 2.87500000                                                               | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398235.64    | 0.04%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| TPMF 2024-G V/R 10/20/29 /GBP/ | TOWD POINT MORTGAGE FUNDING 2024 - GRA SER 2024-GR6A CL A1 V/R REGD 144A P/P /GBP/ 4.99225000    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | GB        |    793074 | PA      | $1069033.20   | 0.11%             | 2053-07-20      | Variable      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| PHILADELPHIA PA AU 5% 12/01/27 | PHILADELPHIA PA AUTH FOR INDLD REGD N/C B/E 5.00000000                                           | CUSIP: 71783DEF8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2186037.40   | 0.22%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSC 2019-PLND A V/R 05/15/21   | MORGAN STANLEY CAPITAL I TRUST 2019-PLND SER 2019-PLND CL A V/R REGD 144A P/P 5.26548000         | CUSIP: 61691XAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    700000 | PA      | $378700.00    | 0.04%             | 2036-05-15      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| N/A                            | IRS R03.75PSO/N 09/17/30 WFSLUS33XXX FIXED                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |         1 | NC      | $-12620.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHR 5565 FB V/R 08/25/55       | FREDDIE MAC REMICS SER 5565 CL FB V/R 5.30603000                                                 | CUSIP: 3137HMGK0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    496198 | PA      | $496208.16    | 0.05%             | 2055-08-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLT 5% 07/01/27 | CONNECTICUT ST HLTH & EDUCTNL REGD N/C B/E 5.00000000                                            | CUSIP: 20775DC34<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562658.15   | 0.16%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VALET 2023-2 A 5.72% 10/20/25  | VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-2 SER 2023-2 CL A2A REGD 5.72000000                     | CUSIP: 92867YAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    191980 | PA      | $192205.58    | 0.02%             | 2027-03-22      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL  5% 10/01/26 | JEFFERSON CNTY AL SWR REVENUE REGD N/C B/E 5.00000000                                            | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1278598.38   | 0.13%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FAC V/R 03/01/48 | IDAHO ST HLTH FACS AUTH REVENU REGD V/R B/E 3.45000000                                           | CUSIP: 451295ZZ5<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.21%             | 2048-03-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| CARMX 2025-2 A 4.59% 03/15/27  | CARMAX AUTO OWNER TRUST 2025-2 SER 2025-2 CL A2A REGD 4.59000000                                 | CUSIP: 14320AAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2500000 | PA      | $2511047.25   | 0.26%             | 2028-07-17      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| NRZT 2021-NQ2R A V/R 10/25/58  | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021- SER 2021-NQ2R CL A1 V/R REGD 144A P/P 0.94054000       | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    268923 | PA      | $257234.07    | 0.03%             | 2058-10-25      | Variable      | 0.94%                 | Yes           |                  2 | On Loan: No      |
| FNR 2025-35 FM V/R 05/25/55    | FANNIE MAE REMICS SER 2025-35 CL FM V/R 5.40603000                                               | CUSIP: 3136BVJ66<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    289309 | PA      | $291335.62    | 0.03%             | 2055-05-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Six Circles Trust

**Signature:** Tricia Larkin

**Name of Signer:** Tricia Larkin

**Title:** Treasurer/Principal Financial Officer