# EDGAR Filing Document

**Accession Number:** 0001724826
**File Stem:** 0001003715-25-001304
**Filing Date:** 2025-11
**Character Count:** 5215362
**Document Hash:** 7cd050ce0f66f8698e62cfb9256b7461
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-25-001304.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001003715-25-001304

**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:** 251516624

**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 Multi-Strategy Fund (Series ID: S000086732)

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

## 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 Multi-Strategy Fund

- **b. EDGAR series identifier (if any):** S000086732

- **c. LEI of Series:** 529900QNBN6C170S4A54

**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:** $2835135687.59

**Total Liabilities:** $1266842137.29

**Net Assets:** $1568293550.30

**Amount of Assets Invested in Other Investment Companies:** $47770000.00

**Cash Not Reported:** $246265702.21

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 311.23526200 | **1-Year:** 32942.55666800 | **5-Year:** 180840.14950100 | **10-Year:** 89480.37078900 | **30-Year:** 3.00812300

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 112.32497400 | **1-Year:** 7610.64485200 | **5-Year:** 35636.11388600 | **10-Year:** 5287.74671600 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000252360 | 0.10%                | 1.38%                | 1.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $468131.57               | $-4394126.25                               |
| Month 2  | $2346887.58              | $3168611.09                                |
| Month 3  | $3946970.35              | $1405996.89                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                                | TRS GEA GROUP AG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $390.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLEVELAND-CLIFFS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4169.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIDELITY NATIONAL INFO SERV                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1339.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEARSON PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4915.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVANZA BANK HOLDING AB /SEK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $97.32         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAGE GROUP PLC/THE /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $869.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRAVEL + LEISURE CO                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $413.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L APPLIED SYSTEM 0% 02/24/31                     | T/L APPLIED SYSTEMS INC REGD 0.00000000                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4746480 | PA      | $4747809.47    | 0.30%             | 2031-02-24      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WESCO INTERNATIONAL INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-736.58       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L DELTA 2 (L 00.00% 09/10/31                     | T/L DELTA 2 (LUX) SARL 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     16782 | PA      | $16776.49      | 0.00%             | 2031-09-10      | Floating      | 0.00%                 | No            |                  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        |       -64 | NC      | $-7818925.65   | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OTSUKA HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $417.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMITH (A.O.) CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-649.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  WOOLWORTHS GROUP LTD /AUD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $625.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCHLEAR LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1233.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BRITISH AMERICAN TOBACCO /GBP/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3465.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST SOLAR INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-847.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L COMPASS POWER 0% 04/14/29                      | T/L COMPASS POWER GENERATION   L L C REGD 0.00000000                                             | CUSIP: 20451VAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    268035 | PA      | $269487.38     | 0.02%             | 2029-04-14      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DOUBLEVERIFY HOLDINGS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-614.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CATHAY GENERAL BANCORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-143.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HARTFORD INSURANCE GROUP INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6201.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOLLAR GENERAL CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7167.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLLIE'S BARGAIN OUTLET HOLDI                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10686.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNOPSYS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-350428.90    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIMLER TRUCK HOLDING AG /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $838.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO RUBBER INDUSTRI /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-29.48        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENKEL AG & CO KGAA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-53300.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHARKNINJA INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $623.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONEY FORWARD INC /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $17.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS META PLATFORMS INC-CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12948.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NVR INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-0.03         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EBAY INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15.58         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELECTROLUX AB-B /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $2451.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  JBT MAREL CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-319.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QBE INSURANCE GROUP LTD /AUD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $5573.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXOR NV /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1.30          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ORION US FINC ZCP 05/20/33                     | T/L ORION US FINCO REGD ZCP TERM LOAN 0.00000000                                                 | CUSIP: 68631KAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    600000 | PA      | $601998.00     | 0.04%             | 2033-05-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS OMRON CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6750.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  GALDERMA GROUP AG /CHF/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $7721.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3560.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOODY'S CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $30.49         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS S&P GLOBAL INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-109766.84    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRESENIUS SE & CO KGAA /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-317.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  JUN28                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  JUN28 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       308 | NC      | $74478250.00   | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIBANYE-STILLWATER LTD-ADR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ZA        |         1 | NC      | $-1018.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BOLIDEN AB /SEK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $39562.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORVIA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $2113.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PACKAGING CORP OF AMERICA                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6854.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CF INDUSTRIES HOLDINGS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-797.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOLDMAN SACHS GROUP INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10081.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L KASEYA INC 0.00% 03/06/32/                     | T/L KASEYA INC 0.00000000                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1065685 | PA      | $1066654.67    | 0.07%             | 2032-03-06      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FOX CORP - CLASS B                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $819.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C RED WHEAT FUT MGE DEC25                        | FUTURE CONTRACT ON           RED WHEAT FUT MGE DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -94 | NC      | $-2644925.00   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AST SPACEMOBILE INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-55.16        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CEMBRA MONEY BANK AG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1092.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRANE CO                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $101.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CREDIT SAISON CO LTD /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $65.02         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOTALENERGIES SE /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-16012.08     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CINEMARK HOLDINGS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-228.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDVIK AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-424.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITORI HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2896.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHUGAI PHARMACEUTICAL CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5679.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOODSIDE ENERGY GROUP LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-199.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CASH COLLATERAL V/R 12/31/49                       | CASH COLLATERAL USD            CCBOSXUS1 3.99000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    367000 | PA      | $367000.00     | 0.02%             | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LIVANOVA PLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-173.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO FORESTRY CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-405.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONCLER SPA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $408.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARUBENI CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-34248.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MTR CORP /HKD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $61.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALOZYME THERAPEUTICS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13931.62     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GECINA SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-2865.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JERONIMO MARTINS /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $2469.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYPOPORT SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $37.12         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEMPRA                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-103967.45    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDIN GOLD INC /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-7406.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO ELECTRIC INDUST /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3498.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUGO BOSS AG  -ORD /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-858.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LYFT INC-A                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-432.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI CORP /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1294.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS O-I GLASS INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $161.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EIFFAGE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-743.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMERCE BANCSHARES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $191.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENAGAS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $4782.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMV AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $5931.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VICINITY CENTRES /AUD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $6445.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CINTAS CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12471.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMITHS GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-281.53       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LEVEL 3 FINANC 4.875% 06/15/29                     | LEVEL 3 FINANCING INC REGD P/P 4.87500000                                                        | CUSIP: 527298CB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $458384.95     | 0.03%             | 2029-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS VINCI SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-16447.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERROVIAL SE /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $2242.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AECOM                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8468.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAPUTO INC /CAD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $5877.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN STEEL WORKS LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-15873.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T&D HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8060.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANNOVER RUECKVERSICHERU SE /EUR/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-29469.89     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENSIGN GROUP INC/THE                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-635.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JD SPORTS FASHION PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-8044.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIONS BANCORP NA                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-78.29        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYAN SPECIALTY HOLDINGS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-38555.95     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA 30YR TBA 3% NOV 25                            | GNMA 30YR TBA 3% NOV 25        TO BE ANNOUNCED 3.00000000                                        | CUSIP: 21H0306B5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  27220000 | PA      | $24330266.28   | 1.55%             | 2055-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ANTOFAGASTA PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-61851.78     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI GROUP HOLDINGS LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $22.99         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSURED GUARANTY LTD                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $138.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L UFC HOLD 0% 11/21/31                           | T/L UFC HOLDINGS LLC REGD 0.00000000                                                             | CUSIP: 90266UAL7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3636467 | PA      | $3640430.56    | 0.23%             | 2031-11-21      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS YOKOHAMA RUBBER CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2397.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE BANK AG-REGISTE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-7644.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIFCO AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1104.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINDER MORGAN INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-826.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STORSKOGEN GROUP AB-B /SEK/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-187.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCELLERON INDUSTRIES AG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-885.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C OMXS30 IND FUTURE OCT25                        | FUTURE CONTRACT ON           OMXS30 IND FUTURE OCT25 /SEK/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | SE        |       270 | NC      | $7643078.69    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  INFORMA PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-7884.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIKON CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3617.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEALTHCARE REALTY TRUST INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3446.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOODSIDE ENERGY GROUP LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-4222.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COEUR MINING INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-61129.97     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C CBOE VIX FUTURE   NOV25                        | FUTURE CONTRACT ON           CBOE VIX FUTURE   NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        15 | NC      | $288738.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALAPAGOS NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $63.46         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BALOISE HOLDING AG /CHF/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-83.94        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRAPHIC PACKAGING HOLDING CO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2981.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVONESIS (NOVOZYMES) B /DKK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $2854.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONINKLIJKE BAM GROEP NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-807.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARLSBERG AS-B /DKK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $10321.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPIRAX GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $221.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QIAGEN N.V. /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $33.40         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARQETA INC-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-139.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RECRUIT HOLDINGS CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3830.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFTBANK GROUP CORP /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-73609.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCKWOOL A/S-B SHS /DKK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $57.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROSPERITY BANCSHARES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8567.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HECLA MINING CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-225.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATS CORP /CAD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $544.03        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGCO CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-356.85       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GXO LOGISTICS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7252.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLSMIDTH & CO A/S /DKK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-431.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HIMS & HERS HEALTH INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6096.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCELORMITTAL /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-5831.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FEDERAL SIGNAL CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13392.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVONESIS (NOVOZYMES) B /DKK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $5088.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEC CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7069.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTERN UNION CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15.06        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEG ENERGY CORP /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-917.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITALGAS SPA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $1620.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L IRB HOLDING CO 0% 12/15/27                     | T/L IRB HOLDING CORPORATION    REGD 0.00000000                                                   | CUSIP: 44988LAL1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2445889 | PA      | $2446011.11    | 0.16%             | 2027-12-15      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| T/L VOYAGER PARENT 0% 05/09/32                     | T/L VOYAGER PARENT LLC         REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1070000 | PA      | $1071465.90    | 0.07%             | 2032-05-09      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TORIDOLL.CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $727.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5534 FP V/R 05/25/55                           | FREDDIE MAC REMICS SER 5534 CL FP V/R 5.65603000                                                 | CUSIP: 3137HLER9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9049525 | PA      | $8995077.16    | 0.57%             | 2055-05-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SOCIETE BIC SA /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $105.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NKT HOLDING A/S /DKK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $617.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-568.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROYAL CARIBBEAN CRUISES LTD                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LR        |         1 | NC      | $19602.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO PLC-SPON ADR                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2533.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDIN GOLD INC /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $615.53        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOODMAN GROUP /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $983.04        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARCO N.V. /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-421.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C KC HRW WHEAT FUT  MAY26                        | FUTURE CONTRACT ON           KC HRW WHEAT FUT  MAY26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -4 | NC      | $-106750.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASTRAZENECA PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $46840.85      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SITEONE LANDSCAPE SUPPLY INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8180.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRYSTAL BIOTECH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6905.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYDRO ONE LTD /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $40.40         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPIRAX GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $167.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CADENCE DESIGN SYS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-93.87        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGIONS FINANCIAL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27231.03     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 4.75000 L 10/09/25 BRC                | ORO USD 7Y P 4.75000 L 10/09/25 BRC 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  47700000 | NC      | $4.77          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ZURN ELKAY WATER SOLUTIONS C                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8.31         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADP /EUR/                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-436.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAINSBURY (J) PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $211.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALSO HOLDING AG-REG /CHF/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $992.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOCIETE GENERALE SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-23967.35     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEMETSCHEK SE  /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $511.17        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REALTY INCOME CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-278.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIVITAS RESOURCES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-959.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NN GROUP NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $10185.29      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AON PLC-CLASS A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-1090.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINGDEE INTERNATIONAL SF /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-5778.66      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRH PLC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-10747.90     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L RFS OPCO 0% 04/04/2031                         | T/L RFS OPCO LLC REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    130000 | PA      | $129350.00     | 0.01%             | 2031-04-04      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                | TRS MERCARI INC /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $25.54         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CME GROUP INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $73567.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C ECX EMISSION      DEC25                        | FUTURE CONTRACT ON           ECX EMISSION      DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | NL        |        -1 | NC      | $-88899.06     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVONESIS (NOVOZYMES) B /DKK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-3105.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CRVNA 2024-N3 C 4.9% 03/10/28                      | CARVANA AUTO RECEIVABLES TRUST 2024-N3 SER 2024-N3 CL C REGD 144A P/P 4.90000000                 | CUSIP: 14687WAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    240000 | PA      | $240813.53     | 0.02%             | 2030-12-10      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BIONTECH SE-ADR                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-190.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CGI INC /CAD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-42980.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#FA2867 6.5% 06/01/54                        | FANNIE MAE POOL UMBS P#FA2867 6.50000000                                                         | CUSIP: 3140W3FH7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3532310 | PA      | $3729298.38    | 0.24%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SECTRA AB-B SHS /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1248.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSENTIAL UTILITIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-107.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN INTERNATIONAL GROUP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13162.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCREEN HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-13780.54     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VESTAS WIND SYSTEMS A/S /DKK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-110.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3MO EURO EURIBOR  SEP27                        | FUTURE CONTRACT ON           3MO EURO EURIBOR  SEP27 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |       -78 | NC      | $-22389162.49  | -1.43%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARVELL TECHNOLOGY INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $27361.19      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASCENDIS PHARMA A/S - ADR                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $747.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNCOR ENERGY INC /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $23561.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORLEY LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1063.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MORI SEIKI CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-18958.41     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HP INC                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $520.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHERN TRUST CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4278.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L MADISON SAF 0.00% 09/26/31                     | T/L MADISON SAFETY & FLOW LLC  0% 0.00000000                                                     | CUSIP: 55822DAM3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    248280 | PA      | $248436.67     | 0.02%             | 2031-09-26      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS PACKAGING CORP OF AMERICA                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7919.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OTIS WORLDWIDE CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $16839.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LPL FINANCIAL HOLDINGS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $297.87        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON BUILDING FUND INC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6056.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WPP PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $398.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GROUP 1 AUTOMOTIVE INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $48.71         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRESHWORKS INC-CL A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5499.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENOVIS CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $25.75         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROLOGIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-858.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YOKOHAMA RUBBER CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $20283.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEXCOM INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1160.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVEREST GROUP LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-3035.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C CAN 10YR BOND FUT DEC25                        | FUTURE CONTRACT ON           CAN 10YR BOND FUT DEC25 /CAD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | CA        |       106 | NC      | $9327268.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DELTA ELECTRONICS INC /TWD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-1990.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MUNTERS GROUP AB /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $12068.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUEST DIAGNOSTICS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $34517.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XIAOMI CORP-CLASS B /HKD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-14432.92     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BILL HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $96.48         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TC ENERGY CORP /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $53131.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TYSON FOODS INC-CL A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1999.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASTRAZENECA PLC-SPONS ADR                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-425.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEONARDO SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $1622.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIPER ENERGY INC-CL A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $287.64        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARAMOUNT SKYDANCE CL B                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12975.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED PARCEL SERVICE-CL B                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1646.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JEFFERIES FINANCIAL GROUP IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-418.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DARLING INGREDIENTS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2977.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYO SUISAN KAISHA LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5527.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADDTECH AB-B SHARES /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-445.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HUB INTERNATION 7.25% 06/15/30                     | HUB INTERNATIONAL LTD REGD 144A P/P 7.25000000                                                   | CUSIP: 44332PAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $307559.92     | 0.02%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS REDDIT INC-CL A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27987.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M3 INC /JPY/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2028.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOAR HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $171.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEXIP HOLDING ASA /NOK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-926.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HILTON FOOD GROUP  PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-190.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENIUS SPORTS LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GG        |         1 | NC      | $653.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHARLES RIVER LABORATORIES                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $273.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAEMONETICS CORP/MASS                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-37.96        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST HOLDINGS CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15475.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST BANK CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-12238.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WPP PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $7725.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AJINOMOTO CO INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-927.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS RE LTD /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-27528.87     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAMES HARDIE IND PLC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-245.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HARBOUR ENERGY PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1104.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOX FACTORY HOLDING CORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-150.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VENTAS INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-799.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLOUDFLARE INC - CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-51.81        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMPUTACENTER PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4198.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JX ADVANCED METALS CORP /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-39514.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERDIGITAL INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $20.77         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GARTNER INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $383.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CITADEL SE 00.00% 10/31/31                     | T/L CITADEL SECURITIES LP 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    607569 | PA      | $608559.75     | 0.04%             | 2031-10-31      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GEBERIT AG-REG /CHF/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1604.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OJI HOLDINGS CORPORIATON /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8388.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KINSALE CAPITAL GROUP INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-177.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ON THE BEACH GROUP PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $47.69         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C US DOLLAR FUT     OCT25                        | FUTURE CONTRACT ON           US DOLLAR FUT     OCT25 /KRW/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | KR        |       178 | NC      | $1778287.30    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADVANCED DRAINAGE SYSTEMS IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4936.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WINTRUST FINANCIAL CORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2490.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ONTARIO GAMIN 0%  08/01/30                     | T/L ONTARIO GAMING GTA LIMITED PARTNERSHIP REGD TERM LOAN 0.00000000                             | CUSIP: C6907UAB7<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    538217 | PA      | $524341.46     | 0.03%             | 2030-08-01      | Floating      | 8.24%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NITORI HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2650.28      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTIS INC /CAD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-12119.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  EXPERIAN PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-22820.90     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XERO LTD /AUD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-551.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO OHKA KOGYO CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1267.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOBILEZONE HOLDING AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $241.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONDI PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-4152.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORANGE SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-7723.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUMBLE INC-A                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $913.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIKING HOLDINGS LTD                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-1781.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUNGE GLOBAL SA                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-15284.63     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSENTIAL PROPERTIES REALTY                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1051.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHINA MERCHANTS BANK-H /HKD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $629.21        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AFFILIATED MANAGERS GROUP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-611.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STRIDE INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2906.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI CHEMICALS INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10412.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARLISLE COS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8339.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL MUSIC GROUP NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1192.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IHI CORPORATION /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-135754.45    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIMICRON TECHNOLOGY COR /TWD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $5501.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REALTY INCOME CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-436.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MIPS AB /SEK/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-794.53       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO GAS CO LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5257.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FASTIGHETS AB BALDER-B S /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $749.99        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOYA CORP /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3454.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L GEN II FUND 0% 11/26/31                        | T/L GEN II FUND SERVICES  LLC  REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    323375 | PA      | $323239.18     | 0.02%             | 2031-11-26      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LOGITECH INTERNATIONAL-REG                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $735.30        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLARIANT AG-REG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2648.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIDARA THERAPEUTICS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-652.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAM RESEARCH CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $21496.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNCORP GROUP LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1724.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEB SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-65.68        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPERIAN PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-23.73        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACKERMANS & VAN HAAREN /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-1083.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARITZIA INC-SUBORDINATE  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-296.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COPART INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18087.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAMAHA MOTOR CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $56.02         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MICROCHIP TECHNOLOGY INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8490.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED DIGITAL CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-434.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEWY INC - CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-24645.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIWA HOUSE INDUSTRY CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9567.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALVOLINE INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2169.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIMENTATION COUCHE-TARD /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-175.88       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ERICSSON LM-B SHS /SEK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $41773.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVO NORDISK A/S-B /DKK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $115801.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLEX LTD                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $600.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEINEKEN NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-6788.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALLOUREC SA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $2094.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MACQUARIE GROUP LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1253.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASCENDIS PHARMA A/S - ADR                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-61.04        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERADYNE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-140.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REINSURANCE GROUP OF AM CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $380.55        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TDK CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4165.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHURCHILL DOWNS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $341.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COVIVIO /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $148.02        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIVENDI SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $902.05        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAXCYTE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1994.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECNICAS REUNIDAS SA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-1234.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IG GROUP HOLDINGS PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $16193.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHOENIX GROUP HOLDINGS P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $10376.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YUBICO AB /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $147.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LISI /EUR/                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $213.53        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEMBCORP INDUSTRIES LTD /SGD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $6191.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KANSAI PAINT CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $501.10        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CINTAS CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10008.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ECHOSTAR CORP-A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-413.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSURANT INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3989.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRANE CO                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $201.89        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUILDERS FIRSTSOURCE INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8107.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PSP SWISS PROPERTY AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-4124.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AYVENS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-4194.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMETEK INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1860.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NTT INC /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1122.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISETAN MITSUKOSHI HOLDIN /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4895.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  JAPAN EXCHANGE GROUP INC /JPY/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7776.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWMONT CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-101.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN MEAL FUTR MAY26                        | FUTURE CONTRACT ON           SOYBEAN MEAL FUTR MAY26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-29170.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  INFRATIL LTD /NZD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-48.91        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVOTEC SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $95.07         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELADOC HEALTH INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $606.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELISA OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-101.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO MITSUI TRUST HOLDINGS INC /JPY/                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $28583.23      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CROWDSTRIKE HOLDINGS INC - A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-89976.25     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SWISS MKT IX FUTR DEC25                        | FUTURE CONTRACT ON           SWISS MKT IX FUTR DEC25 /CHF/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | DE        |        21 | NC      | $3193593.37    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SVEAFASTIGHETER AB /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-494.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IPSOS /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $668.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L HIGHTOWER HOL 0% 02/03/32                      | T/L HIGHTOWER HOLDING LLC  REGD 0.00000000                                                       | CUSIP: 43117LAP8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     99251 | PA      | $99065.65      | 0.01%             | 2032-02-03      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KEMIRA OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-48.09        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KBC GROUP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-4795.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRANE CO                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $95.81         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SSAB AB - B SHARES /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $113.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPORTRADAR GROUP AG-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2143.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO SANTANDER SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-7086.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COOPER COS INC/THE                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-180.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAMAMATSU PHOTONICS KK /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4423.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAC HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $38.88         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGNICO EAGLE MINES LIMITED/CAD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $69031.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BP PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1110.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2021-3 NI 2.5% 02/25/51                        | FANNIE MAE REMICS SER 2021-3 CL NI 2.50000000                                                    | CUSIP: 3136BDQ84<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    633071 | PA      | $95986.06      | 0.01%             | 2051-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WESTON (GEORGE) LTD /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1567.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTUIT INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-45851.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAPLEBEAR INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9583.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MANHATTAN ASSOCIATES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-468.71       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMCO CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11.87         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLOPLAST-B /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $1197.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JFE HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-17786.83     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXT PLC /GBP/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3528.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERALTO CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $731.95        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOGITECH INTERNATIONAL-R /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $16395.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARRIER GLOBAL CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11945.86      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORDSON CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2084.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOROMONT INDUSTRIES LTD /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-741.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCL INDUSTRIES INC - CL  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1035.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VONOVIA SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-7709.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PPG INDUSTRIES INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1742.34       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEFONICA SA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-7361.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAVIDE CAMPARI-MILANO NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $26001.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMET HOLDING AG-REG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-306.28       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COTERRA ENERGY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $827.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LG UPLUS LTD /KRW/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $1702.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLGATE-PALMOLIVE CO                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-348.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3MO EURO EURIBOR  JUN26                        | FUTURE CONTRACT ON           3MO EURO EURIBOR  JUN26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |        -6 | NC      | $-1726381.79   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PACKAGING CORP OF AMERICA                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6949.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MADRIGAL PHARMACEUTICALS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3103.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAMBUS INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-497.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHUBU ELECTRIC POWER CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3505.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L LIFEPOINT HEA ZCP 05/17/31                     | T/L LIFEPOINT HEALTH INC REGD ZCP TERM LOAN 0.00000000                                           | CUSIP: 75915TAK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1406432 | PA      | $1402775.49    | 0.09%             | 2031-05-17      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KONECRANES OYJ /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-2086.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYDER SYSTEM INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $59.39         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELECNOR  SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $51.82         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASTERA LABS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $47157.51      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITALGAS SPA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $412.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFINA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $99.68         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C AUST 3YR BOND FUT DEC25                        | FUTURE CONTRACT ON           AUST 3YR BOND FUT DEC25 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |      -160 | NC      | $-11311438.72  | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRISTOL-MYERS SQUIBB CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-454.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QANTAS AIRWAYS LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-610.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JENOPTIK AG /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $119.86        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADVANTEST CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $183.88        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KULICKE & SOFFA INDUSTRIES                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-794.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L MERMAID 0% 07/03/2031                          | T/L MERMAID BIDCO INC          (DATASITE) REGD 0.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    455400 | PA      | $454357.13     | 0.03%             | 2031-07-03      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BRENNTAG SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $115.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CWL 2006-2 M2 V/R 05/25/36                         | CWABS ASSET-BACKED CERTIFICATES TRUST 2006-2 SER 2006-2 CL M2 V/R REGD 4.90239000                | CUSIP: 126670UX4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2102530 | PA      | $2018010.24    | 0.13%             | 2036-06-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AJINOMOTO CO INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1250.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| P/O OTC EPUT FN 6.5 11-55 79                       | PUT OPTION ON 100SHS           OTC EPUT FN 6.5 11-55 79 SAL 0.00000000                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |  94000000 | NC      | $0.00          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RC R/P WELLS   4.310% 10/14/25                     | RC R/P WELLS   4.310% 10/14/25 4.31000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -6754622 | PA      | $-6754621.50   | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SWISS PRIME SITE-REG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2145.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VUSIONGROUP /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-779.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GERRESHEIMER AG /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $34549.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTH BOW CORP /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-11227.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CATALYST PHARMACEUTICALS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-260.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIPER ENERGY INC-CL A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-189.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEBULL CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $210.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEGA SAMMY HOLDINGS INC /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1620.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOSTON SCIENTIFIC CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-44418.77     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GFL ENVIRONMENTAL INC-SU /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $447.55        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON ELECTRIC HOLDING /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-1605.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROLLINS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-284.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  NATWEST GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1027.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBAL PAYMENTS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9680.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VEOLIA ENVIRONNEMENT /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $2928.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAR GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $12180.55      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CSMC 2017-RPL1 A V/R 07/25/57                      | CSMC 2017-RPL1 TRUST SER 2017-RPL1 CL A2 V/R REGD 144A P/P 0.02971800                            | CUSIP: 22945AAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3300000 | PA      | $3100745.34    | 0.20%             | 2057-07-25      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS APPLIED INDUSTRIAL TECH INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3206.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYOTA TSUSHO CORP /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-16880.48     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PERDOCEO EDUCATION CORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $222.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EURONET WORLDWIDE INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1187.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHNEIDER ELEC SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-98913.80     | -0.01%            |  |  |  | No            |                  1 | 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        |   5100000 | PA      | $5130789.21    | 0.33%             | 2029-04-10      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS FIRST MAJESTIC SILVER CO /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $71248.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEBUKI FINANCIAL GROUP I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2467.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAYSEARCH LABORATORIES A /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-337.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RHYTHM PHARMACEUTICALS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-200.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMCO CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-12093.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIZLINK HOLDING INC /TWD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $241.33        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOORDASH INC - A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-37406.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENDEAVOUR MINING PLC /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $20715.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOWER SEMICONDUCTOR LTD                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $12032.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIRBNB INC-CLASS A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8403.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  OVERSEA-CHINESE BANKING  /SGD/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-2004.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALEO /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-1687.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  POWER CORP OF CANADA /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $38125.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORDNET AB PUBL /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-53.45        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L BELRON FINA 0% 10/16/31                        | T/L BELRON FINANCE 2019 LLC    REGD 0.00000000                                                   | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   2079214 | PA      | $2088320.90    | 0.13%             | 2031-10-16      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| GDLP 2025-2A A 5.32% 06/20/49                      | GOODLEAP HOME IMPROVEMENT SOLUTIONS TRUST 2025-2 SER 2025-2A CL A REGD 144A P/P 5.32000000       | CUSIP: 38238FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3282050 | PA      | $3318983.15    | 0.21%             | 2049-06-20      | Fixed         | 5.32%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS CRODA INTERNATIONAL PLC /GBP/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3834.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMER SPORTS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-3567.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GARTNER INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $70871.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HIKARI TSUSHIN INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2403.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOODWARD INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4172.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERRARI NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-655.82       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDONMETRIC PROPERTY PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2478.66      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GSK PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-4005.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FABRINET                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $7059.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHARLES RIVER LABORATORIES                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $801.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTEGRIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-633.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSULET CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-482.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHARMING GROUP NV /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1259.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M3 INC /JPY/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-181.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENDESA SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-124.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLUGHAFEN ZURICH AG-REG /CHF/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-3788.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEARSON PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $9737.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUITY LIFESTYLE PROPERTIES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5081.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY S 8.625% 06/01/30                     | TALEN ENERGY SUPPLY LLC REGD 144A P/P 8.62500000                                                 | CUSIP: 87422VAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $615681.02     | 0.04%             | 2030-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BRITISH AMERICAN TOB-SP ADR                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $341.17        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARUWA CO LTD /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3241.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C RAPESEED  EURO    NOV25                        | FUTURE CONTRACT ON           RAPESEED  EURO    NOV25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | FR        |       -12 | NC      | $-328264.37    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PORSCHE AUTOMOBIL HLDG-P /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $32148.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOOMIS AB /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-303.16       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMCP SA /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $398.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STMICROELECTRONICS NV /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $285.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C COFF ROBUSTA 10TN NOV25                        | FUTURE CONTRACT ON             COFF ROBUSTA 10TN NOV25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |        10 | NC      | $420000.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOPBUILD CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5653.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMAMURA CO LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1797.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIDGEBIO PHARMA INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $780.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXTRACKER INC-CL A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1935.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LGI HOMES INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2554.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  IDEXX LABORATORIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11623.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DARLING INGREDIENTS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-659.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTUS BAKERIES /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-519.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  EXOR NV /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1222.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAMPO OYJ-A SHS /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-4265.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2024-18 IO 4% 11/25/49                         | FANNIE MAE REMICS SER 2024-18 CL IO 4.00000000                                                   | CUSIP: 3136BRLM7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2559019 | PA      | $436161.68     | 0.03%             | 2049-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ALAMOS GOLD INC-CLASS A /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $17609.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PKAIR 2024-2  5.052% 05/15/30                      | PK ALIFT LOAN FUNDING 4 LP SER 2024-2 CL A REGD 144A P/P 5.05200000                              | CUSIP: 69381EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    180368 | PA      | $180578.30     | 0.01%             | 2039-10-15      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BALOISE HOLDING AG /CHF/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-257.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAESARS ENTERTAINMENT INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6233.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BADGER METER INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $61.13         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANKUNITED INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-42.54        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCHE HOLDING AG-GENUSSC /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $10753.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUANTA SERVICES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-43400.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MFRA 2022-RPL1 A V/R 08/25/61                      | MFA 2022-RPL1 TRUST SER 2022-RPL1 CL A1 V/R REGD 144A P/P 3.30000000                             | CUSIP: 55285TAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1777068 | PA      | $1673489.48    | 0.11%             | 2061-08-25      | Variable      | 3.30%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ASICS CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3266.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI UFJ FINANCIAL /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-75906.41     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2024-100 FB V/R 01/25/55                       | FANNIE MAE REMICS SER 2024-100 CL FB V/R 5.70603000                                              | CUSIP: 3136BUGF1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  25306993 | PA      | $25463787.67   | 1.62%             | 2055-01-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| UMBS TBA 30YR 2% OCT 25                            | UMBS TBA 30YR 2% OCT 25        TO BE ANNOUNCED 2.00000000                                        | CUSIP: 01F0206A2<br>LEI: N/A                  | Short            | ABS-MBS          | USGA              | US        |   -500000 | PA      | $-403051.31    | -0.03%            | 2055-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  BIRKENSTOCK HOLDING PLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $3888.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALSTOM /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-3642.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARTIN MARIETTA MATERIALS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14821.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST BANK CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-261.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALMA PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $912.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXTDC LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $157.64        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JERONIMO MARTINS /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $180.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENI SPA /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $9119.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL GRID PLC-SP ADR                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1112.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ST JAMES'S PLACE PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1249.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GAMES WORKSHOP GROUP PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-852.71       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS E.ON SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-16751.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L BOOST NEWCO B ZCP 01/31/31                     | T/L BOOST NEWCO BORROWER LLC REGD ZCP TERM LOAN 0.00000000                                       | CUSIP: 92943EAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    849805 | PA      | $850161.54     | 0.05%             | 2031-01-31      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HEXCEL CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $151.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENUINE PARTS CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-40.65        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APTIV PLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-34.86        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE TELEKOM AG-REG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $2312.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DENA CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1124.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAWAG GROUP AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $1555.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERUMO CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5951.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRYSMIAN SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-349.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENEOS HOLDINGS INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $12324.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MODEC INC /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4222.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYLOCITY HOLDING CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1636.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALMIRALL S.A. /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $19.23         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOKUSAI ELECTRIC CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $191.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NASDAQ INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2930.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATLAS COPCO AB-B SHS /SEK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-4257.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ASURION LLC 0% 1/22/29                         | T/L ASURION LLC REGD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2419245 | PA      | $2310717.67    | 0.15%             | 2029-01-22      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HOEGH AUTOLINERS ASA /NOK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-1383.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAGLE MATERIALS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-572.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KADOKAWA CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2687.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALAXY ENTERTAINMENT GRO /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $12626.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEA GROUP AG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $2711.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONOTARO CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1482.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYATT HOTELS CORP - CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $67.77         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANOFI /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-30425.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIXMOR PROPERTY GROUP INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-245.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BCE INC /CAD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $30298.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C FTSE 100 IDX FUT  DEC25                        | FUTURE CONTRACT ON           FTSE 100 IDX FUT  DEC25 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |       -14 | NC      | $-1771300.51   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRUDENTIAL FINANCIAL INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11980.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C GASOLINE RBOB FUT DEC25                        | FUTURE CONTRACT ON           GASOLINE RBOB FUT DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |         3 | NC      | $236212.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KILROY REALTY CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2567.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MELROSE INDUSTRIES PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-5451.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOURMALINE OIL CORP /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-8635.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED THERAPEUTICS CORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $700.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WYNDHAM HOTELS & RESORTS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1574.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENUINE PARTS CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $165.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS RE LTD /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-40204.44     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARREFOUR SA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $2705.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C MSCI EMGMKT       DEC25                        | FUTURE CONTRACT ON           MSCI EMGMKT       DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       784 | NC      | $53300240.00   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SMITH & NEPHEW PLC /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3156.28      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORFOLK SOUTHERN CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6303.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASTGROUP PROPERTIES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4120.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REA GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-127.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ASURION LLC 0% 09/19/2030                      | T/L ASURION LLC REGD 0.00000000                                                                  | CUSIP: 04649VBE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    733122 | PA      | $727931.71     | 0.05%             | 2030-09-19      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| ELM15 2022-2A A1 V/R 04/22/35                      | ELMWOOD CLO 15 LTD SER 2022-2A CL A1R V/R REGD 144A P/P 5.40770000                               | CUSIP: 29003JAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    900000 | PA      | $902973.24     | 0.06%             | 2035-04-22      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS AMPHENOL CORP-CL A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1093.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLOWSERVE CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-33584.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIGHTMOVE PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3102.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDON STOCK EXCHANGE GR /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-14886.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UBIQUITI INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $108.04        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNCHRONY FINANCIAL                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11499.76     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BZ4984 5.115% 02/01/30                      | FANNIE MAE POOL UMBS P#BZ4984 5.11500000                                                         | CUSIP: 3140Q0RE4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1187400 | PA      | $1225826.57    | 0.08%             | 2030-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NORSK HYDRO ASA /NOK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-1040.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA2 TBA 30YR 4.5% NOV 25                         | GNMA2 TBA 30YR 4.5% NOV 25     TO BE ANNOUNCED 4.50000000                                        | CUSIP: 21H0426B0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  26920000 | PA      | $26112236.86   | 1.67%             | 2055-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SWEDISH ORPHAN BIO AB /SEK/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1030.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORTEVA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-121.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTHERN CO/THE                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-42606.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALP ENERGIA SGPS SA  B /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $116.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAP SE /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-11995.32     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPITALAND INTEGRATED CO /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $4322.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVOLUTION MINING LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2749.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRSTENERGY CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-57225.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GODADDY INC - CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-34546.77     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEINEKEN HOLDING NV /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $2108.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C CBOE VIX FUTURE   OCT25                        | FUTURE CONTRACT ON           CBOE VIX FUTURE   OCT25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        45 | NC      | $791460.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZURN ELKAY WATER SOLUTIONS C                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-309.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALEON PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $143224.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DRAFTKINGS INC-CL A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $26629.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARRATT REDROW PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-177.04       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUMENTUM HOLDINGS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2798.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L LUMEN TECHNO 0% 06/01/28                       | T/L LUMEN TECHNOLOGIES INC     REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    644727 | PA      | $654803.88     | 0.04%             | 2028-06-01      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FORTIVE CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2795.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FINANCIERE DE TUBIZE /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-1925.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALP ENERGIA SGPS SA  B /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $105.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNAM SPA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $112.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEBERIT AG-REG /CHF/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-184.53       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCKESSON CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1358.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENDERSON LAND DEVELOPME /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $1005.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  AMPOL LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-529.82       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOMNIGROUP INTERNATIONAL INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4066.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENTOKIL INITIAL PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1511.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE TELEKOM AG-REG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-45803.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JACK HENRY & ASSOCIATES INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $103.46        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUANTA SERVICES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1363.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIGHT HORIZONS FAMILY SOLUT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-54.62        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFTBANK CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-18983.22     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IBERDROLA SA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $31618.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZENSHO HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2174.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXACT SCIENCES CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4233.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALKERMES PLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $276.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRACO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $231.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  UNITED THERAPEUTICS CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7578.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSTALLED BUILDING PRODUCTS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5612.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2023-2 DI 2% 05/25/51                          | FANNIE MAE REMICS SER 2023-2 CL DI 2.00000000                                                    | CUSIP: 3136BPUZ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  85945179 | PA      | $11283209.69   | 0.72%             | 2051-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SHIMANO INC /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-18694.69     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOOSEHEAD INSURANCE INC -A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $311.36        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRACO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11.34        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIOCAN REAL ESTATE INVST /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1366.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FERGUSON ENTERPRISES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2874.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRACTOR SUPPLY COMPANY                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3341.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYUSHU ELECTRIC POWER CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1122.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERRENO REALTY CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1591.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORPAY INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17600.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOEWS CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1005.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIFUKU CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-306.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CADENCE DESIGN SYS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12741.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS J FRONT RETAILING CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $125.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-71552.81     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOMINOS PIZZA ENTERPRISES /AUD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1288.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASM INTERNATIONAL NV /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-4351.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUREAU VERITAS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $13546.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QT GROUP OYJ /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-83.38        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GECINA SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $734.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ETSY INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $47715.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMAZON.COM INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11395.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANADIAN PACIFIC KANSAS  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1713.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUSS MICROTEC SE /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1267.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T ROWE PRICE GROUP INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6248.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MINEBEA MITSUMI INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6607.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5426 BI V/R 04/15/49                           | FREDDIE MAC REMICS SER 5426 CL BI V/R 1.41297900                                                 | CUSIP: 3137HCXX5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  34675799 | PA      | $1401158.87    | 0.09%             | 2049-04-15      | Variable      | 1.41%                 | No            |                  2 | On Loan: No      |
| T/L THE EDELMAN 0% 04/07/28/                       | T/L THE EDELMAN FINANCIAL      ENGINES CENTER LLC REGD 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2234569 | PA      | $2235373.04    | 0.14%             | 2028-04-07      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HEINEKEN HOLDING NV /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-554.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NP3 FASTIGHETER AB /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-66.81        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OPTION CARE HEALTH INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-52.59        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JACOBS SOLUTIONS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $81.14         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WPP PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-1507.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XERO LTD /AUD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-149.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENKEL AG & CO KGAA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-47.22        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 01/13/26                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797SF5<br>LEI: N/A                  | Long             | STIV             | UST               | US        |     11000 | PA      | $10878.55      | 0.00%             | 2026-01-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| T/L TWITTER INC 0.00% 10/27/29                     | T/L TWITTER INC 0.00000000                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1844440 | PA      | $1807809.13    | 0.12%             | 2029-10-27      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GLOBE LIFE INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $293.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CROWN CASTLE INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $24110.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QANTAS AIRWAYS LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-142.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RC R/P WELLS   4.310% 10/14/25                     | RC R/P WELLS   4.310% 10/14/25 4.31000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -6754622 | PA      | $-6754622.00   | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KYOCERA CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $12096.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIGITAL REALTY TRUST INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1681.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON MATTHEY PLC /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-434.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMITH & NEPHEW PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-19513.56     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5526 AI 4.5% 06/25/50                          | FREDDIE MAC REMICS SER 5526 CL AI 4.50000000                                                     | CUSIP: 3137HKSQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    842879 | PA      | $190180.54     | 0.01%             | 2050-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ACUITY INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2391.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIKON CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1691.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENAISSANCERE HOLDINGS LTD                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-28229.82     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADA CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8999.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOX CORP - CLASS A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $56.88         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MGM RESORTS INTERNATIONAL                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-825.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRYSMIAN SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-14551.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PACCAR INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2384.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIVARDEN AB-C SHS /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $27.78         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEICO CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2458.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAIPEM SPA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $10556.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JULIUS BAER GROUP LTD /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1267.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AFLAC INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11078.97      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOBLAW COMPANIES LTD /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2071.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCA MEDIOLANUM SPA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $86.87         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHAMPION HOMES INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-427.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUKUOKA FINANCIAL GROUP  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11443.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SATS ASA /NOK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-23.89        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST HORIZON CORPORATION                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1014.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DROPBOX INC-CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-350.92       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELEMENTIS /1998/ PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-9.80         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRP INC/CA- SUB VOTING /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $4760.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PERPETUA RESOURCES CORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-870.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GPT GROUP /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $47.84         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOSAIC CO/THE                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5420.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNEVISION HOLDINGS /HKD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-81.22        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DANSKE BANK A/S /DKK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $1242.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHENIERE ENERGY INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5387.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZSCALER INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3726.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAN APARTMENT PROP REAL  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $3236.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSO STE ANONYME FRANCAI /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $139.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANMINA CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6586.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NUTANIX INC - A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $35777.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLUOR CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $291.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMCOR PLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $7634.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIAMONDBACK ENERGY INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-249.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $934.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORNING INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9034.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CGI INC /CAD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2645.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCATEC ASA /NOK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $621.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LENDINGCLUB CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-727.71       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MSC INDUSTRIAL DIRECT CO-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-508.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  UNIVERSAL HEALTH SERVICES-B                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-34413.92     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CREDICORP LTD                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-27.78        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUTRADE AB /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-564.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RBC BEARINGS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4632.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENEL SPA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-63114.82     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSOCIATED BRITISH FOODS /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-760.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SVENSKA HANDELSBANKEN-A  /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $249.21        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAKER HUGHES CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8.40         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNIGHT-SWIFT TRANSPORTATION                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-257.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHINDLER HOLDING AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1921.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRADY CORPORATION - CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-112.56       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLLIERS INTL GR-SUBORD  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1262.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMMI AG-REG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1380.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | JPY/USD FWD 20251016 000000010 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $8616.23       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  FEDERAL REALTY INVS TRUST                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-319.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVO NORDISK A/S-B /DKK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $4154.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENAGAS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $3244.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CRVNA 2024-N3  4.53% 12/10/26                      | CARVANA AUTO RECEIVABLES TRUST 2024-N3 SER 2024-N3 CL A3 REGD 144A P/P 4.53000000                | CUSIP: 14687WAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    240000 | PA      | $240403.82     | 0.02%             | 2029-01-10      | Fixed         | 4.53%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS THK CO LTD /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $220.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PANASONIC CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $19949.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSCOM AG-REG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-74.35        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONTINENTAL AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-483.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONTEA NV /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-220.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QIAGEN N.V. /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-556.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IHI CORPORATION /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-107265.09    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ASAHI GROUP HOLDINGS LTD /JPY/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $77.62         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#FS8777 6% 11/01/53                          | FANNIE MAE POOL UMBS P#FS8777 6.00000000                                                         | CUSIP: 3140XQXF9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1237423 | PA      | $1278253.44    | 0.08%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NORDEX SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1220.82       | 0.00%             |  |  |  | No            |                  1 | 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        |  92800000 | PA      | $93536886.75   | 5.96%             | 2050-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS D ASCENDIS PHARMA A/S - ADR                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $45.08         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADDTECH AB-B SHARES /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-11951.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EIFFAGE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $2.75          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDONMETRIC PROPERTY PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-635.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI E&S CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2439.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAFNIA LTD /NOK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-705.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZALANDO SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $638.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF IRELAND GROUP PL /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-596.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRIMORIS SERVICES CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8157.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PULTE GROUP INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-552.71       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CBIZ INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $408.95        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WICKES GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $634.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXT PLC /GBP/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $28509.97      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PILBARA MINERALS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-3653.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELENOR ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $0.76          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FREEHOLD ROYALTIES LTD /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-622.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROTHER INDUSTRIES LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-49.79        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIG COMBIBLOC GROUP AG /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1295.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FTAI AVIATION LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $26563.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERRARI NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1123.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LYFT INC-A                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4845.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL GRID PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-10904.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCHLEAR LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $27400.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CACTUS INC - A                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $201.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WATSCO INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7716.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L IRIDIUM COMMU 0% 09/20/30                      | T/L IRIDIUM COMMUNICATIONS INC REGD 0.00000000                                                   | CUSIP: 46269KAT1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    330508 | PA      | $312514.82     | 0.02%             | 2030-09-20      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MARRIOTT INTERNATIONAL -CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3616.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CAESARS ENT 0% 02/06/2030                      | T/L CAESARS ENTERTAINMENT INC  REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    556042 | PA      | $554157.30     | 0.04%             | 2030-02-06      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MODINE MANUFACTURING CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $726.99        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MYCRONIC AB /SEK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1118.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JEFFERIES FINANCIAL GROUP IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-24537.81     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADEUS IT GROUP SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $708.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CELSIUS HOLDI 0% 04/01/32                      | T/L CELSIUS HOLDINGS INC REGD 0.00000000                                                         | CUSIP: 15118XAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    265000 | PA      | $265249.10     | 0.02%             | 2032-04-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ORO USD 7Y C 3.33000 L  10/08/25 BOA               | ORO USD 7Y C 3.33000 L  10/08/25 BOA 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  -3300000 | NC      | $-1525.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ETSY INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $780.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALMA PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $30466.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BELLWAY PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2933.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SERVICE CORP INTERNATIONAL                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14527.57     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VONTIER CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7965.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHINDLER HOLDING-PART C /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $24.31         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIFUKU CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2794.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  DONALDSON CO INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $56.57         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIO-TECHNE CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $279.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCKESSON CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $82273.56      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L HUSKY INJECT 0% 02/15/29                       | T/L HUSKY INJECTION MOLDING    SYSTEMS LTDREGD 0.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1761973 | PA      | $1765391.10    | 0.11%             | 2029-02-15      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DBS GROUP HOLDINGS LTD /SGD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $3861.34       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKANSKA AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $2203.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNOVUS FINANCIAL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3116.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESMED INC/AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-367.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HECLA MINING CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3146.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOELIS & CO - CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-948.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSOCIATED BRITISH FOODS /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-161.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SBI HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2417.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DIRECTV FIN LLC/C 10% 02/15/31                     | DIRECTV FIN LLC/COINC REGD 144A P/P 10.00000000                                                  | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $469247.20     | 0.03%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| FNCL 30YR TBA 3.0% OCT 25                          | FNCL 30YR TBA 3.0% OCT 25      TO BE ANNOUNCED 3.00000000                                        | CUSIP: 01F0306A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  16700000 | PA      | $14677244.40   | 0.94%             | 2055-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| F/C SPI 200 FUTURES   DEC25                        | FUTURE CONTRACT ON           SPI 200 FUTURES   DEC25 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | AU        |        -3 | NC      | $-440344.77    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 90-DAY BANK BILL  SEP26                        | FUTURE CONTRACT ON           90-DAY BANK BILL  SEP26 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |        11 | NC      | $7218361.83    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UPM-KYMMENE OYJ /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-907.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOMPO HOLDINGS INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7164.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GARMIN LTD                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $4930.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STANDARDAERO INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-509.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PNC FINANCIAL SERVICES GROUP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10933.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BT GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1145.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIR LIQUIDE SA /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-1848.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WR BERKLEY CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2274.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLACK HILLS CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $242.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  QANTAS AIRWAYS LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-9961.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUAKER CHEMICAL CORPORATION                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $128.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VODAFONE GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4203.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCKWELL AUTOMATION INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1887.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOLSON COORS BEVERAGE CO - B                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1045.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF AMERICA CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11914.19     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHURCH & DWIGHT CO INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15970.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORLA MINING LTD /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-9461.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHLAND POWER INC /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1293.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AURORA INNOVATION INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4296.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLENCORE PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-99871.48     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C COCOA FUTURE - IC MAR26                        | FUTURE CONTRACT ON           COCOA FUTURE - IC MAR26 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |        -7 | NC      | $-446802.67    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOMPO HOLDINGS INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2147.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALCOA CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7558.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITORI HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3950.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FURUKAWA ELECTRIC CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8924.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HECLA MINING CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-498.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C FTSE/MIB IDX FUT  DEC25                        | FUTURE CONTRACT ON           FTSE/MIB IDX FUT  DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IT        |        28 | NC      | $6984611.19    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L TRANSDIGM INC 0% 3/22/30                       | T/L TRANSDIGM INC 0.00000000                                                                     | CUSIP: 89364MCF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1162133 | PA      | $1160738.69    | 0.07%             | 2030-03-22      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ST GALLER KANTONALBANK A /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-496.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTO TRADER GROUP PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3426.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI KASEI CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4767.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATCH GROUP INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $28428.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAGNA INTERNATIONAL INC /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $162.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCK KGAA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-68.02        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENESAS ELECTRONICS CORP /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-15599.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAN PACIFIC INTERNATIONA /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1040.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVALONBAY COMMUNITIES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7114.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTUS BAKERIES /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $4978.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DPM METALS INC /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-344.88       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANE TECHNOLOGIES PLC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $15179.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP V/R /PERP/                             | VISTRA CORP REGD V/R /PERP/ 144A P/P 8.00000000                                                  | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184114.44     | 0.01%             | 2174-04-15      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ANTERO RESOURCES CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5457.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BX0410 5% 11/01/52                          | FANNIE MAE POOL UMBS P#BX0410 5.00000000                                                         | CUSIP: 3140N4N45<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1784226 | PA      | $1779671.18    | 0.11%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS METTLER-TOLEDO INTERNATIONAL                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-405.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  MAPLEBEAR INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3431.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONGODB INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $42051.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMAMURA CO LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $20979.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PONY AI INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $6191.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UL SOLUTIONS INC - CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-164.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERTEK GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1405.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATCO LTD -CLASS I /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $568.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSPIRE MEDICAL SYSTEMS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1903.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DYCOM INDUSTRIES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1123.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FI USD REC IBXXLLTR 12/20/25 /LONG/                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27669.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MELROSE INDUSTRIES PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-140.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARCLAYS PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-22679.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUBBELL INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $55.96         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YELP INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-0.50         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERADYNE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9561.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALNYLAM PHARMACEUTICALS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6198.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIONS BANCORP NA                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2154.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVONESIS (NOVOZYMES) B /DKK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $655.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIONTECH SE-ADR                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-2913.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISUZU MOTORS LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8990.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BZ2933 5.03% 11/01/32                       | FANNIE MAE POOL UMBS P#BZ2933 5.03000000                                                         | CUSIP: 3140NXHK2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4849000 | PA      | $4983562.51    | 0.32%             | 2032-11-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DAIMLER TRUCK HOLDING AG /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1931.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRUPO AEROPORTUARIO PAC-ADR                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MX        |         1 | NC      | $488.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WISE PLC - A /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-10675.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVOLUTION MINING LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $3221.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JABIL INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3994.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BPER BANCA SPA /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-5652.94      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKER BP ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-3629.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMRON CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-12478.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WR BERKLEY CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-77224.31     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALAMOS GOLD INC-CLASS A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-507.16       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L MERLIN BUYER  ZCP 12/14/28                     | T/L MERLIN BUYER INC REGD ZCP TERM LOAN 0.00000000                                               | CUSIP: 59010LAB3<br>LEI: 2549008CJ699WXZAWW31 | Long             | LON              | CORP              | US        |    852160 | PA      | $854290.79     | 0.05%             | 2028-12-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS PINNACLE FINANCIAL PARTNERS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-138.27       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIRBNB INC-CLASS A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-861.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TUTOR PERINI CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-197.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLEPIERRE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $1921.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYENSQO SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $9581.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOLINA HEALTHCARE INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2384.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEAR CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-453.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VEEVA SYSTEMS INC-CLASS A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $27402.19      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EFMT 2025-CES1 A V/R 01/25/60                      | EFMT 2025-CES1 SER 2025-CES1 CL A1A V/R REGD 144A P/P 5.72600000                                 | CUSIP: 26846VAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3562843 | PA      | $3606342.51    | 0.23%             | 2060-01-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| PRET 2025-NPL7 A V/R 07/25/28                      | PRET 2025-NPL7 LLC SER 2025-NPL7 CL A1 V/R REGD 144A P/P 5.65710000                              | CUSIP: 740934AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7433592 | PA      | $7456126.28    | 0.48%             | 2055-07-25      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS MAIRE SPA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $441.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDS CHINA LTD /HKD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-1454.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MTU AERO ENGINES AG /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1395.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IPSEN /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-8318.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAMES HARDIES INDUSTRIES /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $17380.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI INTECC CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1136.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GROUP 1 AUTOMOTIVE INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10273.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y C 4.40000 L 06/25/35 BOA           | ORO FWD USD 10Y C 4.40000 L 06/25/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   4000000 | NC      | $225225.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS VODAFONE GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1108.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARGENX SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $143.17        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WABTEC CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $203.89        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DASSAULT SYSTEMES SE /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $8344.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UIPATH INC - CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10232.51      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ZALANDO SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $74.99         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDBERGS AB-B SHS /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-472.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OZK                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2075.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C MINI BOVESPA FUTURE XBV5                       | FUTURE CONTRACT ON            MINI BOVESPA FUTURE XBV5 INDEX 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |      -329 | NC      | $-1807956.39   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTTERY CORP LTD/THE /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $64.64         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPGEMINI SE /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $5430.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIEMENS AG-REG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $5618.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  INPOST SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $3105.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNUM GROUP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $978.89        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDWARDS LIFESCIENCES CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2806.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRSTSERVICE CORP /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $340.58        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLSTATE CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $37926.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WR BERKLEY CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2633.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENUINE PARTS CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $33.34         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORIGIN ENERGY LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-604.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHIBA BANK LTD/THE /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6042.25      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BJ'S WHOLESALE CLUB HOLDINGS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $18573.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAPESTRY INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-376.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C WTI CRUDE FUTURE  JAN26                        | FUTURE CONTRACT ON           WTI CRUDE FUTURE  JAN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |         2 | NC      | $123360.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFTWAREONE HOLDING AG /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $987.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRANCO-NEVADA CORP /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-202265.88    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINCH AB /SEK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-8662.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKER BP ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $13633.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEAM THERAPEUTICS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-134.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STAG INDUSTRIAL INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-815.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOGISTA INTEGRAL SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $622.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HP INC                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $244.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI MINING & SMELTING /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4812.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OBAYASHI CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15879.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KADOKAWA CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2148.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAGAX AB-B /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-72.39        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLACKSKY TECHNOLOGY INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $689.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKERO THERAPEUTICS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5.55         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BCC 2021-3A AR V/R 07/24/34                        | BAIN CAPITAL CREDIT CLO 2021-3 LTD SER 2021-3A CL AR V/R REGD 144A P/P 5.37869000                | CUSIP: 05683NAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1501274.40    | 0.10%             | 2034-07-24      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS DAI-ICHI LIFE HOLDINGS I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7176.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C LEAN HOGS FUTURE  DEC25                        | FUTURE CONTRACT ON           LEAN HOGS FUTURE  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        54 | NC      | $1916460.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONESTREAM INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2129.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERADATA CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-755.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERCONTINENTAL HOTELS  /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2091.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MIRAE ASSET SECURITIES CO /KRW                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $32.05         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CABLE ONE 0% 5/3/2028                          | T/L CABLE ONE INC. REGD 0.00000000                                                               | CUSIP: 12685LAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     89766 | PA      | $88008.01      | 0.01%             | 2028-05-03      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS L'OREAL /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $86.68         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAMATO HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $155.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WW GRAINGER INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $57843.17      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CREDIT AGRICOLE SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $10691.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BT GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $7200.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEBERIT AG-REG /CHF/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-295.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GROCERY OUTLET HOLDING CORP                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2640.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRET 2025-RPL1 A V/R 07/25/69                      | PRET 2025-RPL1 TRUST SER 2025-RPL1 CL A1 V/R REGD 144A P/P 4.00000000                            | CUSIP: 69392FAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    938599 | PA      | $911358.24     | 0.06%             | 2069-07-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SAP SE /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $2730.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEST PHARMACEUTICAL SERVICES                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $224.89        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TALANX AG /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-254.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRO MEDICUS LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $539.87        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISUZU MOTORS LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $12323.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KBC GROUP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $206.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SITIME CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12593.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEPPEL LTD /SGD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-1422.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L GRAY TELEVISI 0% 12/01/28                      | T/L GRAY TELEVISION INC. REGD 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    772022 | PA      | $771457.93     | 0.05%             | 2028-12-01      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| NYMT 2025-CP1 A1 V/R 11/25/69                      | NYMT LOAN TRUST 2025-CP1 SER 2025-CP1 CL A1 V/R REGD 144A P/P 3.75000000                         | CUSIP: 67121VAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3917009 | PA      | $3757149.57    | 0.24%             | 2069-11-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS DOCMORRIS AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1614.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MACY'S INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-96.15        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEERE AND CO                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11647.44     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BALTIC CLASSIFIEDS GROUP /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1065.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONAGRA BRANDS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14202.89     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C NEW ZEALAND $ FUT DEC25                        | FUTURE CONTRACT ON           NEW ZEALAND $ FUT DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |      -209 | NC      | $-12152305.00  | -0.77%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L TOWNSQUARE 0% 01/17/2031                       | T/L TOWNSQUARE MEDIA LLC REGD 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    504486 | PA      | $440794.35     | 0.03%             | 2031-01-17      | Floating      | 9.19%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  TORONTO-DOMINION BANK /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-114125.20    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METTLER-TOLEDO INTERNATIONAL                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $489.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEESECAKE FACTORY INC/THE                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-200.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C WTI CRUDE FUTURE  DEC25                        | FUTURE CONTRACT ON             WTI CRUDE FUTURE  DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |         2 | NC      | $123920.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORION CORP /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-2436.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UDR INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9118.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST SOLAR INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4053.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO COMERCIAL PORTUGUE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-30.56        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L TEAM HEALTH 0.00% 06/23/28                     | T/L TEAM HEALTH HOLDINGS INC. 0.00000000                                                         | CUSIP: 87817JAH1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1230000 | PA      | $1226666.70    | 0.08%             | 2028-06-23      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SIEMENS AG-REG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-966.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ERICSSON LM-B SHS /SEK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $24159.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTESCUE LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $136.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED RENTALS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-439.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HONDA MOTOR CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-18096.68     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KBC GROUP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-1056.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-13602.21     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXAS INSTRUMENTS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $33852.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLOOMIN' BRANDS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-87.28        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCA MEDIOLANUM SPA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $13.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIGHTHOUSE FINANCIAL INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5171.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS PRIME SITE-REG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-110.88       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  PPG INDUSTRIES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-40553.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSMOS PHARMACEUTICAL CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-343.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHISEIDO CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8193.94      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DESCARTES SYSTEMS GRP/TH /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3279.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOMPO HOLDINGS INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-773.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TORONTO-DOMINION BANK /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $5844.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJI MEDIA HOLDINGS INC /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1474.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDIN GOLD INC /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-294.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTPAC BANKING CORP /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $3974.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEMPUS AI INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3387.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RXO INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3136.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  UMB FINANCIAL CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $377.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JACK HENRY & ASSOCIATES INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $52832.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | GBP/USD FWD 20251016 000000010 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $16836.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ELASTIC NV                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-5054.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  DEC26                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  DEC26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      -139 | NC      | $-33674487.50  | -2.15%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GITLAB INC-CL A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1046.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYLOCITY HOLDING CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1680.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONGSBERG GRUPPEN ASA /NOK/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $805.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED DIGITAL CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-421.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MIDDLEBY CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2097.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON SERVICE GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-276.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORLEY LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $58.32         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DYNATRACE INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $41.29         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VONTIER CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $137.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERRENO REALTY CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1428.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEMENOS AG - REG /CHF/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-79.43        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOPPAN HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2203.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOHAWK INDUSTRIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1153.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VISTRA CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $25757.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L MRP BUYER LLC 0% 05/24/32                      | T/L MRP BUYER LLC REGD ZCP     TERM LOAN 0.00000000                                              | CUSIP: 55351DAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    518952 | PA      | $509709.09     | 0.03%             | 2032-05-24      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GEBERIT AG-REG /CHF/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1031.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YASKAWA ELECTRIC CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $186.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AZENTA INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-927.47       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M&G PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-52.62        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ESSENT GROUP LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-20.64        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MGM RESORTS INTERNATIONAL                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13856.82     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMERA INC /CAD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-34931.70     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BENTLEY SYSTEMS INC-CLASS B                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-246.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KILROY REALTY CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3659.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VONTIER CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $172.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEARSON PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1746.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORE & MAIN INC-CLASS A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19.94        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEFLEX INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-52.62        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APA CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1396.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REDES ENERGETICAS NACION /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $466.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMPUTERSHARE LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2849.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOLVERINE WORLD WIDE INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7389.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNIGHT-SWIFT TRANSPORTATION                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3.24          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OPEN TEXT CORP /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $130.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STIFEL FINANCIAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7337.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MELCO CROWN ENTERTAINMENT LTD ADR                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-231.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEYERHAEUSER CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-829.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNCL 30YR TBA 3.0% OCT 25                          | FNCL 30YR TBA 3.0% OCT 25      TO BE ANNOUNCED 3.00000000                                        | CUSIP: 01F0306A1<br>LEI: N/A                  | Short            | ABS-MBS          | USGA              | US        | -16700000 | PA      | $-14677244.40  | -0.94%            | 2055-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LAMB WESTON HOLDINGS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5462.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERCONTINENTAL HOTELS  /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4354.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMITHS GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-920.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NCC AB-B SHS /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $59.29         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GILDAN ACTIVEWEAR INC CL A/CAD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1008.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEFONICA SA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $1251.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEFONICA SA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-2765.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOBY AVIATION INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13.15        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO COMERCIAL PORTUGUE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-239.41       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TFI INTERNATIONAL INC /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-16095.79     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISSAN MOTOR CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1143.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBAL PAYMENTS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9953.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPROUT SOCIAL INC - CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-228.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCCORMICK & CO-NON VTG SHRS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6892.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEA GROUP AG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-9753.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALCOA CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $26.55         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HELVETIA HOLDING AG-REG /CHF/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $587.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCIONA SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-329.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAKUTEN BANK LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-183.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLOWSERVE CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2324.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASTELLAS PHARMA INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $14223.53      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORD MOTOR CO                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7450.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLENCORE PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $79271.92      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARMILA /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $157.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IVANHOE MINES LTD-CL A /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-437.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KBC ANCORA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-85.09        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOODWARD INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1255.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANHEUSER-BUSCH INBEV SA/ /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-24000.11     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDACORP INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-226.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CHARTER HALL GROUP /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2174.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POWER CORP OF CANADA /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $14688.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKANSKA AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $3455.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON SANSO HOLDINGS CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $28.06         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYU CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10406.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHTRONIC INDUSTRIES CO /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-371.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOOG INC-CLASS A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $891.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENTOKIL INITIAL PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-6986.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L QUIKRETE HOL 0% 02/10/32                       | T/L QUIKRETE HOLDINGS INC      REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3072973 | PA      | $3070883.73    | 0.20%             | 2032-02-10      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| VCAT 2025-NPL2 A V/R 01/25/55                      | VCAT 2025 NPL2 LLC SER 2025-NPL2 CL A1 V/R REGD 144A P/P 5.97700000                              | CUSIP: 92243PAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5321607 | PA      | $5331305.89    | 0.34%             | 2055-01-25      | Variable      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ASTRAZENECA PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $392.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RHEINMETALL AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-16173.21     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCIENCE APPLICATIONS INTE                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3992.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SSAB AB - B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $258.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  STAG INDUSTRIAL INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2872.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHTOWER HOLD 9.125% 01/31/30                     | HIGHTOWER HOLDING LLC REGD 144A P/P 9.12500000                                                   | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    930000 | PA      | $986565.39     | 0.06%             | 2030-01-31      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SALESFORCE INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-34938.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOSSLOH AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $614.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  WESFARMERS LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-425.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICA MOVIL SAB DE CV                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MX        |         1 | NC      | $-2844.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JANUS HENDERSON GROUP PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-36.16        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLE INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $84622.68      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRINKER INTERNATIONAL INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1809.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AJINOMOTO CO INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1284.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEIJER REF AB /SEK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $4099.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L WINDSOR HOL 0% 08/01/2030                      | T/L WINDSOR HOLDINGS III  LLC  REGD 0.00000000                                                   | CUSIP: 97360BAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1080000 | PA      | $1080000.00    | 0.07%             | 2030-08-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NORTHERN TRUST CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-117.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJI ELECTRIC COMPANY/JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7032.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDBERGS AB-B SHS /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-298.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WARTSILA  /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $49.13         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUIFAX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1740.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON EXPRESS HOLDINGS  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $314.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEWLETT PACKARD ENTERPRIS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $21142.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK LEUMI LE-ISRAEL /ILS/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $408.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRET 2025-NPL9 A V/R 08/25/28                      | PRET 2025-NPL9 LLC SER 2025-NPL9 CL A1 V/R REGD 144A P/P 5.39120000                              | CUSIP: 740937AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1976060 | PA      | $1977896.89    | 0.13%             | 2055-08-25      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS HOLMEN AB-B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-22.25        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRAMBLES LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $9842.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STORA ENSO OYJ-R SHS /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-4293.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CELSIUS HOLD 0% 03/21/32                       | T/L CELSIUS HOLDINGS INC       REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    618450 | PA      | $619031.34     | 0.04%             | 2032-03-21      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS PRO MEDICUS LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1055.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OSHKOSH CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-478.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISETAN MITSUKOSHI HOLDIN /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2737.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JBT MAREL CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1418.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIR PRODUCTS & CHEMICALS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $36998.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAMPO OYJ-A SHS /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $36.86         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T&D HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7179.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAR GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $65.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVOLUTION MINING LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2186.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COEUR MINING INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-786.28       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXOR NV /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-650.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNAM SPA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-314.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAE INC /CAD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-128.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUN COMMUNITIES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6285.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POWER INTEGRATIONS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-605.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOMINION ENERGY INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-177.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHINA LITERATURE LTD /HKD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $2792.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C ICE 3MTH SONIA FU SEP26                        | FUTURE CONTRACT ON           ICE 3MTH SONIA FU SEP26 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |       -16 | NC      | $-5184858.37   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C CAC40 10 EURO FUT OCT25                        | FUTURE CONTRACT ON           CAC40 10 EURO FUT OCT25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | FR        |        72 | NC      | $6673769.71    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE WOHNEN SE /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $48.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRUIST FINANCIAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $34.32         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXON CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4153.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GETTY IMAGES I 11.25% 02/21/30                     | GETTY IMAGES INC REGD 144A P/P 11.25000000                                                       | CUSIP: 374276AM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $601605.90     | 0.04%             | 2030-02-21      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS VISTRY GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-20.55        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEFONICA SA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-2071.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TP ICAP GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $9.95          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO PHARMA CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1578.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCELLERON INDUSTRIES AG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-4387.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANSUNION                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17282.44     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CORNERSTONE 0% 10/28/31                        | T/L CORNERSTONE GENERATION     LLC  REGD 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2385000 | PA      | $2399906.25    | 0.15%             | 2031-10-28      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS IVANHOE MINES LTD-CL A /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-937.48       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENDESA SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-8805.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAKITA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $321.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPIRAX GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $45.32         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKYWORKS SOLUTIONS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-449.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARSONS CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-904.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SK INNOVATION CO. LTD                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $2736.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QG7319 5% 07/01/53                          | FREDDIE MAC POOL UMBS P#QG7319 5.00000000                                                        | CUSIP: 3133C8DY8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1708730 | PA      | $1701228.85    | 0.11%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS INVESTMENT AB LATOUR-B S /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $964.58        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOX CORP - CLASS A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $72539.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACADIA REALTY TRUST                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-112.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDISON INTERNATIONAL                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2823.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABERCROMBIE & FITCH CO-CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9637.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELESTICA INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $300.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARKLAND CORP /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $7890.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENUIT GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-202.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEFONICA SA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-25918.91     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRSTSERVICE CORP /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1988.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATSUKIYOCOCOKARA & CO /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-734.55       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  JUN26                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  JUN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        75 | NC      | $18134062.50   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVIENT CORP 9.375% 07/25/30                       | NAVIENT CORP REGD 9.37500000                                                                     | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    400000 | PA      | $442078.00     | 0.03%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EBAY INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-311.44       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIZUOKA FINANCIAL GROUP /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $29687.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INVITATION HOMES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4795.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCH CAPITAL GROUP LTD                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $3680.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRO MEDICUS LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-15322.34     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L NOURYON FIN 0% 04/03/28                        | T/L NOURYON FINANCE B.V.  REGD TERM LOAN 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    733136 | PA      | $733597.42     | 0.05%             | 2028-04-03      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS PERSOL HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-625.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CSMC 2021-RPL3 A V/R 01/25/60                      | CSMC 2021-RPL3 TRUST SER 2021-RPL3 CL A1 V/R REGD 144A P/P 2.00000000                            | CUSIP: 12661GAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1088988 | PA      | $966544.84     | 0.06%             | 2060-01-25      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SAILPOINT INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $651.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN TOWER CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6948.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M & T BANK CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2892.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PICC PROPERTY & CASUALTY /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $-619.16       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSIGHT ENTERPRISES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1095.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CASELLA WASTE SYSTEMS INC-A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-688.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AISIN CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2110.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WH GROUP LTD /HKD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-155.58       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELIA CO AB /SEK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-322.55       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNS 427 C21 2% 03/25/50                            | FANNIE MAE INTEREST STRIP SER 427 CL C21 2.00000000                                              | CUSIP: 31423XMX6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1458540 | PA      | $186924.66     | 0.01%             | 2050-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SAFRAN SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $64282.85      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 5Y C 3.23300 L   10/06/25 BOA              | ORO USD 5Y C 3.23300 L   10/06/25 BOA 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   3700000 | NC      | $794.76        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MITSUI CHEMICALS INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10080.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTOZONE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5901.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKANSKA AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1662.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CATERPILLAR INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8684.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KT&G CORP /KRW/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-1679.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMIZU CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $513.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| C/O OTC ECAL FN 4.0 11-55 96                       | CALL OPTION ON 100SHS          OTC ECAL FN 4.0 11-55 96 21+   BOA 0.00000000                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |   8000000 | NC      | $5653.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LIMBACH HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2909.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGENCY CENTERS CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $115.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANCOCK WHITNEY CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-48.50        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYMAN HOSPITALITY PROPERTIES                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5345.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARTHUR J GALLAGHER & CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5541.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ECOLAB INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7112.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TENET HEALTHCARE CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6138.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKEL GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9945.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VISIONAL INC /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-248.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELSIUS HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3058.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTACT FINANCIAL CORP /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1224.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAKER HUGHES CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-64338.78     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA II P#MB0620 4% 09/20/55                       | GINNIE MAE II POOL P#MB0620 4.00000000                                                           | CUSIP: 3618N5VN6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    350000 | PA      | $329560.35     | 0.02%             | 2055-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CLEARWATER ANALYTICS HDS-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $320.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIZUOKA FINANCIAL GROUP /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15840.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DELIVERY HERO SE /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-3856.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI E&S CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3803.25      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARGENX SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $17550.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DESCARTES SYSTEMS GRP/TH /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $3464.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PJT PARTNERS INC - A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3390.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHOICE HOTELS INTL INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $370.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEKISUI CHEMICAL CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4279.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAKEMYTRIP LTD                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MU        |         1 | NC      | $4464.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOOKING HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-41158.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WAYFAIR INC- CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $243.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARS PHARMACEUTICALS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-153.04       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 4.0% OCT 25                          | FNMA 30YR TBA 4.0% OCT 25     TO BE ANNOUNCED 4.00000000                                         | CUSIP: 01F0406A0<br>LEI: N/A                  | Short            | ABS-MBS          | USGA              | US        |  -8000000 | PA      | $-7543657.60   | -0.48%            | 2055-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BIOMERIEUX /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $701.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISSIN FOOD HOLDINGS CO LTD /JPY/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-276.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ICU MEDICAL INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1377.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L LORE FINC0     0% 01/31/30                     | T/L LORE FINCO LUXEMBOURG 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |   1025817 | PA      | $1026329.44    | 0.07%             | 2030-01-31      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MACOM TECHNOLOGY SOLUTIONS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6117.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OCCIDENTAL PETROLEUM CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-211.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONO PHARMACEUTICAL CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15809.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONCORDIA FINANCIAL GROU /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2629.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EIFFAGE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-159.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN FUTURE    MAR26                        | FUTURE CONTRACT ON           SOYBEAN FUTURE    MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -2 | NC      | $-103575.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEOGEN CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-120.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JFE HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-20064.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VONTIER CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23.43        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUSTEVOLL SEAFOOD ASA /NOK/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-27.58        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTERPOINT ENERGY INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4418.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMPAGNIE DE SAINT GOBAI /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $218.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLOWSERVE CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2200.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FI USD REC IBXXLLTR 03/20/26 /LONG/                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13273.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS INDUTRADE AB /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-6088.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WALLENSTAM AB-B SHS /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $267.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYOTA TSUSHO CORP /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8246.05      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BZ2383 5.08% 10/01/32                       | FANNIE MAE POOL UMBS P#BZ2383 5.08000000                                                         | CUSIP: 3140NWUH6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    354634 | PA      | $365605.44     | 0.02%             | 2032-10-01      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NIPPON STEEL AND SUMITOMO METAL CORPORATION /JPY/                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-41099.19     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-SCHATZ FUT   DEC25                        | FUTURE CONTRACT ON           EURO-SCHATZ FUT   DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |     -1211 | NC      | $-152101438.88 | -9.70%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUZERNER KANTONALBANK AG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-688.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SSAB AB - B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1482.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2021-H05 AF V/R 03/20/71                       | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2021-H05 CL AF V/R 5.88881000                       | CUSIP: 38380QB84<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    988962 | PA      | $1013339.19    | 0.06%             | 2071-03-20      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RATIONAL AG /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-995.94       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C GASOLINE RBOB FUT NOV25                        | FUTURE CONTRACT ON           GASOLINE RBOB FUT NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        83 | NC      | $6701137.80    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BURBERRY GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $776.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5274 IO 2.5% 01/25/51                          | FREDDIE MAC REMICS SER 5274 CL IO 2.50000000                                                     | CUSIP: 3137H9F46<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    586289 | PA      | $98830.86      | 0.01%             | 2051-01-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GREGGS PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2743.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IGM FINANCIAL INC /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2291.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CUBESMART                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $936.11        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKER SOLUTIONS ASA /NOK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $19.62         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORACLE CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $60090.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROBLOX CORP -CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9317.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMMC 2021-24A AR V/R 01/20/35                      | AMMC CLO 24 LTD SER 2021-24A CL AR V/R REGD 144A P/P 5.52549000                                  | CUSIP: 00177LAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3205440.00    | 0.20%             | 2035-01-20      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS  BANK HAPOALIM BM /ILS/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $15313.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QXO INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-105.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON PAINT CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1757.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANQUE CANTONALE VAUDOIS /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1495.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C ISRAELI SHEKEL    DEC25                        | FUTURE CONTRACT ON           ISRAELI SHEKEL    DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |        -5 | NC      | $-1509700.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C NATURAL GAS FUTR  NOV25                        | FUTURE CONTRACT ON           NATURAL GAS FUTR  NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |      -372 | NC      | $-12287160.00  | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FEDERAL REALTY INVS TRUST                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-181.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIO-TECHNE CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $862.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYOWA HAKKO KIRIN COMPANY LTD /JPY/                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $250.73        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 10Y P 3.90550 L 03/04/26 BOA               | ORO USD 10Y P 3.90550 L 03/04/26 BOA 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  20800000 | NC      | $196044.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HEMNET GROUP AB /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-974.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DSM-FIRMENICH AG /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-76396.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZENSHO HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3002.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUILTER PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $818.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JM SMUCKER CO/THE                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-76.06        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M3 INC /JPY/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-473.69       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIKKOMAN CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6546.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKS & SPENCER GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-801.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GJENSIDIGE FORSIKRING AS /NOK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-6146.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L WATERBRIDGE M 0% 05/10/29                      | T/L WATERBRIDGE MIDSTREAM      OPERATING LLC REGD TERM LOAN 0.00000000                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    436834 | PA      | $437070.27     | 0.03%             | 2029-05-10      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NEW WAVE GROUP AB -B SHS /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $10.12         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHITE MOUNTAINS INSURANCE GP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $366.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FIRSTCASH HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-686.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORCEPT THERAPEUTICS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1638.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEYTO EXPLORATION & DEV  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2594.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI E&S CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-18929.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORPAY INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1980.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS LIFE HOLDING AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1202.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESONAC HOLDINGS CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2831.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRESENIUS MEDICAL CARE AG & CO /EUR/                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1244.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUNZL PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1068.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALAXY DIGITAL INC-A /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7687.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KBC GROUP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-1614.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SENSETIME GROUP INC-CLAS /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-13065.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANDAI NAMCO HOLDINGS IN /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3022.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADAPTIVE BIOTECHNOLOGIES                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-412.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSENTIAL UTILITIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-202.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L AAL DELAWARE 0% 07/30/31                       | T/L AAL DELAWARE HOLDCO INC    REGD 0.00000000                                                   | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    651449 | PA      | $651937.88     | 0.04%             | 2031-07-30      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS STANTEC INC /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2006.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L BACH FINANCE 0% 01/09/32                       | T/L BACH FINANCE LIMITED 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |   1067691 | PA      | $1069218.05    | 0.07%             | 2032-01-09      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CONSOLIDATED EDISON INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $49299.93      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVARTIS AG-REG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $53739.19      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FAIRFAX FINANCIAL HLDGS  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-4750.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYPAL HOLDINGS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2928.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEROVIRONMENT INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-38269.92     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STIFEL FINANCIAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-36.11        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOLLAR TREE INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $401.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PATTERSON-UTI ENERGY INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $830.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAT GROUP AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1581.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI FUDOSAN CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8118.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKANDINAVISKA ENSKILDA B /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1682.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PERMIAN RESOURCES CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7768.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEST BUY CO INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7600.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TKO GROUP HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7811.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HILTON WORLDWIDE HLDGS                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19758.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-217.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHURCHILL DOWNS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1157.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARISTOCRAT LEISURE LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $522.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCKET LAB CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $42.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORDSON CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-114.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SENTINELONE INC -CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6242.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORWEGIAN CRUISE LINE HOLDIN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $143.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATWEST GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-159.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L FRONTIER COMM  0% 07/01/31                     | T/L FRONTIER COMMUNICATIONS 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    818823 | PA      | $817455.39     | 0.05%             | 2031-07-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AZRIELI GROUP LTD /ILS/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-701.66       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CF INDUSTRIES HOLDINGS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-34669.87     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLES GROUP LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1551.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C LIVE CATTLE FUTR  APR26                        | FUTURE CONTRACT ON           LIVE CATTLE FUTR  APR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-95260.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARATHON PETROLEUM CORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10371.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SITC INTERNATIONAL HOLDI /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $403.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KERING /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-104569.61    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 10/16/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797QF7<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  37000000 | PA      | $36937497.75   | 2.36%             | 2025-10-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS COINBASE GLOBAL INC -CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2572.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C CHF CURRENCY FUT  DEC25                        | FUTURE CONTRACT ON           CHF CURRENCY FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |       -75 | NC      | $-11880937.50  | -0.76%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANTOS LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-655.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CADELER A/S /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $940.84        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L WATLOW ELECTRIC 0% 3/2/28                      | T/L WATLOW ELECTRIC            MANUFACTURING COMPANY REGD 0.00000000                             | CUSIP: 94254PAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    612832 | PA      | $612746.35     | 0.04%             | 2028-03-02      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ARGENX SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-8864.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABN AMRO BANK NV-CVA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1796.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA II P#MB0200 3% 02/20/55                       | GINNIE MAE II POOL P#MB0200 3.00000000                                                           | CUSIP: 3618N5GJ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     28745 | PA      | $25769.79      | 0.00%             | 2055-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHR 5013 IN 2.5% 09/25/50                          | FREDDIE MAC REMICS SER 5013 CL IN 2.50000000                                                     | CUSIP: 3137FW3E8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     70484 | PA      | $11955.39      | 0.00%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WISETECH GLOBAL LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $42834.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SALMAR ASA /NOK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $383.04        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAE INC /CAD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-14833.95     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C WHEAT FUTURE(CBT) JUL26                        | FUTURE CONTRACT ON           WHEAT FUTURE(CBT) JUL26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-27587.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIFTH THIRD BANCORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-120.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOBY AVIATION INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2213.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRUSTPILOT GROUP PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-552.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RVRC HOLDING AB /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-58.65        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIMPSON MANUFACTURING CO INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2311.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENAGAS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $2272.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ERICSSON (LM) TEL-SP ADR                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $122.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA TBA 30YR TBA 3% NOV25                         | FNMA TBA 30YR TBA 3% NOV25     TO BE ANNOUNCED 3.00000000                                        | CUSIP: 01F0306B9<br>LEI: N/A                  | Short            | ABS-MBS          | USGA              | US        | -11700000 | PA      | $-10284230.97  | -0.66%            | 2055-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CHORD ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-199.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FINNING INTERNATIONAL IN /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $36166.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIO-RAD LABORATORIES-A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14.16        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSMOS PHARMACEUTICAL CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $0.99          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AISIN CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2080.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UBER TECHNOLOGIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2499.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATALAYA MINING COPPER SA /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CY        |         1 | NC      | $-3369.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STATE STREET CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12876.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DENSO CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8156.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPCOM CO LTD /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1619.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS META PLATFORMS INC-CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $44969.19      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HP INC                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $564.07        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  SEP26                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  SEP26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -96 | NC      | $-23244000.00  | -1.48%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POWELL INDUSTRIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1399.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YANCOAL AUSTRALIA LTD /AUD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $185.04        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAGAX AB-B /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $582.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHORD ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3773.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTON (GEORGE) LTD /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1913.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LENNAR CORP-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15828.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYATT HOTELS CORP - CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $97.12         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN AIRLINES CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4151.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIVERSIFIED ENERGY CO PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-78.50        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CALIFORNIA RESOURCES CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-153.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTRICA PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1656.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTRUS ENERGY CORP-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4809.08      | -0.00%            |  |  |  | No            |                  1 | 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        |      -121 | NC      | $-13212632.87  | -0.84%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVEPOINT INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-301.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRINCIPAL FINANCIAL GROUP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2184.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L DELIVERY HERO 0% 12/12/29                      | T/L DELIVERY HERO SE REGD 0.00000000                                                             | CUSIP: D2007ZAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    248737 | PA      | $251224.75     | 0.02%             | 2029-12-12      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EPIROC AB-B /SEK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-463.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIMMER BIOMET HOLDINGS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $942.42        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C WTI CRUDE FUTURE  JAN26                        | FUTURE CONTRACT ON             WTI CRUDE FUTURE  JAN26 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |         1 | NC      | $61680.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SECOM CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5004.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAVITA HEALTHCARE PARTNER INC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-167.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONOTARO CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4172.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEA GROUP AG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $4845.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS 3I GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1665.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PACCAR INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1479.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IAMGOLD CORP /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1131.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BELLWAY PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $7561.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABN AMRO BANK NV-CVA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-63.88        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARGENX SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $510.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATEA ASA                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $105.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS API GROUP CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14184.02     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALEON PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $302.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARSH & MCLENNAN COS                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10472.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNAP-ON INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-155.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON PAINT CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1343.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MODEC INC /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-372.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LITHIA MOTORS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12200.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHNOLOGY ONE LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $5384.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MICRON TECHNOLOGY INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15619.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C SHORT EURO-BTP FU DEC25                        | FUTURE CONTRACT ON           SHORT EURO-BTP FU DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |        54 | NC      | $6842938.57    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELANESE CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $164.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUKE ENERGY CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6300.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENNYMAC FINANCIAL SERVICES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1597.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KT CORP-SP ADR                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $22.86         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARYZTA AG /CHF/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1375.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 90-DAY BANK BILL  MAR27                        | FUTURE CONTRACT ON           90-DAY BANK BILL  MAR27 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |         4 | NC      | $2624473.74    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANTOFAGASTA PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-6653.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENNYMAC FINANCIAL SERVICES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $74.36         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN FUTURE    JUL26                        | FUTURE CONTRACT ON           SOYBEAN FUTURE    JUL26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-53037.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADT INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4015.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINCOLN ELECTRIC HOLDINGS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $216.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRIPADVISOR INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-227.94       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRYG A/S /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-456.59       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUEDZUCKER AG /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $440.59        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA CONSOLIDATED INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11946.64     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDISON INTERNATIONAL                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6561.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IAMGOLD CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-10163.15     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#FS9994 6.5% 11/01/54                        | FANNIE MAE POOL UMBS P#FS9994 6.50000000                                                         | CUSIP: 3140XSC84<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    193428 | PA      | $201493.38     | 0.01%             | 2054-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HEXAGON AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-105.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QX0550 6% 12/01/54                          | FREDDIE MAC POOL UMBS P#QX0550 6.00000000                                                        | CUSIP: 31425UTG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     32502 | PA      | $33957.98      | 0.00%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EVERSOURCE ENERGY                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $84768.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAGE GROUP PLC/THE /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1337.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELDORADO GOLD CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-107.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MICROCHIP TECHNOLOGY INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3038.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAMBUS INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2015.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHINA INTERNATIONAL CAPI /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $-1381.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARCLAYS PLC-SPONS ADR                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-256.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C COFF ROBUSTA 10TN JAN26                        | FUTURE CONTRACT ON             COFF ROBUSTA 10TN JAN26 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |         2 | NC      | $83720.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UBER TECHNOLOGIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2943.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENNYMAC FINANCIAL SERVICES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-35.06        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCKWELL AUTOMATION INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $399.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABB LTD-REG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $11042.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SALMAR ASA /NOK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $654.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BORALEX INC CLASS A /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-159.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANADIAN UTILITIES LTD-A /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-9663.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIFT INC /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2245.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONSTRUCTION PARTNERS INC-A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3729.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 5.00000 L 09/30/25 FAR                | ORO USD 7Y P 5.00000 L 09/30/25 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  52000000 | NC      | $5.20          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GENEDX HOLDINGS CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7193.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORICA LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1973.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PILGRIM'S PRIDE CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1278.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C COCOA FUTURE - IC DEC25                        | FUTURE CONTRACT ON           COCOA FUTURE - IC DEC25 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |        -3 | NC      | $-190841.31    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| P/O OTC EPUT FN 4.5 11-55 73                       | PUT OPTION ON 100SHS           OTC EPUT FN 4.5 11-55 73 SAL 0.00000000                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |  39000000 | NC      | $0.00          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WARBY PARKER INC-CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-578.75       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCELORMITTAL-NY REGISTERED                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-248.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOOD & LIFE COMPANIES LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3025.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUBLICIS GROUPE /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-9913.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCHLEAR LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1393.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SKANDINAVISKA ENSKILDA B /SEK/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1453.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOOLWORTHS GROUP LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $15497.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASTGROUP PROPERTIES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4223.66      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAMAMATSU PHOTONICS KK /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4885.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANADIAN NATURAL RESOURC /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $151943.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELECTRONIC ARTS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $24575.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTON (GEORGE) LTD /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1616.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERDIGITAL INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-212.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA HBC AG-DI /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $64.06         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEICO CORP-CLASS A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1277.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C IFSC NIFTY 50 FUT OCT25                        | FUTURE CONTRACT ON             IFSC NIFTY 50 FUT OCT25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IN        |       -13 | NC      | $-643799.00    | -0.04%            |  |  |  | No            |                  1 | 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        |        46 | NC      | $5522875.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTL CONSOLIDATED AIRLIN /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-495.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  COMMVAULT SYSTEMS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $591.11        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ALNYLAM PHARMACEUTICALS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-79.21        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LASERTEC CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11597.69     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C BP CURRENCY FUT   DEC25                        | FUTURE CONTRACT ON           BP CURRENCY FUT   DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |       299 | NC      | $25136556.25   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSILORLUXOTTICA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-7654.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SUNTORY BEVERAGE & FOOD  /JPY/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2713.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BORGWARNER INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1012.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XD INC /HKD/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $1284.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C CBOE VIX FUTURE   DEC25                        | FUTURE CONTRACT ON           CBOE VIX FUTURE   DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         3 | NC      | $59400.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C WTI CRUDE FUTURE  DEC25                        | FUTURE CONTRACT ON           WTI CRUDE FUTURE  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        94 | NC      | $5824240.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#DC0250 6.5% 08/01/54                        | FANNIE MAE POOL UMBS P#DC0250 6.50000000                                                         | CUSIP: 3140AMH46<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     43624 | PA      | $45341.69      | 0.00%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EXELON CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26068.77     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOSHIZAKI CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $552.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LYRA 2024-2A A 5.76% 12/20/29                      | LYRA MUSIC ASSETS DELAWARE LP SER 2024-2A CL A2 REGD 144A P/P 5.76000000                         | CUSIP: 552339AA1<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-CBDO         | CORP              | US        |   3095557 | PA      | $3140287.03    | 0.20%             | 2064-12-22      | Fixed         | 5.76%                 | Yes           |                  2 | On Loan: No      |
| T/L CROWN FINA 00.00% 12/02/31                     | T/L CROWN FINANCE US INC 0.00000000                                                              | CUSIP: 22834KAV3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2608535 | PA      | $2601048.32    | 0.17%             | 2031-12-02      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TOYOTA MOTOR CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $30932.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATOSS SOFTWARE SE /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $2523.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL DISPLAY CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2972.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PAID 2024-10  5.992% 11/15/26                      | PAGAYA AI DEBT GRANTOR TRUST 2024-10 SER 2024-10 CL C REGD 144A P/P 5.99200000                   | CUSIP: 69544MAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1215916 | PA      | $1225060.69    | 0.08%             | 2032-06-15      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS WARRIOR MET COAL INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1113.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRINCIPAL FINANCIAL GROUP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $467.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORSK HYDRO ASA /NOK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-5841.22      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOPGOLF CALLAWAY BRANDS CORP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-485.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONCLER SPA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $145.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BABCOCK INTL GROUP PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $11500.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DISCO CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3164.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CASELLA WASTE SYSTEMS INC-A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2345.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARMAX INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5689.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FN DUS POOL HIL 4.43% 10/01/30                     | FN DUS POOL HILLSIDE LOFTS 5   REGD 4.43000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3024375.00    | 0.19%             | 2030-10-01      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LANDIS + GYR GROUP AG /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-148.24       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEADRILL LIMITED                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $123.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DESCARTES SYSTEMS GRP/TH /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-96210.76     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARKEMA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $629.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCDONALDS CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $444.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCKET LAB CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $126.88        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CERTARA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-223.28       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRENERGY RENOVABLES /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $4871.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEROY SEAFOOD GROUP ASA /NOK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $736.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEGON LTD /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-1052.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OVINTIV INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1477.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CREDIT ACCEPTANCE CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4899.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDFIRE RESOURCES LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $518.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENERGIEKONTOR AG /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $82.46         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELISA OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-2682.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DROPBOX INC-CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-92.19        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAYMOND JAMES FINANCIAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $905.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HKT TRUST AND HKT LTD-SS /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |         1 | NC      | $-135.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYOTA TSUSHO CORP /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-16988.42     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOSSARD HOLDING AG-REG A /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $162.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTUM OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-661.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAYERISCHE MOTOREN WERKE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-17067.92     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C PALLADIUM FUTURE  DEC25                        | FUTURE CONTRACT ON           PALLADIUM FUTURE  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        10 | NC      | $1287400.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERISIGN INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-312.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHELL PLC-NEW /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-20427.87     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMPIRE CO LTD 'A' /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $48.75         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOIST FINANCE AB /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-657.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BURLINGTON STORES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2504.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANSMEDICS GROUP INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2837.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DKSH HOLDING AG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $54.33         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORSK HYDRO ASA /NOK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-253.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTUM OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $4542.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUITY LIFESTYLE PROPERTIES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3043.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CMLTI 2006-FX1 A V/R 10/25/36                      | CITIGROUP MORTGAGE LOAN TRUST 2006-FX1 SER 2006-FX1 CL A3 V/R REGD 4.87239000                    | CUSIP: 17309YAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2823056 | PA      | $1648230.58    | 0.11%             | 2036-10-25      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TREASURY WINE ESTATES LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-481.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA 30 YR TBA 6.5% NOV 25                         | GNMA 30 YR TBA 6.5% NOV 25    TO BE ANNOUNCED 6.50000000                                         | CUSIP: 21H0626B8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   7000000 | PA      | $7188382.74    | 0.46%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EDREAMS ODIGEO SL /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $79.36         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FURUKAWA ELECTRIC CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-193.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FAHB 2024-HB1 A1 V/R 01/25/26                      | FINANCE OF AMERICA HECM BUYOUT 2024-HB1 SER 2024-HB1 CL A1A V/R REGD 144A P/P 4.00000000         | CUSIP: 31737DAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    214330 | PA      | $213612.46     | 0.01%             | 2034-10-01      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS WATTS WATER TECHNOLOGIES-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $107.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN OIL FUTR  DEC25                        | FUTURE CONTRACT ON           SOYBEAN OIL FUTR  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -39 | NC      | $-1158066.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COGNEX CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3722.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L POLARIS 0% 06/02/28 /EUR/                      | T/L POLARIS NEWCO LLC REGD     /EUR/ 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    952799 | PA      | $1040072.07    | 0.07%             | 2028-06-02      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SLM CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $677.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIICHI SANKYO CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-23246.53     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAMSARA INC-CL A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $16184.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTEL CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $117350.73     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINGSPAN GROUP PLC /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-862.48       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LIFEPOINT HEALTH  11% 10/15/30                     | LIFEPOINT HEALTH INC REGD 144A P/P 11.00000000                                                   | CUSIP: 53219LAW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1592572.79    | 0.10%             | 2030-10-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS TRACTOR SUPPLY COMPANY                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $31053.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SHIMIZU CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5430.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DENTSU GROUP INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9609.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| OBX 2025-NQM4 A1 V/R 02/25/55                      | OBX 2025-NQM4 TRUST SER 2025-NQM4 CL A1 V/R REGD 144A P/P 5.40000000                             | CUSIP: 67120QAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4050275 | PA      | $4078074.47    | 0.26%             | 2055-02-25      | Variable      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS WISETECH GLOBAL LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $7597.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUINOX GOLD CORP /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2002.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MIZUHO FINANCIAL GROUP I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9742.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELIX PHARMACEUTICALS LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $292.36        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAWAG GROUP AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-841.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIGHTSTAR LOTTERY PLC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $630.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOBVISTA INC /HKD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $16637.22      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS 2020 BULKERS LTD /NOK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-314.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARTHUR J GALLAGHER & CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-78903.34     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNRUN INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $391.21        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTL BUSINESS MACHINES CORP                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4147.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEXCOM INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-760.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPIRAX GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $655.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIDGEPOINT GROUP /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $986.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HSBC HOLDINGS PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-41268.68     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MELIA HOTELS INTERNATIONAL SA                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-525.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRUDENTIAL PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-5523.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L MADISON IAQ LL 0% 03/26/32                     | T/L MADISON IAQ LLC REGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    549012 | PA      | $551290.90     | 0.04%             | 2032-03-26      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ASR NEDERLAND NV /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-172.66       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGNC INVESTMENT CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-22478.37     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIMMER BIOMET HOLDINGS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-25163.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FANUC CORPORATION /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9995.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZEBRA TECHNOLOGIES CORP-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2346.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-610.27       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINGAPORE AIRLINES LTD /SGD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $3.73          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CLOUD SOFTWARE 0% 08/07/32                     | T/L CLOUD SOFTWARE GROUP INC   REGD TERM LOAN 0.00000000                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2130000 | PA      | $2136070.50    | 0.14%             | 2032-08-07      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NH FOODS LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-45.92        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORLA MINING LTD /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-577.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARNIVAL PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-216.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAMAHA MOTOR CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-201.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOPBUILD CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6956.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIKA AG-REG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $7225.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCL INDUSTRIES INC - CL  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1340.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CATERPILLAR INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7129.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEVA PHARMACEUTICAL-SP ADR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-8843.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WINGSTOP INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3079.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADDUS HOMECARE CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-93.40        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C COTTON NO.2 FUTR  MAR26                        | FUTURE CONTRACT ON           COTTON NO.2 FUTR  MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |         2 | NC      | $67570.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QBE INSURANCE GROUP LTD /AUD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $154.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARMAX INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-149140.42    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LKQ CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-154.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  PARAMOUNT SKYDANCE CL B                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-184.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C IBEX 35 INDX FUTR OCT25                        | FUTURE CONTRACT ON           IBEX 35 INDX FUTR OCT25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ES        |       -15 | NC      | $-2731092.68   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAPID7 INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1487.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEROVIRONMENT INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-990.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIE FINANCIERE RICHEMO-A /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $22308.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WINGSTOP INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2586.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L S2P ACQUISITIO 0% 12/06/32                     | T/L S2P ACQUISITION BORROWER   INC 2ND LIEN 0% 0.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1060000 | PA      | $1057350.00    | 0.07%             | 2032-12-06      | Floating      | 9.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SIMPSON MANUFACTURING CO INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2616.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BALL CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1119.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELASTIC NV                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1101.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORDEX SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1048.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT AB /SEK/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $5377.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSEX PROPERTY TRUST INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7466.15      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ACRISURE LLC 0% 06/04/2032                     | T/L ACRISURE LLC REGD 0.00000000                                                                 | CUSIP: 00488PAX3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    184076 | PA      | $183693.28     | 0.01%             | 2032-06-04      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS STOCKLAND /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $12511.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA CO/THE                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13448.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUNTSMAN CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2618.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BYD ELECTRONIC INTL CO L /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $340.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON PAINT CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-763.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS U-HAUL HOLDING CO-NON VOTING                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-42.30        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN STEEL WORKS LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3537.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 01/08/26                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797RH2<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   4500000 | PA      | $4453259.63    | 0.28%             | 2026-01-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| G2SF 30YR TBA 6.0% NOV22                           | G2SF 30YR TBA 6.0% NOV22    TO BE ANNOUNCED 6.00000000                                           | CUSIP: 21H0606B2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $1017128.87    | 0.06%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS REPLY SPA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-98.68        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAKUTEN GROUP INC /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3163.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATLAS COPCO AB-A SHS /SEK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $7766.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SERVICENOW INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-20305.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED INDUSTRIAL TECH INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-68.27        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  WHITBREAD PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-8513.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  JAPAN STEEL WORKS LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6116.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALMONT INDUSTRIES                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1340.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 10/28/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797RE9<br>LEI: N/A                  | Long             | STIV             | UST               | US        | 148000000 | PA      | $147551005.00  | 9.41%             | 2025-10-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| T/L ATLANTIS HLDGS 0% 03/31/29                     | T/L ATLANTIS HLDGS LLC 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    713272 | PA      | $713721.23     | 0.05%             | 2029-03-31      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ZIM INTEGRATED SHIPPING SERV                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-204.82       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GETINGE AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1210.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLOGIC INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $39.81         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GMO PAYMENT GATEWAY INC /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2604.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAITO TRUST CONSTRUCT CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8179.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHENIERE ENERGY INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $65.18         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLEAR SECURE INC -CLASS A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1808.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMV AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $189.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBANT SA                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-331.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MUELLER WATER PRODUCTS INC-A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14.88         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMERICA INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3955.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L BLACKSTONE 00.00% 12/10/30                     | T/L BLACKSTONE MORTGAGE TRUST 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    428925 | PA      | $430533.47     | 0.03%             | 2030-12-10      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| T/L ATHENAHEAL 0% 02/15/29                         | T/L ATHENAHEALTH INC REGD 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1449875 | PA      | $1446250.64    | 0.09%             | 2029-02-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS VISTRY GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-666.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SARTORIUS AG-VORZUG /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $680.53        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHILIP MORRIS INTERNA                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1170.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CK HUTCHISON HOLDINGS LT /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $4586.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UBISOFT ENTERTAINMENT /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $1871.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO METAL MINING CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $28097.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO SEIMITSU CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10911.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ENDEAVOR GR 0% 01/27/32                        | T/L ENDEAVOR GROUP HOLDINGS    INC REGD 0.00000000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1316700 | PA      | $1316041.65    | 0.08%             | 2032-01-27      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SYSMEX CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7653.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANOFI /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-11866.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRUNELLO CUCINELLI SPA /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $14759.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROOKFIELD ASSET MGMT-A /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-319.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATLANTIC UNION BANKSHARES CO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $334.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASYJET PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1654.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GETINGE AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1361.94      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISETAN MITSUKOSHI HOLDIN /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4788.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HARMONY GOLD MNG-SPON ADR                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ZA        |         1 | NC      | $-810.16       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KBC GROUP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-5183.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI CONSTRUCTION MAC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6143.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DORMAN PRODUCTS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $118.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CG ONCOLOGY INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2169.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEGA SAMMY HOLDINGS INC /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-944.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAPESTRY INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5797.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2022-78 FC V/R 11/25/52                        | FANNIE MAE REMICS SER 2022-78 CL FC V/R 5.60603000                                               | CUSIP: 3136BPHH7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2349669 | PA      | $2340585.86    | 0.15%             | 2052-11-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS UFP TECHNOLOGIES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-207.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRAVIDA HOLDING AB /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $144.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANSUNION                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-790.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERADYNE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-131594.64    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLOPLAST-B /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $5783.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMKOR TECHNOLOGY INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5465.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUPONT DE NEMOURS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7226.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEW JERSEY RESOURCES CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $192.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JUNGHEINRICH - PRFD /PFD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-761.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REPUBLIC SERVICES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14183.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAUFMAN & BROAD SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $69.68         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COREM PROPERTY GROUP-B S /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1105.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATLAS COPCO AB-B SHS /SEK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-341.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5070 CI 2% 02/25/51                            | FREDDIE MAC REMICS SER 5070 CL CI 2.00000000                                                     | CUSIP: 3137F9WE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  67069025 | PA      | $9139992.41    | 0.58%             | 2051-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BAWAG GROUP AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $4851.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUINOX GOLD CORP /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-37654.22     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORIGIN ENERGY LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2309.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUTRADE AB /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $219.17        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L DELTA 2 (LUX) 0% 09/30/31                      | T/L DELTA 2 (LUX) SARL REGD 0.00000000                                                           | CUSIP: L2465BAW6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    518218 | PA      | $518057.62     | 0.03%             | 2031-09-30      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HENKEL AG & CO KGAA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-5140.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERBUND AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-434.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS K+S AG-REG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1036.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEIBU HOLDINGS INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $14272.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L RED PLANET BOR 0% 08/07/32                     | T/L RED PLANET BORROWER LLC    REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    770000 | PA      | $748247.50     | 0.05%             | 2032-08-07      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TRIGANO SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-436.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROCTER & GAMBLE CO/THE                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3527.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVALONBAY COMMUNITIES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7106.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAPLEBEAR INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $99678.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTUITIVE SURGICAL INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19089.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C FCOJ-A FUTURE     NOV25                        | FUTURE CONTRACT ON           FCOJ-A FUTURE     NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |         1 | NC      | $36532.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AG TTMT ESCROW 8.625% 09/30/27                     | AG TTMT ESCROW ISSUER REGD 144A P/P 8.62500000                                                   | CUSIP: 00840KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $204312.00     | 0.01%             | 2027-09-30      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ZOOM COMMUNICATIONS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2695.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNDAX PHARMACEUTICALS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $809.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#FA2866 6.5% 09/01/55                        | FANNIE MAE POOL UMBS P#FA2866 6.50000000                                                         | CUSIP: 3140W3FG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8659914 | PA      | $9133589.13    | 0.58%             | 2055-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LONZA GROUP AG-REG /CHF/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-235.53       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GODADDY INC - CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-30146.61     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIPER ENERGY INC-CL A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5074.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FISCHER (GEORG)-REG /CHF/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $73.08         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST HOLDINGS CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $14453.81      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ITALGAS SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $974.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVERY DENNISON CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $269.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIFF DAVIS INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $50.58         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL LNG  V/R /PERP/                     | VENTURE GLOBAL LNG INC REGD V/R /PERP/ 144A P/P 9.00000000                                       | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1050492.01    | 0.07%             | 2174-03-30      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS  SPROUTS FARMERS MARKET INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3614.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED INDUSTRIAL TECH INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $137.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKYWORKS SOLUTIONS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8470.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKYWORKS SOLUTIONS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-367.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ECHOSTAR CORP-A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8334.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BATH & BODY WORKS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-399.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUFRY AG /CHF/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2203.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DTE ENERGY COMPANY                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-38364.98     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  A2A SPA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-2112.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEC ENERGY GROUP INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11022.57     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L US RENAL 0% 06/20/2028                         | T/L US RENAL REGD 0.00000000                                                                     | CUSIP: 90290PAS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    771376 | PA      | $734372.73     | 0.05%             | 2028-06-20      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RECRUIT HOLDINGS CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4302.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD DOMINION FREIGHT LINE                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-164.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  IAMGOLD CORP /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-162688.20    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  EDP RENOVAVEIS SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-1071.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUNTINGTON BANCSHARES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26961.02     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L PETCO ANIM 0% 03/03/28                         | T/L PETCO ANIMAL SUPPLIES INC  REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    945000 | PA      | $919560.60     | 0.06%             | 2028-03-03      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FUCHS SE /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1160.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIONS BANCORP NA                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-114.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL GRID PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-330.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  APPLE INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1288.25      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCARI INC /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1235.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EPIROC AB-A /SEK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1082.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF AMERICA CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9342.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOMBARDIER INC-B /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2663.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L SURGERY CEN 0.00% 12/19/30                     | T/L SURGERY CENTER HOLDINGS    INC. 0% 0.00000000                                                | CUSIP: 86880NBD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2616528 | PA      | $2617024.80    | 0.17%             | 2030-12-19      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FOX CORP - CLASS A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9757.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS J FRONT RETAILING CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-257.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RANGE RESOURCES CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4889.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XPO INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3859.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEMETSCHEK SE  /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $271.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYCOM SOFTWARE INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17560.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELASTIC NV                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1205.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INFRASTRUTTURE WIRELESS  /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-455.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICAJA BANCO SA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $5632.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAISEI CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1764.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSURANT INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11341.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LKQ CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6293.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOKUSAI ELECTRIC CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-30866.11     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METRO INC/CN /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-155.92       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSEX PROPERTY TRUST INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9929.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BE SEMICONDUCTOR INDUSTR /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $135.41        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  WEIR GROUP PLC/THE /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-427.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVIDITY BIOSCIENCES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1211.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALMA PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2279.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6134.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COTERRA ENERGY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $428.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRANKLIN RESOURCES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5726.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2020-61 FB V/R 09/25/50                        | FANNIE MAE REMICS SER 2020-61 CL FB V/R 4.50000000                                               | CUSIP: 3136BBF49<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    335118 | PA      | $313296.66     | 0.02%             | 2050-09-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CACI INTERNATIONAL INC -CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $75.39         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L TRANSDIGM INC 0% 01/19/32                      | T/L TRANSDIGM INC REGD 0.00000000                                                                | CUSIP: 89364MCD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    441734 | PA      | $441429.08     | 0.03%             | 2032-01-19      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NEXON CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1528.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZOZO INC /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5559.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONSTELLATION BRANDS INC-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $22086.43      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATI INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5133.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GAMING AND LEISURE PROPERTIE                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10456.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAYCURRENT INC /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $648.53        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN HEALTHCARE REIT INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-454.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI KASEI CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8030.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAMADA HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $100.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYOTA MOTOR CORP -SPON ADR                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1033.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMPASS GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-9307.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AALBERTS NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1731.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASYJET PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-210.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2022-H11 FE V/R 05/20/72                       | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2022-H11 CL FE V/R 5.16881000                       | CUSIP: 38382YTR4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    887454 | PA      | $884518.96     | 0.06%             | 2072-05-20      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SIGMA HEALTHCARE LIMITED /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2193.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCOR SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $222.43        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L INNIO GROUP 0% 11/02/28                        | T/L INNIO GROUP HOLDING GMBH   REGD 0.00000000                                                   | CUSIP: A2838LAG1<br>LEI: N/A                  | Long             | LON              | CORP              | AT        |    233313 | PA      | $233021.07     | 0.01%             | 2028-11-02      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BRUNSWICK CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $62.18         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QIAGEN N.V.                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-17714.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DR HORTON INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $59710.23      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  MORI SEIKI CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $361.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICHARM CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-316.82       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINAXIS INC /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-104.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERNATIONAL WORKPLACE  /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-3279.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENCOMPASS HEALTH CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $147.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERISIGN INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10591.35     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PALOMAR HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-35.21        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UMB FINANCIAL CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11198.86      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLOROX COMPANY                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $83.42         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENPHASE ENERGY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10554.69     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MURPHY USA INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $154.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KUBOTA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-48.22        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN WATER WORKS CO INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-32.17        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVIS BUDGET GROUP INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $39.05         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#SD7195 6% 07/01/54                          | FREDDIE MAC POOL UMBS P#SD7195 6.00000000                                                        | CUSIP: 3132DU7G6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   5456951 | PA      | $5614248.04    | 0.36%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BUNGE GLOBAL SA                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-3200.94      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIGN TECHNOLOGY INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-340.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOTO LTD /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7492.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIFCO AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $6017.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI GROUP HOLDINGS LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-12407.69     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IRON MOUNTAIN INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10189.99      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTUM OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-1002.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLAVIYO INC-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2358.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BWX TECHNOLOGIES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11095.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHITECAP RESOURCES INC /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-5238.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESFARMERS LTD /AUD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-33.70        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  IMPERIAL OIL LTD /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $451.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5.68          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUN LIFE FINANCIAL INC /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $260.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHOENIX GROUP HOLDINGS P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $13515.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5583 FA V/R 10/25/55                           | FREDDIE MAC REMICS SER 5583 CL FA V/R 5.60474000                                                 | CUSIP: 3137HNG93<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10000000 | PA      | $10006130.00   | 0.64%             | 2055-10-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| T/L ICON PAR 0% 11/13/2031                         | T/L ICON PARENT I INC REGD 0.00000000                                                            | CUSIP: 45115DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1657025 | PA      | $1654174.92    | 0.11%             | 2031-11-13      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TRIMBLE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-81.59        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOHOKU ELECTRIC POWER CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4211.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELF BEAUTY INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $451.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QORVO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-142.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLEPIERRE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-4197.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROCTER & GAMBLE CO/THE                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26312.21     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROYAL GOLD INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6642.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MURATA MANUFACTURING CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $16148.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2025-4 A1 V/R 06/25/28                        | PRPM 2025-4 LLC SER 2025-4 CL A1 V/R REGD 144A P/P 6.17900000                                    | CUSIP: 69382KAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3591430 | PA      | $3600013.89    | 0.23%             | 2030-06-25      | Variable      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS WISETECH GLOBAL LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $26.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOLKSWAGENWERK AG PRF /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $160.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CHOBANI LLC 0% 10/25/27                        | T/L CHOBANI LLC 0.00000000                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1541463 | PA      | $1544992.62    | 0.10%             | 2027-10-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SPIRE HEALTHCARE GROUP P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-180.41       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVANTOR INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-633.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXOR NV /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $3543.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTESA SANPAOLO /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $1466.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENK GROUP AG /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-87560.36     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FABRINET                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-2994.22      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINK REIT /HKD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-4596.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKZO NOBEL N.V. /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $5118.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOMURA REAL ESTATE HOLDI /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8862.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS PRIME SITE-REG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-4236.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIMPSON MANUFACTURING CO INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $34282.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GWOLF 2020-3RA A V/R 04/22/33                      | GREYWOLF CLO III LTD SER 2020-3RA CL A2R2 V/R REGD 144A P/P 6.18199000                           | CUSIP: 39809CBA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500007.95     | 0.03%             | 2033-04-22      | Variable      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SODEXO SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-6678.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGENCY CENTERS CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4562.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QJ0118 6% 07/01/54                          | FREDDIE MAC POOL UMBS P#QJ0118 6.00000000                                                        | CUSIP: 3133CQDX0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     29752 | PA      | $30580.02      | 0.00%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ASML HOLDING NV /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-201104.04    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANNOVER RUECKVERSICHERU SE /EUR/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $14662.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IBSTOCK PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-167.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STARWOOD PROPERTY TRUST INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18523.46     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUYAO GLASS INDUSTRY GRO /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $95.74         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROADCOM INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $35429.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLMEN AB-B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-162.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NETCOMPANY GROUP AS /DKK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $1053.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANZ GROUP HOLDINGS LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-886.61       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C IFSC NIFTY 50 FUT OCT25                        | FUTURE CONTRACT ON             IFSC NIFTY 50 FUT OCT25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IN        |         9 | NC      | $445707.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RANDSTAD NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-10653.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WATSCO INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3526.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APTIV PLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $15374.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MICROSOFT CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13985.17      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REECE LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2703.15      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRVD 2A ARR V/R 10/15/38 /EUR/                     | PROVIDUS CLO II DAC SER 2A CL ARR V/R REGD 144A P/P /EUR/ 3.18600000                             | CUSIP: G7164GBM5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    250000 | PA      | $294216.40     | 0.02%             | 2038-10-15      | Variable      | 3.19%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS GENMAB A/S /DKK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $60395.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAZARD INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $160.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOHAWK INDUSTRIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15870.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAPESTRY INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11.44        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEMBCORP INDUSTRIES LTD /SGD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $433.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIGNA CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-343.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDVIK AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-8369.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDOZ GROUP AG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2657.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAR ENERGI ASA /NOK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $282.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVATEK MICROELECTRONICS /TWD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-547.55       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PLANET FITNESS INC - CL A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-329.55       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMNICELL INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-541.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINGAPORE TECH ENGINEERI /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $89.94         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEDYNE TECHNOLOGIES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10993.86      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAL CO LTD /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $272.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYOCERA CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $12138.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STERLING INFRASTRUCTURE INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1177.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYOHIN KEIKAKU CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $546.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOCHSCHILD MINING PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-8292.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELENOR ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $1763.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  NOMURA REAL ESTATE HOLDI /JPY/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8636.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTH32 LTD /AUD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $5635.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINCOLN NATIONAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-300.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUTCHMED CHINA LTD /HKD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $735.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RUBIS /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $1101.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L PLAYTIKA HOLDING 0% 3/13/28                    | T/L PLAYTIKA HOLDING CORP REGD 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    128756 | PA      | $126639.20     | 0.01%             | 2028-03-13      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS STERIS PLC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $57.87         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRYG A/S /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-11333.34     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIRCLE INTERNET GROUP INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-39381.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2024-67 FA V/R 09/25/54                        | FANNIE MAE REMICS SER 2024-67 CL FA V/R 5.52603000                                               | CUSIP: 3136BSPM1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12267716 | PA      | $12284805.95   | 0.78%             | 2054-09-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KEYENCE CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9073.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTGOLD RESOURCES LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-3285.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRESENIUS SE & CO KGAA /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1918.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GROUPE BRUXELLES LAMBERT /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-163.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C COTTON NO.2 FUTR  DEC25                        | FUTURE CONTRACT ON           COTTON NO.2 FUTR  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -60 | NC      | $-1973100.00   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CMS ENERGY CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-34571.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELEMENT SOLUTIONS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $294.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERNATIONAL PETROLEUM  /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $101.41        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROUND ONE CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $572.43        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STANTEC INC /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-29358.73     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKS & SPENCER GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-963.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDENRED /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $87.86         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NGL ENRGY OP/F 8.125% 02/15/29                     | NGL ENRGY OP/FIN CORP REGD 144A P/P 8.12500000                                                   | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $220470.68     | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| ORO USD 7Y C 2.50000 L 06/16/26 BOA                | ORO USD 7Y C 2.50000 L 06/16/26 BOA 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  12800000 | NC      | $26640.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  ALLISON TRANSMISSION HOLDING                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9868.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SALMAR ASA /NOK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $407.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C CANOLA FUTR (WCE) NOV25                        | FUTURE CONTRACT ON           CANOLA FUTR (WCE) NOV25 /CAD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | CA        |        -5 | NC      | $-43486.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAETWYLER HOLDING AG-BR /CHF/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-104.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MIZUHO FINANCIAL GROUP I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $14082.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2025-105 WF V/R 06/20/55                       | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-105 CL WF V/R 5.38881000                       | CUSIP: 38381NKM9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2454244 | PA      | $2463447.92    | 0.16%             | 2055-06-20      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NN GROUP NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $4703.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENNES & MAURITZ AB-B SH /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-2799.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIBE INDUSTRIER AB-B SHS /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $181.05        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORE & MAIN INC-CLASS A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-138.75       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M&G PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $102.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENSOLDT AG /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-23420.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS RE LTD /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1322.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCOR SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-23.82        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORCEPT THERAPEUTICS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9766.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOHAWK INDUSTRIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10.97        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NESTE OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $3716.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIPLOMA PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $6409.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIVE BELOW                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $19971.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIA GROUP LTD /HKD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $1555.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASTERCARD INC - A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18093.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCREEN HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2638.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUNDHOUND AI INC-A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14992.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APA CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6051.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHMS Q034 APT2 V/R 09/25/32                        | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFI SER Q034 CL APT2 V/R 2.87247200          | CUSIP: 3137HLY30<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1088393 | PA      | $1034342.65    | 0.07%             | 2054-07-25      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BALOISE HOLDING AG /CHF/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1.59         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVERCORE INC - A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-220.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ERIE INDEMNITY COMPANY-CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $82.63         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXAS PACIFIC LAND CORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1618.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDON STOCK EXCHANGE GR /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $417.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | EUR/USD FWD 20251104 000001538 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-8503.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| F/C MEXICAN PESO FUT  DEC25                        | FUTURE CONTRACT ON           MEXICAN PESO FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |      1837 | NC      | $49709220.00   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OKTA INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1855.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIRKENSTOCK HOLDING PLC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $4692.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONINKLIJKE AHOLD DELHAI /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $34415.55      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIPOL ASSICURAZIONI SPA /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $2962.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOME DEPOT INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1594.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAR ENERGI ASA /NOK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $1586.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABM INDUSTRIES INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-60.43        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2020-89 IG 3% 12/25/50                         | FANNIE MAE REMICS SER 2020-89 CL IG 3.00000000                                                   | CUSIP: 3136BC5C0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8798270 | PA      | $1494326.29    | 0.10%             | 2050-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LONDONMETRIC PROPERTY PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $248.31        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GILDAN ACTIVEWEAR INC CL A/CAD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-25200.37     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTH BOW CORP /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-17556.48     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIMPSON MANUFACTURING CO INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $401.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZALANDO SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-202.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QORVO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19419.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MGM RESORTS INTERNATIONAL                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1502.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTAPP INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-146.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISRAEL DISCOUNT BANK A /ILS/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $6358.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BERKSHIRE HATHAWAY INC-CL B                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17547.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOMATSU LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11255.08     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUINOR ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-145.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEATRIUM LTD /SGD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-365.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WAYSTAR HOLDING CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-550.58       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEW YORK TIMES CO-A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3376.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNCHRONY FINANCIAL                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-35018.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCKWOOL A/S-B SHS /DKK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $42.29         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LYONDELLBASELL INDU-CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $7280.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED DIGITAL CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3760.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOUYGUES SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $240.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LYNAS RARE EARTHS LTD /AUD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-27215.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REVVITY INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-495.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAYER AG-REG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $501.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLES GROUP LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-414.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WARNER BROS DISCOVERY INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-101402.54    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBAL-E ONLINE LTD                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $408.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALASKA AIR GROUP INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-238.66       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS LIFE HOLDING AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $5.16          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS G MINING VENTURE CORP /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-404.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOONPIG GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1099.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUINOR ASA-SPON ADR                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-548.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONAE /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $291.89        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRAFT HEINZ CO/THE                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $294.74        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DR ING HC F PORSCH /EUR/ /PFD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-10954.63     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AP MOLLER-MAERSK A/S-B /DKK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-840.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTUS BAKERIES /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-1094.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BILL HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $200.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEMPUS AI INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12891.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APA GROUP /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $6.52          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIBE INDUSTRIER AB-B SHS /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-915.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATSON INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $835.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WIX.COM LTD                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-330.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NNN REIT INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11.48        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CASH COLLATERAL V/R 12/31/49                       | CASH COLLATERAL USD 3.99000000                                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | CORP              | US        |   -200000 | PA      | $-200000.00    | -0.01%            | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CDW CORP/DE                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1097.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SGS SA-REG /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2778.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JBT MAREL CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-303.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FULTON FINANCIAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $223.99        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C NIKKEI 225 MINI   DEC25                        | FUTURE CONTRACT ON           NIKKEI 225 MINI   DEC25 /JPY/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | JP        |       -49 | NC      | $-1490692.09   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANTOS LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-128075.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROOKFIELD CORP /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $3568.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADIDAS AG /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1341.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAKITA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-969.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMPUTERSHARE LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-3208.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VICINITY CENTRES /AUD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-230.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEA GROUP AG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $469.46        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLUE BIRD CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-133.59       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KROGER CO                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1359.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEELY AUTOMOBILE HOLDING /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-4115.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACI WORLDWIDE INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8046.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REPSOL SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $25093.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIGNMENT HEALTHCARE INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $21.10         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IG GROUP HOLDINGS PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $15518.97      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSEX PROPERTY TRUST INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7835.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANOVER INSURANCE GROUP INC/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8702.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PERNOD RICARD SA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $47799.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GFT TECHNOLOGIES SE /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-22.10        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEXATRONIC GROUP AB /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $739.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEGRO PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3793.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEROVIRONMENT INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-117.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MGM RESORTS INTERNATIONAL                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6.94          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANZ GROUP HOLDINGS LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-12192.81     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXSTAR MEDIA GROUP INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4973.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KERRY GROUP PLC-A /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-8050.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  NOVONESIS (NOVOZYMES) B /DKK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $10015.23      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOKYO GAS CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1917.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCELLERON INDUSTRIES AG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-11771.35     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EISAI CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7808.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BNP PARIBAS /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $53901.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BITDEER TECHNOLOGIES GROUP-A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-647.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHARF REAL ESTATE INVEST /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $641.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LITTELFUSE INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1703.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COVIVIO /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $545.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EFMT 2024-CES1 A V/R 01/26/60                      | EFMT 2024-CES1 SER 2024-CES1 CL A1 V/R REGD 144A P/P 5.52200000                                  | CUSIP: 281907AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5569568 | PA      | $5614579.27    | 0.36%             | 2060-01-26      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BASF SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-10477.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTRICA PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-682.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L QXO INC ZCP 04/23/32                           | T/L QXO INC REGD ZCP TERM LOAN 0.00000000                                                        | CUSIP: 07368RAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    156444 | PA      | $157631.85     | 0.01%             | 2032-04-23      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DYNE THERAPEUTICS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1406.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REINSURANCE GROUP OF AM CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2633.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN MEAL FUTR JUL26                        | FUTURE CONTRACT ON           SOYBEAN MEAL FUTR JUL26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-29790.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOUISIANA-PACIFIC CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1305.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIFUKU CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2927.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRAINLINE PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-142.61       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIFUKU CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-574.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECNOGLASS INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $1135.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXTRON INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $183.74        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THOR INDUSTRIES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-331.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STORA ENSO OYJ-R SHS /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-3034.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MGIC INVESTMENT CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $112.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK HAPOALIM BM /ILS/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $2258.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHERN TRUST CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18256.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRATON SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $8482.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRAFTON INC /KRW/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-395.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MACQUARIE GROUP LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-15547.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOULIHAN LOKEY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $37.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHIRLPOOL CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3502.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRINKER INTERNATIONAL INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-448.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXTERA ENERGY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $66081.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOLTERS KLUWER /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $27089.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADVANCE AUTO PARTS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $331.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAT GROUP AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $15826.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERPARFUMS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $413.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PSP SWISS PROPERTY AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $210.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUALYS INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-616.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTOSTORE HOLDINGS LTD-W/I /NOK/                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $532.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS RE LTD /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-270.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDISON INTERNATIONAL                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-281.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADVANTEST CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-18441.99     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIKKOMAN CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2221.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VICI PROPERTIES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-80.92        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIVE BELOW                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $154.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LITHIA MOTORS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3181.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEXAGON AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $22236.15      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| P/O OTC EPUT FN 6.0 11-55 77                       | PUT OPTION ON 100SHS           OTC EPUT FN 6.0 11-55 77 SAL 0.00000000                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |  93000000 | NC      | $0.00          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SOMNIGROUP INTERNATIONAL INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $44.25         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRYSTAL BIOTECH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-812.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHINA GALAXY SECURITIES  /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $-5039.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EBARA CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $817.27        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JONES LANG LASALLE INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $33188.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST QUANTUM MINERALS L /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2764.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEATHERFORD INTERNATIONAL PL                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $7.72          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $559.86        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONEOK INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3138.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZURICH INSURANCE GROUP AG /CHF/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $8232.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCIONA SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-2977.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TESCO PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-371.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAGLE MATERIALS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2494.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTAIN PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IM        |         1 | NC      | $1742.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L HEARTLAND 0% 08/07/32                          | T/L HEARTLAND DENTAL LLC       REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2237194 | PA      | $2232183.18    | 0.14%             | 2032-08-07      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS J FRONT RETAILING CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $596.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFINA SA RTS 12/31/2049 /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-426.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOCIONEXT INC /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $18538.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONY GROUP PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $127.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SG HOLDINGS CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6988.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTONATION INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-263.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVA LTD                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-1323.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCDONALD'S HOLDINGS CO J /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-385.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CROWN HOLDINGS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9.40          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNORR-BREMSE AG /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-181.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PALADIN ENERGY LIMITED /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2389.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONAMI GROUP CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $19808.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EBAY INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3071.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L PROOFPOINT 0% 08/31/2028                       | T/L PROOFPOINT INC. REGD       TERM LOAN 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1940625 | PA      | $1945689.62    | 0.12%             | 2028-08-31      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| T/L MH SUB I 0% 12/31/31                           | T/L MH SUB I LLC   REGD 0.00000000                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    715208 | PA      | $657097.74     | 0.04%             | 2031-12-31      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RENESAS ELECTRONICS CORP /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-293.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THALES SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $639.47        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MISUMI GROUP INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1092.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIO-RAD LABORATORIES-A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $57.93         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLP HOLDINGS LTD /HKD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $1788.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SODEXO SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-4042.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2025-7 A1 V/R 08/25/28                        | PRPM 2025-7 LLC SER 2025-7 CL A1 V/R REGD 144A P/P 5.50300000                                    | CUSIP: 69382YAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3587243 | PA      | $3593121.03    | 0.23%             | 2030-08-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BOUYGUES SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $10759.23      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARISTA NETWORKS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $271.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOMURA RESEARCH INSTITUT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5526.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMBU A/S-B /DKK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $2002.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XVIVO PERFUSION AB /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $2270.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BKW SA /CHF/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-3247.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEGRAND SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $312.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HONEYWELL INTERNATIONAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13601.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SSE PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-11106.20     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WINBOND ELECTRONICS CORP /TWD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-395.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METRO INC/CN /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $252.03        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHOENIX GROUP HOLDINGS P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $15146.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAE SYSTEMS PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $33469.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO ELECTRIC INDUST /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10005.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C GASOLINE RBOB FUT JAN26                        | FUTURE CONTRACT ON           GASOLINE RBOB FUT JAN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |         2 | NC      | $155500.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ICON PLC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-588.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHS 358 PO ZCP 10/15/47                            | FREDDIE MAC STRIPS SER 358 CL PO ZCP 0.00000000                                                  | CUSIP: 3132J0RZ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1403065 | PA      | $1062834.19    | 0.07%             | 2047-10-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TEXAS ROADHOUSE INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $206.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CSC HOLDINGS L 11.25% 05/15/28                     | CSC HOLDINGS LLC REGD 144A P/P 11.25000000                                                       | CUSIP: 126307BM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    515000 | PA      | $476765.32     | 0.03%             | 2028-05-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS NEXTDC LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $4831.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C LOW SU GASOIL G   DEC25                        | FUTURE CONTRACT ON           LOW SU GASOIL G   DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |         2 | NC      | $134700.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YOKOGAWA ELECTRIC CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8671.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ILUKA RESOURCES LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-4515.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT HOLD /  6.75% 10/15/27                     | ALLIANT HOLD / CO-ISSUER REGD 144A P/P 6.75000000                                                | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $245527.73     | 0.02%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| F/C SA RAND CURR(CME) DEC25                        | FUTURE CONTRACT ON           SA RAND CURR(CME) DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |        28 | NC      | $8067.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C CHF CURRENCY FUT  DEC25                        | FUTURE CONTRACT ON           CHF CURRENCY FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |        82 | NC      | $12989825.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | AUD/USD FWD 20251016 000000010 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1180.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WYNDHAM HOTELS & RESORTS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-36047.98     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GE VERNOVA INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10920.90     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ECOLAB INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10401.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXTDC LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $406.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L BOXER PARENT 0% 07/30/31                       | T/L BOXER PARENT COMPANY INC   REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    602960 | PA      | $601639.55     | 0.04%             | 2031-07-30      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS PALANTIR TECHNOLOGIES INC-A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2109.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OTSUKA HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2824.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OCEANAGOLD CORP /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1692.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTODESK INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5736.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CURTISS-WRIGHT CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1237.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STERIS PLC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $7393.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMEN TECHNOLOGIE 10% 10/15/32                     | LUMEN TECHNOLOGIES INC REGD 144A P/P 10.00000000                                                 | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    220000 | PA      | $222494.49     | 0.01%             | 2032-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS INTERACTIVE BROKERS GRO-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3643.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXELIXIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6994.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARGAN /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $21.75         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPIRE INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-493.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IA FINANCIAL CORP INC /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $242.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ICG PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $633.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y P 4.69300 L 08/27/35 BOA           | ORO FWD USD 10Y P 4.69300 L 08/27/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1400000 | NC      | $71847.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RYMAN HOSPITALITY PROPERTIES                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6107.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLUGHAFEN ZURICH AG-REG /CHF/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-478.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MUELLER INDUSTRIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $198.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WELLTOWER INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-81785.72     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIPER ENERGY INC-CL A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $68.44         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUZZI SPA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $99.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEBIUS GROUP NV                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $38146.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y C 4.42700 L 08/06/35 BOA           | ORO FWD USD 10Y C 4.42700 L 08/06/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   2000000 | NC      | $114416.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE 12% 11/30/28                     | EG GLOBAL FINANCE PLC REGD 144A P/P 12.00000000                                                  | CUSIP: 28228PAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    965000 | PA      | $1060976.01    | 0.07%             | 2028-11-30      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SWEETGREEN INC - CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5111.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTTERY CORP LTD/THE /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-70.12        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMIZU CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1750.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALTAGAS LTD /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2800.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMUNDI SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-275.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEGASYSTEMS INC COM                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1914.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OCADO GROUP PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1169.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KKR & CO INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $120169.23     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BURBERRY GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $749.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XENON PHARMACEUTICALS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1031.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROTECTOR FORSIKRING ASA /NOK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-280.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  PITNEY BOWES INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-0.37         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYSMEX CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5867.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TRELLEBORG AB-B SHS /SEK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $15430.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXAS ROADHOUSE INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2562.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF NOVA SCOTIA HALIFAX /CAD/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1326.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO MITSUI TRUST HOLDINGS INC /JPY/                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $27415.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEEK LTD /AUD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-31.67        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESFARMERS LTD /AUD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-130.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APA CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $130.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEFS' WAREHOUSE INC/THE                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $712.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOCHTIEF AG /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $639.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GUARDANT HEALTH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $25153.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOYAGER TECHNOLOGIES INC-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-687.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUNTINGTON INGALLS INDUSTRIE                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $834.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISUZU MOTORS LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6808.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACS ACTIVIDADES CONS Y S /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $68.34         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORMAT TECHNOLOGIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-41.08        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HF SINCLAIR CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1273.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BZ2935 5.03% 11/01/32                       | FANNIE MAE POOL UMBS P#BZ2935 5.03000000                                                         | CUSIP: 3140NXHM8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5616000 | PA      | $5771847.20    | 0.37%             | 2032-11-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CONSOLIDATED EDISON INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1146.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHNIP ENERGIES NV /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1389.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MUENCHENER RUECKVER AG-R /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $28380.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VEIDEKKE ASA /NOK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-143.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FREEPORT-MCMORAN INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3894.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXXON MOBIL CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8039.22      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DROPBOX INC-CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $55.65         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED DIGITAL CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-319.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIEMENS ENERGY AG /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $6412.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENMAB A/S /DKK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $394.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NCC GROUP PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-131.88       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAMSAY HEALTH CARE LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $3962.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGENERON PHARMACEUTICALS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-883.44       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYCHEX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1517.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GUIDEWIRE SOFTWARE INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10094.87     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROLLINS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1218.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IONIS PHARMACEUTICALS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $870.87        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WENDY'S CO/THE                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1557.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PANDORA A/S /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-1833.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMGEN INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5913.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MODERNA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $41029.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAMATO HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3570.04      | -0.00%            |  |  |  | No            |                  1 | 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        |       216 | NC      | $45014062.61   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MICROCHIP TECHNOLOGY INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-257.57       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAYMOND JAMES FINANCIAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-193.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXON ENTERPRISE INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17959.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALSTOM /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-21493.17     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN TOBACCO INC /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3479.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYNDRYL HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8986.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEINOR HOMES SA /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $361.11        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST AMERICAN FINANCIAL                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2298.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LANTHEUS HOLDINGS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $157.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GE VERNOVA INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9547.22      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TIDEWATER INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2339.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L NOURYON FINA 0% 04/03/28                       | T/L NOURYON FINANCE B.V. REGD 0.00000000                                                         | CUSIP: N8232NAM9<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    486775 | PA      | $486473.30     | 0.03%             | 2028-04-03      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| P/O OTC EPUT FN 6.5 11-55 70                       | PUT OPTION ON 100SHS           OTC EPUT FN 6.5 11-55 70 BOA 0.00000000                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |  20000000 | NC      | $0.00          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SCREEN HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $267.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRIMO BRANDS CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $42.53         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATHABASCA OIL CORP /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $177.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GAP INC/THE                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $32207.81      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDEMITSU KOSAN CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11924.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SERVICENOW INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23207.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLCIM LTD /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-14076.68     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NUCOR CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18051.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONVATEC GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $224.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SYENSQO SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $804.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOWMET AEROSPACE INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10908.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAMPING WORLD HOLDINGS INC-A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1223.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTAIN PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IM        |         1 | NC      | $323.84        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOSTON SCIENTIFIC CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-381.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SERVICE CORP INTERNATIONAL                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4241.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRADE DESK INC/THE -CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $66405.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHNEIDER ELEC SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $4046.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VISA INC-CLASS A SHARES                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-191.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENPHASE ENERGY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27052.31     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCOR SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-87.78        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAVIDE CAMPARI-MILANO NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1208.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVEREST GROUP LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-407.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMCD NV /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $8723.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED UTILITIES GROUP P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $42.15         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENOVA INTERNATIONAL INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1134.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN STATES WATER CO                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $56.71         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALMONT INDUSTRIES                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8623.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MIRVAC GROUP /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-7183.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTAIN PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IM        |         1 | NC      | $-452.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAN PACIFIC INTERNATIONA /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1251.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SECURE WASTE INFRASTRUCT /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-414.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATL HEALTH INVESTORS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1133.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HERCULES CAPITAL INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $108.46        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS/COMMUNITY 10.875% 01/15/32                     | CHS/COMMUNITY HEALTH SYS REGD 144A P/P 10.87500000                                               | CUSIP: 12543DBN9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    965000 | PA      | $1021396.53    | 0.07%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS RIVIAN AUTOMOTIVE INC-A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-387.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STANDARD CHARTERED PLC/GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3556.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEST BUY CO INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7025.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MFE-MEDIAFOREUROPE NV-CL /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-888.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROLLS-ROYCE HOLDINGS PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1762.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONGSBERG GRUPPEN ASA /NOK/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $18753.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERNATIONAL SEAWAYS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MH        |         1 | NC      | $1743.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ING GROEP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-168.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KDDI CORP /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $43750.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADDTECH AB-B SHARES /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-394.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y C 4.26000 L 02/13/35 BOA           | ORO FWD USD 10Y C 4.26000 L 02/13/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1700000 | NC      | $88037.22      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| T/L WAND NEWCO 3 0% 01/30/31                       | T/L WAND NEWCO 3 INC 0% 0.00000000                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1053313 | PA      | $1049162.89    | 0.07%             | 2031-01-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RENTOKIL INITIAL PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1699.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAZDA MOTOR CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2006.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARTNERS GROUP HOLDING AG /CHF/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-11141.92     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS U-HAUL HOLDING CO-NON VOTING                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1773.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCK KGAA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1032.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOPRA STERIA GROUP /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $136.07        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CREDO TECHNOLOGY GROUP HOLDI                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-6974.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBAL-E ONLINE LTD                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-222.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI CHEMICALS INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-790.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MSAC 2005-WMC4 M V/R 04/25/35                      | MORGAN STANLEY ABS CAPITAL I INC TRUST 2005-WMC4 SER 2005-WMC4 CL M6 V/R REGD 5.32239000         | CUSIP: 61744CRF5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1562533 | PA      | $1468371.94    | 0.09%             | 2035-04-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CENTRAL JAPAN RAILWAY CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5109.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMSTOCK RESOURCES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-904.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL FOREST PRODUCTS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5206.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEIKO EPSON CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7201.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 03/05/26                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797RV1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  20000000 | PA      | $19678332.00   | 1.25%             | 2026-03-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KELLER GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $833.58        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C LIVE CATTLE FUTR  DEC25                        | FUTURE CONTRACT ON           LIVE CATTLE FUTR  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-93910.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONY FINANCIAL GROUP INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $917.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAMAMATSU PHOTONICS KK /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4916.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VITAL FARMS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3114.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPAND ENERGY CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $54553.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GNMA II P#MB0422 4.5% 06/20/55                     | GINNIE MAE II POOL P#MB0422 4.50000000                                                           | CUSIP: 3618N5PG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3329669 | PA      | $3233599.76    | 0.21%             | 2055-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MERCK KGAA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-317.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUNTINGTON INGALLS INDUSTRIE                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $23024.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORION CORP /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-248.27       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MSCI INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $27.08         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#DC5676 6% 11/01/54                          | FANNIE MAE POOL UMBS P#DC5676 6.00000000                                                         | CUSIP: 3140ATJW7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     45085 | PA      | $46726.91      | 0.00%             | 2054-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HONG KONG EXCHANGES & CL /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-2844.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVA LTD                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-887.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOV INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-28.87        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARMAX INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17707.61     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INCYTE CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1.79         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEA LTD-ADR                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-36147.77     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-BOBL FUTURE  DEC25                        | FUTURE CONTRACT ON           EURO-BOBL FUTURE  DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |      -164 | NC      | $-22683631.83  | -1.45%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GREAT-WEST LIFECO INC /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-24708.99     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPEDITORS INTL WASH INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $587.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C WHITE SUGAR (ICE) MAR26                        | FUTURE CONTRACT ON           WHITE SUGAR (ICE) MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |        -6 | NC      | $-138750.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L SHIFT4 PAYMENT 0% 05/10/32                     | T/L SHIFT4 PAYMENTS LLC 0.00000000                                                               | CUSIP: 82453JAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250000 | PA      | $251770.00     | 0.02%             | 2032-05-10      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TAPESTRY INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3598.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYU CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2188.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENNES & MAURITZ AB-B SH /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-2571.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOKIA OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $5669.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON YUSEN KK /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-32244.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C CORN FUTURE       JUL26                        | FUTURE CONTRACT ON           CORN FUTURE       JUL26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -5 | NC      | $-112250.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS H&R BLOCK INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1948.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SITEONE LANDSCAPE SUPPLY INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1026.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITE GROUP PLC/THE /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4754.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERACTIVE BROKERS GRO-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17864.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C RAPESEED  EURO    AUG26                        | FUTURE CONTRACT ON           RAPESEED  EURO    AUG26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | FR        |        -1 | NC      | $-26738.99     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMAMURA CO LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $757.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEMOURS CO/THE                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1197.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EATON CORP PLC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $12168.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS PRIME SITE-REG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-323.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORDEX SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1810.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARDINAL HEALTH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $222.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 3.97600 L 10/17/25 BRC                | ORO USD 7Y P 3.97600 L 10/17/25 BRC 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   3700000 | NC      | $97.68         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LIBERTY MEDIA CORP-FORMULA-C                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8877.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERUMO CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-15689.90     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L MEDLINE BORROW 0% 10/23/28                     | T/L MEDLINE BORROWER LP REGD   TERM LOAN 0.00000000                                              | CUSIP: 58503UAH6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2299238 | PA      | $2299099.55    | 0.15%             | 2028-10-23      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| F/C  BMFBOVESPA USDBRL UCX25                       | FUTURE CONTRACT ON            BMFBOVESPA USDBRL UCX25 CURNCY 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |      -205 | NC      | $-10326705.76  | -0.66%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GE HEALTHCARE TECHNOLOG-INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-908.47       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BHP GROUP LTD-SPON ADR                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-13461.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN STEEL WORKS LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4250.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS A2 MILK CO LTD /AUD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-1773.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI MOTORS CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2150.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD NATIONAL BANCORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $306.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS US FOODS HOLDING CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $16273.77      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIDGEBIO PHARMA INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $39.81         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOLIDEN AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-25118.65     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ACRISURE LLC 0% 11/06/30                       | T/L ACRISURE LLC REGD 0.00000000                                                                 | CUSIP: 00488PAV7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1210850 | PA      | $1207447.51    | 0.08%             | 2030-11-06      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  BABCOCK INTL GROUP PLC /GBP/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2877.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CROWN HOLDINGS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $23.42         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NVIDIA CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17963.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMONWEALTH BANK OF AUS /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-16189.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NAN YA PLASTICS CORP /TWD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-1446.25      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2018-H09 FA V/R 04/20/68                       | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2018-H09 CL FA V/R 4.97740000                       | CUSIP: 38380LFE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    427966 | PA      | $432891.95     | 0.03%             | 2068-04-20      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LEMONADE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19.32        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SABRA HEALTH CARE REIT INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $19.88         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y P 4.26000 L 02/13/35 BOA           | ORO FWD USD 10Y P 4.26000 L 02/13/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1700000 | NC      | $104063.12     | 0.01%             |  |  |  | No            |                  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        |        21 | NC      | $2565584.98    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CNH INDUSTRIAL NV                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1300.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPITAL POWER CORP /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $5883.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L LEVEL 3 FI 00.00% 03/27/32                     | T/L LEVEL 3 FINANCING INC. 0.00000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    705000 | PA      | $705000.00     | 0.04%             | 2032-03-27      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FISERV INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7524.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANTOFAGASTA PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-798.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NETEASE INC /HKD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $313.70        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NESTLE SA-REG /CHF/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $12929.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L RECESS HOLD 0% 02/20/30/                       | T/L RECESS HOLDINGS INC REGD 0.00000000                                                          | CUSIP: 72811HAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    209472 | PA      | $210071.45     | 0.01%             | 2030-02-20      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS INDEPENDENCE REALTY TRUST IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1243.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACS ACTIVIDADES CONS Y S /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-889.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE BANK AG-REGISTE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $15973.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SANDFIRE RESOURCES LTD /AUD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $3006.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5010 JI 2.5% 09/25/50                          | FREDDIE MAC REMICS SER 5010 CL JI 2.50000000                                                     | CUSIP: 3137FVQG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    212520 | PA      | $35315.33      | 0.00%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  SPORTRADAR GROUP AG-A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2372.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUB24 LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-190.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AISIN CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2036.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI CONSTRUCTION MAC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6745.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 4.5% NOV 12                          | FNMA 30YR TBA 4.5% NOV 12      TO BE ANNOUNCED 4.50000000                                        | CUSIP: 01F0426B4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  20000000 | PA      | $19403781.80   | 1.24%             | 2042-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ARROW ELECTRONICS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $86.75         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN TOWER CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11148.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIGHT HORIZONS FAMILY SOLUT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3.18          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INGERSOLL-RAND INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-317.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  STELLANTIS NV /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $26059.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASYJET PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-214.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L SPEED MIDCO 3 0% 09/19/32                      | T/L SPEED MIDCO 3 S A R L      REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    625000 | PA      | $624218.75     | 0.04%             | 2032-09-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ALASKA AIR GROUP INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-462.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPITAL ONE FINANCIAL CORP                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $107052.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ROCKWOOL A/S-B SHS /DKK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $3155.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRESNILLO PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2416.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TESLA INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13036.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCK & CO. INC.                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $19993.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JB HI-FI LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1051.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAMPO OYJ-A SHS /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $3491.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INVITATION HOMES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5544.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 6.5% NOV 25                          | FNMA 30YR TBA 6.5% NOV 25      TO BE ANNOUNCED 6.50000000                                        | CUSIP: 01F0626B2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  50000000 | PA      | $51702080.00   | 3.30%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LY CORP /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-835.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OUTFRONT MEDIA INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $574.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SAGAX AB-B /SEK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $641.43        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITE GROUP PLC/THE /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $5452.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEXAGON AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $21625.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PERFORMANCE FOOD GROUP CO                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $564.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NYFOSA AB /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $84.66         | 0.00%             |  |  |  | No            |                  1 | 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        |       155 | NC      | $16925273.52   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWMARKET CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2632.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MURATA MANUFACTURING CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $93175.09      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LYONDELLBASELL INDU-CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1367.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NN GROUP NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $2203.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHINASOFT INTERNATIONAL  /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-1049.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WYNDHAM HOTELS & RESORTS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6300.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AAR CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1767.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | IRS PSOFRR03.75 09/17/35 MLSCUS31XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-188871.89    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CENTURY ALUMINUM COMPANY                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-909.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEYTO EXPLORATION & DEV  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2269.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS P G & E CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4506.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMPOL LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-255.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRET 2022-RN1 A1 V/R 02/25/25                      | PRET 2022-RN1 LLC SER 2022-RN1 CL A1 V/R REGD 144A P/P 6.72100000                                | CUSIP: 69363JAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    328377 | PA      | $328587.45     | 0.02%             | 2051-07-25      | Variable      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS NETFLIX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5377.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO REALTY & DEVELO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1490.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYO SUISAN KAISHA LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2800.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MS&AD INSURANCE GROUP HOLDINGS /JPY/                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7388.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXLSERVICE HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $73.55         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYATT HOTELS CORP - CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1088.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVONIK INDUSTRIES AG /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-393.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JANUS HENDERSON GROUP PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-2462.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ADVANCED ENERGY INDUSTRIES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-127.61       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHORD ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $456.21        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGILENT TECHNOLOGIES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10200.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMERCE BANCSHARES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7443.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C EUR/SWED KRNA X-RAT DEC25                      | FUTURE CONTRACT ON             EUR/SWED KRNA X-RAT DEC25      /SEK/ 0.00000000                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |        -1 | NC      | $-146583.96    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TBC BANK GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-746.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDRA SISTEMAS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-891.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMCAST CORP-CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-35026.18     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMCD NV /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $28464.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATWEST GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-34558.16     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PTC INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $284.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WABTEC CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $56756.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELIX PHARMACEUTICALS LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-17.24        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PILBARA MINERALS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-9856.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALCON INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $4882.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUITY RESIDENTIAL                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $336.42        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MORGAN STANLEY                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $16048.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NTT INC /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2614.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLACKSTONE MORTGAGE TRU-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $163.89        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLEGION PLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $335.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIBAIL-RODAMCO-WESTFIEL /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |         1 | NC      | $7421.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARISTOCRAT LEISURE LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $147.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNILEVER PLC-SPONSORED ADR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $6488.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS Q2 HOLDINGS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $20078.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSENTIAL UTILITIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-350.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOWI ASA /NOK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-561.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QORVO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-196.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L DELTA TOPCO 0% 11/29/30                        | T/L DELTA TOPCO INC REGD 0.00000000                                                              | CUSIP: 24780DAH0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1595000 | PA      | $1585525.70    | 0.10%             | 2030-11-29      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS UPWORK INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2725.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOBLAW COMPANIES LTD /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1172.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIEMENS HEALTHINEERS AG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $41405.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PNC FINANCIAL SERVICES GROUP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11580.56     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | EUR/USD FWD 20251016 000000010 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $17472.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS VERTIV HOLDINGS CO-A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3082.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHITECAP RESOURCES INC /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $29037.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIO-TECHNE CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1441.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DRAX GROUP PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3559.13       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DANA INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15.97         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TDK CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2977.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CYTOKINETICS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4296.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROPER TECHNOLOGIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1165.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMONWEALTH BANK OF AUS /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1298.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIRIUS XM HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-233.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SDIPTECH AB - B /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $409.70        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARVANA CO                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13461.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DROPBOX INC-CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-36208.21     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXOS FINANCIAL INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $767.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PLATZER FASTIGHETER HOLD /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-29.66        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LEVEL 3 FINANCING 10% 10/15/32                     | LEVEL 3 FINANCING INC REGD 144A P/P 10.00000000                                                  | CUSIP: 527298CK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1155000.00    | 0.07%             | 2032-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BELIMO HOLDING AG-REG /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $40.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  EURONEXT NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-18592.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHINDLER HOLDING-PART C /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-431.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYOCERA CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-26579.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN FUTURE    NOV25                        | FUTURE CONTRACT ON           SOYBEAN FUTURE    NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -65 | NC      | $-3255687.50   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHUBB LTD                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $6967.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DICK'S SPORTING GOODS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15412.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENDESA SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $31191.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MODINE MANUFACTURING CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10104.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CK INFRASTRUCTURE HOLDIN /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-105.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEALED AIR CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2013.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C FTSE 100 IDX FUT  DEC25                        | FUTURE CONTRACT ON           FTSE 100 IDX FUT  DEC25 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |        78 | NC      | $9868674.25    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DYCOM INDUSTRIES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8998.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIFT4 PAYMENTS INC-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $26960.86      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  RITHM CAPITAL CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8570.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RH                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2023.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMNICOM GROUP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-482.44       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REYNOLDS CONSUMER PRODUCTS I                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1883.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAR ENERGI ASA /NOK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-1916.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECAN GROUP AG /CHF/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $3195.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TPG INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1386.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IG GROUP HOLDINGS PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $13768.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEALTHEQUITY INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-87.48        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONOVA HOLDING AG /CHF/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $15526.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUD SOFTWARE  8.25% 06/30/32                     | CLOUD SOFTWARE GRP INC REGD 144A P/P 8.25000000                                                  | CUSIP: 18912UAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $562421.62     | 0.04%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS MYR GROUP INC/DELAWARE                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2888.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PVH CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1269.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TEXAS PACIFIC LAND CORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3612.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEZZLE INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10897.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELANCO ANIMAL HEALTH INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-264.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE LUFTHANSA-REG /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-11332.68     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTO TRADER GROUP PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $5253.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DECKERS OUTDOOR CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $52751.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZOOM COMMUNICATIONS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $253.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUZZI SPA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $5414.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI ELECTRIC CORP /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6802.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L QUALITYTECH L ZCP 11/04/31                     | T/L QUALITYTECH LP REGD ZCP TERM LOAN 0.00000000                                                 | CUSIP: 74758JAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    349125 | PA      | $349125.00     | 0.02%             | 2031-11-04      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SUPER MICRO COMPUTER INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4662.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11418.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DANONE /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $106.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CTS EVENTIM AG & CO KGAA /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-711.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS 3I GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1616.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADMIRAL GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1214.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNSTONE HOTEL INVESTORS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $111.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOST HOTELS & RESORTS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-824.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TALANX AG /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-7524.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OXFORD INDUSTRIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $54.44         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO FX CURR FUT  DEC25                        | FUTURE CONTRACT ON           EURO FX CURR FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |      -116 | NC      | $-17098400.00  | -1.09%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAGERCRANTZ GROUP AB-B S /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1940.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ALLY FINANCIAL INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4558.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AURORA INNOVATION INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1512.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WAYFAIR INC- CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1844.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PAID 2024-10  5.183% 11/15/26                      | PAGAYA AI DEBT GRANTOR TRUST 2024-10 SER 2024-10 CL A REGD 144A P/P 5.18300000                   | CUSIP: 69544MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    585094 | PA      | $588335.99     | 0.04%             | 2032-06-15      | Fixed         | 5.18%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ADECCO GROUP AG-REG /CHF/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $612.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO OHKA KOGYO CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $354.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIMENTATION COUCHE-TARD /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-645.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RIVIAN HLD/AUTO L 10% 01/15/31                     | RIVIAN HLD/AUTO LLC REGD 144A P/P 10.00000000                                                    | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2875000 | PA      | $2675511.51    | 0.17%             | 2031-01-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS KINGFISHER PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $30619.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  LIBERTY BROADBAND-C                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-279.24       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAFRAN SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $37073.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WALT DISNEY CO/THE                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1586.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUMANA INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7206.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEMED CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-494.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C KOREA 10YR BND FU DEC25                        | FUTURE CONTRACT ON           KOREA 10YR BND FU DEC25 /KRW/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | KR        |       -17 | NC      | $-1422230.14   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L WAYSTAR TECHN 0% 10/22/29                      | T/L WAYSTAR TECHNOLOGIES INC.  REGD 0.00000000                                                   | CUSIP: 63939WAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    549302 | PA      | $549071.68     | 0.04%             | 2029-10-22      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HELMERICH & PAYNE                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1798.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MANA 2007-OAR5 1 V/R 10/25/47                      | MERRILL LYNCH ALTERNATIVE NOTE ASSET TRUST SE SER 2007-OAR5 CL 1A1 V/R REGD 3.45594000           | CUSIP: 590227AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2439418 | PA      | $603144.72     | 0.04%             | 2047-10-25      | Variable      | 3.46%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DNB BANK ASA /NOK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $935.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEIKO EPSON CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3891.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLUOR CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2299.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAG IMMOBILIEN AG /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-2769.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KERING /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-6055.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GUOTAI HAITONG SECURITIE /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $-1318.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYATT HOTELS CORP - CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-463.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  OSCAR HEALTH INC - CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-155.82       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXON CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $12711.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMER SPORTS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $6464.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEVEN & I HOLDINGS CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $380.88        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGENERON PHARMACEUTICALS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $556.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LYONDELLBASELL INDU-CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-20358.56     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST AMERICAN FINANCIAL                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1397.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAND SECURITIES GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1625.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NVIDIA CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12242.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN FINANCIAL GROUP INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-768.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COINBASE GLOBAL INC -CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13806.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JONES DESLAURIER 8.5% 03/15/30                     | JONES DESLAURIERS INSURA REGD 144A P/P 8.50000000                                                | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    725000 | PA      | $761790.94     | 0.05%             | 2030-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SAMSUNG SDI CO LTD /KRW/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $535.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXANS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-51.66        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASX LTD /AUD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $262.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EOG RESOURCES INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $175.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANSDIGM GROUP INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5546.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYAN SPECIALTY HOLDINGS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1063.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHOALS TECHNOLOGIES GROUP -A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-523.57       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCOUT24 SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $6862.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL MUSIC GROUP NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-2304.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOX CORP - CLASS B                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $279.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAMAHA MOTOR CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $66.94         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHLUMBERGER NV                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CW        |         1 | NC      | $-227.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCENTURE PLC-CL A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $40771.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PULTE GROUP INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10453.29     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUUILO OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $16.49         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS C.H. ROBINSON WORLDWIDE INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7829.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AZELIS GROUP NV /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $4814.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CBOE GLOBAL MARKETS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11341.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITORI HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1534.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL AUSTRALIA BANK  /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-231.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NINETY ONE PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $34.66         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON MATTHEY PLC /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $279.02        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TKO GROUP HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3574.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARCLAYS PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-117.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOOSAN ENERBILITY CO LTD /KRW/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-3468.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NH FOODS LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3051.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRSTCASH HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-927.59       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD DOMINION FREIGHT LINE                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-539.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSULET CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7639.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENMAB A/S /DKK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $402.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINGSPAN GROUP PLC /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $7.25          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OPENLANE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $66.70         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIDELITY NATIONAL FINANCIAL                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4532.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CELESTICA INC /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-946.41       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YOKOGAWA ELECTRIC CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2254.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEGA SAMMY HOLDINGS INC /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1347.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLA CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2010.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRENNTAG SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-635.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA BOTTLERS JAPAN /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-23.85        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVARTIS AG-REG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $15663.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS LIFE HOLDING AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-4182.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPGEMINI SE /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $2875.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  RANDSTAD NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-659.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CVB FINANCIAL CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $278.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ABG INTERM 00.00% 12/21/28                     | T/L ABG INTERMEDIATE HOLDINGS  2 LLC 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1538310 | PA      | $1534218.43    | 0.10%             | 2028-12-21      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GOLD CIRCUIT ELECTRONICS /TWD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $643.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GIVAUDAN-REG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $3278.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BALDWIN INSURANCE GROUP INC/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3118.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOLVO AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-65.71        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATMOS ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-947.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MINEBEA MITSUMI INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3018.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PERNOD RICARD SA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $31543.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PER AARSLEFF HOLDING A/S /DKK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-65.11        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $113.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEDIBANK PRIVATE LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-23.49        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-BUND FUTURE  DEC25                        | FUTURE CONTRACT ON           EURO-BUND FUTURE  DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |       -24 | NC      | $-3622742.54   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1776.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMPAGNIE DE SAINT GOBAI /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $55104.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5526 DI 4.5% 02/15/51                          | FREDDIE MAC REMICS SER 5526 CL DI 4.50000000                                                     | CUSIP: 3137HKWC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  41258621 | PA      | $9620070.42    | 0.61%             | 2051-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LAND SECURITIES GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-230.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMCOR GROUP INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2281.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SLM CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $245.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KINAXIS INC /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-7008.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RB GLOBAL INC /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $153226.47     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ARCHER-DANIELS-MIDLAND CO                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $243.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANE TECHNOLOGIES PLC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $8714.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNORR-BREMSE AG /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-303.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCELORMITTAL /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-157.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METTLER-TOLEDO INTERNATIONAL                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-311.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEAMVIEWER SE /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1010.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TORO CO                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1595.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STMICROELECTRONICS NV /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-12930.32     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YETI HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1612.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHRODERS PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $9.31          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TANDEM DIABETES CARE INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-206.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FEDERATED HERMES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-28.52        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NVENT ELECTRIC PLC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $349.73        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITT INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1630.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KUEHNE + NAGEL INTL AG-R /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $18665.97      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INGERSOLL-RAND INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-53367.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOUGLAS AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-123.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YUM! BRANDS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-215.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA II 30 YR TBA 2% NOV 55                        | GNMA II 30 YR TBA 2% NOV 55    TO BE ANNOUNCED 2.00000000                                        | CUSIP: 21H0206B6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   6000000 | PA      | $4966459.44    | 0.32%             | 2055-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ADVANCED DRAINAGE SYSTEMS IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5612.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRESNILLO PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $15737.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDACORP INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-232.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JACKSON FINANCIAL INC-A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $158.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORLEY LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-432.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCELORMITTAL /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $690.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOODMAN GROUP /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1088.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EFG INTERNATIONAL AG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-432.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYCHEX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2036.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENTOKIL INITIAL PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2282.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LENNOX INTERNATIONAL INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2077.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CLOUD SOFTWARE 6.625% 08/15/33                     | CLOUD SOFTWARE GRP INC REGD 144A P/P 6.62500000                                                  | CUSIP: 18912UAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $305380.20     | 0.02%             | 2033-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS APOLLO GLOBAL MANAGEMENT INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $36805.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TSURUHA HOLDINGS INC /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $88.25         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L INCEPTION HOL 0% 04/18/31                      | T/L INCEPTION HOLDCO S.A.R.L.  REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |   1486100 | PA      | $1493530.48    | 0.10%             | 2031-04-18      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| NRZT 2021-INV2 A V/R 08/25/43                      | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021-INV2 SER 2021-INV2 CL A11 V/R REGD 144A P/P 5.00000000  | CUSIP: 64831GAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    362285 | PA      | $339004.29     | 0.02%             | 2051-09-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS IQVIA HOLDINGS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3446.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEIBU HOLDINGS INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2044.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RELX PLC /GBP/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $22572.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L IVC ACQUISITIO 0% 12/12/28                     | T/L IVC ACQUISITION LTD REGD   TERM LOAN 0.00000000                                              | CUSIP: C9600DAD5<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    282361 | PA      | $283478.81     | 0.02%             | 2028-12-12      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS OJI HOLDINGS CORPORIATON /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $433.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOOKING HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2239.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y C 3.45000 L 10/09/25 BRC                | ORO USD 7Y C 3.45000 L 10/09/25 BRC 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  -3100000 | NC      | $-6769.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SUMITOMO PHARMA CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1628.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERGUSON ENTERPRISES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3972.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PFIZER INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $72187.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAN APARTMENT PROP REAL  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1247.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  INTERNATIONAL PAPER CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-356.69       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RED ROCK RESORTS INC-CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1935.28      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L BRAZOS DELAWARE 0% 2/11/30                     | T/L BRAZOS DELAWARE II LLC 0.00000000                                                            | CUSIP: 10620UAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    631140 | PA      | $630963.61     | 0.04%             | 2030-02-11      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TARGET CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3611.05      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METSO OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $9984.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLUOR CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3009.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PLEXUS CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $108.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOTOBUKI SPIRITS CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-457.16       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOREA AEROSPACE INDUSTRI /KRW/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $273.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIGMA HEALTHCARE LIMITED /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2633.93       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEX INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3470.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BJ'S WHOLESALE CLUB HOLDINGS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-222.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INFORMA PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $141.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DRONESHIELD LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-46350.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HASBRO INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $62.74         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXSTAR MEDIA GROUP INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $962.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIA DE DISENO TEXT /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-10311.97     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIEMENS ENERGY AG /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $140417.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHARMARESEARCH CO LTD /KRW/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $32.49         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REVOLVE GROUP INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $481.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  MITSUI CHEMICALS INC /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10132.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3MO EURO EURIBOR  DEC26                        | FUTURE CONTRACT ON           3MO EURO EURIBOR  DEC26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |      -325 | NC      | $-93459881.83  | -5.96%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANGLOGOLD ASHANTI PLC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-4725.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  GLOBUS MEDICAL INC-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-156.82       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESIDEO TECHNOLOGIES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $629.36        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TESCO PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-20549.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCC INTELLIGENT SOLUTIONS HO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2343.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROBINHOOD MARKETS INC - A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-244358.07    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIHON M&A CENTER HOLDING /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $28.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POTLATCHDELTIC CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-282.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STORA ENSO OYJ-R SHS /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-3677.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRISTOL-MYERS SQUIBB CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $44.37         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATTENDO AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $108.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAGE GROUP PLC/THE /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $145.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  JARDINE MATHESON HOLDINGS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $935.95        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOCUSIGN INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $58192.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELANESE CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-765.28       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD REPUBLIC INTL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $834.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAGNOLIA OIL & GAS CORP - A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1184.93       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEDACTA GROUP SA /CHF/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $364.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDVIK AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-138.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AYA GOLD & SILVER INC /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-549.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXA SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-14.00        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELIA GROUP SA/NV /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-2226.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DATADOG INC - CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10232.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRANKLIN RESOURCES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17643.71     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STANTEC INC /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2834.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FREEPORT-MCMORAN INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $32893.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZALANDO SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $177.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RECKITT BENCKISER GROUP  /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $8434.87       | 0.00%             |  |  |  | No            |                  1 | 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        |   1600000 | PA      | $1610763.68    | 0.10%             | 2030-01-10      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RYAN SPECIALTY HOLDINGS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2025.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DENTSU GROUP INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-205.69       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GILEAD SCIENCES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1453.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L QUIDELORTHO CO 0% 08/13/32                     | T/L QUIDELORTHO CORPORATION    REGD TERM LOAN 0.00000000                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    910000 | PA      | $904694.70     | 0.06%             | 2032-08-13      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CAL-MAINE FOODS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-387.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPSTONE COPPER CORP /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $14797.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HF SINCLAIR CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $157.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROOKFIELD CORP /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-142.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARTNERS GROUP HOLDING AG /CHF/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $651.36        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ARCHER-DANIELS-MIDLAND CO                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5025.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVEREST GROUP LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-42158.87     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESCO INTERNATIONAL INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5146.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUZUKI MOTOR CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9109.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTON (GEORGE) LTD /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1789.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IPSEN /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-87.93        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUILDERS FIRSTSOURCE INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $57113.53      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REXEL SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-5408.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QIAGEN N.V.                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $2207.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KERRY GROUP PLC-A /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $617.36        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOLL BROTHERS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-143.57       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAL ELECTRIC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $25533.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TMX GROUP LTD /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-691.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADP /EUR/                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-2060.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L EG GROUP LI 0% 02/07/28                        | T/L EG GROUP LIMITED REGD 0.00000000                                                             | CUSIP: N2820EAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1381508 | PA      | $1387918.68    | 0.09%             | 2028-02-07      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI HEAVY INDUSTR /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2592.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOCUSIGN INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $821.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  PENTAIR PLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-372.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEYERA CORP /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-4260.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WISETECH GLOBAL LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $8400.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVERUS CONSTRUCTION GROUP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-978.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JUPITER FUND MANAGEMENT /GBP/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $308.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CP ATLAS 0% 07/01/2030                         | T/L CP ATLAS BUYER INC REGD 0.00000000                                                           | CUSIP: 12658HAL6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    800000 | PA      | $782000.00     | 0.05%             | 2030-07-01      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS IQVIA HOLDINGS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-867.59       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NH FOODS LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $710.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THK CO LTD /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $560.81        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORACLE CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $119080.83     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEMENOS AG - REG /CHF/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2253.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIZUOKA FINANCIAL GROUP /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $13681.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 4851 PF V/R 08/15/57                           | FREDDIE MAC REMICS SER 4851 CL PF V/R 4.88656000                                                 | CUSIP: 3137FKAX4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    747402 | PA      | $717526.36     | 0.05%             | 2057-08-15      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WATTS WATER TECHNOLOGIES-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10.40         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIR PRODUCTS & CHEMICALS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2178.13       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L HUB INTERNATI ZCP 06/20/30                     | T/L HUB INTERNATIONAL LTD REGD ZCP TERM LOAN 0.00000000                                          | CUSIP: 44332EAZ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4257858 | PA      | $4263052.86    | 0.27%             | 2030-06-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS STATE STREET CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4362.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANWHA ENGINE /KRW/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $1843.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHAKE SHACK INC - CLASS A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13202.61      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN MEAL FUTR JAN26                        | FUTURE CONTRACT ON           SOYBEAN MEAL FUTR JAN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -2 | NC      | $-55580.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KERING /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-1611.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANADIAN UTILITIES LTD-A /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-114.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAISALA OYJ- A SHS /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-41.99        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXTRACKER INC-CL A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10266.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALPHABET INC-CL A                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9412.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C S&P500 EMINI FUT  DEC25                        | FUTURE CONTRACT ON           S&P500 EMINI FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       124 | NC      | $41780250.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS US BANCORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14069.86      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UPM-KYMMENE OYJ /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-1716.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATKORE INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-524.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIMPSON MANUFACTURING CO INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2057.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ODDITY TECH LTD-CL A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-3041.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TAYLOR WIMPEY PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4331.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RCKT 2024-CES7 A V/R 09/25/28                      | RCKT MORTGAGE TRUST 2024-CES7 SER 2024-CES7 CL A1A V/R REGD 144A P/P 5.15800000                  | CUSIP: 749414AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     92117 | PA      | $92350.48      | 0.01%             | 2044-10-25      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS FUJIFILM HOLDINGS CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9837.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9633.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIRTU FINANCIAL INC-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-147.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINAXIS INC /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-68.78        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWMARKET CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2494.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHERWIN-WILLIAMS CO/THE                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1594.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CROCS INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12214.82     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HP INC                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $34986.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRET 2024-NPL8 A V/R 11/25/27                      | PRET 2024-NPL8 LLC SER 2024-NPL8 CL A1 V/R REGD 144A P/P 5.96320000                              | CUSIP: 69392DAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2692608 | PA      | $2695501.25    | 0.17%             | 2054-11-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS NATIONAL GRID PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-565.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF CHINA LTD-H /HKD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $936.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYSMEX CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6853.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCSK CORPORATION /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1334.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IREN SPA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $120.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPOTIFY TECHNOLOGY SA                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-17470.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEVI STRAUSS & CO- CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1266.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2024-NQM3 A V/R 08/25/69                      | PRPM 2024-NQM3 SER 2024-NQM3 CL A1 V/R REGD 144A P/P 5.22800000                                  | CUSIP: 69381FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    102933 | PA      | $103153.81     | 0.01%             | 2069-08-25      | Variable      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS RANDSTAD NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-300.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 12/04/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797QS9<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   9724000 | PA      | $9656580.30    | 0.62%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SONIC HEALTHCARE LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-463.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STIFEL FINANCIAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-90.91        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EOG RESOURCES INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-16891.19     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELBIT SYSTEMS LTD /ILS/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $665.21        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLACKBAUD INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-326.58       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALLEY NATIONAL BANCORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3231.28      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $12727.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED OVERSEAS BK LTD ORD /SGD/                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $414.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  DEC25                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        31 | NC      | $7464412.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DNB BANK ASA /NOK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $179.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VITROLIFE AB /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $180.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON CONTROLS INTERNATION                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $2500.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5152 IC 3% 10/25/51                            | FREDDIE MAC REMICS SER 5152 CL IC 3.00000000                                                     | CUSIP: 3137H3BN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  15271216 | PA      | $2678417.04    | 0.17%             | 2051-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BOSS ENERGY LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-3832.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COVIVIO /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $2192.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TSS INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7306.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STRYKER CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-29406.64     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANNALY CAPITAL MANAGEMENT IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6910.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUKUOKA FINANCIAL GROUP  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9784.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AP MOLLER-MAERSK A/S-B /DKK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-9207.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORCEPT THERAPEUTICS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $75.90         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ONEDIGITAL BOR 0% 07/02/31                     | T/L ONEDIGITAL BORROWER LLC 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    550827 | PA      | $550149.55     | 0.04%             | 2031-07-02      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MASTEC INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2110.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PALO ALTO NETWORKS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5643.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEITU INC /HKD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $241.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADVANTEST CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5998.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICREDIT SPA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-61413.83     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEIJI HOLDINGS CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2431.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIBAIL-RODAMCO-WESTFIEL /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |         1 | NC      | $-1666.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNS 438 C28 5% 08/25/53                            | FANNIE MAE INTEREST STRIP SER 438 CL C28 5.00000000                                              | CUSIP: 31424UWK8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1941831 | PA      | $415139.97     | 0.03%             | 2053-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  HENKEL AG & CO KGAA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-38.16        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APA CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-74.69        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CSC HOLDINGS 0% 04/15/27                       | T/L CSC HOLDINGS LLC REGD 0.00000000                                                             | CUSIP: 64072UAK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    297638 | PA      | $287684.79     | 0.02%             | 2027-04-15      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL L 9.5% 02/01/29                     | VENTURE GLOBAL LNG INC REGD 144A P/P 9.50000000                                                  | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    270000 | PA      | $297457.04     | 0.02%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BROWN-FORMAN CORP-CLASS B                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $814.89        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SVENSKA HANDELSBANKEN-A  /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $9941.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEG IMMOBILIEN SE /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-714.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MANHATTAN ASSOCIATES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18960.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN REAL ESTATE INVEST /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-28.18        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ULTA BEAUTY INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $778.87        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OSHKOSH CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10810.03     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATERA INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-30786.18     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAL DYNAMICS CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $63744.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-31557.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L KREF HOLDINGS 0% 03/05/32                      | T/L KREF HOLDINGS X LLC REGD 0.00000000                                                          | CUSIP: 48266YAH6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    938090 | PA      | $936138.27     | 0.06%             | 2032-03-05      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EATON CORP PLC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $102.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA CONSOLIDATED INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $95.83         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXA SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $203.86        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L OPAL US LLC 0% 03/01/32                        | T/L OPAL US LLC REGD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3385000 | PA      | $3391770.00    | 0.22%             | 2032-03-01      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS PERSIMMON PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-4712.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAL ELECTRIC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1978.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSQUOTE GROUP HOLDING /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $628.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIAMONDBACK ENERGY INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7745.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEIDOS HOLDINGS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2363.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAMAR ADVERTISING CO-A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5616.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAWAG GROUP AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-4301.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYPOINT PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1416.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UDR INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-88.86        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYDBANK A/S /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $1376.90       | 0.00%             |  |  |  | No            |                  1 | 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        |         3 | NC      | $225014.34     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAT GROUP AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-202.27       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REXFORD INDUSTRIAL REALTY IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9438.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLEGRO MICROSYSTEMS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-524.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTRAL JAPAN RAILWAY CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6412.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARVELL TECHNOLOGY INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $126314.87     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCARI INC /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $318.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YOKOHAMA RUBBER CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2237.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KARDEX HOLDING AG-REG /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-843.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3MO EURO EURIBOR  MAR26                        | FUTURE CONTRACT ON           3MO EURO EURIBOR  MAR26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |        -7 | NC      | $-2013701.18   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN FINANCIAL GROUP INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-29615.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOHO CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-408.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI CHEMICAL GROU /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6431.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAKE-TWO INTERACTIVE SOFTWRE                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2280.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FASTENAL CO                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4898.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AURUBIS AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-9027.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RELIANCE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-63.71        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BIO-TECHNE CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $23121.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOGITECH INTERNATIONAL-R /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $26905.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJITSU LIMITED /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $464.55        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DPM METALS INC /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $3455.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITTO DENKO CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-10387.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARAMOUNT SKYDANCE CL B                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1505.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTO TRADER GROUP PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-128.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TG THERAPEUTICS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14645.76     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIRRUS LOGIC INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3367.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARISTA NETWORKS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1032.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BXP INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7026.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOBILEYE GLOBAL INC-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4538.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKYLARK HOLDINGS CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-92.34        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FIRSTGROUP PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $586.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MILLICOM INTL CELLULAR S.A.                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $83.80         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAY MEDIA INC 9.625% 07/15/32                     | GRAY MEDIA INC REGD 144A P/P 9.62500000                                                          | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    755000 | PA      | $771284.16     | 0.05%             | 2032-07-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ZURN ELKAY WATER SOLUTIONS C                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $65.05         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATTEL INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3043.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  SEP27                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  SEP27 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       295 | NC      | $71437937.50   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIEMENS HEALTHINEERS AG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1954.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELASTIC NV                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-163.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONO PHARMACEUTICAL CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15641.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FEDEX CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $668.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONOTARO CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2272.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINOTRUK HONG KONG LTD /HKD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $298.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METTLER-TOLEDO INTERNATIONAL                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-297.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROLLINS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-43583.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WIZZ AIR HOLDINGS PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-196.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KB HOME                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-45.51        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QORVO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8.88         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRYG A/S /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-962.59       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORTEVA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-35048.34     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHLUMBERGER LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CW        |         1 | NC      | $-36595.81     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTUS BAKERIES /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-1528.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TEXAS PACIFIC LAND CORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-475.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSW INDUSTRIALS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $562.41        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CROWN HOLDINGS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6957.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVO NORDISK A/S-B /DKK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $10106.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7273.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INFRATIL LTD /NZD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-13.58        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTUM OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-2542.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSA ABLOY AB-B /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $76.69         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENCORA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $23366.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAXTER INTERNATIONAL INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-917.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS C.H. ROBINSON WORLDWIDE INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $414.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOURMALINE OIL CORP /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $24448.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPROUTS FARMERS MARKET INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-46.02        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICHARM CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-221.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITE GROUP PLC/THE /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4617.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONSTELLATION BRANDS INC-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2200.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ALLIANT HOLD 0% 09/19/31                       | T/L ALLIANT HOLDINGS           INTERMEDIATE LLC 0.00000000                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4608686 | PA      | $4595320.33    | 0.29%             | 2031-09-19      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MOLSON COORS BEVERAGE CO - B                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8131.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIVARDEN AB-A SHS /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $777.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TREASURY WINE ESTATES LT /AUD/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-812.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUANTUMSCAPE CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4475.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIA DE DISENO TEXT /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-4901.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TESLA INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5500.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDISK CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3452.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN EXPRESS CO                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12228.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  OGE ENERGY CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14784.91     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOKUSAI ELECTRIC CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6911.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUB24 LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $269.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METTLER-TOLEDO INTERNATIONAL                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $247.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FEDEX CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $56418.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIGNET JEWELERS LTD                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-23.91        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POST HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11577.95     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLOOM ENERGY CORP- A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11174.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANCOCK WHITNEY CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $429.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VENTAS INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4803.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAL MOTORS CO                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11567.23      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXAS CAPITAL BANCSHARES INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-146.58       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALZCHEM GROUP AG /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $765.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCEDES-BENZ GROUP AG /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $51193.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VODAFONE GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $127.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WH SMITH PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-27.47        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUILDERS FIRSTSOURCE INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1417.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMENTUM HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4395.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERUMO CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5097.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLLIE'S BARGAIN OUTLET HOLDI                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13061.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNCL 30YR TBA 3.5% NOV 25                          | FNCL 30YR TBA 3.5% NOV 25      TO BE ANNOUNCED 3.50000000                                        | CUSIP: 01F0326B5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  16250000 | PA      | $14852207.66   | 0.95%             | 2055-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| F/C ICE 3MTH SONIA FU JUN26                        | FUTURE CONTRACT ON           ICE 3MTH SONIA FU JUN26 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |       -16 | NC      | $-5182437.55   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRATOS DEFENSE & SECURITY                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2251.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THK CO LTD /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $368.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARMAX INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2.14         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APR CORP/KOREA /KRW/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-11113.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENAGAS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $3017.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARTISAN PARTNERS ASSET MA -A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-249.85       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MGM RESORTS INTERNATIONAL                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1426.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZURICH INSURANCE GROUP AG /CHF/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2433.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASTMAN CHEMICAL CO                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1249.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VINCI SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $144.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SALMAR ASA /NOK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $1038.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTUM OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-8841.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI INTECC CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-13663.63     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACERINOX SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-1960.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CTS EVENTIM AG & CO KGAA /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $411.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POSTE ITALIANE SPA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $77.33         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITTO DENKO CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11054.79     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ACRES 2025-FL3 A V/R 08/18/40                      | ACRES 2025-FL3 LLC SER 2025-FL3 CL A V/R REGD 144A P/P 5.75484000                                | CUSIP: 00501DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2900000 | PA      | $2902597.53    | 0.19%             | 2040-08-18      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS UNITY SOFTWARE INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9452.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD DOMINION FREIGHT LINE                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $100.84        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOKIA OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $19572.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACS ACTIVIDADES CONS Y S /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-875.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVO NORDISK A/S-B /DKK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $915.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSILORLUXOTTICA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-751.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WACKER NEUSON SE /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-456.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  METSO OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $1398.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIICHI SANKYO CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4733.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ORICA LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-301.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAMILTON LANE INC-CLASS A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4142.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#FA2865 6.5% 07/01/55                        | FANNIE MAE POOL UMBS P#FA2865 6.50000000                                                         | CUSIP: 3140W3FF1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12526511 | PA      | $13230971.29   | 0.84%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SUMITOMO CHEMICAL CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10938.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAST WEST BANCORP INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1952.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI HEAVY INDUSTR /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $12795.93      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GETINGE AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $26.79         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BE SEMICONDUCTOR INDUSTR /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $13334.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEGRAND SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $9990.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOMATSU LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11828.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L MADISON 0% 06/21/28                            | T/L MADISON IAQ LLC REGD 0.00000000                                                              | CUSIP: 55759VAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1059232 | PA      | $1059412.07    | 0.07%             | 2028-06-21      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GUARDANT HEALTH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1806.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVIVA PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2616.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTIVE CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1476.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PELOTON INTERACTIVE INC-A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2776.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORLEY LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $168.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BZ2742 5.17% 01/01/30                       | FANNIE MAE POOL UMBS P#BZ2742 5.17000000                                                         | CUSIP: 3140NXBL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1032585.46    | 0.07%             | 2030-01-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LOCKHEED MARTIN CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-20642.82     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST INDUSTRIAL REALTY TR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2246.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BHG GROUP AB /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $89.87         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEBUKI FINANCIAL GROUP I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-25.84        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIO-TECHNE CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $678.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VICINITY CENTRES /AUD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-267.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2025-5 A1 V/R 07/25/28                        | PRPM 2025-5 LLC SER 2025-5 CL A1 V/R REGD 144A P/P 5.72900000                                    | CUSIP: 69392RAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2953623 | PA      | $2956569.78    | 0.19%             | 2030-07-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS INPEX CORPORATION /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3176.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRADEWEB MARKETS INC-CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-292.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST CAPITAL REAL ESTAT /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $53.82         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCA MEDIOLANUM SPA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-4394.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QJ7675 6% 11/01/54                          | FREDDIE MAC POOL UMBS P#QJ7675 6.00000000                                                        | CUSIP: 3133CYQ43<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     51132 | PA      | $52990.72      | 0.00%             | 2054-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS IONIS PHARMACEUTICALS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $206.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MELROSE INDUSTRIES PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-132.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  NORSK HYDRO ASA /NOK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-613.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYUNDAI ROTEM COMPANY /KRW/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-1544.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  LAMAR ADVERTISING CO-A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14806.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEGON LTD /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $33.95         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROSPERITY BANCSHARES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6009.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLARIANE SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-3688.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEISEI ELECTRIC RAILWAY  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1331.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRISTOL-MYERS SQUIBB CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-32968.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2014-2 PO ZCP 01/25/41                         | FANNIE MAE REMICS SER 2014-2 CL PO ZCP 0.00000000                                                | CUSIP: 3136AJBJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1823945 | PA      | $1437526.84    | 0.09%             | 2041-01-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MUELLER INDUSTRIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $49.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERBUND AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-586.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RALI 2007-QS1 1A V/R 01/25/37                      | RALI SERIES 2007-QS1 TRUST SER 2007-QS1 CL 1A5 V/R REGD 4.82239000                               | CUSIP: 74922KAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2005810 | PA      | $1486068.29    | 0.09%             | 2037-01-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BRIDGESTONE CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-21357.26     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KNIFE RIVER CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $449.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C COFFEE 'C' FUTURE DEC25                        | FUTURE CONTRACT ON           COFFEE 'C' FUTURE DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -2 | NC      | $-281137.50    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADECCO GROUP AG-REG /CHF/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-9128.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYO SUISAN KAISHA LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5007.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LULULEMON ATHLETICA INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8751.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERTIV HOLDINGS CO-A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $25119.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WACKER CHEMIE AG /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-2247.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRSTCASH HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-30758.29     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RCKT 2025-CES3 A V/R 03/25/29                      | RCKT MORTGAGE TRUST 2025-CES3 SER 2025-CES3 CL A1A V/R REGD 144A P/P 5.55300000                  | CUSIP: 749420AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2977040 | PA      | $3012666.04    | 0.19%             | 2055-03-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS TRINITY INDUSTRIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-38.55        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERBUND AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-2021.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUCTION TECHNOLOGY GROUP /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-127.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLFUNDS GROUP PLC /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-650.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYAN SPECIALTY HOLDINGS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-549.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ARROW ELECTRONICS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2828.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO MITSUI FINANCIA /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $109384.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METSO OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $566.46        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L BROWN 0% 06/08/2029                            | T/L BROWN GROUP HOLDINGS LLC   REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1692361 | PA      | $1695119.08    | 0.11%             | 2029-07-02      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FMC CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14866.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESAB CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2009.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCANDIC HOTELS GROUP AB /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $32.83         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LLOYDS BANKING GROUP PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1562.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GATES INDUSTRIAL CORP PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3866.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OCEANAGOLD CORP /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $952.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NVENT ELECTRIC PLC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $6355.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALVOLINE INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $23424.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPX TECHNOLOGIES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $331.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OCI NV /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $5325.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SSE PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-159.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RWE AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1096.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L EXGEN RENEWAB ZCP 12/15/27                     | T/L EXGEN RENEWABLES IV LLC REGD ZCP TERM LOAN 0.00000000                                        | CUSIP: 30204KAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1797846 | PA      | $1793351.86    | 0.11%             | 2027-12-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AMG CRITICAL MATERIALS N /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-145.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SECURE WASTE INFRASTRUCT /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-5763.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ILLUMINA INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10262.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINSALE CAPITAL GROUP INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $212.46        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTUS BAKERIES /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $374.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENERGY FUELS INC /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $730.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLAVIYO INC-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $16728.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIFE360 INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1337.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MINERAL RESOURCES LTD /AUD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-926.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITERRA CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9009.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YASKAWA ELECTRIC CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11567.37     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALMET OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $2143.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRITISH LAND CO PLC /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $5794.93       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C E-MINI RUSS 2000  DEC25                        | FUTURE CONTRACT ON           E-MINI RUSS 2000  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       101 | NC      | $12400275.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED INDUSTRIAL TECH INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-776.56       | -0.00%            |  |  |  | No            |                  1 | 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        |       -13 | NC      | $-1496015.63   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS F5 INC                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1378.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDOZ GROUP AG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $124.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FOOD & LIFE COMPANIES LT /JPY/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2160.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON SANSO HOLDINGS CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3176.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MS&AD INSURANCE GROUP HOLDINGS /JPY/                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5205.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYLOCITY HOLDING CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-205.48       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOWDEN JOINERY GROUP PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-504.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FEDERAL REALTY INVS TRUST                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-322.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BORGWARNER INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-412.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHLUMBERGER LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CW        |         1 | NC      | $-156.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO MITSUI FINANCIA /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $51891.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FISHER & PAYKEL HEALTHCA /NZD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-459.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTH PACIFIC BANK LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-422.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINCOLN NATIONAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4889.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 2.5% OCT13                           | FNMA 30YR TBA 2.5% OCT13       TO BE ANNOUNCED 2.50000000                                        | CUSIP: 01F0226A8<br>LEI: N/A                  | Short            | ABS-MBS          | USGA              | US        |  -4300000 | PA      | $-3624906.75   | -0.23%            | 2052-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TEVA PHARMACEUTICAL-SP ADR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-402.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AISIN CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1845.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANE TECHNOLOGIES PLC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $313.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEMBINA PIPELINE CORP /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $68268.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOULIHAN LOKEY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-392.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUHTAMAKI OYJ /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-871.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA HBC AG-DI /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1761.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYMBOTIC INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7142.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELUS CORP /CAD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $4886.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C ICE 3MTH SONIA FU DEC26                        | FUTURE CONTRACT ON           ICE 3MTH SONIA FU DEC26 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |       -65 | NC      | $-21066765.30  | -1.34%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAYLOR MORRISON HOME CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8294.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IVANHOE MINES LTD-CL A /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-14701.68     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN INTERNATIONAL GROUP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $24794.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APOGEE THERAPEUTICS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2185.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NUVALENT INC-A                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6113.25      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BALL CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6319.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SEMT 2024-HYB1 A V/R 09/25/38                      | SEQUOIA MORTGAGE TRUST 2024-HYB1 SER 2024-HYB1 CL A1A V/R REGD 144A P/P 4.44210300               | CUSIP: 81749EAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2529722 | PA      | $2547208.47    | 0.16%             | 2063-11-25      | Variable      | 4.44%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS DEVON ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4971.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOWE'S COS INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18374.11     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPROUTS FARMERS MARKET INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-121084.65    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO CHEMICAL CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10346.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMAX CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-98.64        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEARSON PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1539.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUATAI SECURITIES CO LTD /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $-1159.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELIX PHARMACEUTICALS LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $796.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARNIVAL PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-975.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ASCEND LEARN 0% 12/11/28/                      | T/L ASCEND LEARNING LLC REGD 0.00000000                                                          | CUSIP: 04349HAN4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    996301 | PA      | $994846.62     | 0.06%             | 2028-12-11      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CHINA CONSTRUCTION BANK- /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $-4347.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTRAL JAPAN RAILWAY CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7838.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STRAUMANN HOLDING AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1739.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN ELECTRIC POWER                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5514.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONTO INNOVATION INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $52470.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEIJI HOLDINGS CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2857.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TORAY INDUSTRIES INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3830.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUINOR ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-138.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  PENSKE AUTOMOTIVE GROUP INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5247.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESFARMERS LTD /AUD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-81.27        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C NIKKEI 225  (OSE) DEC25                        | FUTURE CONTRACT ON           NIKKEI 225  (OSE) DEC25 /JPY/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | JP        |        -5 | NC      | $-1521114.38   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIP CO LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2040.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HD HYUNDAI HEAVY INDUSTR /KRW/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $863.64        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L WASH MULT 0% 08/07/2032                        | T/L WASH MULTIFAMILY PARENT    INC REGD 0.00000000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    480000 | PA      | $481598.40     | 0.03%             | 2032-08-07      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  MIZRAHI TEFAHOT BANK LTD /ILS/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-4390.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARROWHEAD PHARMACEUTICALS IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $842.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIMENTATION COUCHE-TARD /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-27020.76     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HELEN OF TROY LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-457.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CNH INDUSTRIAL NV                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-603.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BYTES TECHNOLOGY GROUP P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $135.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UPM-KYMMENE OYJ /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $45.19         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTUS BAKERIES /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-1092.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUNZL PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-50.07        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARRIER GLOBAL CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3058.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FAIRFAX FINANCIAL HLDGS  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $51.71         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRNTS 2022-19A A V/R 10/20/33                      | TRINITAS CLO XIX LTD SER 2022-19A CL A1R V/R REGD 144A P/P 5.43549000                            | CUSIP: 89642FAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   3200000 | PA      | $3205184.64    | 0.20%             | 2033-10-20      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS AKZO NOBEL N.V. /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $14991.89      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  INDUSTRIAL NV                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1.51         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HILL & SMITH PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-146.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL AUSTRALIA BANK  /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-143.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMIZU CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5739.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THK CO LTD /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1789.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALEON PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $63.37         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANCOCK WHITNEY CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-163.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAPLEBEAR INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1753.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MADISON SQUARE GARDEN SPORTS-A                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-256.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JULIUS BAER GROUP LTD /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $5001.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEMETSCHEK SE  /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $675.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIP CO LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $941.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNIGHT-SWIFT TRANSPORTATION                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-125.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANNOVER RUECKVERSICHERU SE /EUR/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1911.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKEL GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $481.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHARKNINJA INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $35586.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI MINING & SMELTING /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5458.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HONDA MOTOR CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $85431.32      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | CAD/USD FWD 20251016 000000010 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $7721.89       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SPIRAX GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $563.07        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L GTCR EVEREST 0% 09/05/31                       | T/L GTCR EVEREST BORROWER LLC  REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1041825 | PA      | $1041741.53    | 0.07%             | 2031-09-05      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  QXO INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $664.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEWLETT PACKARD ENTERPRIS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5866.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADMIRAL GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4305.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $48.20         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALNYLAM PHARMACEUTICALS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $443.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKAMAI TECHNOLOGIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-398.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOLAREDGE TECHNOLOGIES INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5046.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C LEAN HOGS FUTURE  OCT25                        | FUTURE CONTRACT ON           LEAN HOGS FUTURE  OCT25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -2 | NC      | $-79880.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYAN SPECIALTY HOLDINGS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-590.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUTCH BROS INC-CLASS A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-484.53       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIRBY CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5222.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ORGANO CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2001.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASX LTD /AUD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $706.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LITHIA MOTORS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1343.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADEUS IT GROUP SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-36.65        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CITIZENS FINANCIAL GROUP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10414.83     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST CITIZENS BCSHS  -CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-30855.91     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO COMERCIAL PORTUGUE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-8517.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLOOM ENERGY CORP- A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-61997.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NETAPP INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6385.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VZ HOLDING AG /CHF/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-64.52        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KESKO OYJ-B SHS /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $655.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPORTRADAR GROUP AG-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-22788.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JEFFERIES FINANCIAL GROUP IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2126.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 7.0% NOV 25                          | FNMA 30YR TBA 7.0% NOV 25      TO BE ANNOUNCED 7.00000000                                        | CUSIP: 01F0706B5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  39665000 | PA      | $41539298.97   | 2.65%             | 2055-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DSM-FIRMENICH AG /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-79.94        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMEGA HEALTHCARE INVESTORS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-116.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS G MINING VENTURE CORP /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-5100.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BZ2934 5.03% 11/01/32                       | FANNIE MAE POOL UMBS P#BZ2934 5.03000000                                                         | CUSIP: 3140NXHL0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1766000 | PA      | $1814954.33    | 0.12%             | 2032-11-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RHYTHM PHARMACEUTICALS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-242.24       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRADEWEB MARKETS INC-CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1810.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DRAEGERWERK AG - PREF /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-127.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISETAN MITSUKOSHI HOLDIN /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $25726.15      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADYEN NV /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-10958.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HASBRO INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12119.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORKSPACE GROUP PLC /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $52.80         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITT INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $70.13         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| P/O OTC EPUT FN 5.5 12-55 99                       | PUT OPTION ON 100SHS           OTC EPUT FN 5.5 12-55 99 03    BOA 0.00000000                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |   2500000 | NC      | $2665.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CREDIT ACCEPTANCE CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $129.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUCKLAND INTL AIRPORT LT /NZD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-992.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JACOBS SOLUTIONS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5452.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  RAKUTEN BANK LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-21164.56     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOHO CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $337.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP V/R /PERP/                             | VISTRA CORP REGD V/R /PERP/ 144A P/P SER C 8.87500000                                            | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1142588.72    | 0.07%             | 2174-07-15      | Variable      | 8.88%                 | Yes           |                  2 | On Loan: No      |
| T/L HAMILTON   00.00% 05/30/31                     | T/L HAMILTON PROJECTS          ACQUIROR LLC 0.00000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1197488 | PA      | $1199978.32    | 0.08%             | 2031-05-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WHARF HOLDINGS LTD /HKD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $575.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI MATERIALS COR /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1705.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVOLUTION AB /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $665.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAJIMA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7902.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOROMONT INDUSTRIES LTD /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $41.99         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEG IMMOBILIEN SE /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1302.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-57981.11     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C DJIA MINI E-CBOT  DEC25                        | FUTURE CONTRACT ON           DJIA MINI E-CBOT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -3 | NC      | $-700335.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RELIANCE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $346.41        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPOTIFY TECHNOLOGY SA                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-298.44       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDP EDUCATION LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-20292.91     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DELTA AIR LINES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26843.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DR ING HC F PORSCH /EUR/ /PFD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $8002.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y P 4.24500 L 02/20/35 BOA           | ORO FWD USD 10Y P 4.24500 L 02/20/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1700000 | NC      | $104725.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GRANITE CONSTRUCTION INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-186.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAINSBURY (J) PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1158.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARTNERS GROUP HOLDING AG /CHF/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-311.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCOUT24 SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $34.27         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L MH SUB I LLC 0% 02/23/29                       | T/L MH SUB I LLC REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    830000 | PA      | $716265.10     | 0.05%             | 2029-02-23      | Floating      | 10.41%                | No            |                  2 | On Loan: No      |
| CRVNA 2024-P4  4.74% 09/10/29                      | CARVANA AUTO RECEIVABLES TRUST 2024-P4 SER 2024-P4 CL A4 REGD 4.74000000                         | CUSIP: 14076LAD5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1600000 | PA      | $1623980.00    | 0.10%             | 2030-12-10      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS INTERTEK GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $8099.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWIRE PACIFIC LTD - CL A /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $1100.92       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENMAB A/S /DKK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $373.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ACRISURE LLC / F 8.5% 06/15/29                     | ACRISURE LLC / FIN INC REGD 144A P/P 8.50000000                                                  | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $314926.20     | 0.02%             | 2029-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ALAMO GROUP INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-142.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADDNODE GROUP AB /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1588.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERCONTINENTAL HOTELS  /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2586.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOLIDEN AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $190.07        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALEON PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $8.01          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEDIBANK PRIVATE LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $732.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  AMERICAN EAGLE OUTFITTERS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2415.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCC INTELLIGENT SOLUTIONS HO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7616.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVISTA CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $546.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALEO /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-342.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEISEI ELECTRIC RAILWAY  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4715.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXA SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $28568.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CASH COLLATERAL V/R 12/31/49                       | CASH COLLATERAL USA 3.99000000                                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | CORP              | US        |   -480000 | PA      | $-480000.00    | -0.03%            | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GRAPHIC PACKAGING HOLDING CO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3261.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTERN DIGITAL CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $58754.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  PRUDENTIAL PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1673.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKS & SPENCER GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-392.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRYSMIAN SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-4293.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T-MOBILE US INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $322.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROYAL CARIBBEAN CRUISES LTD                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LR        |         1 | NC      | $-4377.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CSC HOLDINGS L 11.75% 01/31/29                     | CSC HOLDINGS LLC REGD 144A P/P 11.75000000                                                       | CUSIP: 126307BN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1070000 | PA      | $899814.98     | 0.06%             | 2029-01-31      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS MKS INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2833.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SENIOR PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-60.30        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L 1261229 B.C. 0% 09/25/30                       | T/L 1261229 B.C. LTD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    798000 | PA      | $785279.88     | 0.05%             | 2030-09-25      | Floating      | 10.41%                | No            |                  2 | On Loan: No      |
| ARBR 7A BR V/R 12/15/38 /EUR/                      | ARBOUR CLO VII DAC SER 7A CL BR V/R REGD 144A P/P /EUR/ 4.06400000                               | CUSIP: G0446BAX8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |   1000000 | PA      | $1174923.24    | 0.07%             | 2038-12-15      | Variable      | 4.06%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS HANKYU HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1438.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PTC INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1783.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCHER-DANIELS-MIDLAND CO                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $22085.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  YARA INTERNATIONAL ASA /NOK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $2031.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PERNOD RICARD SA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $330.58        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROUND ONE CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4904.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  EIFFAGE /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-17094.97     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEIERSDORF AG /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-37.19        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SYMRISE AG /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $4282.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELEMENT SOLUTIONS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11155.27     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIKE INC -CL B                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $20890.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLCIM LTD /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-176.71       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARSHALLS PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-846.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLOPLAST-B /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $30682.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWMARKET CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2538.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IAMGOLD CORP /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-7065.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON CONTROLS INTERNATION                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $12010.89      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TSURUHA HOLDINGS INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $59.97         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NETFLIX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2971.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ON HOLDING AG-CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-4783.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASCO CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $30242.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTERN DIGITAL CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $89909.99      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FAGRON /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $40.70         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOLAR LNG LTD                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $506.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y C 3.45250 L 09/30/25 FAR                | ORO USD 7Y C 3.45250 L 09/30/25 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  -3800000 | NC      | $-0.38         | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS COOPER COS INC/THE                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-577.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POPULAR INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PR        |         1 | NC      | $6739.70       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAITO TRUST CONSTRUCT CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8146.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HLSY 2024-8A A1 V/R 01/30/38                       | SAGARD-HALSEYPOINT CLO 8 LTD SER 2024-8A CL A1 V/R REGD 144A P/P 5.69996000                      | CUSIP: 78662AAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004376.00    | 0.06%             | 2038-01-30      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS LABCORP HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10471.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVIDITY BIOSCIENCES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7365.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARM HOLDINGS PLC-ADR                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3967.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L  TWIST BEA 0% 12/22/27/EUR                     | T/L  TWIST BEAUTY              INTERNATIONAL HOLDINGS S A     REGD /EUR/ 0.00000000              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    395000 | PA      | $461236.22     | 0.03%             | 2027-12-22      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ADP /EUR/                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $322.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BERKSHIRE HATHAWAY INC-CL B                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12451.79      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELIA GROUP SA/NV /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-8.73         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOLLARAMA INC /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $595.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRITAX BIG BOX REIT PLC /GBP/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $856.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAKASAGO THERMAL ENGINEE /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-227.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOYD GAMING CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $16537.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L 1440 FOODS 0% 10/31/31/                        | T/L 1440 FOODS TOPCO LLC       REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    642343 | PA      | $625481.31     | 0.04%             | 2031-10-31      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DIAGEO PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $64.29         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANCHF 2016-4A 2.723% 04/27/39                      | ANCHORAGE CREDIT FUNDING 4 LTD SER 2016-4A CL AR REGD 144A P/P 2.72300000                        | CUSIP: 03329TAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $960853.90     | 0.06%             | 2039-04-27      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS YANGZIJIANG SHIPBUILDING /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-12268.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEKISUI HOUSE LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1145.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 11/04/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797RM1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  15000000 | PA      | $14943191.70   | 0.95%             | 2025-11-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS B&M EUROPEAN VALUE RETAI /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-1227.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALPS ALPINE CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $38.30         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PAID 2024-11  5.871% 11/15/26                      | PAGAYA AI DEBT GRANTOR TRUST 2024-11 SER 2024-11 CL C REGD 144A P/P 5.87100000                   | CUSIP: 69544AAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    447600 | PA      | $450467.49     | 0.03%             | 2032-07-15      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS OMNICOM GROUP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12637.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GIVAUDAN-REG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2656.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RMRK 2021-4A A1R V/R 07/10/34                      | ROMARK CLO - IV LTD SER 2021-4A CL A1R V/R REGD 144A P/P 0.00000000                              | CUSIP: 77588LAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2200000 | PA      | $2200961.40    | 0.14%             | 2034-07-10      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS INTERTEK GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $330.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELEMENT SOLUTIONS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $38.71         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZILLOW GROUP INC - C                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $35893.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 11/25/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797RQ2<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  15000000 | PA      | $14908447.95   | 0.95%             | 2025-11-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EDP RENOVAVEIS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-25974.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHWAB (CHARLES) CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $546.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAFESTORE HOLDINGS PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $50.30         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARETRUST REIT INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9809.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS G MINING VENTURE CORP /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-12596.44     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELENOR ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $6707.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIICHI SANKYO CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9848.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPORTRADAR GROUP AG-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1131.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  JAPAN TOBACCO INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $32404.29      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SANWA HOLDINGS CORP /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1241.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CANYC 2020-1A AR V/R 07/15/34                      | CANYON CLO 2020-1 LTD SER 2020-1A CL AR2 V/R REGD 144A P/P 5.39755000                            | CUSIP: 13876LAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3201302.08    | 0.20%             | 2034-07-15      | Variable      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ANZ GROUP HOLDINGS LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-984.01       | -0.00%            |  |  |  | No            |                  1 | 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        |      -120 | NC      | $-13500000.00  | -0.86%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROKU INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $134.03        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WARTSILA  /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-9279.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CUMMINS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $116.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI E&S CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5222.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POP MART INTERNATIONAL G /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $51.64         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DISCOVERIE GROUP PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $20.29         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTIS INC /CAD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $425.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DELL TECHNOLOGIES -C                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $65197.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RANGE RESOURCES CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26034.73     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L USI INC 0% 11/21/29                            | T/L USI INC REGD 0.00000000                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    773517 | PA      | $772488.23     | 0.05%             | 2029-11-21      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS OMRON CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8484.92       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BURBERRY GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $15840.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXOR NV /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-109.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALBERTSONS COS INC - CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29383.17      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENAISSANCERE HOLDINGS LTD                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-1395.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HILTON WORLDWIDE HLDGS                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1168.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INNODATA INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9588.94      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5273 FA V/R 11/25/52                           | FREDDIE MAC REMICS SER 5273 CL FA V/R 5.60603000                                                 | CUSIP: 3137H9FR5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1469497 | PA      | $1468808.38    | 0.09%             | 2052-11-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CELLNEX TELECOM SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-807.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CADENCE BANK                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4288.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OCCIDENTAL PETROLEUM CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7595.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COOR SERVICE MANAGEMENT /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-145.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHNOLOGY ONE LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $639.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OWENS CORNING                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $350.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISSAN CHEMICAL CORP /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3592.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ELLUCIAN HOLD 0% 11/22/32                      | T/L ELLUCIAN HOLDINGS INC      REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1130634 | PA      | $1154185.14    | 0.07%             | 2032-11-22      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RHEINMETALL AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-49188.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QX5294 6% 02/01/55                          | FREDDIE MAC POOL UMBS P#QX5294 6.00000000                                                        | CUSIP: 31426A3C0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     59249 | PA      | $61573.85      | 0.00%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS COMSTOCK RESOURCES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9444.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANSAN INC /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-31.62        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTERN ALLIANCE BANCORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $126.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HSBC HOLDINGS PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $19645.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON SANSO HOLDINGS CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3414.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKZO NOBEL N.V. /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $3027.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INFINEON TECHNOLOGIES AG /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-9463.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMBARELLA INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-757.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHOUW & CO /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-36.83        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOWE'S COS INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29598.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANSURBAN GROUP /AUD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $27.75         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAC HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23.72        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RECRUIT HOLDINGS CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1982.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELEMENT FLEET MANAGEMENT /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2537.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BETSSON AB-B /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $843.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLA CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3411.34       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COTERRA ENERGY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-836.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C COCOA FUTURE      DEC25                        | FUTURE CONTRACT ON           COCOA FUTURE      DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -6 | NC      | $-404940.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARMOUR RESIDENTIAL REIT INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1324.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACS ACTIVIDADES CONS Y S /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $184.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORACLE CORP JAPAN /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5249.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCSK CORPORATION /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5484.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS U-HAUL HOLDING CO-NON VOTING                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-56.50        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IA FINANCIAL CORP INC /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1387.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DXC TECHNOLOGY CO                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23.16        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L DELTA TOPCO 0.00% 11/30/29                     | T/L DELTA TOPCO INC 0% 0.00000000                                                                | CUSIP: 24780DAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    421715 | PA      | $416549.04     | 0.03%             | 2029-11-30      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AMERICAN FINANCIAL GROUP INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1235.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAKUS CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $124.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TREASURY WINE ESTATES LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-62.35        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LYNAS RARE EARTHS LTD /AUD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-18297.89     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WAREHOUSES DE PAUW SCA /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-2082.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OPEN TEXT CORP /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-36.75        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SALMAR ASA /NOK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $8814.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITERRA CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-920.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNORR-BREMSE AG /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1394.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRONTLINE PLC /NOK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CY        |         1 | NC      | $2307.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI MINING & SMELTING /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $32131.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YANGZIJIANG SHIPBUILDING /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-340.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALAXY DIGITAL INC-A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2276.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YOKOHAMA RUBBER CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $374.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CONNECT FINCO 0% 09/27/29                      | T/L CONNECT FINCO SARL 0% 0.00000000                                                             | CUSIP: L2000DAH7<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   1811994 | PA      | $1787079.44    | 0.11%             | 2029-09-27      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| GNMA TBA 30YR TBA 5.0% NOV 25                      | GNMA TBA 30YR TBA 5.0% NOV 25  TO BE ANNOUNCED 5.00000000                                        | CUSIP: 21H0506B3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   6950000 | PA      | $6907618.07    | 0.44%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LABORATORIOS FARMACEUTIC /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-148.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXELIXIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8944.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STARBUCKS CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1421.34       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPFOLIO INC - A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-142.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROLOGIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1092.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRINK'S CO/THE                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $44.20         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEAR CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $340.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  LIONTRUST ASSET MANAGEME /GBP/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2045.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QIAGEN N.V.                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-224.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 10/21/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797RD1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   9200000 | PA      | $9179331.92    | 0.59%             | 2025-10-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FAIR ISAAC CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17119.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEVON ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1607.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAYLOR WIMPEY PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $872.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAKE-TWO INTERACTIVE SOFTWRE                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $35438.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C ICE 3MTH SONIA FU MAR26                        | FUTURE CONTRACT ON           ICE 3MTH SONIA FU MAR26 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |       -15 | NC      | $-4854248.33   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENTOKIL INITIAL PLC-SP ADR                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-272.41       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JM SMUCKER CO/THE                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-43059.97     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANNALY CAPITAL MANAGEMENT IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-38609.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MURPHY OIL CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $93.17         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QX4075 6% 01/01/55                          | FREDDIE MAC POOL UMBS P#QX4075 6.00000000                                                        | CUSIP: 31425YQ59<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     22080 | PA      | $23069.40      | 0.00%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FRASERS GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-101.85       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2025-RPL2 A V/R 04/25/55                      | PRPM 2025-RPL2 LLC SER 2025-RPL2 CL A1 V/R REGD 144A P/P 3.75000000                              | CUSIP: 69392MAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3247534 | PA      | $3161654.10    | 0.20%             | 2055-04-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS FOUR CORNERS PROPERTY TRUST                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $561.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EPAM SYSTEMS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10543.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST INDUSTRIAL REALTY TR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2699.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERRENO REALTY CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4385.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GREEN BRICK PARTNERS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-403.88       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TREX COMPANY INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $659.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHITBREAD PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-362.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ODFJELL DRILLING LTD /NOK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-614.84       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLEX LTD                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-328.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 6.5% OCT 25                          | FNMA 30YR TBA 6.5% OCT 25      TO BE ANNOUNCED 6.50000000                                        | CUSIP: 01F0626A4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  13400000 | PA      | $13847259.04   | 0.88%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GRAND CANYON EDUCATION INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6687.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARL ZEISS MEDITEC AG -  /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $6718.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT HOLD /  6.75% 04/15/28                     | ALLIANT HOLD / CO-ISSUER REGD 144A P/P 6.75000000                                                | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $106841.18     | 0.01%             | 2028-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS PAYCOM SOFTWARE INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2096.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TIS INC /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4040.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS D-WAVE QUANTUM INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6146.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERGUSON ENTERPRISES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-28113.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRISPR THERAPEUTICS AG                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2573.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEURIG DR PEPPER INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-29194.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS D'IETEREN GROUP /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $3220.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMUNDI SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-179.24       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COURSERA INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-203.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUDWEISER BREWING CO APA /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $403.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENGIE /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $9823.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L RYAN SPECIALT ZCP 09/15/31                     | T/L RYAN SPECIALTY REGD ZCP TERM LOAN 0.00000000                                                 | CUSIP: 78350UAJ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    332961 | PA      | $332858.09     | 0.02%             | 2031-09-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS METTLER-TOLEDO INTERNATIONAL                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15845.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STOREBRAND ASA /NOK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $251.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMV AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $14.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HONGKONG LAND HOLDINGS LTD                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-233.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMIZU CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5645.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAXTER INTERNATIONAL INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11047.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYU FUDOSAN HOLDINGS C /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-531.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMPIRE CO LTD 'A' /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $644.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEXPOL AB /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $448.59        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POOL CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1925.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LY CORP /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9967.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELISA OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $5275.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALMA PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $176.05        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATWEST GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $32919.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKANSKA AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $5112.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED AIRLINES HOLDINGS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17518.46     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTPAC BANKING CORP /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $23.07         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HARMONY BIOSCIENCES HOLDINGS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $35.30         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TREND MICRO INC /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7535.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-BTP FUTURE   DEC25                        | FUTURE CONTRACT ON           EURO-BTP FUTURE   DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |       292 | NC      | $41083859.72   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2021-3 TI 2.5% 02/25/51                        | FANNIE MAE REMICS SER 2021-3 CL TI 2.50000000                                                    | CUSIP: 3136BDR42<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12496718 | PA      | $2122956.27    | 0.14%             | 2051-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS IAMGOLD CORP /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-14839.34     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAND SECURITIES GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-65.41        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIATRIS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4827.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENRY SCHEIN INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $306.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YOKOGAWA ELECTRIC CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2285.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINEAGE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-829.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SGS SA-REG /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $45.95         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBE LIFE INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5.53          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GMO PAYMENT GATEWAY INC /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2665.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THALES SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $5229.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSW INDUSTRIALS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $308.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SURF 2006-AB3 A2 V/R 09/25/37                      | SPECIALTY UNDERWRITING & RESIDENTIAL FINANCE TRUS SER 2006-AB3 CL A2C V/R REGD 4.75239000        | CUSIP: 84751XAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    977569 | PA      | $681216.64     | 0.04%             | 2037-09-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EDP RENOVAVEIS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-544.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FLUENCE ENERGY INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8887.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASML HOLDING NV /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $18821.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROOKFIELD ASSET MGMT-A /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $8648.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CVC CAPITAL PARTNERS PLC /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $910.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TE CONNECTIVITY PLC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $2488.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ELLUCIAN HOLD ZCP 10/09/29                     | T/L ELLUCIAN HOLDINGS INC REGD ZCP TERM LOAN 0.00000000                                          | CUSIP: 28917XAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3863603 | PA      | $3861208.02    | 0.25%             | 2029-10-09      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LUNDIN GOLD INC /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1025.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXTDC LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $643.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON BUILDING FUND INC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2269.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIRTEL AFRICA PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-409.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AERCAP HOLDINGS NV                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1090.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BURE EQUITY AB /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $61.09         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SVENSKA CELLULOSA AB SCA /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-320.90       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAVITA HEALTHCARE PARTNER INC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1803.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARITZIA INC-SUBORDINATE  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2529.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENESIS MINERALS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-3509.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADMIRAL GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $419.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L RADIATE HOL 0% 09/25/2029                      | T/L RADIATE HOLDCO LLC REGD 0.00000000                                                           | CUSIP: 75025KAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    617327 | PA      | $497139.96     | 0.03%             | 2029-09-25      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CHEMED CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-573.90       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMI PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $635.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L NEPTUNE 0% 04/11/2029                          | T/L NEPTUNE BIDCO US INC REGD 0.00000000                                                         | CUSIP: 64069JAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2774607 | PA      | $2638317.91    | 0.17%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS STANLEY BLACK & DECKER INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15447.43      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ERIE INDEMNITY COMPANY-CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $184.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RPM INTERNATIONAL INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-224.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  WEST JAPAN RAILWAY CO /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6019.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEIDELBERG MATERIALS AG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-219.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMVAULT SYSTEMS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1240.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RPM INTERNATIONAL INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6931.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITY SOFTWARE INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $33873.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUBLIC STORAGE REIT                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $35661.93      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MICHELIN (CGDE) /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $12740.22      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELASTIC NV                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-22337.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSTCO WHOLESALE CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17973.84     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROADRIDGE FINANCIAL SOLUTIO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19070.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HD KOREA SHIPBUILDING &  /KRW/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $147.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL DISPLAY CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $179.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CVC CAPITAL PARTNERS PLC /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $524.27        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OVS SPA /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $65.89         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DARDEN RESTAURANTS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1590.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKER BP ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-247.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASX LTD /AUD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-276.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERNATIONAL PAPER CO                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $543.31        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONINKLIJKE KPN NV /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-92.68        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NRG ENERGY INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4247.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SGS SA-REG /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $91.37         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FRESENIUS MEDICAL CARE AG & CO /EUR/                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $14213.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  PPL CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-28924.73     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L NGL ENERGY 0% 02/03/31                         | T/L NGL ENERGY OPERATING LLC   REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1223763 | PA      | $1224277.43    | 0.08%             | 2031-02-03      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ITOCHU CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-14671.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAC HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $523.36        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOBY AVIATION INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2731.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HOLOGIC INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29230.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEGASYSTEMS INC COM                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6169.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIDRALA SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $220.86        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KANDENKO CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-973.41       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JB HI-FI LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-466.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDBERGS AB-B SHS /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $759.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIMPLY GOOD FOODS CO/THE                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3078.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONINKLIJKE KPN NV /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $396.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FREEPORT-MCMORAN INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-144.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NRG ENERGY INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-50531.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  INTERACTIVE BROKERS GRO-CL A                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $74337.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RATOS AB SER B /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-146.66       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCADIS NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-700.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENESAS ELECTRONICS CORP /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-28313.20     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C US LONG BOND(CBT) DEC25                        | FUTURE CONTRACT ON           US LONG BOND(CBT) DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      -354 | NC      | $-41274187.50  | -2.63%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASTERA LABS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5727.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOLLAR GENERAL CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-852.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRICESMART INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-737.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EUROFINS SCIENTIFIC /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-2920.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEN DIGITAL INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $484.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAT GROUP AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $3249.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENAISSANCERE HOLDINGS LTD                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-2973.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYSCO CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10914.43      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCSK CORPORATION /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3508.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VICINITY CENTRES /AUD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-159.44       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKER BP ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $501.42        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CYBERAGENT INC /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8415.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WIX.COM LTD                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $13451.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JULIUS BAER GROUP LTD /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $340.73        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUDBAY MINERALS INC /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $52281.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMITHS GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-5165.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXOSENS SAS /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-705.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JACK HENRY & ASSOCIATES INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15.19         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BILL HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4186.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METSO OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $4994.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNUM GROUP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10910.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METLIFE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11660.86      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUNGE GLOBAL SA                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-283.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON EXPRESS HOLDINGS  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11923.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RHYTHM PHARMACEUTICALS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5802.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORSK HYDRO ASA /NOK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-1189.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5059 IB 2.5% 01/25/51                          | FREDDIE MAC REMICS SER 5059 CL IB 2.50000000                                                     | CUSIP: 3137F86B4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    673678 | PA      | $115961.01     | 0.01%             | 2051-01-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CORTEVA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3619.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#DC9215 5% 12/01/54                          | FANNIE MAE POOL UMBS P#DC9215 5.00000000                                                         | CUSIP: 3140AXGZ4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3784441 | PA      | $3789180.79    | 0.24%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AT&T INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19511.32     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SBM OFFSHORE NV /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $2591.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYATT HOTELS CORP - CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2004.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JM SMUCKER CO/THE                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-275.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUBARU CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2248.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L LIFEPOINT H 0% 05/19/31                        | T/L LIFEPOINT HEALTH INC       REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1651586 | PA      | $1642815.81    | 0.10%             | 2031-05-19      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  CRODA INTERNATIONAL PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1383.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXSOME THERAPEUTICS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5561.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVIDITY BIOSCIENCES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1644.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STOCKLAND /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $232.33        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GETINGE AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-9812.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CASELLA WASTE SYSTEMS INC-A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14349.08     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCSK CORPORATION /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3804.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MSRM 2024-RPL1 A V/R 11/25/28                      | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2024-RPL1 SER 2024-RPL1 CL A1 V/R REGD 4.00000000 | CUSIP: 61776YAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3817465 | PA      | $3727709.77    | 0.24%             | 2064-06-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| F/C US LONG BOND(CBT) DEC25                        | FUTURE CONTRACT ON           US LONG BOND(CBT) DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        29 | NC      | $3381218.75    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERCONTINENTAL HOTELS-ADR                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-261.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTOMATIC DATA PROCESSING                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10785.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELLNEX TELECOM SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-54.19        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONY GROUP CORP /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1391.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LATTICE SEMICONDUCTOR CORP                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-16417.90     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIR LIQUIDE SA /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-2891.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TUI AG /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $7058.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLLIERS INTL GR-SUBORD  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-785.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ARETEC GROUP INC 10% 08/15/30                      | ARETEC GROUP INC REGD 144A P/P 10.00000000                                                       | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    350000 | PA      | $381305.40     | 0.02%             | 2030-08-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS CREDIT SAISON CO LTD /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $63.44         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11297.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL MUSIC GROUP NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $8794.13       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DRAFTKINGS INC-CL A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1248.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROLLS-ROYCE HOLDINGS PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $66696.99      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIONOGI & CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1139.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONY GROUP CORP /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3677.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNION PACIFIC CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $67516.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZENSHO HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-10812.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OR ROYALTIES INC /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2802.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAWKINS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2919.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INFICON HOLDING AG-REG /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-409.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESONA HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7219.70       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMENTUM HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1601.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAC HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-62.55        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APERAM /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-1355.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DR ING HC F PORSCH /EUR/ /PFD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-906.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PLANISWARE SA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $22.43         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENSKE AUTOMOTIVE GROUP INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $826.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO MITSUI TRUST HOLDINGS INC /JPY/                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $27878.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONDELEZ INTERNATIONAL INC-A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $19160.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOHOKU ELECTRIC POWER CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5072.34       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST HOLDINGS CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-17798.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOBE STEEL LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5004.25      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOOZ ALLEN HAMILTON HOLDINGS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-28.27        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMERICA INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3401.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TALEN ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12365.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOF GROUP ASA /NOK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-193.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERTEX PHARMACEUTICALS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8526.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C CORN FUTURE       MAR26                        | FUTURE CONTRACT ON           CORN FUTURE       MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -14 | NC      | $-302400.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GIBSON ENERGY INC /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3421.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIMBERLY-CLARK CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1646.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SQUARE ENIX HOLDINGS CO LTD /JPY/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3847.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADP /EUR/                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-6068.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KOBE BUSSAN CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-29.36        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROBLOX CORP -CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2673.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROWN-FORMAN CORP-CLASS B                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-739.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPCOM CO LTD /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2376.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN SUPERCONDUCTOR CORP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $223.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHUBU ELECTRIC POWER CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2932.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASBURY AUTOMOTIVE GROUP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-329.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELBIT SYSTEMS LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $609.74        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUTCH BROS INC-CLASS A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-691.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIMPSON MANUFACTURING CO INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1843.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZURN ELKAY WATER SOLUTIONS C                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-36.08        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASKER HEALTHCARE GROUP A /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1721.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STOLT-NIELSEN LTD /NOK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-19.82        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMURFIT WESTROCK PLC/GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $5733.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEVISION FRANCAISE (T. /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $99.18         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5071 IH 2.5% 02/25/51                          | FREDDIE MAC REMICS SER 5071 CL IH 2.50000000                                                     | CUSIP: 3137F9R37<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    577850 | PA      | $75194.46      | 0.00%             | 2051-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SEI INVESTMENTS COMPANY                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-99.19        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSMED INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1122.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXLSERVICE HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1153.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALPHABET INC-CL C                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1053.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EIFFAGE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $934.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRYSTAL BIOTECH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1090.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HASBRO INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2332.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STRAUMANN HOLDING AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $15263.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MACQUARIE GROUP LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-7627.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCC INTELLIGENT SOLUTIONS HO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2059.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTRICA PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-934.84       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UCB SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $97858.46      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERMILION ENERGY INC /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1067.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENMAB A/S /DKK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $374.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRUNELLO CUCINELLI SPA /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-1084.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERISK ANALYTICS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12489.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLY FINANCIAL INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3021.05      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QX4041 6% 01/01/55                          | FREDDIE MAC POOL UMBS P#QX4041 6.00000000                                                        | CUSIP: 31425YP35<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     95073 | PA      | $98616.20      | 0.01%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| T/L ALERA GROUP 0% 05/15/33                        | T/L ALERA GROUP INC REGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4485000 | PA      | $4605556.80    | 0.29%             | 2033-05-15      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GEBERIT AG-REG /CHF/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-13902.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEW YORK TIMES CO-A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $146.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUNZL PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1051.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QX1617 6% 12/01/54                          | FREDDIE MAC POOL UMBS P#QX1617 6.00000000                                                        | CUSIP: 31425VYP2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     19226 | PA      | $19758.22      | 0.00%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RTX CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $44874.42      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITV PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $176.58        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOODYEAR TIRE & RUBBER CO                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $113.99        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEYERA CORP /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-11641.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAYMOND JAMES FINANCIAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $58.41         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASANA INC - CL A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2547.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHUBU ELECTRIC POWER CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4074.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHLAND POWER INC /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $6559.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HERSHEY CO/THE                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2340.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZSCALER INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-37596.89     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAXCYTE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1412.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AFLAC INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $377.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIGMA HEALTHCARE LIMITED /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $218.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENTOKIL INITIAL PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-757.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TJX COMPANIES INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-422.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATADOR RESOURCES CO                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9757.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REDEIA CORP SA /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $864.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATLAS COPCO AB-B SHS /SEK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $163.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADMA BIOLOGICS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $19.82         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUPER GROUP SGHC LTD                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GG        |         1 | NC      | $-87.70        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BHP GROUP LTD /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-12447.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HULIC CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2692.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KKR & CO INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11113.32     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CREDO TECHNOLOGY GROUP HOLDI                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-24928.27     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WP CAREY INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5904.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KKR & CO INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1155.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEGON LTD-NY REG SHR                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $818.21        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRANE CO                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $217.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SUMITOMO MITSUI TRUST HOLDINGS INC /JPY/                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $26734.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARDINAL HEALTH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $41263.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEYERHAEUSER CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1179.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOWE'S COS INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4419.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MANULIFE FINANCIAL CORP /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3709.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANTERO MIDSTREAM CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-493.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAXCYTE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15591.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO ELECTRIC INDUST /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10083.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  LIBERTY BROADBAND-C                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4.57         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JEOL LTD /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $232.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKEL GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $192.36        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NANYA TECHNOLOGY CORP /TWD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-264.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINGFISHER PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-22957.46     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN STEEL WORKS LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4045.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDEXX LABORATORIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2727.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDEMITSU KOSAN CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $13354.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTELLIA THERAPEUTICS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-379.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  NATWEST GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3400.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5229 KI 4.5% 08/25/49                          | FREDDIE MAC REMICS SER 5229 CL KI 4.50000000                                                     | CUSIP: 3137H7SX2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2348185 | PA      | $376698.71     | 0.02%             | 2049-08-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HARLEY-DAVIDSON INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-111.92       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOBLAW COMPANIES LTD /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $809.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOMURA REAL ESTATE HOLDI /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6504.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOTA ENGIL SGPS SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $7510.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C MILL WHEAT EURO   MAR26                        | FUTURE CONTRACT ON           MILL WHEAT EURO   MAR26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | FR        |       -21 | NC      | $-237304.85    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED UTILITIES GROUP P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-183.44       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IHI CORPORATION /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11361.32     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOGO INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $315.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEON CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $136.99        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOGITECH INTERNATIONAL-R /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $27952.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAYLOR WIMPEY PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $48.78         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ERSTE GROUP BANK AG /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-1212.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MUENCHENER RUECKVER AG-R /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $12361.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MLMI 2006-HE6 A2 V/R 11/25/37                      | MERRILL LYNCH MORTGAGE INVESTORS TRUST SERIE SER 2006-HE6 CL A2B V/R REGD 4.57239000             | CUSIP: 59023XAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8658643 | PA      | $2709168.06    | 0.17%             | 2037-11-25      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GENESIS MINERALS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-3002.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OSAKA GAS CO LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6206.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXTRON INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $187.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOMBARDIER INC-B /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $4.43          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LY CORP /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-65.65        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXTRACKER INC-CL A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-402.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y C 4.24500 L 02/20/35 BOA           | ORO FWD USD 10Y C 4.24500 L 02/20/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1700000 | NC      | $87227.85      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HENNES & MAURITZ AB-B SH /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-98306.98     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GUANGDONG INVESTMENT LTD /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-135.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BXP INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7730.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5038 MI 4% 11/25/50                            | FREDDIE MAC REMICS SER 5038 CL MI 4.00000000                                                     | CUSIP: 3137FXNN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4318524 | PA      | $908689.16     | 0.06%             | 2050-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EVONIK INDUSTRIES AG /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $73.37         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAUM KAKAO CORP /KRW/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-1981.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROGERS CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-65.25        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GN STORE NORD A/S /DKK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-1245.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEGAL & GENERAL GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-5037.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLOUDFLARE INC - CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $436.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MINTH GROUP LTD /HKD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $1664.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#FA2869 6.5% 08/01/55                        | FANNIE MAE POOL UMBS P#FA2869 6.50000000                                                         | CUSIP: 3140W3FK0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12562557 | PA      | $13195511.51   | 0.84%             | 2055-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MACQUARIE GROUP LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2459.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOAR HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-131.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KADOKAWA DWANGO CORP /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-671.69       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ANTICIMEX  00.00% 11/16/28                     | T/L ANTICIMEX GLOBAL AB 0.00000000                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |     84272 | PA      | $84397.97      | 0.01%             | 2028-11-16      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS U-HAUL HOLDING CO-NON VOTING                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-152.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENNYMAC FINANCIAL SERVICES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $112.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCENTURE PLC-CL A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $1749.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOCHTIEF AG /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-33.69        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TELIX PHARMACEUTICALS LT /AUD/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-603.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RELX PLC - SPON ADR                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $106.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYMAN HOSPITALITY PROPERTIES                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3951.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIDGEBIO PHARMA INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $298.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLMEN AB-B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1256.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUPONT DE NEMOURS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-86.66        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATRIUM LJUNGBERG AB-B SH /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $9.74          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RC R/P WELLS   4.290% 10/02/25                     | RC R/P WELLS   4.290% 10/02/25 4.29000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -9332863 | PA      | $-9332862.72   | -0.60%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SAIA INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13705.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C NY HARB ULSD FUT  DEC25                        | FUTURE CONTRACT ON           NY HARB ULSD FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |         2 | NC      | $193225.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BT GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2882.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KBR INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4827.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EBARA CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-13290.16     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#FA2301 6.5% 05/01/45                        | FANNIE MAE POOL UMBS P#FA2301 6.50000000                                                         | CUSIP: 3140W2RX1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1139636 | PA      | $1180143.05    | 0.08%             | 2045-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  SHIFT INC /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $13149.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GETLINK SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-2879.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVERCORE INC - A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2048.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WR BERKLEY CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3441.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSCOM AG-REG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-347.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JERONIMO MARTINS /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-299.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MACQUARIE GROUP LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-214.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEN DIGITAL INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1997.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMPAGNIE DE SAINT GOBAI /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $34373.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERALI /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $17636.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABLBIO INC /KRW/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $8968.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOROMONT INDUSTRIES LTD /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-19491.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TENET HEALTHCARE CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2718.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZALANDO SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $297.64        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO ELECTRIC POWER CO /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5032.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIGN TECHNOLOGY INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5811.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C LIVE CATTLE FUTR  OCT25                        | FUTURE CONTRACT ON           LIVE CATTLE FUTR  OCT25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-92740.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLOOR & DECOR HOLDINGS INC-A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $18851.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUITABLE HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $25220.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VENTURE GLOBAL INC-CL A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1962.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MTU AERO ENGINES AG /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $46759.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZEBRA TECHNOLOGIES CORP-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-50265.15     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAE SYSTEMS PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $476.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUBBELL INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9896.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIENA CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-29376.98     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RINGKJOEBING LANDBOBANK  /DKK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $291.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCHER AVIATION INC-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3375.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C KC HRW WHEAT FUT  DEC25                        | FUTURE CONTRACT ON           KC HRW WHEAT FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |      -262 | NC      | $-6520525.00   | -0.42%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WARNER BROS DISCOVERY INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9681.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICREDIT SPA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $201.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATADOR RESOURCES CO                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $724.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CURTISS-WRIGHT CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $23285.29      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BURBERRY GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1162.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNAP-ON INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-21131.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEON CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1129.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VARONIS SYSTEMS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7898.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SHARKNINJA INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $40790.89      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CUMMINS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-29453.10     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONE OYJ-B /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $5587.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEC ENERGY GROUP INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-39278.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AOZORA BANK LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $111.10        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DELTA AIR LINES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4404.15      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAWASAKI KISEN KAISHA LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-32207.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS PRIME SITE-REG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-316.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FNB CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-124.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATLAS COPCO AB-A SHS /SEK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $7793.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INVESCO LTD                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $3335.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAT GROUP AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $11621.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STRAUMANN HOLDING AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $239.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALCOA CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-843.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSENTIAL UTILITIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17295.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAXLINEAR INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-432.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORLEY LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $121.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANALOG DEVICES INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8136.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THYSSENKRUPP AG /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-240.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STABILUS SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-267.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MKS INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-511.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  WASTE MANAGEMENT INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14141.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REXEL SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-671.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSILORLUXOTTICA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-397.61       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL FUEL GAS CO                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3471.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJIFILM HOLDINGS CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-12056.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAKITA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10115.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRSTSERVICE CORP /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-44441.78     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MILLICOM INTL CELLULAR S.A.                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $1909.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLES GROUP LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-10508.10     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CROWN SUBS 00.00% 01/30/31                     | T/L CROWN SUBSEA               COMMUNICATIONS HOLDING INC 0.00000000                             | CUSIP: 22860EAK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    626967 | PA      | $630258.11     | 0.04%             | 2031-01-30      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| F/C CORN FUTURE       DEC26                        | FUTURE CONTRACT ON           CORN FUTURE       DEC26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -2 | NC      | $-45900.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  DT MIDSTREAM INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4137.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-13587.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERITAGE HOMES CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-429.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NESTE OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-404.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TETRA TECH INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26217.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMPOL LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $82.37         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANWHA CHEMICAL CORP /KRW/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $609.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARREFOUR SA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $33815.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAN APARTMENT PROP REAL  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-8069.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAI-ICHI LIFE HOLDINGS I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4629.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUD SOFTWARE GRP 9% 09/30/29                     | CLOUD SOFTWARE GRP INC REGD 144A P/P 9.00000000                                                  | CUSIP: 18912UAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2501000 | PA      | $2586456.67    | 0.16%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ACS ACTIVIDADES CONS Y S /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $830.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST INDUSTRIAL REALTY TR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-622.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DANSKE BANK A/S /DKK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-7054.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABIVAX SA-ADR                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $1302.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST CITIZENS BCSHS  -CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-554.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED INDUSTRIAL TECH INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-101.84       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIKKOMAN CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3315.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | IRS RSOFRP03.25 06/18/35 MLSCUS31XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $148299.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KEYSIGHT TECHNOLOGIES IN                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6937.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCURY SYSTEMS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $245.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APA CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-63.29        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOOD & LIFE COMPANIES LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2796.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALLIBURTON CO                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27472.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRONTDOOR INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-119.85       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNS 440 C50 4.5% 10/25/53                          | FANNIE MAE INTEREST STRIP SER 440 CL C50 4.50000000                                              | CUSIP: 31424U8E9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5249533 | PA      | $1175581.41    | 0.07%             | 2053-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BUCKLE INC/THE                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-134.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2097.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L APPLIED SYST 0% 02/23/32                       | T/L APPLIED SYSTEMS INC        REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2558265 | PA      | $2613165.37    | 0.17%             | 2032-02-23      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SUN COMMUNITIES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5659.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-OAT FUTURE   DEC25                        | FUTURE CONTRACT ON           EURO-OAT FUTURE   DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |        22 | NC      | $3134361.23    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABBOTT LABORATORIES                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4212.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XERO LTD /AUD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-13241.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMERCE BANCSHARES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $422.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  LEG IMMOBILIEN SE /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $296.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLUIDRA SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $771.42        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WALT DISNEY CO/THE                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2340.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ENGINEERED 0% 05/21/2029                       | T/L ENGINEERED MACHINERY       HOLDINGS INC. REGD 0.00000000                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    758785 | PA      | $759263.27     | 0.05%             | 2029-05-21      | Floating      | 10.76%                | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KYORITSU MAINTENANCE CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $588.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUITY RESIDENTIAL                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3847.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTUM OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-314.56       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5471 FH V/R 11/25/54                           | FREDDIE MAC REMICS SER 5471 CL FH V/R 5.65603000                                                 | CUSIP: 3137HH7G0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  11898058 | PA      | $11953242.65   | 0.76%             | 2054-11-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CYBERAGENT INC /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $17431.29      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L DAVE & BUST 0.00% 06/29/29                     | T/L DAVE & BUSTER'S  INC. 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    198114 | PA      | $184628.31     | 0.01%             | 2029-06-29      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| F/C EURO/PLZ X-RATE   DEC25                        | FUTURE CONTRACT ON           EURO/PLZ X-RATE   DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |         8 | NC      | $1094684.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENNES & MAURITZ AB-B SH /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-15954.11     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUBLICIS GROUPE /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $2436.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLEX LTD                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $189.31        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REXFORD INDUSTRIAL REALTY IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9843.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOODSIDE ENERGY GROUP LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2134.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORIX CORP /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5805.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C CORN FUTURE       SEP26                        | FUTURE CONTRACT ON           CORN FUTURE       SEP26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-22425.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2024-6 A1 V/R 11/25/27                        | PRPM 2024-6 LLC SER 2024-6 CL A1 V/R REGD 144A P/P 5.69900000                                    | CUSIP: 74390PAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1711464 | PA      | $1712400.68    | 0.11%             | 2029-11-25      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS IVECO GROUP NV /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1684.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDIN MINING CORP /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-4535.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TIMKEN CO                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $115.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CUSTOMERS BANCORP INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-116.92       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISSAN MOTOR CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-36.90        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COREBRIDGE FINANCIAL INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-886.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRYG A/S /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-1051.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRIMO BRANDS CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-124.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEC CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7709.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DSM-FIRMENICH AG /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $343.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO ELECTRIC POWER CO /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1535.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BABCOCK INTL GROUP PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1122.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGAL REXNORD CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $684.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMERZBANK AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $8137.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DNO ASA /NOK/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $53.04         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HUB24 LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-373.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLEGIANT TRAVEL CO                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-145.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORNING INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1587.95      | -0.00%            |  |  |  | No            |                  1 | 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        |   9314437 | PA      | $9363432.27    | 0.60%             | 2055-05-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS IMI PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1338.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JXTG HOLDINGS INC /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $24204.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CQS 2021-1A AR V/R 01/20/35                        | CQS US CLO 2021-1 LTD SER 2021-1A CL AR V/R REGD 144A P/P 5.52549000                             | CUSIP: 12659UAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3210777.92    | 0.20%             | 2035-01-20      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| T/L ORBIT PRIVATE 0% 12/11/28                      | T/L ORBIT PRIVATE HOLDINGS LTD 0.00000000                                                        | CUSIP: 04225VAH5<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    522738 | PA      | $522215.01     | 0.03%             | 2028-12-11      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  RIO TINTO PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-58335.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEICO CORP-CLASS A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $99.96         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTINET INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-267.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESTEE LAUDER COMPANIES-CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11.92         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKIO MARINE HOLDINGS INC /JPY/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6224.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CURRYS PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-376.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN FINANCIAL GROUP INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-33.71        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEICO CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $82.30         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARA HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $558.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BABCOCK INTL GROUP PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2131.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON BUILDING FUND INC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3822.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  COVIVIO /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $75.35         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BALOISE HOLDING AG /CHF/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-3134.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADEUS IT GROUP SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-797.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENMAB A/S /DKK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $43713.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INFRATIL LTD /NZD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-923.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AISIN CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1678.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GAMES WORKSHOP GROUP PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1025.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERBUND AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-1340.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOMURA HOLDINGS INC  /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5778.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENDEAVOUR SILVER CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3742.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OSB GROUP PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1270.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEMPRA                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12215.65     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARITZIA INC-SUBORDINATE  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $401.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NGK INSULATORS LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1089.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLAS OHLSON AB-B SHS /SEK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-455.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C DOLLAR INDEX      DEC25                        | FUTURE CONTRACT ON           DOLLAR INDEX      DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |        72 | NC      | $7016472.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAMAMATSU PHOTONICS KK /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5212.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-BUND FUTURE  DEC25                        | FUTURE CONTRACT ON           EURO-BUND FUTURE  DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |       110 | NC      | $16604236.66   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STARWOOD PROPERTY TRUST INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4518.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OPTION CARE HEALTH INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3030.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHESNARA PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-394.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAO CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-20262.46     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLLIERS INTL GR-SUBORD  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-23633.23     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M & T BANK CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $225.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REA GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $72.94         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INPOST SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-68.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAGAYA TECHNOLOGIES LTD -A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $24559.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL FUEL GAS CO                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $25414.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAR GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $411.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2024-RCF1 A V/R 01/25/28                      | PRPM 2024-RCF1 LLC SER 2024-RCF1 CL A1 V/R REGD 144A P/P 4.00000000                              | CUSIP: 693581AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    235642 | PA      | $232239.44     | 0.01%             | 2054-01-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS NATERA INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19853.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BASILEA PHARMACEUTICA-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $613.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTH32 LTD /AUD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $4995.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMPERIAL OIL LTD /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-464.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT AB /SEK/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1941.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C E-MINI RUSS 2000  DEC25                        | FUTURE CONTRACT ON           E-MINI RUSS 2000  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -37 | NC      | $-4542675.00   | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT AB /SEK/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $17421.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIED UNIVERS 7.875% 02/15/31                     | ALLIED UNIVERSAL HOLDCO REGD 144A P/P 7.87500000                                                 | CUSIP: 019576AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1080131.13    | 0.07%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SECURITAS AB-B SHS /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-4883.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUNZL PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $9469.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELECOM ITALIA SPA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-1782.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHS 397 C52 5% 01/25/53                            | FREDDIE MAC STRIPS SER 397 CL C52 5.00000000                                                     | CUSIP: 3142G4N23<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    424194 | PA      | $90286.73      | 0.01%             | 2053-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ALLIANT ENERGY CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2575.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO CHEMICAL CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-16916.57     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UMB FINANCIAL CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $314.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED INTERNET AG-REG S /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $161.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRAND CANYON EDUCATION INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $46.91         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOMETIC GROUP AB /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-332.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LG CHEM LTD /KRW/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $1633.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEI INVESTMENTS COMPANY                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9102.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIONS BANCORP NA                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13975.21     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTHWEST AIRLINES CO                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7128.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAMACO RESOURCES INC-A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5512.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HINGE HEALTH INC-A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1132.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUOLINGO                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29262.15      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHOCOLADEFABRIKEN LINDT- /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2756.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOEING CO/THE                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3285.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  OMEGA HEALTHCARE INVESTORS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3148.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LENNAR CORP-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1377.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS J FRONT RETAILING CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $793.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHILIP MORRIS INTERNA                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $307.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSULET CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-283.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JDE PEET'S NV /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-573.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELF BEAUTY INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $22576.19      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOYO SUISAN KAISHA LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2111.05      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABN AMRO BANK NV-CVA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-773.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  JUN26                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  JUN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      -106 | NC      | $-25629475.00  | -1.63%            |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNIC 8% 08/15/28                     | UNIVISION COMMUNICATIONS REGD 144A P/P 8.00000000                                                | CUSIP: 914906AY8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1465000 | PA      | $1517874.78    | 0.10%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| T/L ALERA GRO 0% 05/21/32                          | T/L ALERA GROUP INC REGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2990000 | PA      | $2999777.30    | 0.19%             | 2032-05-21      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SHAFTESBURY CAPITAL PLC /GBP/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $430.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BALCHEM CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-142.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEC CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5970.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKS & SPENCER GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-948.56       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GIBSON ENERGY INC /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $4071.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA HBC AG-DI /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-29684.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CISCO SYSTEMS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4980.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON ELECTRIC GLASS CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-35.28        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVOLUTION MINING LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $6940.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANKINTER SA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $10079.55      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIVE NATIONAL ENTERTAINMENT INC                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $46108.55      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANCOM SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $403.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRUNELLO CUCINELLI SPA /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-147.75       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L DIRECTV        0% 12/31/49                     | T/L DIRECTV FINANCING LLC 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    340000 | PA      | $331925.00     | 0.02%             | 2031-02-15      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NITTO BOSEKI CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2552.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO TATEMONO CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2497.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TIS INC /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2376.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOCIETE GENERALE SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $10001.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SIRIUS XM HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-749.55       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PPL CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-655.16       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATSUKIYOCOCOKARA & CO /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $66.43         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTUNA MINING CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-156.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KERING /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-4736.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BNP PARIBAS /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-15713.71     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SGH LTD /AUD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1435.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROKU INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5417.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONZA GROUP AG-REG /CHF/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-7390.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RELIANCE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13029.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MABS 2007-HE1 A4 V/R 05/25/37                      | MASTR ASSET BACKED SECURITIES TRUST 2007-HE1 SER 2007-HE1 CL A4 V/R REGD 4.83239000              | CUSIP: 576457AD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    435500 | PA      | $371525.57     | 0.02%             | 2037-05-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DAI NIPPON PRINTING CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3959.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STANDEX INTERNATIONAL CORP                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-96.98        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOME BANCSHARES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $132.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THE CAMPBELL'S COMPANY                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-36791.41     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAGERDUTY INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $83.72         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERUMO CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5052.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DSV DKK1 /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $40280.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOMATSU LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-14158.57     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HUNT (JB) TRANSPRT SVCS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15.13        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASCO CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $44.12         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIO-TECHNE CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $337.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CUBESMART                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $74.26         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORIENTAL LAND CO LTD /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-929.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIE FINANCIERE RICHEMO-A /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $5481.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYUSHU ELECTRIC POWER CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1542.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HORMEL FOODS CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $21.82         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS E.ON SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $496.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIR PRODUCTS & CHEMICALS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $156321.79     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EUROFINS SCIENTIFIC /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-248.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BONESUPPORT HOLDING AB /SEK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-2043.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAGAX AB-B /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1161.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLACKSTONE SECURED LENDING F                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1764.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI CONSTRUCTION MAC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1597.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS US BANCORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5611.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEMBCORP INDUSTRIES LTD /SGD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $632.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C FTSE/JSE TOP 40   DEC25                        | FUTURE CONTRACT ON           FTSE/JSE TOP 40   DEC25 /ZAR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ZA        |       -17 | NC      | $-1005588.88   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI ESTATE CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4845.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MELCO CROWN ENTERTAINMENT LTD ADR                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-2260.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST CITIZENS BCSHS  -CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-242.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMPLIFON SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-4694.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UBIQUITI INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5290.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERTEK GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2569.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLCIM LTD /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-11052.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  LLOYDS BANKING GROUP PLC /GBP/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $5383.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLGATE-PALMOLIVE CO                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5571.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEPHONE AND DATA SYSTEMS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-371.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO SANTANDER SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $25745.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANWA HOLDINGS CORP /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-117.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CATENA AB NPV /SEK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $788.64        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CMOC GROUP LTD-H /HKD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $3349.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSURANCE AUSTRALIA GROU /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-6567.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DR. REDDY'S LABORATORIES-ADR                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IN        |         1 | NC      | $3761.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GXO LOGISTICS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5222.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS O'REILLY AUTOMOTIVE INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7646.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEINEKEN NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-4261.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INVITATION HOMES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1627.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VEECO INSTRUMENTS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-84.64        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPECTRUM BRANDS HOLDINGS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-106.92       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CANADA GOOSE 0% 08/14/32                       | T/L CANADA GOOSE INC REGD 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    615000 | PA      | $614618.70     | 0.04%             | 2032-08-14      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MAGNA INTERNATIONAL INC /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $49123.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANSURBAN GROUP /AUD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-672.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIONS BANCORP NA                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-131.27       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTTERY CORP LTD/THE /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-87.04        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEDTRONIC PLC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $4633.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEALED AIR CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12025.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEIDELBERG MATERIALS AG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-40889.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESONA HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $13431.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOYD GAMING CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1279.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EPAM SYSTEMS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6032.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LBMLT 2006-8 2A3 V/R 09/25/36                      | LONG BEACH MORTGAGE LOAN TRUST 2006-8 SER 2006-8 CL 2A3 V/R REGD 4.59239000                      | CUSIP: 54251UAD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2099539 | PA      | $535116.45     | 0.03%             | 2036-09-25      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS COLLIERS INTL GR-SUBORD  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-107.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELUS CORP /CAD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $196.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST INTERSTATE BANCSYS-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $339.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUB24 LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-636.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRINCIPAL FINANCIAL GROUP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $19.28         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  UNICHARM CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1547.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CDW CORP/DE                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7721.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKAMAI TECHNOLOGIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2292.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRATOS DEFENSE & SECURITY                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-32504.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUIG BRANDS SA-B /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $2061.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIBERTY BROADBAND-C                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11127.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUNDHOUND AI INC-A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1230.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSW INDUSTRIALS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $391.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COATS GROUP PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-653.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  AMPOL LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-413.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLMEN AB-B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $58.22         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEDTRONIC PLC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $2163.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROCEPT BIOROBOTICS CORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1175.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLACKSTONE INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-46422.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L TRITON WATER 0% 03/31/2028                     | T/L TRITON WATER HOLDINGS      REGD 0.00000000                                                   | CUSIP: 89678QAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    450132 | PA      | $449888.81     | 0.03%             | 2028-03-31      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WPP PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $2255.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRAVELERS COS INC/THE                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8184.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOSOH CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $12443.22      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASTEC INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $621.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANKYU HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6756.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOSOH CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15165.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCHLEAR LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-3034.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L LUMEN TECHNOL ZCP 04/15/30                     | T/L LUMEN TECHNOLOGIES INC REGD ZCP TERM LOAN 0.00000000                                         | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    305000 | PA      | $302755.20     | 0.02%             | 2030-04-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  HOSHIZAKI CORP /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1585.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOODWARD INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $37849.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIBERTY MEDIA CORP-FORMULA-C                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-794.27       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCSK CORPORATION /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1363.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WATERS CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $543.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVO-NORDISK A/S-SPONS ADR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $5788.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L OSTTRA GROUP 0% 05/20/32                       | T/L OSTTRA GROUP LTD. 0% 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    775000 | PA      | $778875.00     | 0.05%             | 2032-05-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BARRATT REDROW PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-8156.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADEUS IT GROUP SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $8243.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAKEDA PHARMACEUTIC-SP ADR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $312.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRUKER CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $456.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANSUNION                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15514.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRANE CO                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8.66         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METLIFE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7893.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYATT HOTELS CORP - CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13247.29     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANADIAN UTILITIES LTD-A /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-640.47       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIOMARIN PHARMACEUTICAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-551.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNTORY BEVERAGE & FOOD  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $181.84        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIGHTMOVE PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2930.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCCORMICK & CO-NON VTG SHRS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-0.24         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARKER HANNIFIN CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3502.66      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAMELIUS RESOURCES LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-10322.53     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PTC INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4606.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELIOR GROUP /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-699.59       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA CONSOLIDATED INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-970.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  DASSAULT SYSTEMES SE /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-45423.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORBIT ASA /NOK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $1208.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMITHS GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $333.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BXP INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3557.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FNB CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $181.70        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOWDEN JOINERY GROUP PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1187.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO MITSUI FINANCIA /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $52120.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOCIETE GENERALE SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-248.16       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PSP SWISS PROPERTY AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $426.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L X.AI CORP 0% 06/28/2030                        | T/L X.AI CORP REGD 0.00000000                                                                    | CUSIP: 98402XAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    470000 | PA      | $454137.50     | 0.03%             | 2030-06-28      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NUSCALE POWER CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-33803.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEG IMMOBILIEN SE /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $499.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVERGY INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-29412.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TRANSALTA CORP /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1133.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGIONS FINANCIAL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1887.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICG 2021-3A AR V/R 10/20/34                        | ICG US CLO 2021-3 LTD SER 2021-3A CL AR V/R REGD 144A P/P 5.47549000                             | CUSIP: 449249AS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3300000 | PA      | $3302232.45    | 0.21%             | 2034-10-20      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS INTERNATIONAL PAPER CO                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $229.10        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C HANG SENG IDX FUT OCT25                        | FUTURE CONTRACT ON           HANG SENG IDX FUT OCT25 /HKD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | HK        |        60 | NC      | $10374777.53   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| OSAIC HOLDINGS  6.75% 08/01/32                     | OSAIC HOLDINGS INC REGD 144A P/P 6.75000000                                                      | CUSIP: 00791GAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $211699.20     | 0.01%             | 2032-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SPIRAX GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $448.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCC INTELLIGENT SOLUTIONS HO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $16567.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABN AMRO BANK NV-CVA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-6.88         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GAZTRANSPORT ET TECHNIGA /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $6153.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALIANT HOLDING AG-REG /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-213.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRUKER CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1477.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UMB FINANCIAL CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1273.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IREN LTD                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-11717.02     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADIENT PLC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-171.92       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTERN ALLIANCE BANCORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11682.77      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOMINION ENERGY INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2686.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FCBSL 2021-1A AR V/R 04/20/33                      | FORTRESS CREDIT BSL X LTD SER 2021-1A CL AR V/R REGD 144A P/P 0.00000000                         | CUSIP: 34962HAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5300000 | PA      | $5302321.40    | 0.34%             | 2033-04-20      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| T/L UKG INC  0% 01/30/31                           | T/L UKG INC REGD ZCP TERM LOAN 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5361544 | PA      | $5354627.68    | 0.34%             | 2031-02-10      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AEVA TECHNOLOGIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1183.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CNX RESOURCES CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5846.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALGONQUIN POWER & UTILIT /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-5154.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CVR ENERGY INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2480.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NCINO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3304.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KONGSBERG GRUPPEN ASA /NOK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $218.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAITO TRUST CONSTRUCT CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6959.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STANTEC INC /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2521.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KBC GROUP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-1099.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAN APARTMENT PROP REAL  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1029.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WARNER MUSIC GROUP CORP-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6794.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CSC HOLDINGS 0% 01/18/2028                     | T/L CSC HOLDINGS LLC REGD 0.00000000                                                             | CUSIP: 64072UAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    635114 | PA      | $630624.24     | 0.04%             | 2028-01-18      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CELANESE CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $335.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTH32 LTD /AUD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $18807.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNIFE RIVER CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-613.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELENOR ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-547.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIPLOMA PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $882.27        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOTOROLA SOLUTIONS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-61633.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADEUS IT GROUP SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-1045.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  RENISHAW PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-14.11        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO GAS CO LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2926.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON SANSO HOLDINGS CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8659.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZIGUP PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-329.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TREEHOUSE FOODS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1366.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED OVERSEAS BK LTD ORD /SGD/                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $1135.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAYTEX ENERGY CORP /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $747.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGNC INVESTMENT CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23145.78     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD NATIONAL BANCORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $537.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  IMCD NV /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-455.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HELLOFRESH SE /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-2558.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOTOROLA SOLUTIONS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4473.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 11/18/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797RP4<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  12000000 | PA      | $11936142.36   | 0.76%             | 2025-11-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TOSOH CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5462.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXIS CAPITAL HOLDINGS LTD                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-1274.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TD SYNNEX CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9191.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHIRLPOOL CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6139.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRYSMIAN SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-60.79        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLEPIERRE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $87.60         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAYER AG-REG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $10544.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCIENCE APPLICATIONS INTE                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-147.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTOMATIC DATA PROCESSING                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-25749.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RWE AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-44327.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  API GROUP CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-74.18        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5069 MI 2.5% 02/25/51                          | FREDDIE MAC REMICS SER 5069 CL MI 2.50000000                                                     | CUSIP: 3137F9CW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5509525 | PA      | $838358.02     | 0.05%             | 2051-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS VAT GROUP AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2312.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINO LAND CO /HKD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $1253.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS 3I GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $16979.46      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONCORDIA FINANCIAL GROU /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1194.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCA MONTE DEI PASCHI S /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-123044.54    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GN STORE NORD A/S /DKK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-2576.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C CORN FUTURE       MAY26                        | FUTURE CONTRACT ON           CORN FUTURE       MAY26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -3 | NC      | $-66262.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 4136 QS V/R 07/15/42                           | FREDDIE MAC REMICS SER 4136 CL QS V/R 1.76344000                                                 | CUSIP: 3137AWLT0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    807371 | PA      | $81220.79      | 0.01%             | 2042-07-15      | Variable      | 1.76%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS REALTY INCOME CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13319.22     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIAMONDBACK ENERGY INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-31379.19     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NESTE OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-747.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOXIMITY INC-CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1795.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL HEALTH SERVICES-B                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5162.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BE SEMICONDUCTOR INDUSTR /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1499.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIRTU FINANCIAL INC-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $237.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WENDEL /EUR                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-97.35        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GROUP 1 AUTOMOTIVE INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3170.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONDI PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-486.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON STEEL AND SUMITOMO METAL CORPORATION /JPY/                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-43343.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RUMBLE INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $340.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTRAL JAPAN RAILWAY CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-27636.53     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PINNACLE FINANCIAL PARTNERS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23392.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RBC BEARINGS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-799.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTLAKE CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15246.22      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | CDX 2I65BYEI2 01.000 NA 12/20/2030 MSNYUS33XXX FIXED                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |         1 | NC      | $320375.58     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SEIBU HOLDINGS INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-547.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YASKAWA ELECTRIC CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $330.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L PELOTON INTER 0% 05/30/29                      | T/L PELOTON INTERACTIVE INC    REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    267965 | PA      | $271046.43     | 0.02%             | 2029-05-30      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  PEYTO EXPLORATION & DEV  /CAD/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1953.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNCORP GROUP LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2347.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAREX GROUP PLC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-108.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L TK ELEVAT 0% 04/30/30/                         | T/L TK ELEVATOR MIDCO GMBH     REGD 0.00000000                                                   | CUSIP: D9000BAJ1<br>LEI: N/A                  | Long             | LON              | CORP              | DE        |   1922188 | PA      | $1926377.94    | 0.12%             | 2030-04-30      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MARUWA CO LTD /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $26958.19      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRET 2025-NPL5 A V/R 05/25/28                      | PRET 2025-NPL5 LLC SER 2025-NPL5 CL A1 V/R REGD 144A P/P 6.24410000                              | CUSIP: 74143LAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5444387 | PA      | $5485762.95    | 0.35%             | 2055-05-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SIGNIFY NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-694.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIDEC CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1434.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILLIS TOWERS WATSON PLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-6738.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NMI HOLDINGS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-295.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  D-WAVE QUANTUM INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1714.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RECORDATI INDUSTRIA CHIM /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $8474.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLY FINANCIAL INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1001.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRENNTAG SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-131.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VEND MARKETPLACES ASA /NOK/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-540.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOKUSAI ELECTRIC CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3198.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIFUKU CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-560.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA FEMSA SAB-SP ADR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MX        |         1 | NC      | $149.81        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BORGWARNER INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $65.22         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAZZ PHARMACEUTICALS PLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-13661.71     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRENNTAG SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $53.41         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAYER AG-REG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-7538.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C PLATINUM FUTURE   JAN26                        | FUTURE CONTRACT ON           PLATINUM FUTURE   JAN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -21 | NC      | $-1685985.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIKKOMAN CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3356.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMPLIFON SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-23531.11     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VESTAS WIND SYSTEMS A/S /DKK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $14445.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARDELYX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-267.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGREE REALTY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1959.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFI TECHNOLOGIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $74505.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON & JOHNSON                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $25269.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORTEVA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-268.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTRICA PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1011.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENBRIDGE INC /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-88795.40     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITE GROUP PLC/THE /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4576.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCKWOOL A/S-B SHS /DKK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $112.74        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REA GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-129.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SODEXO SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-195.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISSIN FOOD HOLDINGS CO LTD /JPY/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-350.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMERSON ELECTRIC CO                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $182.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GSMBS 2025-RPL3  V/R 07/25/65                      | GS MORTGAGE-BACKED SECURITIES TRUST 2025-RPL3 SER 2025-RPL3 CL A1 V/R REGD 144A P/P 4.10000000   | CUSIP: 362963AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3728270 | PA      | $3629961.13    | 0.23%             | 2065-07-25      | Variable      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS INTERTEK GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1566.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JCDECAUX SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $227.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M3 INC /JPY/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-12894.19     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HORMEL FOODS CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-163.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUBLIC SERVICE ENTERPRISE GP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9039.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARATHON PETROLEUM CORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29355.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTEGRIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1874.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L SABRE INC 0% 11/15/2029/                       | T/L SABRE INC REGD 0.00000000                                                                    | CUSIP: 78571YBK5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    368607 | PA      | $346490.85     | 0.02%             | 2029-11-15      | Floating      | 10.26%                | No            |                  2 | On Loan: No      |
| N/A                                                | TRS YAMATO HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3579.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L BOXER PAREN 0% 07/30/32                        | T/L BOXER PARENT COMPANY INC   REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    330000 | PA      | $320925.00     | 0.02%             | 2032-07-30      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BARRICK MINING CORP /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $193982.33     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGEAS /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $475.08        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IBERDROLA SA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $16599.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LITHIA MOTORS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-87.88        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HORMEL FOODS CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $773.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLOVIN CORP-CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-230347.25    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BADGER METER INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $306.03        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESFARMERS LTD /AUD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-8834.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDON STOCK EXCHANGE GR /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $93147.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALAXY ENTERTAINMENT GRO /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $5684.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCOR SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-1161.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L HERTZ CORPORAT 0% 06/30/28                     | T/L HERTZ CORPORATION THE REGD 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    124715 | PA      | $111739.96     | 0.01%             | 2028-06-30      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SNAP-ON INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-990.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHUBB LTD                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $18474.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCELLERON INDUSTRIES AG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-909.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVONESIS (NOVOZYMES) B /DKK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-7822.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CONNECTW 0% 09/29/2028                         | T/L CONNECTWISE LLC REGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    747276 | PA      | $748075.31     | 0.05%             | 2028-09-29      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ONO PHARMACEUTICAL CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15504.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAN PACIFIC INTERNATIONA /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1733.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DCC PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-189.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTEL CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $32584.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WELLS FARGO & CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2005.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSL LTD /AUD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-7064.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOKIA OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $850.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ICON PLC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-833.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAS VEGAS SANDS CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4628.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENN ENTERTAINMENT INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-451.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANADIAN UTILITIES LTD-A /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $355.10        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFI TECHNOLOGIES INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18420.20     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALPHABET INC-CL C                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2106.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RALPH LAUREN CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2455.22      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOCIONEXT INC /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4526.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCARI INC /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-24.21        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENDEAVOUR MINING PLC /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $22224.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FMC CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6819.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERRARI NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-183.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALOZYME THERAPEUTICS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6067.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATCH GROUP INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2120.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEVRON CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3422.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDEXX LABORATORIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $196.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CADENCE BANK                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2704.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NU HOLDINGS LTD/CAYMAN ISL-A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $5966.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BANK OF IRELAND GROUP PL /EUR/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-10669.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMUNDI SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $3494.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONINKLIJKE KPN NV /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-30575.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GROUPE BRUXELLES LAMBERT /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-99.80        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BILL HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $48.27         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WASTE CONNECTIONS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $9514.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEMPRA                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-550.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERADYNE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $75431.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METRO INC/CN /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $69.41         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPIE SA /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $656.30        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR CHANNEL O 7.75% 04/15/28                     | CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.75000000                                                | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    600000 | PA      | $598923.45     | 0.04%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS MERCK KGAA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-19391.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUPERMARKET INCOME REIT  /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-194.58       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATWEST GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $340.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PANDORA A/S /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-882.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORLEY LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1769.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRYSMIAN SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-23165.57     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DYNATRACE INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-955.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METLIFE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $812.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLOWSERVE CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-414.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PALO ALTO NETWORKS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14151.71     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUMANA INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10543.89      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLLYWOOD BOWL GROUP PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-153.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#CB7523 6.5% 11/01/53                        | FANNIE MAE POOL UMBS P#CB7523 6.50000000                                                         | CUSIP: 3140QTLD9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    384331 | PA      | $398449.21     | 0.03%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NEMETSCHEK SE  /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $18115.89      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLYMPUS CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4563.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANDAI NAMCO HOLDINGS IN /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2796.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN STEEL WORKS LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-10092.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRO MEDICUS LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-756.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FDJ UNITED /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-578.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA EUROPACIFIC PARTNE                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-20.31        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METHANEX CORP /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3606.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELBIT SYSTEMS LTD /ILS/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $1189.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTON (GEORGE) LTD /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-10957.18     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TELECOM PLUS PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $110.37        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSQUOTE GROUP HOLDING /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $314.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERITAGE HOMES CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $671.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOMURA HOLDINGS INC  /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $18002.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CEMEX S A SPONSOR ADR         ONE ADR REPRESENTS 10 CPOS                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MX        |         1 | NC      | $3022.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BACHEM HOLDING /CHF/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $9304.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FISCHER (GEORG)-REG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2234.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL AUSTRALIA BANK  /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-24579.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DARDEN RESTAURANTS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-72338.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJIFILM HOLDINGS CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-13191.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VODAFONE GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-8640.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CRVNA 2024-N3  4.67% 08/10/27                      | CARVANA AUTO RECEIVABLES TRUST 2024-N3 SER 2024-N3 CL B REGD 144A P/P 4.67000000                 | CUSIP: 14687WAD2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    240000 | PA      | $240492.48     | 0.02%             | 2030-12-10      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS THALES SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $96224.11      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KDDI CORP /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-15218.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXGEN ENERGY LTD /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-294.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ULTA BEAUTY INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-33510.54     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COPA HOLDINGS SA-CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PA        |         1 | NC      | $-72.60        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HONG KONG & CHINA GAS /HKD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $4544.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SSAB AB - B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $189.05        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#FS8572 6.5% 07/01/54                        | FANNIE MAE POOL UMBS P#FS8572 6.50000000                                                         | CUSIP: 3140XQQ26<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    126858 | PA      | $132133.16     | 0.01%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| F/C LOW SU GASOIL G   OCT25                        | FUTURE CONTRACT ON           LOW SU GASOIL G   OCT25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |         3 | NC      | $208350.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REACH 2025-2A  4.93% 09/15/27                      | REACH ABS TRUST 2025-2 SER 2025-2A CL A REGD 144A P/P 4.93000000                                 | CUSIP: 75525QAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1881106 | PA      | $1888698.06    | 0.12%             | 2032-08-18      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS TOYOTA MOTOR CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $29025.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERNA-RETE ELETTRICA NAZ /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-3124.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GSK PLC-SPON ADR                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-8738.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHTRONIC INDUSTRIES CO /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-2382.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNORR-BREMSE AG /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-176.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEWLETT PACKARD ENTERPRIS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6021.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEONARDO DRS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-156.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KILROY REALTY CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3466.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DECKERS OUTDOOR CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-25180.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIGHTSPRING HEALTH SERVICES                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1226.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOAR HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-225.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCDONALDS CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2118.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ING GROEP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-18117.35     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRAMBLES LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-79.34        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEW YORK TIMES CO-A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $28.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMFORT SYSTEMS USA INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1204.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONGSBERG GRUPPEN ASA /NOK/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $1248.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROGERS COMMUNICATIONS IN /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $4722.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JFE HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-16328.23     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INGREDION INCORPORATED                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-335.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HELVETIA HOLDING AG-REG /CHF/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2658.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED BANKSHARES INC W VA                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4.62         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FACTSET RESEARCH SYSTEMS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1348.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONO PHARMACEUTICAL CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $16477.42      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARCLAYS PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-94.17        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONSTER BEVERAGE CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $78.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C CATTLE FEEDER FUT NOV25                        | FUTURE CONTRACT ON           CATTLE FEEDER FUT NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |         1 | NC      | $179675.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELF BEAUTY INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14275.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PLANET FITNESS INC - CL A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6644.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRIMORIS SERVICES CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $268.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L KASEYA INC 0.00% 03/05/33                      | T/L KASEYA INC 0% 0.00000000                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1446368 | PA      | $1445760.29    | 0.09%             | 2033-03-05      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GENTING SINGAPORE LTD /SGD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $1490.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLIANZ SE REGISTERED /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $14120.15      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVAVAX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $414.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASYJET PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3499.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTEGRIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2984.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REXEL SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $1874.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELANCO ANIMAL HEALTH INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2390.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QBE INSURANCE GROUP LTD /AUD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1001.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSENTIAL UTILITIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-169.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-BUXL 30Y BND DEC25                        | FUTURE CONTRACT ON           EURO-BUXL 30Y BND DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |       -61 | NC      | $-8198719.75   | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITERRA CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-10365.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARISTOCRAT LEISURE LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $13294.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C CAN 2YR BOND FUT  DEC25                        | FUTURE CONTRACT ON           CAN 2YR BOND FUT  DEC25 /CAD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | CA        |        -9 | NC      | $-684651.86    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO GAS CO LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2029.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTZ AG /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $405.43        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIDEC CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1761.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WP CAREY INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5856.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIVARDEN AB-A SHS /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $65.19         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HASBRO INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2530.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JANUS HENDERSON GROUP PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-323.53       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CULLEN/FROST BANKERS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $634.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL GRID PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-174.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAINSBURY (J) PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $13153.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMEGA HEALTHCARE INVESTORS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8683.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEMOMETEC A/S /DKK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-649.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FASTIGHETS AB BALDER-B S /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $943.05        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COHERENT CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1611.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SANTOS LTD /AUD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-392.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRAFT HEINZ CO/THE                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-794.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDRA SISTEMAS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $26291.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCK KGAA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-300.82       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  MASTERCARD INC - A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26787.78     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INVESCO LTD                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-5344.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JB HI-FI LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-134.75       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | HKD/USD FWD 20251016 000000010 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $65.03         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KLAVIYO INC-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5632.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBALFOUNDRIES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-13887.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEIDELBERG MATERIALS AG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1300.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MICRONICS JAPAN CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-201.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALAMOS GOLD INC-CLASS A /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $3402.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y C 2.50000 L 05/29/26 FAR                | ORO USD 7Y C 2.50000 L 05/29/26 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   6200000 | NC      | $11665.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ROCHE HOLDING AG-GENUSSC /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2425.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELLNEX TELECOM SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $16860.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TYLER TECHNOLOGIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5091.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SARTORIUS STEDIM BIOTECH /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $4273.93       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CASTELLUM AB /SEK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-4217.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDFIRE RESOURCES LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $31807.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARSONS CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27505.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L MRP BUYER LLC 0% 5/24/2032                     | T/L MRP BUYER LLC REGD 0.00000000                                                                | CUSIP: 55351DAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     66048 | PA      | $64872.06      | 0.00%             | 2032-05-24      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WALLENIUS WILHELMSEN LOG /NOK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-1726.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIAMONDBACK ENERGY INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-264.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENKEL AG & CO KGAA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-916.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UL SOLUTIONS INC - CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-578.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMERYS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-29.10        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALK-ABELLO A/S /DKK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $86.77         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CROCS INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1792.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERIDIAN ENERGY LTD /NZD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $57.84         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI KASEI CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8029.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLATEXDEGIRO AG /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $7682.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C SILVER FUTURE     DEC25                        | FUTURE CONTRACT ON           SILVER FUTURE     DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        50 | NC      | $11660000.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABB LTD-REG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $302.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLENCORE PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $1969.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOLTERS KLUWER /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $826.87        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANKYU HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7650.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCREEN HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2533.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIR FRANCE-KLM /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $8381.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIGMA HEALTHCARE LIMITED /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $705.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORNING INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-116036.06    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUSQVARNA AB-B SHS /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-241.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED PARCEL SERVICE-CL B                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1890.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GAZTRANSPORT ET TECHNIGA /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-3209.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C WHEAT FUTURE(CBT) MAY26                        | FUTURE CONTRACT ON           WHEAT FUTURE(CBT) MAY26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-26975.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNAM SPA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $554.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALEO /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-3446.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST INSURANCE CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-934.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI ELECTRIC CORP /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3824.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QX2567 6% 01/01/55                          | FREDDIE MAC POOL UMBS P#QX2567 6.00000000                                                        | CUSIP: 31425WZ95<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     52707 | PA      | $54173.26      | 0.00%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| F/C LEAN HOGS FUTURE  APR26                        | FUTURE CONTRACT ON           LEAN HOGS FUTURE  APR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -3 | NC      | $-111420.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METRO BANK HOLDINGS PLC /GBP/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $16.23         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL 9.875% 02/01/32                     | VENTURE GLOBAL LNG INC REGD 144A P/P 9.87500000                                                  | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    280000 | PA      | $304849.72     | 0.02%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SILTRONIC AG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-4914.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VEEVA SYSTEMS INC-CLASS A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14844.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHNOLOGY ONE LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-23.29        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CONOCOPHILLIPS                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-416.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCENTURE PLC-CL A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $657.70        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOLAR LNG LTD                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-955.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARZETTI COMPANY/THE                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $899.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GARTNER INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1675.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEN DIGITAL INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1329.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  NITERRA CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9863.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISUPETASYS CO LTD /KRW/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $13773.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REXFORD INDUSTRIAL REALTY IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6567.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONSTER BEVERAGE CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $56684.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYOWA HAKKO KIRIN COMPANY LTD /JPY/                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9833.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BHP GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-86629.74     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN FINANCIAL GROUP INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-51.33        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSMO PHARMACEUTICALS NV /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-132.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXT PLC /GBP/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $23058.17      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASMODEE GROUP AB-B /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-15.69        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BORGWARNER INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-201.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALMA PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $5862.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMCD NV /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $14607.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRIMERICA INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-360.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN REAL ESTATE INVEST /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-187.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAP SE-SPONSORED ADR                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-181.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  MAR27                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  MAR27 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -92 | NC      | $-22290450.00  | -1.42%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMANO INC /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-103.66       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TIETO OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-406.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SILGAN HOLDINGS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-306.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARAMARK                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1913.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VGP /EUR/                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-1055.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMANO INC /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2975.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMAZON.COM INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-98334.92     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KANSAI ELECTRIC POWER CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8130.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENNYMAC FINANCIAL SERVICES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6920.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEW YORK TIMES CO-A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $116.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSX CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $62401.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KESKO OYJ-B SHS /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $683.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXAS INSTRUMENTS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7727.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYMAN HOSPITALITY PROPERTIES                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6318.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOLLARAMA INC /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-767.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C LEAN HOGS FUTURE  OCT25                        | FUTURE CONTRACT ON           LEAN HOGS FUTURE  OCT25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        45 | NC      | $1797300.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PERFORMANCE FOOD GROUP CO                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2055.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BT GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $43491.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYSMEX CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9911.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO PHARMA CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2926.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PERMIAN RESOURCES CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1607.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDOZ GROUP AG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2034.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEWLETT PACKARD ENTERPRIS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2009.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAAB AB-B /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $29621.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UGI CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6237.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GSK PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $60449.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STRATEGY INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14682.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONAMI GROUP CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $114.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHARLES RIVER LABORATORIES                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4667.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEAR CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $173.94        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M&G PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-145.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNS 440 C54 5% 11/25/53                            | FANNIE MAE INTEREST STRIP SER 440 CL C54 5.00000000                                              | CUSIP: 31424U8J8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  34591980 | PA      | $7464947.84    | 0.48%             | 2053-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NXP SEMICONDUCTORS NV                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-33256.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO FX CURR FUT  DEC25                        | FUTURE CONTRACT ON           EURO FX CURR FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |       126 | NC      | $18572400.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MORNINGSTAR INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3083.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#CB9006 6% 08/01/54                          | FANNIE MAE POOL UMBS P#CB9006 6.00000000                                                         | CUSIP: 3140QVAG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  11209329 | PA      | $11628155.64   | 0.74%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GEA GROUP AG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $847.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIOMERIEUX /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-22.92        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOODMAN GROUP /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-60.25        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TIS INC /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3082.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAFRAN SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $767.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GMO PAYMENT GATEWAY INC /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-123.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHUGAI PHARMACEUTICAL CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6561.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y C 3.18100 L 12/04/25 FAR                | ORO USD 7Y C 3.18100 L 12/04/25 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  12100000 | NC      | $29573.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HIAB OYJ /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $90.88         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTTERY CORP LTD/THE /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $84.83         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BATH & BODY WORKS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6401.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARPENTER TECHNOLOGY                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6485.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIRBUS SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-40082.69     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L TENNECO INC  0% 11/17/2028                     | T/L TENNECO INC REGD 0.00000000                                                                  | CUSIP: 88037HAP9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    600000 | PA      | $586314.00     | 0.04%             | 2028-11-17      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| UMBS P#FA2864 6.5% 02/01/55                        | FANNIE MAE POOL UMBS P#FA2864 6.50000000                                                         | CUSIP: 3140W3FE4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3691504 | PA      | $3907055.20    | 0.25%             | 2055-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HARMONIC DRIVE SYSTEMS I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15652.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELLDEX THERAPEUTICS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-366.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIRBY CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-521.90       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP RENOVAVEIS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-11036.02     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPX TECHNOLOGIES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-133.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y C 4.69300 L 08/27/35 BOA           | ORO FWD USD 10Y C 4.69300 L 08/27/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1400000 | NC      | $92773.24      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| F/C EUR/NOR KRONE X-RAT DEC25                      | FUTURE CONTRACT ON             EUR/NOR KRONE X-RAT DEC25      /NOK/ 0.00000000                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |         5 | NC      | $737289.01     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICHARM CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-757.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COTY INC-CL A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $146.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MICRON TECHNOLOGY INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-25266.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEDPACE HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2558.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CADENCE DESIGN SYS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $19090.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $157.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIMLER TRUCK HOLDING AG /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $51498.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST QUANTUM MINERALS L /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-9151.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOWARD HUGHES HOLDINGS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $36.41         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED DIGITAL CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-22199.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WERIDE INC-ADR                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-6277.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELLNEX TELECOM SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-1564.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAMSARA INC-CL A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-323.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHARF HOLDINGS LTD /HKD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $267.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UBS GROUP AG-REG /CHF/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2776.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN WATER WORKS CO INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-438.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORSK HYDRO ASA /NOK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $23.49         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVONIK INDUSTRIES AG /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-15361.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | CDX 2I667KMH8 05.000 NA 12/20/2030 MSNYUS33XXX FIXED                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |         1 | NC      | $379140.74     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SEI INVESTMENTS COMPANY                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-224.04       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLAGSTAR FINANCIAL INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6343.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROIVANT SCIENCES LTD                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $6746.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOBLAW COMPANIES LTD /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1857.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI ESTATE CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3121.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C TTF NAT GAS F     NOV25                        | FUTURE CONTRACT ON           TTF NAT GAS F     NOV25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | NL        |         5 | NC      | $132761.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L KAMAN CORPO 0% 01/30/32                        | T/L KAMAN CORPORATION REGD 0.00000000                                                            | CUSIP: 48354VAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    710259 | PA      | $707531.21     | 0.05%             | 2032-01-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MURATA MANUFACTURING CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $31725.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COGNIZANT TECH SOLUTIONS-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-489.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SBI HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $13001.85      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCC INTELLIGENT SOLUTIONS HO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1075.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUNELM GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3370.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAIWAN SEMICONDUCTOR-SP ADR                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $658.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CRVNA 2021-N2 E 2.9% 04/10/26                      | CARVANA AUTO RECEIVABLES TRUST 2021-N2 SER 2021-N2 CL E REGD 144A P/P 2.90000000                 | CUSIP: 14686KAF4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    491854 | PA      | $481481.87     | 0.03%             | 2028-03-10      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS MACQUARIE GROUP LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $29.41         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SALMAR ASA /NOK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $3910.13       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIPER ENERGY INC-CL A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1041.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORKLA ASA /NOK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $473.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADOBE INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-52615.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTURY COMMUNITIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $23.06         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPEDIA GROUP INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $22095.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS C3.AI INC-A                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-740.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GAMING AND LEISURE PROPERTIE                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $20500.81      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEKISUI CHEMICAL CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6262.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GETINGE AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-402.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDON STOCK EXCHANGE GR /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-538.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PETERSHILL PARTNERS PLC /GBP/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $652.73        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PURE STORAGE INC - CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11333.91     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TWILIO INC - A                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26801.77     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOMATSU LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9169.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VEOLIA ENVIRONNEMENT /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $89.63         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NCAB GROUP AB /SEK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $549.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOCIONEXT INC /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2605.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOLATO AB-B SHS /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-22.74        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOCIETE GENERALE SA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-2601.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTL CONSOLIDATED AIRLIN /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $5438.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO PHARMA CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3481.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNOVUS FINANCIAL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3454.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TIMKEN CO                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $322.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTUIT INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7705.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TIS INC /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3508.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNIGHT-SWIFT TRANSPORTATION                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-64.79        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYU CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3914.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIBABA GROUP HOLDING LT /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-20100.99     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PSP SWISS PROPERTY AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $307.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y P 4.40000 L 06/25/35 BOA           | ORO FWD USD 10Y P 4.40000 L 06/25/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   2000000 | NC      | $115623.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DYCOM INDUSTRIES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $300.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KNORR-BREMSE AG /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-17201.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELASTIC NV                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-559.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JXTG HOLDINGS INC /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $25100.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIVARDEN AB-C SHS /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-119.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAINOS GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1015.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEBSTER FINANCIAL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $120.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOWER SEMICONDUCTOR LTD                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $410.10        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNAP-ON INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-95.74        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCDONALD'S HOLDINGS CO J /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-30.40        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VENTR 2021-44A A V/R 10/20/34                      | VENTURE 44 CLO LTD SER 2021-44A CL A1NR V/R REGD 144A P/P 5.46549000                             | CUSIP: 92332KAQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3201468.16    | 0.20%             | 2034-10-20      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS HOULIHAN LOKEY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7550.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UKG INC 6.875% 02/01/31                            | UKG INC REGD 144A P/P 6.87500000                                                                 | CUSIP: 90279XAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $165092.48     | 0.01%             | 2031-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS KODIAK GAS SERVICES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7448.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRUIST FINANCIAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6114.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS R&S GROUP HOLDING AG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1335.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARMAX INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13016.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAIXABANK SA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $4821.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKANSKA AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $2575.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIGBEAR.AI HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-380.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASYJET PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1428.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESCO INTERNATIONAL INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1237.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ABN AMRO BANK NV-CVA /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-39250.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WATTS WATER TECHNOLOGIES-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $167.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNRISE COMMUNICATIONS A /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-17.96        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HASBRO INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-101.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIENA CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12775.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CNX RESOURCES CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-496.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST HOLDINGS CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $16256.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTESA SANPAOLO /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $235.53        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CSMC 2021-RPL2 A1 2% 01/25/60                      | CSMC 2021-RPL2TRUST SER 2021-RPL2 CL A1 REGD 144A P/P 2.00000000                                 | CUSIP: 12656TAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1922203 | PA      | $1701756.69    | 0.11%             | 2060-01-25      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS OCULAR THERAPEUTIX INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $498.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARROW ELECTRONICS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2.64          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASTEC INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4494.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEW YORK TIMES CO-A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17509.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON BUILDING FUND INC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1019.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP RENOVAVEIS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-642.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPROUTS FARMERS MARKET INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8574.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CUBESMART                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $286.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CABLE ONE INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-972.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARNIVAL CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PA        |         1 | NC      | $-28728.69     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKF AB-B SHARES /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $179.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLIED PROPERTIES REAL E /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $11.20         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENUINE PARTS CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-289.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARVANA CO                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8395.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSTALCO AB /SEK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $138.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORICA LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $33.37         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRANE CO                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4128.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NVR INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $305.64        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYMAN HOSPITALITY PROPERTIES                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $28819.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERALI /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $2578.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REA GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1427.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ELEVANCE HEALTH INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $433.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FREEPORT-MCMORAN INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6334.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOSHIZAKI CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $346.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DELIVERY HERO SE /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $9027.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L MIWD HOLDCO 0% 03/28/31                        | T/L MIWD HOLDCO II LLC REGD    ZCP TERM LOAN 0.00000000                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    612042 | PA      | $613828.88     | 0.04%             | 2031-03-28      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GALAXY ENTERTAINMENT GRO /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $5752.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PORSCHE AUTOMOBIL HLDG-P /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $4093.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIRIUS XM HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $327.47        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITORI HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4245.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MORI SEIKI CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $43.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPGEMINI SE /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $59.83         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALPHABET INC-CL C                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-631.69       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHAEFFLER AG /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $819.73        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMNICOM GROUP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-57219.03     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ASICS CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $56.14         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHS 408 C64 5% 09/25/53                            | FREDDIE MAC STRIPS SER 408 CL C64 5.00000000                                                     | CUSIP: 3142G6GP5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2327172 | PA      | $499477.40     | 0.03%             | 2053-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MORI SEIKI CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $61.98         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP RENOVAVEIS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $66.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEGAL & GENERAL GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $724.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NAVITAS SEMICONDUCTOR CORP                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2318.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AAON INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-937.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICHARM CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9979.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERDIGITAL INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-73.24        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CINEMARK USA 0% 05/24/30                       | T/L CINEMARK USA INC REGD 0.00000000                                                             | CUSIP: 172442AV7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    387155 | PA      | $387073.89     | 0.02%             | 2030-05-24      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TOYOTA MOTOR CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-46955.18     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MILDEF GROUP AB /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-8117.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5479 FA V/R 12/25/54                           | FREDDIE MAC REMICS SER 5479 CL FA V/R 5.55603000                                                 | CUSIP: 3137HHMQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  11559829 | PA      | $11617153.39   | 0.74%             | 2054-12-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WISETECH GLOBAL LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $5866.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AENA SME SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $29505.51      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C TOPIX INDX FUTR   DEC25                        | FUTURE CONTRACT ON           TOPIX INDX FUTR   DEC25 /JPY/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | JP        |        45 | NC      | $9557764.48    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOYA FINANCIAL INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8210.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GUARDANT HEALTH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $240.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPITAL POWER CORP /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $6766.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAND SECURITIES GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2.28         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YPSOMED HOLDING AG-REG /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $18697.43      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSCOM AG-REG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $316.33        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  F5 INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $112.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMPLIFON SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-6846.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TETRA TECH INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1232.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC 6.75% 08/15/28                       | TRANSDIGM INC REGD 144A P/P 6.75000000                                                           | CUSIP: 893647BR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $244580.69     | 0.02%             | 2028-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS INPEX CORPORATION /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4324.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATMOS ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-98.41        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDISON INTERNATIONAL                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $51.16         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  EUROFINS SCIENTIFIC /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-276.57       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOX CORP - CLASS B                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $24560.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROBLOX CORP -CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $255.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HENRY SCHEIN INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5761.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MILLICOM INTL CELLULAR S.A.                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-37.63        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DR HORTON INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1342.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVONESIS (NOVOZYMES) B /DKK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $5150.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMUNDI SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-7483.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QXO INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $27646.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVIVA PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4773.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NETAPP INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29412.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOX INC - CLASS A                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-160.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCHER AVIATION INC-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1534.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRANE NXT CO                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1423.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GJENSIDIGE FORSIKRING AS /NOK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $860.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HERMES INTERNATIONAL /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-12097.17     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GETINGE AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-636.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIXT SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-2066.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN OIL FUTR  MAR26                        | FUTURE CONTRACT ON           SOYBEAN OIL FUTR  MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-30150.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORICA LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-492.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENERGY FUELS INC /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2086.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INFINEON TECHNOLOGIES AG /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $24512.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARM HOLDINGS PLC-ADR                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $59.36         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHLUMBERGER LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CW        |         1 | NC      | $200.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKANDINAVISKA ENSKILDA B /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-16312.26     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDACORP INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11463.69     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GUIDEWIRE SOFTWARE INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15856.54     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KESKO OYJ-B SHS /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-166.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASX LTD /AUD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $553.11        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIRIN HOLDINGS CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5231.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAIDU INC-CLASS A /HKD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-9107.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF HAWAII CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-39.82        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASE TECHNOLOGY HOLDING -ADR                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-669.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C DAX INDEX FUTURE  DEC25                        | FUTURE CONTRACT ON           DAX INDEX FUTURE  DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | DE        |         9 | NC      | $6342775.67    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO CHEMICAL CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8382.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MP MATERIALS CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8246.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TENABLE HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1082.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 10/30/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797NA1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  27000000 | PA      | $26911883.61   | 1.72%             | 2025-10-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FIDELITY NATIONAL INFO SERV                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $57.23         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DATADOG INC - CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18010.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OCCIDENTAL PETROLEUM CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $218.11        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ADVANCED ENERGY INDUSTRIES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-413.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AJINOMOTO CO INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1388.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN HOMES 4 RENT- A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5511.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MTR CORP /HKD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $1414.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  DEC26                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  DEC26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       270 | NC      | $65410875.00   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPS COMMERCE INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7950.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAL GROUP HOLDINGS CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $226.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L LEVEL 3 FINAN 0% 03/22/32                      | T/L LEVEL 3 FINANCING INC      REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1770000 | PA      | $1770000.00    | 0.11%             | 2032-03-22      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WILLIAMS COS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $27909.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIFE TIME GROUP HOLDINGS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-401.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHEATON PRECIOUS METALS  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $30375.22      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPOTIFY TECHNOLOGY SA                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-53026.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHRODERS PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-53.76        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TDK CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9612.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSQUOTE GROUP HOLDING /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $4180.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INGERSOLL-RAND INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-362.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MSCI INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $18954.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANCHF 2020-12 3.177% 10/25/38                      | ANCHORAGE CREDIT FUNDING 12 LTD SER 2020-12A CL A1 REGD 144A P/P 3.17700000                      | CUSIP: 03332DAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $970816.60     | 0.06%             | 2038-10-25      | Fixed         | 3.18%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS RENAISSANCERE HOLDINGS LTD                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-1412.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAYMOND JAMES FINANCIAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $211.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOAR HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-106.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNDER ARMOUR INC-CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-748.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS 3M CO                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4943.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L THE EDELMAN FI 0% 10/06/28                     | T/L THE EDELMAN FINANCIAL      ENGINES CENTER LLC REGD 0.00000000                                | CUSIP: 27943TAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    199566 | PA      | $199627.54     | 0.01%             | 2028-10-06      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS METRO INC/CN /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $10344.77      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADVANCED MICRO DEVICES                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10636.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IAMGOLD CORP /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3011.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZOETIS INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1230.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERROVIAL SE /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-206.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKS & SPENCER GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1553.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C KC HRW WHEAT FUT  MAR26                        | FUTURE CONTRACT ON           KC HRW WHEAT FUT  MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -13 | NC      | $-337187.50    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L RFS OPCO LLC   0% 04/04/31                     | T/L RFS OPCO LLC 0.00000000                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    179100 | PA      | $177756.75     | 0.01%             | 2031-04-04      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| N/A                                                | TRS SES FDR /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $3176.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESTEE LAUDER COMPANIES-CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-85.31        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HIMS & HERS HEALTH INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4930.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOKIA CORP-SPON ADR                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-67.83        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BXP INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5706.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VSE CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1038.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRENNTAG SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-472.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAKER HUGHES CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1267.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FURUNO ELECTRIC CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $226.02        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEYENCE CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4677.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROSUS NV /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-23974.10     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M&G PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1045.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIRBNB INC-CLASS A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-25734.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENERGY FUELS INC /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1326.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BASF SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $5569.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMNICOM GROUP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-959.55       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIFT INC /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1401.92       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEXAGON AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-267.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO OHKA KOGYO CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5740.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TALANX AG /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1268.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOV INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29.44         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTPAC BANKING CORP /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-65.38        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMPUTERSHARE LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-850.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIKA AG-REG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $20668.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HORMEL FOODS CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $71.09         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLOVIN CORP-CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-16725.15     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WPP PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-585.84       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VISTRY GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3435.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SM ENERGY CO                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-658.28       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BABCOCK INTL GROUP PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $5092.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAL-MAINE FOODS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1782.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATRESMEDIA CORPORACION /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $963.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRIVIA HEALTH GROUP INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-343.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  RAMSAY HEALTH CARE LTD /AUD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-25.86        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAR GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $758.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUZUKI MOTOR CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9483.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA TBA 30YR TBA 5.5% NOV 25                      | GNMA TBA 30YR TBA 5.5% NOV 25  TO BE ANNOUNCED 5.50000000                                        | CUSIP: 21H0526B9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $1006899.39    | 0.06%             | 2055-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BERKELEY GROUP HOLDINGS/ /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2704.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-OAT FUTURE   DEC25                        | FUTURE CONTRACT ON           EURO-OAT FUTURE   DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |       -24 | NC      | $-3419303.16   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEIKO EPSON CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7118.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SBA COMMUNICATIONS CORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11248.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROHM CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6162.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTOLIV INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $16375.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELENOR ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $12.96         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TORO CO                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-586.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTH32 LTD /AUD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $4814.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJITSU LIMITED /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2985.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSMOS PHARMACEUTICAL CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $86.90         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2025-49 FA V/R 06/25/55                        | FANNIE MAE REMICS SER 2025-49 CL FA V/R 5.15603000                                               | CUSIP: 3136BWAF3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1257001 | PA      | $1249054.00    | 0.08%             | 2055-06-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SVENSKA CELLULOSA AB SCA /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $3.87          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXANS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-790.37       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMSTOCK RESOURCES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1293.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TKO GROUP HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3209.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOJAMO OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-536.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKYLARK HOLDINGS CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5365.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HONG KONG EXCHANGES & CL /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-50.89        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAKAKU.COM INC /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2037.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEKAERT NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-171.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLOECKNER & CO SE /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-806.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLOCK INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10995.43      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARA HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1833.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L JANE STREET G ZCP 12/15/31                     | T/L JANE STREET GROUP LLC REGD ZCP TERM LOAN 0.00000000                                          | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |   1538306 | PA      | $1525491.96    | 0.10%             | 2031-12-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS OCEANAGOLD CORP /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $3287.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JTC PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-230.61       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LYNAS RARE EARTHS LTD /AUD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2263.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYANAIR HOLDINGS PLC /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-2317.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRITISH AMERICAN TOBACCO /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $45808.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SARTORIUS STEDIM BIOTECH /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $407.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRINDR INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $806.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRENNTAG SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-2847.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  SEP27                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  SEP27 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -80 | NC      | $-19373000.00  | -1.24%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NXP SEMICONDUCTORS NV                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-6437.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINDE PLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $6286.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELITE MATERIAL CO LTD /TWD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $8888.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CADENCE BANK                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3074.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILLIAMS-SONOMA INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3216.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JBT MAREL CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-962.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCKET LAB CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $50798.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UL SOLUTIONS INC - CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-654.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y P 4.64000 L 07/23/35 BOA           | ORO FWD USD 10Y P 4.64000 L 07/23/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   2100000 | NC      | $110010.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DOORDASH INC - A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13255.61     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROYAL CARIBBEAN CRUISES LTD                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LR        |         1 | NC      | $-1903.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLUMBIA BANKING SYSTEM INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1820.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLAVIYO INC-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $842.81        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OBX 2022-NQM7 A1 V/R 08/25/26                      | OBX 2022-NQM7 TRUST SER 2022-NQM7 CL A1 V/R REGD 144A P/P 5.11000000                             | CUSIP: 67117DAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    467142 | PA      | $466623.16     | 0.03%             | 2062-08-25      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SUNTORY BEVERAGE & FOOD  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $466.42        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DR ING HC F PORSCH /EUR/ /PFD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $9424.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YOKOGAWA ELECTRIC CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1570.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C BRENT CRUDE FUTR  DEC25                        | FUTURE CONTRACT ON           BRENT CRUDE FUTR  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |        72 | NC      | $4754160.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IG GROUP HOLDINGS PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $14784.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QANTAS AIRWAYS LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-467.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIDELITY NATIONAL FINANCIAL                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4076.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASMPT LTD /HKD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $4809.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABBOTT LABORATORIES                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $51015.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ALTAR BIDCO 0% 02/01/2029                      | T/L ALTAR BIDCO INC REGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    443033 | PA      | $442846.53     | 0.03%             | 2029-02-01      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS E.SUN FINANCIAL HOLDING  /TWD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $43.17         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS LIFE HOLDING AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-295.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKANDINAVISKA ENSKILDA B /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $82.33         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MANHATTAN ASSOCIATES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-706.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSMOS PHARMACEUTICAL CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $385.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CPM HOLDINGS I 0% 05/22/28                     | T/L CPM HOLDINGS INC REGD_____  TERM LOAN 0.00000000                                             | CUSIP: 12620BAR1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1275615 | PA      | $1271430.89    | 0.08%             | 2028-09-28      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GLAUKOS CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-534.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDISON INTERNATIONAL                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13.91        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLMEN AB-B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-11.29        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEMPER CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-215.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONE GAS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $619.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBUS MEDICAL INC-A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1170.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORBO HOLDING AG-REG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1469.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIN-ETSU CHEMICAL CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15392.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCEDES-BENZ GROUP AG /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $34061.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SARTORIUS STEDIM BIOTECH /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $13629.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UGI CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1792.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LANCASHIRE HOLDINGS LTD /GBP/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $2337.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2025-18 SM V/R 09/25/54                        | FANNIE MAE REMICS SER 2025-18 CL SM V/R 2.74397000                                               | CUSIP: 3136BVKJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  33913417 | PA      | $2864293.27    | 0.18%             | 2054-09-25      | Variable      | 2.74%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FEDEX CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5013.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  INTERDIGITAL INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10633.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C WHEAT FUTURE(CBT) DEC25                        | FUTURE CONTRACT ON           WHEAT FUTURE(CBT) DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -16 | NC      | $-406400.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD REPUBLIC INTL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12118.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARPENTER TECHNOLOGY                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $72.99         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GETINGE AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $3945.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OXFORD NANOPORE TECHNOLO /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1656.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  JUN27                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  JUN27 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -87 | NC      | $-21075750.00  | -1.34%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICOLD REALTY TRUST INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1187.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERCONTINENTAL EXCHANGE IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2738.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARKLAND CORP /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $9083.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENPACT LTD                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $17.08         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CITIGROUP INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $32633.99      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELEMENT FLEET MANAGEMENT /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $3542.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ENGINEERED MACHINERY HOLDINGS INC  0% 05/21/29 | T/L ENGINEERED MACHINERY HOLDINGS INC REGD 0.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1228509 | PA      | $1229025.40    | 0.08%             | 2029-05-21      | Floating      | 10.26%                | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ERIE INDEMNITY COMPANY-CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2862.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICAJA BANCO SA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $7679.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRYSTAL BIOTECH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-303.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFINA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-16.57        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAYLOR WIMPEY PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $35916.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MDU RESOURCES GROUP INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3795.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINSALE CAPITAL GROUP INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $90.50         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARITZIA INC-SUBORDINATE  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-47509.97     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAMAHA MOTOR CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1846.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C COFFEE 'C' FUTURE MAR26                        | FUTURE CONTRACT ON           COFFEE 'C' FUTURE MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-134606.25    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RWE AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $166.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L PRO MACH   00.00% 08/31/28                     | T/L PRO MACH GROUP INC 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1531943 | PA      | $1533934.51    | 0.10%             | 2028-08-31      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AJINOMOTO CO INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $321.53        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITE GROUP PLC/THE /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4702.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONTO INNOVATION INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8001.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WELLS FARGO & CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $36166.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HSBC HLDGS PLC SPON ADR NEW                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $367.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWMARKET CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2513.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRYG A/S /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-2042.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO FORESTRY CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-599.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L PROJECT ALPHA  0% 12/31/49                     | T/L PROJECT ALPHA INTERMEDIATE HOLDINGS INC 0.00000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1685000 | PA      | $1672362.50    | 0.11%             | 2049-12-31      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SACYR SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-406.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GN STORE NORD A/S /DKK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-13467.85     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HEINEKEN HOLDING NV /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-129.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CUBESMART                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3400.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEBUKI FINANCIAL GROUP I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5739.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MODINE MANUFACTURING CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $959.53        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHINA RESOURCES MIXC LIF /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $94.56         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L TALEN ENERGY 0% 12/13/31                       | T/L TALEN ENERGY SUPPLY LLC 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1331334 | PA      | $1331613.96    | 0.08%             | 2031-12-13      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS APOLLO GLOBAL MANAGEMENT INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $48565.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED MATERIALS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-820.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTERN ALLIANCE BANCORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $988.50        | 0.00%             |  |  |  | No            |                  1 | 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        |    905000 | PA      | $911874.38     | 0.06%             | 2026-03-06      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WSFS FINANCIAL CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $112.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKISTAR AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1.78         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARITZIA INC-SUBORDINATE  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-371.59       | -0.00%            |  |  |  | No            |                  1 | 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        |      -295 | NC      | $-61477539.21  | -3.92%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEROVIRONMENT INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-385.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOMNIGROUP INTERNATIONAL INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $19669.61      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRO MEDICUS LTD /AUD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1519.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C WHITE SUGAR (ICE) DEC25                        | FUTURE CONTRACT ON             WHITE SUGAR (ICE) DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |       -10 | NC      | $-234150.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ADP /EUR/                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-1693.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIVARDEN AB-C SHS /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-147.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOLSON COORS BEVERAGE CO - B                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-20.63        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNAP INC - A                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6003.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUEBECOR INC  -CL B /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2312.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIA GROUP LTD /HKD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $271.73        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CENTRAL PAREN ZCP 07/06/29                     | T/L CENTRAL PARENT LLC REGD    ZCP TERM LOAN 0.00000000                                          | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    896918 | PA      | $773834.35     | 0.05%             | 2029-07-06      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS XYLEM INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $20765.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OSAKA GAS CO LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6738.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMERCIAL METALS CO                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2495.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORION CORP/REPUBLIC OF K /KRW/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-93.98        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASHTEAD GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $13558.81      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNORR-BREMSE AG /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-92.93        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN HOMES 4 RENT- A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-963.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPCOM CO LTD /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1942.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  DILLARDS INC-CL A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7569.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TPMT 2017-6 A2 V/R 10/25/57                        | TOWD POINT MORTGAGE TRUST 2017-6 SER 2017-6 CL A2 V/R REGD 144A P/P 3.00000000                   | CUSIP: 89175JAB6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1919413.00    | 0.12%             | 2057-10-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS EVOKE PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GI        |         1 | NC      | $170.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  WARNER MUSIC GROUP CORP-CL A                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-107.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANQUE CANTONALE VAUDOIS /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-119.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CLEAR CHANNEL 0% 08/21/28                      | T/L CLEAR CHANNEL OUTDOOR      HOLDING INC REGD 0.00000000                                       | CUSIP: 18452RAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1267984 | PA      | $1268934.82    | 0.08%             | 2028-08-21      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS STEVEN MADDEN LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2745.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALBERTSONS COS INC - CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $143.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYUSHU ELECTRIC POWER CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1067.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITERRA CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8844.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AERCAP HOLDINGS NV                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $95.46         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYENSQO SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-580.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T ROWE PRICE GROUP INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5805.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNAP INC - A                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3043.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAR TECHNOLOGY CORP/DEL                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $850.55        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRINET GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-364.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMS-CHEMIE HOLDING AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-781.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGEAS /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $4238.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRACKER BARREL OLD COUNTRY                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-162.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEIR GROUP PLC/THE /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $17224.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO FORESTRY CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $16401.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HORMEL FOODS CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4.70         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 10/14/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797RC3<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   1000000 | PA      | $998539.79     | 0.06%             | 2025-10-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TRAVELERS COS INC/THE                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1558.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEWY INC - CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7155.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DASSAULT AVIATION SA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $22827.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOW INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26828.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IONQ INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8902.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIGN TECHNOLOGY INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1286.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAL GROUP HOLDINGS CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $129.88        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTH BOW CORP /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-13779.80     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COPT DEFENSE PROPERTIES                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2153.93       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD NATIONAL BANCORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2920.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BURBERRY GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2120.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUTURE PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $622.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BVINV 2025-3 AF1 V/R 11/25/27                      | OCEANVIEW MORTGAGE TRUST 2025-INV3 SER 2025-3 CL AF1 V/R REGD 144A P/P 5.29800000                | CUSIP: 67648CAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3313800 | PA      | $3313790.56    | 0.21%             | 2055-05-25      | Variable      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BANC OF CALIFORNIA INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15.13        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANADIAN NATL RAILWAY CO /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $63852.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEW CHINA LIFE INSURANCE /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $1824.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEVRON CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14959.62     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVERY DENNISON CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-116.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HOYA CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3255.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMICUS THERAPEUTICS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $331.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOC HONG KONG HOLDINGS L /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-258.28       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVEREST GROUP LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-1029.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L TERRAFORM 0% 05/21/2029                        | T/L TERRAFORM POWER OPERATING  LLC REGD 0.00000000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    454357 | PA      | $453220.88     | 0.03%             | 2029-05-21      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BOMBARDIER INC-B /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $16.83         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAYFORCE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1041.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYOCERA CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11827.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  EXOR NV /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-600.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENPRO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18.51        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| 1261229 BC LTD 10% 04/15/32                        | 1261229 BC LTD REGD 144A P/P 10.00000000                                                         | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    515000 | PA      | $527901.80     | 0.03%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS NUCOR CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1892.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASICS CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1330.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSMOS PHARMACEUTICAL CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $186.55        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IG GROUP HOLDINGS PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $14409.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UPSTART HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9135.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIFT4 PAYMENTS INC-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7640.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KEYSIGHT TECHNOLOGIES IN                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10522.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FS KKR CAPITAL CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $323.02        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNAPTICS INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1366.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L AUTOKINITON 0% 04/06/28                        | T/L AUTOKINITON US HOLDINGS    INC REGD 0.00000000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    935000 | PA      | $924677.60     | 0.06%             | 2028-04-06      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ADMIRAL GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3762.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE BANK AG-REGISTERED                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-632.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS A2 MILK CO LTD /AUD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-2332.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BPER BANCA SPA /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $185.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DYNAVOX GROUP AB /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-29.37        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEMED CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-838.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANSURBAN GROUP /AUD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-83.69        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KURA SUSHI USA INC-CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9086.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BZ2925 5.24% 01/01/30                       | FANNIE MAE POOL UMBS P#BZ2925 5.24000000                                                         | CUSIP: 3140NXHB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1913000 | PA      | $1987201.29    | 0.13%             | 2030-01-01      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DONALDSON CO INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2539.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CBRE GROUP INC - A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26732.15     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIR CANADA /CAD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-33345.81     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSCOM AG-REG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1526.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXTRA SPACE STORAGE INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12959.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTH BOW CORP /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-11671.64     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORBION NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $416.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TD SYNNEX CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15539.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2024-7 A1 V/R 11/25/27                        | PRPM 2024-7 LLC SER 2024-7 CL A1 V/R REGD 144A P/P 5.87000000                                    | CUSIP: 74448LAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2674330 | PA      | $2675190.84    | 0.17%             | 2029-11-25      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS DISCO CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-86.50        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLIN CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-464.66       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PINTEREST INC- CLASS A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $46254.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | EUR/USD FWD 20251121 000016440 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3231.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TELE2 AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-15772.32     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FASTENAL CO                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-25242.15     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN WATER WORKS CO INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6016.25      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MPC CONTAINER SHIPS AS /NOK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $319.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAM RESEARCH CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $49920.70      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANNOVER RUECKVERSICHERU SE /EUR/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-2241.05      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOW INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8183.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSEX PROPERTY TRUST INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7546.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLARKSON PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $587.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CYBERAGENT INC /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8348.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MELCO CROWN ENTERTAINMENT LTD ADR                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-397.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CINTAS CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $258.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  INGREDION INCORPORATED                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-509.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GIBRALTAR INDUSTRIES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $104.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOYA CORP /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $44977.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QINETIQ GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1709.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXCELIS TECHNOLOGIES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $60.94         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAYMOND JAMES FINANCIAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-25179.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SUGAR #11 (WORLD) MAY26                        | FUTURE CONTRACT ON           SUGAR #11 (WORLD) MAY26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -7 | NC      | $-126537.60    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANRIO CO LTD /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2648.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMPLIFON SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-905.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  DEUTSCHE LUFTHANSA-REG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-17274.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENESIS MINERALS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1680.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALTRIA GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $21766.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEIJI HOLDINGS CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-90.97        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBAL-E ONLINE LTD                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-552.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OBAYASHI CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $14780.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAMSARA INC-CL A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $197.41        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5018 IO 3.5% 10/25/50                          | FREDDIE MAC REMICS SER 5018 CL IO 3.50000000                                                     | CUSIP: 3137FXBF4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6632270 | PA      | $1148505.54    | 0.07%             | 2050-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SYNSAM GROUP AB /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1923.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LCI INDUSTRIES                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $446.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTERN ALLIANCE BANCORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $484.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEALTHEQUITY INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-43.59        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCELLX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-529.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCH CAPITAL GROUP LTD                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-12960.16     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESONA HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9134.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN AIRLINES CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $7548.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTEGRIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $701.87        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KUROS BIOSCIENCES AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2372.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKETAXESS HOLDINGS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8558.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCDONALD'S HOLDINGS CO J /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-110.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONY GROUP CORP /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-34626.23     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C WHEAT FUTURE(CBT) MAR26                        | FUTURE CONTRACT ON           WHEAT FUTURE(CBT) MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -3 | NC      | $-79050.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASCENDIS PHARMA A/S - ADR                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $3370.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONDI PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-722.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BASIC-FIT NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $381.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN TOBACCO INC /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $33.39         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VESUVIUS PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-95.36        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIRTU FINANCIAL INC-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $63.82         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GN STORE NORD A/S /DKK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-3064.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATI INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-314.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FNB CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11.56        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KENVUE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $66287.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSMOS PHARMACEUTICAL CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-0.72         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROHM CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3854.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOOZ ALLEN HAMILTON HOLDINGS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $135.84        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NH FOODS LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $987.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADOBE INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $26426.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTINET INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $30856.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CVS HEALTH CORPORATION_                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3963.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANTOFAGASTA PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-167.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMITH & NEPHEW PLC -SPON ADR                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $104.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESTAURANT BRANDS INTERN /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1591.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZOOM COMMUNICATIONS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $246.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DONGJIN SEMICHEM CO LTD /KRW/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-127.41       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZEBRA TECHNOLOGIES CORP-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-475.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOMINO'S PIZZA INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11712.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRACO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-328.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSURANCE AUSTRALIA GROU /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-436.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CASELLA WASTE SYSTEMS INC-A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-277.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALTAREA /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-54.19        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUTCH BROS INC-CLASS A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2213.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEGRAND SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-219.90       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADMIRAL GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1486.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRUDENTIAL FINANCIAL INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14.65        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS D'IETEREN GROUP /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $114.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOLVO AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $90.96         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L IHEARTCOMMUNIC 0% 05/01/29                     | T/L IHEARTCOMMUNICATIONS INC 0.00000000                                                          | CUSIP: 45174UAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1162073 | PA      | $1012816.23    | 0.06%             | 2029-05-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RENTOKIL INITIAL PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-5832.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCL INDUSTRIES INC - CL  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1407.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GODADDY INC - CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-404.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OC OERLIKON CORP AG-REG /CHF/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $105.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EPIROC AB-B /SEK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $736.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSQUOTE GROUP HOLDING /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-5583.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BIO-TECHNE CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $715.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON STEEL AND SUMITOMO METAL CORPORATION /JPY/                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-30631.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HECLA MINING CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-458.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYMRISE AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $17145.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAVA GROUP INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $783.04        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI MOTORS CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2148.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLOROX COMPANY                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $267.17        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYOTO FINANCIAL GROUP IN /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2491.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIRIUS REAL ESTATE LTD /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GG        |         1 | NC      | $30.41         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DTE ENERGY COMPANY                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4496.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DARLING INGREDIENTS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-112.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAIXABANK SA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $27629.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8973.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJITSU LIMITED /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2496.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNIGHT-SWIFT TRANSPORTATION                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-22135.77     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 5% OCT 25                            | FNMA 30YR TBA 5% OCT 25        TO BE ANNOUNCED 5.00000000                                        | CUSIP: 01F0506A9<br>LEI: N/A                  | Short            | ABS-MBS          | USGA              | US        | -35600000 | PA      | $-35317780.29  | -2.25%            | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MCKESSON CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $37275.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIMON PROPERTY GROUP INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15864.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUTCH BROS INC-CLASS A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-54569.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPFOLIO INC - A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $332.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAMATO HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3140.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ITOCHU CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7398.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROIVANT SCIENCES LTD                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-375.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEEK LTD /AUD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-430.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIRTU FINANCIAL INC-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $275.70        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALLEY NATIONAL BANCORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2659.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERLIN PROPERTIES SOCIMI /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-181.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ICON PAR 0% 11/12/2032                         | T/L ICON PARENT INC REGD 0.00000000                                                              | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1340000 | PA      | $1354659.60    | 0.09%             | 2032-11-12      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KERRY GROUP PLC-A /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-1093.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERNATIONAL PAPER CO                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-33.08        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ISRAEL DISCOUNT BANK A /ILS/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $3430.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DT MIDSTREAM INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3076.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS P G & E CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1372.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-641.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCOR SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-23718.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZENSHO HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1949.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CACI INTERNATIONAL INC -CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1288.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AST SPACEMOBILE INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-42780.02     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLUTTER ENTERTAINMENT PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $6026.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C WTI CRUDE FUTURE  NOV25                        | FUTURE CONTRACT ON           WTI CRUDE FUTURE  NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        66 | NC      | $4116420.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UL SOLUTIONS INC - CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7303.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DSM-FIRMENICH AG /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-3441.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIGMA HEALTHCARE LIMITED /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1218.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASTERN BANKSHARES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $70.74         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNOPSYS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2071.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEARSON PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1762.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STRYKER CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $918.55        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISSIN FOOD HOLDINGS CO LTD /JPY/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-745.41       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VF CORP                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-181.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L JONES DES 0% 03/15/30                          | T/L JONES DESLAURIERS          INSURANCE MANAGEMENT INC REGD 0.00000000                          | CUSIP: C4900AAM9<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1176058 | PA      | $1169813.48    | 0.07%             | 2030-03-15      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| ORO USD 7Y P 5.00000 L 04/06/26 BRC                | ORO USD 7Y P 5.00000 L 04/06/26 BRC 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   5100000 | NC      | $1434.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LUMEN TECHNOLOGIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-67.91        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMPLENIA AG-REG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1464.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BURLINGTON STORES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $37109.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VITA COCO CO INC/THE                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1753.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEMRING GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1870.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KROGER CO                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1988.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUALCOMM INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3166.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILLIS TOWERS WATSON PLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-6443.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OPMOBILITY /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $7.94          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TELE2 AB-B SHS /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1985.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUBARU CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4904.68      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONDELEZ INTERNATIONAL INC-A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15021.90     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAPUTO INC /CAD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-270.92       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2022-H16 FB V/R 08/20/72                       | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2022-H16 CL FB V/R 5.28881000                       | CUSIP: 38382YWP4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    938899 | PA      | $939173.35     | 0.06%             | 2072-08-20      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SWISS LIFE HOLDING AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-35773.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSCOM AG-REG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-8684.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5510 FM V/R 02/25/55                           | FREDDIE MAC REMICS SER 5510 CL FM V/R 5.50603000                                                 | CUSIP: 3137HJMT1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1988348 | PA      | $1995707.09    | 0.13%             | 2055-02-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  MITSUI OSK LINES LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $25208.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOLBY LABORATORIES INC-CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3.19          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JBT MAREL CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-892.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVEREST GROUP LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-620.56       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C NASDAQ 100 E-MINI DEC25                        | FUTURE CONTRACT ON           NASDAQ 100 E-MINI DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        55 | NC      | $27391925.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ISUZU MOTORS LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $12315.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEST FRASER TIMBER CO LT /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $7336.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXFOOD AB /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $545.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLOWSERVE CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1714.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SMB 2018-A B 3.96% 08/15/28                        | SMB PRIVATE EDUCATION LOAN TRUST 2018-A SER 2018-A CL B REGD 144A P/P 3.96000000                 | CUSIP: 78449PAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3400000 | PA      | $3337726.62    | 0.21%             | 2042-07-15      | Fixed         | 3.96%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SAGAX AB-B /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $281.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL MUSIC GROUP NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $7754.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | EUR/USD FWD 20251002 000001538 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $8325.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SEIKO EPSON CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6734.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAMMERSON PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $456.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIMLER TRUCK HOLDING AG /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1050.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L POLARIS NEW 0% 06/02/2028                      | T/L POLARIS NEWCO LLC REGD 0.00000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1087820 | PA      | $1047178.94    | 0.07%             | 2028-06-02      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| T/L DELTA AIR 0% 10/20/2027                        | T/L DELTA AIR LINES INC REGD 0.00000000                                                          | CUSIP: 24736CBS2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    264886 | PA      | $264920.80     | 0.02%             | 2027-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GAP INC/THE                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4515.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELE2 AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $961.89        | 0.00%             |  |  |  | No            |                  1 | 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        |       351 | NC      | $39487500.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y P 4.47000 L 06/04/35 BOA           | ORO FWD USD 10Y P 4.47000 L 06/04/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1000000 | NC      | $56142.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BLOCK INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6939.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEDIATEK INC /TWD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-5454.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C NIKKEI 225  (SGX) DEC25                        | FUTURE CONTRACT ON           NIKKEI 225  (SGX) DEC25 /JPY/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | SG        |        38 | NC      | $5769313.99    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAMES HARDIES INDUSTRIES /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $5963.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONOLITHIC POWER SYSTEMS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $547.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAMDEN PROPERTY TRUST                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4200.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TARGET CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1660.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T ROWE PRICE GROUP INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5530.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVNET INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-96.49        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  UPM-KYMMENE OYJ /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $652.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON MATTHEY PLC /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $271.87        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENKEL AG & CO KGAA /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-6984.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAN GROUP PLC/JERSEY /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $609.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GUOTAI JUNAN INTERNATION /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-19738.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VITEC SOFTWARE GROUP AB- /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $755.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALEXANDRIA REAL ESTATE EQUIT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2462.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AURUBIS AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $20399.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLUMBIA BANKING SYSTEM INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $106.64        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PPG INDUSTRIES INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $90.26         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DROPBOX INC-CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-81.71        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MDA SPACE LTD /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-159.93       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QIAGEN N.V. /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-157.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EUROFINS SCIENTIFIC /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $2805.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGEAS /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $823.43        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACI WORLDWIDE INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $143.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENERGIZER HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2357.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VISCOFAN SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $227.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ACE 2005-HE3 M4 V/R 05/25/35                       | ACE SECURITIES CORP HOME EQUITY LOAN TRUST SERIE SER 2005-HE3 CL M4 V/R REGD 5.21739000          | CUSIP: 004421NF6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1274000 | PA      | $1177319.20    | 0.08%             | 2035-05-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS STANDARD CHARTERED PLC/GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $350.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROGERS COMMUNICATIONS IN /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $40764.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOLVO AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $71.45         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAZDA MOTOR CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1089.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FACTSET RESEARCH SYSTEMS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $60347.99      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| X.AI LLC/X.AI C 12.5% 06/30/30                     | X.AI LLC/X.AI CO ISSUER REGD P/P 12.50000000                                                     | CUSIP: 983984AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $330321.92     | 0.02%             | 2030-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SSP GROUP PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-924.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIOMERIEUX /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $11.14         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BZ2944 5.205% 01/01/32                      | FANNIE MAE POOL UMBS P#BZ2944 5.20500000                                                         | CUSIP: 3140NXHW6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1429775 | PA      | $1491870.43    | 0.10%             | 2032-01-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NEXI SPA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $6505.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SSR MINING INC /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-29167.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RWE AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-66052.11     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPITAL ONE FINANCIAL CORP                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3240.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTAIN PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IM        |         1 | NC      | $347.21        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEST FRASER TIMBER CO LT /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1679.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GN STORE NORD A/S /DKK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-1587.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OCCIDENTAL PETROLEUM CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-35693.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEA LTD-ADR                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-54874.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UPM-KYMMENE OYJ /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-1539.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIA GROUP LTD /HKD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-7460.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BASF SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-7.02         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCOUT24 SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-299.61       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLOUDFLARE INC - CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $43310.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXTERA ENERGY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $35233.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SSE PLC /GBP/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-30158.29     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GN STORE NORD A/S /DKK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $783.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCELORMITTAL /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-10706.79     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UDR INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11.46        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIEGFRIED HOLDING AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $833.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MDA SPACE LTD /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $76.82         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISSAN MOTOR CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-194.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INCYTE CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1058.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIOCAN REAL ESTATE INVST /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2191.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AES CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-333.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUMA SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $538.86        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADOBE INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-474.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGENCY CENTERS CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $157.70        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 6% NOV 25                            | FNMA 30YR TBA 6% NOV 25        TO BE ANNOUNCED 6.00000000                                        | CUSIP: 01F0606B6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  66180000 | PA      | $67595256.65   | 4.31%             | 2055-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HISCOX LTD /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $517.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHECK POINT SOFTWARE TECH                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $15556.70      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUNT (JB) TRANSPRT SVCS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $88.02         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOAR HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-600.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JM AB /SEK/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $421.84        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JABIL INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $162.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIEMENS ENERGY AG /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $9614.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAZZ PHARMACEUTICALS PLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-564.47       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMBEA AB /SEK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $280.47        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANAL+ SADIR /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-200.47       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MSRM 2024-NQM3 A V/R 07/25/69                      | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN  SER 2024-NQM3 CL A1 V/R REGD 144A P/P 5.04400000       | CUSIP: 61776UAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    178502 | PA      | $178398.63     | 0.01%             | 2069-07-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS MERCURY GENERAL CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-158.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WPP PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-11359.03     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SGS SA-REG /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-115.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTPAC BANKING CORP /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-8067.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJITSU LIMITED /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3122.92       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO COMERCIAL PORTUGUE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-3289.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICHARM CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-18265.02     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TALANX AG /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-409.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEISEI ELECTRIC RAILWAY  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1770.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIBUS NORDIC REAL ESTAT  /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-526.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUCHER INDUSTRIES AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $631.08        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENTAIR PLC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $99.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES 2013-2A AR3 V/R 10/28/34                      | ARES XXVII CLO LTD SER 2013-2A CL AR3 V/R REGD 144A P/P 5.46381000                               | CUSIP: 00190YBP9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3100000 | PA      | $3103596.62    | 0.20%             | 2034-10-28      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| F/C AUDUSD CRNCY FUT  DEC25                        | FUTURE CONTRACT ON           AUDUSD CRNCY FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |       228 | NC      | $15098160.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIFT INC /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $806.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANKYU HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7151.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSPC PHARMACEUTICAL GROU /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $2389.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALTAGAS LTD /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-6577.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWCC CORP /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1234.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SKANSKA AB-B SHS /SEK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $2702.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALCON INC /CHF/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $20947.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN HOMES 4 RENT- A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5593.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NICE SYSTEMS LTD /ILS/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-218.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DONALDSON CO INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $290.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOGITECH INTERNATIONAL-R /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $28029.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASTELLAS PHARMA INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11410.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POPULAR INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PR        |         1 | NC      | $1456.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAGE GROUP PLC/THE /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $16478.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ENGINEERED 0% 05/19/28                         | T/L ENGINEERED MACHINERY       HOLDINGS INC REGD 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1812143 | PA      | $1820551.10    | 0.12%             | 2028-05-19      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SEA LTD-ADR                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-633.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AURIZON HOLDINGS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-48.07        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KILROY REALTY CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2810.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS E.ON SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $25534.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAN LANSCHOT KEMPEN NV /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-169.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CFMT 2024-RM5 A V/R 10/25/54                       | CASCADE FUNDING MORTGAGE TRUST 2024-RM5 SER 2024-RM5 CL A V/R REGD 144A P/P 4.00000000           | CUSIP: 147275AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1875956 | PA      | $1842699.36    | 0.12%             | 2054-10-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| T/L ARSENAL AIC 0% 08/18/2030/                     | T/L ARSENAL AIC PARENT LLC     REGD 0.00000000                                                   | CUSIP: 04287KAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1098666 | PA      | $1096952.49    | 0.07%             | 2030-08-18      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CF INDUSTRIES HOLDINGS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4443.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAMAR ADVERTISING CO-A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5639.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORIENTAL LAND CO LTD /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5179.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELEVANCE HEALTH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $157.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEVERN TRENT PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-4034.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WARTSILA  /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $2757.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADVANCED MICRO DEVICES                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4367.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLCIM LTD /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-223.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WIHLBORGS FASTIGHETER AB /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-89.41        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALASKA AIR GROUP INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-634.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  WHARF HOLDINGS LTD /HKD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $2386.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNOWFLAKE INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1223.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TJX COMPANIES INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $22804.86      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXTNAV INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3270.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIB GROUP PLC /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $1275.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALEXANDRIA REAL ESTATE EQUIT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2933.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L HRNI HOLDINGS ZCP 12/11/28                     | T/L HRNI HOLDINGS LLC REGD ZCP TERM LOAN 0.00000000                                              | CUSIP: 40443NAC4<br>LEI: 549300V1ELIRK8JURN28 | Long             | LON              | CORP              | US        |    741206 | PA      | $720207.54     | 0.05%             | 2028-12-11      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  CARETRUST REIT INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9110.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOHO CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-998.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REA GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $192.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON BUILDING FUND INC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3131.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GWOLF 2020-3RA A V/R 04/22/33                      | GREYWOLF CLO III LTD SER 2020-3RA CL A1R2 V/R REGD 144A P/P 5.56199000                           | CUSIP: 39809CAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    487609 | PA      | $488662.53     | 0.03%             | 2033-04-22      | Variable      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS FLUTTER ENTERTAINMENT PLC-DI                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $119660.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROYAL BANK OF CANADA /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-35882.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PURECYCLE TECHNOLOGIES INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $685.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPITALAND ASCENDAS REIT /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-3413.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSENT GROUP LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $565.81        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITORI HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4636.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MGIC INVESTMENT CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3848.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y C 2.60000 L  06/17/26 BOA               | ORO USD 7Y C 2.60000 L  06/17/26 BOA 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  11300000 | NC      | $29646.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| T/L ANTICIMEX 0% 11/16/28                          | T/L ANTICIMEX INTERNATIONAL AB REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    444231 | PA      | $444626.12     | 0.03%             | 2028-11-16      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CASEY'S GENERAL STORES INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5301.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PFIZER INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $24093.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEN DIGITAL INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $748.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORKLA ASA /NOK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $1522.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L COMMSCOPE INC  0% 12/17/29                     | T/L COMMSCOPE INC 0.00000000                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    895000 | PA      | $905068.75     | 0.06%             | 2029-12-17      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GRAPHIC PACKAGING HOLDING CO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15822.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATWEST GROUP PLC -SPON ADR                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $343.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SARTORIUS AG-VORZUG /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $15693.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BHP GROUP LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1683.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOMBARDIER INC-B /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1066.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KILROY REALTY CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3749.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARKLAND CORP /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $17375.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRSTMX GROUP LTD /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $61.89         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELASTIC NV                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-243.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SILICON LABORATORIES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3604.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERROTEC CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-602.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIGHT HORIZONS FAMILY SOLUT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2019.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ICF INTERNATIONAL INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $118.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCDONALD'S HOLDINGS CO J /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2843.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELE2 AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $2127.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACADEMY SPORTS & OUTDOORS IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-791.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OKTA INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1159.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO COMERCIAL PORTUGUE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-28884.18     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L DIRECTV 0% 08/02/2029                          | T/L DIRECTV FINANCING LLC REGD 0.00000000                                                        | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1156378 | PA      | $1157222.06    | 0.07%             | 2029-08-02      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ALBERTSONS COS INC - CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $18.69         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  MITSUBISHI MOTORS CORP /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1232.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ANCHC 2021-20A A V/R 01/20/35                      | ANCHORAGE CAPITAL CLO 20 LTD SER 2021-20A CL A1R V/R REGD 144A P/P 5.42549000                    | CUSIP: 03330YAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3300000 | PA      | $3302475.00    | 0.21%             | 2035-01-20      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS QANTAS AIRWAYS LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-273.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELIX PHARMACEUTICALS LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $4136.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C LOW SU GASOIL G   NOV25                        | FUTURE CONTRACT ON           LOW SU GASOIL G   NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |       101 | NC      | $6938700.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATLASSIAN CORP-CL A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11359.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT AB /SEK/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1261.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C JPN 10Y BOND(OSE) DEC25                        | FUTURE CONTRACT ON           JPN 10Y BOND(OSE) DEC25 /JPY/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | JP        |       -55 | NC      | $-50501741.22  | -3.22%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAVA GROUP INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4894.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCSK CORPORATION /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5221.28      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11890.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C MSCI EAFE         DEC25                        | FUTURE CONTRACT ON           MSCI EAFE         DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       322 | NC      | $44843330.00   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HISCOX LTD /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-7780.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WSP GLOBAL INC /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-31139.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SOFI TECHNOLOGIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $267.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANTERO RESOURCES CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $258.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPIRAX GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-664.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRANSWICK PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $45.46         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMERCE BANCSHARES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $86.14         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HCA HEALTHCARE INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13870.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI MOTORS CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4254.13       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLOW TRADERS LTD /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $215.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PINTEREST INC- CLASS A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1578.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CUSHMAN & WAKEFIELD PLC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $275.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEVA PHARMACEUTICAL-SP ADR                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-10553.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y C 2.70000 L 03/23/26 BOA                | ORO USD 7Y C 2.70000  L03/23/26 BOA 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   4800000 | NC      | $9002.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GALP ENERGIA SGPS SA  B /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-630.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS C.H. ROBINSON WORLDWIDE INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $57.72         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOLARIA ENERGIA Y MEDIO  /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $3019.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUZUKI MOTOR CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11488.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASTEC INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $45894.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERIZON COMMUNICATIONS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2551.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  AAON INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17987.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CK INFRASTRUCTURE HOLDIN /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $907.10        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAGLE MATERIALS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-839.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XCEL ENERGY INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11438.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIG COMBIBLOC GROUP AG /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $25838.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L PARADIGM 0% 04/16/32                           | T/L PARADIGM PARENT LLC REGD 0.00000000                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    455000 | PA      | $407652.70     | 0.03%             | 2032-04-16      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS OBAYASHI CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $14342.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATAS A/S /DKK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $510.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSW INDUSTRIALS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $286.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHNEIDER NATIONAL INC-CL B                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-42.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ITRON INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10254.03     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS S.O.I.T.E.C. /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-5429.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GUBRA A/S /DKK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-371.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CRVNA 2024-N3  4.84% 01/12/26                      | CARVANA AUTO RECEIVABLES TRUST 2024-N3 SER 2024-N3 CL A2 REGD 144A P/P 4.84000000                | CUSIP: 14687WAB6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     82259 | PA      | $82314.65      | 0.01%             | 2027-12-10      | Fixed         | 4.84%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS NESTLE SA-REG /CHF/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-14633.08     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHELL PLC /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2021.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAPLEBEAR INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1986.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT AB /SEK/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $17268.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEDICOVER AB - B SHARE /SEK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $67.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SFS GROUP AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-159.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARNIVAL PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-6362.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINCH AB /SEK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-83.93        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIOGAIA AB-B SHS /SEK/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-357.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINCH AB /SEK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-91.48        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THULE GROUP AB/THE /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $496.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UMICORE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-10850.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUBLIC SERVICE ENTERPRISE GP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2198.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAMURUS AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-133.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOCUSIGN INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14856.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KION GROUP AG /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $346.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FTRSD IMPERIAL BRANDS PLC /GBP/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2192.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BKW SA /CHF/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-3743.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TEXTRON INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13673.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIGHTMOVE PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3126.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIRKENSTOCK HOLDING PLC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $45.81         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONY FINANCIAL GROUP INC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $665.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UBS GROUP AG-REG                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1181.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN MEAL FUTR DEC25                        | FUTURE CONTRACT ON           SOYBEAN MEAL FUTR DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |      -190 | NC      | $-5192700.00   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRAPORT AG FRANKFURT AIR /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $2409.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOLKSWAGENWERK AG PRF /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-28521.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOLL BROTHERS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11612.10     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C C$ CURRENCY FUT   DEC25                        | FUTURE CONTRACT ON           C$ CURRENCY FUT   DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |      -452 | NC      | $-32589200.00  | -2.08%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOSOH CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6582.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KUEHNE + NAGEL INTL AG-R /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $20593.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TDK CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1937.35      | -0.00%            |  |  |  | No            |                  1 | 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        |     99077 | PA      | $99548.06      | 0.01%             | 2055-08-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RYAN SPECIALTY HOLDINGS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5240.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHRISTIAN DIOR SE /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-183.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIXMOR PROPERTY GROUP INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3848.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJIKURA LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1487.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C JPN YEN CURR FUT  DEC25                        | FUTURE CONTRACT ON           JPN YEN CURR FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |         1 | NC      | $85175.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVANTOR INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $184.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEROVIRONMENT INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-46692.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NUVISTA ENERGY LTD /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-931.71       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CME GROUP INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6917.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PILGRIM'S PRIDE CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $299.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON PAINT CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8260.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IBOTTA INC-CL A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-833.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOCIONEXT INC /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3739.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STONECO LTD-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $1250.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENTOKIL INITIAL PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-5839.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPFOLIO INC - A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8261.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INNOCARE PHARMA LTD-H /HKD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-4475.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTESCUE LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $13093.15      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRET 2025-RPL4 A V/R 03/25/65                      | PRET 2025-RPL4 TRUST SER 2025-RPL4 CL A1 V/R REGD 144A P/P 4.00000000                            | CUSIP: 740943AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5400000 | PA      | $5396884.20    | 0.34%             | 2065-03-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS DAI NIPPON PRINTING CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $649.42        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C BRENT CRUDE FUTR  JAN26                        | FUTURE CONTRACT ON           BRENT CRUDE FUTR  JAN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |         2 | NC      | $131240.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NASDAQ INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-82105.17     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KUBOTA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2529.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWATCH GROUP AG/THE-BR /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-684.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DCC PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $74.76         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIWA SECURITIES GROUP I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6655.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOHOKU ELECTRIC POWER CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5480.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAND SECURITIES GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-899.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINNEVIK AB - B /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-558.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INPOST SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $12392.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KINETIK HOLDINGS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-336.92       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERBUND AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-917.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMCD NV /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1984.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STANLEY BLACK & DECKER INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1002.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOHO CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $183.11        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEW GOLD INC /CAD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $5933.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMDOCS LTD                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GG        |         1 | NC      | $-9483.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1834.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EASYJET PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-212.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SILVER FUTURE     DEC25                        | FUTURE CONTRACT ON           SILVER FUTURE     DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -39 | NC      | $-9094800.00   | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLEIMA AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-73.49        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINDE PLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-992.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLUESCOPE STEEL LTD/AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-55.10        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALPHATEC HOLDINGS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $750.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RADNET INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-729.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAWAG GROUP AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $339.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOBVISTA INC /HKD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $1636.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAL CO LTD /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $304.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRANKLIN ELECTRIC CO INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23.43        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARRAY TECHNOLOGIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11.98         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FNAC DARTY SA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-22.93        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C NIKKEI 225  (SGX) DEC25                        | FUTURE CONTRACT ON           NIKKEI 225  (SGX) DEC25 /JPY/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | SG        |        -3 | NC      | $-455472.16    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORKDAY INC-CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $27467.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TKO GROUP HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3095.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIN-ETSU CHEMICAL CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $94028.16      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASR NEDERLAND NV /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1486.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEG IMMOBILIEN SE /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1860.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y P 4.42700 L 08/06/35 BOA           | ORO FWD USD 10Y P 4.42700 L 08/06/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   2000000 | NC      | $114388.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS UNITEDHEALTH GROUP INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5333.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OBAYASHI CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15129.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROYAL BANK OF CANADA /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $5142.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAKITA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1257.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOMAX HOLDING AG-REG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $392.07        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLUESCOPE STEEL LTD/AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-434.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BADGER METER INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1915.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  GECINA SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $101.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FIRST SOLAR INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $105.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NASDAQ INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1975.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RADNET INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-53.39        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DANAHER CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $40301.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TARGA RESOURCES CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $0.35          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS LIFE HOLDING AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2063.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DENSO CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-943.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKANDINAVISKA ENSKILDA B /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-409.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONO PHARMACEUTICAL CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3300.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CVS HEALTH CORPORATION_                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-578.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDBERGS AB-B SHS /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $466.45        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWMONT CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7218.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTEGRIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-36028.53     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSITY AKTIEBOLAG-B /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $11402.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TMX GROUP LTD /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $56.37         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RECRUIT HOLDINGS CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2313.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SODEXO SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-468.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORDIC SEMICONDUCTOR ASA /NOK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-1402.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIPROGY INC /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-355.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI CORP /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $13833.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XPO INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $942.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CRVNA 2021-N1  4.55% 11/10/25                      | CARVANA AUTO RECEIVABLES TRUST 2021-N1 SER 2021-N1 CL F REGD 144A P/P 4.55000000                 | CUSIP: 14687DAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    305040 | PA      | $303290.06     | 0.02%             | 2028-01-10      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SOFINA SA RTS 12/31/2049 /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-127.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SSAB AB - B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $7606.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROKU INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $35215.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WINNEBAGO INDUSTRIES                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-51.79        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHELL PLC-ADR                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2612.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RCKT 2025-CES1 A V/R 01/25/29                      | RCKT MORTGAGE TRUST 2025-CES1 SER 2025-CES1 CL A1A V/R REGD 144A P/P 5.65300000                  | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2769331 | PA      | $2802177.83    | 0.18%             | 2045-01-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS CONSTELLATION ENERGY                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $46449.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVOCURE LTD                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-113.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLENCORE PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $2002.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BECHTLE AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1563.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS 10X GENOMICS INC-CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $91.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TATE & LYLE PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $8178.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 11/28/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797NL7<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   1303000 | PA      | $1294634.38    | 0.08%             | 2025-11-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS COMMERZBANK AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-5163.94      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SG HOLDINGS CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1747.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KERRY GROUP PLC-A /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $471.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOAST INC-CLASS A                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $16999.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IGM FINANCIAL INC /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2137.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5196 DI 3% 02/25/52                            | FREDDIE MAC REMICS SER 5196 CL DI 3.00000000                                                     | CUSIP: 3137H5WD5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  16876932 | PA      | $2773273.24    | 0.18%             | 2052-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  NEXTRACKER INC-CL A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-172.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADA CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8107.70       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARM HOLDINGS PLC-ADR                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $680.08        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRITISH LAND CO PLC /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $353.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELKEM ASA /NOK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-440.53       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORGANO CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-149.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCOR SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $9588.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JFE HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8446.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEALTHEQUITY INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-327.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  VULCAN MATERIALS CO                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $18177.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSTALLED BUILDING PRODUCTS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7613.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTHERN CO/THE                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9704.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L AMWINS GROUP  ZCP 01/30/32                     | T/L AMWINS GROUP INC REGD ZCP TERM LOAN 0.00000000                                               | CUSIP: 03234TBA5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    768065 | PA      | $767558.41     | 0.05%             | 2032-01-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CONCENTRIX CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5636.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CROWDSTRIKE HOLDINGS INC - A                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3877.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HERC HOLDINGS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $653.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1884.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 5.00000 L 03/30/26 FAR                | ORO USD 7Y P 5.00000 L 03/30/26 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   2400000 | NC      | $595.68        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CHIPOTLE MEXICAN GRILL INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $18536.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FINCANTIERI SPA /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $525.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL AUSTRALIA BANK  /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $734.38        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROGYNY INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-273.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMETEK INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10087.97     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOST HOTELS & RESORTS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2544.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBUS MEDICAL INC-A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $678.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ERICSSON LM-B SHS /SEK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $18233.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THOMSON REUTERS CORP /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-42118.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAYWARD HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-159.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAKASHIMAYA CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $28.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FDJ UNITED /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-201.24       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NCR VOYIX CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $303.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADA CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-457.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOBVISTA INC /HKD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $875.59        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESONAC HOLDINGS CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3656.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOBE STEEL LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3046.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  DUOLINGO                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $62237.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C WTI CRUDE FUTURE  NOV25                        | FUTURE CONTRACT ON           WTI CRUDE FUTURE  NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |         1 | NC      | $62370.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMPASS GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2165.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHWAB (CHARLES) CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9978.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIFT4 PAYMENTS INC-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1451.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDONMETRIC PROPERTY PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-560.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HD HYUNDAI ELECTRIC CO L /KRW/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-461.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2024-100 FD V/R 06/25/54                       | FANNIE MAE REMICS SER 2024-100 CL FD V/R 5.80603000                                              | CUSIP: 3136BUGR5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  16620550 | PA      | $16694765.42   | 1.06%             | 2054-06-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| UMBS P#BZ2582 4.3% 12/01/29                        | FANNIE MAE POOL UMBS P#BZ2582 4.30000000                                                         | CUSIP: 3140NW2Q7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5011000 | PA      | $5053037.53    | 0.32%             | 2029-12-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ALFA LAVAL AB /SEK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-84.60        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS P G & E CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $20308.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN TOWER CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7209.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIEMENS HEALTHINEERS AG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $213.02        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SERVICE CORP INTERNATIONAL                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2549.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRINCIPAL FINANCIAL GROUP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1307.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C FTSE CHINA A50    OCT25                        | FUTURE CONTRACT ON           FTSE CHINA A50    OCT25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | SG        |       714 | NC      | $10792110.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENESIS MINERALS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-142.85       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LCM 31A AR V/R 07/20/34                            | LCM 31 LTD SER 31A CL AR V/R REGD 144A P/P 5.60549000                                            | CUSIP: 50201QAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250202.50     | 0.02%             | 2034-07-20      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS FUJITSU LIMITED /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2751.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIOGEN INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1180.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORDEA BANK ABP /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $7436.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POSTE ITALIANE SPA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $2015.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CTS EVENTIM AG & CO KGAA /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $24193.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEA LTD-ADR                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-421.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAISEI CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1712.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TIMKEN CO                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2021.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L AMC ENTERTA 0% 01/04/2029                      | T/L AMC ENTERTAINMENT          HOLDINGS INC REGD 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1639667 | PA      | $1642749.62    | 0.10%             | 2029-01-04      | Floating      | 11.13%                | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CHECK POINT SOFTWARE TECH                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $178.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WARNER MUSIC GROUP CORP-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-55.24        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAYCURRENT INC /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5254.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOBIMO HOLDING AG-REG /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-849.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DANONE /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-1955.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MICROSOFT CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4570.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SURGERY PARTNERS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $57.43         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 11/20/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797QR1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  10000000 | PA      | $9944826.40    | 0.63%             | 2025-11-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AXALTA COATING SYSTEMS LTD                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-15319.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IPSEN /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-444.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCOUT24 SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $11340.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLCIM LTD /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-264.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTEGRIS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $684.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YUM! BRANDS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $503.27        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTIVE CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2121.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUKUOKA FINANCIAL GROUP  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10128.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BALFOUR BEATTY PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $276.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI CONSTRUCTION MAC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6613.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL GRID PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-17270.85     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ICICI BANK LTD-SPON ADR                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IN        |         1 | NC      | $12168.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHINA RESOURCES GAS GROU /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $304.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOURMALINE OIL CORP /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-8993.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUKUOKA FINANCIAL GROUP  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10159.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGENERON PHARMACEUTICALS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10587.41     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KKR & CO INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5141.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SODEXO SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $551.21        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APOLLO GLOBAL MANAGEMENT INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $714.47        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CGCMT 2018-C6 4.242% 10/10/23                      | CITIGROUP COMMERCIAL MORTGAGE TRUST 2018-C6 SER 2018-C6 CL A2 REGD 4.24200000                    | CUSIP: 17327GAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3876694 | PA      | $3868625.37    | 0.25%             | 2051-11-10      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ELI LILLY & CO                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-20384.26     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRAFT HEINZ CO/THE                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-283.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSULET CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-34001.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUKUOKA FINANCIAL GROUP  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10588.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEIKO EPSON CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6997.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAL MILLS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23330.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GPT GROUP /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $933.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKZO NOBEL N.V. /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1961.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVA MEASURING INSTRUMEN /ILS/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-2627.28      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ALLIED UNIVERS 0% 08/06/32                     | T/L ALLIED UNIVERSAL HOLDCO    LLC REGD TERM LOAN 0.00000000                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    400000 | PA      | $401272.00     | 0.03%             | 2032-08-06      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HELIOS TOWERS PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-580.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BREEDON GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-162.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CMC MARKETS PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $999.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BECTON DICKINSON AND CO                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $27344.81      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATURGY ENERGY GROUP SA /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $603.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORKDAY INC-CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $22893.97      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TMX GROUP LTD /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3413.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELENOR ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $148.27        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PANDOX AB /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-306.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONOCOPHILLIPS                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2487.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YOKOGAWA ELECTRIC CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2694.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAYERISCHE MOTOREN WERKE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-33455.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCC INTELLIGENT SOLUTIONS HO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1938.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOME DEPOT INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $22019.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLSTATE CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8820.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKYWEST INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-422.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MSM 2007-6XS 2A6 V/R 02/25/47                      | MORGAN STANLEY MORTGAGE LOAN TRUST 2007-6XS SER 2007-6XS CL 2A6S V/R REGD 6.20097000             | CUSIP: 61751JAM3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     80550 | PA      | $27343.84      | 0.00%             | 2047-02-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UMBS P#BZ3314 5.55% 11/01/31                       | FANNIE MAE POOL UMBS P#BZ3314 5.55000000                                                         | CUSIP: 3140NXVG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    249279 | PA      | $263129.88     | 0.02%             | 2031-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ASP ISOTOPES INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $564.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEMPRA                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-654.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDORSIA LTD /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-4833.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GN STORE NORD A/S /DKK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-1226.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITALGAS SPA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $18112.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEPTUNE BIDCO U 9.29% 04/15/29                     | NEPTUNE BIDCO US INC REGD 144A P/P 9.29000000                                                    | CUSIP: 640695AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $617834.70     | 0.04%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS ASSA ABLOY AB-B /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1616.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOOZ ALLEN HAMILTON HOLDINGS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11568.53     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST HOLDINGS CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $16123.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOOT BARN HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8228.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXXON MOBIL CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1996.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPORTRADAR GROUP AG-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1456.70       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOLENO THERAPEUTICS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-567.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJI ELECTRIC COMPANY/JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2012.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VODAFONE GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3422.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HILTON GRAND VACATIONS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $733.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDONMETRIC PROPERTY PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-145.82       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C KOREA 3YR BND FUT DEC25                        | FUTURE CONTRACT ON           KOREA 3YR BND FUT DEC25 /KRW/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | KR        |       -23 | NC      | $-1750593.35   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FREEE KK /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3997.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HDFC BANK LTD-ADR                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IN        |         1 | NC      | $9582.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMURFIT WESTROCK PLC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $24685.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANTERO MIDSTREAM CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-71.98        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAAB AB-B /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-23798.11     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIAGEO PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-94.34        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  UL SOLUTIONS INC - CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-57.85        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELIX PHARMACEUTICALS LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $1180.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLUTTER ENTERTAINMENT PLC-DI                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $34172.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IONIS PHARMACEUTICALS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $107.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATMOS ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-22261.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REPSOL SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $25387.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PROJECT BEIGNET 6.85% 06/01/49                     | PROJECT BEIGNET SR SEC 144A    REGD 6.85000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   5310000 | PA      | $5310000.00    | 0.34%             | 2049-06-01      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS PINNACLE FINANCIAL PARTNERS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1355.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SANDOZ GROUP AG /CHF/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $136.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIKE INC -CL B                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3192.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BE SEMICONDUCTOR INDUSTR /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $8.46          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAPA JOHN'S INTL INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1092.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#CC0590 6% 06/01/55                          | FANNIE MAE POOL UMBS P#CC0590 6.00000000                                                         | CUSIP: 3140Y6UQ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    480215 | PA      | $491762.97     | 0.03%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AUTO1 GROUP SE /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1242.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPERIAN PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-889.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEIJI HOLDINGS CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2767.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISOURCE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27591.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HYDRO ONE LTD /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-14273.89     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIICHI SANKYO CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-17852.22     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYANAIR HOLDINGS PLC /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-1126.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE BOERSE AG /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $4610.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASTELLAS PHARMA INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $17269.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAWASAKI HEAVY INDUSTRIE /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3459.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STERLING INFRASTRUCTURE INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3718.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIGHTMOVE PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2461.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SVENSKA CELLULOSA AB SCA /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1785.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK HAPOALIM BM /ILS/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $679.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENAGAS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $5363.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKEL GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $99.05         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  MAR26                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      -425 | NC      | $-102536562.50 | -6.54%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDVIK AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-259.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONE OYJ-B /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-9375.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEIBU HOLDINGS INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2516.43      | -0.00%            |  |  |  | No            |                  1 | 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        |       -46 | NC      | $-3450219.82   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AES CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $591.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTIVE CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9268.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CYBERAGENT INC /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9419.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERDIGITAL INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1448.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERCONTINENTAL HOTELS  /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $24559.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CLOUD SOFT 00.00% 03/21/31                     | T/L CLOUD SOFTWARE GROUP INC. 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1140225 | PA      | $1144147.82    | 0.07%             | 2031-03-21      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MITSUI CHEMICALS INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9787.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKEL GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $207.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ICL GROUP LTD                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-134.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF NEW YORK MELLON CORP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-186.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCDONALD'S HOLDINGS CO J /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-82.50        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ETORO GROUP LTD-A                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | VG        |         1 | NC      | $716.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORP ACCIONA ENERGIAS RE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-141.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COREWEAVE INC-CL A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1332.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADDLIFE AB-B /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $808.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVIDITY BIOSCIENCES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-833.53       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOAST INC-CLASS A                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27560.65     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENNES & MAURITZ AB-B SH /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1981.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED UTILITIES GROUP P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $33.30         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICAJA BANCO SA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $7426.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AFFIRM HOLDINGS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-21018.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GILDAN ACTIVEWEAR INC CL A/CAD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-34.49        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS G MINING VENTURE CORP /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-63871.89     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST AMERICAN FINANCIAL                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1776.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2024-RPL3 A V/R 11/25/54                      | PRPM 2024-RPL3 LLC SER 2024-RPL3 CL A1 V/R REGD 144A P/P 4.00000000                              | CUSIP: 69381LAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2984421 | PA      | $2917897.24    | 0.19%             | 2054-11-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS REGAL REXNORD CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-920.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOLL BROTHERS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-498.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BELLRING BRANDS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-124.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEYTO EXPLORATION & DEV  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2051.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INWIDO AB /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $96.25         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTREA HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14.89        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ING GROEP N.V.-SP ADR                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $69.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORGANON & CO                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-283.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL HEALTH SERVICES-B                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-754.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCOTTS MIRACLE-GRO CO                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1216.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CITIGROUP INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13009.23     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUMENTUM HOLDINGS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1879.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHERN STAR RESOURCES  /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-537.84       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STARWOOD PROPERTY TRUST INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18946.35     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO FORESTRY CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $343.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COUPANG INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7309.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEYERA CORP /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3629.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KUBOTA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-77.85        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L PROJECT ALPHA 0% 10/26/30                      | T/L PROJECT ALPHA INTERMEDIATE HOLDING INC REGD 0.00000000                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    353393 | PA      | $354195.34     | 0.02%             | 2030-10-26      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS FOMENTO ECONOMICO MEX-SP ADR                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MX        |         1 | NC      | $-829.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOUYGUES SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $12089.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BBAME 1A AR V/R 07/22/34 /EUR/                     | BBAM EUROPEAN CLO I DAC SER 1A CL AR V/R REGD 144A P/P /EUR/ 2.86500000                          | CUSIP: G0863HAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    250000 | PA      | $293786.96     | 0.02%             | 2034-07-22      | Variable      | 2.87%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS DAIMLER TRUCK HOLDING AG /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $30869.85      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AERCAP HOLDINGS NV                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-315.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ODDITY TECH LTD-CL A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-776.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS D/S NORDEN /DKK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-445.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOMINION ENERGY INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12257.61     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEON CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $902.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AON PLC-CLASS A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-9648.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BELLRING BRANDS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-761.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAVIDE CAMPARI-MILANO NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $280.33        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMERA INC /CAD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1138.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IONIS PHARMACEUTICALS INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10828.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C KC HRW WHEAT FUT  JUL26                        | FUTURE CONTRACT ON           KC HRW WHEAT FUT  JUL26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -5 | NC      | $-137125.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PIPER SANDLER COS                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-611.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALFA LAVAL AB /SEK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $6257.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NN GROUP NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $684.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROTORK PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-172.75       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IBIDEN CO LTD /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1104.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA EUROPACIFIC PARTNE                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-820.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VONOVIA SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $9607.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DENTSU GROUP INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $19.88         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WPP PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-861.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THERMO FISHER SCIENTIFIC INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1568.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENCOMPASS HEALTH CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $18.62         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTAIN PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IM        |         1 | NC      | $-260.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TIMKEN CO                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7984.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CINCINNATI FINANCIAL CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4374.89      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISSQUOTE GROUP HOLDING /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $202.84        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIVARDEN AB-C SHS /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1558.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERCONTINENTAL EXCHANGE IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6461.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADA CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9365.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MINEBEA MITSUMI INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5976.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYLOCITY HOLDING CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19211.61     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RB GLOBAL INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $20251.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DILLARDS INC-CL A                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-552.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WATTS WATER TECHNOLOGIES-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4344.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVOLUTION AB /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-18518.56     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMI PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-41.44        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 10/09/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797QE0<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  46500000 | PA      | $46458165.35   | 2.96%             | 2025-10-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ALKERMES PLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $8596.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-27137.78     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMPOL LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-295.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAPFRE SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $12235.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEXCEL CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-897.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 5.00000 L 04/03/26 FAR                | ORO USD 7Y P 5.00000 L 04/03/26 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   3900000 | NC      | $1070.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SAP SE /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $29540.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OFSBS 2021-10A A V/R 04/20/34                      | OFSI BSL X LTD SER 2021-10A CL AR V/R REGD 144A P/P 5.59549000                                   | CUSIP: 67115PAW5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3001710.30    | 0.19%             | 2034-04-20      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS WESFARMERS LTD /AUD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-91.51        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THERMO FISHER SCIENTIFIC INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9346.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFTBANK GROUP CORP /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-19421.17     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORFOLK SOUTHERN CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $26994.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#DC0243 6.5% 08/01/54                        | FANNIE MAE POOL UMBS P#DC0243 6.50000000                                                         | CUSIP: 3140AMHV6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     42023 | PA      | $43697.25      | 0.00%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AKESO INC /HKD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-27981.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALCON INC /CHF/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-359.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T&D HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7458.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TORO CO                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-111.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | IRS PSOFRR03.25 03/19/35 MLSCUS31XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $153272.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AAON INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-112.66       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOTALENERGIES SE /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $1240.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROGRESSIVE CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9636.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C KOSPI2 INX FUT    DEC25                        | FUTURE CONTRACT ON           KOSPI2 INX FUT    DEC25 /KRW/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | KR        |        24 | NC      | $2034923.92    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NUSCALE POWER CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4600.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITOCHU CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-13891.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIBERTY BROADBAND-C                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1070.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARRY CALLEBAUT AG-REG /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-9733.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOLLARAMA INC /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-16446.23     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUANTA SERVICES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11366.59     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVERGREEN MARINE CORP LT /TWD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-3304.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IONQ INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12458.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARLSBERG AS-B /DKK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $3315.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALDERMA GROUP AG /CHF/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $22428.53      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LLOYDS BANKING GROUP PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2635.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYU CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-253.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOLVO AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $20270.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  NN GROUP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $6472.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS URBAN OUTFITTERS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2024.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASIMO CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-492.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  IGM FINANCIAL INC /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1049.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HASBRO INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $109.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EUROFINS SCIENTIFIC /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $234.08        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UBS GROUP AG-REG /CHF/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $35701.17      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDIN MINING CORP /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $79728.71      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SENTINELONE INC -CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1824.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QBE INSURANCE GROUP LTD /AUD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2033.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZILLOW GROUP INC - C                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9957.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYLOCITY HOLDING CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-185.75       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARETRUST REIT INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-16191.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FABEGE AB /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-217.75       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DONALDSON CO INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $139.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLUGHAFEN ZURICH AG-REG /CHF/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $106.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS F5 INC                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $24545.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AP MOLLER-MAERSK A/S-B /DKK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-49233.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STOCKLAND /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $102.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L SABRE GLBL IN ZCP 06/30/28                     | T/L SABRE GLBL INC REGD ZCP TERM LOAN 0.00000000                                                 | CUSIP: 78571YBH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    256561 | PA      | $238388.84     | 0.02%             | 2028-06-30      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS STANTEC INC /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-5558.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOLVENTUM CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $224.36        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELANESE CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9913.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THALES SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $74326.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EURONEXT NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-2738.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C COTTON NO.2 FUTR  DEC25                        | FUTURE CONTRACT ON           COTTON NO.2 FUTR  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |         6 | NC      | $197310.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEYTO EXPLORATION & DEV  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2107.05      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRIFOLS SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $1003.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IGO LTD /AUD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-828.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIOS FASTIGHETER AB /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-62.63        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| P/O OTC EPUT FN 5.5 11-55 76                       | PUT OPTION ON 100SHS           OTC EPUT FN 5.5 11-55 76 SAL 0.00000000                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |  92000000 | NC      | $0.00          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WEST PHARMACEUTICAL SERVICES                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3733.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASIMO CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $568.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BWX TECHNOLOGIES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-343.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UIPATH INC - CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1064.94      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILLIS TOWERS WATSON PLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-6501.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBAL-E ONLINE LTD                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-29.67        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROLLS-ROYCE HOLDINGS PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $77565.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GAMMA COMMUNICATIONS PLC /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $286.55        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PANDORA A/S /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-3279.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOLVO AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $21462.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TORO CO                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-79.57        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOVER CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-20372.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CADENCE BANK                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2801.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YASKAWA ELECTRIC CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-142.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUINIX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12334.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L HERTZ CORPORAT 0% 06/30/28                     | T/L HERTZ CORPORATION THE REGD 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    633630 | PA      | $567707.38     | 0.04%             | 2028-06-30      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TUI AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $6212.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L PRAIRIE ACQU 0% 10/01/29                       | T/L PRAIRIE ACQUIROR LP REGD 0.00000000                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    363333 | PA      | $364997.56     | 0.02%             | 2029-10-01      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SYMBOTIC INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-462.81       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANNOVER RUECKVERSICHERU SE /EUR/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-2791.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L RING CONTA 00.00% 09/10/32                     | T/L RING CONTAINER             TECHNOLOGIES GROUP LLC 0.00000000                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    130000 | PA      | $129740.00     | 0.01%             | 2032-09-10      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  SGS SA-REG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-6044.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BABCOCK INTL GROUP PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1462.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAE SYSTEMS PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $34537.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUKUOKA FINANCIAL GROUP  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10193.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C MILL WHEAT EURO   MAY26                        | FUTURE CONTRACT ON           MILL WHEAT EURO   MAY26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | FR        |        -8 | NC      | $-92867.35     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JXTG HOLDINGS INC /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $30323.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RATIONAL AG /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $2357.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITE GROUP PLC/THE /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4441.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAMBUS INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1849.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASM INTERNATIONAL NV /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-7925.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 2.5% OCT13                           | FNMA 30YR TBA 2.5% OCT13       TO BE ANNOUNCED 2.50000000                                        | CUSIP: 01F0226A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $843001.57     | 0.05%             | 2052-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SUMMIT THERAPEUTICS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5034.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMITHS GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $780.37        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STARWOOD PROPERTY TRUST INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-16732.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON SANSO HOLDINGS CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $23116.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE BOERSE AG /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $51496.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEALTHPEAK PROPERTIES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-25980.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEIDOS HOLDINGS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $449.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JYSKE BANK-REG /DKK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $315.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VISTA ENERGY SAB DE CV                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MX        |         1 | NC      | $1130.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAKULT HONSHA CO LTD /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2141.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOOD & LIFE COMPANIES LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-926.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRONTLINE PLC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CY        |         1 | NC      | $22.19         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTERGY CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $68703.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILMAR INTERNATIONAL LTD /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $629.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADA CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9483.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXALTA COATING SYSTEMS LTD                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $658.58        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KADOKAWA CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1696.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WP CAREY INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1799.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTONATION INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-631.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANLORENZO SPA/AMEGLIA /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $162.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINEAGE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1195.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHINIA INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-51.09        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIOMARIN PHARMACEUTICAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4426.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ST JAMES'S PLACE PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $215.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTAIN PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IM        |         1 | NC      | $81.90         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD DOMINION FREIGHT LINE                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $630.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVERGY INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $266.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIR LEASE CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-597.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NINTENDO CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $92729.72      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASCENDIS PHARMA A/S - ADR                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $221.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEIBU HOLDINGS INC /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1516.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VONTOBEL HOLDING AG-REG /CHF/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $562.46        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COEUR MINING INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8824.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLOROX COMPANY                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3333.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  OCEANAGOLD CORP /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $3307.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UPSTART HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-44900.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIGLARI HOLDINGS INC-A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-225.04       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GAMESTOP CORP-CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $518.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L MH SUB I LLC 0% 05/03/28                       | T/L MH SUB I LLC MICRO HOLDING CORP REGD 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1072052 | PA      | $1029619.79    | 0.07%             | 2028-05-03      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS OLD NATIONAL BANCORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-22.19        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIATRIS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $415.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALKAMI TECHNOLOGY INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $258.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PKAIR 2025-1  5.365% 12/15/31                      | PK ALIFT LOAN FUNDING 6 LP SER 2025-1 CL A REGD 144A P/P 5.36500000                              | CUSIP: 69291YAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2899661 | PA      | $2917991.24    | 0.19%             | 2042-11-15      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS CENTERPOINT ENERGY INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-201.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REDCARE PHARMACY NV /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $2005.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIVERAMP HOLDINGS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-892.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L REALPAGE INC 0% 04/24/28                       | T/L REALPAGE INC  REGD 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    632623 | PA      | $634204.55     | 0.04%             | 2028-04-24      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AAC TECHNOLOGIES HOLDING /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-346.61       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C GOLD 100 OZ FUTR  DEC25                        | FUTURE CONTRACT ON           GOLD 100 OZ FUTR  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       107 | NC      | $41443240.00   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HCA HEALTHCARE INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9730.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MSA SAFETY INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $50.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHILLIPS 66                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12633.44     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN HOMES 4 RENT- A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5764.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDOZ GROUP AG /CHF/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $10726.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KUNLUN ENERGY CO LTD /HKD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-613.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN OIL FUTR  JAN26                        | FUTURE CONTRACT ON           SOYBEAN OIL FUTR  JAN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -2 | NC      | $-59808.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAWASAKI KISEN KAISHA LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $13690.93      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORDEX SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1080.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLOWERS FOODS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $498.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHWAB (CHARLES) CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $47593.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTESA SANPAOLO /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $74771.86      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REPLIGEN CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13463.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINROSS GOLD CORP /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $16225.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZEBRA TECHNOLOGIES CORP-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-542.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BT GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3631.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN FUTURE    JAN26                        | FUTURE CONTRACT ON           SOYBEAN FUTURE    JAN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -4 | NC      | $-204050.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| FNS 428 C14 2.5% 01/25/48                          | FANNIE MAE INTEREST STRIP SER 428 CL C14 2.50000000                                              | CUSIP: 31423YJN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    758805 | PA      | $87280.66      | 0.01%             | 2048-01-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EXPEDIA GROUP INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6634.66      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIDELITY NATIONAL INFO SERV                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12348.97      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PURE STORAGE INC - CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11955.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KENNAMETAL INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4.28         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIOCAN REAL ESTATE INVST /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1913.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MODERNA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-76.25        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SARTORIUS STEDIM BIOTECH /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $163.17        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXTRA SPACE STORAGE INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-28248.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C S&P MID 400 EMINI DEC25                        | FUTURE CONTRACT ON           S&P MID 400 EMINI DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        28 | NC      | $9201360.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPERIAN PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-877.79       | -0.00%            |  |  |  | No            |                  1 | 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      | $-6305.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  IHI CORPORATION /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8061.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONOTARO CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2585.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSOCIATED BRITISH FOODS /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-10803.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUIMICA Y MINERA CHIL-SP ADR                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CL        |         1 | NC      | $60.76         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BURFORD CAPITAL LTD                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GG        |         1 | NC      | $253.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARGURUS INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-232.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCSK CORPORATION /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $665.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIAGEO PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $51264.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PSP SWISS PROPERTY AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1750.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLEARWATER ANALYTICS HDS-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13809.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOKKAIDO ELECTRIC POWER  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1836.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BCE INC /CAD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1896.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI GROUP HOLDINGS LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $381.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOVER CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1030.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DHL GROUP /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-9611.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHRODERS PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1140.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA CO/THE                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17087.08     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLISON TRANSMISSION HOLDING                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-911.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2857.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IPSEN /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-283.27       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDVIK AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-776.31       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXTREME NETWORKS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-461.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PLUS500 LTD /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $3685.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVERY DENNISON CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6133.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGCO CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4416.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORIX CORP /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8474.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M&G PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-244.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUDBAY MINERALS INC /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $380.53        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BABCOCK INTL GROUP PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $45846.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAGNITE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7613.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STROEER MEDIA AG /EUR/_                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $56.37         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-BOBL FUTURE  DEC25                        | FUTURE CONTRACT ON           EURO-BOBL FUTURE  DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |        81 | NC      | $11203501.09   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VORNADO REALTY TRUST                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4312.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L PROJECT BOOST 0% 07/16/31                      | T/L PROJECT BOOST PURCHASER    LLC REGD 0.00000000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1234443 | PA      | $1230591.67    | 0.08%             | 2031-07-16      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ATLAS ENERGY SOLUTIONS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-456.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STANDARDAERO INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $884.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WATTS WATER TECHNOLOGIES-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26.11        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  AFFIRM HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $47435.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BILL HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-375.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHITECAP RESOURCES INC /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-4815.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COGNIZANT TECH SOLUTIONS-A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-33591.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  DAIICHI SANKYO CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10296.23      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IBIDEN CO LTD /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9269.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POONGSAN CORP /KRW/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $3576.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOYA CORP /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5367.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AFRY AB /SEK/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1026.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERISK ANALYTICS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1820.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOC HONG KONG HOLDINGS L /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-667.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUILDERS FIRSTSOURCE INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $526.04        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OKEANIS ECO TANKERS CORP /NOK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MH        |         1 | NC      | $-10.47        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BELLWAY PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $465.03        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMERICAN AIRLINES GROUP INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $34501.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLUENORD ASA /NOK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $5.01          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REDDIT INC-CL A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-53305.98     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASX LTD /AUD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $157.59        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ST JAMES'S PLACE PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $130.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOLTEN VENTURES PLC /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1012.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANTERO MIDSTREAM CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15360.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C S&P MID 400 EMINI DEC25                        | FUTURE CONTRACT ON           S&P MID 400 EMINI DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -4 | NC      | $-1314480.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDEAYA BIOSCIENCES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-436.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAPUTO INC /CAD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-23.40        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESMED INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6139.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LENNAR CORP-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2674.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OOMLT 2007-CP1 1 V/R 03/25/37                      | OPTION ONE MORTGAGE LOAN TRUST 2007-CP1 SER 2007-CP1 CL 1A1 V/R REGD 4.41239000                  | CUSIP: 68402YAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    537918 | PA      | $493566.25     | 0.03%             | 2037-03-25      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TELEPERFORMANCE /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $595.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOHOKU ELECTRIC POWER CO /JPY/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3700.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y P 4.26500 L 05/01/35 BOA           | ORO FWD USD 10Y P 4.26500 L 05/01/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1100000 | NC      | $67255.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ILLUMINA INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11140.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OTSUKA HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6341.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRENNTAG SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-491.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPERIAN PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $191.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANALOG DEVICES INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4.74         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIRBY CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-495.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI UFJ FINANCIAL /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1227.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | IRS R03.75PSOFR 12/18/34 MLSCUS31XXX FIXED                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $18036.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KIMBERLY-CLARK CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1735.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAKUTEN GROUP INC /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-10100.99     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JERONIMO MARTINS /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-12.05        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALFA LAVAL AB /SEK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-44.16        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  LEONARDO SPA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $911.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERNATIONAL PAPER CO                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-185.84       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERUMO CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5421.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XP INC - CLASS A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $4518.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ORION CORP /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $215.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMS-CHEMIE HOLDING AG-RE /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2418.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDRA SISTEMAS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-500.61       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  MITSUI E&S CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4050.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEDPACE HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17232.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABBVIE INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9164.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PANDORA A/S /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-1874.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CTP NV /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-2219.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CVC CAPITAL PARTNERS PLC /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $190.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PAID 2024-11  5.637% 11/15/26                      | PAGAYA AI DEBT GRANTOR TRUST 2024-11 SER 2024-11 CL B REGD 144A P/P 5.63700000                   | CUSIP: 69544AAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    370266 | PA      | $372944.21     | 0.02%             | 2032-07-15      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS POWER ASSETS HOLDINGS LIMITED  /HKD/                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $279.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENESIS MINERALS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-7844.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SL GREEN REALTY CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1173.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIWA SECURITIES GROUP I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4875.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAWASAKI HEAVY INDUSTRIE /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-14299.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HOULIHAN LOKEY INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23.15        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARMSTRONG WORLD INDUSTRIES                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1121.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUIDELORTHO CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-270.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSENT GROUP LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-241.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIGNA CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1658.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REALTY INCOME CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-59494.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHOENIX GROUP HOLDINGS P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $14842.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONAMI GROUP CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3684.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOCUSIGN INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2504.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAINSBURY (J) PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $278.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEIJER REF AB /SEK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $830.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORWEGIAN CRUISE LINE HOLDIN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $17620.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FREENET AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-3360.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ALLIANCE LAUND 0% 08/19/31                     | T/L ALLIANCE LAUNDRY SYSTEMS   LLC REGD TERM LOAN 0.00000000                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1195398 | PA      | $1193759.90    | 0.08%             | 2031-08-19      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MEIJI HOLDINGS CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2065.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUNTING PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $574.86        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENIUS SPORTS LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GG        |         1 | NC      | $133.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNNY OPTICAL TECH /HKD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $7906.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BROWN & BROWN INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-87.05        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SUMCO CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-10366.95     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 5.00000 L 03/31/26 FAR                | ORO USD 7Y P 5.00000 L 03/31/26 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   2900000 | NC      | $739.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DILLARDS INC-CL A                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-806.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORMA GROUP SE /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $3931.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERITAGE HOMES CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19896.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  PERSIMMON PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3948.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFINA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $323.07        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWMONT CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $30853.85      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK LEUMI LE-ISRAEL /ILS/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $9947.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORD MOTOR CO                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18859.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK HAPOALIM BM /ILS/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $1404.70       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORCHID ISLAND CAPITAL INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-243.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRESENIUS SE & CO KGAA /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-12201.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENTAIR PLC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-285.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VEOLIA ENVIRONNEMENT /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-450.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINTETSU GROUP HOLDINGS  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-136.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DUPONT DE NEMOURS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $201.30        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO/CZK X-RATE   DEC25                        | FUTURE CONTRACT ON           EURO/CZK X-RATE   DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |         4 | NC      | $769613.24     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWEDBANK AB - A SHARES /SEK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-19276.89     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELANCO ANIMAL HEALTH INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-32545.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GREAT-WEST LIFECO INC /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2414.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GITLAB INC-CL A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $20728.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERTEX INC - CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $757.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HNI CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $366.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REVOLUTION MEDICINES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2108.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KERING /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-44970.62     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  DEC27                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  DEC27 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -74 | NC      | $-17911700.00  | -1.14%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONSOLIDATED EDISON INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6922.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XCEL ENERGY INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-159035.36    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REMY COINTREAU /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $1131.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIGHTMOVE PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3167.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAL MOTORS CO                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $19598.79      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CK ASSET HOLDINGS LTD /HKD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-32.93        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON SANSO HOLDINGS CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $239.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MORI SEIKI CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $154.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIWA HOUSE INDUSTRY CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $962.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADYEN NV /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-8632.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGEAS /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $365.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JERONIMO MARTINS /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $1981.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMGEN INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3987.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYLVAMO CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $89.02         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMETEK INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2063.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO ELECTRON LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2585.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAMSUNG BIOLOGICS CO LTD /KRW/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-2078.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORSK HYDRO ASA /NOK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-531.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REVVITY INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4405.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEONARDO SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $43018.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEBSTER FINANCIAL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9101.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHINA MENGNIU DAIRY CO /HKD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $1514.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCKWELL AUTOMATION INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9495.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEGRAND SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $1531.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPIAN CORP-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-698.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERTEX PHARMACEUTICALS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1117.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIO-RAD LABORATORIES-A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $35.45         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ENEOS HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $14598.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARMAX INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4703.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVEREST GROUP LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $6938.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOREX GOLD RESOURCES INC /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-316.66       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OCCIDENTAL PETROLEUM CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-129.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENTRA ASA /NOK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $91.61         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VCAT 2025-NPL1 A V/R 01/25/28                      | VCAT 2025-NPL1 LLC SER 2025-NPL1 CL A1 V/R REGD 144A P/P 5.87700000                              | CUSIP: 921962AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2573543 | PA      | $2579424.27    | 0.16%             | 2055-01-25      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS AMERIPRISE FINANCIAL INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1124.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIGHT HORIZONS FAMILY SOLUT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-177.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NNN REIT INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4387.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DSM-FIRMENICH AG /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-115.39       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L EDGEWATER GENE 0% 08/01/30                     | T/L EDGEWATER GENERATION       L.L.C. REGD 0.00000000                                            | CUSIP: 28031FAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1164824 | PA      | $1166280.43    | 0.07%             | 2030-08-01      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BOLLORE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $596.33        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HIKMA PHARMACEUTICALS PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3302.94      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KION GROUP AG /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $607.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TWILIO INC - A                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4774.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERACTIVE BROKERS GRO-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $953.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOHLS CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-641.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L PROAMPAC 0% 9/15/2028                          | T/L PROAMPAC PG BORROWER LLC   9/15/2028 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    361781 | PA      | $362594.53     | 0.02%             | 2028-09-15      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GRAB HOLDINGS LTD - CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $3387.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELLNEX TELECOM SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-7071.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SS&C TECHNOLOGIES HOLDINGS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-103.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE PFANDBRIEFBANK  /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-21.69        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS B&M EUROPEAN VALUE RETAI /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-3755.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIRTU FINANCIAL INC-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2130.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAN AMERICAN SILVER CORP                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-967.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAL GROUP HOLDINGS CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1904.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AZIMUT HOLDING SPA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $8959.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L DIRECTV FIN 0% 08/02/27                        | T/L DIRECTV FINANCING LLC      REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     22446 | PA      | $22448.84      | 0.00%             | 2027-08-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS M/I HOMES INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15.79         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINCH AB /SEK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $5504.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI CONSTRUCTION MAC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6776.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VISA INC-CLASS A SHARES                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15067.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THK CO LTD /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11.18        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CBOE GLOBAL MARKETS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8448.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CTT-CORREIOS DE PORTUGAL /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-499.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C GASOLINE RBOB FUT FEB26                        | FUTURE CONTRACT ON           GASOLINE RBOB FUT FEB26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |         1 | NC      | $77910.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAMSUNG ELECTRONICS CO L /KRW/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $28208.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OSHKOSH CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-545.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVO NORDISK A/S-B /DKK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $1191.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALENICA AG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2674.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARTIN MARIETTA MATERIALS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4292.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLOOR & DECOR HOLDINGS INC-A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15147.42      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONTANA AEROSPACE AG /CHF/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1203.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KESKO OYJ-B SHS /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $315.43        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HARTFORD INSURANCE GROUP INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1549.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADVANTEST CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3843.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZEBRA TECHNOLOGIES CORP-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-375.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L UNIVISION CO 0% 01/31/29                       | T/L UNIVISION COMMUNICATIONS   INC REGD 0.00000000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1385000 | PA      | $1378504.35    | 0.09%             | 2029-01-31      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RANDSTAD NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-387.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHERN OIL AND GAS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11.39         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIVE9 INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3326.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANZ GROUP HOLDINGS LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-405.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORIGIN ENERGY LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-49.56        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BELDEN INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $605.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOTUS BAKERIES /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $34.74         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED UTILITIES GROUP P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4021.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUINOX GOLD CORP /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1118.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CHARIOT BUYER 0% 07/22/32                      | T/L CHARIOT BUYER LLC REGD 0.00000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1833962 | PA      | $1834732.73    | 0.12%             | 2032-07-22      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SAIA INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5482.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FINECOBANK SPA /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $2358.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y C 3.41000 L 10/14/25 FAR                | ORO USD 7Y C 3.41000 L 10/14/25 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  -3000000 | NC      | $-5275.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SOJITZ CORPORATION /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1774.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYOHIN KEIKAKU CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-31312.22     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GEWMC 2006-1 A2B V/R 08/25/36                      | GE-WMC MORTGAGE SECURITIES TRUST 2006-1 SER 2006-1 CL A2B V/R REGD 4.57239000                    | CUSIP: 36829JAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7729045 | PA      | $3256019.42    | 0.21%             | 2036-08-25      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS COHERENT CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-229.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADDTECH AB-B SHARES /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-293.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAWASAKI HEAVY INDUSTRIE /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3368.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINAXIS INC /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-337.25       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENASANT CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $579.11        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLUESCOPE STEEL LTD/AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-148.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOYA FINANCIAL INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-129.82       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHURCH & DWIGHT CO INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10760.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONSTELLATION ENERGY                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $245.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTHSTATE BANK CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3343.66      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASX LTD /AUD/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $9766.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONDAY.COM LTD                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $127.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAIL RESORTS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1493.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KLAVIYO INC-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1648.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PREMIER FOODS PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-0.57         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 90-DAY BANK BILL  JUN26                        | FUTURE CONTRACT ON           90-DAY BANK BILL  JUN26 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |        19 | NC      | $12468689.28   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENAGAS SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $2652.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VISHAY INTERTECHNOLOGY INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $53.09         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGN 2020-6A A1 V/R 10/23/34                      | 522 FUNDING CLO 2020-6 LTD SER 2020-6A CL A1R2 V/R REGD 144A P/P 5.51899000                      | CUSIP: 33835AAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3204148.48    | 0.20%             | 2034-10-23      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| F/C AUST 3YR BOND FUT DEC25                        | FUTURE CONTRACT ON           AUST 3YR BOND FUT DEC25 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |        18 | NC      | $1272536.86    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BPER BANCA SPA /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-155.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5008 DI 3% 09/25/50                            | FREDDIE MAC REMICS SER 5008 CL DI 3.00000000                                                     | CUSIP: 3137FVY30<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    592857 | PA      | $84791.23      | 0.01%             | 2050-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS REGENERON PHARMACEUTICALS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-30.13        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CASTELLUM AB /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $12.24         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#SC0706 6.5% 05/01/45                        | FREDDIE MAC POOL UMBS P#SC0706 6.50000000                                                        | CUSIP: 3132D9YB4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    343564 | PA      | $355711.40     | 0.02%             | 2045-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AHART 2024-1A  4.83% 03/15/28                      | AMERICAN HERITAGE AUTO RECEIVABLES TRUST 2024-1 SER 2024-1A CL A2 REGD 144A P/P 4.83000000       | CUSIP: 026944AB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1994531 | PA      | $1999055.66    | 0.13%             | 2028-03-15      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS MACERICH CO/THE                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1611.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERROVIAL SE /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1213.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLEX LTD                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $866.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO CHEMICAL CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9658.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STEPSTONE GROUP INC-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1742.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAYMOND JAMES FINANCIAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-311.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAN PACIFIC INTERNATIONA /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11738.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP RENOVAVEIS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-82.74        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO METRO CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1090.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JIANGSU HENGRUI PHARMACE /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $-685.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHOPIFY INC - CLASS A /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $58643.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDEPENDENT BANK CORP/MA                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $109.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GARMIN LTD                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $38988.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SITEONE LANDSCAPE SUPPLY INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1057.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED MATERIALS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $54.50         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUBSPOT INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-70364.87     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELLEBRITE DI LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-186.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOBE BUSSAN CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3060.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MELEXIS NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-273.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EFMT 2025-CES2 A V/R 02/25/60                      | EFMT 2025-CES2 SER 2025-CES2 CL A1A V/R REGD 144A P/P 5.65500000                                 | CUSIP: 28225GAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3051622 | PA      | $3083798.31    | 0.20%             | 2060-02-25      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BT GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1597.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEBERIT AG-REG /CHF/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1910.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWMARK GROUP INC-CLASS A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29.73         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHERN STAR RESOURCES  /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-19104.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANWA HOLDINGS CORP /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1312.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  EMCOR GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10475.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXTRON INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $575.18        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BORGWARNER INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $311.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C CANOLA FUTR (WCE) JAN26                        | FUTURE CONTRACT ON           CANOLA FUTR (WCE) JAN26 /CAD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | CA        |       -19 | NC      | $-168797.87    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $261.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINCOLN NATIONAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1687.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GUARDANT HEALTH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $857.81        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EPAM SYSTEMS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-337.69       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALERO ENERGY CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5702.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LASERTEC CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $40363.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPEDITORS INTL WASH INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13815.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOLLORE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $1707.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWELL BRANDS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1455.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORE & MAIN INC-CLASS A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4269.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISRAEL DISCOUNT BANK A /ILS/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $7918.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APOLLO GLOBAL MANAGEMENT INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $974.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSX CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $722.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLIED INDUSTRIAL TECH INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-53.29        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CISCO SYSTEMS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $872.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DASSAULT AVIATION SA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-144.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUEBECOR INC  -CL B /CAD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-8959.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON MATTHEY PLC /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4725.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FREEPORT-MCMORAN INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-129591.83    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPERIAN PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $3502.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GE HEALTHCARE TECHNOLOG-INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $239.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UROGEN PHARMA LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-4188.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YUM! BRANDS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-28911.37     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAISEI CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5526.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORCONSULT AS /NOK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-444.55       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INNOSPEC INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-76.86        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICREDIT SPA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-1037.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AFFILIATED MANAGERS GROUP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1181.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROYAL UNIBREW /DKK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-476.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELDORADO GOLD CORP /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1601.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST SOLAR INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-106.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y C 2.50000 L        06/17/26 BOA         | ORO USD 7Y C 2.50000 L        06/17/26 BOA 0.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  31000000 | NC      | $64960.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KOEI TECMO HOLDINGS CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2.23         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOPAK /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1229.92       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JULIUS BAER GROUP LTD /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-22.58        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASML HOLDING NV-NY REG SHS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $3463.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | CDX 2I666VDM4 01.000 NA 12/20/2030 MSNYUS33XXX FIXED                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |         1 | NC      | $178723.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS APTARGROUP INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3474.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOOD & LIFE COMPANIES LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10754.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSTCO WHOLESALE CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-29612.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWMARKET CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2540.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUTRADE AB /SEK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-281.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXPERIAN PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-198.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BURCKHARDT COMPRESSION H /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $641.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MEBUKI FINANCIAL GROUP I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2461.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WISE PLC - A /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $13015.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C LEAN HOGS FUTURE  DEC25                        | FUTURE CONTRACT ON           LEAN HOGS FUTURE  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |       -11 | NC      | $-390390.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAN AMERICAN SILVER CORP /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $53849.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COHEN & STEERS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $42.48         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEAZLEY PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $18946.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANTERO MIDSTREAM CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1476.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C RAPESEED  EURO    MAY26                        | FUTURE CONTRACT ON           RAPESEED  EURO    MAY26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | FR        |        -3 | NC      | $-81934.01     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KBR INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $290.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WAYSTAR HOLDING CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $538.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AECOM                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $949.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNION PACIFIC CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $37420.42      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONDI PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-492.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CURTISS-WRIGHT CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2854.93       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YUANTA FINANCIAL HOLDING CO LTD /TWD/                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-52.51        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STARBUCKS CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-46714.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARUBENI CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-16739.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L NORTHRIVER 0% 8/16/30                          | T/L NORTHRIVER MIDSTREAM       FINANCE LP REGD 0.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    451830 | PA      | $451626.23     | 0.03%             | 2030-08-16      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BELLRING BRANDS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $101.64        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTL FLAVORS & FRAGRANCES                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2703.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANTOS LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2053.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMOORE INTERNATIONAL HOL /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-1370.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONIC HEALTHCARE LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-211.96       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAR ENERGI ASA /NOK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-649.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMI PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-171.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOSTON BEER COMPANY INC-A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-343.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABB LTD-REG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $48.69         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLOPLAST-B /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $444.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRONTLINE PLC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CY        |         1 | NC      | $-54.72        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BILIA AB-A SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $28.14         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS 3I GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-21055.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIO TINTO LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2288.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALTEN SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $832.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHITECAP RESOURCES INC /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1975.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI FUDOSAN CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3505.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YAMATO HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4102.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALCON INC /CHF/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-17156.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST SOLAR INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-13820.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GE HEALTHCARE TECHNOLOG-INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2846.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJI ELECTRIC COMPANY/JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7007.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL BANK OF CANADA /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $32072.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROCORE TECHNOLOGIES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7702.28      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIICHI SANKYO CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10061.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MTR CORP /HKD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $22.09         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADECCO GROUP AG-REG /CHF/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-580.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXT PLC /GBP/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4452.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PORSCHE AUTOMOBIL HLDG-P /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-227.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA HBC AG-DI /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-385.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VF CORP                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1267.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPITALAND INVESTMENT LT /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-1422.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AERCAP HOLDINGS NV                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-11894.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASE TECHNOLOGY HOLDING C /TWD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-1435.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WYNN RESORTS LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $962.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MP MATERIALS CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11878.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NANO NUCLEAR ENERGY INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4503.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SCHNEIDER ELEC SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-1584.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONY FINANCIAL GROUP INC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3659.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIVARDEN AB-C SHS /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-670.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHRODERS PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-65.40        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCCORMICK & CO-NON VTG SHRS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1807.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORION CORP /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $3600.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROOKFIELD INFRASTRUCTUR /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $627.17        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CVC CAPITAL PARTNERS PLC /EUR/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-236.01       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS D'IETEREN GROUP /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-623.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KADOKAWA CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-15922.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOME DEPOT INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2382.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHORD ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-858.84       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SWEDBANK AB - A SHARES /SEK/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1059.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILLIAMS-SONOMA INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $165.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARETRUST REIT INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9467.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYDER SYSTEM INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2046.70       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUN LIFE FINANCIAL INC /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $4694.70       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LS ELECTRIC CO LTD /KRW/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $520.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERRARI NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $90.47         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOBLAW COMPANIES LTD /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-4296.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  LLOYDS BANKING GROUP PLC /GBP/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $8675.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEONARDO SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $1359.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENUINE PARTS CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2222.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDONMETRIC PROPERTY PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-445.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENUMBRA INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $717.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCHLEAR LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2323.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAMDEN PROPERTY TRUST                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6705.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#FA2868 6.5% 08/01/55                        | FANNIE MAE POOL UMBS P#FA2868 6.50000000                                                         | CUSIP: 3140W3FJ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8503494 | PA      | $8955507.00    | 0.57%             | 2055-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CANON INC /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-12733.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C WHITE SUGAR (ICE) MAY26                        | FUTURE CONTRACT ON           WHITE SUGAR (ICE) MAY26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | GB        |        -1 | NC      | $-23050.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMCO CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2148.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 4.5% OCT 25                          | FNMA 30YR TBA 4.5% OCT 25      TO BE ANNOUNCED 4.50000000                                        | CUSIP: 01F0426A6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   9000000 | PA      | $8734865.85    | 0.56%             | 2055-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS OKLO INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-69.55        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEIERSDORF AG /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-2.07         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TSURUHA HOLDINGS INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-212.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-14598.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STRAUMANN HOLDING AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1697.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERISIGN INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1220.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IVANHOE MINES LTD-CL A /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-42811.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHINDLER HOLDING AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $58.31         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHRODERS PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-67.91        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASMPT LTD /HKD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-3840.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUBLICIS GROUPE /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $234.53        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRSTENERGY CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8674.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SERCO GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $365.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMRIZE LTD                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $4311.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSENT GROUP LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-88.51        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMNICOM GROUP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-461.70       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASBURY AUTOMOTIVE GROUP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3048.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRIMBLE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3068.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2024-6 IO 3.5% 11/25/51                        | FANNIE MAE REMICS SER 2024-6 CL IO 3.50000000                                                    | CUSIP: 3136BQ2Z1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    669334 | PA      | $123411.83     | 0.01%             | 2051-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DOLLAR TREE INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29794.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENSIGN GROUP INC/THE                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-709.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUZUKI MOTOR CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-37216.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIGHTSTAR LOTTERY PLC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-23.45        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SVENSKA CELLULOSA AB SCA /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-102.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA EUROPACIFIC PA /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-2221.05      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TORO CO                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15624.69     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QBE INSURANCE GROUP LTD /AUD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $215.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 4.75000 L 10/14/25 FAR                | ORO USD 7Y P 4.75000 L 10/14/25 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  52600000 | NC      | $5.26          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ORO FWD USD 10Y C 4.64000 L 07/23/35 BOA           | ORO FWD USD 10Y C 4.64000 L 07/23/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   4200000 | NC      | $270502.26     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LONDON STOCK EXCHANGE GR /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1085.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAN IMPERIAL BK OF COMME /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-20415.42     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENSIGN GROUP INC/THE                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9172.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M6-METROPOLE TELEVISION /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-101.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJITSU LIMITED /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-31314.22     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LULULEMON ATHLETICA INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1931.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PATRICK INDUSTRIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $728.87        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JABIL INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7049.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROSPERITY BANCSHARES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5287.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILLIS TOWERS WATSON PLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-7484.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTL BUSINESS MACHINES CORP                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13403.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OWENS CORNING                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-221.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DELTA AIR LINES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-978.65       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DERICHEBOURG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $98.24         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITOCHU CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-14777.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L EPICOR SOFTWAR 0% 05/30/31                     | T/L EPICOR SOFTWARE            CORPORATION REGD 0.00000000                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4592140 | PA      | $4595676.34    | 0.29%             | 2031-05-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ALLIANT ENERGY CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-37997.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LION FINANCE GROUP PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1189.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MDA SPACE LTD /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-120.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CPPIB OVM 0% 08/20/31                          | T/L CPPIB OVM MEMBER U.S. LLC  REGD 0.00000000                                                   | CUSIP: 12673CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    302429 | PA      | $302900.72     | 0.02%             | 2031-08-20      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GLACIER BANCORP INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $94.79         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | CDX 2I667DCS1 01.000 NA 12/20/2030 MSNYUS33XXX FIXED                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |         1 | NC      | $46150.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS APPLIED INDUSTRIAL TECH INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-119.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SVENSKA CELLULOSA AB SCA /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-4119.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CNO FINANCIAL GROUP INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-118.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GLOBALFOUNDRIES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $138.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XYLEM INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-530.90       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESTEE LAUDER COMPANIES-CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3850.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD DOMINION FREIGHT LINE                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $58.41         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ON HOLDING AG-CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2292.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHARKNINJA INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $1285.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOLTERS KLUWER /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $2540.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILLIAMS COS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1383.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFINA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $913.88        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONDI PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-5733.33      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FMC CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $502.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MINEBEA MITSUMI INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5990.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCREEN HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8564.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ENVESTNET INC 0% 11/25/31                      | T/L ENVESTNET INC REGD 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1786925 | PA      | $1789158.66    | 0.11%             | 2031-11-25      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CHORD ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-737.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SALESFORCE INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-28324.73     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF MONTREAL /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-74106.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOYA FINANCIAL INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $825.31        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FRESENIUS SE & CO KGAA /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1170.06      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARISTOCRAT LEISURE LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $444.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO RUBBER INDUSTRI /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-357.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEON CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7396.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2017-H16 F V/R 08/20/67                        | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2017-H16 CL F V/R 4.63169000                        | CUSIP: 38375UD56<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    145882 | PA      | $146393.89     | 0.01%             | 2067-08-20      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| PRET 2025-NPL10 L V/R 10/25/55                     | PRET 2025-NPL10 LLC /VARIABLE/ REGD 144A 0.00000000                                              | CUSIP: 69392WAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5300000 | PA      | $5300000.00    | 0.34%             | 2055-10-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ZOOM COMMUNICATIONS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29997.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VEOLIA ENVIRONNEMENT /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-9677.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKYWORKS SOLUTIONS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $335.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRUECALLER AB-B /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-4226.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELMOS SEMICONDUCTOR SE /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-223.34       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPITA PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3830.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCADOLIBRE INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3735.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAIKIN INDUSTRIES LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-360.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  P G & E CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1457.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OBAYASHI CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15156.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLOOMSBURY PUBLISHING PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $14.04         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANADIAN PACIFIC KANSAS  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2252.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTUITIVE SURGICAL INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $18899.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NAMURA SHIPBUILDING CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5457.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARCLAYS PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-69.82        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METSA BOARD OYJ-B /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $84.66         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEVERN TRENT PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-51.20        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VULCAN MATERIALS CO                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-16154.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNIVERSAL TECHNICAL INSTITUT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-913.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BILFINGER SE /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-3606.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOBLE CORP PLC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $961.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHARTER COMMUNICATIONS INC - A                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14318.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIGN TECHNOLOGY INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-310.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD NATIONAL BANCORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-31.91        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIMCO REALTY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11328.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLUE OWL CAPITAL INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $21285.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORE NATURAL RESOURCES INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6289.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARDINAL HEALTH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $77.33         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUNT (JB) TRANSPRT SVCS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17751.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARAMARK                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2845.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CREST NICHOLSON HOLDINGS /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-273.88       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTENE CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4759.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEBBLEBROOK HOTEL TRUST                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $221.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST MAJESTIC SILVER CORP                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-21666.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRACO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-81.36        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDGEWELL PERSONAL CARE CO                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-337.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARRIOTT INTERNATIONAL -CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17952.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROSS STORES INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $181.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L REALPAGE INC 0% 4/24/28                        | T/L REALPAGE INC REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    123495 | PA      | $123154.52     | 0.01%             | 2028-04-24      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS COGNEX CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $784.07        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TSURUHA HOLDINGS INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1184.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEYTO EXPLORATION & DEV  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2450.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST HOLDINGS CO L /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $16156.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEALTHEQUITY INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-250.55       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOODMAN GROUP /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $58505.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASHMORE GROUP PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $521.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  EASTGROUP PROPERTIES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9146.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L DECHRA PHARMA 0% 12/04/31                      | T/L DECHRA PHARMACEUTICALS     HOLDINGS LIMITED 0.00000000                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    587461 | PA      | $588319.16     | 0.04%             | 2031-12-04      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS PHOENIX GROUP HOLDINGS P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $14748.70      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3MO EURO EURIBOR  MAR27                        | FUTURE CONTRACT ON           3MO EURO EURIBOR  MAR27 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |        -3 | NC      | $-862178.28    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO FORESTRY CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $372.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L MAVIS TIRE EXP 0% 05/04/28                     | T/L MAVIS TIRE EXPRESS SERVICES TOPCO CORP REGD 0.00000000                                       | CUSIP: 57777YAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2069375 | PA      | $2068175.09    | 0.13%             | 2028-05-04      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ACUSHNET HOLDINGS CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3267.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MIRION TECHNOLOGIES INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1909.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESTAURANT BRANDS INTERN /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $9112.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACADEMEDIA AB /SEK/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-244.20       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENOVUS ENERGY INC /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-4932.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO RUBBER INDUSTRI /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8037.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ZAYO GROUP 0% 03/09/2027                       | T/L ZAYO GROUP HOLDINGS INC    REGD 0.00000000                                                   | CUSIP: 98919XAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1185674 | PA      | $1167154.17    | 0.07%             | 2027-03-09      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LAUREATE EDUCATION INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-121.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WH GROUP LTD /HKD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-7554.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RANDSTAD NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1003.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHNOLOGY ONE LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $50.74         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROBINHOOD MARKETS INC - A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $84720.49      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NNN REIT INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-645.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DSV DKK1 /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $8110.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHNOLOGY ONE LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $702.88        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAVIDE CAMPARI-MILANO NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $6901.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS POOL CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $17022.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIFT INC /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $334.88        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BENTLEY SYSTEMS INC-CLASS B                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $903.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WFCM 2025-AURA A V/R 10/15/30                      | WELLS FARGO COMMERCIAL MORTGAGE TRUST SER 2025-AURA CL A V/R REGD 144A P/P 0.00000000            | CUSIP: 95004VAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5300000 | PA      | $5286126.51    | 0.34%             | 2042-10-15      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS O'REILLY AUTOMOTIVE INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1749.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | SEK/USD FWD 20251023 000000010 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $134.54        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ACS ACTIVIDADES CONS Y S /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-199.90       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHOCOLADEFABRIKEN LINDT- /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $6027.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALGONQUIN POWER & UTILIT /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-4337.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHIBA BANK LTD/THE /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8089.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOCKHEED MARTIN CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $886.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  APPLIED MATERIALS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1418.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO BILBAO VIZCAYA ARG /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-1163.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNOVUS FINANCIAL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4635.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3MO EURO EURIBOR  JUN28                        | FUTURE CONTRACT ON           3MO EURO EURIBOR  JUN28 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |        40 | NC      | $11462249.96   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALTRIA GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9177.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AP MOLLER-MAERSK A/S-A /DKK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-1475.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  YAKULT HONSHA CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2373.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLIANZ SE REGISTERED /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $16586.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYOTA TSUSHO CORP /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-14558.48     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADIDAS AG /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $406.73        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARSENAL AIC PAR 11.5% 10/01/31                     | ARSENAL AIC PARENT LLC REGD 144A P/P 11.50000000                                                 | CUSIP: 04288BAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $255444.21     | 0.02%             | 2031-10-01      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS TRIP.COM GROUP LTD /HKD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-39.38        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMI PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $298.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYMERA THERAPEUTICS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4574.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENNON GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-709.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROSPERITY BANCSHARES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5268.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIVIAN AUTOMOTIVE INC-A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9925.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMPIRE CO LTD 'A' /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-8023.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MISUMI GROUP INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6688.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DELL TECHNOLOGIES -C                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12197.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEMBCORP INDUSTRIES LTD /SGD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $47.14         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MTR CORP /HKD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $71.92         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COTERRA ENERGY INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-16033.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GMO PAYMENT GATEWAY INC /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3039.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STARWOOD PROPERTY TRUST INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-18703.61     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENAULT SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $76.47         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMCD NV /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $270.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHOENIX FINANCIAL LTD /ILS/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-6314.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRUDENTIAL PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-60.22        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEVON ENERGY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7002.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLY FINANCIAL INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-41882.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCREEN HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2857.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUBLICIS GROUPE /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $400.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAI-ICHI LIFE HOLDINGS I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8126.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANHEUSER-BUSCH INBEV SA/ /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-2657.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C COPPER FUTURE     DEC25                        | FUTURE CONTRACT ON           COPPER FUTURE     DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        77 | NC      | $9348762.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WATERS CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2448.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCIENTIFIC GAMES CORP-A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $8190.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RIGETTI COMPUTING INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6578.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAI-ICHI LIFE HOLDINGS I /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8741.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEIKO EPSON CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4330.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL GRID PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1015.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMCOR PLC/AUD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $3352.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OPEN TEXT CORP /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1773.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIDELITY NATIONAL FINANCIAL                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17151.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO COMERCIAL PORTUGUE /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $-1733.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MINEBEA MITSUMI INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5729.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRANSURBAN GROUP /AUD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-21647.16     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN MEAL FUTR MAR26                        | FUTURE CONTRACT ON           SOYBEAN MEAL FUTR MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -2 | NC      | $-57040.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXTRON INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $827.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEYCORP                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1791.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTHSTATE BANK CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $574.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FCAT 2024-3 A 4.88% 11/15/28                       | FLAGSHIP CREDIT AUTO TRUST 2024-3 SER 2024-3 CL A REGD 144A P/P 4.88000000                       | CUSIP: 33843YAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1179887 | PA      | $1183142.10    | 0.08%             | 2028-11-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS LINK MOBILITY GROUP HOLD /NOK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $740.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUPER MICRO COMPUTER INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-48592.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ASURION LLC 0% 01/31/2028                      | T/L ASURION LLC REGD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2280000 | PA      | $2217300.00    | 0.14%             | 2028-01-31      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TENET HEALTHCARE CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $22190.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTPAC BANKING CORP /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-688.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TENARIS SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $1989.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOLARIS ENERGY INFRASTRUCTUR                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2781.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QORVO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $539.84        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOMURA REAL ESTATE HOLDI /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8443.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANWA HOLDINGS CORP /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4889.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLEAN HARBORS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-143.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INMOBILIARIA COLONIAL SO /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-253.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ARCHES BUYER 0% 12/06/27                       | T/L ARCHES BUYER INC REGD 0.00000000                                                             | CUSIP: 03952HAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1542513 | PA      | $1543237.60    | 0.10%             | 2027-12-06      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS YANGZIJIANG SHIPBUILDING /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-255.57       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BUREAU VERITAS SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $12859.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  SEKISUI CHEMICAL CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6054.59      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FAIR ISAAC CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $534.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONZA GROUP AG-REG /CHF/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $26592.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LPL FINANCIAL HOLDINGS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6004.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PACKAGING CORP OF AMERICA                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6735.46      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOLLORE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-1722.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAE SYSTEMS PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2510.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIGNA CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-40924.32     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOVER CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-33.80        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MTR CORP /HKD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $561.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PORTLAND GENERAL ELECTRIC CO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $466.67        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PANDORA A/S /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-33699.70     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED AIRLINES HOLDINGS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $39257.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINEAGE INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7074.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIKING HOLDINGS LTD                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $73.65         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FERROVIAL SE /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-99.59        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONY GROUP CORP - SP ADR                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1096.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SSAB AB - B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $159.88        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGEAS /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $653.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSW INDUSTRIALS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6000.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDP SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $28428.93      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TRADE DESK INC/THE -CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $781.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BORREGAARD ASA /NOK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $228.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C AUDUSD CRNCY FUT  DEC25                        | FUTURE CONTRACT ON           AUDUSD CRNCY FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |      -120 | NC      | $-7946400.00   | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST CITIZENS BCSHS  -CL A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-53.15        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NTT INC /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-856.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMER SPORTS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-69.22        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RB GLOBAL INC /CAD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $6257.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WD-40 CO                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1141.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GSK PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-45362.83     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERIDIAN ENERGY LTD /NZD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $495.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IES HOLDINGS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $213.58        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ILLINOIS TOOL WORKS                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1923.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONSTER BEVERAGE CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1094.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS K92 MINING /CAD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-76.45        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TPG INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15244.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEGON LTD /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $7839.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NVR INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27464.95     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NCMT 2006-1 M6 V/R 03/25/36                        | NEWCASTLE MORTGAGE SECURITIES TRUST 2006-1 SER 2006-1 CL M6 V/R REGD 5.12739000                  | CUSIP: 65106AAT0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2935456 | PA      | $2818377.69    | 0.18%             | 2036-03-25      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DAIFUKU CO LTD /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3267.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNS 439 C25 5% 09/25/53                            | FANNIE MAE INTEREST STRIP SER 439 CL C25 5.00000000                                              | CUSIP: 31424UK39<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    872293 | PA      | $185823.00     | 0.01%             | 2053-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NOS SGPS /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $448.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEERE AND CO                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $36527.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOKIAN RENKAAT OYJ /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $1799.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMPHENOL CORP-CL A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $9825.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L SABRE GLBL INC 0% 06/30/28                     | T/L SABRE GLBL INC             REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    220000 | PA      | $205700.00     | 0.01%             | 2028-06-30      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| F/C COFFEE 'C' FUTURE DEC25                        | FUTURE CONTRACT ON           COFFEE 'C' FUTURE DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        34 | NC      | $4779337.50    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GITLAB INC-CL A                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1361.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUANTUMSCAPE CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4882.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHROP GRUMMAN CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $37757.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DAVIDE CAMPARI-MILANO NV /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $4533.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXLSERVICE HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $129.62        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEC CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $25490.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALP ENERGIA SGPS SA  B /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | PT        |         1 | NC      | $718.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEN DIGITAL INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13169.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BXP INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7401.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSW INDUSTRIALS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2.59          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDFIRE RESOURCES LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2739.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRATOS DEFENSE & SECURITY                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-32063.21     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYNOVUS FINANCIAL CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2601.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTERPOINT ENERGY INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15147.42     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIRIN HOLDINGS CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-21.78        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STELLANTIS NV /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $25664.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STRIDE INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8310.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L AVALARA INC 0% 03/20/32                        | T/L AVALARA INC REGD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1430000 | PA      | $1429599.60    | 0.09%             | 2032-03-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EXPEDITORS INTL WASH INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $116.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKER BP ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $813.27        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATLAS COPCO AB-B SHS /SEK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-80.89        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS B2GOLD CORP /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-5458.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONSTELLATION SOFTWARE I /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-74290.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLIANT ENERGY CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1525.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI LOGISTICS COR /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-393.58       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS J FRONT RETAILING CO LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2391.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICAJA BANCO SA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $6694.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO REALTY & DEVELO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $946.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEMETSCHEK SE  /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $2875.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L LTI HOLDINGS 0% 07/30/29                       | T/L LTI HOLDINGS INC REGD 0.00000000                                                             | CUSIP: 50217UBF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4144198 | PA      | $4177517.63    | 0.27%             | 2029-07-30      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ABB LTD-REG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $54.68         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELANCO ANIMAL HEALTH INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1657.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSURANCE AUSTRALIA GROU /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-459.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEONARDO SPA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $1139.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCELORMITTAL /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | LU        |         1 | NC      | $-1043.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XIOR STUDENT HOUSING NV /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-531.53       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CUBESMART                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-96.82        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUTU HOLDINGS LTD-ADR                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $10021.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESMED INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10.38        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNILEVER PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $71370.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENMAB A/S -SP ADR                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $1376.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGNC INVESTMENT CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $37612.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYENSQO SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-481.69       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMV AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $357.82        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHNEIDER ELEC SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-2881.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GARTNER INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5711.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANNALY CAPITAL MANAGEMENT IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-31018.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOOKING HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-489.24       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEGON LTD /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-3795.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMC CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $37561.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOAR HOLDINGS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2524.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCOR SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $3291.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TGS ASA /NOK/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-944.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIKON CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2275.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  RS GROUP PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $50.09         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WORKIVA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-927.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEEK LTD /AUD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $3507.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXA SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $15283.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DNB BANK ASA /NOK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $3058.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCOUT24 SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-803.57       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHNIPFMC PLC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $2700.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ONEDIGITAL 0% 07/02/32                         | T/L ONEDIGITAL BORROWER LLC    REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1330000 | PA      | $1339975.00    | 0.09%             | 2032-07-02      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MOLINA HEALTHCARE INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-32719.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DISCO CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2933.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONEMAIN HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14800.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABN AMRO BANK NV-CVA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-19115.83     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QANTAS AIRWAYS LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-59.52        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L TRUIST INSURANCE 0% 5/6/32                     | T/L TRUIST INSURANCE 0% 5/6/32 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4773863 | PA      | $4855925.87    | 0.31%             | 2032-05-06      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS M3 INC /JPY/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3606.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN OIL FUTR  MAY26                        | FUTURE CONTRACT ON           SOYBEAN OIL FUTR  MAY26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-30276.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAPLETREE LOGISTICS TRUS /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $445.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KAWASAKI HEAVY INDUSTRIE /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3154.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTEGER HOLDINGS CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-109.83       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANTOS LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-6123.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSOCIATED BRITISH FOODS /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-606.71       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVARTIS AG-SPONSORED ADR                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-950.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BEAZLEY PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $27013.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROPER TECHNOLOGIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5698.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDENRED /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-780.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APOTEA AB /SEK/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $24.90         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHAKE SHACK INC - CLASS A                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2565.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOSHIZAKI CORP /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11757.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS 3M CO                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4309.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIXTRON SE /EUR/ /PERPETUAL/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-11354.54     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEUTSCHE TELEKOM AG-REG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-49.72        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WALMART INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7242.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C COCOA FUTURE      MAR26                        | FUTURE CONTRACT ON           COCOA FUTURE      MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -1 | NC      | $-67960.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UCB SA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-63854.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QIAGEN N.V. /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1249.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REVOLUTION MEDICINES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $802.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L BLERIOT US B 0% 10/31/30                       | T/L BLERIOT US BIDCO INC REGD_  TERM LOAN 0.00000000                                             | CUSIP: 09353TAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    914392 | PA      | $914145.23     | 0.06%             | 2030-10-31      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS VERISK ANALYTICS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4216.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MCDONALD'S HOLDINGS CO J /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1262.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KURITA WATER INDUSTRIES /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2409.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELEMENT SOLUTIONS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-418.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS URANIUM ENERGY CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4617.42      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROBERT HALF INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5.80         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANA FINANCIAL GROUP /KRW/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-1443.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOPPAN HOLDINGS INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3274.22      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANTERO RESOURCES CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4835.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SVENSKA CELLULOSA AB SCA /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-579.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISS A/S /DKK/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-4.24         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIMMONS FIRST NATL CORP-CL A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $163.10        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L GOODNIGHT WATE 0% 06/04/24                     | T/L GOODNIGHT WATER SOLUTIONS      HOLDINGS LLC REGD TERM LOAN 0.00000000                        | CUSIP: 38238YAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    943951 | PA      | $929791.99     | 0.06%             | 2029-06-04      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ORIENTAL LAND CO LTD /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $59854.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONOLITHIC POWER SYSTEMS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1776.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOMURA REAL ESTATE HOLDI /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $10141.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OTSUKA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9260.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS M3 INC /JPY/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-759.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITALGAS SPA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $4385.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERNATIONAL PAPER CO                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5310.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CHARTER NEX 0% 11/29/30                        | T/L CHARTER NEXT GENERATION    INC REGD 0.00000000                                               | CUSIP: 16125TAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2396086 | PA      | $2402626.94    | 0.15%             | 2030-11-29      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CELSIUS HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11539.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCREEN HOLDINGS CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1033.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMI PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $396.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHERWIN-WILLIAMS CO/THE                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $978.65        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENCOMPASS HEALTH CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-239.57       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3MO EURO EURIBOR  JUN27                        | FUTURE CONTRACT ON           3MO EURO EURIBOR  JUN27 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |        -3 | NC      | $-861649.96    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAMSAY HEALTH CARE LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $219.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHITBREAD PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-800.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DCC PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-0.80         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L TALEN ENERGY 0% 05/17/2030                     | T/L TALEN ENERGY SUPPLY LLC    REGD 0.00000000                                                   | CUSIP: 87422LAV2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1591692 | PA      | $1592264.74    | 0.10%             | 2030-05-17      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KYUSHU ELECTRIC POWER CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-757.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAT GROUP AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-236.48       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DCC PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-10.21        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L GRAY TELEVI 0% 06/04/29                        | T/L GRAY TELEVISION  INC REGD 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      4332 | PA      | $4330.67       | 0.00%             | 2029-06-04      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ACUITY INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $839.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITTO DENKO CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-11962.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEFONICA SA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-3576.87      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXSOME THERAPEUTICS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $287.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  KION GROUP AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $339.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERROVIAL SE /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-104.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAPLEBEAR INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5279.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAIPEM SPA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $27925.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNR 2020-89 DI 2.5% 12/25/50                       | FANNIE MAE REMICS SER 2020-89 CL DI 2.50000000                                                   | CUSIP: 3136BCD80<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1680497 | PA      | $264241.01     | 0.02%             | 2050-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS DUPONT DE NEMOURS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $310.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OPEN TEXT CORP /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3733.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCHROCK INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3.66          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CALIFORNIA WATER SERVICE GRP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $68.91         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RANDSTAD NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-2254.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L LAVENDER DUTCH 0% 09/27/32                     | T/L LAVENDER DUTCH BORROWERCO  B V  REGD 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    355000 | PA      | $355000.00     | 0.02%             | 2032-09-27      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ORGANO CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1617.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CYBERAGENT INC /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8855.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LUNDBERGS AB-B SHS /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $252.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHOLAR ROCK HOLDING CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-501.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONINKLIJKE PHILIPS NV /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $8175.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI GROUP HOLDINGS LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $64.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#QJ5582 6% 09/01/54                          | FREDDIE MAC POOL UMBS P#QJ5582 6.00000000                                                        | CUSIP: 3133CWFX5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     54119 | PA      | $56172.89      | 0.00%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 10/02/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797MS3<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  13000000 | PA      | $12998551.02   | 0.83%             | 2025-10-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  COOPER COS INC/THE                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-23172.63     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PALANTIR TECHNOLOGIES INC-A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $48921.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  AVIS BUDGET GROUP INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15112.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y C 3.47600 L 10/17/25 BRC                | ORO USD 7Y C 3.47600 L 10/17/25 BRC 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  -3700000 | NC      | $-14150.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AXALTA COATING SYSTEMS LTD                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-660.69       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST INSURANCE CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5612.91      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CINCINNATI FINANCIAL CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17332.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS 4IMPRINT GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1362.93       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVERCORE INC - A                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-24265.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJIKURA LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2852.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRSTCASH HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-522.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONINKLIJKE PHILIPS NV /EUR/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $12243.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L KAMAN CORP 00.00% 01/30/32                     | T/L KAMAN CORPORATION 0.00000000                                                                 | CUSIP: 48354VAN2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     54605 | PA      | $54394.86      | 0.00%             | 2032-01-30      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS COSTAR GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7530.05      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SENSIENT TECHNOLOGIES CORP                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1545.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOKYO METRO CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $786.01        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CSX CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1387.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 5.00000 L 10/08/25 BOA                | ORO USD 7Y P 5.00000 L 10/08/25 BOA 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |  29700000 | NC      | $2.97          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS RICOH CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-10030.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BAKKAFROST P/F /NOK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FO        |         1 | NC      | $1049.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANADIAN TIRE CORP-CLASS /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $15563.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCOR SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $4414.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOODWARD INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-207.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOSOH CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2573.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OR ROYALTIES INC /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-49081.59     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCIALYS /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-13.02        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGREE REALTY CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14414.87     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OBIC CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2229.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STAG INDUSTRIAL INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1098.04      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GEA GROUP AG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $15.30         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MANDATUM OYJ /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-20.59        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CAVA GROUP INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13715.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOCKHEED MARTIN CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $71976.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRUDENTIAL PLC /GBP/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $69.78         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHINDLER HOLDING-PART C /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1698.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SABRE GLBL IN 11.125% 07/15/30                     | SABRE GLBL INC REGD 144A P/P 11.12500000                                                         | CUSIP: 78573NAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $416433.50     | 0.03%             | 2030-07-15      | Fixed         | 11.12%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS CHARLES RIVER LABORATORIES                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $155.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WESTLAKE CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3.90          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C LEAN HOGS FUTURE  FEB26                        | FUTURE CONTRACT ON           LEAN HOGS FUTURE  FEB26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -3 | NC      | $-108360.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVEREST GROUP LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-1885.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED UTILITIES GROUP P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-446.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINGAPORE TECH ENGINEERI /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $429.99        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OWENS CORNING                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4606.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWEDBANK AB - A SHARES /SEK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-320.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS L3HARRIS TECHNOLOGIES INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $76135.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOCHTIEF AG /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1718.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARRATT REDROW PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-8317.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KUAISHOU TECHNOLOGY /HKD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-23527.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAYLOR MORRISON HOME CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-24.27        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADT INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $72.05         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESONA HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6603.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALIGN TECHNOLOGY INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15754.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L EPIC CRUDE 00.00% 10/15/31                     | T/L EPIC CRUDE SERVICES LP 0.00000000                                                            | CUSIP: 29428XAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1129825 | PA      | $1129825.00    | 0.07%             | 2031-10-15      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| F/C SUGAR #11 (WORLD) MAR26                        | FUTURE CONTRACT ON           SUGAR #11 (WORLD) MAR26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |      -479 | NC      | $-8905568.00   | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 4.0% OCT 25                          | FNMA 30YR TBA 4.0% OCT 25     TO BE ANNOUNCED 4.00000000                                         | CUSIP: 01F0406A0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   8400000 | PA      | $7920840.48    | 0.51%             | 2055-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SMITHS GROUP PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $307.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMEREN CORPORATION                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12697.91     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONIC AUTOMOTIVE INC-CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $444.33        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENUMBRA INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $83.34         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS L'OREAL /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-30851.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STORA ENSO OYJ-R SHS /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-3900.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ECI MACOLA 00.00% 05/09/30                     | T/L ECI MACOLA/MAX HOLDING LLC 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    441028 | PA      | $440661.58     | 0.03%             | 2030-05-09      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS AMERICAN ELECTRIC POWER                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-27459.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HITACHI LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11022.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOWE'S COS INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10698.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C S&P/TSX 60 IX FUT DEC25                        | FUTURE CONTRACT ON           S&P/TSX 60 IX FUT DEC25 /CAD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |        46 | NC      | $11719307.33   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKIO MARINE HOLDINGS INC /JPY/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6299.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEAGATE TECHNOLOGY HOLDINGS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-168035.89    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NICE SYSTEMS LTD /ILS/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $2272.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RAYMOND JAMES FINANCIAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-254.90       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEMETSCHEK SE  /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1258.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS C&C GROUP PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $570.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L PMHC II 0% 02/02/2029                          | T/L PMHC II INC REGD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    487475 | PA      | $392724.30     | 0.03%             | 2029-04-23      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS PAN PACIFIC INTERNATIONA /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1076.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINGAPORE TECH ENGINEERI /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $7638.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUBSPOT INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-38894.83     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMRIZE LTD /CHF/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $32725.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  NORDEA BANK ABP /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $12.78         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOLVENTUM CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4271.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOUTHWEST AIRLINES CO                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1613.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARTER'S INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6150.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALLEY NATIONAL BANCORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3275.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PANDORA A/S /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-21053.18     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONESTREAM INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3039.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MANHATTAN ASSOCIATES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-304.91       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NUTRIEN LTD /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $30329.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BIOGEN INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4435.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHROP GRUMMAN CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2967.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIX FLAGS ENTMT CORP DEL                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-983.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EO TECHNICS CO LTD /KRW/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $1899.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORE & MAIN INC-CLASS A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1042.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CAESARS ENTER 0% 02/06/31                      | T/L CAESARS ENTERTAINMENT INC  REGD TERM LOAN 0.00000000                                         | CUSIP: 12768EAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    871856 | PA      | $868952.46     | 0.06%             | 2031-02-06      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS JEFFERIES FINANCIAL GROUP IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-777.44       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HECLA MINING CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-620.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEARSON PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $549.78        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ATKINSREALIS GROUP INC /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-35858.98     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BELLWAY PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $764.21        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5564 PF V/R 08/25/55                           | FREDDIE MAC REMICS SER 5564 CL PF V/R 5.55603000                                                 | CUSIP: 3137HMDP2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     99355 | PA      | $99850.39      | 0.01%             | 2055-08-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| T/L FILTRATION GRO 0% 10/21/28                     | T/L FILTRATION GROUP           CORPORATION REGD 0.00000000                                       | CUSIP: 31732FAX4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3824947 | PA      | $3839290.66    | 0.24%             | 2028-10-21      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS IDEMITSU KOSAN CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $11747.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGNC INVESTMENT CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-22996.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMFORT SYSTEMS USA INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $22529.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IG GROUP HOLDINGS PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $16441.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L TRANSDIGM INC 0% 02/28/31                      | T/L TRANSDIGM INC ZCP REGD     TERM LOAN 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2444335 | PA      | $2442746.47    | 0.16%             | 2031-02-28      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BIG YELLOW GROUP PLC /GBP/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-667.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MADRIGAL PHARMACEUTICALS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17119.89     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOLDMAN SACHS GROUP INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7485.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ZALANDO SE /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-3859.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HCI GROUP INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-136.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANKINTER SA /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $4537.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHISEIDO CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-365.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANG SENG BANK LTD /HKD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $1885.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACV AUCTIONS INC-A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $438.99        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VOLKSWAGENWERK AG PRF /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $26738.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AURUBIS AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1024.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TETRA TECH INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4.83          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONCLER SPA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $2188.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLOPLAST-B /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $68763.97      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FORTESCUE LTD /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $72.26         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEEKAY TANKERS LTD-CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $214.47        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ACCELLERON INDUSTRIES AG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1002.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLOUDFLARE INC - CLASS A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4814.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTENE CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $42020.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOPPAN HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3555.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AAK AB /SEK/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $3951.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KEISEI ELECTRIC RAILWAY  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1659.60      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WAYSTAR HOLDING CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-119.03       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGEAS /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-124.45       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TORAY INDUSTRIES INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2529.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOKYU CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4139.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICAJA BANCO SA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $7378.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOOLWORTHS GROUP LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $919.30        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAR ENERGI ASA /NOK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-801.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PANDORA A/S /DKK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $-2889.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L LUMEN TECHNOL ZCP 04/15/29                     | T/L LUMEN TECHNOLOGIES INC REGD ZCP TERM LOAN 0.00000000                                         | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    507557 | PA      | $503821.40     | 0.03%             | 2029-04-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS HEALTHEQUITY INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10597.81      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REXFORD INDUSTRIAL REALTY IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9483.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HOCHTIEF AG /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1206.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  NEXTRACKER INC-CL A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-467.87       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SVENSKA HANDELSBANKEN-A  /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $475.73        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN TOBACCO INC /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $193.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EUROPRIS ASA /NOK/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-29.48        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHOPIFY INC - CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-653.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VISTRA CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10753.51      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAGE GROUP PLC/THE /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-125.71       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARM HOLDINGS PLC-ADR                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $14396.99      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BORGWARNER INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1236.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INGERSOLL-RAND INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-197.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IP GROUP PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $19.40         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHNIPFMC PLC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-263.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIR PRODUCTS & CHEMICALS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1898.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  MOODY'S CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-64738.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TREX COMPANY INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-48.71        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HERMES INTERNATIONAL /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $9076.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AISIN CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1630.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IG GROUP HOLDINGS PLC /GBP/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $10717.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COFACE SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $809.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO/HUF X-RATE   DEC25                        | FUTURE CONTRACT ON           EURO/HUF X-RATE   DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |        11 | NC      | $984786.08     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALLREAL HOLDING AG-REG /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1039.72      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALLEY NATIONAL BANCORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2959.13      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C CORN FUTURE       DEC25                        | FUTURE CONTRACT ON           CORN FUTURE       DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |      -266 | NC      | $-5526150.00   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORTEVA INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-12.95        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJI ELECTRIC COMPANY/JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7485.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELEFLEX INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10603.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#CB9810 6% 01/01/55                          | FANNIE MAE POOL UMBS P#CB9810 6.00000000                                                         | CUSIP: 3140QV3U6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2066288 | PA      | $2150561.21    | 0.14%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NEWS CORP - CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1456.15      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEWS CORP - CLASS A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-137.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORICA LTD /AUD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-932.28       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2016-H24 KF V/R 11/20/66                       | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2016-H24 CL KF V/R 4.78304000                       | CUSIP: 38376RG34<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    196016 | PA      | $196934.02     | 0.01%             | 2066-11-20      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SEKISUI CHEMICAL CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2545.57       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADA CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9256.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS API GROUP CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $173.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI MINING & SMELTING /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5335.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTEGRAFIN HOLDINGS PLC /GBP/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1444.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOWE'S COS INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2060.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PAID 2024-11  5.092% 12/15/26                      | PAGAYA AI DEBT GRANTOR TRUST 2024-11 SER 2024-11 CL A REGD 144A P/P 5.09200000                   | CUSIP: 69544AAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    956042 | PA      | $960865.23     | 0.06%             | 2032-07-15      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS PRIMERICA INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10214.17     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEVERN TRENT PLC /GBP/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1682.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REVOLUTION MEDICINES INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6632.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDEX CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-50.96        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEVI STRAUSS & CO- CLASS A                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-56.56        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOME DEPOT INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1776.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHARMA MAR SA /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-485.92       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FI USD REC IBXXLLTR 12/20/25 /LONG/                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13432.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MERCADOLIBRE INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-53683.26     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COLRUYT GROUP N.V /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-352.47       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIDGEBIO PHARMA INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $500.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 10/07/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797RB5<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  13250000 | PA      | $13241045.52   | 0.84%             | 2025-10-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ORGANO CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $19235.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YOKOHAMA RUBBER CO LTD /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2426.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISOURCE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-643.17       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NITTO DENKO CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-13260.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINAXIS INC /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $60.17         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYANAIR HOLDINGS-SP ADR                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $1719.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI & CO LTD /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9988.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BODYCOTE PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-61.69        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCL INDUSTRIES INC - CL  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2475.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALBERTSONS COS INC - CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-300.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAR ENERGI ASA /NOK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $5368.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUBBELL INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-72.50        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | SEK/USD FWD 20251016 000000010 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1847.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TELSTRA GROUP LTD /AUD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-12976.63     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KNIGHT-SWIFT TRANSPORTATION                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1422.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRYSTAL BIOTECH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-312.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA II 30 YR TBA 2.5% OCT 25                      | GNMA II 30 YR TBA 2.5% OCT 25  TO BE ANNOUNCED 2.50000000                                        | CUSIP: 21H0226A4<br>LEI: N/A                  | Short            | ABS-MBS          | USGA              | US        |  -4000000 | PA      | $-3444975.04   | -0.22%            | 2055-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EXLSERVICE HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $556.74        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHIME FINANCIAL INC-CL A                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4423.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STMICROELECTRONICS NV /EUR/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-1190.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOHO CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7.16         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COMMVAULT SYSTEMS INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $38.98         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORANGE SA /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $116.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSMED INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $153.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PLANET LABS PBC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3186.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZEALAND PHARMA A/S /DKK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $525.42        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAND SECURITIES GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-4736.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASAHI GROUP HOLDINGS LTD /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-65.10        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ALBION FIN 00.00% 05/30/31                     | T/L ALBION FINANCING 3 SARL 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1174523 | PA      | $1176730.97    | 0.08%             | 2031-05-30      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EXLSERVICE HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $615.08        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CASH COLLATERAL CME BOS                            | CASH COLLATERAL CME BOS        /CCBOSCUS7 3.99000000                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1080000 | PA      | $1080000.00    | 0.07%             | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| CRVNA 2024-P4  4.62% 07/10/26                      | CARVANA AUTO RECEIVABLES TRUST 2024-P4 SER 2024-P4 CL A2 REGD 4.62000000                         | CUSIP: 14076LAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    733543 | PA      | $734257.32     | 0.05%             | 2028-02-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EQUIFAX INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $814.11        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VODAFONE GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4671.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XERO LTD /AUD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-167.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDISON INTERNATIONAL                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $158.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVOLENT HEALTH INC - A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-351.11       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONVATEC GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $755.05        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FAST RETAILING CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1055.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LEONARDO DRS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8377.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESONAC HOLDINGS CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2838.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SARTORIUS STEDIM BIOTECH /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $3673.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXT PLC /GBP/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3020.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKMANNI GROUP CORP /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $510.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ISETAN MITSUKOSHI HOLDIN /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4961.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C CAC40 10 EURO FUT OCT25                        | FUTURE CONTRACT ON           CAC40 10 EURO FUT OCT25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | FR        |       -19 | NC      | $-1761133.67   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  RUBRIK INC-A                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $13515.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHEMED CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4841.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KESKO OYJ-B SHS /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $141.41        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C RAPESEED  EURO    FEB26                        | FUTURE CONTRACT ON           RAPESEED  EURO    FEB26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | FR        |       -19 | NC      | $-518636.58    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L PIKE CORPORATI 0% 1/21/28                      | T/L PIKE CORPORATION REGD 0.00000000                                                             | CUSIP: 72108PAR5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    732314 | PA      | $735873.25     | 0.05%             | 2028-01-21      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KONGSBERG GRUPPEN ASA /NOK/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $206.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SNAM SPA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $89.11         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIO INC-CLASS A /HKD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $237.70        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHARP CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $63.86         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARCUTIS BIOTHERAPEUTICS INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2823.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROGRESSIVE CORP                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $12648.61      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJITSU LIMITED /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4578.34      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TYLER TECHNOLOGIES INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $383.56        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEAB AB CLASS B /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-228.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELIA CO AB /SEK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-64.75        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELIA GROUP SA/NV /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-2004.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS RE LTD /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1015.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AENA SME SA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-12359.81     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PAID 2024-10 B 5.75% 11/15/26                      | PAGAYA AI DEBT GRANTOR TRUST 2024-10 SER 2024-10 CL B REGD 144A P/P 5.75000000                   | CUSIP: 69544MAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1109404 | PA      | $1117418.36    | 0.07%             | 2032-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS SUMITOMO MITSUI TRUST HOLDINGS INC /JPY/                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $25163.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y C 4.26500 L 05/01/35 BOA           | ORO FWD USD 10Y C 4.26500 L 05/01/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1100000 | NC      | $57178.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS  ADDTECH AB-B SHARES /SEK/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-2065.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNS 429 C10 1.5% 04/25/37                          | FANNIE MAE INTEREST STRIP SER 429 CL C10 1.50000000                                              | CUSIP: 31423YVS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3112503 | PA      | $168926.25     | 0.01%             | 2037-04-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CAESARS ENTERTAINMENT INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $21644.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CLEAN HARBORS INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5100.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  COMCAST CORP-CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-211.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARKER HANNIFIN CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $236.04        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUBBELL INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9165.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAN IMPERIAL BK OF COMME /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-49136.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOXIMITY INC-CLASS A                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-195.56       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIE AUTOMOTIVE SA /EUR/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $170.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERSEN /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $146.46        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L LIFE TIME 00.00% 11/05/31                      | T/L LIFE TIME INC 0.00000000                                                                     | CUSIP: 50218KAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1223183 | PA      | $1221140.24    | 0.08%             | 2031-11-05      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS PACKAGING CORP OF AMERICA                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-36706.22     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTL FLAVORS & FRAGRANCES                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $31032.29      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINDER MORGAN INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $29540.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDEX CORP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-5701.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 10Y P 5.50000 L 01/30/26 BOA               | ORO USD 10Y P 5.50000 L 01/30/26 BOA 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   3000000 | NC      | $86.10         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NEWMARKET CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17186.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L BAUSCH + LOMB 0% 12/17/30                      | T/L BAUSCH + LOMB CORPORATION  REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    507972 | PA      | $507550.46     | 0.03%             | 2031-01-15      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GENUINE PARTS CO                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $40987.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT AB /SEK/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $3216.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HEIDELBERG MATERIALS AG /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-31662.78     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BCC 2021-5A A1R V/R 10/23/34                       | BAIN CAPITAL CREDIT CLO 2021-5 LTD SER 2021-5A CL A1R V/R REGD 144A P/P 5.46899000               | CUSIP: 05682EAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3002079.90    | 0.19%             | 2034-10-23      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS WETHERSPOON (J.D.) PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $107.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA CONSOLIDATED INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1565.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JANUS HENDERSON GROUP PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-155.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COHERENT CORP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4693.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEUROCRINE BIOSCIENCES INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9311.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MID-AMERICA APARTMENT COMM                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-16536.08     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRIMERICA INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $147.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATKINSREALIS GROUP INC /CAD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2787.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QANTAS AIRWAYS LTD /AUD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-506.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALAXY DIGITAL INC-A /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-670.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JB HI-FI LTD /AUD/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $3859.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PBF ENERGY INC-CLASS A                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-905.12       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BARCLAYS PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-9016.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C PLATINUM FUTURE   JAN26                        | FUTURE CONTRACT ON           PLATINUM FUTURE   JAN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        63 | NC      | $5057955.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 3.68100 L 12/04/25 FAR                | ORO USD 7Y P 3.68100 L 12/04/25 FAR 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        | -14000000 | NC      | $-48612.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| F/C 3MO EURO EURIBOR  SEP26                        | FUTURE CONTRACT ON           3MO EURO EURIBOR  SEP26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |        -5 | NC      | $-1438431.36   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASTEC INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4590.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ONO PHARMACEUTICAL CO LT /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15433.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C JPN YEN CURR FUT  DEC25                        | FUTURE CONTRACT ON           JPN YEN CURR FUT  DEC25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |      -909 | NC      | $-77424075.00  | -4.94%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIKKOMAN CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1568.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FAST RETAILING CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $74993.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAKEDA PHARMACEUTICAL CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-17218.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IRON MOUNTAIN INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3542.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWISS RE LTD /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-2827.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LI AUTO INC-CLASS A /HKD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-151.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  FERROVIAL SE /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-3731.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALARM.COM HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-553.52       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPIE SA /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-7274.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCO BILBAO VIZCAYA ARG /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-892.48       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSTAR GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5000.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVOLUTION MINING LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $44494.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAVA GROUP INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $540.33        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABB LTD-REG /CHF/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $9909.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RENAULT SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $162.03        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWEDBANK AB - A SHARES /SEK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-311.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERDIGITAL INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $21.88         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  RIOCAN REAL ESTATE INVST /CAD/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $1755.41       | 0.00%             |  |  |  | No            |                  1 | 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        |   3197665 | PA      | $3232519.76    | 0.21%             | 2056-03-15      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS TRADEWEB MARKETS INC-CLASS A                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-41864.97     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON STEEL AND SUMITOMO METAL CORPORATION /JPY/                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-36396.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CHOICE HOTELS INTL INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2052.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RTX CORP                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-178.33       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CINCINNATI FINANCIAL CORP                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4927.14      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ON SEMICONDUCTOR                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3510.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C HSCEI FUTURES     OCT25                        | FUTURE CONTRACT ON           HSCEI FUTURES     OCT25 /HKD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | HK        |       123 | NC      | $7567820.40    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ALBEMARLE CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11.18        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS METSO OYJ /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $927.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMC 2005-1 AF5 V/R 05/25/35                       | RENAISSANCE HOME EQUITY LOAN TRUST 2005-1 SER 2005-1 CL AF5 V/R REGD 5.95100000                  | CUSIP: 759950FF0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    227685 | PA      | $228580.90     | 0.01%             | 2035-05-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GLOBE LIFE INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-415.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PINNACLE WEST CAPITAL                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1596.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAN PACIFIC INTERNATIONA /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-195.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALAXY DIGITAL INC-A /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-117.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMEREN CORPORATION                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $581.83        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ABERDEEN GROUP PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $8289.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L DYE & DURHAM 0% 12/31/49                       | T/L DYE & DURHAM CORPORATION   0% 0.00000000                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    421389 | PA      | $418755.45     | 0.03%             | 2049-12-31      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BENTLEY SYSTEMS INC-CLASS B                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10133.81      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CITIC LTD /HKD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $960.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARETRUST REIT INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9666.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PUMA SE /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $2889.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRIDGESTONE CORP /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-126.43       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LINK REIT /HKD/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         1 | NC      | $-359.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRST QUANTUM MINERALS L /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $159903.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AST SPACEMOBILE INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-976.10       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAGE GROUP PLC/THE /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1003.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5010 IK 2.5% 09/25/50                          | FREDDIE MAC REMICS SER 5010 CL IK 2.50000000                                                     | CUSIP: 3137FVQ54<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     58666 | PA      | $9184.62       | 0.00%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| T/L GENUINE FINA 0% 09/27/30                       | T/L GENUINE FINANCIAL HOLDINGS LLC REGD 0.00000000                                               | CUSIP: 37190DAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    927630 | PA      | $851759.09     | 0.05%             | 2030-09-27      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BELLRING BRANDS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10.71        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VAIL RESORTS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15817.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOROMONT INDUSTRIES LTD /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-517.47       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIDELITY NATIONAL FINANCIAL                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4055.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHLUMBERGER LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CW        |         1 | NC      | $-36.90        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENTEX CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15.41        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF IRELAND GROUP PL /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-344.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERISIGN INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-562.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GREAT PORTLAND ESTATES P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-54.21        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALMA PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1809.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANKYU HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-8663.31      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCADOLIBRE INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-924.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUI E&S CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-10082.26     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  OLD DOMINION FREIGHT LINE                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15632.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPITAL POWER CORP /CAD/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $7608.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INSURANCE AUSTRALIA GROU /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1289.27      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ORO USD 7Y P 5.00000 L        03/20/26 BOA         | ORO USD 7Y P 5.00000 L        03/20/26 BOA 0.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   3200000 | NC      | $665.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LITTELFUSE INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-394.89       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  OKLO INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7050.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHITEHAVEN COAL LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-28.33        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALPHABET INC-CL C                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-526.16       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELECTRONIC ARTS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $18113.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWEDISH ORPHAN BIO AB /SEK/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-1496.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RYANAIR HOLDINGS PLC /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-12423.90     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KONINKLIJKE PHILIPS NVR- NY                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $357.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITOCHU CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1108.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANGLO AMERICAN PLC /GBP/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $33006.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUNCOR ENERGY INC /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $10671.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L AADVANTAGE LO 0% 04/20/28                      | T/L AADVANTAGE LOYALTY IP LTD. REGD 0.00000000                                                   | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   2596980 | PA      | $2591578.78    | 0.17%             | 2028-04-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KONAMI GROUP CORP /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1284.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORECIVIC INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-185.06       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AXIS CAPITAL HOLDINGS LTD                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $-216.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOOZ ALLEN HAMILTON HOLDINGS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-226.51       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARNIVAL PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3972.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA EUROPACIFIC PARTNE                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1658.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCENTRE GROUP /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-866.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EMPIRE CO LTD 'A' /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $766.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CARNIVAL PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-515.66       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILEY (JOHN) & SONS-CLASS A                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-20.66        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIAGEO PLC-SPONSORED ADR                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-55.18        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELIS SA /EUR/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-2927.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORIENTAL LAND CO LTD /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3683.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITY SOFTWARE INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1469.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ACRISURE HOLDINGS INC /REST/                       | ACRISURE HOLDINGS INC SERIES A-2 PREFERRED STOCK /RESTRICTED/ 0.00000000                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     12458 | NS      | $299988.64     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                | TRS SONIC HEALTHCARE LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-864.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CENTRAL JAPAN RAILWAY CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7385.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENNYMAC FINANCIAL SERVICES                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-85.79        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAZARD INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4971.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RALPH LAUREN CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1242.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  JD SPORTS FASHION PLC /GBP/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-3066.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KINGSPAN GROUP PLC /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-4600.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS APPLE HOSPITALITY REIT INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $97.96         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TREASURY WINE ESTATES LT /AUD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-251.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS S&P GLOBAL INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11254.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORLA MINING LTD /CAD/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $183.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STILLFRONT GROUP AB /SEK/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $83.91         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOMRA SYSTEMS ASA /NOK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $1966.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PRIMERICA INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-89.76        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERADYNE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-163.90       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORCEPT THERAPEUTICS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $47.82         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GOODMAN GROUP /AUD/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $5874.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CREDIT AGRICOLE SA /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $458.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REXEL SA /EUR/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-318.35       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENTEX CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-25.58        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VALERO ENERGY CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-6082.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COCA-COLA HBC AG-DI /GBP/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-453.21       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CYBERAGENT INC /JPY/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8390.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T-MOBILE US INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4135.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEMANT A/S /DKK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $4120.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHS 362 C4 3% 12/15/47                             | FREDDIE MAC STRIPS SER 362 CL C4 3.00000000                                                      | CUSIP: 31325W4P4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8151999 | PA      | $1359200.44    | 0.09%             | 2047-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EMERSON ELECTRIC CO                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $40293.22      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVIS BUDGET GROUP INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-605.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NATIONAL VISION HOLDINGS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3707.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA TBA 30 YR 4.0% NOV 25                         | GNMA TBA 30 YR 4.0% NOV 25     TO BE ANNOUNCED 4.00000000                                        | CUSIP: 21H0406B4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  24900000 | PA      | $23431282.96   | 1.49%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS TECK RESOURCES LTD CLS B/CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-49082.26     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SOYBEAN FUTURE    MAY26                        | FUTURE CONTRACT ON           SOYBEAN FUTURE    MAY26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        -2 | NC      | $-104975.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DIAGEO PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $10500.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANTOS LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-1445.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASR NEDERLAND NV /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $695.11        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARGAN INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $500.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HECLA MINING CO                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-36316.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASUSTEK COMPUTER INC /TWD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-693.46       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QXO INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $817.02        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C FTSE TAIWAN INDEX OCT25                        | FUTURE CONTRACT ON             FTSE TAIWAN INDEX OCT25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | SG        |        82 | NC      | $7013460.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IDEMITSU KOSAN CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5709.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CORE & MAIN INC-CLASS A                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-19749.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5040 CI 4% 11/25/50                            | FREDDIE MAC REMICS SER 5040 CL CI 4.00000000                                                     | CUSIP: 3137F6N60<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6655522 | PA      | $1434897.26    | 0.09%             | 2050-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MONDI PLC /GBP/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $16.04         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XERO LTD /AUD/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $-741.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EVONIK INDUSTRIES AG /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1550.01       | 0.00%             |  |  |  | No            |                  1 | 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        |     67396 | PA      | $67414.90      | 0.00%             | 2027-01-20      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BANK OF NOVA SCOTIA HALIFAX /CAD/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-31163.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C SPI 200 FUTURES   DEC25                        | FUTURE CONTRACT ON           SPI 200 FUTURES   DEC25 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | AU        |        45 | NC      | $6605171.51    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRE GLBL INC 10.75% 11/15/29                     | SABRE GLBL INC REGD 144A P/P 10.75000000                                                         | CUSIP: 78573NAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    317000 | PA      | $306419.42     | 0.02%             | 2029-11-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| CIM 2025-R1 A1 V/R 02/25/99                        | CIM TRUST 2025-R1 SER 2025-R1 CL A1 V/R REGD 144A P/P 5.00000000                                 | CUSIP: 12575LAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3038802 | PA      | $3022712.92    | 0.19%             | 2099-02-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS TRANSDIGM GROUP INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-20261.65     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITEDHEALTH GROUP INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-191.97       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DOMINION ENERGY INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4786.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CANON INC /JPY/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-281.54       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOLMEN AB-B SHARES /SEK/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-34.92        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COGENT COMMUNICATIONS HOLDIN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $933.61        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TDK CORP /JPY/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2845.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REV GROUP INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3671.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENPACT LTD                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BM        |         1 | NC      | $4297.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JET2 PLC /GBP/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1597.08      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INVESTOR AB-B SHS /SEK/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-36498.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TAPESTRY INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $569.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GALAXY DIGITAL INC-A /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-381.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L OSAIC HOLDINGS 0% 07/16/32                     | T/L OSAIC HOLDINGS INC REGD 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2232790 | PA      | $2231138.10    | 0.14%             | 2032-07-16      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SPX TECHNOLOGIES INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $787.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STMICROELECTRONICS NV-NY SHS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $662.32        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMCOR PLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $-179.73       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ING GROEP NV /EUR/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $6950.18       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WEX INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5684.13       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANTOS LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-872.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AVIS BUDGET GROUP INC                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $92.85         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HIKMA PHARMACEUTICALS PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-542.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANWA HOLDINGS CORP /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $970.71        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PETROCHINA CO LTD H /HKD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CN        |         1 | NC      | $-2045.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FLEX LTD                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-1149.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JOHNSON & JOHNSON                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $15772.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIRRUS LOGIC INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1914.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FERRARI NV /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-18695.23     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RESONAC HOLDINGS CORP /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9893.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYSCO CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $550.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARKEMA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $10415.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TSURUHA HOLDINGS INC /JPY/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-77.92        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CK HUTCHISON HOLDINGS LT /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-59.78        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  QXO INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $27608.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SITIME CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-172.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DR ING HC F PORSCH /EUR/ /PFD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $13295.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MVEW 2019-1A A1R V/R 10/15/34                      | MOUNTAIN VIEW CLO XIV LTD SER 2019-1A CL A1R V/R REGD 144A P/P 6.81298000                        | CUSIP: 62432MAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3203840.00    | 0.20%             | 2034-10-15      | Variable      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS DIGITALBRIDGE GROUP INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $777.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CONFLUENT INC-CLASS A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-147.16       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ENERGEAN PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1.54          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SIG COMBIBLOC GROUP AG /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $112.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASICS CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-93.67        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BXP INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7129.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DSV DKK1 /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $66244.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PROSUS NV /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $133067.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CONAGRA BRANDS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-373.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COPART INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2458.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3MO EURO EURIBOR  DEC27                        | FUTURE CONTRACT ON           3MO EURO EURIBOR  DEC27 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |        -1 | NC      | $-286864.44    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STIFEL FINANCIAL CORP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-522.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MINERAL RESOURCES LTD /AUD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-15959.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SWEDBANK AB - A SHARES /SEK/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $3500.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REVVITY INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $178.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THOR INDUSTRIES INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-733.77       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  PNC FINANCIAL SERVICES GROUP                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-109.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THK CO LTD /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-181.38       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TEXAS PACIFIC LAND CORP                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-714.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PENTA-OCEAN CONSTRUCTION /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $72.51         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMADA CO LTD /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $9064.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SSR MINING INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-2212.76      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KRAFT HEINZ CO/THE                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-14899.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYOCERA CORP /JPY/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $8569.13       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKS & SPENCER GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1066.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AJ BELL PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $3448.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TERADYNE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-859.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IPSEN /EUR/                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-79.68        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CURTISS-WRIGHT CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4368.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKZO NOBEL N.V. /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1110.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MORNINGSTAR INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-312.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LAS VEGAS SANDS CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-67.55        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  CURTISS-WRIGHT CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $836.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS XINYI SOLAR HOLDINGS LTD /HKD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-8.23         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FUJI MEDIA HOLDINGS INC /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1190.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSOCIATED BRITISH FOODS /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1042.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NAGARRO SE /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-186.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BRINKER INTERNATIONAL INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-20476.44     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AKER BP ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $137.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STEEL DYNAMICS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $14568.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KOBE BUSSAN CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-128.79       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DISCO CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $5426.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HORNBACH HOLDING AG & CO /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-114.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BARRY CALLEBAUT AG-REG /CHF/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-1.93         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L TWITTER INC 0% 02/14/30/                       | T/L TWITTER INC REGD 0.00000000                                                                  | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1685000 | PA      | $1688976.60    | 0.11%             | 2030-02-14      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| F/C 90-DAY BANK BILL  DEC26                        | FUTURE CONTRACT ON           90-DAY BANK BILL  DEC26 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |        10 | NC      | $6561826.19    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS US BANCORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11348.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGC INC /JPY/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3254.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERIZON COMMUNICATIONS INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4.96          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  JABIL INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $57.43         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARUBENI CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-17085.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASSOCIATED BRITISH FOODS /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-142.32       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTODESK INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7932.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PEPSICO INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2790.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED NATURAL FOODS INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1680.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIATRIS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2355.35      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERCONTINENTAL HOTELS  /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $4292.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  MONGODB INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $147.09        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SINGAPORE TELECOMMUNICAT /SGD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $-2144.97      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TKH GROUP NV-DUTCH CERT /EUR/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-4019.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DT MIDSTREAM INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-26155.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | CDX 2I65BZFI8 01.000 NA 12/20/2030 MSNYUS33XXX FIXED                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |         1 | NC      | $-43351.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS KITE REALTY GROUP TRUST                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-29.48        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SG HOLDINGS CO LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-5950.94      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DWS GROUP GMBH & CO KGAA /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-454.80       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ELEVANCE HEALTH INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $11075.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L TRUIST INSURAN 0% 05/06/31                     | T/L TRUIST INSURANCE HOLDINGS  LLC REGD 0.00000000                                               | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1017789 | PA      | $1016201.29    | 0.06%             | 2031-05-06      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| T/L LIGHT AND WOND 0% 04/15/29                     | T/L LIGHT AND WONDER           INTERNATIONAL INC REGD 0.00000000                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    277200 | PA      | $277374.64     | 0.02%             | 2029-04-15      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| F/C EURO STOXX 50     DEC25                        | FUTURE CONTRACT ON           EURO STOXX 50     DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | DE        |       117 | NC      | $7611330.80    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CASH COLLATERAL V/R 12/31/49                       | CASH COLLATERAL USD 3.99000000                                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | CORP              | US        |   -511000 | PA      | $-511000.00    | -0.03%            | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SYSMEX CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $6759.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MATSUKIYOCOCOKARA & CO /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $883.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCHINDLER HOLDING-PART C /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $22.31         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KYUSHU ELECTRIC POWER CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-1669.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROOKFIELD INFRASTRUCTUR /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $34810.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIRBY CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $433.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UMB FINANCIAL CORP                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $135.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LOEWS CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-33828.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAXIMUS INC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1636.52      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOLIDEN AB /SEK/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1347.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BM1876 5.194% 09/01/44                      | FANNIE MAE POOL UMBS P#BM1876 5.19400000                                                         | CUSIP: 3140J6CN5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    582380 | PA      | $595691.62     | 0.04%             | 2044-09-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CONOCOPHILLIPS                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1595.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILLSCOT HOLDINGS CORP                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1637.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JBT MAREL CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-728.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLACKROCK INC                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1790.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MONCLER SPA /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $-365.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO STOXX 50     DEC25                        | FUTURE CONTRACT ON           EURO STOXX 50     DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | DE        |       -23 | NC      | $-1496244.52   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORDEX SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $21510.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  MURPHY USA INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $7901.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EPAM SYSTEMS INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-51.17        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MOWI ASA /NOK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $1506.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WHITBREAD PLC /GBP/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-201.64       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L SYNEOS HEALTH 0% 09/19/30                      | T/L SYNEOS HEALTH INC (AKA INC RESEARCH HOLDINGS INC) REGD 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1074522 | PA      | $1074070.22    | 0.07%             | 2030-09-27      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 10/23/25                             | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797QG5<br>LEI: N/A                  | Long             | STIV             | UST               | US        | 132300000 | PA      | $131974288.00  | 8.42%             | 2025-10-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SWATCH GROUP AG/THE-BR /CHF/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $471.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RELX PLC /GBP/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $53.08         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INDUSTRIA DE DISENO TEXT /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $-10201.56     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AUTOZONE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6408.09       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DSV DKK1 /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $1484.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DEXCOM INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-51506.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNICAJA BANCO SA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |         1 | NC      | $8831.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L SEDGWICK CLA 0% 07/31/31                       | T/L SEDGWICK CLAIMS MANAGEMENT SERVICES INC REGD 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4292042 | PA      | $4285346.00    | 0.27%             | 2031-07-31      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS CRH PLC /GBP/                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-1191.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONY FINANCIAL GROUP INC /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $50901.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO RUBBER INDUSTRI /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-585.07       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MASCO CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $81.45         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HOCHTIEF AG /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-70.71        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITIE GROUP PLC /GBP/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-70.23        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED UTILITIES GROUP P /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $210.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYO TIRE & RUBBER CO LTD /JPY/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-705.28       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GROUPE BRUXELLES LAMBERT /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $393.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HONEYWELL INTERNATIONAL INC                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-72.56        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ORICA LTD /AUD/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-330.90       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SALZGITTER AG /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-4478.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOPPAN HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $3267.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARKEMA /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $3538.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L FINANCIERE 0.00% 11/08/30                      | T/L FINANCIERE MENDEL 0% 0.00000000                                                              | CUSIP: 58650YAD8<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |    748116 | PA      | $748429.79     | 0.05%             | 2030-11-08      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS LOEWS CORP                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1766.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GROUP 1 AUTOMOTIVE INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-452.60       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PAYPAL HOLDINGS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9675.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REXFORD INDUSTRIAL REALTY IN                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-9579.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  STRAUMANN HOLDING AG-REG /CHF/                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $2294.19       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS P#BZ2942 5.205% 04/01/29                      | FANNIE MAE POOL UMBS P#BZ2942 5.20500000                                                         | CUSIP: 3140NXHU0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2291000 | PA      | $2373876.28    | 0.15%             | 2029-04-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SONIC HEALTHCARE LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-15063.35     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BP PLC /GBP/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-149.42       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JULIUS BAER GROUP LTD /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-33.48        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WOODWARD INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2598.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INVESTMENT AB LATOUR-B S /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $4334.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FINNING INTERNATIONAL IN /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-78.64        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CTS EVENTIM AG & CO KGAA /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $3767.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MARKS & SPENCER GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-10898.64     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS THOMSON REUTERS CORP /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $236.26        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OSAKA GAS CO LTD /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9957.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SEMT 2007-2 1A1 V/R 06/20/36                       | SEQUOIA MORTGAGE TRUST 2007-2 SER 2007-2 CL 1A1 V/R REGD 4.66992000                              | CUSIP: 81744LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     95883 | PA      | $89187.71      | 0.01%             | 2036-06-20      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS MAKITA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2049.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAVA GROUP INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $753.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OUTOKUMPU OYJ /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-2619.36      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SERVE ROBOTICS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4191.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCK & CO. INC.                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $21805.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROOKFIELD INFRASTRUCTUR /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $6623.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEUROCRINE BIOSCIENCES INC                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4161.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS UNITED RENTALS INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10623.15     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NEXGEN ENERGY LTD /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-1560.29      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OTIS WORLDWIDE CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $112.47        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ATLASSIAN CORP-CL A                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-30449.80     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO OHKA KOGYO CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2083.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOKYO ELECTRON LTD /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $17971.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BLACKBERRY LTD /CAD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3358.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OBAYASHI CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $16127.93      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BOMBARDIER INC-B /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-11384.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ALPHA GENERAT ZCP 09/30/31                     | T/L ALPHA GENERATION LLC REGD ZCP TERM LOAN 0.00000000                                           | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |   2459122 | PA      | $2454203.27    | 0.16%             | 2031-09-30      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BRINKER INTERNATIONAL INC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-244.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HENNES & MAURITZ AB-B SH /SEK/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-51929.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PARAGON BANKING GROUP PL /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-234.88       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C NY HARB ULSD FUT  NOV25                        | FUTURE CONTRACT ON           NY HARB ULSD FUT  NOV25 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | US        |        52 | NC      | $5075834.40    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSMO ENERGY HOLDINGS CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2091.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOYOTA TSUSHO CORP /JPY/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-16362.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPORTRADAR GROUP AG-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-760.04       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STELLANTIS NV /EUR/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $31.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADTALEM GLOBAL EDUCATION INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $759.57        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HANWHA AEROSPACE CO LTD /KRW/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KR        |         1 | NC      | $-18991.65     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CCL INDUSTRIES INC - CL  /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-6273.98      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS JAPAN POST INSURANCE CO  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-7293.49      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DANAHER CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6545.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERCONTINENTAL HOTELS  /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-66.54        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L CMG MEDIA 0% 06/18/29                          | T/L CMG MEDIA CORPORATION REGD 0.00000000                                                        | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2380530 | PA      | $2271763.22    | 0.14%             | 2029-06-18      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS GFL ENVIRONMENTAL INC-SU /CAD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-12232.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SPECTRIS PLC /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-1482.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GRAPHIC PACKAGING HOLDING CO                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2922.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS A2 MILK CO LTD /AUD/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NZ        |         1 | NC      | $7477.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMURFIT WESTROCK PLC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $5159.92       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2025-134 NF V/R 08/20/55                       | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-134 CL NF V/R 5.43881000                       | CUSIP: 38381UDF6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  14987189 | PA      | $14946050.21   | 0.95%             | 2055-08-20      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ECKERT & ZIEGLER SE /EUR/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-838.76       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KESKO OYJ-B SHS /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $133.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TOPPAN HOLDINGS INC /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3802.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALEON PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-91.97        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON YUSEN KK /JPY/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $2825.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SAINSBURY (J) PLC /GBP/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1022.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BERKELEY GROUP HOLDINGS/ /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $1404.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L RENAISSANCE 0.00% 04/05/30                     | T/L RENAISSANCE HOLDING CORP 0.00000000                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1056524 | PA      | $912350.67     | 0.06%             | 2030-04-05      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS NIPPON EXPRESS HOLDINGS  /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $79.44         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ENDEAVOUR MINING PLC /CAD/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $7656.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS REGENCY CENTERS CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3664.95      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VCAT 2025-NPL3 A V/R 02/25/28                      | VCAT 2025-NPL3 LLC SER 2025-NPL3 CL A1 V/R REGD 144A P/P 5.88900000                              | CUSIP: 92243QAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2217704 | PA      | $2220312.18    | 0.14%             | 2055-02-25      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS STORA ENSO OYJ-R SHS /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $-1166.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCADOLIBRE INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-4180.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENESIS MINERALS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-2734.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQUINOR ASA /NOK/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NO        |         1 | NC      | $-4975.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BROADSTONE NET LEASE INC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-15.20        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRET 2025-NPL6 A V/R 06/25/28                      | PRET 2025-NPL6 LLC SER 2025-NPL6 CL A1 V/R REGD 144A P/P 5.74370000                              | CUSIP: 740936AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1537226 | PA      | $1544894.57    | 0.10%             | 2055-06-25      | Variable      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS AIR FRANCE-KLM /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $6043.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MAKITA CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-6594.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MACQUARIE GROUP LTD /AUD/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-86.90        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AGNC INVESTMENT CORP                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-17773.70     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRET 2025-RPL3 A V/R 04/25/65                      | PRET 2025-RPL3 TRUST SER 2025-RPL3 CL A1 V/R REGD 144A P/P 4.15000000                            | CUSIP: 69382RAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3589242 | PA      | $3480754.86    | 0.22%             | 2065-04-25      | Variable      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS AMER SPORTS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $80.45         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMER SPORTS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | KY        |         1 | NC      | $-556.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERUS NV                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-8649.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SHIMADZU CORP /JPY/                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1672.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FIRSTCASH HOLDINGS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-3976.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS GENERAC HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $47073.99      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SOFTCAT PLC /GBP/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $188.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SEMBCORP INDUSTRIES LTD /SGD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SG        |         1 | NC      | $96.58         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAPSTONE COPPER CORP /CAD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-3849.41      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ESSILORLUXOTTICA /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |         1 | NC      | $-645.49       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  TOWER SEMICONDUCTOR LTD                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $390.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NOVA LTD                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-2773.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF MONTREAL /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $2110.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QIAGEN N.V. /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-15623.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T ROWE PRICE GROUP INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2224.70       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MERCARI INC /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $206.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EQT AB /SEK/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $-299.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KURITA WATER INDUSTRIES /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2563.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LANXESS AG /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1937.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROSS STORES INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $24505.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ULTA BEAUTY INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-223.19       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VIMIAN GROUP AB /SEK/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1225.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VERALTO CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-10660.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SKYWORKS SOLUTIONS INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-59270.59     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LIFE TIME GROUP HOLDINGS INC                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2250.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DANAHER CORP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2203.87       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CELLEBRITE DI LTD                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IL        |         1 | NC      | $-4951.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CMS ENERGY CORP                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-919.86       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ZENSHO HOLDINGS CO LTD /JPY/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-4869.43      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AURIZON HOLDINGS LTD /AUD/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-842.84       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PICTON PROPERTY INCOME LIMITED  /GBP/                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GG        |         1 | NC      | $38.98         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS PHILLIPS 66                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-258.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TECHNOPROBE SPA /EUR/                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $874.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ETSY INC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1032.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EAST JAPAN RAILWAY CO /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-14530.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SONOS INC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $70.69         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  MAR27                        | FUTURE CONTRACT ON           3 MONTH SOFR FUT  MAR27 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       456 | NC      | $110483100.00  | 7.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AMS-OSRAM AG /CHF/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-452.99       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ARC RESOURCES LTD /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $7853.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CIPHER MINING INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-116.67       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HSBC HOLDINGS PLC /HKD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $5963.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WFCM 2025-AGLN A V/R 07/15/27                      | WELLS FARGO COMMERCIAL MORTGAGE TRUST SER 2025-AGLN CL A V/R REGD 144A P/P 5.79260000            | CUSIP: 94990HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3800000 | PA      | $3808312.50    | 0.24%             | 2037-07-15      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | TRS BROWN & BROWN INC                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-16238.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  HONDA MOTOR CO LTD /JPY/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-40108.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS INTERROLL HOLDING AG-REG /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-211.78       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ORION CORP /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $352.85        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALBEMARLE CORP                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $6809.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ITOCHU CORP /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-12851.95     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C MILL WHEAT EURO   SEP26                        | FUTURE CONTRACT ON           MILL WHEAT EURO   SEP26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | FR        |        -2 | NC      | $-24097.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FOX CORP - CLASS A                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1048.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ANA HOLDINGS INC /JPY/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-9568.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ON SEMICONDUCTOR                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1447.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROYAL GOLD INC                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $211.69        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SANDFIRE RESOURCES LTD /AUD/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $2248.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | SGD/USD FWD 20251016 000000010 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-812.81       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS ASR NEDERLAND NV /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $1319.53       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L FOCUS FINANC 0% 09/15/31                       | T/L FOCUS FINANCIAL PARTNERS   LLC REGD 0.00000000                                               | CUSIP: 34416DBD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3727361 | PA      | $3727733.61    | 0.24%             | 2031-09-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS EQUINOX GOLD CORP /CAD/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-551.09       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WISE PLC - A /GBP/                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $758.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMNICOM GROUP                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-348.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SCORPIO TANKERS INC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MH        |         1 | NC      | $342.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS STONEX GROUP INC                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-200.27       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CRESCENT ENERGY INC-A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $486.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORO FWD USD 10Y C 4.47000 L 06/04/35 BOA           | ORO FWD USD 10Y C 4.47000 L 06/04/35 BOA 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   1000000 | NC      | $58612.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS BELIMO HOLDING AG-REG /CHF/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $1186.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANCA MEDIOLANUM SPA /EUR/                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |         1 | NC      | $139.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RELIANCE INC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-254.26       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCHE HOLDING AG-BR /CHF/                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $502.76        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TE CONNECTIVITY PLC                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $2953.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HUGO BOSS AG  -ORD /EUR/                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $1346.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NN GROUP NV /EUR/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $3187.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EXLSERVICE HOLDINGS INC                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-777.94       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LONDON STOCK EXCHANGE GR /GBP/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $-200.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FANUC CORPORATION /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $15763.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS RADNET INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $211.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS T ROWE PRICE GROUP INC                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-8628.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ROCHE HOLDING AG-GENUSSC /CHF/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |         1 | NC      | $-380.98       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  BEIERSDORF AG /EUR/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $29636.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CURTISS-WRIGHT CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3581.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OMV AG /EUR/                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AT        |         1 | NC      | $-172.05       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS BANK OF NEW YORK MELLON CORP                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $10508.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AIRBUS SE /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $-3889.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CVC CAPITAL PARTNERS PLC /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JE        |         1 | NC      | $716.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QUALYS INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-11.69        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS TELE2 AB-B SHS /SEK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |         1 | NC      | $1336.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NORTHERN TRUST CORP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1049.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS DSV DKK1 /DKK/                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $512.99        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS IMPERIAL OIL LTD /CAD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $12310.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ALM. BRAND A/S /DKK/                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DK        |         1 | NC      | $85.19         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ASR NEDERLAND NV /EUR/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         1 | NC      | $433.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CAMECO CORP /CAD/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $-12601.85     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS FTI CONSULTING INC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $194.03        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS  ANZ GROUP HOLDINGS LTD /AUD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $168.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HALEON PLC /GBP/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         1 | NC      | $6563.59       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SUMITOMO MITSUI TRUST HOLDINGS INC /JPY/                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $26676.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MITSUBISHI MOTORS CORP /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2726.67      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS YANG MING MARINE TRANSPO /TWD/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |         1 | NC      | $-12276.37     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS VICINITY CENTRES /AUD/                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $-69.32        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T/L ASURION LLC 0% 08/19/28                        | T/L ASURION LLC REGD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    764945 | PA      | $767124.83     | 0.05%             | 2028-08-19      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WYNN RESORTS LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-7896.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS OLD DOMINION FREIGHT LINE                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $87.17         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIPPON STEEL AND SUMITOMO METAL CORPORATION /JPY/                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $33733.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C MILL WHEAT EURO   DEC25                        | FUTURE CONTRACT ON           MILL WHEAT EURO   DEC25 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              | CORP              | FR        |      -356 | NC      | $-3892269.20   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HAMAMATSU PHOTONICS KK /JPY/                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2153.57      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA 30YR TBA 5% OCT 25                            | FNMA 30YR TBA 5% OCT 25        TO BE ANNOUNCED 5.00000000                                        | CUSIP: 01F0506A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  24000000 | PA      | $23809739.52   | 1.52%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| F/C MSCI SING IX ETS  OCT25                        | FUTURE CONTRACT ON           MSCI SING IX ETS  OCT25 /SGD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | SG        |       213 | NC      | $7386763.05    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS AEON CO LTD /JPY/                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $126.08        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS EDISON INTERNATIONAL                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $260.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C ICE 3MTH SONIA FU SEP27                        | FUTURE CONTRACT ON           ICE 3MTH SONIA FU SEP27 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |       142 | NC      | $45984584.43   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS CTS EVENTIM AG & CO KGAA /EUR/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $-1111.30      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS COSMO ENERGY HOLDINGS CO /JPY/                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $4640.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS KIRIN HOLDINGS CO LTD /JPY/                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $1088.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L MCAFEE CORP 0% 03/01/29                        | T/L MCAFEE CORP  REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3116475 | PA      | $2971371.87    | 0.19%             | 2029-03-01      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                | TRS WABTEC CORP                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-155.29       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NISSIN FOOD HOLDINGS CO LTD /JPY/                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-882.95       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS WILLIS TOWERS WATSON PLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IE        |         1 | NC      | $-38808.62     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QBE INSURANCE GROUP LTD /AUD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         1 | NC      | $256.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SMITH (A.O.) CORP                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $308.51        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ZOETIS INC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $5789.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QXO INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $2439.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SYENSQO SA /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | BE        |         1 | NC      | $-456.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS NIKON CORP /JPY/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-2274.28      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS QXO INC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $942.17        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS MANULIFE FINANCIAL CORP /CAD/                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         1 | NC      | $31009.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS SERVICE CORP INTERNATIONAL                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2834.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS LABCORP HOLDINGS INC                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1081.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C 90-DAY BANK BILL  MAR26                        | FUTURE CONTRACT ON           90-DAY BANK BILL  MAR26 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |        23 | NC      | $15092200.24   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| C/O OTC ECAL FN 4.0 10-55 93                       | CALL OPTION ON 100SHS          OTC ECAL FN 4.0 10-55 93 30    SAL 0.00000000                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |  -2000000 | NC      | $-9796.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | TRS SHIONOGI & CO LTD /JPY/                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         1 | NC      | $-3148.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS ADIDAS AG /EUR/                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         1 | NC      | $4238.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | TRS HARVIA OYJ /EUR/                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FI        |         1 | NC      | $94.25         | 0.00%             |  |  |  | No            |                  1 | 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